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Short-Term Bond Fund (CSTBX)

Class A

Fund Details

Inception Date:
9/19/18
Ticker:
CSTBX
 
CSTIX
Net Assets*
$58.5 mil
(*Total Net Assets as of 12/31/18)
CUSIP:
A - 128120441
 
I - 128120433
Share Classes:
A,I

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Overview

Through its multi-sector fixed income strategy, the fund invests predominantly in U.S. issuers with the goal of generating a high level of current income consistent with preservation of principal.

Key Features

  • Employs bond-by-bond portfolio construction with a focus on being well compensated for risks taken. We believe a disciplined process, grounded in fundamental research, enables us to achieve higher total returns with less volatility.
  • Draws on a broader investable universe to enhance portfolio construction and risk management. Expanding the universe to include high yield bonds, bank loans and preferreds provides additional opportunities.
  • Utilizes robust, independent credit research. Our fixed income investment process unites quantitative and qualitative analyses into historical and forward-looking models. The result is a credit rating reflective of where a company is heading.
  • Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company’s cash flow, risk profile and long-term returns
  • Applies a macro overlay to capitalize on misunderstood industries and sectors. The overlay acts as a risk control that also considers the business cycle, geopolitical factors, inflation and real rate expectations.

Portfolio Fit

The Fund may be suitable for investors seeking current income accompanied by lower volatility over a one-year to two-year time horizon.

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Short-Term Bond Fund include: interest rate risk consisting of loss of value for income securities as interest rates rise, credit risk consisting of the risk of the borrower to miss payments, high yield risk, liquidity risk, mortgage-related and other asset-back securities risk, including extension risk and prepayment risk, U.S. Government security risk, foreign securities risk, non-U.S. Government obligation risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annualized Total Returns

AS OF 12/31/18
  Since Inception
Short Term Bond Fund (NAV) 0.69%
Short Term Bond Fund (Load-Adjusted) -1.57%
BBgBarc U.S. Government/Credit 1-3 Years Index 1.28%

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Short-Term Bond Fund include: interest rate risk consisting of loss of value for income securities as interest rates rise, credit risk consisting of the risk of the borrower to miss payments, high yield risk, liquidity risk, mortgage-related and other asset-back securities risk, including extension risk and prepayment risk, U.S. Government security risk, foreign securities risk, non-U.S. Government obligation risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

The Bloomberg Barclays U.S. Government/Credit 1-3 Years Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investmentgrade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

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Fund Facts

AS OF 12/31/18
  Fund
Total Net Assets $58.5 million
# of Holdings 200
Average Effective Duration 1.79 years
Portfolio Turnover (12 months) N/A
Average Effective Maturity 2.13 years
Option Adjusted Spread (OAS) 74 bps
Yield to Worst 3.27%

Top Country Exposure

AS OF 12/31/18
Country %
United States 87.4%
Canada 2.1%
Netherlands 1.9%
Luxembourg 1.8%
Germany 1.7%
United Kingdom 0.8%
Australia 0.7%
United Kingdom 0.6%
Ireland 0.4%
Japan 0.4%
China 0.4%
Total 96.9%

Credit Quality Allocation of Bonds

AS OF 12/31/18
Class %
AAA 8.8%
AA 5.4%
A 24.3%
BBB 24.8%
BB 3.9%
B 0.0%
CCC and below 0.0%
Government Securities 24.7%
Unrated Securities 5.0%

Maturity Schedule

AS OF 12/31/18
%
< 1 Year 11.5%
1 To 3 Years 78.1%
3 To 5 Years 8.8%
5 To 7 Years 1.2%
7 To 10 Years 0.0%
10 to 20 Years 0.0%
>20 Years 0.1%
Equity & Other 0.2%

Portfolio percent includes cash.

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Short-Term Bond Fund include: interest rate risk consisting of loss of value for income securities as interest rates rise, credit risk consisting of the risk of the borrower to miss payments, high yield risk, liquidity risk, mortgage-related and other asset-back securities risk, including extension risk and prepayment risk, U.S. Government security risk, foreign securities risk, non-U.S. Government obligation risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Schedule

 
Distributions Monthly
Capital Gains Annually

Distributions

Choose a year  
Income Total Reinvest
March .02137 .02137 10.07
February .02147 .02147 10.03
January .02097 .02097 10.03
December .02779 .02785 9.99
November .01879 .01879 9.97
October .02076 .02076 9.98
September .01149 .01149 9.99

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Short-Term Bond Fund include: interest rate risk consisting of loss of value for income securities as interest rates rise, credit risk consisting of the risk of the borrower to miss payments, high yield risk, liquidity risk, mortgage-related and other asset-back securities risk, including extension risk and prepayment risk, U.S. Government security risk, foreign securities risk, non-U.S. Government obligation risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

The funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

A Shares I Shares
Total Expense Ratio 0.95 0.70
Net Expense Ratio 0.65 0.40

Investment Information

A Shares I Shares
Minimum initial investment $2,500 $1 million
Minimum subsequent investments $50 $0
IRA initial investments $500 N/A

Fund Information

A Shares I Shares
Inception Date 9/19/18 9/19/18
Ticker Symbol CSTBX CSTIX
CUSIP number 128120441 128120433

Sales & Distribution

A Shares I Shares
Sales load Front-end N/A
Maximum Sales Charge 2.25% N/A
Distributions Monthly dividends; annual capital gains

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Short-Term Bond Fund include: interest rate risk consisting of loss of value for income securities as interest rates rise, credit risk consisting of the risk of the borrower to miss payments, high yield risk, liquidity risk, mortgage-related and other asset-back securities risk, including extension risk and prepayment risk, U.S. Government security risk, foreign securities risk, non-U.S. Government obligation risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2022 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A and Class I are limited to 0.65% and 0.40% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

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