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Timpani Small Cap Growth (CTSIX)

Class I

Fund Details

Inception Date:
3/23/2011
Ticker:
CTASX
 
CTSIX
 
CTSOX
Net Assets*
$75.8 M
(*Total Net Assets as of 3/31/19)
CUSIP:
A - 128120417
 
I - 128120391
 
R6 - 128120383
Share Classes:
A,I,R6

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Overview

The fund invests in the equity securities of small capitalization companies with high, sustainable growth potential, which may exceed market expectations.

Key Features

  • Combines fundamental research with the analysis of estimate revisions to identify the underestimated growth differential between a company’s business strength and market expectations of that strength.
  • Measures growth gaps to minimize two behavioral mistakes of growth investing: selling winners too early and not selling losers quickly enough.
  • Analyzes secular trends to uncover exploitable investment opportunities specific to small cap companies.

Portfolio Fit

Investing in small cap companies is an important component of a diversified investment strategy. Smaller companies tend to have a greater chance of growing rapidly and outperforming larger companies, though small caps also tend to be riskier and more volatile—which is why we believe active management is crucial to small cap investing.

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 Timpani Small Cap Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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 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%; Timpani Small Cap Growth A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%. The funds’ gross expense ratios as of the prospectus dated 4/15/19 are as follows: Timpani Small Cap Growth Fund A 1.47%, I 1.22% and R6 1.12%.

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.

Calendar Year Total Returns

AS OF 3/31/19
  YTD 2019 2018 2017 2016 2015 2014 2013 2012
Calamos (NAV) 17.09% -0.08% 36.14% -1.06% -2.68% -0.55% 57.07% 17.91%
Russell 2000 Growth 17.15% -9.31% 22.17% 11.32% -1.38% 5.60% 43.30% 14.59%

Annualized Total Returns

AS OF 3/31/19
  6-Month 1-Year 3-Year 5-Year Since Inception (03/23/11)
Calamos (NAV) -10.60% 10.86% 19.85% 9.05% 12.49%
Russell 2000 Growth -8.22% 3.85% 14.87% 8.41% 11.01%

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 Timpani Small Cap Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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 performance shown in the bar chart and performance table is the performance of the Predecessor Fund prior to the commencement of the Fund’s operations. Effective as of the close of business on May 31, 2019, the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. The Fund has the same investment objective, strategy and portfolio manager as the Predecessor Fund. As a result, the performance of the Fund would have been substantially similar to that of the Predecessor Fund.

The bar chart shows the performance of the Predecessor Fund’s Institutional Class which has been adopted by the Class I shares of the Fund for periods prior to the Reorganization. The information shows you how the Predecessor Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The average annual total return table compares the Predecessor Fund’s Institutional Class performance which has been adopted by the Class I shares of the Fund and Class Y performance which has been adopted by the Class A shares of the Fund and adjusted to reflect the maximum sales load of 4.75% for Class A shares, to that of the Russell 2000 Growth Index. “Since Inception” return shown for the Russell 2000 Growth Index is the return since the inception of the Predecessor Fund’s Class Y shares. The average annual total return table does not show performance information for Class R6 shares as the Class R6 shares had not commenced investment operations as of the date of this prospectus. An index reflects no deduction for fees, expenses or taxes. To the extent that dividends and distributions have been paid by the Predecessor Fund, the performance information for the Predecessor Fund in the chart and table assumes reinvestment of the dividends and distributions. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. As always, please note that the Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values.

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 Timpani Small Cap Growth 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%; Timpani Small Cap Growth A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%. The funds’ gross expense ratios as of the prospectus dated 4/15/19 are as follows: Timpani Small Cap Growth Fund A 1.47%, I 1.22% and R6 1.12%.

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.

Fund Facts

AS OF 3/31/19
  Fund Russell 2000 Growth Index
Total Net Assets $75.8 M N/A
# of Holdings 91 1,239
Price/Earnings 29.6x 19.3x
Price/Sales 6.4x 3.3x
Est. 1-Year EPS Growth 15.3% 8.7%
Est. 1-Year Sales Growth 17.1% 8.7%

Market Capitalization

AS OF 3/31/19
Market Cap Range % Portfolio
<=$1bil 17.3%
>$1bil<=$2bil 9.4%
>$2bil<=$4bil 36.8%
>$4bil<=$7bil 25.0%
>$7bil 11.5%

Sector Weighting

AS OF 3/31/19
Sector % Portfolio Russell 2000 Growth Index
Consumer Discretionary 20.3% 17.2%
Consumer Staples 1.9% 2.7%
Energy 3.1% 1.8%
Financials 3.8% 7.9%
Health Care 26.2% 26.2%
Materials 5.4% 7.0%
Producer Durables 7.7% 14.8%
REITS 0.0% 3.0%
Technology 30.5% 18.3%
Utilities 0.6% 1.8%

Top 10 Holdings

AS OF 3/31/19
Sector Net Assets %
Chegg, Inc. Consumer Discretionary 3.1%
Ingevity Corp. Materials and Processing 3.0%
Tandem Diabetes Care, Inc. Health Care 2.6%
Five9, Inc. Technology 2.6%
Merit Medical Systems, Inc. Health Care 2.6%
Planet Fitness, Inc. Consumer Discretionary 2.5%
RealPage, Inc. Technology 2.2%
2U, Inc. Consumer Discretionary 2.2%
Strategic Education, Inc. Consumer Discretionary 2.2%
Array BioPharma, Inc. Health Care 2.2%

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 Timpani Small Cap Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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.

NOTES

Est 1-Year EPS Growth is an average of the estimated short-term earnings growth for the companies in a portfolio and gauges the growth potential of a portfolio’s underlying companies.

Est 1-Year Sales Growth is an average of the estimated sales growth for companies in a portfolio, thereby projecting their ability to increase revenue.

Price/Earnings Ratio-Is the current stock price over trailing 12-month earnings per share.

Price/Sales Ratio-Is a stock's capitalization divided by its sales over the trailing 12 months. ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values.

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 Annually
Capital Gains Annually

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 Timpani Small Cap Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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 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%; Timpani Small Cap Growth A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%. The funds’ gross expense ratios as of the prospectus dated 4/15/19 are as follows: Timpani Small Cap Growth Fund A 1.47%, I 1.22% and R6 1.12%.

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 R6 Shares
Total Expense Ratio 1.47 1.22 1.12
Net Expense Ratio 1.30 1.05 0.95

Investment Information

A Shares I Shares R6 Shares
Minimum initial investment $2,500 $1 million $0
Minimum subsequent investments $50 N/A N/A
IRA initial investments $500 N/A N/A

Fund Information

A Shares I Shares R6 Shares
Inception Date 1/6/2014 3/23/2011 6/3/2019
Ticker Symbol CTASX CTSIX CTSOX
CUSIP number 128120417 128120391 128120383

Sales & Distribution

A Shares I Shares R6 Shares
Sales load Front-end N/A N/A
Maximum Sales Charge 4.75% N/A N/A
US Bank Fund Number 5650 5651 5652
Distributions Annual 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 Timpani Small Cap Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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.

Calamos Timpani Small Cap Growth Fund expense ratios are of the prospectus dated 4/15/19.

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 of Class A shares and Class I shares are limited to 1.30% and 1.05% of average net assets, respectively. The Fund’s investment advisor has contractually agreed to limit the Fund’s annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.05% less the Fund’s annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund’s other share classes divided by the aggregate average annual net assets of the Fund’s other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class’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.

Timpani Small Cap Growth Fund Fact Sheet
Calamos Timpani Small Cap Growth Fund Fact Sheet The Timpani Small Cap Growth Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
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Pursuing the Disproportionate Reward of Small Cap Growths Stocks Pursue the Disproportionate Reward of Small Cap Growth Stocks with Brandon M. Nelson, founder of Timpani Capital Management, the small cap growth investment management firm acquired by Calamos in May 2019.
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Calamos Timpani Small Cap Growth Fund Prospectus This summary contains important information about the Timpani Small Cap Growth Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Statutory Prospectus You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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SAI The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
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