How 2020 Makes the Case for Staying Invested

In the last week of October—10 trading days ago—the S&P 500 lost 5.6%, its worst one-week slump since March. Since then, lifted by vaccine news and more certainty about the outcome of the presidential election, the S&P is now up 12.77% for the year as of Friday, November 13.

Usually, the case for staying invested is made over the long term. For example: missing just the 20 best days in a 20-year period can have the effect of reducing investment returns by two-thirds, as we show in Buckle Up, our fourth quarter report.

The market is famous for tripping up those who believe they can bolt out of the market when things turn south, expecting to return when all is clear. But what’s happened so far in 2020 is worth reviewing as a fresh cautionary against market timing. Since March, this year has been particularly treacherous, and the volatility challenged investors’ resolve almost daily.

Look at how 2020 barged its way onto the list of both the S&P 500’s top largest percentage gains and the top largest percentage losses. This is a ranking encompassing 91 years of stock market performance!

2020 ranks of the list of sp 500 largest percentage fains and losses

The market moved fast in both directions in 2020. The S&P plunged into a bear market in a record 16 days and then recovered in a record 126 days.

Those who wanted out, planning to avoid the market’s worst, most likely missed the best days as well. A lot happened in March alone, as you can see below.

the top and worst days of 2020

sp 500 has hit 11 new record highs

And what about the second decision—when to get back in? The S&P’s 11 new record highs complicated that calculation as well. Last week, as the market was heading toward its high on Friday, equity funds experienced a record inflow of $44.5 billion, according to BofA Global Investment Strategy, EPFR.

Here’s the full picture of the ups and downs of the year to date, including a few peaks and valleys just since September. A true test for market timers.

sp 500

Now here’s the reward for those who remained fully invested: A 12.77% gain through November 13. Meanwhile, those who missed the best five days were down -21.77%.

the difference between staying invested and missing out in 2020

The Alternative: Manage the Risk, Not the Timing

Fortunately, there’s an alternative to hopping in and out of stocks, hoping to outfox the market.

Investment professionals, check out the performance of these seven Calamos funds. While pursuing varied investment strategies, each has the objective of minimizing equity drawdowns. Included in your clients’ portfolios, they represent a way to mitigate the downside risk that continues in the market.

shallower drawdowns

Click on any of these links below to see each fund’s standardized performance for the year.

Click here to view CMNIX's standardized performance.

Click here to view CIHEX's standardized performance.

Click here to view CXGCX’s standardized performance.

Click here to view CICVX's standardized performance.

Click here to view CGIIX's standardized performance.

Click here to view CPLIX's standardized performance.

Click here to view CGCIX's standardized performance.

For even more information about our risk-managed approach, reach out to your Calamos Investment Consultant at 888-571-2567 or caminfo@calamos.com.

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.

The principal risks of investing in Calamos Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

The principal risks of investing in the Calamos Hedged Equity Fund include: covered call writing risk, options risk, equity securities risk, correlation risk, mid-sized company risk, interest rate risk, credit risk, liquidity risk, portfolio turnover risk, portfolio selection risk, foreign securities risk, American depository receipts, and REITs risks. 

The principal risks of investing in the Calamos Global Convertible 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, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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 principal risks of investing in the Calamos Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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 principal risks of investing in the Calamos Global Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield risk, forward foreign currency contract risk, portfolio selection risk, and liquidity 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 principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage 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 principal risks of investing in the Calamos Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, equity securities risk, growth stock risk, small and mid-sized company risk, interest rate risk, credit risk, liquidity risk, high yield risk, forward foreign currency contract risk and portfolio selection risk.

802224 1120

  • How 2020 Makes the Case for Staying Invested

    In the last week of October—10 trading days ago—the S&P 500 lost 5.6%, its worst one-week slump since March. Since then, lifted by vaccine news and more certainty about the outcome of the presidential election, the S&P is now up 12.77% for the year as of Friday, November 13.

    Usually, the case for staying invested is made over the long term. For example: missing just the 20 best days in a 20-year period can have the effect of reducing investment returns by two-thirds, as we show in Buckle Up, our fourth quarter report.

    The market is famous for tripping up those who believe they can bolt out of the market when things turn south, expecting to return when all is clear. But what’s happened so far in 2020 is worth reviewing as a fresh cautionary against market timing. Since March, this year has been particularly treacherous, and the volatility challenged investors’ resolve almost daily.

    Look at how 2020 barged its way onto the list of both the S&P 500’s top largest percentage gains and the top largest percentage losses. This is a ranking encompassing 91 years of stock market performance!

    2020 ranks of the list of sp 500 largest percentage fains and losses

    The market moved fast in both directions in 2020. The S&P plunged into a bear market in a record 16 days and then recovered in a record 126 days.

    Those who wanted out, planning to avoid the market’s worst, most likely missed the best days as well. A lot happened in March alone, as you can see below.

    the top and worst days of 2020

    sp 500 has hit 11 new record highs

    And what about the second decision—when to get back in? The S&P’s 11 new record highs complicated that calculation as well. Last week, as the market was heading toward its high on Friday, equity funds experienced a record inflow of $44.5 billion, according to BofA Global Investment Strategy, EPFR.

    Here’s the full picture of the ups and downs of the year to date, including a few peaks and valleys just since September. A true test for market timers.

    sp 500

    Now here’s the reward for those who remained fully invested: A 12.77% gain through November 13. Meanwhile, those who missed the best five days were down -21.77%.

    the difference between staying invested and missing out in 2020

    The Alternative: Manage the Risk, Not the Timing

    Fortunately, there’s an alternative to hopping in and out of stocks, hoping to outfox the market.

    Investment professionals, check out the performance of these seven Calamos funds. While pursuing varied investment strategies, each has the objective of minimizing equity drawdowns. Included in your clients’ portfolios, they represent a way to mitigate the downside risk that continues in the market.

    shallower drawdowns

    Click on any of these links below to see each fund’s standardized performance for the year.

    Click here to view CMNIX's standardized performance.

    Click here to view CIHEX's standardized performance.

    Click here to view CXGCX’s standardized performance.

    Click here to view CICVX's standardized performance.

    Click here to view CGIIX's standardized performance.

    Click here to view CPLIX's standardized performance.

    Click here to view CGCIX's standardized performance.

    For even more information about our risk-managed approach, reach out to your Calamos Investment Consultant at 888-571-2567 or caminfo@calamos.com.

    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.

    The principal risks of investing in Calamos Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

    The principal risks of investing in the Calamos Hedged Equity Fund include: covered call writing risk, options risk, equity securities risk, correlation risk, mid-sized company risk, interest rate risk, credit risk, liquidity risk, portfolio turnover risk, portfolio selection risk, foreign securities risk, American depository receipts, and REITs risks. 

    The principal risks of investing in the Calamos Global Convertible 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, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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 principal risks of investing in the Calamos Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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 principal risks of investing in the Calamos Global Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield risk, forward foreign currency contract risk, portfolio selection risk, and liquidity 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 principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage 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 principal risks of investing in the Calamos Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, equity securities risk, growth stock risk, small and mid-sized company risk, interest rate risk, credit risk, liquidity risk, high yield risk, forward foreign currency contract risk and portfolio selection risk.

    802224 1120

    ">

    How 2020 Makes the Case for Staying Invested

    In the last week of October—10 trading days ago—the S&P 500 lost 5.6%, its worst one-week slump since March. Since then, lifted by vaccine news and more certainty about the outcome of the presidential election, the S&P is now up 12.77% for the year as of Friday, November 13.

    Usually, the case for staying invested is made over the long term. For example: missing just the 20 best days in a 20-year period can have the effect of reducing investment returns by two-thirds, as we show in Buckle Up, our fourth quarter report.

    The market is famous for tripping up those who believe they can bolt out of the market when things turn south, expecting to return when all is clear. But what’s happened so far in 2020 is worth reviewing as a fresh cautionary against market timing. Since March, this year has been particularly treacherous, and the volatility challenged investors’ resolve almost daily.

    Look at how 2020 barged its way onto the list of both the S&P 500’s top largest percentage gains and the top largest percentage losses. This is a ranking encompassing 91 years of stock market performance!

    2020 ranks of the list of sp 500 largest percentage fains and losses

    The market moved fast in both directions in 2020. The S&P plunged into a bear market in a record 16 days and then recovered in a record 126 days.

    Those who wanted out, planning to avoid the market’s worst, most likely missed the best days as well. A lot happened in March alone, as you can see below.

    the top and worst days of 2020

    sp 500 has hit 11 new record highs

    And what about the second decision—when to get back in? The S&P’s 11 new record highs complicated that calculation as well. Last week, as the market was heading toward its high on Friday, equity funds experienced a record inflow of $44.5 billion, according to BofA Global Investment Strategy, EPFR.

    Here’s the full picture of the ups and downs of the year to date, including a few peaks and valleys just since September. A true test for market timers.

    sp 500

    Now here’s the reward for those who remained fully invested: A 12.77% gain through November 13. Meanwhile, those who missed the best five days were down -21.77%.

    the difference between staying invested and missing out in 2020

    The Alternative: Manage the Risk, Not the Timing

    Fortunately, there’s an alternative to hopping in and out of stocks, hoping to outfox the market.

    Investment professionals, check out the performance of these seven Calamos funds. While pursuing varied investment strategies, each has the objective of minimizing equity drawdowns. Included in your clients’ portfolios, they represent a way to mitigate the downside risk that continues in the market.

    shallower drawdowns

    Click on any of these links below to see each fund’s standardized performance for the year.

    Click here to view CMNIX's standardized performance.

    Click here to view CIHEX's standardized performance.

    Click here to view CXGCX’s standardized performance.

    Click here to view CICVX's standardized performance.

    Click here to view CGIIX's standardized performance.

    Click here to view CPLIX's standardized performance.

    Click here to view CGCIX's standardized performance.

    For even more information about our risk-managed approach, reach out to your Calamos Investment Consultant at 888-571-2567 or caminfo@calamos.com.

    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.

    The principal risks of investing in Calamos Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

    The principal risks of investing in the Calamos Hedged Equity Fund include: covered call writing risk, options risk, equity securities risk, correlation risk, mid-sized company risk, interest rate risk, credit risk, liquidity risk, portfolio turnover risk, portfolio selection risk, foreign securities risk, American depository receipts, and REITs risks. 

    The principal risks of investing in the Calamos Global Convertible 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, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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 principal risks of investing in the Calamos Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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 principal risks of investing in the Calamos Global Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield risk, forward foreign currency contract risk, portfolio selection risk, and liquidity 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 principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage 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 principal risks of investing in the Calamos Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, equity securities risk, growth stock risk, small and mid-sized company risk, interest rate risk, credit risk, liquidity risk, high yield risk, forward foreign currency contract risk and portfolio selection risk.

    802224 1120

  • How 2020 Makes the Case for Staying Invested

    In the last week of October—10 trading days ago—the S&P 500 lost 5.6%, its worst one-week slump since March. Since then, lifted by vaccine news and more certainty about the outcome of the presidential election, the S&P is now up 12.77% for the year as of Friday, November 13.

    Usually, the case for staying invested is made over the long term. For example: missing just the 20 best days in a 20-year period can have the effect of reducing investment returns by two-thirds, as we show in Buckle Up, our fourth quarter report.

    The market is famous for tripping up those who believe they can bolt out of the market when things turn south, expecting to return when all is clear. But what’s happened so far in 2020 is worth reviewing as a fresh cautionary against market timing. Since March, this year has been particularly treacherous, and the volatility challenged investors’ resolve almost daily.

    Look at how 2020 barged its way onto the list of both the S&P 500’s top largest percentage gains and the top largest percentage losses. This is a ranking encompassing 91 years of stock market performance!

    2020 ranks of the list of sp 500 largest percentage fains and losses

    The market moved fast in both directions in 2020. The S&P plunged into a bear market in a record 16 days and then recovered in a record 126 days.

    Those who wanted out, planning to avoid the market’s worst, most likely missed the best days as well. A lot happened in March alone, as you can see below.

    the top and worst days of 2020

    sp 500 has hit 11 new record highs

    And what about the second decision—when to get back in? The S&P’s 11 new record highs complicated that calculation as well. Last week, as the market was heading toward its high on Friday, equity funds experienced a record inflow of $44.5 billion, according to BofA Global Investment Strategy, EPFR.

    Here’s the full picture of the ups and downs of the year to date, including a few peaks and valleys just since September. A true test for market timers.

    sp 500

    Now here’s the reward for those who remained fully invested: A 12.77% gain through November 13. Meanwhile, those who missed the best five days were down -21.77%.

    the difference between staying invested and missing out in 2020

    The Alternative: Manage the Risk, Not the Timing

    Fortunately, there’s an alternative to hopping in and out of stocks, hoping to outfox the market.

    Investment professionals, check out the performance of these seven Calamos funds. While pursuing varied investment strategies, each has the objective of minimizing equity drawdowns. Included in your clients’ portfolios, they represent a way to mitigate the downside risk that continues in the market.

    shallower drawdowns

    Click on any of these links below to see each fund’s standardized performance for the year.

    Click here to view CMNIX's standardized performance.

    Click here to view CIHEX's standardized performance.

    Click here to view CXGCX’s standardized performance.

    Click here to view CICVX's standardized performance.

    Click here to view CGIIX's standardized performance.

    Click here to view CPLIX's standardized performance.

    Click here to view CGCIX's standardized performance.

    For even more information about our risk-managed approach, reach out to your Calamos Investment Consultant at 888-571-2567 or caminfo@calamos.com.

    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.

    The principal risks of investing in Calamos Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

    The principal risks of investing in the Calamos Hedged Equity Fund include: covered call writing risk, options risk, equity securities risk, correlation risk, mid-sized company risk, interest rate risk, credit risk, liquidity risk, portfolio turnover risk, portfolio selection risk, foreign securities risk, American depository receipts, and REITs risks. 

    The principal risks of investing in the Calamos Global Convertible 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, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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 principal risks of investing in the Calamos Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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 principal risks of investing in the Calamos Global Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield risk, forward foreign currency contract risk, portfolio selection risk, and liquidity 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 principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage 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 principal risks of investing in the Calamos Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, equity securities risk, growth stock risk, small and mid-sized company risk, interest rate risk, credit risk, liquidity risk, high yield risk, forward foreign currency contract risk and portfolio selection risk.

    802224 1120

    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.

    The principal risks of investing in Calamos Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

    The principal risks of investing in the Calamos Hedged Equity Fund include: covered call writing risk, options risk, equity securities risk, correlation risk, mid-sized company risk, interest rate risk, credit risk, liquidity risk, portfolio turnover risk, portfolio selection risk, foreign securities risk, American depository receipts, and REITs risks. 

    The principal risks of investing in the Calamos Global Convertible 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, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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 principal risks of investing in the Calamos Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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 principal risks of investing in the Calamos Global Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield risk, forward foreign currency contract risk, portfolio selection risk, and liquidity 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 principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage 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 principal risks of investing in the Calamos Growth and Income Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, equity securities risk, growth stock risk, small and mid-sized company risk, interest rate risk, credit risk, liquidity risk, high yield risk, forward foreign currency contract risk and portfolio selection risk.

    802224 1120

    Archived material may contain dated performance, risk and other information. Current performance may be lower or higher than the performance quoted in the archived material. For the most recent month-end fund performance information visit www.calamos.com. Archived material may contain dated opinions and estimates based on our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions at the time of publishing. We believed the information provided here was reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

    Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. 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. Had it been included, the Fund’s return would have been lower.

    Archived material may contain dated performance, risk and other information. Current performance may be lower or higher than the performance quoted in the archived material. For the most recent month-end fund performance information visit www.calamos.com. Archived material may contain dated opinions and estimates based on our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions at the time of publishing. We believed the information provided here was reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

    Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. 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. Had it been included, the Fund’s return would have been lower.

    Archived on November 16, 2021