Calamos Evolving World Growth Fund (CNWIX)

Overview

The fund invests in growth companies globally, emphasizing companies with revenue streams derived within or from emerging markets. The fund is designed to actively manage the risk profile over full market cycles.

Key Features

  • Active risk management with an aim of generating alpha and less downside risk than the benchmark and peers
  • Stress company fundamentals, including strong and/or accelerating earnings growth and solid returns on invested capital
  • Seek global growth companies that may benefit from long-term secular themes in the emerging markets such as the rise of the EM consumer
  • Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company's cash flow, risk profile and long-term returns

Portfolio Fit

Because of its focus on risk management, the fund can serve as a long-term emerging market allocation.

Return on Invested Capital

As of 6/30/19
Name Gain
Fund 18.566
MSCI Emerging Markets 16.6898

Debt/Capital

As of 6/30/19
Name Gain
Fund 38.5933
MSCI Emerging Markets 26.0564

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 Evolving World 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, foreign securities risk, emerging markets risk, 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, 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.

Notes

Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

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 MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

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 3/1/2019 are as follows: A Shares 1.63%, C Shares 2.38% and I Shares 1.38%.

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 Details
As of 7/19/19
Inception Date: 8/15/08
Current NAV: $14.46
$ Change: $-0.05
% Change: -0.34%
Total Net Assets (As of 6/30/19): $179.4 M
Morningstar Category: Diversified Emerging Mkts

Zephyr Analysis

Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 6/30/19
Date Calamos Evolving World Growth Fund (NAV) MSCI World Index MSCI Emerging Markets Index
YTD 2019 14.04 17.38 10.78
2018 -17.74 -8.2 -14.25
2017 36.97 23.07 37.75
2016 -4.5 8.15 11.6
2015 -8.41 -0.32 -14.6
2014 -5.5 5.5 -1.82
2013 8.21 27.37 -2.27
2012 8.87 16.54 18.63
2011 -8.42 -5.02 -18.17
2010 20.49 12.34 19.2
2009 56.14 30.79 79.02
2008* -28.32 0 0

*Reflects the fund's return from the inception date of 8/15/2008 through 12/31/2008.

Growth of 10K

As of 6/30/19
Date Calamos Evolving World Growth Fund MSCI Emerging Markets Index
8/15/2008 12:00:00 AM 10000 10000
8/31/2008 12:00:00 AM 9960 10000
9/30/2008 12:00:00 AM 8720 8251
10/31/2008 12:00:00 AM 7330 5994.1
11/30/2008 12:00:00 AM 6850 5543.29
12/31/2008 12:00:00 AM 7152.7 5977.16
1/31/2009 12:00:00 AM 6739.07 5593.61
2/28/2009 12:00:00 AM 6476.77 5278.97
3/31/2009 12:00:00 AM 7132.52 6038.35
4/30/2009 12:00:00 AM 7939.6 7044.09
5/31/2009 12:00:00 AM 8978.71 8251.8
6/30/2009 12:00:00 AM 8847.56 8142.3
7/31/2009 12:00:00 AM 9684.9 9063.68
8/31/2009 12:00:00 AM 9725.25 9033.68
9/30/2009 12:00:00 AM 10502.06 9855.11
10/31/2009 12:00:00 AM 10391.09 9868.22
11/30/2009 12:00:00 AM 10956.04 10292.65
12/31/2009 12:00:00 AM 11152.55 10700.45
1/31/2010 12:00:00 AM 10512.65 10105.4
2/28/2010 12:00:00 AM 10878.31 10143.09
3/31/2010 12:00:00 AM 11376.01 10962.75
4/30/2010 12:00:00 AM 11497.89 11098.03
5/31/2010 12:00:00 AM 10929.09 10126.62
6/30/2010 12:00:00 AM 10898.62 10054.01
7/31/2010 12:00:00 AM 11457.26 10898.35
8/31/2010 12:00:00 AM 11284.59 10690.41
9/30/2010 12:00:00 AM 12320.62 11879.93
10/31/2010 12:00:00 AM 12615.18 12225.88
11/30/2010 12:00:00 AM 12635.49 11903.6
12/31/2010 12:00:00 AM 13404.1 12754.47
1/31/2011 12:00:00 AM 13342.99 12410.87
2/28/2011 12:00:00 AM 13648.56 12296.93
3/31/2011 12:00:00 AM 13994.86 13021.84
4/30/2011 12:00:00 AM 14799.52 13428.64
5/31/2011 12:00:00 AM 14361.54 13081.78
6/30/2011 12:00:00 AM 14015.23 12886.08
7/31/2011 12:00:00 AM 13923.56 12837.62
8/31/2011 12:00:00 AM 13251.32 11695.08
9/30/2011 12:00:00 AM 11621.64 9991.92
10/31/2011 12:00:00 AM 12701.31 11316.45
11/30/2011 12:00:00 AM 12630.01 10562.89
12/31/2011 12:00:00 AM 12253.14 10436.56
1/31/2012 12:00:00 AM 12955.94 11622.36
2/29/2012 12:00:00 AM 13485.59 12320.74
3/31/2012 12:00:00 AM 13444.85 11912.13
4/30/2012 12:00:00 AM 13251.32 11773.08
5/31/2012 12:00:00 AM 12242.96 10458.9
6/30/2012 12:00:00 AM 12517.97 10867.47
7/31/2012 12:00:00 AM 12538.34 11087.29
8/31/2012 12:00:00 AM 12792.98 11055.25
9/30/2012 12:00:00 AM 13230.95 11724.52
10/31/2012 12:00:00 AM 13067.98 11654.61
11/30/2012 12:00:00 AM 13241.14 11803.44
12/31/2012 12:00:00 AM 13302.25 12381.99
1/31/2013 12:00:00 AM 13516.14 12554.64
2/28/2013 12:00:00 AM 13465.22 12398.71
3/31/2013 12:00:00 AM 13444.85 12187.84
4/30/2013 12:00:00 AM 13516.14 12284.48
5/31/2013 12:00:00 AM 13414.29 11975.09
6/30/2013 12:00:00 AM 12803.16 11218.44
7/31/2013 12:00:00 AM 13292.06 11341.72
8/31/2013 12:00:00 AM 13098.54 11151.18
9/30/2013 12:00:00 AM 13801.34 11879.9
10/31/2013 12:00:00 AM 14229.13 12458.81
11/30/2013 12:00:00 AM 14198.57 12277.66
12/31/2013 12:00:00 AM 14356.69 12101.11
1/31/2014 12:00:00 AM 13668.15 11318.05
2/28/2014 12:00:00 AM 14500.57 11695.39
3/31/2014 12:00:00 AM 14366.97 12057.01
4/30/2014 12:00:00 AM 14387.52 12101.86
5/31/2014 12:00:00 AM 14716.38 12527
6/30/2014 12:00:00 AM 15086.34 12865.48
7/31/2014 12:00:00 AM 14808.87 13124.85
8/31/2014 12:00:00 AM 14952.75 13425.8
9/30/2014 12:00:00 AM 14027.83 12433.5
10/31/2014 12:00:00 AM 14110.05 12581.58
11/30/2014 12:00:00 AM 14099.77 12449.23
12/31/2014 12:00:00 AM 13530.28 11881.42
1/31/2015 12:00:00 AM 13635.66 11953.66
2/28/2015 12:00:00 AM 13941.25 12325.17
3/31/2015 12:00:00 AM 13941.25 12152.38
4/30/2015 12:00:00 AM 14626.19 13090.17
5/31/2015 12:00:00 AM 14331.14 12568.53
6/30/2015 12:00:00 AM 14025.55 12251.68
7/31/2015 12:00:00 AM 13330.06 11409.99
8/31/2015 12:00:00 AM 12307.92 10381.95
9/30/2015 12:00:00 AM 12023.4 10073.29
10/31/2015 12:00:00 AM 12761.03 10792.53
11/30/2015 12:00:00 AM 12687.27 10372.27
12/31/2015 12:00:00 AM 12360.17 10146.98
1/31/2016 12:00:00 AM 11611.39 9489.25
2/29/2016 12:00:00 AM 11358.28 9474.73
3/31/2016 12:00:00 AM 12275.8 10730.89
4/30/2016 12:00:00 AM 12329 10791.31
5/31/2016 12:00:00 AM 12265.24 10390.95
6/30/2016 12:00:00 AM 12423.44 10816.46
7/31/2016 12:00:00 AM 12824.19 11367.02
8/31/2016 12:00:00 AM 12908.56 11653.24
9/30/2016 12:00:00 AM 13067.34 11806.6
10/31/2016 12:00:00 AM 12772.02 11835.76
11/30/2016 12:00:00 AM 11927.79 11291.67
12/31/2016 12:00:00 AM 11779.89 11324.42
1/31/2017 12:00:00 AM 12433.67 11944.65
2/28/2017 12:00:00 AM 12645.04 12311.23
3/31/2017 12:00:00 AM 13056 12625.05
4/30/2017 12:00:00 AM 13425.48 12904.06
5/31/2017 12:00:00 AM 13688.62 13288.22
6/30/2017 12:00:00 AM 13856.99 13431.06
7/31/2017 12:00:00 AM 14594.81 14242.43
8/31/2017 12:00:00 AM 15053.09 14565.45
9/30/2017 12:00:00 AM 15084.7 14510.83
10/31/2017 12:00:00 AM 15449.75 15020.45
11/30/2017 12:00:00 AM 15553.26 15051.39
12/31/2017 12:00:00 AM 15139.54 15599.57
1/31/2018 12:00:00 AM 16250.78 16900.88
2/28/2018 12:00:00 AM 15605.62 16123.78
3/31/2018 12:00:00 AM 15575.97 15828.07
4/30/2018 12:00:00 AM 15119.59 15760.96
5/31/2018 12:00:00 AM 14673.56 15206.33
6/30/2018 12:00:00 AM 14117.43 14584.7
7/31/2018 12:00:00 AM 14156.96 14917.96
8/31/2018 12:00:00 AM 13739.33 14518.9
9/30/2018 12:00:00 AM 13659.64 14446.6
10/31/2018 12:00:00 AM 12448.03 13189.74
11/30/2018 12:00:00 AM 12805.29 13734.22
12/31/2018 12:00:00 AM 12418.57 13377.13
1/31/2019 12:00:00 AM 13361.14 14549.36
2/28/2019 12:00:00 AM 13490.74 14583.41
3/31/2019 12:00:00 AM 13748.41 14708.68
4/30/2019 12:00:00 AM 13997.26 15021.09
5/31/2019 12:00:00 AM 13282 13935.82
6/30/2019 12:00:00 AM 14145.33 14816.84

Annualized Total Returns

As of 6/30/19
TimeFrame Calamos Evolving World Growth Fund (NAV) MSCI World Index MSCI Emerging Markets Index
6 Month 14.04 17.38 10.78
1 Year 0.42 6.94 1.61
3 Year 6.85 12.39 11.06
5 Year 0.17 7.2 2.87
10 Year 5.71 11.33 6.17
Since Inception 4.08 7.35 3.54

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 Evolving World 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, foreign securities risk, emerging markets risk, 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, 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.

10k Performance is for the Fund's Class A shares at net asset value and does not include the Fund's maximum front-end sales charge of 4.75%-had it been included, the Fund's return would have been lower. Index data shown is from 8/15/08, since comparative index data is available only for full monthly periods.

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 MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

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.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.63%, C Shares 2.38% and I Shares 1.38%.

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.

Sector Weightings

As of 6/30/19
Sector % of Assets MSCI Emerging Markets
Financials 21.8% 25.2%
Consumer Discretionary 18.7% 13.5%
Information Technology 17.2% 13.8%
Industrials 8.6% 5.3%
Communication Services 8.5% 11.7%
Energy 7.5% 7.9%
Consumer Staples 6.5% 6.6%
Materials 3.9% 7.6%
Health Care 3.1% 2.6%
Real Estate 2.5% 3.0%
Utilities 0.0% 2.7%

Asset Allocation

As of 6/30/19
Asset Allocation
Common Stock 79.0139
Convertibles 18.4086
Options 1.5368
Cash and Receivables/Payables 1.0406

Top 10 Holdings

As of 6/30/19
Company Security Type Industry %
Tencent Holdings, Ltd. Stocks Interactive Media & Services 6.2%
Alibaba Group Holding, Ltd. Stocks Internet & Direct Marketing Retail 5.2%
Ping An Exchangeable (Jp Morgan) Convertible Bonds Life & Health Insurance 4.6%
HDFC Bank, Ltd. Stocks Diversified Banks 3.8%
Taiwan Semiconductor Mfg Co. Stocks Semiconductors 3.7%
Samsung Electronics Company Stocks Technology Hardware, Storage & Peripherals 3.0%
Tata Consultancy Services, Ltd. Stocks IT Consulting & Other Services 2.2%
Tullow Oil Jersey, Ltd. Convertible Bonds Oil & Gas Exploration & Production 1.9%
TOTAL, SA Convertible Bonds Integrated Oil & Gas 1.9%
AIA Group, Ltd. Stocks Life & Health Insurance 1.9%
Total 34.4%

Fund Facts

As of 6/30/19
Name Fund MSCI Emerging Markets
Number of Holdings 98 1,190
Debt/Capital 38.6% 26.1%
Duration 1.2 years N/A
Median Conversion Premium 27.6% N/A
Median Investment Premium 14.3% N/A
PEG Ratio 1.7x 1.5x
Portfolio Turnover (12 months) 76.4% N/A
Price/Book 3.8x 1.5x
Price/Earnings 24.2x 13.2x
Price/Sales 3.1x 0.7x
ROIC 18.6% 16.7%
Net Assets $179.4 M N/A

Market Capitalization

As of 6/30/19
Market CAP Range % of Assets
<=$0.1bil 0.0%
>$0.1bil<=$5bil 10.6%
>$5bil<=$30bil 25.0%
>$30bil<=$200bil 43.0%
>$200bil 21.4%

Credit Quality of Bonds

As of 6/30/19
Class %
AAA 0.0%
AA 35.5%
A 0.0%
BBB 0.0%
BB 0.0%
B 7.8%
CCC and below 0.0%
Unrated Securities 56.6%

Maturity Schedule

As of 6/30/19
Range %
< 1 Year 1.0%
1 To 5 Years 17.0%
5 To 10 Years 1.4%
10 To 20 Years 0.0%
20 To 30 Years 0.0%
> 30 Years 0.0%
Equities and Other 80.6%

Top Currency Exposures

As of 6/30/19
Currency %
United States Dollar (USD) 36.8%
Indian Rupee (INR) 13.0%
Hong Kong Dollar (HKD) 12.8%
Brazilian Real (BRL) 6.8%
Taiwan Dollar (TWD) 4.8%
South Korean WON (KRW) 3.9%
Euro (EUR) 3.2%
South African Rand (ZAR) 2.6%
Indonesian Rupiah (IDR) 2.3%
China Renminbi (Yuan) (CNY) 2.1%

Bond Duration

As of 6/30/19
Name Duration
Weighted Avg. Duration 1.2 years
Weighted Avg. Maturity 2.3 years

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 Evolving World 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, foreign securities risk, emerging markets risk, 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, 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.

Notes

Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

PEG Ratio-Is a stock's price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.

Price/Book Ratio-Is the stock's capitalization divided by its book value.

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.

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.

Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

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.

Total Capital Gains

Year Capital Gains
2018 0.0000
2017 0.0000
2016 0.0000
2015 0.0000
2014 0.2975
2013 0.1145
2012 0.0000
2011 0.0000
2010 0.0000
2009 0.0000
2008 0.0000

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

Distributions

Frequency Income Total Reinvest
Q2 2019 $0.0000 $0.0000 0.00000
Q4 2018 $0.0000 $0.0000 12.49000
Q4 2017 $0.0636 $0.0636 14.84000
Q4 2016 $0.0000 $0.0000 11.28000
Q4 2015 $0.0450 $0.0450 11.81000
Q4 2014 $0.0679 $0.0679 12.83000
Q1 2014 $0.0000 $0.0000 0.00000
Q4 2013 $0.0398 $0.0398 13.76000
Q3 2013 $0.0000 $0.0000 0.00000
Q2 2013 $0.0000 $0.0000 0.00000
Q1 2013 $0.0000 $0.0000 0.00000
Q4 2012 $0.0310 $0.0310 13.08000
Q3 2012 $0.0000 $0.0000 0.00000
Q2 2012 $0.0000 $0.0000 0.00000
Q1 2012 $0.0000 $0.0000 0.00000
Q4 2011 $0.0000 $0.0000 0.00000
Q3 2011 $0.0000 $0.0000 0.00000
Q2 2011 $0.0000 $0.0000 0.00000
Q1 2011 $0.0000 $0.0000 0.00000
Q4 2010 $0.0000 $0.0000 0.00000
Q3 2010 $0.0000 $0.0000 0.00000
Q2 2010 $0.0000 $0.0000 0.00000
Q1 2010 $0.0000 $0.0000 0.00000
Q4 2009 $0.0842 $0.0842 10.78000
Q3 2009 $0.0000 $0.0000 0.00000
Q2 2009 $0.0000 $0.0000 0.00000
Q1 2009 $0.0000 $0.0000 0.00000
Q4 2008 $0.0670 $0.0670 7.02000
Q3 2008 $0.0000 $0.0000 0.00000

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 Evolving World 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, foreign securities risk, emerging markets risk, 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, 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 funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.63%, C Shares 2.38% and I Shares 1.38%.

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

Name A Shares C Shares I Shares
Gross Expense Ratio 1.63% 2.38% 1.38%
Net Expense Ratio 1.63% 2.38% 1.38%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 8/15/08 8/15/08 8/15/08
Ticker Symbol CNWGX CNWDX CNWIX
CUSIP number 128119161 128119146 128119138

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 4.75 1.00 N/A
US Bank Fund Number 1952 1954 1955
Dividends ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL ANNUAL ANNUAL

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 Evolving World 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, foreign securities risk, emerging markets risk, 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, 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.

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.

calamos-evolving-world-growth-fund-mutual-fund-quarterly-commentary.pdf
Calamos Evolving World Growth Fund Quarterly Commentary

A quarterly update of the Calamos Evolving World Growth Fund’s performance, positioning, related market commentary and outlook.

calamos-evolving-world-growth-fund-mutual-fund-fact-sheet.pdf
Calamos Evolving World Growth Fund Fact Sheet

The Evolving World Growth Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

opportunity-of-convertible-securities.pdf
The Opportunity of Convertible Securities

Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.

ConvertibleSecurities.pdf
Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation

A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.

calamos-evolving-world-growth-fund-mutual-fund-summary-prospectus.pdf
Calamos Evolving World Growth Fund Prospectus

This summary contains important information about the Class A, C, and I Evolving World Growth Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

calamos-mutual-fund-statutory-prospectus.pdf
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.

calamos-mutual-fund-sai.pdf
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.

calamos-mutual-funds-semi-annual-report.pdf
Semi-Annual Report

The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

calamos-mutual-funds-annual-report.pdf
Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.