Calamos Global Equity Fund (CGEOX)

Overview

The fund invests in equities of companies around the globe, focusing on those firms demonstrating what we believe to be key growth characteristics, including increasing profit margins and high returns on invested capital.

Key Features

  • Flexibility to seek growth globally, pursuing the best risk/ reward opportunities across country, market capitalization and sector
  • Seeks global growth companies that may benefit from long-term secular themes, including a burgeoning global middle class and an increased demand for information and entertainment
  • 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

The fund is a growth-oriented addition to a strategic global equity allocation that may complement or provide an alternative to value or blended styles.

Return on Invested Capital

As of 9/30/20
Name Gain
Fund 20.1581
MSCI World Index 18.9871

Debt/Capital

As of 9/30/20
Name Gain
Fund 32.4166
MSCI World Index 43.2054

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 Global Equity 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, value stock risk, foreign securities risk, forward foreign currency contract risk, emerging markets risk, small and mid-sized company 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.

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 World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

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 2/28/2020 are as follows: A Shares 1.51%, C Shares 2.26% and I Shares 1.26%. The funds' gross expense ratio as of the prospectus dated 6/23/2020 is as follows: R6 Shares 1.19%.

The Morningstar World Large Stock Category comprises international funds having 20% to 60% of assets invested in the United States.

Morningstar RatingsTM are based on risk-adjusted returns and are through 9/30/20 for Class I shares and will differ for other share classes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: ©2020 Morningstar, Inc.

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 10/19/20
Inception Date: 6/23/20
Current NAV: $15.26
$ Change: $-0.17
% Change: -1.10%
Total Net Assets (As of 9/30/20): $92.6 M
Morningstar Category: World Large Stock

Zephyr Analysis

Zephyr Analysis

key.jpg Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.

Resources

Growth of 10K

As of 9/30/20
Date Calamos Global Equity Fund MSCI World Index
2/28/2007 12:00:00 AM 10000 10000
3/1/2007 12:00:00 AM 10000 10000
3/31/2007 12:00:00 AM 10460 10187.3
4/30/2007 12:00:00 AM 10880 10642.57
5/31/2007 12:00:00 AM 11280 10951.31
6/30/2007 12:00:00 AM 11290 10870.71
7/31/2007 12:00:00 AM 11410 10632.21
8/31/2007 12:00:00 AM 11480 10628.8
9/30/2007 12:00:00 AM 12380 11137.92
10/31/2007 12:00:00 AM 13440 11481.97
11/30/2007 12:00:00 AM 12580 11017.87
12/31/2007 12:00:00 AM 12450 10878.94
1/31/2008 12:00:00 AM 11150 10049.96
2/29/2008 12:00:00 AM 10990 9996.7
3/31/2008 12:00:00 AM 11070 9905.83
4/30/2008 12:00:00 AM 11910 10434.4
5/31/2008 12:00:00 AM 12230 10606.47
6/30/2008 12:00:00 AM 11190 9764.31
7/31/2008 12:00:00 AM 10850 9528.21
8/31/2008 12:00:00 AM 10610 9398.72
9/30/2008 12:00:00 AM 8900 8284.88
10/31/2008 12:00:00 AM 7160 6716.22
11/30/2008 12:00:00 AM 6610 6286.11
12/31/2008 12:00:00 AM 6808.24 6491.04
1/31/2009 12:00:00 AM 6428.83 5924.31
2/28/2009 12:00:00 AM 5986.19 5321.93
3/31/2009 12:00:00 AM 6608 5726.39
4/30/2009 12:00:00 AM 7524.9 6374.56
5/31/2009 12:00:00 AM 8262.63 6960.19
6/30/2009 12:00:00 AM 8178.32 6931.73
7/31/2009 12:00:00 AM 8789.58 7520.92
8/31/2009 12:00:00 AM 8958.21 7834.54
9/30/2009 12:00:00 AM 9727.56 8149.49
10/31/2009 12:00:00 AM 9611.63 8006.23
11/30/2009 12:00:00 AM 10138.59 8337.44
12/31/2009 12:00:00 AM 10423.14 8489.85
1/31/2010 12:00:00 AM 9801.34 8140.58
2/28/2010 12:00:00 AM 10138.59 8258.62
3/31/2010 12:00:00 AM 10876.32 8774.7
4/30/2010 12:00:00 AM 10981.71 8780.84
5/31/2010 12:00:00 AM 10507.45 7948.07
6/30/2010 12:00:00 AM 10328.29 7678.55
7/31/2010 12:00:00 AM 10665.54 8303.12
8/31/2010 12:00:00 AM 10570.69 7996.49
9/30/2010 12:00:00 AM 11635.13 8745.2
10/31/2010 12:00:00 AM 11888.07 9073.14
11/30/2010 12:00:00 AM 12046.16 8881.52
12/31/2010 12:00:00 AM 12752.27 9537.51
1/31/2011 12:00:00 AM 12847.13 9755.25
2/28/2011 12:00:00 AM 13437.31 10101.17
3/31/2011 12:00:00 AM 13627.02 10006.22
4/30/2011 12:00:00 AM 14090.74 10437.68
5/31/2011 12:00:00 AM 13742.95 10231.75
6/30/2011 12:00:00 AM 13479.47 10073.87
7/31/2011 12:00:00 AM 13458.39 9893.85
8/31/2011 12:00:00 AM 12847.13 9200.89
9/30/2011 12:00:00 AM 11603.52 8409.89
10/31/2011 12:00:00 AM 12794.43 9282.16
11/30/2011 12:00:00 AM 12847.13 9060.87
12/31/2011 12:00:00 AM 12372.87 9059.24
1/31/2012 12:00:00 AM 12994.67 9516.55
2/29/2012 12:00:00 AM 13774.56 9986.67
3/31/2012 12:00:00 AM 13911.57 10120.56
4/30/2012 12:00:00 AM 13764.03 10012.69
5/31/2012 12:00:00 AM 12731.2 9157.9
6/30/2012 12:00:00 AM 13005.21 9629.08
7/31/2012 12:00:00 AM 13247.61 9755.54
8/31/2012 12:00:00 AM 13648.1 10007.82
9/30/2012 12:00:00 AM 14101.28 10287.23
10/31/2012 12:00:00 AM 13700.79 10220.68
11/30/2012 12:00:00 AM 13995.88 10357.12
12/31/2012 12:00:00 AM 13871.88 10557.43
1/31/2013 12:00:00 AM 14283.61 11098.5
2/28/2013 12:00:00 AM 14188.59 11122.36
3/31/2013 12:00:00 AM 14294.16 11388.63
4/30/2013 12:00:00 AM 14262.49 11755.34
5/31/2013 12:00:00 AM 14262.49 11770.27
6/30/2013 12:00:00 AM 13734.64 11484.96
7/31/2013 12:00:00 AM 14558.09 12092.97
8/31/2013 12:00:00 AM 14410.29 11840.71
9/30/2013 12:00:00 AM 15223.18 12437.49
10/31/2013 12:00:00 AM 15803.81 12927.27
11/30/2013 12:00:00 AM 16173.31 13163.07
12/31/2013 12:00:00 AM 16582.42 13446.47
1/31/2014 12:00:00 AM 15976.66 12951.5
2/28/2014 12:00:00 AM 16896.11 13606.72
3/31/2014 12:00:00 AM 16485.06 13634.21
4/30/2014 12:00:00 AM 16106.47 13781.45
5/31/2014 12:00:00 AM 16604.05 14065.63
6/30/2014 12:00:00 AM 17047.54 14323.31
7/31/2014 12:00:00 AM 16636.5 14098.01
8/31/2014 12:00:00 AM 17177.35 14414.51
9/30/2014 12:00:00 AM 16636.5 14029.21
10/31/2014 12:00:00 AM 16950.19 14123.34
11/30/2014 12:00:00 AM 17188.17 14413.01
12/31/2014 12:00:00 AM 16688.83 14186.58
1/31/2015 12:00:00 AM 16675.29 13932.93
2/28/2015 12:00:00 AM 17866.38 14756.22
3/31/2015 12:00:00 AM 17798.71 14534.73
4/30/2015 12:00:00 AM 18123.55 14883.13
5/31/2015 12:00:00 AM 17947.6 14946.98
6/30/2015 12:00:00 AM 17825.78 14605.44
7/31/2015 12:00:00 AM 18082.95 14872.43
8/31/2015 12:00:00 AM 16918.93 13894.42
9/30/2015 12:00:00 AM 16404.59 13388.24
10/31/2015 12:00:00 AM 17852.85 14453.01
11/30/2015 12:00:00 AM 17920.53 14388.12
12/31/2015 12:00:00 AM 17521.18 14141.07
1/31/2016 12:00:00 AM 16278.55 13298.69
2/29/2016 12:00:00 AM 15643.42 13207.86
3/31/2016 12:00:00 AM 16789.41 14113.79
4/30/2016 12:00:00 AM 16678.95 14346.1
5/31/2016 12:00:00 AM 17106.97 14439.78
6/30/2016 12:00:00 AM 16761.8 14284.84
7/31/2016 12:00:00 AM 17797.33 14892.23
8/31/2016 12:00:00 AM 17714.48 14912.19
9/30/2016 12:00:00 AM 18156.31 14998.08
10/31/2016 12:00:00 AM 17590.22 14711.77
11/30/2016 12:00:00 AM 17286.46 14931.27
12/31/2016 12:00:00 AM 17342.46 15293.95
1/31/2017 12:00:00 AM 18036.16 15666.66
2/28/2017 12:00:00 AM 18484.17 16109.09
3/31/2017 12:00:00 AM 18874.38 16292.25
4/30/2017 12:00:00 AM 19409.1 16541.52
5/31/2017 12:00:00 AM 19929.38 16907.42
6/30/2017 12:00:00 AM 20102.8 16978.94
7/31/2017 12:00:00 AM 20969.92 17390.51
8/31/2017 12:00:00 AM 21360.13 17423.72
9/30/2017 12:00:00 AM 21808.14 17821.68
10/31/2017 12:00:00 AM 22588.55 18162.96
11/30/2017 12:00:00 AM 22964.31 18565.82
12/31/2017 12:00:00 AM 23310.17 18822.77
1/31/2018 12:00:00 AM 24941.24 19820.94
2/28/2018 12:00:00 AM 23943.59 19008.08
3/31/2018 12:00:00 AM 23563.54 18606.06
4/30/2018 12:00:00 AM 23357.67 18831.38
5/31/2018 12:00:00 AM 23769.4 18967.16
6/30/2018 12:00:00 AM 23278.49 18965.07
7/31/2018 12:00:00 AM 23579.37 19562.28
8/31/2018 12:00:00 AM 24276.14 19813.46
9/30/2018 12:00:00 AM 24149.46 19932.14
10/31/2018 12:00:00 AM 21552.4 18473.31
11/30/2018 12:00:00 AM 21441.55 18692.77
12/31/2018 12:00:00 AM 19703.91 17278.48
1/31/2019 12:00:00 AM 21602.84 18628.62
2/28/2019 12:00:00 AM 22133.72 19198.09
3/31/2019 12:00:00 AM 22787.11 19463.22
4/30/2019 12:00:00 AM 23746.79 20164.48
5/31/2019 12:00:00 AM 22501.25 19019.14
6/30/2019 12:00:00 AM 23889.72 20280.49
7/31/2019 12:00:00 AM 23930.55 20386.55
8/31/2019 12:00:00 AM 23602.7 19979.23
9/30/2019 12:00:00 AM 23215.62 20413.98
10/31/2019 12:00:00 AM 23765.83 20939.23
11/30/2019 12:00:00 AM 24744.98 21532.44
12/31/2019 12:00:00 AM 25432.89 22185.73
1/31/2020 12:00:00 AM 25455.78 22057.06
2/29/2020 12:00:00 AM 24157.54 20202.06
3/31/2020 12:00:00 AM 21033.97 17541.65
4/30/2020 12:00:00 AM 23871.45 19467.55
5/31/2020 12:00:00 AM 26115.37 20420.87
6/30/2020 12:00:00 AM 27656.18 20969.58
7/31/2020 12:00:00 AM 29943.35 21979.68
8/31/2020 12:00:00 AM 31946.56 23456.94
9/30/2020 12:00:00 AM 31352.35 22656.82

Annualized Total Returns

As of 9/30/20
TimeFrame Calamos Global Equity Fund (NAV) MSCI World Index MSCI ACWI Index
Since Inception 12.21 6.44 6.6

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 Global Equity 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, value stock risk, foreign securities risk, forward foreign currency contract risk, emerging markets risk, small and mid-sized company 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.

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 2/28/07, 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 World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets and emerging markets.

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 2/28/2020 are as follows: A Shares 1.51%, C Shares 2.26% and I Shares 1.26%. The funds' gross expense ratio as of the prospectus dated 6/23/2020 is as follows: R6 Shares 1.19%.

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 9/30/20
Sector % of Assets MSCI World Index
Information Technology 24.6% 22.1%
Consumer Discretionary 22.0% 11.8%
Industrials 13.6% 10.4%
Health Care 12.2% 13.8%
Financials 8.4% 11.9%
Communication Services 8.2% 8.8%
Energy 4.8% 2.5%
Materials 4.1% 4.5%
Consumer Staples 1.5% 8.2%
Real Estate 0.0% 2.8%
Utilities 0.0% 3.3%

Asset Allocation

As of 9/30/20
Asset Allocation
Common Stock 99.4829
Cash and Receivables/Payables 0.5171

Top 10 Holdings

As of 9/30/20
Company Security Type Industry %
Amazon.com, Inc. Stocks Internet & Direct Marketing Retail 5.0%
Alibaba Group Holding, Ltd. Stocks Internet & Direct Marketing Retail 3.3%
Reliance Industries, Ltd. Stocks Oil & Gas Refining & Marketing 2.8%
Tencent Holdings, Ltd. Stocks Interactive Media & Services 2.6%
Keyence Corp. Stocks Electronic Equipment & Instruments 2.5%
Lululemon Athletica, Inc. Stocks Apparel, Accessories & Luxury Goods 2.5%
Alcon, Inc. Stocks Health Care Supplies 2.4%
Microsoft Corp. Stocks Systems Software 2.3%
Novo Nordisk, A/S Stocks Pharmaceuticals 2.0%
Sea, Ltd. Stocks Interactive Home Entertainment 2.0%
Total 27.4%

Fund Facts

As of 9/30/20
Name Fund MSCI World Index
Number of Holdings 82 1,606
Debt/Capital 32.4% 43.2%
PEG Ratio 2.5x 2.5x
Portfolio Turnover (12 months) 75.3% N/A
Price/Book 4.3x 2.4x
Price/Earnings 31.6x 20.0x
Price/Sales 3.4x 1.8x
ROIC 20.2% 19.0%
Net Assets $92.6 M N/A

Market Capitalization

As of 9/30/20
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 0.8%
>$5bil<=$30bil 26.6%
>$30bil<=$200bil 43.5%
>$200bil 29.2%

Top Currency Exposures

As of 9/30/20
Currency %
United States Dollar (USD) 60.3%
Euro (EUR) 8.3%
Hong Kong Dollar (HKD) 7.4%
Japanese Yen (JPY) 6.7%
Indian Rupee (INR) 4.6%
Australian Dollar (AUD) 3.3%
Swiss Franc (CHF) 2.5%
British Pound Sterling (GBP) 1.9%
Swedish Krona (SEK) 1.9%
Taiwan Dollar (TWD) 1.6%

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 Global Equity 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, value stock risk, foreign securities risk, forward foreign currency contract risk, emerging markets risk, small and mid-sized company risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

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 World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

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

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

2019 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 18, 2019. To view the report, click here.

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 Global Equity 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, value stock risk, foreign securities risk, forward foreign currency contract risk, emerging markets risk, small and mid-sized company risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

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

The funds' gross expense ratios as of the prospectus dated 2/28/2020 are as follows: A Shares 1.51%, C Shares 2.26% and I Shares 1.26%. The funds' gross expense ratio as of the prospectus dated 6/23/2020 is as follows: R6 Shares 1.19%.

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 R6 Shares
Gross Expense Ratio 1.51% 2.26% 1.26% 1.19%
Net Expense Ratio 1.40% 2.15% 1.15% 1.08%

Investment Information

Name A Shares C Shares I Shares R6 Shares
Minimum initial investment $2500 $2500 $1 million $0
Minimum subsequent investments $50 $50 $0 $0
IRA initial investments $500 $500 N/A N/A

Fund Information

Name A Shares C Shares I Shares R6 Shares
Inception Date 3/01/07 3/01/07 3/01/07 6/23/20
Ticker Symbol CAGEX CCGEX CIGEX CGEOX
CUSIP number 128119484 128119468 128119450 128120334

Sales & Distribution

Name A Shares C Shares I Shares R6 Shares
Sales Load Front-End Level-Load N/A N/A
Maximum Sales Charge 4.75 1.00 N/A N/A
US Bank Fund Number 1913 1915 1916 5576
Dividends ANNUAL ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL 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 Global Equity 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, value stock risk, foreign securities risk, forward foreign currency contract risk, emerging markets risk, small and mid-sized company 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.

As of the prospectus dated 2/28/20 the Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2022 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.40%, 2.15%, and 1.15% of average net assets, respectively. As of the prospectus dated 6/23/20 the Fund's investment advisor has contractually agreed through March 1, 2022 to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.15% less the annual sub-transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregate average annual net assets of the Fund's other share classes. For purposes of this expense limitation, 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 Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

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-global-equity-fund-mutual-fund-quarterly-commentary.pdf
Calamos Global Equity Fund Quarterly Commentary

A quarterly update of the Calamos Global Equity Fund’s performance, positioning, related market commentary and outlook.

calamos-global-equity-fund-mutual-fund-fact-sheet.pdf
Calamos Global Equity Fund Fact Sheet

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

calamos-global-equity-team-perspectives-sustained-tailwinds-for-global-risk-assets.pdf
Sustained Tailwinds for Global Risk Assets

Despite the uncertainty of U.S. elections and Covid-19, accommodative global monetary policy, fiscal stimulus and economic rebounds support the case synchronized global recovery, explains the Calamos Global Equity Team. They share their outlooks for the U.S., Europe, emerging markets and Japan, and discuss how those views are reflected in portfolio positioning.

calamos-global-equity-fund-mutual-fund-summary-prospectus-r6.pdf
Calamos Global Equity Fund Prospectus (R6)

This summary contains important information about the Class R6 Global Equity Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

calamos-statutory-prospectus-r6.pdf
Statutory Prospectus (R6)

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

calamos-sai-r6.pdf
SAI (R6)

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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