Calamos Hedged Equity Fund (CAHEX)

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Overview

The fund blends a core long-equity portfolio with an actively managed option overlay. Tactical management creates opportunities to add alpha from option market dynamics and equity market volatility.

Key Features

  • Our investment approach is highly responsive to dynamic market conditions, unlike many less active option-based strategies.
  • The investment team seeks to take advantage of opportunities the market presents, with a focus on being favorably positioned for as many outcomes as possible.

Portfolio Fit

The fund's option-based risk-management strategy can provide upside participation in equity markets while limiting downside exposure, thereby improving the quality of the ride.

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 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. As of March 1, Calamos Hedged Equity Income Fund's name has been changed to Calamos Hedged Equity Fund.

Notes

Options Risk - The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

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 3/1/2021 are as follows: A Shares 1.22%, C Shares 1.97% and I Shares 0.97%.

The Morningstar Options Trading Category is comprised of funds that use a variety of options trades, including put writing, options spreads, options-based hedged equity, and collar strategies, among others.

Morningstar RatingsTM are based on risk-adjusted returns and are through 9/30/21 for the share class listed 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: ©2021 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 10/15/21
Inception Date: 12/31/14
Current NAV: $14.49
$ Change: $0.06
% Change: 0.42%
Total Net Assets (As of 9/30/21): $520.7 M
Morningstar Category: Options Trading

Morningstar Rating

Morningstar Overall RatingTM Among 88 Options Trading funds. The Fund's risk-adjusted returns based on load-waived Class A Shares had 4 stars for 3 years and 4 stars for 5 years out of 88 and 62 Options Trading Funds, respectively, for the period ended 9/30/2021.

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

Calendar Year Total Returns

As of 9/30/21
Date Calamos Hedged Equity Fund (NAV) Calamos Hedged Equity Fund Load-Adjusted S&P 500 Index Bloomberg U.S. Aggregate Bond Index
YTD 2021 7.36 2.25 15.92 -1.55
2020 9.29 4.08 18.4 7.51
2019 14.19 8.74 31.49 8.72
2018 0.59 -4.2 -4.38 0.01
2017 8.02 2.88 21.83 3.54
2016 5.22 0.21 11.96 2.65
2015 0.47 -4.31 1.38 0.55

Growth of 10K

As of 9/30/21
Date Calamos Hedged Equity Fund S&P 500 Index
12/31/2014 12:00:00 AM 10000 10000
1/31/2015 12:00:00 AM 9720 9699.8
2/28/2015 12:00:00 AM 10060 10257.25
3/31/2015 12:00:00 AM 9940 10095.08
4/30/2015 12:00:00 AM 10040 10191.89
5/31/2015 12:00:00 AM 10150 10322.96
6/30/2015 12:00:00 AM 10062.8 10123.11
7/31/2015 12:00:00 AM 10153.09 10335.19
8/31/2015 12:00:00 AM 9832.05 9711.66
9/30/2015 12:00:00 AM 9633.66 9471.4
10/31/2015 12:00:00 AM 10066.52 10270.31
11/30/2015 12:00:00 AM 10086.65 10300.81
12/31/2015 12:00:00 AM 10047.38 10138.37
1/31/2016 12:00:00 AM 9740.12 9635.3
2/29/2016 12:00:00 AM 9709.4 9622.3
3/31/2016 12:00:00 AM 10016.98 10275.07
4/30/2016 12:00:00 AM 10047.81 10314.94
5/31/2016 12:00:00 AM 10140.27 10500.2
6/30/2016 12:00:00 AM 10170.46 10527.39
7/31/2016 12:00:00 AM 10335.17 10915.54
8/31/2016 12:00:00 AM 10345.46 10930.82
9/30/2016 12:00:00 AM 10377.99 10932.9
10/31/2016 12:00:00 AM 10347.04 10733.48
11/30/2016 12:00:00 AM 10481.15 11130.94
12/31/2016 12:00:00 AM 10571.42 11351
1/31/2017 12:00:00 AM 10643.9 11566.33
2/28/2017 12:00:00 AM 10882.04 12025.63
3/31/2017 12:00:00 AM 10899.03 12039.7
4/30/2017 12:00:00 AM 10930.11 12163.34
5/31/2017 12:00:00 AM 10981.91 12334.48
6/30/2017 12:00:00 AM 11002.86 12411.45
7/31/2017 12:00:00 AM 11085.75 12666.63
8/31/2017 12:00:00 AM 11096.11 12705.39
9/30/2017 12:00:00 AM 11171.16 12967.5
10/31/2017 12:00:00 AM 11254.14 13270.16
11/30/2017 12:00:00 AM 11388.98 13677.16
12/31/2017 12:00:00 AM 11418.94 13829.25
1/31/2018 12:00:00 AM 11917.67 14620.97
2/28/2018 12:00:00 AM 11896.89 14082.04
3/31/2018 12:00:00 AM 11806.83 13724.22
4/30/2018 12:00:00 AM 11817.23 13776.92
5/31/2018 12:00:00 AM 11921.25 14108.67
6/30/2018 12:00:00 AM 11903.67 14195.44
7/31/2018 12:00:00 AM 12122.37 14723.65
8/31/2018 12:00:00 AM 12289 15203.49
9/30/2018 12:00:00 AM 12272.54 15290
10/31/2018 12:00:00 AM 11938.88 14244.93
11/30/2018 12:00:00 AM 12032.72 14535.24
12/31/2018 12:00:00 AM 11486.77 13222.85
1/31/2019 12:00:00 AM 11956.49 14282.53
2/28/2019 12:00:00 AM 12095.27 14741.14
3/31/2019 12:00:00 AM 12211.43 15027.57
4/30/2019 12:00:00 AM 12425.11 15636.03
5/31/2019 12:00:00 AM 12093.91 14642.36
6/30/2019 12:00:00 AM 12454.53 15674.36
7/31/2019 12:00:00 AM 12529.36 15899.6
8/31/2019 12:00:00 AM 12486.76 15647.75
9/30/2019 12:00:00 AM 12571.67 15940.52
10/31/2019 12:00:00 AM 12732.59 16285.79
11/30/2019 12:00:00 AM 12936.31 16876.96
12/31/2019 12:00:00 AM 13117.42 17386.31
1/31/2020 12:00:00 AM 13127.91 17379.53
2/29/2020 12:00:00 AM 12632.99 15948.84
3/31/2020 12:00:00 AM 11891.43 13979
4/30/2020 12:00:00 AM 12720.26 15770.97
5/31/2020 12:00:00 AM 12935.23 16522.14
6/30/2020 12:00:00 AM 13170.65 16850.77
7/31/2020 12:00:00 AM 13376.11 17800.81
8/31/2020 12:00:00 AM 13818.86 19080.34
9/30/2020 12:00:00 AM 13607.43 18355.28
10/31/2020 12:00:00 AM 13358.41 17867.22
11/30/2020 12:00:00 AM 14093.12 19822.96
12/31/2020 12:00:00 AM 14335.52 20585.16
1/31/2021 12:00:00 AM 14195.03 20377.24
2/28/2021 12:00:00 AM 14477.51 20939.05
3/31/2021 12:00:00 AM 14824.97 21856.18
4/30/2021 12:00:00 AM 15139.26 23022.64
5/31/2021 12:00:00 AM 15225.55 23183.34
6/30/2021 12:00:00 AM 15358.01 23724.44
7/31/2021 12:00:00 AM 15499.3 24287.89
8/31/2021 12:00:00 AM 15759.69 25026.49
9/30/2021 12:00:00 AM 15390.91 23862.51

Annualized Total Returns

As of 9/30/21
TimeFrame Calamos Hedged Equity Fund (NAV) Calamos Hedged Equity Fund Load-Adjusted S&P 500 Index Bloomberg U.S. Aggregate Bond Index
1 Year 13.11 7.72 30 -0.9
3 Year 7.84 6.1 15.99 5.36
5 Year 8.2 7.16 16.9 2.94
Since Inception 6.6 5.83 13.75 3.11

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 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. As of March 1, Calamos Hedged Equity Income Fund's name has been changed to Calamos Hedged Equity Fund.

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. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 12/31/14, since comparative index data is available only for full monthly periods. Source: Calamos Investments

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.

S&P 500 Index is generally considered representative of the U.S. stock market.

Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

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 3/1/2021 are as follows: A Shares 1.22%, C Shares 1.97% and I Shares 0.97%.

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 9/30/21
Sector % of Assets S&P 500 Index
Information Technology 26.9% 27.6%
Health Care 12.5% 13.3%
Consumer Discretionary 12.0% 12.4%
Financials 11.4% 11.4%
Communication Services 10.9% 11.3%
Industrials 7.5% 8.0%
Consumer Staples 5.5% 5.8%
Energy 2.8% 2.7%
Real Estate 2.3% 2.6%
Materials 2.3% 2.5%
Utilities 2.2% 2.5%
Other 2.5% 0.0%

Asset Allocation

As of 9/30/21
Asset Allocation %
Common Stock 94.7295
Other 3.2881
Convertibles 1.4781
Cash and Receivables/Payables 1.2692
Corporate Bonds 0
US Government Securities 0
Sovereign Bonds 0
Options -0.7648

Top 10 Holdings

As of 9/30/21
Company Security Type Industry %
Microsoft Corp. Stocks Systems Software 5.9%
Apple, Inc. Stocks Technology Hardware, Storage & Peripherals 5.7%
Amazon.com, Inc. Stocks Internet & Direct Marketing Retail 3.8%
SPDR S&P 500 ETF Trust Mutual Funds Other 3.3%
Facebook, Inc. - Class A Stocks Interactive Media & Services 2.6%
Alphabet Inc- Class C Stocks Interactive Media & Services 2.1%
Alphabet Inc- Class A Stocks Interactive Media & Services 1.9%
JPMorgan Chase & Company Stocks Diversified Banks 1.6%
NVIDIA Corp. Stocks Semiconductors 1.6%
Tesla, Inc. Convertible Bonds Automobile Manufacturers 1.5%
Total 30.0%

Fund Facts

As of 9/30/21
Name Fund S&P 500 Index
Number of Holdings 279 505
Portfolio Turnover (12 months) 34.2% N/A
Net Assets $520.7 M N/A

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 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. As of March 1, Calamos Hedged Equity Income Fund's name has been changed to Calamos Hedged Equity Fund.

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.

Sector Weightings percentages are based on invested portfolio and are subject to change. Other includes securities that do not have a sector classification.

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

Options Risk - The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

Distribution Yield -Is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. Distributions may include income, short-term capital gains, and long-term capital gains. Short-term and long-term capital gains represent the net trading profits realized over the trailing 12 months in the fund and are not guaranteed. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

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.

S&P 500 Index is generally considered representative of the U.S. stock market.

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
2015 0.0872
2016 0.0000
2017 0.0000
2018 0.2526
2019 0.0000
2020 0.0000

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

2020 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 22, 2020. To view the report, click here.

Distributions

Frequency Income Reinvest
Q3 2021 $0.0110 14.43000
Q2 2021 $0.0015 13.09000
Q1 2021 $0.0000 13.09000
Q4 2020 $0.0537 0.00000
Q3 2020 $0.0241 12.53000
Q2 2020 $0.0183 12.15000
Q1 2020 $0.0101 10.58000
Q4 2019 $0.0484 12.10000
Q3 2019 $0.0301 11.80000
Q2 2019 $0.0075 11.55000
Q1 2019 $0.0088 11.38000
Q4 2018 $0.0017 10.67000
Q3 2018 $0.0142 11.76000
Q2 2018 $0.0133 11.59000
Q1 2018 $0.0135 11.52000
Q4 2017 $0.0188 10.96000
Q3 2017 $0.0124 10.73000
Q2 2017 $0.0002 10.62000
Q1 2017 $0.0064 10.53000
Q4 2016 $0.0377 10.26000
Q3 2016 $0.0215 10.03000
Q2 2016 $0.0192 9.79000
Q1 2016 $0.0302 9.72000
Q4 2015 $0.0838 9.81000
Q3 2015 $0.0330 9.78000
Q2 2015 $0.0332 10.16000

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 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. As of March 1, Calamos Hedged Equity Income Fund's name has been changed to Calamos Hedged Equity Fund.

Notes

Options Risk - The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

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 3/1/2021 are as follows: A Shares 1.22%, C Shares 1.97% and I Shares 0.97%.

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 1.22% 1.97% 0.97%
Net Expense Ratio 1.22% 1.97% 0.97%

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 12/31/14 12/31/14 12/31/14
Ticker Symbol CAHEX CCHEX CIHEX
CUSIP number 128120698 128120680 128120672

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 2977 2978 2979
Dividends QUARTERLY QUARTERLY QUARTERLY
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 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. As of March 1, Calamos Hedged Equity Income Fund's name has been changed to Calamos Hedged Equity Fund.

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 Hedged Equity Fund Quarterly Commentary

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

Calamos Hedged Equity Fund Fact Sheet

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

Calamos Hedged Equity Fund Prospectus

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

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.

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.

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.

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.

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