Calamos Hedged Equity Fund (CIHEX)

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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 4/30/21 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

Historical Sustainability Score as of 2/28/2021. Sustainability Rating as of 2/28/2021. Sustainalytics provides company-level analysis used in the calculation of Morningstar's Historical Sustainability Score. ©2020 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) 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. The Morningstar® Sustainability Rating is intended to measure how well the issuing companies of securities within a fund's portfolio are managing their environmental, social, and governance ("ESG") risks and opportunities relative to the fund's Morningstar category peers. The Morningstar Sustainability Rating calculation is a three-step process. First, each fund with at least 67% of assets covered by a company level ESG score from Sustainalytics receives a Morningstar® Portfolio Sustainability Score™, an asset weighted-average of normalized company level ESG scores with deductions made for controversial incidents by issuing companies, such as environmental accidents, fraud, or discriminatory behavior. Second, the Portfolio Sustainability Score is rescaled to reflect an exponential weighted moving average of scores over the past 12 months. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least 30 funds received a Portfolio Sustainability Score and is determined by each fund's rank: High (highest 10%); Above Average (next 22.5%); Average (next 35%); Below Average (next 22.5%); Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Past performance is no guarantee of future results.

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 5/14/21
Inception Date: 12/31/14
Current NAV: $13.95
$ Change: $0.08
% Change: 0.58%
Total Net Assets (As of 3/31/21): $430.5 M
Morningstar Category: Options Trading

Morningstar Rating

Morningstar Overall RatingTM Among 83 Options Trading funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years and 5 stars for 5 years out of 83 and 59 Options Trading Funds, respectively, for the period ended 4/30/2021.

Morningstar Sustainability Rating

four stars

Morningstar Sustainability RatingTM Out of 580 Long/Short Equity funds as of 2/28/2021. Based on 99.40% of AUM. Data is based on long positions only.

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 3/31/21
Date Calamos Hedged Equity Fund (NAV) S&P 500 Index BBgBarc US Aggregate Bond Index
YTD 2021 3.48 6.17 -3.37
2020 9.66 18.4 7.51
2019 14.47 31.49 8.72
2018 0.89 -4.38 0.01
2017 8.37 21.83 3.54
2016 5.45 11.96 2.65
2015 0.76 1.38 0.55
2014* 0 0 0

*Reflects the fund's return from the inception date of 12/31/2014 through 12/31/2014.

Growth of 10K

As of 3/31/21
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

Annualized Total Returns

As of 3/31/21
TimeFrame Calamos Hedged Equity Fund (NAV) S&P 500 Index BBgBarc US Aggregate Bond Index
1 Year 25.1 56.35 0.71
3 Year 8.19 16.78 4.65
5 Year 8.47 16.29 3.1
Since Inception 6.81 13.33 3.06

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. Index data shown is from 12/31/14, 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.

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

Bloomberg Barclays US 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 3/31/21
Sector % of Assets S&P 500 Index
Information Technology 27.6% 26.7%
Health Care 13.5% 13.0%
Consumer Discretionary 13.0% 12.4%
Financials 11.9% 11.3%
Communication Services 11.2% 10.9%
Industrials 8.9% 8.9%
Consumer Staples 6.3% 6.1%
Energy 3.0% 2.8%
Materials 2.6% 2.7%
Utilities 2.6% 2.7%
Real Estate 2.3% 2.5%
Other -4.0% 0.0%

Asset Allocation

As of 3/31/21
Asset Allocation %
Common Stock 101.3887
Convertibles 1.5398
Cash and Receivables/Payables 1.0813
Corporate Bonds 0
US Government Securities 0
Sovereign Bonds 0
Options -4.0098

Top 10 Holdings

As of 3/31/21
Company Security Type Industry %
Microsoft Corp. Stocks Systems Software 5.7%
Apple, Inc. Stocks Technology Hardware, Storage & Peripherals 5.7%
Amazon.com, Inc. Stocks Internet & Direct Marketing Retail 4.2%
Facebook, Inc. - Class A Stocks Interactive Media & Services 2.7%
Alphabet, Inc. - Class C Stocks Interactive Media & Services 1.9%
JPMorgan Chase & Company Stocks Diversified Banks 1.7%
Alphabet, Inc. - Class A Stocks Interactive Media & Services 1.7%
Tesla, Inc. Convertible Bonds Automobile Manufacturers 1.5%
Berkshire Hathaway, Inc. - Class B Stocks Multi-Sector Holdings 1.5%
Johnson & Johnson Stocks Pharmaceuticals 1.4%
Total 28.0%

Fund Facts

As of 3/31/21
Name Fund S&P 500 Index
Number of Holdings 271 505
Portfolio Turnover (12 months) 50.1% N/A
Net Assets $430.5 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 Allocation 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
Q1 2021 $0.0000 13.08000
Q4 2020 $0.0616 0.00000
Q3 2020 $0.0308 12.52000
Q2 2020 $0.0247 12.13000
Q1 2020 $0.0186 10.56000
Q4 2019 $0.0557 12.08000
Q3 2019 $0.0373 11.79000
Q2 2019 $0.0120 11.54000
Q1 2019 $0.0149 11.36000
Q4 2018 $0.0308 10.65000
Q3 2018 $0.0216 11.76000
Q2 2018 $0.0195 11.59000
Q1 2018 $0.0141 11.52000
Q4 2017 $0.0255 10.95000
Q3 2017 $0.0190 10.71000
Q2 2017 $0.0342 10.60000
Q1 2017 $0.0141 10.54000
Q4 2016 $0.0440 10.27000
Q3 2016 $0.0279 10.04000
Q2 2016 $0.0251 9.80000
Q1 2016 $0.0345 9.73000
Q4 2015 $0.0899 9.82000
Q3 2015 $0.0392 9.78000
Q2 2015 $0.0394 10.17000

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.

Alternatives 101: Tools for Enhancing Asset Allocation

This brochure provides an introduction to Alternative Investments, and explores that many types of alternative funds. Learn how an alternative allocation may potentially enhance a portfolio’s diversification and decrease exposure to market volatility.

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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