Calamos International Growth Fund (CIGRX)

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Overview

The fund offers a dynamic approach to accessing international growth opportunities. We apply our active investment approach to build a portfolio of companies with superior growth and quality attributes across developed and emerging markets.

Key Features

  • Identifies companies with compelling growth, competitive advantages and financial strength.
  • Identifies durable secular themes that provide a tailwind for sustainable growth and a franchise premium.
  • Investment universe spans geographies and market caps, providing a wide breadth of opportunities.
  • Takes environmental, social and governance (ESG) factors into account, evaluating the effects on a company's risk profile, cash flow and long-term returns.

Portfolio Fit

As an active, true growth offering with a differentiated return profile, the fund can potentially help investors optimize capital appreciation within their international allocation.

Return on Invested Capital

As of 9/30/21
Name Gain
Fund 19.8251
MSCI EAFE Growth Index 16.5837

Debt/Capital

As of 9/30/21
Name Gain
Fund 29.2812
MSCI EAFE Growth Index 32.5445

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 International 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, 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.

MSCI EAFE® Growth Index-Measures developed market growth equity performance (excluding the U.S. and Canada).

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 1.52%, C Shares 2.27%, I Shares 1.28% and R6 Shares 1.17%.

Morningstar Foreign Large-Growth Category focuses on high-priced growth stocks, mainly outside of the United States. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). These portfolios typically will have less than 20% of assets invested in U.S. stocks.

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 10/20/21
Inception Date: 3/16/05
Current NAV: $28.89
$ Change: $-0.11
% Change: -0.38%
Total Net Assets (As of 9/30/21): $293.4 M
Morningstar Category: Foreign Large Growth

Morningstar Rating

Morningstar Overall RatingTM Among 383 Foreign Large Growth funds. The Fund's risk-adjusted returns based on load-waived Class A Shares had 4 stars for 3 years, 4 stars for 5 years and 3 stars for 10 years out of 383, 322 and 221 Foreign Large Growth Funds, respectively, for the period ended 9/30/2021.

Zephyr Analysis

Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 9/30/21
Date Calamos International Growth Fund (NAV) Calamos International Growth Fund Load-Adjusted MSCI EAFE Growth Index MSCI ACWI ex US Index
YTD 2021 5.03 0.04 7.18 6.29
2020 44.58 37.69 18.68 11.13
2019 29.31 23.17 28.43 22.13
2018 -21.07 -24.83 -12.48 -13.78
2017 39.19 32.55 29.34 27.77
2016 -6.17 -10.63 -2.66 5.01
2015 2.79 -2.11 4.47 -5.25
2014 -6.39 -10.85 -4.06 -3.44
2013 14.13 8.69 22.94 15.78
2012 13.24 7.89 17.28 17.39
2011 -5.65 -10.12 -11.82 -13.33

Growth of 10K

As of 9/30/21
Date Calamos International Growth Fund MSCI EAFE Growth Index
3/16/2005 12:00:00 AM 10000 10000
3/31/2005 12:00:00 AM 9760 10000
4/30/2005 12:00:00 AM 9460 9815
5/31/2005 12:00:00 AM 9680 9851.81
6/30/2005 12:00:00 AM 10020 9933.77
7/31/2005 12:00:00 AM 10640 10237.15
8/31/2005 12:00:00 AM 10900 10532.29
9/30/2005 12:00:00 AM 11460 10977.28
10/31/2005 12:00:00 AM 10790 10677.38
11/30/2005 12:00:00 AM 11230 10880.57
12/31/2005 12:00:00 AM 11916.93 11456.91
1/31/2006 12:00:00 AM 12901.63 12163.57
2/28/2006 12:00:00 AM 12781.06 12026.86
3/31/2006 12:00:00 AM 13162.88 12498.31
4/30/2006 12:00:00 AM 13785.86 13072.36
5/31/2006 12:00:00 AM 12891.58 12531.68
6/30/2006 12:00:00 AM 12630.34 12550.48
7/31/2006 12:00:00 AM 12730.82 12609.59
8/31/2006 12:00:00 AM 13042.3 12915.12
9/30/2006 12:00:00 AM 12791.1 12845.25
10/31/2006 12:00:00 AM 13404.03 13283.4
11/30/2006 12:00:00 AM 13991.04 13673.01
12/31/2006 12:00:00 AM 14485.57 14056.94
1/31/2007 12:00:00 AM 14657.53 14171.09
2/28/2007 12:00:00 AM 14455.22 14281.48
3/31/2007 12:00:00 AM 15052.04 14762.34
4/30/2007 12:00:00 AM 15679.21 15405.09
5/31/2007 12:00:00 AM 16114.18 15733.37
6/30/2007 12:00:00 AM 16336.73 15777.11
7/31/2007 12:00:00 AM 16599.73 15650.42
8/31/2007 12:00:00 AM 16508.69 15497.99
9/30/2007 12:00:00 AM 17783.26 16466.3
10/31/2007 12:00:00 AM 19381.53 17128.74
11/30/2007 12:00:00 AM 17949.81 16779.66
12/31/2007 12:00:00 AM 17704.4 16423.59
1/31/2008 12:00:00 AM 16062.37 14913.93
2/29/2008 12:00:00 AM 16178.15 15324.52
3/31/2008 12:00:00 AM 16157.1 15097.56
4/30/2008 12:00:00 AM 17157.05 15858.78
5/31/2008 12:00:00 AM 17578.09 16242.72
6/30/2008 12:00:00 AM 16178.15 15135.29
7/31/2008 12:00:00 AM 15641.34 14608.43
8/31/2008 12:00:00 AM 15125.57 13914.97
9/30/2008 12:00:00 AM 12441.5 11823.97
10/31/2008 12:00:00 AM 9367.96 9484.59
11/30/2008 12:00:00 AM 8589.05 8883.18
12/31/2008 12:00:00 AM 9167.97 9450.01
1/31/2009 12:00:00 AM 8346.96 8642.89
2/28/2009 12:00:00 AM 7789.09 7838.75
3/31/2009 12:00:00 AM 8704.84 8286.11
4/30/2009 12:00:00 AM 9925.83 9013.71
5/31/2009 12:00:00 AM 11388.92 10096.71
6/30/2009 12:00:00 AM 11231.03 10085.81
7/31/2009 12:00:00 AM 12136.25 10953.59
8/31/2009 12:00:00 AM 12378.34 11309.25
9/30/2009 12:00:00 AM 13546.7 11780.85
10/31/2009 12:00:00 AM 13304.61 11768.01
11/30/2009 12:00:00 AM 14146.68 12036.44
12/31/2009 12:00:00 AM 14367.72 12275.96
1/31/2010 12:00:00 AM 13567.76 11758.41
2/28/2010 12:00:00 AM 13894.06 11755.35
3/31/2010 12:00:00 AM 14862.43 12526.5
4/30/2010 12:00:00 AM 14851.9 12331.96
5/31/2010 12:00:00 AM 13851.95 10988.64
6/30/2010 12:00:00 AM 14020.37 10988.97
7/31/2010 12:00:00 AM 14715.07 11904.79
8/31/2010 12:00:00 AM 14451.92 11582.89
9/30/2010 12:00:00 AM 15967.64 12814.84
10/31/2010 12:00:00 AM 16272.89 13239.14
11/30/2010 12:00:00 AM 15978.16 12815.62
12/31/2010 12:00:00 AM 17335.99 13822.67
1/31/2011 12:00:00 AM 17483.35 13864
2/28/2011 12:00:00 AM 18157.01 14308.9
3/31/2011 12:00:00 AM 18420.15 14140.34
4/30/2011 12:00:00 AM 19514.83 15019.3
5/31/2011 12:00:00 AM 19020.12 14693.99
6/30/2011 12:00:00 AM 18599.09 14467.11
7/31/2011 12:00:00 AM 18556.99 14371.48
8/31/2011 12:00:00 AM 17778.08 13150.48
9/30/2011 12:00:00 AM 15620.29 11726.68
10/31/2011 12:00:00 AM 17178.11 12912.83
11/30/2011 12:00:00 AM 17041.27 12348.41
12/31/2011 12:00:00 AM 16357.09 12188.62
1/31/2012 12:00:00 AM 17325.47 12856.2
2/29/2012 12:00:00 AM 18335.94 13634.25
3/31/2012 12:00:00 AM 18388.57 13663.87
4/30/2012 12:00:00 AM 18241.21 13558.01
5/31/2012 12:00:00 AM 16451.83 12042.06
6/30/2012 12:00:00 AM 17020.22 12698.91
7/31/2012 12:00:00 AM 17209.68 12916.77
8/31/2012 12:00:00 AM 17672.82 13168.86
9/30/2012 12:00:00 AM 18388.57 13512
10/31/2012 12:00:00 AM 18178.06 13564.55
11/30/2012 12:00:00 AM 18525.41 13961.42
12/31/2012 12:00:00 AM 18522.11 14294.63
1/31/2013 12:00:00 AM 19060.06 14962.31
2/28/2013 12:00:00 AM 18996.77 15033.86
3/31/2013 12:00:00 AM 19112.79 15268.57
4/30/2013 12:00:00 AM 19176.08 15930.78
5/31/2013 12:00:00 AM 18891.29 15608.24
6/30/2013 12:00:00 AM 18026.36 15118.01
7/31/2013 12:00:00 AM 18996.77 15830.34
8/31/2013 12:00:00 AM 18754.17 15622.96
9/30/2013 12:00:00 AM 19787.86 16710.32
10/31/2013 12:00:00 AM 20294.16 17140.61
11/30/2013 12:00:00 AM 20600.05 17290.76
12/31/2013 12:00:00 AM 21139.88 17575.02
1/31/2014 12:00:00 AM 20271.4 16787.66
2/28/2014 12:00:00 AM 21627.07 17712.83
3/31/2014 12:00:00 AM 21266.97 17610.09
4/30/2014 12:00:00 AM 20981.01 17752.03
5/31/2014 12:00:00 AM 21341.11 18118.79
6/30/2014 12:00:00 AM 21680.02 18255.94
7/31/2014 12:00:00 AM 20928.05 17838.25
8/31/2014 12:00:00 AM 21309.33 17881.06
9/30/2014 12:00:00 AM 20536.18 17247.89
10/31/2014 12:00:00 AM 20409.09 17095.94
11/30/2014 12:00:00 AM 20589.14 17464.36
12/31/2014 12:00:00 AM 19790 16859.91
1/31/2015 12:00:00 AM 19957 17068.81
2/28/2015 12:00:00 AM 21173.74 18044.12
3/31/2015 12:00:00 AM 21185.67 17866.21
4/30/2015 12:00:00 AM 21734.4 18551.2
5/31/2015 12:00:00 AM 21722.47 18552.86
6/30/2015 12:00:00 AM 21376.54 18078.65
7/31/2015 12:00:00 AM 21400.39 18514.89
8/31/2015 12:00:00 AM 20028.57 17182.93
9/30/2015 12:00:00 AM 19360.56 16506.95
10/31/2015 12:00:00 AM 20601.16 17869.6
11/30/2015 12:00:00 AM 20672.73 17748.63
12/31/2015 12:00:00 AM 20342.2 17613.03
1/31/2016 12:00:00 AM 18801.3 16493.37
2/29/2016 12:00:00 AM 18048.77 16212.65
3/31/2016 12:00:00 AM 19398.55 17268.09
4/30/2016 12:00:00 AM 19458.27 17612.76
5/31/2016 12:00:00 AM 19828.57 17584.05
6/30/2016 12:00:00 AM 19422.44 17276.33
7/31/2016 12:00:00 AM 20294.42 18122.01
8/31/2016 12:00:00 AM 20163.02 17869.21
9/30/2016 12:00:00 AM 20664.71 18140.28
10/31/2016 12:00:00 AM 19888.29 17361.16
11/30/2016 12:00:00 AM 19064.09 16770.19
12/31/2016 12:00:00 AM 19087.98 17143.49
1/31/2017 12:00:00 AM 20043.58 17721.23
2/28/2017 12:00:00 AM 20222.75 18116.23
3/31/2017 12:00:00 AM 20855.83 18624.75
4/30/2017 12:00:00 AM 21584.47 19200.82
5/31/2017 12:00:00 AM 22492.28 20191.58
6/30/2017 12:00:00 AM 22563.95 20062.96
7/31/2017 12:00:00 AM 23674.83 20549.89
8/31/2017 12:00:00 AM 24236.24 20666.41
9/30/2017 12:00:00 AM 24845.43 21063.2
10/31/2017 12:00:00 AM 25741.3 21543.44
11/30/2017 12:00:00 AM 26099.65 21805.41
12/31/2017 12:00:00 AM 26568.49 22174.14
1/31/2018 12:00:00 AM 28319.03 23202.8
2/28/2018 12:00:00 AM 26816.79 22212.97
3/31/2018 12:00:00 AM 26593.32 21961.52
4/30/2018 12:00:00 AM 26295.35 22315.32
5/31/2018 12:00:00 AM 26456.75 22295.23
6/30/2018 12:00:00 AM 25562.86 22037.72
7/31/2018 12:00:00 AM 25687.01 22494.12
8/31/2018 12:00:00 AM 25935.31 22433.16
9/30/2018 12:00:00 AM 25711.84 22383.81
10/31/2018 12:00:00 AM 22471.48 20323.38
11/30/2018 12:00:00 AM 22248 20385.57
12/31/2018 12:00:00 AM 20970.89 19406.04
1/31/2019 12:00:00 AM 22709.05 20661.23
2/28/2019 12:00:00 AM 23217.78 21374.66
3/31/2019 12:00:00 AM 23853.69 21769.45
4/30/2019 12:00:00 AM 24602.65 22505.91
5/31/2019 12:00:00 AM 23528.66 21656.09
6/30/2019 12:00:00 AM 25210.29 23067.41
7/31/2019 12:00:00 AM 25026.59 22985.29
8/31/2019 12:00:00 AM 24886.44 22709.01
9/30/2019 12:00:00 AM 24674.91 22975.39
10/31/2019 12:00:00 AM 25410.22 23799.51
11/30/2019 12:00:00 AM 25933.67 24228.62
12/31/2019 12:00:00 AM 27121.43 24923.74
1/31/2020 12:00:00 AM 26739.02 24782.17
2/29/2020 12:00:00 AM 25637.37 22644.96
3/31/2020 12:00:00 AM 22286.57 20584.49
4/30/2020 12:00:00 AM 24633.35 22126.06
5/31/2020 12:00:00 AM 26796.16 23343.44
6/30/2020 12:00:00 AM 28803.19 24103.97
7/31/2020 12:00:00 AM 31162.17 25189.13
8/31/2020 12:00:00 AM 32913.48 26313.07
9/30/2020 12:00:00 AM 32475.73 26147.56
10/31/2020 12:00:00 AM 32462.74 25114.47
11/30/2020 12:00:00 AM 36630.96 28201.79
12/31/2020 12:00:00 AM 39209.78 29580.01
1/31/2021 12:00:00 AM 39343.09 29178.61
2/28/2021 12:00:00 AM 40448.63 29078.53
3/31/2021 12:00:00 AM 39789.32 29436.2
4/30/2021 12:00:00 AM 41166.03 30701.07
5/31/2021 12:00:00 AM 42075.8 31651.27
6/30/2021 12:00:00 AM 41671.87 31671.21
7/31/2021 12:00:00 AM 41955.24 32217.22
8/31/2021 12:00:00 AM 43343.96 32978.83
9/30/2021 12:00:00 AM 41176.76 31703.21

Annualized Total Returns

As of 9/30/21
TimeFrame Calamos International Growth Fund (NAV) Calamos International Growth Fund Load-Adjusted MSCI EAFE Growth Index MSCI ACWI ex US Index
1 Year 26.81 20.77 21.25 24.45
3 Year 17 15.12 12.3 8.52
5 Year 14.79 13.68 11.81 9.45
10 Year 10.18 9.64 10.46 7.97
Since Inception 8.93 8.61 7.24 6.24

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 International 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, 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. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 3/31/05, 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.

MSCI EAFE® Growth Index-Measures developed market growth equity performance (excluding the U.S. and Canada).

The MSCI ACWI ex US Index represents performance of large- and mid-cap stocks across developed and emerging markets excluding the United States.

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 1.52%, C Shares 2.27%, I Shares 1.28% and R6 Shares 1.17%.

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 MSCI EAFE Growth Index
Information Technology 25.9% 15.8%
Industrials 16.7% 19.3%
Consumer Discretionary 15.0% 16.2%
Financials 13.3% 7.1%
Health Care 10.2% 16.6%
Communication Services 6.8% 3.2%
Materials 5.8% 6.1%
Energy 2.5% 0.6%
Consumer Staples 2.3% 13.6%
Real Estate 1.2% 1.0%
Utilities 0.0% 0.5%
Other 0.1% 0.0%

Asset Allocation

As of 9/30/21
Asset Allocation %
Common Stock 99.6509
Options 0.1836
Cash and Receivables/Payables 0.1655

Top 10 Holdings

As of 9/30/21
Company Security Type Industry %
ASML Holding, NV Stocks Semiconductor Equipment 4.8%
Taiwan Semiconductor Mfg Stocks Semiconductors 3.3%
Alcon, Inc. Stocks Health Care Supplies 2.8%
Keyence Corp. Stocks Electronic Equipment & Instruments 2.8%
Adyen, NV Stocks Data Processing & Outsourced Services 2.5%
HDFC Bank, Ltd. Stocks Diversified Banks 2.5%
Sea, Ltd. Stocks Interactive Home Entertainment 2.4%
ING Groep, NV Stocks Diversified Banks 2.3%
UBS Group, AG Stocks Diversified Capital Markets 2.2%
Novo Nordisk, A/S - Class B Stocks Pharmaceuticals 2.0%
Total 27.6%

Fund Facts

As of 9/30/21
Name Fund MSCI EAFE Growth Index
Number of Holdings 88 464
Debt/Capital 29.3% 32.5%
PEG Ratio 2.0x 2.3x
Portfolio Turnover (12 months) 98.5% N/A
Price/Book 3.4x 4.1x
Price/Earnings 25.6x 26.4x
Price/Sales 3.3x 2.9x
ROIC 19.8% 16.6%
Net Assets $293.4 M N/A

Market Capitalization

As of 9/30/21
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 6.4%
>$5bil<=$30bil 21.7%
>$30bil<=$200bil 52.8%
>$200bil 19.1%

Regional Exposure

As of 9/30/21
Region % of Assets
Europe 50.8%
Asia/Pacific 35.4%
North America 9.6%
Latin America 2.9%
Middle East/Africa 1.0%
Caribbean 0.0%

Top Country Exposures

As of 9/30/21
Country %
Netherlands 11.8%
Japan 10.0%
Canada 8.5%
France 7.7%
Switzerland 7.4%
India 6.9%
United Kingdom 6.5%
China 5.4%
Ireland 4.9%
Taiwan 4.8%

Top Currency Exposures

As of 9/30/21
Currency %
Euro (EUR) 27.2%
United States Dollar (USD) 24.1%
Japanese Yen (JPY) 10.0%
Hong Kong Dollar (HKD) 7.1%
Indian Rupee (INR) 5.9%
British Pound Sterling (GBP) 5.7%
Canadian Dollar (CAD) 5.2%
Taiwan Dollar (TWD) 3.3%
Australian Dollar (AUD) 3.0%
Danish Krone (DKK) 3.0%

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 International 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, 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.

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.

Market Capitalization statistics are based on common stock holdings.

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.

MSCI EAFE® Growth Index-Measures developed market growth equity performance (excluding the U.S. and Canada).

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
2008 0.0000
2009 0.0000
2010 0.0000
2011 0.0000
2012 0.0000
2013 0.0000
2014 2.1106
2015 0.0229
2016 0.0000
2017 0.8220
2018 2.0223
2019 0.0000
2020 1.4680

Schedule

Name Frequency
Distributions ANNUAL
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
Q4 2020 $0.0000 0.00000
Q4 2019 $0.0000 19.04000
Q3 2019 $0.0000 0.00000
Q2 2019 $0.0000 0.00000
Q4 2018 $0.0000 14.63000
Q4 2017 $0.0000 20.88000
Q4 2016 $0.0000 15.95000
Q4 2015 $0.0000 17.00000
Q4 2014 $0.0000 16.71000
Q1 2014 $0.0000 0.00000
Q4 2013 $0.0792 19.33000
Q3 2013 $0.0000 0.00000
Q2 2013 $0.0000 0.00000
Q1 2013 $0.0000 0.00000
Q4 2012 $0.0371 17.65000
Q3 2012 $0.0000 0.00000
Q2 2012 $0.0000 0.00000
Q1 2012 $0.0000 0.00000
Q4 2011 $0.0000 0.00000
Q3 2011 $0.0000 0.00000
Q2 2011 $0.0000 0.00000
Q1 2011 $0.0000 0.00000
Q4 2010 $0.0000 0.00000
Q3 2010 $0.0000 0.00000
Q2 2010 $0.0000 0.00000
Q1 2010 $0.0000 0.00000
Q4 2009 $0.0000 13.39000
Q3 2009 $0.0000 0.00000
Q2 2009 $0.0000 0.00000
Q1 2009 $0.0000 0.00000
Q4 2008 $0.0000 0.00000
Q3 2008 $0.0000 0.00000
Q2 2008 $0.0000 0.00000
Q1 2008 $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 International 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, 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 3/1/2021 are as follows: A Shares 1.52%, C Shares 2.27%, I Shares 1.28% and R6 Shares 1.17%.

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 1.52% 2.27% 1.28% 1.17%
Net Expense Ratio 1.10% 1.85% 0.85% 0.76%

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 3/16/05 3/16/05 3/16/05 9/17/18
Ticker Symbol CIGRX CIGCX CIGIX CIGOX
CUSIP number 128119575 128119559 128119542 128120425

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 645 647 648 5649
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 International 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, 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.

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2023 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 1.10%, 1.85%, and 0.85% of average net assets, respectively. The Fund's investment adviser has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 0.85% 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 these expense limitations, 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 International Growth Fund Quarterly Commentary

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

Calamos International Growth Fund Fact Sheet

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

Navigating Shifting Crosscurrents

The Calamos Global Team explores how global economic growth trends, monetary policy, supply-chain issues, inflation, and energy prices are shaping investment opportunities in developed and emerging markets.

CIGIX: Harnessing the Power of International Growth Compounders

Calamos International Growth Fund (CIGIX) seeks outstanding international growth companies in a portfolio built on conviction with an active stance. An experienced team applies a disciplined investment process to provide a higher growth, higher quality investment solution with compelling historical performance.

Calamos International Growth Fund Prospectus

This summary contains important information about the Class A, C, and I, International Growth 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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