Calamos Select Fund (CVACX)

Overview

The fund primarily invests in a concentrated portfolio of large-cap U.S. equities with broad representation across sectors and industries. The fund can invest across the spectrum of investment styles in the U.S. equity market.

Key Features

  • Security selection is based mainly on Calamos analysts' highest-conviction ideas. We leverage the collective expertise of the firm's research analysts, who average 15+ years of experience in their respective sectors and areas of expertise.
  • The investment process is driven by rigorous fundamental and sector-specific research. The goal is to maximize exposure to opportunities our team believes are most compelling.
  • Quantitative tools help minimize systematic risks across both sectors and factors. We use quantitative tools to minimize unintended bets and maximize the impact of security selection on portfolio performance.

Portfolio Fit

Because the fund pairs a high-conviction approach with a broad investment universe, we believe it is an attractive choice for investors seeking a long-term core equity allocation to U.S. stocks.

Return on Invested Capital

As of 9/30/20
Name Gain
Fund 23.0864
S&P 500 Index 22.964

Debt/Capital

As of 9/30/20
Name Gain
Fund 45.1126
S&P 500 Index 47.4092

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 Select Fund include equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities 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 the potential for greater economic and political instability in less developed countries. Options risk is 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 and 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. More detailed information regarding these risks can be found in the Fund's prospectus.

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.

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

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 1.63%, C Shares 2.36% and I Shares 1.37%.

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 10/28/20
Inception Date: 1/02/02
Current NAV: $12.98
$ Change: $-0.46
% Change: -3.42%
Total Net Assets (As of 9/30/20): $49.3 M
Morningstar Category: Large Blend

Zephyr Analysis

Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 9/30/20
Date Calamos Select Fund (NAV) Calamos Select Fund Load-Adjusted S&P 500 Index S&P 1500 Value Index
YTD 2020 1.91 0.91 5.57 -12.29
2019 25 24 31.49 31.31
2018 -7.43 -8.19 -4.38 -9.29
2017 16.27 15.27 21.83 14.99
2016 10.69 9.69 11.96 18.49
2015 -4.74 -5.61 1.38 -3.53
2014 1.31 0.37 13.69 12.14
2013 30.5 29.5 32.39 32.47
2012 12.38 11.38 16 17.78
2011 -5.95 -6.89 2.11 -0.69
2010 4.47 3.47 15.06 16.06
2009 30.42 29.42 26.46 22.21
2008 -35.8 -36.44 -37 -38.52
2007 2.09 1.14 5.49 1.74
2006 13.71 12.71 15.79 20.22
2005 3.85 2.86 4.91 8.86
2004 12.56 11.56 10.88 15.45
2003 32.22 31.22 28.68 30.96
2002* -19.3 -20.11 0 0

*Reflects the fund's return from the inception date of 1/2/2002 through 12/31/2002.

Growth of 10K

As of 9/30/20
Date Calamos Select Fund S&P 500 Index
12/31/2001 12:00:00 AM 10000 10000
1/2/2002 12:00:00 AM 10000 10000
1/31/2002 12:00:00 AM 9950 9854.1
2/28/2002 12:00:00 AM 9680 9664.11
3/31/2002 12:00:00 AM 9890 10027.58
4/30/2002 12:00:00 AM 9930 9419.61
5/31/2002 12:00:00 AM 9960 9350.19
6/30/2002 12:00:00 AM 9130 8684.08
7/31/2002 12:00:00 AM 8400 8007.15
8/31/2002 12:00:00 AM 8440 8059.76
9/30/2002 12:00:00 AM 7560 7183.83
10/31/2002 12:00:00 AM 7860 7816.15
11/30/2002 12:00:00 AM 8670 8276.21
12/31/2002 12:00:00 AM 8130 7789.56
1/31/2003 12:00:00 AM 7860 7585.48
2/28/2003 12:00:00 AM 7640 7471.7
3/31/2003 12:00:00 AM 7700 7544.25
4/30/2003 12:00:00 AM 8320 8165.67
5/31/2003 12:00:00 AM 9070 8595.91
6/30/2003 12:00:00 AM 9330 8705.6
7/31/2003 12:00:00 AM 9420 8859.08
8/31/2003 12:00:00 AM 9660 9031.83
9/30/2003 12:00:00 AM 9570 8935.91
10/31/2003 12:00:00 AM 10230 9441.42
11/30/2003 12:00:00 AM 10530 9524.5
12/31/2003 12:00:00 AM 10840 10023.97
1/31/2004 12:00:00 AM 11180 10207.91
2/29/2004 12:00:00 AM 11520 10349.8
3/31/2004 12:00:00 AM 11270 10193.62
4/30/2004 12:00:00 AM 11140 10033.58
5/31/2004 12:00:00 AM 11300 10171.24
6/30/2004 12:00:00 AM 11500 10368.97
7/31/2004 12:00:00 AM 10880 10025.75
8/31/2004 12:00:00 AM 11020 10066.26
9/30/2004 12:00:00 AM 11050 10175.28
10/31/2004 12:00:00 AM 11340 10330.75
11/30/2004 12:00:00 AM 11790 10748.74
12/31/2004 12:00:00 AM 12280 11114.52
1/31/2005 12:00:00 AM 11850 10843.65
2/28/2005 12:00:00 AM 12160 11071.81
3/31/2005 12:00:00 AM 12010 10875.72
4/30/2005 12:00:00 AM 11640 10669.52
5/31/2005 12:00:00 AM 12000 11008.92
6/30/2005 12:00:00 AM 12240 11024.44
7/31/2005 12:00:00 AM 12510 11434.33
8/31/2005 12:00:00 AM 12580 11330.05
9/30/2005 12:00:00 AM 12650 11421.82
10/31/2005 12:00:00 AM 12490 11231.42
11/30/2005 12:00:00 AM 12769.83 11656.19
12/31/2005 12:00:00 AM 12853.09 11660.15
1/31/2006 12:00:00 AM 13290.2 11968.8
2/28/2006 12:00:00 AM 13248.57 12001.23
3/31/2006 12:00:00 AM 13560.79 12151.25
4/30/2006 12:00:00 AM 13706.49 12314.32
5/31/2006 12:00:00 AM 13196.53 11959.91
6/30/2006 12:00:00 AM 13050.83 11976.06
7/31/2006 12:00:00 AM 13050.83 12050.31
8/31/2006 12:00:00 AM 13311.01 12337.11
9/30/2006 12:00:00 AM 13706.49 12655.41
10/31/2006 12:00:00 AM 14185.23 13067.97
11/30/2006 12:00:00 AM 14553.6 13316.26
12/31/2006 12:00:00 AM 14728.81 13502.69
1/31/2007 12:00:00 AM 14958.78 13706.58
2/28/2007 12:00:00 AM 14476.94 13437.93
3/31/2007 12:00:00 AM 14476.94 13588.44
4/30/2007 12:00:00 AM 15155.89 14190.41
5/31/2007 12:00:00 AM 15517.27 14685.65
6/30/2007 12:00:00 AM 15243.5 14441.87
7/31/2007 12:00:00 AM 14652.16 13994.17
8/31/2007 12:00:00 AM 14958.78 14204.08
9/30/2007 12:00:00 AM 15429.66 14735.32
10/31/2007 12:00:00 AM 16075.76 14969.61
11/30/2007 12:00:00 AM 15306.19 14343.88
12/31/2007 12:00:00 AM 15147.9 14244.91
1/31/2008 12:00:00 AM 14252.69 13390.21
2/29/2008 12:00:00 AM 13981.77 12955.03
3/31/2008 12:00:00 AM 13887.54 12899.32
4/30/2008 12:00:00 AM 14441.15 13527.52
5/31/2008 12:00:00 AM 14558.94 13703.38
6/30/2008 12:00:00 AM 13416.37 12548.18
7/31/2008 12:00:00 AM 13593.06 12442.78
8/31/2008 12:00:00 AM 13687.29 12623.2
9/30/2008 12:00:00 AM 12744.96 11498.47
10/31/2008 12:00:00 AM 10483.38 9567.88
11/30/2008 12:00:00 AM 9611.73 8881.86
12/31/2008 12:00:00 AM 9795.58 8976.36
1/31/2009 12:00:00 AM 8770.05 8219.75
2/28/2009 12:00:00 AM 7756.31 7344.51
3/31/2009 12:00:00 AM 8616.81 7987.89
4/30/2009 12:00:00 AM 9925.24 8752.41
5/31/2009 12:00:00 AM 10738.59 9241.93
6/30/2009 12:00:00 AM 10703.23 9260.23
7/31/2009 12:00:00 AM 11575.52 9960.67
8/31/2009 12:00:00 AM 12035.24 10320.25
9/30/2009 12:00:00 AM 12742.5 10705.4
10/31/2009 12:00:00 AM 12459.6 10506.5
11/30/2009 12:00:00 AM 12801.44 11136.68
12/31/2009 12:00:00 AM 12881.25 11351.84
1/31/2010 12:00:00 AM 12384.91 10943.51
2/28/2010 12:00:00 AM 12621.26 11282.54
3/31/2010 12:00:00 AM 13389.41 11963.44
4/30/2010 12:00:00 AM 13448.5 12152.35
5/31/2010 12:00:00 AM 12266.73 11181.98
6/30/2010 12:00:00 AM 11794.02 10596.6
7/31/2010 12:00:00 AM 12254.91 11339
8/31/2010 12:00:00 AM 11817.66 10827.16
9/30/2010 12:00:00 AM 12526.72 11793.48
10/31/2010 12:00:00 AM 13023.06 12242.23
11/30/2010 12:00:00 AM 12798.53 12243.82
12/31/2010 12:00:00 AM 13554.86 13062.07
1/31/2011 12:00:00 AM 13803.03 13371.64
2/28/2011 12:00:00 AM 14240.28 13829.76
3/31/2011 12:00:00 AM 14039.38 13835.29
4/30/2011 12:00:00 AM 14582.99 14245.09
5/31/2011 12:00:00 AM 14346.64 14083.83
6/30/2011 12:00:00 AM 14145.74 13849.06
7/31/2011 12:00:00 AM 13732.12 13567.37
8/31/2011 12:00:00 AM 13011.24 12830.39
9/30/2011 12:00:00 AM 12042.2 11928.41
10/31/2011 12:00:00 AM 13294.87 13232.07
11/30/2011 12:00:00 AM 13070.33 13202.82
12/31/2011 12:00:00 AM 12833.98 13337.89
1/31/2012 12:00:00 AM 13401.23 13935.69
2/29/2012 12:00:00 AM 13980.29 14538.27
3/31/2012 12:00:00 AM 14275.73 15016.71
4/30/2012 12:00:00 AM 14181.19 14922.45
5/31/2012 12:00:00 AM 13200.33 14025.6
6/30/2012 12:00:00 AM 13779.39 14603.48
7/31/2012 12:00:00 AM 13720.3 14806.31
8/31/2012 12:00:00 AM 14039.38 15139.79
9/30/2012 12:00:00 AM 14275.73 15531.03
10/31/2012 12:00:00 AM 14358.46 15244.27
11/30/2012 12:00:00 AM 14287.55 15332.7
12/31/2012 12:00:00 AM 14534.83 15472.46
1/31/2013 12:00:00 AM 15242.38 16273.86
2/28/2013 12:00:00 AM 15446.25 16494.77
3/31/2013 12:00:00 AM 16117.83 17113.38
4/30/2013 12:00:00 AM 16309.7 17443.1
5/31/2013 12:00:00 AM 16849.36 17851.13
6/30/2013 12:00:00 AM 16429.63 17611.41
7/31/2013 12:00:00 AM 17185.15 18507.54
8/31/2013 12:00:00 AM 17017.26 17970.83
9/30/2013 12:00:00 AM 17712.82 18534.39
10/31/2013 12:00:00 AM 18252.48 19386.42
11/30/2013 12:00:00 AM 18624.24 19977.12
12/31/2013 12:00:00 AM 19117.04 20482.94
1/31/2014 12:00:00 AM 18321.58 19774.85
2/28/2014 12:00:00 AM 19090.96 20679.35
3/31/2014 12:00:00 AM 19169.2 20853.26
4/30/2014 12:00:00 AM 19117.04 21007.37
5/31/2014 12:00:00 AM 19156.16 21500.41
6/30/2014 12:00:00 AM 19677.77 21944.61
7/31/2014 12:00:00 AM 19482.16 21641.99
8/31/2014 12:00:00 AM 20147.22 22507.89
9/30/2014 12:00:00 AM 19521.28 22192.33
10/31/2014 12:00:00 AM 19651.69 22734.26
11/30/2014 12:00:00 AM 19625.61 23345.59
12/31/2014 12:00:00 AM 19505.83 23286.76
1/31/2015 12:00:00 AM 18772.42 22587.69
2/28/2015 12:00:00 AM 19703.29 23885.8
3/31/2015 12:00:00 AM 19421.21 23508.17
4/30/2015 12:00:00 AM 19632.77 23733.61
5/31/2015 12:00:00 AM 19858.43 24038.83
6/30/2015 12:00:00 AM 19477.62 23573.44
7/31/2015 12:00:00 AM 19604.56 24067.3
8/31/2015 12:00:00 AM 18419.82 22615.32
9/30/2015 12:00:00 AM 17940.29 22055.82
10/31/2015 12:00:00 AM 19195.54 23916.22
11/30/2015 12:00:00 AM 19223.75 23987.25
12/31/2015 12:00:00 AM 18726.61 23608.98
1/31/2016 12:00:00 AM 17713.53 22437.5
2/29/2016 12:00:00 AM 17606.08 22407.21
3/31/2016 12:00:00 AM 18741.96 23927.31
4/30/2016 12:00:00 AM 19018.25 24020.15
5/31/2016 12:00:00 AM 19202.45 24451.55
6/30/2016 12:00:00 AM 19171.75 24514.88
7/31/2016 12:00:00 AM 19632.24 25418.75
8/31/2016 12:00:00 AM 19770.39 25454.33
9/30/2016 12:00:00 AM 19678.29 25459.17
10/31/2016 12:00:00 AM 19340.6 24994.79
11/30/2016 12:00:00 AM 20384.38 25920.35
12/31/2016 12:00:00 AM 20882.93 26432.8
1/31/2017 12:00:00 AM 20882.93 26934.23
2/28/2017 12:00:00 AM 21609.43 28003.78
3/31/2017 12:00:00 AM 21346.66 28036.55
4/30/2017 12:00:00 AM 21439.4 28324.48
5/31/2017 12:00:00 AM 21671.26 28723.01
6/30/2017 12:00:00 AM 21825.83 28902.24
7/31/2017 12:00:00 AM 22243.18 29496.47
8/31/2017 12:00:00 AM 22366.84 29586.73
9/30/2017 12:00:00 AM 22892.39 30197.1
10/31/2017 12:00:00 AM 23510.69 30901.9
11/30/2017 12:00:00 AM 24175.36 31849.67
12/31/2017 12:00:00 AM 24463.72 32203.83
1/31/2018 12:00:00 AM 25566.99 34047.5
2/28/2018 12:00:00 AM 24607.63 32792.51
3/31/2018 12:00:00 AM 24048 31959.26
4/30/2018 12:00:00 AM 24271.85 32081.98
5/31/2018 12:00:00 AM 24703.56 32854.51
6/30/2018 12:00:00 AM 24511.69 33056.57
7/31/2018 12:00:00 AM 25311.16 34286.6
8/31/2018 12:00:00 AM 26030.68 35404
9/30/2018 12:00:00 AM 26142.6 35605.45
10/31/2018 12:00:00 AM 24575.65 33171.82
11/30/2018 12:00:00 AM 25151.26 33847.86
12/31/2018 12:00:00 AM 22819.73 30791.74
1/31/2019 12:00:00 AM 24476.92 33259.39
2/28/2019 12:00:00 AM 25143.61 34327.35
3/31/2019 12:00:00 AM 25334.09 34994.33
4/30/2019 12:00:00 AM 26210.31 36411.25
5/31/2019 12:00:00 AM 24438.83 34097.31
6/30/2019 12:00:00 AM 26172.21 36500.49
7/31/2019 12:00:00 AM 26648.42 37025
8/31/2019 12:00:00 AM 26171.41 36438.53
9/30/2019 12:00:00 AM 26666.05 37120.29
10/31/2019 12:00:00 AM 27066.04 37924.32
11/30/2019 12:00:00 AM 27867.19 39300.97
12/31/2019 12:00:00 AM 28725.5 40487.07
1/31/2020 12:00:00 AM 28380.79 40471.28
2/29/2020 12:00:00 AM 25985.45 37139.69
3/31/2020 12:00:00 AM 22113.62 32552.56
4/30/2020 12:00:00 AM 24930.9 36725.48
5/31/2020 12:00:00 AM 26733.4 38474.71
6/30/2020 12:00:00 AM 27096.97 39239.97
7/31/2020 12:00:00 AM 28649.63 41452.32
8/31/2020 12:00:00 AM 30718.13 44431.92
9/30/2020 12:00:00 AM 29434.11 42743.5

Annualized Total Returns

As of 9/30/20
TimeFrame Calamos Select Fund (NAV) Calamos Select Fund Load-Adjusted S&P 500 Index S&P 1500 Value Index
6 Month 32.57 31.57 31.31 18.99
1 Year 9.61 8.61 15.15 -3.78
3 Year 7.96 7.96 12.28 3.52
5 Year 9.59 9.59 14.15 8.51
10 Year 8.11 8.11 13.74 10.22
15 Year 5 5 9.19 6.62
Since Inception 5.14 5.14 8.02 6.93

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 Select Fund include equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities 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 the potential for greater economic and political instability in less developed countries. Options risk is 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 and 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. More detailed information regarding these risks can be found in the Fund's prospectus.

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 12/31/01, 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.

The S&P 1500 Value Index consists of the value segment of the securities found in the S&P 1500 Index. The S&P 1500 combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600.

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 1.63%, C Shares 2.36% and I Shares 1.37%.

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 S&P 500 Index
Information Technology 28.3% 28.2%
Health Care 15.0% 14.2%
Consumer Discretionary 10.8% 11.6%
Financials 10.1% 9.7%
Industrials 10.0% 8.3%
Communication Services 9.7% 10.8%
Consumer Staples 6.9% 7.0%
Utilities 3.0% 3.0%
Materials 2.0% 2.6%
Real Estate 1.5% 2.6%
Energy 1.2% 2.1%

Asset Allocation

As of 9/30/20
Asset Allocation
Common Stock 98.4963
Cash and Receivables/Payables 1.5037

Top 10 Holdings

As of 9/30/20
Company Security Type Industry %
Apple, Inc. Stocks Technology Hardware, Storage & Peripherals 6.8%
Microsoft Corp. Stocks Systems Software 6.2%
Amazon.com, Inc. Stocks Internet & Direct Marketing Retail 5.8%
Facebook, Inc. - Class A Stocks Interactive Media & Services 3.6%
Alphabet, Inc. - Class A Stocks Interactive Media & Services 3.5%
JPMorgan Chase & Company Stocks Diversified Banks 2.4%
NVIDIA Corp. Stocks Semiconductors 2.3%
UnitedHealth Group, Inc. Stocks Managed Health Care 2.1%
Coca-Cola Company Stocks Soft Drinks 2.0%
Linde, PLC Stocks Industrial Gases 2.0%
Total 36.7%

Fund Facts

As of 9/30/20
Name Fund S&P 500 Index
Number of Holdings 59 505
Debt/Capital 45.1% 47.4%
PEG Ratio 2.5x 2.6x
Portfolio Turnover (12 months) 132.0% N/A
Price/Book 3.9x 3.7x
Price/Earnings 26.3x 22.3x
Price/Sales 3.4x 2.4x
ROIC 23.1% 23.0%
Net Assets $49.3 M N/A

Market Capitalization

As of 9/30/20
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 1.8%
>$5bil<=$30bil 6.7%
>$30bil<=$200bil 48.1%
>$200bil 43.4%

Regional Exposure

As of 9/30/20
Region % of Assets
North America 95.7%
Europe 2.8%
Caribbean 0.0%

Top Country Exposures

As of 9/30/20
Country %
United States 94.5%
United Kingdom 2.0%
Canada 1.2%
Ireland 0.9%
Bermuda 0.0%
Netherlands 0.0%
Puerto Rico 0.0%
Singapore 0.0%
Switzerland 0.0%

Top Currency Exposures

As of 9/30/20
Currency %
United States Dollar (USD) 100.0%

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 Select Fund include equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities 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 the potential for greater economic and political instability in less developed countries. Options risk is 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 and 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. More detailed information regarding these risks can be found in the Fund's prospectus.

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.

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
2008 0.0000
2009 0.0000
2010 0.0000
2011 0.0000
2012 0.0000
2013 1.1116
2014 0.9862
2015 0.9092
2016 0.0000
2017 0.4708
2018 2.1969
2019 0.0000

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.

Distributions

Frequency Income Total Reinvest
Q4 2019 $0.0000 $0.0000 12.95000
Q3 2019 $0.0000 $0.0000 0.00000
Q2 2019 $0.0000 $0.0000 0.00000
Q4 2018 $0.0643 $0.0643 10.33000
Q4 2017 $0.0000 $0.0000 13.59000
Q4 2016 $0.0069 $0.0069 12.41000
Q4 2015 $0.0487 $0.0487 11.07000
Q4 2014 $0.0274 $0.0274 12.62000
Q1 2014 $0.0000 $0.0000 0.00000
Q4 2013 $0.0968 $0.0968 13.22000
Q3 2013 $0.0000 $0.0000 0.00000
Q2 2013 $0.0000 $0.0000 0.00000
Q1 2013 $0.0000 $0.0000 0.00000
Q4 2012 $0.0727 $0.0727 11.41000
Q3 2012 $0.0000 $0.0000 0.00000
Q2 2012 $0.0000 $0.0000 0.00000
Q1 2012 $0.0000 $0.0000 0.00000
Q4 2011 $0.0000 $0.0000 0.00000
Q3 2011 $0.0000 $0.0000 0.00000
Q2 2011 $0.0000 $0.0000 0.00000
Q1 2011 $0.0000 $0.0000 0.00000
Q4 2010 $0.0000 $0.0000 0.00000
Q3 2010 $0.0000 $0.0000 0.00000
Q2 2010 $0.0000 $0.0000 0.00000
Q1 2010 $0.0000 $0.0000 0.00000
Q4 2009 $0.0000 $0.0000 10.14000
Q3 2009 $0.0000 $0.0000 0.00000
Q2 2009 $0.0000 $0.0000 0.00000
Q1 2009 $0.0000 $0.0000 0.00000
Q4 2008 $0.0000 $0.0000 7.82000
Q3 2008 $0.0000 $0.0000 0.00000
Q2 2008 $0.0000 $0.0000 0.00000
Q1 2008 $0.0000 $0.0000 0.00000

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Select Fund include equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities 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 the potential for greater economic and political instability in less developed countries. Options risk is 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 and 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. More detailed information regarding these risks can be found in the Fund's prospectus.

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 1.63%, C Shares 2.36% and I Shares 1.37%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.63% 2.36% 1.37%
Net Expense Ratio 1.16% 1.91% 0.91%

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 1/02/02 1/02/02 3/01/02
Ticker Symbol CVAAX CVACX CVAIX
CUSIP number 128119666 128119641 128119633

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 634 636 637
Dividends ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL ANNUAL ANNUAL

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Select Fund include equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities 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 the potential for greater economic and political instability in less developed countries. Options risk is 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 and 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. More detailed information regarding these risks can be found in the Fund's prospectus.

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-select-fund-mutual-fund-fact-sheet.pdf
Calamos Select Fund Fact Sheet

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

calamos-select-fund-rename-letter.pdf
An Important Announcement from John P. Calamos, Sr. Regarding the Select Fund

Details around the renaming of the Calamos Opportunistic Value Fund to the Calamos Select Fund as of February 28, 2020.

calamos-select-fund-mutual-fund-summary-prospectus.pdf
Calamos Select Fund Prospectus

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

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

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

calamos-mutual-fund-sai.pdf
SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

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

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

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

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