Calamos Select Fund (CVAIX)

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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 6/30/21
Name Gain
Fund 24.541
S&P 500 Index 24.3467

Debt/Capital

As of 6/30/21
Name Gain
Fund 44.592
S&P 500 Index 47.7604

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 3/1/2021 are as follows: A Shares 1.64%, C Shares 2.40% and I Shares 1.39%.

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 9/21/21
Inception Date: 3/01/02
Current NAV: $19.96
$ Change: $0.02
% Change: 0.10%
Total Net Assets (As of 6/30/21): $51.3 M
Morningstar Category: Large Blend

Zephyr Analysis

Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 6/30/21
Date Calamos Select Fund (NAV) S&P 500 Index
YTD 2021 15.06 15.25
2020 16.55 18.4
2019 26.23 31.49
2018 -6.5 -4.38
2017 17.5 21.83
2016 11.75 11.96
2015 -3.76 1.38
2014 2.31 13.69
2013 31.82 32.39
2012 13.53 16

Growth of 10K

As of 6/30/21
Date Calamos Select Fund S&P 500 Index
2/28/2002 12:00:00 AM 10000 10000
3/1/2002 12:00:00 AM 10000 10000
3/31/2002 12:00:00 AM 10071.21 10376.1
4/30/2002 12:00:00 AM 10111.9 9747
5/31/2002 12:00:00 AM 10132.25 9675.16
6/30/2002 12:00:00 AM 9298.07 8985.9
7/31/2002 12:00:00 AM 8565.62 8285.45
8/31/2002 12:00:00 AM 8596.13 8339.89
9/30/2002 12:00:00 AM 7711.09 7433.51
10/31/2002 12:00:00 AM 8016.28 8087.81
11/30/2002 12:00:00 AM 8840.28 8563.85
12/31/2002 12:00:00 AM 8290.95 8060.3
1/31/2003 12:00:00 AM 8026.45 7849.12
2/28/2003 12:00:00 AM 7802.64 7731.38
3/31/2003 12:00:00 AM 7853.51 7806.45
4/30/2003 12:00:00 AM 8494.4 8449.47
5/31/2003 12:00:00 AM 9257.38 8894.67
6/30/2003 12:00:00 AM 9521.87 9008.17
7/31/2003 12:00:00 AM 9623.6 9166.99
8/31/2003 12:00:00 AM 9867.75 9345.74
9/30/2003 12:00:00 AM 9776.2 9246.49
10/31/2003 12:00:00 AM 10457.78 9769.56
11/30/2003 12:00:00 AM 10762.97 9855.54
12/31/2003 12:00:00 AM 11078.33 10372.36
1/31/2004 12:00:00 AM 11434.38 10562.69
2/29/2004 12:00:00 AM 11780.26 10709.51
3/31/2004 12:00:00 AM 11525.94 10547.91
4/30/2004 12:00:00 AM 11403.87 10382.31
5/31/2004 12:00:00 AM 11566.63 10524.75
6/30/2004 12:00:00 AM 11770.09 10729.35
7/31/2004 12:00:00 AM 11139.37 10374.21
8/31/2004 12:00:00 AM 11281.79 10416.12
9/30/2004 12:00:00 AM 11312.31 10528.93
10/31/2004 12:00:00 AM 11617.5 10689.81
11/30/2004 12:00:00 AM 12085.45 11122.32
12/31/2004 12:00:00 AM 12583.93 11500.81
1/31/2005 12:00:00 AM 12156.66 11220.54
2/28/2005 12:00:00 AM 12472.02 11456.62
3/31/2005 12:00:00 AM 12319.43 11253.72
4/30/2005 12:00:00 AM 11943.03 11040.35
5/31/2005 12:00:00 AM 12319.43 11391.54
6/30/2005 12:00:00 AM 12563.58 11407.61
7/31/2005 12:00:00 AM 12838.25 11831.74
8/31/2005 12:00:00 AM 12919.63 11723.84
9/30/2005 12:00:00 AM 13001.02 11818.8
10/31/2005 12:00:00 AM 12838.25 11621.78
11/30/2005 12:00:00 AM 13122.91 12061.32
12/31/2005 12:00:00 AM 13218.15 12065.42
1/31/2006 12:00:00 AM 13673.22 12384.79
2/28/2006 12:00:00 AM 13630.89 12418.35
3/31/2006 12:00:00 AM 13948.38 12573.58
4/30/2006 12:00:00 AM 14107.13 12742.32
5/31/2006 12:00:00 AM 13577.98 12375.59
6/30/2006 12:00:00 AM 13429.81 12392.3
7/31/2006 12:00:00 AM 13440.4 12469.13
8/31/2006 12:00:00 AM 13704.97 12765.9
9/30/2006 12:00:00 AM 14128.29 13095.26
10/31/2006 12:00:00 AM 14615.11 13522.16
11/30/2006 12:00:00 AM 15000.27 13779.08
12/31/2006 12:00:00 AM 15178.32 13971.99
1/31/2007 12:00:00 AM 15423.13 14182.97
2/28/2007 12:00:00 AM 14922.38 13904.98
3/31/2007 12:00:00 AM 14933.51 14060.72
4/30/2007 12:00:00 AM 15634.56 14683.61
5/31/2007 12:00:00 AM 16001.78 15196.07
6/30/2007 12:00:00 AM 15734.71 14943.81
7/31/2007 12:00:00 AM 15122.68 14480.55
8/31/2007 12:00:00 AM 15445.39 14697.76
9/30/2007 12:00:00 AM 15935.01 15247.46
10/31/2007 12:00:00 AM 16602.68 15489.89
11/30/2007 12:00:00 AM 15808.83 14842.42
12/31/2007 12:00:00 AM 15660.27 14740
1/31/2008 12:00:00 AM 14724.97 13855.6
2/29/2008 12:00:00 AM 14449.18 13405.3
3/31/2008 12:00:00 AM 14365.24 13347.65
4/30/2008 12:00:00 AM 14940.81 13997.68
5/31/2008 12:00:00 AM 15060.72 14179.65
6/30/2008 12:00:00 AM 13885.6 12984.31
7/31/2008 12:00:00 AM 14065.47 12875.24
8/31/2008 12:00:00 AM 14161.39 13061.93
9/30/2008 12:00:00 AM 13202.11 11898.11
10/31/2008 12:00:00 AM 10851.87 9900.42
11/30/2008 12:00:00 AM 9952.55 9190.56
12/31/2008 12:00:00 AM 10155.55 9288.35
1/31/2009 12:00:00 AM 9095.42 8505.43
2/28/2009 12:00:00 AM 8035.29 7599.77
3/31/2009 12:00:00 AM 8938.81 8265.51
4/30/2009 12:00:00 AM 10288.06 9056.61
5/31/2009 12:00:00 AM 11143.39 9563.14
6/30/2009 12:00:00 AM 11107.25 9582.08
7/31/2009 12:00:00 AM 12010.77 10306.87
8/31/2009 12:00:00 AM 12492.65 10678.94
9/30/2009 12:00:00 AM 13227.51 11077.48
10/31/2009 12:00:00 AM 12938.38 10871.66
11/30/2009 12:00:00 AM 13287.74 11523.74
12/31/2009 12:00:00 AM 13376.3 11746.38
1/31/2010 12:00:00 AM 12855.78 11323.87
2/28/2010 12:00:00 AM 13122.09 11674.68
3/31/2010 12:00:00 AM 13921.04 12379.25
4/30/2010 12:00:00 AM 13981.56 12574.71
5/31/2010 12:00:00 AM 12746.83 11570.62
6/30/2010 12:00:00 AM 12262.62 10964.9
7/31/2010 12:00:00 AM 12746.83 11733.1
8/31/2010 12:00:00 AM 12298.93 11203.47
9/30/2010 12:00:00 AM 13037.35 12203.38
10/31/2010 12:00:00 AM 13557.88 12667.72
11/30/2010 12:00:00 AM 13315.78 12669.37
12/31/2010 12:00:00 AM 14114.72 13516.06
1/31/2011 12:00:00 AM 14381.04 13836.39
2/28/2011 12:00:00 AM 14828.93 14310.42
3/31/2011 12:00:00 AM 14635.25 14316.15
4/30/2011 12:00:00 AM 15192.09 14740.19
5/31/2011 12:00:00 AM 14949.98 14573.33
6/30/2011 12:00:00 AM 14744.19 14330.4
7/31/2011 12:00:00 AM 14308.41 14038.92
8/31/2011 12:00:00 AM 13569.99 13276.32
9/30/2011 12:00:00 AM 12565.25 12343
10/31/2011 12:00:00 AM 13872.62 13691.96
11/30/2011 12:00:00 AM 13642.62 13661.7
12/31/2011 12:00:00 AM 13400.51 13801.46
1/31/2012 12:00:00 AM 13993.67 14420.04
2/29/2012 12:00:00 AM 14598.93 15043.57
3/31/2012 12:00:00 AM 14913.67 15538.64
4/30/2012 12:00:00 AM 14816.83 15441.1
5/31/2012 12:00:00 AM 13799.99 14513.07
6/30/2012 12:00:00 AM 14405.25 15111.04
7/31/2012 12:00:00 AM 14344.72 15320.92
8/31/2012 12:00:00 AM 14671.56 15665.99
9/30/2012 12:00:00 AM 14925.77 16070.83
10/31/2012 12:00:00 AM 15022.62 15774.1
11/30/2012 12:00:00 AM 14949.98 15865.61
12/31/2012 12:00:00 AM 15213.37 16010.22
1/31/2013 12:00:00 AM 15951.28 16839.47
2/28/2013 12:00:00 AM 16160.36 17068.07
3/31/2013 12:00:00 AM 16873.68 17708.17
4/30/2013 12:00:00 AM 17082.76 18049.35
5/31/2013 12:00:00 AM 17648.49 18471.56
6/30/2013 12:00:00 AM 17205.74 18223.51
7/31/2013 12:00:00 AM 18017.45 19150.8
8/31/2013 12:00:00 AM 17832.97 18595.42
9/30/2013 12:00:00 AM 18570.89 19178.57
10/31/2013 12:00:00 AM 19148.92 20060.21
11/30/2013 12:00:00 AM 19530.18 20671.45
12/31/2013 12:00:00 AM 20053.58 21194.85
1/31/2014 12:00:00 AM 19224.14 20462.14
2/28/2014 12:00:00 AM 20026.82 21398.08
3/31/2014 12:00:00 AM 20120.47 21578.04
4/30/2014 12:00:00 AM 20080.33 21737.5
5/31/2014 12:00:00 AM 20120.47 22247.68
6/30/2014 12:00:00 AM 20668.96 22707.32
7/31/2014 12:00:00 AM 20454.92 22394.18
8/31/2014 12:00:00 AM 21163.95 23290.18
9/30/2014 12:00:00 AM 20521.81 22963.65
10/31/2014 12:00:00 AM 20655.59 23524.42
11/30/2014 12:00:00 AM 20642.21 24156.99
12/31/2014 12:00:00 AM 20516.58 24096.12
1/31/2015 12:00:00 AM 19748.66 23372.75
2/28/2015 12:00:00 AM 20733.92 24715.98
3/31/2015 12:00:00 AM 20429.65 24325.22
4/30/2015 12:00:00 AM 20661.47 24558.5
5/31/2015 12:00:00 AM 20907.79 24874.32
6/30/2015 12:00:00 AM 20516.58 24392.76
7/31/2015 12:00:00 AM 20646.98 24903.78
8/31/2015 12:00:00 AM 19400.92 23401.34
9/30/2015 12:00:00 AM 18908.29 22822.39
10/31/2015 12:00:00 AM 20226.8 24747.46
11/30/2015 12:00:00 AM 20255.78 24820.96
12/31/2015 12:00:00 AM 19745.41 24429.53
1/31/2016 12:00:00 AM 18672.12 23217.34
2/29/2016 12:00:00 AM 18561.63 23186
3/31/2016 12:00:00 AM 19761.19 24758.93
4/30/2016 12:00:00 AM 20061.08 24855
5/31/2016 12:00:00 AM 20266.27 25301.39
6/30/2016 12:00:00 AM 20234.7 25366.92
7/31/2016 12:00:00 AM 20724 26302.2
8/31/2016 12:00:00 AM 20881.84 26339.03
9/30/2016 12:00:00 AM 20787.13 26344.03
10/31/2016 12:00:00 AM 20424.11 25863.52
11/30/2016 12:00:00 AM 21544.75 26821.24
12/31/2016 12:00:00 AM 22065.07 27351.5
1/31/2017 12:00:00 AM 22081 27870.36
2/28/2017 12:00:00 AM 22845.71 28977.09
3/31/2017 12:00:00 AM 22574.88 29010.99
4/30/2017 12:00:00 AM 22686.4 29308.93
5/31/2017 12:00:00 AM 22925.37 29721.31
6/30/2017 12:00:00 AM 23100.62 29906.77
7/31/2017 12:00:00 AM 23546.7 30521.65
8/31/2017 12:00:00 AM 23674.15 30615.05
9/30/2017 12:00:00 AM 24231.75 31246.64
10/31/2017 12:00:00 AM 24900.87 31975.94
11/30/2017 12:00:00 AM 25601.86 32956.64
12/31/2017 12:00:00 AM 25925.5 33323.11
1/31/2018 12:00:00 AM 27097.93 35230.86
2/28/2018 12:00:00 AM 26074.12 33932.25
3/31/2018 12:00:00 AM 25496.16 33070.03
4/30/2018 12:00:00 AM 25743.86 33197.02
5/31/2018 12:00:00 AM 26189.71 33996.41
6/30/2018 12:00:00 AM 25991.56 34205.49
7/31/2018 12:00:00 AM 26850.24 35478.27
8/31/2018 12:00:00 AM 27626.35 36634.51
9/30/2018 12:00:00 AM 27741.94 36842.96
10/31/2018 12:00:00 AM 26090.63 34324.74
11/30/2018 12:00:00 AM 26701.62 35024.28
12/31/2018 12:00:00 AM 24239.35 31861.94
1/31/2019 12:00:00 AM 25993.26 34415.35
2/28/2019 12:00:00 AM 26722.41 35520.43
3/31/2019 12:00:00 AM 26919.48 36210.59
4/30/2019 12:00:00 AM 27845.69 37676.76
5/31/2019 12:00:00 AM 25993.26 35282.4
6/30/2019 12:00:00 AM 27825.99 37769.11
7/31/2019 12:00:00 AM 28358.07 38311.85
8/31/2019 12:00:00 AM 27844.79 37704.99
9/30/2019 12:00:00 AM 28376.63 38410.45
10/31/2019 12:00:00 AM 28810.79 39242.42
11/30/2019 12:00:00 AM 29657.83 40666.92
12/31/2019 12:00:00 AM 30595.02 41894.25
1/31/2020 12:00:00 AM 30218.7 41877.91
2/29/2020 12:00:00 AM 27674.29 38430.52
3/31/2020 12:00:00 AM 23561.89 33683.97
4/30/2020 12:00:00 AM 26582.52 38001.91
5/31/2020 12:00:00 AM 28488.49 39811.94
6/30/2020 12:00:00 AM 28884.48 40603.8
7/31/2020 12:00:00 AM 30533.78 42893.05
8/31/2020 12:00:00 AM 32759.69 45976.2
9/30/2020 12:00:00 AM 31390.33 44229.1
10/31/2020 12:00:00 AM 30517.68 43053.05
11/30/2020 12:00:00 AM 34054.68 47765.64
12/31/2020 12:00:00 AM 35662.06 49602.23
1/31/2021 12:00:00 AM 35120 49101.24
2/28/2021 12:00:00 AM 36514.26 50454.97
3/31/2021 12:00:00 AM 37470.93 52664.89
4/30/2021 12:00:00 AM 39824.1 55475.62
5/31/2021 12:00:00 AM 39844.01 55862.84
6/30/2021 12:00:00 AM 41031.36 57166.68

Annualized Total Returns

As of 6/30/21
TimeFrame Calamos Select Fund (NAV) S&P 500 Index
1 Year 42.04 40.79
3 Year 16.44 18.67
5 Year 15.19 17.65
10 Year 10.78 14.84
Since Inception 7.58 9.31

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 results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 3/31/02, since comparative index data is available only for full monthly periods. Source: State Street Corporation and Lipper, Inc.

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.

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 1.64%, C Shares 2.40% and I Shares 1.39%.

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 6/30/21
Sector % of Assets S&P 500 Index
Information Technology 25.7% 27.4%
Financials 12.6% 11.3%
Consumer Discretionary 12.0% 12.3%
Health Care 11.6% 13.0%
Industrials 10.2% 8.5%
Communication Services 10.0% 11.1%
Consumer Staples 8.3% 5.9%
Energy 2.8% 2.9%
Materials 2.3% 2.6%
Utilities 2.3% 2.5%
Real Estate 0.0% 2.6%
Other 0.0% 0.0%

Asset Allocation

As of 6/30/21
Asset Allocation %
Common Stock 97.7586
Cash and Receivables/Payables 2.2414

Top 10 Holdings

As of 6/30/21
Company Security Type Industry %
Microsoft Corp. Stocks Systems Software 6.0%
Apple, Inc. Stocks Technology Hardware, Storage & Peripherals 5.9%
Amazon.com, Inc. Stocks Internet & Direct Marketing Retail 5.1%
Alphabet Inc- Class A Stocks Interactive Media & Services 4.8%
Facebook, Inc. Stocks Interactive Media & Services 3.5%
Eli Lilly & Company Stocks Pharmaceuticals 3.0%
NVIDIA Corp. Stocks Semiconductors 2.5%
UnitedHealth Group, Inc. Stocks Managed Health Care 2.3%
Walmart, Inc. Stocks Hypermarkets & Super Centers 2.0%
Wells Fargo & Company Stocks Diversified Banks 2.0%
Total 37.1%

Fund Facts

As of 6/30/21
Name Fund S&P 500 Index
Number of Holdings 63 505
Debt/Capital 44.6% 47.8%
PEG Ratio 1.9x 2.0x
Portfolio Turnover (12 months) 37.9% N/A
Price/Book 4.8x 4.7x
Price/Earnings 28.5x 24.6x
Price/Sales 4.2x 3.0x
ROIC 24.5% 24.3%
Net Assets $51.3 M N/A

Market Capitalization

As of 6/30/21
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 0.9%
>$5bil<=$30bil 4.7%
>$30bil<=$200bil 43.7%
>$200bil 50.7%

Regional Exposure

As of 6/30/21
Region % of Assets
North America 94.6%
Europe 3.1%
Asia/Pacific 0.0%
Caribbean 0.0%
Latin America 0.0%
Middle East/Africa 0.0%

Top Country Exposures

As of 6/30/21
Country %
United States 93.7%
United Kingdom 1.4%
Ireland 1.1%
Canada 0.9%
Switzerland 0.7%
Bermuda 0.0%
Netherlands 0.0%

Top Currency Exposures

As of 6/30/21
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.

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.

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
2020 0.8053

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 $0.1246 15.22000
Q3 2019 $0.0000 0.00000
Q2 2019 $0.0000 0.00000
Q4 2018 $0.1472 12.12000
Q4 2017 $0.0933 15.45000
Q4 2016 $0.1310 13.99000
Q4 2015 $0.2050 12.47000
Q4 2014 $0.1858 14.11000
Q1 2014 $0.0000 0.00000
Q4 2013 $0.1759 14.67000
Q3 2013 $0.0000 0.00000
Q2 2013 $0.0000 0.00000
Q1 2013 $0.0000 0.00000
Q4 2012 $0.1997 12.50000
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 $0.0527 10.88000
Q3 2009 $0.0000 0.00000
Q2 2009 $0.0000 0.00000
Q1 2009 $0.0000 0.00000
Q4 2008 $0.0389 8.34000
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 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 3/1/2021 are as follows: A Shares 1.64%, C Shares 2.40% and I Shares 1.39%.

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 1.64% 2.40% 1.39%
Net Expense Ratio 1.15% 1.90% 0.90%

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.

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 extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.15%, 1.90%, and 0.90% of average net assets, respectively. 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 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.

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 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.

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.