Calamos Timpani Small Cap Growth Fund (CTASX)

Overview

The Fund invests in the equity securities of small capitalization companies with high, sustainable growth potential, which may exceed market expectations.

Key Features

  • Combines fundamental research with the analysis of market estimates to identify the underestimated growth differential between a company's business strength and market expectations of that strength.
  • Pursues active management in a less followed investment space.
  • Analyzes secular trends to uncover exploitable investment opportunities specific to small cap companies.

Portfolio Fit

Investing in small cap companies is an important component of a diversified investment strategy. Smaller companies tend to experience greater growth and outperform larger companies.

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 Timpani Small Cap 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, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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 2/28/2020 are as follows: A Shares 1.38%, I Shares 1.14% and R6 Shares 1.10%.

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 5/28/20
Inception Date: 1/06/14
Current NAV: $23.38
$ Change: $-0.18
% Change: -0.76%
Total Net Assets (As of 3/31/20): $68.6 M
Morningstar Category: Small Growth

Zephyr Analysis

Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 3/31/20
Date Calamos Timpani Small Cap Growth Fund (NAV) Calamos Timpani Small Cap Growth Fund Load-Adjusted Russell 2000 Growth Index
YTD 2020 -18.02 -21.91 -25.76
2019 20.25 14.54 28.48
2018 -0.46 -5.2 -9.31
2017 35.6 29.15 22.17
2016 -1.45 -6.13 11.32
2015 -3.06 -7.69 -1.38
2014* 0 -4.78 0

*Reflects the fund's return from the inception date of 1/6/2014 through 12/31/2014.

Growth of 10K

As of 3/31/20
Date Calamos Timpani Small Cap Growth Fund Russell 2000 Growth Index
1/5/2014 12:00:00 AM 10000 10000
1/31/2014 12:00:00 AM 10073.4 10000
2/28/2014 12:00:00 AM 10538.23 10483.4
3/31/2014 12:00:00 AM 9969.42 10225.09
4/30/2014 12:00:00 AM 9278.29 9700.03
5/31/2014 12:00:00 AM 9149.85 9793.64
6/30/2014 12:00:00 AM 9810.4 10401.33
7/31/2014 12:00:00 AM 8917.43 9771.22
8/31/2014 12:00:00 AM 9418.96 10316.16
9/30/2014 12:00:00 AM 9051.99 9763.73
10/31/2014 12:00:00 AM 9620.8 10369.37
11/30/2014 12:00:00 AM 9767.59 10436.26
12/31/2014 12:00:00 AM 10000 10745.79
1/31/2015 12:00:00 AM 9639.15 10500.47
2/28/2015 12:00:00 AM 10733.95 11256.19
3/31/2015 12:00:00 AM 10685.02 11458.24
4/30/2015 12:00:00 AM 10391.44 11121.13
5/31/2015 12:00:00 AM 10758.41 11529.72
6/30/2015 12:00:00 AM 11296.64 11684.68
7/31/2015 12:00:00 AM 11694.19 11732.36
8/31/2015 12:00:00 AM 10544.35 10843.28
9/30/2015 12:00:00 AM 9883.8 10158.42
10/31/2015 12:00:00 AM 10103.98 10734.6
11/30/2015 12:00:00 AM 10250.77 11128.03
12/31/2015 12:00:00 AM 9694.19 10597.22
1/31/2016 12:00:00 AM 8550.46 9449.01
2/29/2016 12:00:00 AM 8428.14 9382.21
3/31/2016 12:00:00 AM 8862.39 10100.98
4/30/2016 12:00:00 AM 8929.67 10201.68
5/31/2016 12:00:00 AM 9015.29 10476.52
6/30/2016 12:00:00 AM 8941.9 10428.33
7/31/2016 12:00:00 AM 9486.24 11110.23
8/31/2016 12:00:00 AM 9406.73 11228.34
9/30/2016 12:00:00 AM 9663.61 11390.02
10/31/2016 12:00:00 AM 8966.36 10682.13
11/30/2016 12:00:00 AM 9626.91 11637.86
12/31/2016 12:00:00 AM 9553.52 11796.6
1/31/2017 12:00:00 AM 9730.89 11988.18
2/28/2017 12:00:00 AM 9981.65 12282.13
3/31/2017 12:00:00 AM 10440.37 12427.68
4/30/2017 12:00:00 AM 10727.83 12656.59
5/31/2017 12:00:00 AM 11064.22 12541.54
6/30/2017 12:00:00 AM 11339.45 12973.22
7/31/2017 12:00:00 AM 11590.22 13083.63
8/31/2017 12:00:00 AM 11737.01 13068.32
9/30/2017 12:00:00 AM 12030.59 13779.89
10/31/2017 12:00:00 AM 12428.14 13993.34
11/30/2017 12:00:00 AM 12935.78 14395.09
12/31/2017 12:00:00 AM 12954.13 14411.64
1/31/2018 12:00:00 AM 13437.31 14973.41
2/28/2018 12:00:00 AM 13363.92 14547.12
3/31/2018 12:00:00 AM 13657.5 14743.06
4/30/2018 12:00:00 AM 13712.54 14757.51
5/31/2018 12:00:00 AM 15125.39 15686.65
6/30/2018 12:00:00 AM 15302.76 15809.32
7/31/2018 12:00:00 AM 15278.29 16081.08
8/31/2018 12:00:00 AM 17168.2 17082.29
9/30/2018 12:00:00 AM 16899.09 16682.56
10/31/2018 12:00:00 AM 14574.93 14571.55
11/30/2018 12:00:00 AM 14507.65 14799.45
12/31/2018 12:00:00 AM 12894.56 13070.13
1/31/2019 12:00:00 AM 14258.79 14579.47
2/28/2019 12:00:00 AM 15262.28 15521.01
3/31/2019 12:00:00 AM 15078.64 15311.01
4/30/2019 12:00:00 AM 15452.49 15777.27
5/31/2019 12:00:00 AM 14763.81 14606.73
6/30/2019 12:00:00 AM 15957.51 15731.77
7/31/2019 12:00:00 AM 16108.36 15885.54
8/31/2019 12:00:00 AM 15472.08 15200.03
9/30/2019 12:00:00 AM 14409.15 15075.27
10/31/2019 12:00:00 AM 14638.26 15504.23
11/30/2019 12:00:00 AM 15313.08 16416.8
12/31/2019 12:00:00 AM 15504.49 16792.99
1/31/2020 12:00:00 AM 15904.51 16608.1
2/29/2020 12:00:00 AM 15331.95 15409.03
3/31/2020 12:00:00 AM 12711.72 12466.29

Annualized Total Returns

As of 3/31/20
TimeFrame Calamos Timpani Small Cap Growth Fund (NAV) Calamos Timpani Small Cap Growth Fund Load-Adjusted Russell 2000 Growth Index
6 Month -11.78 -15.99 -17.31
1 Year -15.69 -19.71 -18.58
3 Year 6.78 5.07 0.1
5 Year 3.54 2.53 1.7
Since Inception 3.93 3.11 3.54

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 Timpani Small Cap 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, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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 Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000® Growth Index is published and maintained by FTSE Russell.

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 1.38%, I Shares 1.14% and R6 Shares 1.10%.

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 Facts

As of 3/31/20
Name Fund Russell 2000 Growth Index
Number of Holdings 95 1,167
Debt/Capital 27.4% 36.0%
Price/Earnings 24.8x 15.6x
Price/Sales 2.3x 1.3x
ROIC 16.2% 10.8%
Net Assets $68.6 M N/A

Market Capitalization

As of 3/31/20
Market CAP Range % of Assets
<=$1bil 23.4%
>$1bil<=$2bil 18.5%
>$2bil<=$3bil 13.6%
>$3bil<=$7bil 34.3%
>$7bil 10.3%

Sector Weightings

As of 3/31/20
Sector % of Assets Russell 2000 Growth Index
Information Technology 32.9% 18.2%
Health Care 26.1% 33.9%
Industrials 14.0% 17.5%
Financials 10.9% 5.9%
Consumer Discretionary 9.7% 9.6%
Communication Services 2.4% 2.3%
Consumer Staples 1.3% 3.4%
Real Estate 1.1% 4.4%
Energy 0.0% 0.3%
Materials 0.0% 2.7%
Utilities 0.0% 1.9%

Top 10 Holdings

As of 3/31/20
Company Sector %
eHealth, Inc. Financials 4.6%
Amedisys, Inc. Health Care 3.2%
Ringcentral, Inc. - Class A Information Technology 2.9%
Palomar Holdings, Inc. Financials 2.2%
Lattice Semiconductor Corp. Information Technology 2.0%
LHC Group, Inc. Health Care 1.9%
Advanced Energy Industries, Inc. Information Technology 1.9%
Five9, Inc. Information Technology 1.9%
Mercury Systems, Inc. Industrials 1.9%
Inspire Medical Systems, Inc. Health Care 1.8%
Total 24.3%

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 Timpani Small Cap 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, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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.

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

Est 1-Year EPS Growth is an average of the estimated short-termearnings growth for the companies in a portfolio and gauges thegrowth potential of a portfolio's underlying companies.

Est 1-Year Sales Growth is an average of the estimated sales growth for companies in a portfolio, thereby projecting their ability to increase revenue.

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.

The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000® Growth Index is published and maintained by FTSE Russell.

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.

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.

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 Timpani Small Cap 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, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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 2/28/2020 are as follows: A Shares 1.38%, I Shares 1.14% and R6 Shares 1.10%.

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 I Shares R6 Shares
Gross Expense Ratio 1.38% 1.14% 1.10%
Net Expense Ratio 1.30% 1.05% 1.01%

Investment Information

Name A Shares I Shares R6 Shares
Minimum initial investment $2500 $1 million $0
Minimum subsequent investments $50 N/A N/A
IRA initial investments $500 N/A N/A

Fund Information

Name A Shares I Shares R6 Shares
Inception Date 1/06/14 3/23/11 6/03/19
Ticker Symbol CTASX CTSIX CTSOX
CUSIP number 128120417 128120391 128120383

Sales & Distribution

Name A Shares I Shares R6 Shares
Sales Load Front-End N/A N/A
Maximum Sales Charge 4.75 N/A N/A
US Bank Fund Number 5650 5651 5652
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 Timpani Small Cap 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, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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, 2022 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares and Class I shares are limited to 1.30% and 1.05% of average net assets, respectively. The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.05% less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes 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 share class'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-timpani-small-cap-growth-fund-mutual-fund-quarterly-commentary.pdf
Calamos Timpani Small Cap Growth Fund Quarterly Commentary

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

calamos-timpani-small-cap-growth-mutual-fund-fact-sheet.pdf
Calamos Timpani Small Cap Growth Fund Fact Sheet

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

calamos-timpani-small-cap-growth-fund-mutual-fund-summary-prospectus.pdf
Calamos Timpani Small Cap Growth Fund Prospectus

This summary contains important information about the Class A, I, and R6 Timpani Small Cap Growth 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-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.