Timpani SMID Growth Fund (CTAGX)

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Overview

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

Key Features

Combines fundamental research with the analysis of estimate revisions to identify the underestimated growth differential between a company's business strength and market expectations of that strength.
Measures growth gaps to minimize two behavioral mistakes of growth investing: selling winners too early and not selling losers quickly enough.
Analyzes secular trends to uncover exploitable investment opportunities specific to small cap and mid cap companies.

Portfolio Fit

Investing in small and mid cap companies is an important component of a diversified investment strategy. Small and mid-sized companies tend to have a greater chance of growing rapidly and outperforming large-cap companies, yet this greater potential also raises the potential for greater volatility--which is why we believe active management is crucial to small and mid cap investing.

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 SMID 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 7/31/2019 are as follows: A Shares 2.54%, I Shares 2.29% and R6 Shares 2.28%.

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 8/16/19

Inception Date:	7/31/19
Current NAV:	$9.51
$ Change:	$0.15
% Change:	1.60%
Morningstar Category:	Mid-Cap Growth

Zephyr Analysis

Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.

Resources

Other Literature

Annual Expenses

Name	A Shares	I Shares	R6 Shares
Gross Expense Ratio	2.54%	2.29%	2.28%
Net Expense Ratio	1.35%	1.10%	1.09%

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	7/31/19	7/31/19	7/31/19
Ticker Symbol	CTAGX	CTIGX	CTOGX
CUSIP number	128120375	128120367	128120359

Sales & Distribution

Name	A Shares	I Shares	R6 Shares
Maximum Sales Charge	4.75	N/A	N/A
US Bank Fund Number	5653	5654	5655
Dividends	ANNUAL	ANNUAL	ANNUAL
Capital Gains	ANNUAL	ANNUAL	ANNUAL

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 1.35% and 1.10% 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 1.10% 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.