Mutual Fund Summary Prospectus (497k)
October 31 2013 - 2:52PM
Edgar (US Regulatory)
March 1, 2013, as amended August 5, 2013 and October 31, 2013
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Summary Prospectus
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Calamos High Income Fund
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NASDAQ Symbol: CIHYX Class I CHYRX Class R
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Before you
invest, you may want to review the Funds prospectus and statement of additional information, which contain more information about the Fund and its risks. You can find the Funds prospectus, statement of additional information and other
information about the Fund online at http://fundinvestor.calamos.com/FundLit. You can also get this information at no cost by calling 800.582.6959 or by sending an
e-mail
request to
prospectus@calamos.com. The current prospectus dated March 1, 2013, as amended August 5, 2013 and October 31, 2013, and statement of additional information, dated March 1, 2013, as amended August 5, 2013 (and as each may be amended or supplemented),
and the financial statements included in the Funds most recent report to shareholders, dated October 31, 2012, are incorporated by reference into this summary prospectus.
Investment Objective
Calamos High Income Funds primary objective is the highest level of current income obtainable with reasonable risk. Its secondary objective is capital gain,
where consistent with the Funds primary objective.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about the share classes is available
from your financial professional and under Fund Facts What classes of shares do the Funds offer? on page 80 of the Funds prospectus and Share Classes and Pricing of Shares on page 56 of
the Funds statement of additional information.
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Shareholder Fees
(fees paid directly from your investment):
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CLASS I
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CLASS R
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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None
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering
price)
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):
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CLASS I
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CLASS R
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Management Fees
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0.75
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%
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0.75
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%
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Distribution and/or Service Fees (12b-1)
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0.00
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%
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0.50
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%
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Other Expenses
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0.20
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%
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0.20
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%
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Total Annual Operating Expenses
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0.95
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%
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1.45
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%
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Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods
indicated. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested and that the Funds operating expenses remain the same. Although your actual performance and
costs may be higher or lower, based on these assumptions, whether or not you redeemed your shares at the end of the period, your costs would be:
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I
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R
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1 Year
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97
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148
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3 Years
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303
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459
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5 Years
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526
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793
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10 Years
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1,167
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1,736
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the
Funds portfolio turnover rate was 73.9% of the average value of its portfolio.
HYIRPRO 10/13
Calamos High Income Fund
Principal Investment Strategies
The Fund
invests primarily in a diversified portfolio of high yield fixed-income securities (often referred to as junk bonds) issued by both U.S. and foreign companies. Under normal circumstances, the Fund invests at least 80% of its net
assets (plus any borrowings) in high yield fixed-income securities.
The high yield fixed-income securities in which the Fund intends to invest have
lower credit ratings than investment grade securities (those rated BBB or higher by S&P, or Baa or higher by Moodys). However, junk bonds typically offer a significantly higher yield, as well as greater risks, than investment grade
securities. S&Ps and Moodys ratings are used only as preliminary indicators of investment quality. The Fund also uses its own credit research and analysis. The Funds investment adviser seeks to lower the risks of investing in
stocks by using a top-down approach of diversification by company, industry sector, country and currency and focusing on macro-level investment themes.
The Fund may invest in both convertible and non-convertible high yield bonds, and each shall be considered high yield fixed-income securities for purposes of the Funds policy of investing at least 80% of its
net assets (plus any borrowings) in junk bonds. Convertible debt securities are exchangeable for equity securities of the issuer at a predetermined price, and typically offer greater appreciation potential than non-convertible debt securities.
Principal Risks
An investment
in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objectives. The risks associated with an investment in the Fund can increase during times
of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund
include:
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High Yield Risk
High yield securities and unrated securities of similar credit quality (commonly known as junk bonds) are
subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuers continuing ability to make principal and interest payments.
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Convertible Securities Risk
The value of a convertible security is influenced by changes in interest rates, with investment value
declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible securitys investment value.
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Synthetic Convertible Instruments Risk
The value of a synthetic convertible instrument will respond differently to market fluctuations
than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the
convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.
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Interest Rate Risk
The value of fixed-income securities generally decreases in periods when interest rates are rising. In addition,
interest rate changes typically have a greater effect on prices of longer-term fixed-income securities than shorter-term fixed-income securities.
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Credit Risk
An issuer of a fixed-income security could be downgraded or default. If the Fund holds securities that have been downgraded,
or that default on payment, the Funds performance could be negatively affected.
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Liquidity Risk
Liquidity risk exists when particular investments are difficult to purchase or sell. The Funds investments in
illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.
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Portfolio Selection Risk
The value of your investment may decrease if the investment advisers judgment about the attractiveness,
value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.
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Foreign Securities Risk
There are special risks associated with investing in foreign securities that are not typically associated with
investing in U.S. companies. These risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, and the possibility of substantial price volatility as a result of political and economic
instability in the foreign country. Other risks of investing in foreign securities include: less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and
less liquidity in foreign markets than in U.S. markets.
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Liquidity Risk
Liquidity risk exists when particular investments are difficult to purchase or sell. The Funds investments in illiquid
securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.
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Calamos High Income Fund
Performance
The following bar chart and
table indicate the risks of investing in the Fund by showing changes in the Funds performance from calendar year to calendar year and how the Funds average annual total returns compare with those of a broad measure of market performance.
All returns include the reinvestment of dividends and distributions. As always, please note that the Funds past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available
at no cost by visiting www.calamos.com or by calling 800.582.6959.
CLASS I ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31
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Best Quarter:
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16.78% (6.30.09)
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Worst Quarter:
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-17.42% (12.31.08)
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Average Annual Total Returns as of 12.31.12
The following table shows how the Funds average annual performance (before and after taxes) for the one-and five-year periods ended December 31, 2012 and since the Funds inception compared with
broad measures of market performance. Since Inception returns shown for each index are returns since the inception of the Funds Class I shares, or since the nearest subsequent month end when comparative index data is available
only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. Return After Taxes on Distributions shows the effect of taxable distributions, but assumes that you still
hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. Return After Taxes on Distributions and Sale of Fund Shares shows the effect of taxable distributions and any taxable gain
or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.
The after-tax returns are
shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation
and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other
than Class I will vary from returns shown for Class I. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of
Fund shares.
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AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED
12.31.12
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INCEPTION
DATE OF CLASS
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ONE YEAR
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FIVE YEAR
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TEN YEAR
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SINCE
INCEPTION
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Class I
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3.1.02
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Load Adjusted Return Before Taxes
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11.50
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%
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6.65
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%
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8.55
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%
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7.83
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Load Adjusted Return After Taxes on Distributions
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9.02
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%
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4.30
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%
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6.00
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%
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5.31
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Load Adjusted Return After Taxes on Distributions and Sale of Fund Shares
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7.72
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4.34
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5.94
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%
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5.29
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%
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Class R
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3.1.07
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Load Adjusted Return Before Taxes
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10.98
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%
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6.12
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%
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5.64
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%
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BofA Merrill Lynch BB-B US High Yield Constrained Index
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14.59
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%
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9.10
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%
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9.30
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%
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8.68
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%
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Credit Suisse High Yield Index
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14.72
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%
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9.53
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%
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10.25
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%
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9.70
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%
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The BofA Merrill Lynch BB-B US High Yield Constrained Index contains all of the securities included in The BofA Merrill Lynch US
High Yield Index rated BB1 through B3, based on an average rating by Moodys, S&P and Fitch, but caps issuer exposure at 2%. The BofA Merrill Lynch BB-B US High Yield Constrained Index is provided to show how the Funds performance
compares with the returns of an index of securities similar to those in which the Fund invests.
3
Calamos High Income Fund
Investment Adviser
Calamos Advisors LLC
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PORTFOLIO MANAGER/FUND TITLE (IF APPLICABLE)
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PORTFOLIO MANAGER
EXPERIENCE IN THE FUND
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PRIMARY TITLE WITH INVESTMENT ADVISER
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John P. Calamos, Sr. (President, Chairman)
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since Funds inception
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Chief Executive Officer, Global Co-CIO
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Gary D. Black (Vice President)
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since August 31, 2012
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EVP, Global Co-CIO
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Nick Niziolek
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since March 1, 2013
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SVP, Co-Portfolio Manager, Co-Head of
Research
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Jeff Scudieri
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10 years
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SVP, Co-Portfolio Manager, Co-Head of
Research
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Jon Vacko
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10 years
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SVP, Co-Portfolio Manager, Co-Head of
Research
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John Hillenbrand
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10 years
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SVP, Co-Portfolio Manager
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Jeremy Hughes
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since August 5, 2013
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SVP, Co-Portfolio Manager
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Steve Klouda
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10 years
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SVP, Co-Portfolio Manager
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Christopher Langs
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since August 5, 2013
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SVP, Co-Portfolio Manager
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Dennis Cogan
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since March 1, 2013
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VP, Co-Portfolio Manager
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Joe Wysocki
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5 years
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VP, Co-Portfolio Manager
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Buying and Redeeming Fund Shares
Minimum Initial Investment
Class I : $1,000,000
Class R : None
Minimum Additional Investment
Classes I and R : None
To Place Orders
Please contact your broker or other intermediary, or place your order directly:
Mail:
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201
Phone: 800.582.6959
Transaction Policies
The Funds shares
are redeemable. In general, investors may purchase, redeem, or exchange Fund shares on any day the New York Stock Exchange is open by written request (to the address noted above), by wire transfer, by telephone (at the number noted above), or
through a financial intermediary. Orders to buy and redeem shares are processed at the next net asset value (share price or NAV) to be calculated only on days when the New York Stock Exchange is open for regular trading.
Tax Information
The Funds
distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the
Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by
influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
Click here to view the Funds
statutory prospectus
or
statement of additional information
.
2020 Calamos Court
Naperville,
IL 60563-2787
800.582.6959
www.calamos.com
811-05433
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