Mutual Fund Summary Prospectus (497k)
August 05 2013 - 2:57PM
Edgar (US Regulatory)
August 3, 2013, as amended August 5, 2013
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Summary Prospectus
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Calamos Mid Cap Growth Fund
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NASDAQ Symbol: CMXAX Class A CMXCX Class C
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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 and statement of additional information, both dated August 3, 2013, as amended August 5, 2013 (and as each may be amended or supplemented), are incorporated by reference into this summary
prospectus.
Investment Objective
Calamos Mid Cap Growth Funds investment objective is long-term capital appreciation.
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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts 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 A
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CLASS C
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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4.75
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%
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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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1.00
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%
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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 A
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CLASS C
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Management Fees
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1.00
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%
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1.00
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%
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Distribution and/or Service Fees (12b-1)
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0.25
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%
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1.00
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%
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Other Expenses
1
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1.83
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%
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1.83
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%
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Total Annual Operating Expenses
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3.08
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%
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3.83
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%
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Expense Reimbursement
2
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-1.83
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%
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-1.83
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%
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Total Annual Operating Expenses After Reimbursement
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1.25
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%
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1.25
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%
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1
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Estimated amount for the Funds current fiscal year.
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2
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The Funds Investment Adviser has contractually agreed to reimburse the Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating
Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired funds fees and expenses and extraordinary expenses, if any) of Class A and Class C are limited to 1.25% and 2.00% of average net
assets, respectively. This agreement is not terminable by either party.
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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 and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital
gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Funds operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these
assumptions, your costs would be:
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REDEMPTION
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NO REDEMPTION
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A
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C
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A
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C
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1 Year
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596
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303
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596
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203
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3 Years
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1,039
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819
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1,039
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819
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MCGPRO 08/13
Calamos Mid Cap Growth Fund
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.
Principal Investment Strategies
The Fund seeks to generate excess returns relative to its
benchmark over full market cycles. The portfolio will, under normal market conditions, invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in the common stock of medium-sized companies. Medium-sized companies are
defined as those companies whose market capitalization within the range of the companies included smallest and largest company in the Russell Mid Cap Growth Index at the time of purchase. As of April 30, 2013, the market capitalization of the
Russell Mid Cap Growth Index ranged from $442 million to $28.3 billion. The Fund may continue to hold a security whose market capitalization changes over time, and as a result a portion of the Funds holdings may have market capitalizations
outside of this range at any given time. The Fund will seek to invest in companies with high or accelerating growth rates. The Fund may invest in options and American Depository Receipts (ADRs) in furtherance of its investment strategy.
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 objective. 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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Equity Securities Risk
The securities markets are volatile, and the market prices of the Funds securities may decline generally. The
price of equity securities fluctuates based on changes in a companys financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will
decline.
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Growth Stock Risk
Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more
sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
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Mid-Sized Company Stock Risk
Mid-sized company stocks have historically been subject to greater investment risk than large company stock. The
prices of mid-sized company stocks tend to be more volatile and less liquid than large company stocks. Mid-sized companies may have no or relatively short operating histories, or be newly formed public companies. Some of these companies have
aggressive capital structures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks. The risks generally associated with these companies include more limited
product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel, and vulnerability to adverse market and economic developments. Accordingly, the prices of mid-sized company stocks tend to be more
volatile than prices of large company stocks.
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Options Risk
The Funds ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call
option 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 Funds ability to utilize options successfully will depend on the ability of the Funds investment adviser to predict pertinent market movements, which cannot be assured.
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American Depositary Receipts
The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs).
U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to
foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.
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Rule 144A Securities Risk
The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of
1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Funds assets
invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Funds adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the
security may be reduced and a sale of the security may be more difficult.
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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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Portfolio Turnover Risk
The portfolio managers may actively and frequently trade securities or other instruments in the Funds portfolio to
carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Funds expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an
increase in short-term capital gains.
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Calamos Mid Cap Growth Fund
Performance
The Fund has not yet commenced
operations, therefore performance information is not yet available. In the future performance information will be available at no cost by visiting www.calamos.com or by calling 800-582-6969.
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 Funds inception
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EVP, Global Co-CIO
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Nick Niziolek
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since Funds inception
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SVP, Co-Portfolio Manager, Co-Head of
Research
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Jeff Scudieri
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since Funds inception
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SVP, Co-Portfolio Manager, Co-Head of
Research
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Jon Vacko
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since Funds inception
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SVP, Co-Portfolio Manager, Co-Head of
Research
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John Hillenbrand
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since Funds inception
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SVP, Co-Portfolio Manager
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Steve Klouda
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since Funds inception
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SVP, Co-Portfolio Manager
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Dennis Cogan
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since Funds inception
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VP, Co-Portfolio Manager
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Joe Wysocki
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since Funds inception
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VP, Co-Portfolio Manager
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Buying and Redeeming Fund Shares
Minimum Initial Investment
Classes A and C: $2,500/$500 for IRA
Minimum Additional Investment
Classes A and C: $50
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
Effective on July 31, 2009, the Funds no longer accept purchases of Class B shares from new or existing investors, except from existing investors through the
reinvestment of dividends and/or capital gain distributions in Class B shares of the same Fund or by exchange of existing Class B shares held in another Fund.
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
.
3
Calamos Mid Cap Growth Fund
2020 Calamos Court
Naperville,
IL 60563-2787
800.582.6959
www.calamos.com
811-05433
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