485BPOS 1 c49096bpe485bpos.htm FORM 485BPOS FORM 485BPOS
As filed with the Securities and Exchange Commission on February 27, 2009
Securities Act registration no. 33-19228
Investment Company Act file no. 811-5443
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
     
þ   REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 POST-EFFECTIVE AMENDMENT NO. 66
and
     
þ   REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 AMENDMENT NO. 69
CALAMOS INVESTMENT TRUST
(Registrant)
2020 Calamos Court
Naperville, Illinois 60563
Telephone number: (630) 245-7200
 
     
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, Illinois 60563
  Paulita A. Pike
Bell, Boyd & Lloyd LLP
70 West Madison Street, Suite 3100
Chicago, Illinois 60602-4207
(Agents for service)
 
Approximate Date of Proposed Public Offering: As soon as practicable following the effectiveness of the Registration Statement.
It is proposed that this filing will become effective:
          o   immediately upon filing pursuant to paragraph (b) of rule 485
          þ   on March 1, 2009 pursuant to paragraph (b) of rule 485
          o   60 days after filing pursuant to paragraph (a)(1) of rule 485
          o   on                      pursuant to paragraph (a)(1) of rule 485
          o   75 days after filing pursuant to paragraph (a)(2) of rule 485
          o   on                      pursuant to paragraph (a)(2) of rule 485
If appropriate, check the following box:
o   This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Amending Parts A, B and C, and filing exhibits
 
 

 


 

Explanatory Note
      This Post-Effective Amendment No. 66 to the Registration Statement contains the Calamos Family of Funds prospectus, Class I and Class R shares prospectus and Calamos Government Money Market Fund prospectus; the Calamos Family of Funds and Calamos Government Money Market Fund statements of additional information; and the Part C for all series of Calamos Investment Trust. This Post-Effective Amendment is being filed to satisfy the Registrant’s annual update requirement.

2


 

 


 

Table of Contents
 
     
The Funds
  3
Calamos Growth Fund (CVGRX)
  4
Calamos Growth and Income Fund (CVTRX)
  8
Calamos Value Fund (CVAAX)
  14
Calamos Blue Chip Fund (CBCAX)
  18
Calamos Multi-Fund Blend (CMQAX)
  22
Calamos 130/30 Equity Fund (CELSX)
  28
Calamos Global Growth and Income Fund (CVLOX)
  32
Calamos International Growth Fund (CIGRX)
  37
Calamos Global Equity Fund (CAGEX)
  42
Calamos Evolving World Growth Fund (CNWGX)
  47
Calamos Convertible Fund (CCVIX)
  52
Calamos Market Neutral Income Fund (CVSIX)
  58
Calamos High Yield Fund (CHYDX)
  65
Calamos Total Return Bond Fund (CTRAX)
  70
Principal Risks of Investing in a Fund
  82
Fund Facts
  87
Who manages the Funds?
  87
What classes of shares do the Funds offer?
  89
How can I buy shares?
  94
How can I sell (redeem) shares?
  96
Transaction information
  98
Distributions and taxes
  102
Other Information
  103
Financial Highlights
  104


 

 
The Funds
 
 
What are the investment objectives and principal strategies common to the Funds?
Each Fund described in this prospectus has different investment objectives and strategies, and may invest in different securities. The Funds differ principally in (i) how important growth potential and/or current income is considered when selecting investments, (ii) the types of securities selected as investments, such as convertible, fixed-income, equity or foreign securities, and (iii) the risks involved with an investment in a Fund. In seeking to meet the Funds’ respective investment objectives, the Funds’ investment adviser utilizes highly disciplined institutional management strategies designed to help enhance investment returns while managing risk. As part of these strategies, an in-depth proprietary analysis is employed on an issuing company and its securities. At the portfolio level, risk management tools are also used, such as diversification across companies, sectors and industries to achieve a risk-reward profile suitable for each Fund’s objectives.
 
A Fund’s investment objectives may not be changed without the approval of a “majority of the outstanding” shares of that Fund, as defined in the Investment Company Act of 1940. There can be no assurance that a Fund will achieve its objectives.

               
               
PROSPECTUS
    March 1, 2009       3
               
               


 

 
Calamos Growth Fund (CVGRX)
 
What are the investment objective and principal strategies of the Fund?
Growth Fund’s investment objective is long-term capital growth. In pursuing its investment objective, the Fund seeks out securities that, in the investment adviser’s opinion, offer the best opportunities for growth, provided such securities satisfy certain criteria. First, the Fund’s investment adviser uses quantitative screens to identify companies with high growth rates relative to their industry. Next, it screens for companies whose growth appears to be sustainable, focusing on company fundamentals, such as return on capital. The Fund’s investment adviser then conducts a valuation analysis, using proprietary cash flow valuation models to assess overall price potential and determine expected returns. Risk management guidelines also require a focus on portfolio construction, including diversification and how individual securities may fit in the overall portfolio.
 
The Fund anticipates that substantially all of its portfolio will consist of securities of companies with large and mid-sized market capitalizations. The Fund’s investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization from $1 billion up to $25 billion. The Fund invests primarily in equity securities issued by U.S. companies.
 
When buying and selling securities, the Fund focuses on a company’s financial soundness, earnings and cashflow forecast and quality of management. In constructing its portfolio, the Fund seeks to lower the risks of investing in stocks by using a “top-down approach” of diversification by company and industry and by also focusing on macro-level investment themes. The Fund’s investment adviser performs its own fundamental analysis, in addition to relying upon outside sources.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Growth Securities and Risks. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
 
Mid-Sized Company Investments and Risks. Mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of mid-sized company stocks tend to be more volatile than prices of large company stocks.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.

     
     
4
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Growth Fund
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS GROWTH FUND
 
[CALAMOS GROWTH FUND BAR CHART]
For the periods included in the bar chart, the Fund’s highest return for a calendar quarter was 48.25% (the 4th quarter of 1999), and the Fund’s lowest return for a calendar quarter was –28.42% (the 4th quarter of 2008).
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2008 and since the Fund’s inception compared with broad measures of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                                     
    ONE YEAR   FIVE YEARS   TEN YEARS   SINCE INCEPTION*    
Class A
                                   
                                     
Return before taxes
    –52.64 %     –5.29 %     6.60 %     11.93 %    
                                     
Return after taxes on distributions
    –52.64 %     –5.85 %     5.83 %     10.22 %    
                                     
Return after taxes on distributions and sale of Fund shares
    –34.22 %     –4.05 %     5.89 %     10.02 %    
                                     
Class B
                                   
                                     
Return before taxes**
    –53.11 %     –5.39 %           –2.78 %    
                                     
Class C
                                   
                                     
Return before taxes
    –51.14 %     –5.08 %     6.52 %     10.19 %    
                                     
S&P 500 Index#
    –37.00 %     –2.19 %     –1.38 %     7.99 %+    
                                     
Russell Midcap® Growth Index##
    –44.33 %     –2.33 %     –0.19 %     8.01 %Ù    
                                     
 
* Inception date for Class A shares is 9/4/90, inception date for Class B shares is 9/11/00 and inception date for Class C shares is 9/3/96.
 
** The average annual total return since inception for Class B shares reflects conversion to Class A shares after eight years.
 
# The S&P 500 Index is generally considered representative of the U.S. stock market.
 
## The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher growth values.
 
+ Since inception date for Class A shares.
 
Ù Index data shown is from 8/31/90 (comparative data is available only for full monthly periods).

               
               
PROSPECTUS
    March 1, 2009       5
               
               


 

 
Calamos Growth Fund
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the Fund’s assets. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from fund assets):
                           
                             
Management Fees
    0.80 %     0.80 %     0.80 %    
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses(3)
    0.17 %     0.17 %     0.17 %    
                             
Total Annual Operating Expenses
    1.22 %     1.97 %     1.97 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) “Other Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund. These expenses are less than 0.01%.

     
     
6
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Growth Fund
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    593       844       1,114       1,882      
                                     
Class B*
    700       918       1,263       2,102      
                                     
Class C**
    300       618       1,063       2,296      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    593       844       1,114       1,882      
                                     
Class B*
    200       618       1,063       2,102      
                                     
Class C
    200       618       1,063       2,296      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%); 3, 5 and 10 years (0%).

               
               
PROSPECTUS
    March 1, 2009       7
               
               


 

 
Calamos Growth and Income Fund (CVTRX)
 
What are the investment objective and principal strategies of the Fund?
Growth and Income Fund’s investment objective is high long-term total return through growth and current income. The Fund invests primarily in a diversified portfolio of convertible, equity and fixed-income securities of U.S. companies without regard to market capitalization. In pursuing its investment objective, the Fund attempts to utilize these different types of securities to strike, in the investment adviser’s opinion, the appropriate balance between risk and reward in terms of growth and income.
 
The Fund attempts to keep a consistent balance between risk and reward over the course of different market cycles, through various combinations of stocks, bonds and/or convertible securities, to achieve what the Fund’s investment adviser believes to be an appropriate blend for the then-current market. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. At some points in a market cycle, one type of security may make up a substantial portion of the portfolio, while at other times certain securities may have minimal or no representation, depending on market conditions. The average term to maturity of the convertible and fixed-income securities purchased by the Fund will typically range from two to ten years. Interest rate changes normally have a greater effect on prices of longer-term bonds than shorter-term bonds.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Convertible Securities and Risks. Convertible securities include debt obligations and preferred stock of the company issuing the security, which may be exchanged for a predetermined price (the conversion price) into the company’s common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.
 
Certain convertible debt securities include a “put option,” which entitles the Fund to sell the security to the company before maturity at a stated price, which may represent a premium over the stated principal amount of the debt security. Conversely, many convertible securities are issued with a “call” feature that allows the security’s issuer to choose when to redeem the security. If a convertible security held by the Fund is called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock, or sell it to a third party at a time that may be unfavorable to the Fund.
 
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 company and other factors also may have an effect on the convertible security’s investment value.
 
Synthetic Convertible Instruments and Risks. A “synthetic” convertible instrument combines separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (“fixed-income component,” which may be a convertible or non-convertible security) and the right to acquire equity securities (“convertible component”). The fixed-income component is achieved by investing in fixed-income securities, including bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic convertible instrument, the Fund may also pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
The Fund may also purchase synthetic convertible instruments created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible instruments may offer more flexibility than purchasing a convertible security. Different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
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.

     
     
8
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Growth and Income Fund
 
Rule 144A Securities and Risks. Some securities in which the Fund invests, such as convertible and debt securities, typically are purchased in transactions exempt from the registration requirements of the Securities Act of 1933 pursuant to Rule 144A under that act. Rule 144A Securities may only be sold to qualified institutional buyers, such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Securities Act or otherwise exempted or excepted from such registration requirements. Under the supervision of the Fund’s board of trustees, the Fund’s investment adviser will determine whether Rule 144A Securities are illiquid. Typically, the Fund purchases Rule 144A Securities only if the Fund’s investment 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.
 
Debt Securities (Including High Yield Fixed-Income Securities) and Risks. The Fund may invest in convertible and non-convertible debt securities, including, without limit, in high yield fixed-income securities, also known as junk bonds. Junk bonds are securities rated BB or lower by S&P, or Ba or lower by Moody’s or securities that are not rated but are considered by the Fund’s investment adviser, to be of similar quality. The Fund may not acquire debt securities that are rated lower than C. If a debt security were downgraded to below a C rating subsequent to the Fund’s investment in the security, the Fund’s investment adviser would review the investment to consider the downgrading, as well as other factors, and determine what action to take in the best interest of shareholders.
 
Securities rated BBB or Baa are considered to be medium grade and to have speculative characteristics. Junk bonds are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Investment in medium-or lower-quality debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market for such securities and adversely affect the value of such securities. In addition, junk bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.
 
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Growth Securities and Risks. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
 
Mid-Sized and Small Company Investments and Risks. The Fund may invest in mid-sized and small company stocks, which have historically been subject to greater investment risk than large company stocks. The prices of such company stocks tend to be more volatile than prices of large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
Tax Risk. The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by

               
               
PROSPECTUS
    March 1, 2009       9
               
               


 

 
Calamos Growth and Income Fund
 
whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS GROWTH AND INCOME FUND
 
(CALENDAR YEAR PERFORMANCE BAR GRAPH)
For the periods included in the bar chart, the Fund’s highest return for a calendar quarter was 34.39% (the 4th quarter of 1999), and the Fund’s lowest return for a calendar quarter was –14.68% (the 4th quarter of 2008).

     
     
10
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Growth and Income Fund
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2008 and since the Fund’s inception compared with broad measures of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                                     
    ONE YEAR   FIVE YEARS   TEN YEARS   SINCE INCEPTION*    
Class A
                                   
                                     
Return before taxes
    –34.24 %     –1.28 %     6.23 %     10.67 %    
                                     
Return after taxes on distributions
    –34.61 %     –2.23 %     4.96 %     8.54 %    
                                     
Return after taxes on distributions and sale of Fund shares
    –22.20 %     –1.14 %     4.99 %     8.37 %    
                                     
Class B
                                   
                                     
Return before taxes**
    –34.88 %     –1.40 %           2.21 %    
                                     
Class C
                                   
                                     
Return before taxes
    –32.17 %     –1.07 %     6.16 %     8.88 %    
                                     
S&P 500 Index#
    –37.00 %     –2.19 %     –1.38 %     8.53 %+    
                                     
Merrill Lynch All U.S. Convertibles EX Mandatory Index~@
    –33.02 %     –3.19 %     2.21 %     7.46 %Ù    
                                     
Value Line Convertible Index##
    –29.31 %     –1.05 %     2.10 %     6.35 %Ù    
                                     
 
* Inception date for Class A shares is 9/22/88, inception date for Class B shares is 9/11/00 and inception date for Class C shares is 8/5/96.
 
** The average annual total return since inception for Class B shares reflects conversion to Class A shares after eight years.
 
# The S&P 500 Index is generally considered representative of the U.S. stock market.
 
## The Value Line Convertible Index is an equally weighted index of the largest convertibles, representing 90% of the market.
 
~ The Merrill Lynch All U.S. Convertibles EX Mandatory Index represents the U.S. convertible market excluding mandatory convertibles.
 
@ The Merrill Lynch All U.S. Convertibles EX Mandatory Index is replacing the Value Line Convertible Index as the Fund’s secondary benchmark. The investment adviser believes that the Merrill Lynch All U.S. Convertibles EX Mandatory Index is a more accurate benchmark of the Fund’s investments. The Value Line Convertible Index may be excluded from this comparison in the future.
 
+ Since inception date for Class A shares.
 
Ù Index data shown is from 9/30/88 (comparative data is available only for full monthly periods).
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.

               
               
PROSPECTUS
    March 1, 2009       11
               
               


 

 
Calamos Growth and Income Fund
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the assets in the Fund. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from fund assets):
                           
                             
Management Fees
    0.66 %     0.66 %     0.66 %    
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses(3)
    0.16 %     0.16 %     0.16 %    
                             
Total Annual Operating Expenses
    1.07 %     1.82 %     1.82 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) “Other Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund. These expenses are less than 0.01%.

     
     
12
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Growth and Income Fund
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    579       799       1,037       1,719      
                                     
Class B*
    685       873       1,185       1,941      
                                     
Class C**
    285       573       985       2,138      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    579       799       1,037       1,719      
                                     
Class B*
    185       573       985       1,941      
                                     
Class C
    185       573       985       2,138      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%); 3, 5 and 10 years (0%).

               
               
PROSPECTUS
    March 1, 2009       13
               
               


 

 
Calamos Value Fund (CVAAX)
 
What are the investment objective and principal strategies of the Fund?
Value Fund’s investment objective is long-term capital growth. In pursuing its investment objective, the Fund seeks out stocks that, in the investment adviser’s opinion, are undervalued according to certain financial measurements of their intrinsic value (such as the present value of the company’s future free cash flow).
 
The Fund anticipates that it will invest primarily in equity securities issued by U.S. companies. The Fund’s portfolio may include securities of well-established companies with large market capitalizations as well as small, unseasoned companies. The Fund’s investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization from $1 billion up to $25 billion. Generally, a small cap company is defined by the investment adviser as having a market capitalization of up to $1 billion.
 
When buying and selling securities, the Fund takes a “bottom-up approach” that focuses on individual stock selection. The Fund uses quantitative research to determine how a company’s stock is valued relative to what the Fund considers to be the company’s intrinsic worth, the financial strength of the company and whether there is a near-term catalyst that could trigger an increase in the stock’s price. The Fund’s investment adviser performs its own fundamental analysis, in addition to depending upon other sources.
 
In its analysis, the Fund typically considers the company’s financial soundness, earnings and cashflow forecast and quality of management. In constructing its portfolio, the Fund seeks to lower the risks of investing in stocks by using a “top-down approach” of diversification by company and industry and also focusing on macro-level investment themes.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Value Securities and Risks. Value stocks involve the risk that they may never reach what the Fund’s investment adviser believes is their full market value. Additionally, because different types of stocks tend to shift in and out of favor depending on market conditions, a value fund’s performance may sometimes be higher or lower than that of other types of funds (such as those emphasizing growth stocks).
 
Mid-Sized and Small Company Investments and Risks. The Fund may invest in mid-sized and small company stocks, which have historically been subject to greater investment risk than large company stocks. The prices of such company stocks tend to be more volatile than prices of large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.

     
     
14
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Value Fund
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS VALUE FUND
 
(CALAMOS VALUE FUND BAR CHART)
For the periods included in the bar chart, the Fund’s highest return for a calendar quarter was 21.17% (the 2nd quarter of 2003), and the Fund’s lowest return for a calendar quarter was –23.14% (the 4th quarter of 2008).
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-and five-year periods ended December 31, 2008 and since the Fund’s inception compared with a broad measure of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                             
    ONE YEAR   FIVE YEARS   SINCE INCEPTION*    
Class A
                           
                             
Return before taxes
    –38.40 %     –2.95 %     –0.99 %    
                             
Return after taxes on distributions
    –38.42 %     –3.42 %     –1.33 %    
                             
Return after taxes on distributions and sale of Fund shares
    –24.96 %     –2.31 %     –0.70 %    
                             
Class B
                           
                             
Return before taxes
    –39.06 %     –3.07 %     –1.04 %    
                             
Class C
                           
                             
Return before taxes
    –36.44 %     –2.72 %     –1.04 %    
                             
Russell 1000 Value Index#
    –36.85 %     –0.79 %     0.78 %Ù    
                             
 
* Inception date for Class A, Class B and Class C shares is 1/2/02.
 
# The Russell 1000 Value Index measures the performance of those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.
 
Ù Index data shown is from 12/31/01 (comparative data is available only for full monthly periods).
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on

               
               
PROSPECTUS
    March 1, 2009       15
               
               


 

 
Calamos Value Fund
 
distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the Fund’s assets. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from fund assets):
                           
                             
Management Fees
    1.00 %     1.00 %     1.00 %    
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses(3)
    0.24 %     0.24 %     0.24 %    
                             
Total Annual Operating Expenses
    1.49 %     2.24 %     2.24 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) “Other Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund. These expenses are less than 0.01%.

     
     
16
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Value Fund
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    619       924       1,250       2,170      
                                     
Class B*
    727       1,000       1,400       2,386      
                                     
Class C**
    327       700       1,200       2,575      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    619       924       1,250       2,170      
                                     
Class B*
    227       700       1,200       2,386      
                                     
Class C
    227       700       1,200       2,575      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%), 3, 5 and 10 years (0%).

               
               
PROSPECTUS
    March 1, 2009       17
               
               


 

 
Calamos Blue Chip Fund (CBCAX)
 
What are the investment objective and principal strategies of the Fund?
Blue Chip Fund’s investment objective is long-term capital growth. In pursuing its investment objective, the Fund seeks out a portfolio that opportunistically blends “Blue Chip” growth and value companies. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings) in “Blue Chip” companies. For this purpose, a Blue Chip company is one whose stock is included in the Standard & Poor’s 500 Stock Index or the Dow Jones Industrial Average or a company with a market capitalization of at least $2 billion that the Fund’s investment adviser believes is well established, well known and financially viable (usually with at least four consecutive quarters of as-reported earnings, excluding discontinued operations and extraordinary items). The Fund invests primarily in equity securities issued by U.S. companies.
 
When buying and selling growth-oriented securities, the Fund focuses on the company’s earnings growth potential coupled with financial strength and stability. When buying and selling value-oriented securities, the Fund focuses on how a company’s stock is valued relative to what the investment adviser considers to be the company’s worth, the financial strength of the company and whether there is a near-term catalyst that could trigger an increase in the stock’s price. Whether examining growth-oriented or value-oriented securities for selection, the Fund focuses on individual stock selection (referred to as a “bottom-up approach”) and quantitative research.
 
In its fundamental analysis, the Fund typically considers the company’s financial soundness, earnings and cashflow forecast and quality of management. In constructing its portfolio, the Fund seeks to lower the risks of investing in stocks by using a “top-down approach” of diversification by company and industry and by also focusing on macro-level investment themes.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Growth Securities and Risks. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
 
Value Securities and Risks. Value stocks involve the risk that they may never reach what the Fund’s investment adviser believes is their full market value. Additionally, because different types of stocks tend to shift in and out of favor depending on market conditions, a value fund’s performance may sometimes be higher or lower than that of other types of funds (such as those emphasizing growth stocks).
 
Mid-Sized Company Investments and Risks. Mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of mid-sized company stocks tend to be more volatile than prices of large company stocks.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.

     
     
18
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Blue Chip Fund
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS BLUE CHIP FUND
 
(CALAMOS BLUE CHIP FUND BAR CHART)
For the period included in the bar chart, the Fund’s highest return for a calendar quarter was 10.27% (the 4th quarter of 2004), and the Fund’s lowest return for a calendar quarter was –21.92% (the 4th quarter of 2008).

               
               
PROSPECTUS
    March 1, 2009       19
               
               


 

 
Calamos Blue Chip Fund
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-and five-year periods ended December 31, 2008 and since the Fund’s inception compared with a broad measure of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                             
    ONE YEAR   FIVE YEARS   SINCE INCEPTION*    
Class A
                           
                             
Return before taxes
    –39.85 %     –3.09 %     –2.93 %    
                             
Return after taxes on distributions
    –39.95 %     –3.33 %     –3.17 %    
                             
Return after taxes on distributions and sale of Fund shares
    –25.91 %     –2.52 %     –2.39 %    
                             
Class B
                           
                             
Return before taxes
    –40.49 %     –3.25 %     –2.91 %    
                             
Class C
                           
                             
Return before taxes
    –37.90 %     –2.86 %     –2.70 %    
                             
S&P 500 Index#
    –37.00 %     –2.19 %     –1.38 %+    
                             
Russell 1000 Growth Index##
    –38.44 %     –3.42 %     –2.72 %Ù    
                             
 
* Inception date for Class A, Class B and Class C shares is 12/01/03.
 
# The S&P 500 Index is generally considered representative of the U.S. stock market.
 
## The Russell 1000 Growth Index measures the performance of those companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values.
 
+ Since inception date for Class A shares.
 
Ù Index data shown is from 11/30/03 (comparative data is available only for full monthly periods).
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.

     
     
20
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Blue Chip Fund
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the Fund’s assets. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from Fund assets):
                           
                             
Management Fees
    1.00 %     1.00 %     1.00 %    
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses(3)
    0.21 %     0.21 %     0.21 %    
                             
Total Annual Operating Expenses
    1.46 %     2.21 %     2.21 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) “Other Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund. These expenses are less than 0.01%.
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    617       915       1,235       2,139      
                                     
Class B*
    724       991       1,385       2,355      
                                     
Class C**
    324       691       1,185       2,545      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    617       915       1,235       2,139      
                                     
Class B*
    224       691       1,185       2,355      
                                     
Class C
    224       691       1,185       2,545      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%); 3, 5 and 10 years (0%).

               
               
PROSPECTUS
    March 1, 2009       21
               
               


 

 
Calamos Multi-Fund Blend (CMQAX)
 
What are the investment objectives and principal strategies of the Fund?
Multi-Fund Blend’s primary objective is long-term capital growth. Its secondary investment objective is current income. The Fund seeks to achieve its investment objectives by investing primarily in Class I shares of a combination of Calamos Funds (the “underlying funds”) on a fixed percentage basis. This type of mutual fund is sometimes called a “fund of funds.” The Fund targets equal allocations of its assets among Calamos Growth Fund, Calamos Value Fund and Calamos Global Growth and Income Fund — generally, each underlying fund receives approximately one-third of the Fund’s assets.
 
The Fund does not actively manage its investments in the underlying funds, although the underlying funds’ portfolio investments are actively managed by the investment adviser of the Fund and the underlying funds. The Fund’s investment adviser monitors the Fund’s percentage allocation to the underlying funds on a daily basis to determine whether the Fund’s allocation remains close to its target, but it does not deviate from the Fund’s fixed allocation target. However, because the underlying funds’ investment results vary and may thereby cause the Fund’s actual allocations to stray from its target allocation percentage, the Fund’s investment adviser rebalances the Fund’s allocations to the underlying funds whenever the actual allocations deviate approximately plus or minus 5% from the Fund’s target allocation.
 
Although the Fund is not an asset allocation fund, its investment adviser may, as it deems appropriate based on economic, market and financial conditions, review the target allocation percentages among the underlying funds and may adjust the amount of its assets invested in each underlying fund as such economic, market and financial conditions warrant. Any changes in the Fund’s target allocation among the underlying funds are expected to be infrequent.
 
The Fund’s ability to achieve its investment objectives depends on the underlying funds’ ability to achieve their respective investment objectives. There can be no assurance that the underlying funds or the Fund will achieve their investment objectives.
 
The Fund, indirectly through its investment in the underlying funds, and the underlying funds directly, invest primarily in U.S. and foreign equity and convertible securities. The Fund also invests proceeds awaiting investment into the underlying funds and proceeds from the liquidation of holdings in the underlying funds to fulfill redemption requests in short-term securities. The Fund’s investment in short-term securities is not part of its principal investment strategy.
 
The investment objectives and principal strategies of Growth Fund are described on page 4, of Value Fund are described on page 14 and of Global Growth and Income Fund are described on page 32 of this prospectus.
 
What are the Fund’s and the underlying funds’ significant investments, investment-related activities and their risks?
Although the Fund typically intends to invest directly only in the underlying funds, the Fund indirectly is exposed to the underlying funds’ investments, investment-related activities and risks discussed below.
 
Equity Investments and Risks. The underlying funds may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Growth Securities and Risks. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
 
Value Securities and Risks. Value stocks involve the risk that they may never reach what the underlying funds’ investment adviser believes is their full market value. A value fund’s performance may sometimes be higher or lower than that of other types of funds (such as those emphasizing growth stocks).
 
Mid-Sized and Small Company Investments and Risks. The underlying funds may invest in mid-sized and small company stocks, which have historically been subject to greater investment risk than large company stocks. The prices of such company stocks tend to be more volatile than prices of large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.

     
     
22
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Multi-Fund Blend
 
Foreign Securities and Risks. The underlying funds may invest their net assets in foreign securities. A foreign security is a security issued by a foreign government or a company organized under the laws of a foreign country. The underlying funds also may invest in securities of foreign issuers through sponsored depositary receipts, including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. International investing allows the underlying funds to achieve greater diversification and to take advantage of changes in foreign economies and market conditions.
 
Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity in than in U.S. markets.
 
Convertible Securities and Risks. Convertible securities include debt obligations and preferred stock of the company issuing the security, which may be exchanged for a predetermined price (the conversion price) into the issuer’s common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.
 
Certain convertible debt securities include a “put option,” which entitles the purchaser to sell the security to the issuer before maturity at a stated price, which may represent a premium over the stated principal amount of the debt security. Conversely, many convertible securities are issued with a “call” feature that allows the security’s issuer to choose when to redeem the security. If a convertible security held by an underlying fund is called for redemption, the underlying fund will be required to redeem the security, convert it into the underlying common stock, or sell it to a third party at a time that may be unfavorable.
 
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 security’s investment value.
 
Synthetic Convertible Instruments and Risks. A “synthetic” convertible instrument combines separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (“fixed-income component,” which may be a convertible or non-convertible security) and the right to acquire equity securities (“convertible component”). The fixed-income component is achieved by investing in fixed-income securities, including bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic convertible instrument, an underlying fund may also pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
An underlying fund may also purchase synthetic convertible instruments created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible instruments may offer more flexibility than purchasing a convertible security. Different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
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.
 
Rule 144A Securities and Risks. Some securities in which the underlying funds invest, such as convertible and debt securities, typically are purchased in transactions exempt from the registration requirements of the Securities Act of 1933 pursuant to Rule 144A under that act. Rule 144A Securities may only be sold to qualified institutional buyers, such as the underlying funds. Any resale of these securities must generally be effected through a sale that is registered under the Securities Act or otherwise exempted or excepted from such registration requirements.

               
               
PROSPECTUS
    March 1, 2009       23
               
               


 

 
Calamos Multi-Fund Blend
 
Under the supervision of the board of trustees, the underlying funds’ investment adviser will determine whether Rule 144A Securities are illiquid. Typically, an underlying fund purchases Rule 144A Securities only if the underlying funds’ investment adviser has determined them to be liquid. If any Rule 144A Security held by an underlying fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.
 
Debt Securities (Including High Yield Fixed-Income Securities) and Risks. The underlying funds may invest in convertible and non-convertible debt securities, including, without limit, in high yield fixed-income securities, also known as junk bonds. Junk bonds are securities rated BB or lower by S&P, or Ba or lower by Moody’s or securities that are not rated but are considered by the underlying funds’ investment adviser, to be of similar quality. The underlying funds may not acquire debt securities that are rated lower than C. If a debt security were downgraded to below a C rating subsequent to the underlying fund’s investment in the security, the underlying fund’s investment adviser would review the investment to consider the downgrading, as well as other factors, and determine what action to take in the best interest of shareholders.
 
Securities rated BBB or Baa are considered to be medium grade and to have speculative characteristics. Junk bonds are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Investment in medium-or lower-quality debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market for such securities and adversely affect the value of such securities. In addition, junk bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.
 
Emerging Markets Securities and Risks. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.
 
Securities Lending and Risks. The underlying funds may lend their portfolio securities to broker-dealers and banks in order to generate additional income. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the underlying fund. In the event of bankruptcy or other default of a borrower of portfolio securities, an underlying fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. In an effort to reduce these risks, the underlying funds’ securities lending agent monitors, and reports to the underlying funds’ investment adviser on, the creditworthiness of the firms to which the underlying funds lend securities. Although not a principal investment strategy, the underlying funds may engage in securities lending to a significant extent.
 
Tax Risk. The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service.
 
Fund of Funds Risk. The Fund’s investment adviser uses a fund of funds strategy to try to achieve the Fund’s investment objectives. There is a risk that the underlying funds in which the Fund invests will not produce the returns that the Fund’s investment adviser expects and that the underlying funds and the Fund will decrease in value. The Fund is not designed to provide comprehensive asset allocation.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.

     
     
24
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Multi-Fund Blend
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS MULTI-FUND BLEND
 
(CALAMOS INTERNATIONAL GROWTH FUND BAR CHART)
For the period included in the bar chart, the Fund’s highest return for a calendar quarter was 6.54% (the 2nd quarter of 2007), and the Fund’s lowest return for a calendar quarter was –22.13% (the 4th quarter of 2008).
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-year period ended December 31, 2008 and since the Fund’s inception compared with a broad measure of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                     
    ONE YEAR   SINCE INCEPTION*    
Class A
                   
                     
Return before taxes
    –43.44 %     –12.28 %    
                     
Return after taxes on distributions
    –43.44 %     –12.35 %    
                     
Return after taxes on distributions and sale of Fund shares
    –28.24 %     –10.24 %    
                     
Class B
                   
                     
Return before taxes
    –43.93 %     –12.25 %    
                     
Class C
                   
                     
Return before taxes
    –41.65 %     –11.24 %    
                     
S&P 500 Index#
    –37.00 %     –10.19 %+    
                     
 
* Inception date for Class A, Class B and Class C shares is 6/28/06
 
# The S&P 500 Index is generally considered representative of the U.S. stock market.
 
+ Since inception date for Class A shares.
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on

               
               
PROSPECTUS
    March 1, 2009       25
               
               


 

 
Calamos Multi-Fund Blend
 
distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.
 
What are the fees and expenses of the Fund?
The following table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the assets in the Fund. You also bear a portion of the underlying funds’ expenses. There is no duplication of fees among the Fund and the underlying funds except possibly for a negligible overlap in expenses relating to audit and administrative services provided to both the Fund and underlying funds. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from Fund assets):
                           
                             
Direct Annual Fund Operating Expenses
                           
                             
Management Fees(3)
    None       None       None      
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses
    0.51 %     0.51 %     0.51 %    
                             
Total Direct Annual Operating Expenses
    0.76 %     1.51 %     1.51 %    
                             
Reimbursement of Direct Other Expenses(4)
    (0.26 %)     (0.26 %)     (0.26 %)    
                             
Total Direct Annual Operating Expenses Net of Reimbursement
    0.50 %     1.25 %     1.25 %    
                             
Direct and Indirect Annual Fund Operating Expenses
                           
                             
Total Direct Annual Operating Expenses
    0.76 %     1.51 %     1.51 %    
                             
Acquired Fund Operating Expenses (Estimated Indirect Expenses of Underlying Funds)(5)
    1.10 %     1.10 %     1.10 %    
                             
Total Annual Operating Expenses
    1.86 %     2.61 %     2.61 %    
                             
Total Annual Operating Expenses Net of Reimbursement
    1.60 %     2.35 %     2.35 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) The Fund does not directly bear a management fee, but the Fund indirectly bears the management fee (and other expenses) of the underlying funds.
 
(4) Calamos Advisors has contractually agreed to reimburse Fund expenses through June 30, 2010 to the extent necessary so that the Fund’s direct Other Expenses after any such reimbursement do not exceed 0.25% for Class A shares, Class B shares or Class C shares. After such date, the expense limitation may be terminated or revised.
 
(5) All classes of shares of the Fund indirectly bear the Class I shares expenses of the underlying funds. Because the amount of the Fund’s assets invested in each of the underlying funds changes daily, the amounts shown in the table are approximate amounts.

     
     
26
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Calamos Multi-Fund Blend
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for the reimbursement of other expenses over 0.25% in the first year, if applicable. The reimbursement of expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    630       1,000       1,402       2,524      
                                     
Class B*
    738       1,078       1,554       2,736      
                                     
Class C**
    338       778       1,354       2,919      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    630       1,000       1,402       2,524      
                                     
Class B*
    238       778       1,354       2,736      
                                     
Class C
    238       778       1,354       2,919      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%); 3, 5 and 10 years (0%).

               
               
PROSPECTUS
    March 1, 2009       27
               
               


 

 
Calamos 130/30 Equity Fund (CELSX)
 
 
What are the investment objective and principal strategies of the Fund?
Calamos 130/30 Equity Fund’s investment objective is long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its managed assets (net assets plus any borrowings for investment purposes) in equity securities, including securities convertible into equity securities. The Fund invests primarily in equity securities issued by U.S. companies.
 
The Fund seeks to achieve its investment objective by establishing long and short positions in equity securities without regard to market capitalization. The Fund will hold long (purchase) securities that the Fund’s investment adviser believes will outperform the market, and will sell short securities expected to underperform the market. The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 100%. Under normal market conditions, the Fund will seek to invest 130% of its managed assets in equity securities (including securities convertible into equity securities) and sell short equity securities amounting to approximately 30% of its managed assets, but may vary from those targets.
 
The Fund’s investment adviser employs solely a quantitative-based analysis, based on proprietary quantitative models and using criteria selected and monitored by the investment team.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Short Sales and Risks. A short sale is the sale of a security the Fund has borrowed, with the expectation that the security will underperform the market. To close out a short sale transaction, the Fund buys the same security at a later date and returns it to the lender of the security. The Fund will profit on the short sale if the Fund buys the replacement security for less than the short sale price, and will lose money if the replacement security costs more than the short sale price. The overall benefit to the Fund will depend on how the short sale performs relative to the market price of securities that the Fund purchased with the sale proceeds. For example, if the market price of the securities that the Fund purchased goes up more than the market price of the security sold short, the Fund will benefit. Conversely, the Fund will not benefit if the market price of the securities purchased goes down more than the market price of securities sold short, even if the short sale itself was closed out at a profit.
 
Short sales involve the risk that the Fund may incur a loss if the market value of a borrowed security increases between the date of the short sale and the date the Fund replaces the security. A short position in a security poses more risk than holding the same security long. Because a short position loses value as the security’s price increases, the loss on a short sale is theoretically unlimited. The loss on a long position is limited to what the Fund originally paid for the security, together with any transaction costs. The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price. In addition, the Fund may be unable to implement its investment strategies because of the lack of attractive short sale opportunities. It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund’s potential volatility. The Fund will incur transaction costs, including interest expenses, in connection with opening, maintaining, and closing short sales.
 
Short sales involve leverage because the Fund borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Fund. Assets segregated to cover those transactions may decline in value and are not available to meet redemptions.
 
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions.
 
Quantitative Investing Risk. The factors used in quantitative-based analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on

     
     
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Calamos 130/30 Equity Fund
 
a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
Portfolio Turnover Risk. Engaging in active and frequent trading of securities may result in a higher than average level of capital gains and greater transaction costs to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale and reinvestments of securities.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.
 
How has the Fund performed in the past?
Performance information has not been presented for the Fund because the Fund has not been operational for at least one full calendar year.

               
               
PROSPECTUS
    March 1, 2009       29
               
               


 

 
Calamos 130/30 Equity Fund
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the Fund’s assets. See “Fund Facts — what classes of shares does the Fund offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from Fund assets):
                           
                             
Management Fees
    1.20 %     1.20 %     1.20 %    
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses
                           
                             
Dividend and Interest Expense on Securities Sold Short(3)
    0.27 %     0.27 %     0.27 %    
                             
Remainder of Other Expenses
    1.20 %     1.20 %     1.20 %    
                             
Total Other Expenses(4)
    1.47 %     1.47 %     1.47 %    
                             
Acquired Fund Operating Expenses (Estimated Indirect Expenses of Underlying Funds)(5)
    0.09 %     0.09 %     0.09 %    
                             
Total Annual Operating Expenses
    3.01 %     3.76 %     3.76 %    
                             
Expense Reimbursement(6)
    (0.90 )%     (0.90 )%     (0.90 )%    
                             
Total Annual Operating Expenses Net of Reimbursement
    2.11 %     2.86 %     2.86 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) “Dividend and Interest Expense on Securities Sold Short” refers to paying the value of dividends to the securities’ lenders and to financing to facilitate additional long purchases.
 
(4) “Other Expenses,” including dividend and interest expense on securities sold short, are based on estimated amounts for the current fiscal year.
 
(5) “Acquired Fund Operating Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund and in certain exchange-traded funds.
 
(6) Calamos Advisors has contractually agreed to reimburse Fund expenses through June 30, 2010 to the extent necessary so that Total Annual Operating Expenses (excluding dividend and interest expense on securities sold short) after any such reimbursement do not exceed 1.75% for Class A shares and 2.50% for Class B shares or Class C shares. After that date, the expense limitation may be terminated or revised.

     
     
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Calamos 130/30 Equity Fund
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example shows an investment made and held for one year and three years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be greater or less than those shown below.
 
 EXAMPLE OF FUND EXPENSES
 
                     
    ONE YEAR
  THREE YEARS
   
You would pay the following expenses if you redeemed your shares at the end of the period:            
Class A
    679       1,253      
                     
Class B*
    789       1,338      
                     
Class C**
    389       1,038      
                     
                     
                     
    ONE YEAR
  THREE YEARS
   
You would pay the following expenses if you did not redeem your shares:            
Class A
    679       1,253      
                     
Class B*
    289       1,038      
                     
Class C
    289       1,038      
                     
 
* The contingent deferred sales charge was applied as follows: 1 year (5.00%) and 3 years (3.00%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1.00%) and 3 years (0.00%).

               
               
PROSPECTUS
    March 1, 2009       31
               
               


 

 
Calamos Global Growth and Income Fund (CVLOX)
 
What are the investment objective and principal strategies of the Fund?
Global Growth and Income Fund’s investment objective is high long-term total return through capital appreciation and current income. The Fund invests primarily in a globally-diversified portfolio of convertible, equity and fixed-income securities without regard to market capitalization. In pursuing its investment objective, the Fund attempts to utilize these different types of securities to strike, in the investment adviser’s opinion, the appropriate balance between risk and reward in terms of growth and income.
 
The Fund attempts to keep a consistent balance between risk and reward over the course of different market cycles, through various combinations of stocks, bonds and/or convertible securities, to achieve what the Fund’s investment adviser believes to be an appropriate blend for the then-current market. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. At some points in a market cycle, one type of security may make up a substantial portion of the portfolio, while at other times certain securities may have minimal or no representation, depending on market conditions.
 
The Fund anticipates that under normal circumstances its investment adviser’s investment process will result in the Fund investing in an internationally-diversified manner, with at least 40% of its assets in securities of foreign issuers. Although not a principal investment strategy, the Fund may invest in securities of issuers in emerging markets to a significant extent.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Convertible Securities and Risks. Convertible securities include debt obligations and preferred stock of the company issuing the security, which may be exchanged for a predetermined price (the conversion price) into the company’s common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.
 
Certain convertible debt securities include a “put option,” which entitles the Fund to sell the security to the company before maturity at a stated price, which may represent a premium over the stated principal amount of the debt security. Conversely, many convertible securities are issued with a “call” feature that allows the security’s issuer to choose when to redeem the security. If a convertible security held by the Fund is called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock, or sell it to a third party at a time that may be unfavorable to the Fund.
 
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 company and other factors also may have an effect on the convertible security’s investment value.
 
Synthetic Convertible Instruments and Risks. A “synthetic” convertible instrument combines separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (“fixed-income component,” which may be a convertible or non-convertible security) and the right to acquire equity securities (“convertible component”). The fixed-income component is achieved by investing in fixed-income securities, including bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic convertible instrument, the Fund may also pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
The Fund may also purchase synthetic convertible instruments created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible instruments may offer more flexibility than purchasing a convertible security. Different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

     
     
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Calamos Global Growth and Income Fund
 
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.
 
Rule 144A Securities and Risks. Some securities in which the Fund invests, such as convertible and debt securities, typically are purchased in transactions exempt from the registration requirements of the Securities Act of 1933 pursuant to Rule 144A under that act. Rule 144A Securities may only be sold to qualified institutional buyers, such as the Fund. Any resale of these securities generally must be effected through a sale that is registered under the Securities Act or otherwise exempted or excepted from such registration requirements.
 
Under the supervision of the Fund’s board of trustees, the Fund’s investment adviser will determine whether Rule 144A Securities are illiquid. Typically, the Fund purchases Rule 144A Securities only if the Fund’s investment 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.
 
Debt Securities (Including High Yield Fixed-Income Securities) and Risks. The Fund may invest in convertible and non-convertible debt securities, including, without limit, in high yield fixed-income securities, also known as junk bonds. Junk bonds are securities rated BB or lower by S&P, or Ba or lower by Moody’s or securities that are not rated but are considered by the Fund’s investment adviser, to be of similar quality. The Fund may not acquire debt securities that are rated lower than C. If a debt security were downgraded to below a C rating subsequent to the Fund’s investment in the security, the Fund’s investment adviser would review the investment to consider the downgrading, as well as other factors, and determine what action to take in the best interest of shareholders.
 
Securities rated BBB or Baa are considered to be medium grade and to have speculative characteristics. Junk bonds are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Investment in medium-or lower-quality debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market for such securities and adversely affect the value of such securities. In addition, junk bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.
 
Foreign Securities and Risks. The Fund may invest up to 100% of its net assets in foreign securities. A foreign security is a security issued by a foreign government or a company organized under the laws of a foreign country. The Fund also may invest in securities of foreign issuers through sponsored depositary receipts, including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. International investing allows the Fund to achieve greater diversification and to take advantage of changes in foreign economies and market conditions.
 
Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity in than in U.S. markets.
 
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Growth Securities and Risks. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
 
Mid-Sized and Small Company Investments and Risks. The Fund may invest in mid-sized and small company stocks, which have historically been subject to greater investment risk than large company stocks. The prices of such company stocks tend to

               
               
PROSPECTUS
    March 1, 2009       33
               
               


 

 
Calamos Global Growth and Income Fund
 
be more volatile than prices of large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.
 
Emerging Markets Securities and Risks. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
Tax Risk. The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS GLOBAL GROWTH AND INCOME FUND
 
(CALAMOS GLOBAL GROWTH AND INCOME FUND BAR CHART)
For the periods included in the bar chart, the Fund’s highest return for a calendar quarter was 32.29% (the 4th quarter of 1999), and the Fund’s lowest return for a calendar quarter was –14.44% (the 4th quarter of 2008).

     
     
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Calamos Global Growth and Income Fund
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2008 and since the Fund’s inception compared with a broad measure of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                                     
    ONE YEAR   FIVE YEARS   TEN YEARS   SINCE INCEPTION*    
Class A
                                   
                                     
Return before taxes
    –37.61 %     1.30 %     4.78 %     6.89 %    
                                     
Return after taxes on distributions
    –38.28 %     0.53 %     3.72 %     5.67 %    
                                     
Return after taxes on distributions and sale of Fund shares
    –24.45 %     0.99 %     3.72 %     5.48 %    
                                     
Class B
                                   
                                     
Return before taxes**
    –38.16 %     1.16 %           1.66 %    
                                     
Class C
                                   
                                     
Return before taxes
    –35.64 %     1.50 %     4.69 %     6.75 %    
                                     
MSCI World Index#
    –40.33 %     0.00 %     –0.19 %     3.61 %Ù    
                                     
 
* Inception date for Class A shares is 9/9/96, Inception date for Class B shares is 9/11/00, Inception date for Class C shares in 09/24/96.
 
** The average annual total return since inception for Class B shares reflects conversion to Class A shares after eight years.
 
# The MSCI World Index (US Dollar) is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and its Asia/Pacific region.
 
Ù Index data shown is from 8/31/96 (comparative data is available only for full monthly periods).
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.

               
               
PROSPECTUS
    March 1, 2009       35
               
               


 

 
Calamos Global Growth and Income Fund
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the assets in the Fund. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load)(as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from Fund assets):
                           
                             
                             
Management Fees
    0.96 %     0.96 %     0.96 %    
                             
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
                             
Other Expenses(3)
    0.15 %     0.15 %     0.15 %    
                             
                             
Total Annual Operating Expenses
    1.36 %     2.11 %     2.11 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) “Other Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund. These expenses are less than 0.01%.
 
Examples:
The two following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    607       885       1,184       2,033      
                                     
Class B*
    714       961       1,334       2,251      
                                     
Class C**
    314       661       1,134       2,442      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    607       885       1,184       2,033      
                                     
Class B*
    214       661       1,134       2,251      
                                     
Class C
    214       661       1,134       2,442      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%); 3, 5, and 10 years (0%).

     
     
36
  CALAMOS FAMILY OF FUNDS
     
     


 

Calamos International Growth Fund (CIGRX)
 
What are the investment objective and principal strategies of the Fund?
International Growth Fund’s investment objective is long-term capital growth. In pursuing its investment objective, the Fund seeks out securities that, in the investment adviser’s opinion, offer some of the best opportunities for growth, both within and outside the U. S., provided such securities satisfy certain criteria. First, the Fund’s investment adviser uses quantitative screens to identify companies with high growth rates relative to their industry. Next, it screens for companies whose growth appears to be sustainable, focusing on company fundamentals, such as return on capital. The Fund’s investment adviser then conducts a valuation analysis, using proprietary cash flow valuation models to assess overall price potential and determine expected returns. Risk management guidelines also require a focus on portfolio construction, including diversification and how individual securities may fit in the overall portfolio.
 
The Fund anticipates that under normal circumstances its investment adviser’s investment process will result in the Fund investing in an internationally-diversified manner, with at least 40% of its assets in securities of foreign issuers. Although not a principal investment strategy, the Fund may invest in securities of issuers in emerging markets to a significant extent.
 
The Fund’s portfolio may include securities of well-established companies with large market capitalizations as well as small, unseasoned companies. The Fund’s investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization from $1 billion up to $25 billion. Generally, a small cap company is defined by the investment adviser as having a market capitalization of up to $1 billion.
 
When buying and selling the types of securities referenced above, the Fund’s investment adviser focuses on the issuer’s potential for revenue and earnings growth and return on capital as well as the sustainability of these factors. It also typically considers the issuer’s earnings and cashflow forecast and quality of management. The Fund’s investment adviser performs its own fundamental analysis, in addition to relying upon outside sources.
 
In constructing its portfolio, the Fund seeks to lower the risks of investing in stocks by using a “top-down approach” of diversification by company and industry and by also focusing on macro-level investment themes.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Growth Securities and Risks. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
 
Foreign Securities and Risks. The Fund may invest up to 100% of its net assets in foreign securities. A foreign security is a security issued by a foreign government or a company organized under the laws of a foreign country. The Fund also may invest in securities of foreign issuers through sponsored depositary receipts, including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. International investing allows the Fund to achieve greater diversification and to take advantage of changes in foreign economies and market conditions.
 
Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, 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.
 
Mid-Sized and Small Company Investments and Risks. The Fund may invest in mid-sized and small company stocks, which have historically been subject to greater investment risk than large company stocks. The prices of such company stocks tend to be more volatile than prices of large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.

               
               
PROSPECTUS
    March 1, 2009       37
               
               


 

 
Calamos International Growth Fund
 
Emerging Markets Securities and Risks. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS INTERNATIONAL GROWTH FUND
 
(CALAMOS INTERNATIONAL GROWTH FUND BAR CHART)
For the period included in the bar chart, the Fund’s highest return for a calendar quarter was 13.25% (the 4th quarter of 2006), and the Fund’s lowest return for a calendar quarter was –26.31% (the 4th quarter of 2008).

     
     
38
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos International Growth Fund
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-year period ended December 31, 2008 and since the Fund’s inception compared with a broad measure of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                     
    ONE YEAR   SINCE INCEPTION*    
Class A
                   
                     
Return before taxes
    –50.68 %     –3.51 %    
                     
Return after taxes on distributions
    –50.68 %     –3.67 %    
                     
Return after taxes on distributions and sale of Fund shares
    –32.94 %     –2.79 %    
                     
Class B
                   
                     
Return before taxes
    –51.19 %     –3.75 %    
                     
Class C
                   
                     
Return before taxes
    –49.10 %     –3.01 %    
                     
MSCI EAFE Growth Index#
    –42.46 %     –2.27 %+    
                     
 
* Inception date for Class A, Class B and Class C shares is 3/16/05.
 
# The MCSI EAFE Growth Index measures developed market growth equity performance (excluding the U.S. and Canada).
 
+ Since inception date for Class A shares.
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.

               
               
PROSPECTUS
    March 1, 2009       39
               
               


 

 
Calamos International Growth Fund
 
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the Fund’s assets. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None (1)     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses that are deducted from fund assets):
                           
                             
Management Fees(3)
    1.05 %     1.05 %     1.05 %    
                             
Distribution and/or Service (12b-1) Fees
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses(4)
    0.18 %     0.18 %     0.18 %    
                             
Total Annual Operating Expenses
    1.48 %     2.23 %     2.23 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) The management fee is subject to a performance adjustment that may increase or decrease the management fee depending on whether the Fund outperforms or underperforms its benchmark, the MSCI EAFE Growth Index, over the applicable measurement period. Because the performance adjustment is tied to the Fund’s performance relative to that of a benchmark (and not to its absolute performance), the fee payable to the Fund’s investment adviser could increase even if the Fund’s shares lose value and could decrease even if the Fund’s shares increase in value. See “Fund Facts — Who Manages the Funds?” for information regarding the calculation of the performance adjustment.
 
(4) “Other Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund. These expenses are less than 0.01%.

     
     
40
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos International Growth Fund
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    618       921       1,245       2,160      
                                     
Class B*
    726       997       1,395       2,376      
                                     
Class C**
    326       697       1,195       2,565      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    618       921       1,245       2,160      
                                     
Class B*
    226       697       1,195       2,376      
                                     
Class C
    226       697       1,195       2,565      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%), 3, 5 and 10 years (0%).

               
               
PROSPECTUS
    March 1, 2009       41
               
               


 

 
Calamos Global Equity Fund (CAGEX)
 
What are the investment objective and principal strategies of the Fund?
Global Equity Fund’s investment objective is long-term capital growth. The Fund invests primarily in a globally-diversified portfolio of equity securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings) in equity securities, including convertible securities convertible into equity securities.
 
The Fund’s portfolio may include securities of well-established companies with large market capitalizations as well as small, unseasoned companies. The Fund’s investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization from $1 billion up to $25 billion. Generally, a small cap company is defined by the investment adviser as having a market capitalization of up to $1 billion.
 
The Fund anticipates that, under normal circumstances, the investment adviser’s process will result in the Fund investing in a globally diversified manner, with at least 40% of its assets in securities of foreign issuers. Although not a principal investment strategy, the Fund may invest in securities of issuers in emerging markets to a significant extent.
 
When buying and selling growth-oriented securities, the Fund focuses on the company’s earnings growth potential coupled with financial strength and stability. When buying and selling value-oriented securities, the Fund focuses on how a company’s stock is valued relative to what the Fund’s investment adviser considers to be the company’s worth, the financial strength of the issuer and whether there is a near-term catalyst that could trigger an increase in the stock’s price. Whether examining growth-oriented or value-oriented securities for selection, the Fund focuses on individual stock selection (referred to as a “bottom-up approach”) and quantitative research.
 
In its fundamental analysis, the investment adviser typically considers the company’s financial soundness, earnings and cashflow forecast and quality of management. In constructing the Fund’s portfolio, the investment adviser tries to lower the risks of investing in stocks by also using a “top-down approach” of diversification by company and industry and by also focusing on macro-level investment themes.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.
 
Growth Securities and Risks. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
 
Value Securities and Risks. Value stocks involve the risk that they may never reach what the Fund’s investment adviser believes is their full market value. Additionally, because different types of stocks tend to shift in and out of favor depending on market conditions, a value fund’s performance may sometimes be higher or lower than that of other types of funds (such as those emphasizing growth stocks).
 
Foreign Securities and Risks. The Fund may invest up to 100% of its net assets in foreign securities. A foreign security is a security issued by a foreign government or a company organized under the laws of a foreign country. The Fund also may invest in securities of foreign issuers through sponsored depositary receipts, including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. International investing allows the Fund to achieve greater diversification and to take advantage of changes in foreign economies and market conditions.
 
Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity in than in U.S. markets.

     
     
42
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Global Equity Fund
 
Mid-Sized and Small Company Investments and Risks. The Fund may invest in mid-sized and small company stocks, which have historically been subject to greater investment risk than large company stocks. The prices of such company stocks tend to be more volatile than prices of large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.
 
Emerging Markets Securities and Risks. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.
 
How has the Fund performed in the past?
The following bar chart and table indicate the risks of investing in the Fund by showing the Fund’s performance from calendar year to calendar year and how the Fund’s 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 Fund’s past performance (before and after taxes) cannot predict how it will perform in the future. The information in the chart is for Class A shares and does not reflect sales charges, which reduce return.
 
 CALENDAR YEAR PERFORMANCE — CALAMOS GLOBAL EQUITY FUND
 
(CALAMOS INTERNATIONAL GROWTH FUND BAR CHART)
For the period included in the bar chart, the Fund’s highest return for a calendar quarter was 1.08% (the 2nd quarter of 2008), and the Fund’s lowest return for a calendar quarter was –23.50% (the 4th quarter of 2008).

               
               
PROSPECTUS
    March 1, 2009       43
               
               


 

 
Calamos Global Equity Fund
 
The following table shows how the Fund’s average annual performance (before and after taxes) for the one-year period ended December 31, 2008 and since the Fund’s inception compared with a broad measure of market performance. 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.
 
 AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED DECEMBER 31, 2008
 
                     
    ONE YEAR   SINCE INCEPTION*    
Class A
                   
                     
Return before taxes
    –47.91 %     –20.99 %    
                     
Return after taxes on distributions
    –48.84 %     –21.76 %    
                     
Return after taxes on distributions and sale of Fund shares
    –31.15 %     –17.99 %    
                     
Class B
                   
                     
Return before taxes
    –48.33 %     –21.21 %    
                     
Class C
                   
                     
Return before taxes
    –46.26 %     –19.50 %    
                     
MSCI World Index#
    –40.33 %     –20.77 %+    
                     
 
* Inception date for Class A, Class B and Class C shares is 3/1/07.
 
# The MSCI World Index (US Dollar) is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and its Asia/Pacific region.
 
+ Since inception date for Class A shares.
 
After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution or assumed sale, but do not include the impact of state and local taxes. In some instances, the “Return after taxes on distributions and sale of Fund shares” may be greater than “Return before taxes” because the investor is assumed to be able to use the capital loss of the sale of Fund shares to offset other taxable capital gains.
 
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns may not be relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA account), or to investors that are tax-exempt. After-tax returns are shown only for Class A shares and after-tax returns for other classes will vary. The table includes the effects of sales charges for each share class.

     
     
44
  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Global Equity Fund
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the Fund’s assets. See “Fund Facts — What classes of shares do the Funds offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None      
                             
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price)
    None(1 )     5.00 %(2)     1.00 %(2)    
                             
Annual Fund Operating Expenses (expenses deducted from fund assets):
                           
                             
Management Fees(3)
    1.15 %     1.15 %     1.15 %    
                             
Distribution and/or Service Fees (12b-1)
    0.25 %     1.00 %     1.00 %    
                             
Other Expenses(4)
    0.42 %     0.42 %     0.42 %    
                             
Total Annual Operating Expenses
    1.82 %     2.57 %     2.57 %    
                             
 
(1) The redemption of Class A shares purchased at net asset value pursuant to the $1,000,000 purchase order privilege may be subject to a contingent deferred sales charge of 0.50% if redeemed within two years of purchase.
 
(2) The contingent deferred sales charge decreases over time. For additional information, see “Fund Facts — Class B shares” and “Fund Facts — Class C shares.”
 
(3) The management fee is subject to a performance adjustment that may increase or decrease the management fee depending on whether the Fund outperforms or underperforms its benchmark, the MSCI World Index, over the applicable measurement period. Because the performance adjustment is tied to the Fund’s performance relative to that of a benchmark (and not to its absolute performance), the fee payable to the Fund’s investment adviser could increase even if the Fund’s shares lose value and could decrease even if the Fund’s shares increase in value. See “Fund Facts — Who manages the Funds?” for information regarding the calculation of the performance adjustment.
 
(4) “Other Expenses” include certain expenses incurred in connection with the Fund’s investment in Calamos Government Money Market Fund. These expenses
are less than 0.01%.

               
               
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Calamos Global Equity Fund
 
Examples:
The two following examples will help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples show an investment made and held for one year, three years, five years and ten years. The first example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The second example assumes you did not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except for reimbursement of annual operating expenses in the first year, if applicable. The reimbursement of annual operating expenses is not considered when calculating expenses for subsequent years. Your actual costs may be different than those shown below.
 
 EXAMPLES OF FUND EXPENSES
 
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
redeemed your shares at the end of the period:                    
Class A
    651       1,020       1,414       2,511      
                                     
Class B*
    760       1,100       1,565       2,722      
                                     
Class C**
    360       800       1,365       2,905      
                                     
                                     
                                     
You would pay the following expenses if you
  ONE YEAR
  THREE YEARS
  FIVE YEARS
  TEN YEARS
   
did not redeem your shares:                    
Class A
    651       1,020       1,414       2,511      
                                     
Class B*
    260       800       1,365       2,722      
                                     
Class C
    260       800       1,365       2,905      
                                     
 
* Assumes conversion to Class A shares in years nine and ten. For the first example, which assumes that you redeem all of your shares at the end of each time period, the contingent deferred sales charge was applied as follows: 1 year (5%), 3 years (3%), 5 years (2%) and 10 years (0%).
 
** The contingent deferred sales charge was applied as follows: 1 year (1%), 3, 5 and 10 years (0%).

     
     
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Calamos Evolving World Growth Fund (CNWGX)
 
What are the investment objective and principal strategies of the Fund?
Evolving World Growth Fund’s investment objective is long-term capital growth. In pursuing the Fund’s investment objective, the Fund’s investment adviser seeks out securities that, in its opinion, offer the best opportunities for growth, provided such securities satisfy certain criteria. First, the Fund’s investment adviser uses quantitative screens to identify companies with high growth rates relative to their industry. Next, it screens for companies whose growth appears to be sustainable, focusing on company fundamentals, such as return on capital. The investment adviser then conducts a valuation analysis, using proprietary cashflow valuation models to assess overall price potential and determine expected returns. Risk management guidelines also require a focus on portfolio construction, including diversification and how individual securities may fit in the overall portfolio.
 
The Fund anticipates that, under normal circumstances, the investment adviser’s process will result in the Fund investing in a globally diversified manner, with at least 40% of its assets in securities of foreign issuers. The Fund intends to invest at least 35% of its assets in equity, convertible or debt securities of issuers that are organized in emerging market countries. Under normal circumstances, the remaining assets will be invested primarily in (1) equity, convertible or debt securities of companies, regardless of where they are organized, if the Fund’s investment adviser determines that a significant portion (generally, 20% or more) of the assets or revenues of each such company is attributable to emerging market countries and (2) sovereign and agency debt of non-emerging market countries.
 
When buying and selling securities, the Fund focuses on a company’s financial soundness, earnings and cashflow forecast and quality of management. In constructing its portfolio, the Fund seeks to lower the risks of investing in stocks by using a “top-down approach” of diversification by company and industry and by also focusing on macro-level investment themes. The Fund’s investment adviser performs its own fundamental analysis, in addition to relying upon outside sources.
 
What are the Fund’s significant investments, investment-related activities and their related risks?
Emerging Markets Securities and Risks. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.
 
Foreign Securities and Risks. The Fund may invest up to 100% of its net assets in foreign securities. A foreign security is a security issued by a foreign government or a company organized under the laws of a foreign country. The Fund also may invest in securities of foreign issuers through sponsored depositary receipts, including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. International investing allows the Fund to achieve greater diversification and to take advantage of changes in foreign economies and market conditions.
 
Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, 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.
 
Equity Investments and Risks. The Fund may invest in exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company’s equity securities represents a proportionate ownership interest in that company. Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions.
 
Debt Securities (Including High Yield Fixed-Income Securities) and Risks. The Fund may invest in convertible and non-convertible debt securities, including, without limit, in high yield fixed-income securities, also known as junk bonds. Junk bonds are securities rated BB or lower by S&P, or Ba or lower by Moody’s or securities that are not rated but are considered by the Fund’s investment adviser, to be of similar quality. The Fund may not acquire debt securities that are rated lower than C. If a debt security were downgraded to below a C rating subsequent to the Fund’s investment in the security, the Fund’s investment adviser

               
               
PROSPECTUS
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Calamos Evolving World Growth Fund
 
would review the investment to consider the downgrading, as well as other factors, and determine what action to take in the best interest of shareholders.
 
Securities rated BBB or Baa are considered to be medium grade and to have speculative characteristics. Junk bonds are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Investment in medium-or lower-quality debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market for such securities and adversely affect the value of such securities. In addition, junk bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.
 
Obligations of Non-U.S. Governments and International Agencies and Risks. The Fund may invest in sovereign debt issued by non-U.S. governments or their subdivisions, agencies or government-sponsored enterprises and in bonds, notes or Eurobonds of international agencies. Examples are securities issued by the Asian Development Bank, the European Economic Community, and the European Investment Bank. The Fund may also purchase obligations of the International Bank for Reconstruction and Development, which, although technically not a U.S. Government agency or instrumentality, has the right to borrow from the participating countries, including the U.S.
 
An investment in debt obligations of non-U.S. governments and their political subdivisions involves special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of U.S. issuers. In the past, certain non-U.S. countries have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debt.
 
A sovereign debtor’s willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the sovereign debtor’s policy toward its principal international lenders and local political constraints. Sovereign debtors may also be dependent on expected disbursements from non-U.S. governments, multinational agencies and other entities to reduce principal and interest arrearages on their debt. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay principal or interest when due may result in the cancellation of third-party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to service its debts.
 
Convertible Securities and Risks. Convertible securities include debt obligations and preferred stock of the company issuing the security, which may be exchanged for a predetermined price (the conversion price) into the company’s common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.
 
Certain convertible debt securities include a “put option,” which entitles the Fund to sell the security to the company before maturity at a stated price, which may represent a premium over the stated principal amount of the debt security. Conversely, many convertible securities are issued with a “call” feature that allows the security’s issuer to choose when to redeem the security. If a convertible security held by the Fund is called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock, or sell it to a third party at a time that may be unfavorable to the Fund.
 
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 company and other factors also may have an effect on the convertible security’s investment value.
 
Synthetic Convertible Instruments and Risks. A “synthetic” convertible instrument combines separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (“fixed-income component,” which may be a convertible or non-convertible security) and the right to acquire equity securities (“convertible component”). The fixed-income component is achieved by investing in fixed-income securities, including bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain

     
     
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  CALAMOS FAMILY OF FUNDS
     
     


 

 
Calamos Evolving World Growth Fund
 
exercise price, or options on a stock index. In establishing a synthetic convertible instrument, the Fund may also pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
The Fund may also purchase synthetic convertible instruments created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible instruments may offer more flexibility than purchasing a convertible security. Different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
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.
 
Securities Lending and Risks. The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses. A Fund may experience losses as a result of a diminution in value of its cash collateral investments. In an effort to reduce these risks, the Fund’s securities lending agent monitors, and reports to the Fund’s investment adviser on, the creditworthiness of the firms to which the Fund lends securities. Although not a principal investment strategy, the Fund may engage in securities lending to a significant extent.
 
General Risks. As with any security, there are market and investment risks associated with your investment in the Fund. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. Certain events have a disruptive effect on securities markets. Whether the Fund achieves its investment objective is significantly impacted by whether the Fund’s investment adviser is able to choose suitable investments for the Fund. The value of your investment will fluctuate over time and it is possible to lose money.
 
More information about Fund investments and strategies is provided in the Statement of Additional Information. See “Principal Risks of Investing in a Fund” for more information on the risks of investing in the Fund.
 
How has the Fund performed in the past?
Performance information has not been presented for the Fund because the Fund has not been operational for at least one full calendar year.

               
               
PROSPECTUS
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Calamos Evolving World Growth Fund
 
What are the 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. There are shareholder fees, which are subtracted directly from the amount you invest, and annual operating expenses, which are subtracted each year from the Fund’s assets. See “Fund Facts — what classes of shares does the Fund offer?” for information regarding sales load discounts and waivers.
 
                             
    CLASS A   CLASS B   CLASS C    
Shareholder Fees (fees paid directly from your investment):
                           
                             
Maximum Sales Charge (Load) on Purchases (as a percentage of offering price)
    4.75 %     None       None