Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Calamos Financial Services LLC, Distributor
Important Fund Information
The Fund may invest up to 100% of its assets in the securities of foreign issuers. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information. The Fund may invest in securities issued by companies in emerging markets; these may present additional risk due to the potential for greater economic and political instability in less developed countries.
The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.
NOTES
Annualized Standard Deviation-A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.
Beta-Is a historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.
Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.
Debt/Capital Ratio-Is a measure of a company s financial leverage, calculated as the company’s debt divided by its total capital.
MSCI® World Index-Is a market capitalization weighted index composed of companies representative of the market structure of 21 developed market countries in North America, Europe, and the Asia/Pacific region.
PEG Ratio-Is price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.
Price/Book Ratio-Is a stock’s capitalization divided by its book value.
Price/Earnings Ratio-Is the current stock price over trailing 12‐month earnings per share.
Price/Sales Ratio-Is the current stock price over trailing 12‐month sales per share.
ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital.
Turnover-is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.
Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.