Mutual Fund Summary Prospectus (497k)
03 Junio 2013 - 10:43AM
Edgar (US Regulatory)
June 2, 2013
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Summary Prospectus
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Calamos Long/Short Fund
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NASDAQ Symbol: CALSX Class A CCLSX Class C
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Before you
invest, you may want to review the Funds prospectus and statement of additional information, which contain more information about the Fund and its risks. You can find the Funds prospectus, statement of additional information and other
information about the Fund online at http://fundinvestor.calamos.com/FundLit. You can also get this information at no cost by calling 800.582.6959 or by sending an e-mail request to prospectus@calamos.com. The current prospectus and statement
of additional information, both dated June 2, 2013 (and as each may be amended or supplemented), are incorporated by reference into this summary prospectus.
Investment Objective
Calamos Long/Short
Funds investment objective is long term capital appreciation.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and
your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under Fund Facts What classes of shares does the
Fund offer? on page 15 of the Funds prospectus and Share Classes and Pricing of Shares on page 48 of the Funds statement of additional information.
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Shareholder Fees
(fees paid directly from your investment):
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CLASS A
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CLASS C
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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4.75
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%
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering
price)
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None
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1.00
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%
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Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment):
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CLASS A
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CLASS C
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Management Fees
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1.25
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%
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1.25
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%
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Distribution and/or Service Fees (12b-1)
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0.25
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%
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1.00
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%
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Other Expenses
1
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0.93
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%
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0.93
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%
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Dividend expense on short
positions
1,2
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0.90
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%
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0.90
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%
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Total Annual Operating Expenses
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3.33
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%
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4.08
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%
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Expense Reimbursement
3
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(0.43
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)%
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(0.43
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)%
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Total Annual Operating Expenses After Reimbursement
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2.90
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%
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3.65
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%
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1
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Estimated amount for the Funds current fiscal year.
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2
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Dividend Expenses on short positions reflect interest expense and dividends paid on borrowed securities. Interest expenses result from the Funds use of prime
brokerage arrangements to execute short sales. Dividends paid on borrowed securities are an expense of short sales. Such expenses are required to be treated as a Fund expense for accounting purposes and are not payable to Calamos Advisors LLC. Any
interest expense amount or dividends paid on securities sold short will vary based on the Funds use of those investments as an investment strategy best suited to seek the objective of the Fund.
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3
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The Funds investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses
(excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A and Class C are limited to 2.00% and 2.75% of average net assets,
respectively. This agreement is not terminable by either party.
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Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital
gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Funds operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these
assumptions, your costs would be:
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REDEMPTION
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NO REDEMPTION
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A
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C
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A
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C
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1 Year
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754
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467
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754
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367
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3 Years
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1,347
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1,135
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1,347
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1,135
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LSPRO 06/13
Calamos Long/Short Fund
Portfolio Turnover
The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Funds performance.
Principal Investment Strategies
The Fund seeks to achieve it investment objective by taking
long and short positions in equity securities (including common and preferred stock, and convertible securities) primarily of large and mid-cap U.S. companies. The Funds 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 between $1 billion and $25 billion. However, the Fund may invest in companies of any size and market capitalization. The Fund may invest up to 40% of its
net assets in foreign securities. The Fund may also invest in fixed income securities of varying maturities and cash and cash equivalents.
The Fund
seeks to outperform the equity markets while providing less volatility through active stock selection and by adjusting market exposures within its portfolio. The Fund seeks to accomplish this by taking long positions in companies that are expected
to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. A long position arises where the Fund holds a security in its portfolio. The Fund will have a
short position where it sells a security it does not own by delivery of a borrowed security. Although the Fund intends to maintain an overall long position in its portfolio, the Fund may maintain significant short positions and, in certain
circumstances these short positions may approach the size of overall long positions. The Fund may maintain long and short positions through the use of derivative instruments such as options, futures and forward contracts. The Fund may purchase or
sell securities on a when-issued, delayed delivery or forward commitment basis and may regularly engage in short sales and borrowings for investment purposes.
As market volatility increases, the Funds portfolio may turnover more frequently. The Fund may maintain cash and cash equivalents, without limitation, when the Funds investment adviser determines that
opportunities for investing are unattractive.
Principal Risks
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an
investment in the Fund can increase during times of significant market volatility. Under certain conditions, even if the value of the Funds long positions are rising, this could be offset by declining values of the Funds short positions.
Conversely, it is possible that rising values of the Funds short positions could be offset by declining values of the Funds long positions. In either scenario the Fund may experience losses. In a market where the value of both the
Funds long and short positions are declining, the Fund may experience substantial losses. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The principal risks of investing in the Fund include:
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Equity Securities Risk
The securities markets are volatile, and the market prices of the Funds securities may decline generally. The price of
equity securities fluctuates based on changes in a companys financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.
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Short Sale Risk
The Fund may incur a loss (without limit) as a result of a short sale if the market value of the borrowed security increases
between the date of the short sale and the date the Fund replaces the security. The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price.
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Options Risk
The Funds ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call
option is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to
achieve its objectives. The Funds ability to utilize options successfully will depend on the ability of the Funds investment adviser to predict pertinent market movements, which cannot be assured.
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Portfolio Selection Risk
The value of your investment may decrease if the investment advisers judgment about the attractiveness, value
or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.
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Liquidity Risk
Liquidity risk exists when particular investments are difficult to purchase or sell. The Funds investments in illiquid
securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.
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Convertible Securities Risk
The value of a convertible security is influenced by changes in interest rates, with investment value declining as
interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible securitys investment value.
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Synthetic Convertible Instruments Risk
The value of a synthetic convertible instrument will respond differently to market fluctuations than a
convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the
convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.
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Leveraging Risk
The risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use
of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged.
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Calamos Long/Short Fund
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Portfolio Turnover Risk
The portfolio managers may actively and frequently trade securities or other instruments in the Funds portfolio to
carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Funds expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an
increase in short-term capital gains.
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Foreign Securities Risk
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 than in U.S. markets
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Growth Stock Risk
Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more
sensitive to changes in current or expected earnings than other equity securities and may be more volatile.
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Small and Mid-Sized Company Risk
Small and mid-sized company stocks have historically been subject to greater investment risk than large company
stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.
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Emerging Markets Risk
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.
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Derivative Risks
the Fund may invest in derivatives. Derivatives may be more volatile than other investments and may magnify the Funds gains
or losses. Successful use of derivatives depends upon to which the prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its
securities fails to correlate with the value of derivatives it purchase or sole. The potential lack of a liquid secondary market for a derivative may present the Fund from closing its derivatives positions and to limit losses or realize profits.
Derivatives may be purchased for a fraction of their value and small price movements may result in an immediate and substantial loss to the Fund. Additional, derivatives instruments are subject I counter party risk, meaning that the party who issues
the derivatives may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.
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Futures and Forward Contracts
Futures contracts provide for the future sale of sale by one party and purchase by another of s specific security
time and price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a positions in a futures contract at a specified exercise price during the term of the options. Futures and forward contracts are
subject I counter party risk, meaning that the party who issues the derivatives may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.
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Interest Rate Risk
The value of fixed-income securities generally decreases in periods when interest rates are rising. In addition, interest rate
changes typically have a greater effect on prices of longer-term fixed-income securities than shorter term fixed-income securities.
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Credit Risk
An issuer of a fixed-income security could be downgraded or default. If the Fund holds securities that have been downgraded, or that
default on payment, the Funds performance could be negatively affected.
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Cash Holdings Risk
To the extent the Fund holds cash positions, the Fund risks achieving lower returns and potential lost opportunities to
participate in market appreciation which could negatively impact the Funds performance and ability to achieve its investment objective.
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Performance
The Fund has not yet commenced operations, therefore performance information is
not yet available. In the future, performance will be available at no cost by visiting www.calamos.com or by calling 800.582.6959.
Investment Adviser
Calamos Advisors LLC
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PORTFOLIO MANAGER/FUND TITLE (IF APPLICABLE)
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PORTFOLIO MANAGER EXPERIENCE IN THE FUND
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PRIMARY TITLE WITH INVESTMENT ADVISER
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John P. Calamos, Sr. (President, Chairman)
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since Funds inception
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Chief Executive Officer, Global Co-CIO
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Gary D. Black (Vice President)
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since Funds inception
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EVP, Global Co-CIO and CIO Alternative Strategies
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Brendan Maher
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since Funds Inception
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SVP, Co-Portfolio Manager
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Naveen Yalamanchi
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since Funds inception
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VP, Co-Portfolio Manager
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Himanshu Sheth
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since Funds inception
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VP, Co-Portfolio Manager
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Daniel Fu
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since Funds inception
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VP, Co-Portfolio Manager
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3
Calamos Long/Short Fund
Buying and Redeeming Fund Shares
Minimum
Initial Investment
Classes A and C: $2,500/$500 for IRA
Minimum Additional Investment
Classes A and C: $50
To Place Orders
Please contact your broker or other intermediary, or place your order directly:
Mail:
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201
Phone: 800.582.6959
Transaction Policies
The Funds shares are redeemable. In general, investors may purchase, redeem, or exchange Fund shares on any day the New York Stock Exchange is
open by written request (to the address noted above), by wire transfer, by telephone (at the number noted above), or through a financial intermediary. Orders to buy and redeem shares are processed at the next net asset value (share price or
NAV) to be calculated only on days when the New York Stock Exchange is open for regular trading.
Tax Information
The Funds distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other
tax-advantaged investment plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediarys website for more information.
Click here to view the Funds
statutory
prospectus
or
statement of additional information
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2020 Calamos Court
Naperville,
IL 60563-2787
800.582.6959
www.calamos.com
811-05433
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