PORTFOLIO MANAGER EXPERIENCE IN THE FUND

Transcription

1 Supplement dated December 7, 2016 to the CALAMOS FAMILY OF FUNDS Prospectuses for Class A, B, and C and Class I and R, and the Statement of Additional Information, each dated February 29, 2016, as supplemented on March 14, 2016, June 10, 2016, July 1, 2016 and July 22, 2016 Effective July 1, 2016, John S. Koudounis is a Vice President and Thomas E. Herman is a Vice President and Chief Financial Officer of Calamos Investment Trust (the Trust ). Effective immediately, R. Matthew Freund is a member of the investment teams managing certain series of the Trust, as noted below, as well as a Co-Chief Investment Officer of Calamos Advisors LLC ( Calamos Advisors ). Accordingly, the Prospectuses and Statement of Additional Information are hereby amended as follows: The table listing the Growth and Income Fund s portfolio managers on page 35 of the Class A, B and C Prospectus, and on page 34 of the Class I and R Prospectus is deleted and replaced with the following: PORTFOLIO MANAGER/ FUND TITLE (IF APPLICABLE) PORTFOLIO MANAGER EXPERIENCE IN THE FUND PRIMARY TITLE WITH INVESTMENT ADVISER John P. Calamos, Sr. (President, Chairman) since Fund s inception Chief Executive Officer, Global CIO R. Matthew Freund since November 2016 SVP, Sr. Co-Portfolio Manager John Hillenbrand 12 years SVP, Sr. Co-Portfolio Manager David Kalis 1 year SVP, Sr. Co-Portfolio Manager Eli Pars 2.5 years SVP, Sr. Co-Portfolio Manager Jon Vacko 12 years SVP, Sr. Co-Portfolio Manager Joe Wysocki 1 year SVP, Co-Portfolio Manager The table listing the Global Growth and Income Fund s portfolio managers on page 40 of the Class A, B and C Prospectus, and on page 38 of the Class I and R Prospectus is deleted and replaced with the following: PORTFOLIO MANAGER/ FUND TITLE (IF APPLICABLE) PORTFOLIO MANAGER EXPERIENCE IN THE FUND PRIMARY TITLE WITH INVESTMENT ADVISER John P. Calamos, Sr. (President, Chairman) since Fund s inception Chief Executive Officer, Global CIO R. Matthew Freund since November 2016 SVP, Sr. Co-Portfolio Manager John Hillenbrand 12 years SVP, Sr. Co-Portfolio Manager David Kalis 1 year SVP, Sr. Co-Portfolio Manager Nick Niziolek 3 years SVP, Sr. Co-Portfolio Manager Eli Pars 2.5 years SVP, Sr. Co-Portfolio Manager Jon Vacko 12 years SVP, Sr. Co-Portfolio Manager Dennis Cogan 3 years SVP, Co-Portfolio Manager Joe Wysocki 1 year SVP, Co-Portfolio Manager The table listing the Convertible Fund s portfolio managers on page 45 of the Class A, B and C Prospectus, and on page 42 of the Class I and R Prospectus is deleted and replaced with the following: PORTFOLIO MANAGER/ FUND TITLE (IF APPLICABLE) PORTFOLIO MANAGER EXPERIENCE IN THE FUND PRIMARY TITLE WITH INVESTMENT ADVISER John P. Calamos, Sr. (President, Chairman) since Fund s inception Chief Executive Officer, Global CIO R. Matthew Freund since November 2016 SVP, Sr. Co-Portfolio Manager John Hillenbrand 12 years SVP, Sr. Co-Portfolio Manager Eli Pars 2.5 years SVP, Sr. Co-Portfolio Manager Jon Vacko 12 years SVP, Sr. Co-Portfolio Manager Joe Wysocki 1 year SVP, Co-Portfolio Manager

2 The table listing the Total Return Bond Fund s portfolio managers on page 50 of the Class A, B and C Prospectus, and on page 47 of the Class I and R Prospectus is deleted and replaced with the following: PORTFOLIO MANAGER/ FUND TITLE (IF APPLICABLE) PORTFOLIO MANAGER EXPERIENCE IN THE FUND PRIMARY TITLE WITH INVESTMENT ADVISER John P. Calamos, Sr. (President, Chairman) since Fund s inception Chief Executive Officer, Global CIO R. Matthew Freund since November 2016 SVP, Sr. Co-Portfolio Manager John Hillenbrand 7 years SVP, Sr. Co-Portfolio Manager Eli Pars 2 years SVP, Sr. Co-Portfolio Manager Jon Vacko 1 year SVP, Sr. Co-Portfolio Manager Jeremy Hughes 2.5 years SVP, Co-Portfolio Manager Chuck Carmody since February 29, 2016 VP, Co-Portfolio Manager The table listing the High Income Fund s portfolio managers on page 54 of the Class A, B and C Prospectus, and on page 51 of the Class I and R Prospectus is deleted and replaced with the following: PORTFOLIO MANAGER/ FUND TITLE (IF APPLICABLE) PORTFOLIO MANAGER EXPERIENCE IN THE FUND PRIMARY TITLE WITH INVESTMENT ADVISER John P. Calamos, Sr. (President, Chairman) since Fund s inception Chief Executive Officer, Global CIO R. Matthew Freund since November 2016 SVP, Sr. Co-Portfolio Manager John Hillenbrand 12 years SVP, Sr. Co-Portfolio Manager Eli Pars 2 years SVP, Sr. Co-Portfolio Manager Jon Vacko 1 year SVP, Sr. Co-Portfolio Manager Jeremy Hughes 2.5 years SVP, Co-Portfolio Manager Chuck Carmody since February 29, 2016 VP, Co-Portfolio Manager The table listing the Global Convertible Fund s portfolio managers on page 84 of the Class A, B and C Prospectus, and on page 81 of the Class I and R Prospectus is deleted and replaced with the following: PORTFOLIO MANAGER/ FUND TITLE (IF APPLICABLE) PORTFOLIO MANAGER EXPERIENCE IN THE FUND PRIMARY TITLE WITH INVESTMENT ADVISER John P. Calamos, Sr. (President, Chairman) since Fund s inception Chief Executive Officer, Global CIO R. Matthew Freund since November 2016 SVP, Sr. Co-Portfolio Manager John Hillenbrand since Fund s inception SVP, Sr. Co-Portfolio Manager Nick Niziolek since Fund s inception SVP, Sr. Co-Portfolio Manager Eli Pars since Fund s inception SVP, Sr. Co-Portfolio Manager Jon Vacko since Fund s inception SVP, Sr. Co-Portfolio Manager Dennis Cogan since Fund s inception SVP, Co-Portfolio Manager Joe Wysocki 1 year SVP, Co-Portfolio Manager The Portfolio Managers section beginning on page 104 of the Class A, B and C Prospectus and on page 102 of the Class I and R prospectus is deleted in its entirety and replaced with the following: Portfolio Managers John P. Calamos, Sr. During the past five years, John P. Calamos, Sr. has been President and Trustee of the Calamos Investment Trust ( Trust ) and for CALAMOS ADVISORS: Founder, Chairman and Global Chief Investment Officer ( Global CIO ) since August 2016; Chairman and Global CIO since April 2016; Chairman, Chief Executive Officer and Global Co-CIO since April 2013; Chief Executive Officer and Global Co-CIO since August 2012; and Chief Executive Officer and Co-CIO prior thereto. John P. Calamos, Jr. John P. Calamos, Jr., Co-Portfolio Manager of CALAMOS ADVISORS joined the firm in 1985 and has held various senior investment positions since that time. Chuck Carmody. Chuck Carmody joined CALAMOS ADVISORS in 2004 and since February 2016 is a Co-Portfolio Manager, as well as a Senior Fixed Income Trader. From January 2010 to February 2016 he was a Senior Trader. 2

3 Dennis Cogan. Dennis Cogan joined CALAMOS ADVISORS in March 2005 and since March 2013 is a Co-Portfolio Manager. Between March 2005 and March 2013 he was a senior strategy analyst. R. Matthew Freund. R. Matthew Freund joined CALAMOS ADVISORS in November 2016 as a Co-CIO, Head of Fixed Income Strategies, as well as a Senior Co-Portfolio Manager. Previously, he was SVP of Investment Portfolio Management and Chief Investment Officer at USAA Investments since Michael Grant. Michael Grant joined CALAMOS ADVISORS in September 2015 as a Global Economist Long/Short Strategies and as a Senior Co-Portfolio Manager. Previously, he was Founder, CIO, and Portfolio Manager at Phineus Partners LP since Jason Hill. Jason Hill joined CALAMOS ADVISORS in March 2004 and has been a Co-Portfolio Manager since June Between August 2013 and June 2014, he was a Senior Strategy Analyst. Previously, he was a Portfolio Administrator. John Hillenbrand. John Hillenbrand joined CALAMOS ADVISORS in 2002 and since September 2015 is a Co-CIO, Head of Multi-Asset Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March 2013 to September 2015 he was a Co-Portfolio Manager. Between August 2002 and March 2013 he was a senior strategy analyst. Jeremy Hughes. Jeremy Hughes joined CALAMOS ADVISORS in June 2013 as a Co-Portfolio Manager. Prior thereto, Mr. Hughes was a Vice President and Senior High Yield Portfolio Manager at Aviva Investors since David Kalis. David Kalis joined CALAMOS ADVISORS in February 2013 and has been a Co-CIO, Head of U.S. Growth Equity Strategies, as well as a Senior Co-Portfolio Manager, since September Between March 2013 and September 2015 he was a Co-Portfolio Manager. Previously, he was a Managing Partner at Charis Capital Management LLC from 2010 until Prior thereto, Mr. Kalis was Senior Vice President, Institutional Asset Management Group at Northern Trust Global Investments from 2006 to Nick Niziolek. Nick Niziolek joined CALAMOS ADVISORS in March 2005 and has been a Co-CIO, Head of International and Global Strategies, as well as a Senior Co-Portfolio Manager, since September Between August 2013 and September 2015 he was a Co-Portfolio Manager, Co-Head of Research. Between March 2013 and August 2013 he was a Co-Portfolio Manager. Between March 2005 and March 2013 he was a senior strategy analyst. David O Donohue. David O Donohue joined CALAMOS ADVISORS in August 2014 and has been a Co-Portfolio Manager since September Between March 2013 and August 2014, he was a Trader at Forty4 Asset Management LLC/Hard8 Futures LLC. Prior thereto, Mr. O Donohue was a Portfolio Manager at Chicago Fundamental Investment Partners LLC from February 2009 to November Eli Pars. Eli Pars joined CALAMOS ADVISORS in May 2013 and has been Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager, since September Between May 2013 and September 2015, he was a Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February 2009 until November Prior thereto, Mr. Pars was President at Mulligan Partners LLC from October 2006 until February Michael Roesler. Michael Roesler joined CALAMOS ADVISORS in February 2014 as a Co-Portfolio Manager. Previously, he was a Lead Technology Sector Analyst for Small/Mid/Large/All Cap Growth Funds at Oak Ridge Investments since Prior thereto, Mr. Roesler was a Senior Equity Analyst Small and Mid Cap Growth Funds at Northern Trust Global Investments from 2008 to Jon Vacko. Jon Vacko joined CALAMOS ADVISORS in 2000 and has been a Sr. Co-Portfolio Manager since September Previously, he was a Co-Portfolio Manager from August 2013 to September 2015; prior thereto he was a Co-Head of Research and Investments from July 2010 to August Between July 2002 and July 2010 he was a senior strategy analyst. Joe Wysocki. Joe Wysocki joined CALAMOS ADVISORS in October 2003 and since March 2015 is a Co-Portfolio Manager. Previously, Mr. Wysocki was a sector head from March 2014 to March Prior thereto, he was a Co-Portfolio Manager from March 2013 to March Between February 2007 and March 2013 he was a senior strategy analyst. 3

4 The Funds statement of additional information provides additional information about the portfolio managers, including other accounts they manage, their ownership in the CALAMOS FAMILY OF FUNDS and their compensation. The Team Approach to Management section beginning on page 105 of the Class A, B and C Prospectus, and on page 103 of the Class I and R prospectus is deleted in its entirety and replaced with the following: Team Approach to Management. CALAMOS ADVISORS employs a team of teams approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO s team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our team of teams approach. This team of teams approach is further reflected in the composition of CALAMOS ADVISORS Investment Committee, made up of the Global CIO, the Co-CIO team, and the head of global trading and investment risk. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate. The structure and composition of the Investment Committee results in a number of benefits, as it: Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus; Promotes collaboration between teams; and Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis. The objectives of the Investment Committee are to: Inform the firm s top-down macro view, market direction, asset allocation, and sector/country positioning. Establish firm-wide secular and cyclical themes for review. Review firm-wide and portfolio risk metrics, recommending changes where appropriate. Review firm-wide, portfolio and individual security liquidity constraint. Evaluate firm-wide and portfolio investment performance. Evaluate firm-wide and portfolio hedging policies and execution. Evaluate enhancements to the overall investment process. John P. Calamos, Sr. is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. Michael Grant, R. Matthew Freund, John Hillenbrand, David Kalis, Nick Niziolek, Eli Pars, and Jon Vacko are each Sr. Co-Portfolio Managers, and John P. Calamos Jr., Dennis Cogan, Jason Hill, Jeremy Hughes, David O Donohue, Michael Roesler, Joe Wysocki, and Chuck Carmody are each Co-Portfolio Managers for the Funds for which each has been so designated. The Officers section on page 31 of the Statement of Additional Information is hereby amended to include the following information about the new officers and to delete information pertaining to Nimish S. Bhatt: Name and Age Position with Trust Principal Occupations John S. Koudounis, 50 Vice President (since 2016) Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); President and Chief Executive Officer ( ), Mizuho Securities USA Inc. Thomas E. Herman, 55 Vice President and Chief Financial Officer (since 2016) 4 Senior Vice President and Chief Financial Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Chief Financial Officer and Treasurer, Harris Associates ( ).

5 The sixteenth paragraph in the Investment Advisory Services section beginning on page 39 of the Statement of Additional Information is deleted and replaced with the following paragraph: Calamos Advisors is an indirect subsidiary of Calamos Asset Management, Inc., whose Class B super-majority voting shares are all owned by Calamos Partners LLC. John P. Calamos, Sr. owns a controlling interest in Calamos Family Partners, Inc., which owns Calamos Partners LLC. In connection with the formation of Calamos Partners LLC, John S. Koudounis has received profits and equity interests in Calamos Partners LLC. In addition, Mr. Koudounis has the option to purchase a controlling interest in Calamos Partners LLC upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of Calamos Asset Management, Inc. and Calamos Investments, LLC. John P. Calamos, Sr. is an affiliated person of the Funds and Calamos Advisors by virtue of his position as Chairman, Trustee and President of the Trust and Chairman and Global Chief Investment Officer ( Global CIO ) of Calamos Advisors. John S. Koudounis, Robert F. Behan, Thomas E. Herman, J. Christopher Jackson and Curtis Holloway are affiliated persons of the Funds and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; and Treasurer of the Fund, respectively, and as Chief Executive Officer; President and Head of Global Distribution; Senior Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary; and Vice President of Calamos Advisors, respectively. The Team Approach to Management section beginning on page 46 of the Statement of Additional Information is deleted in its entirety and replaced with the following: TEAM APPROACH TO MANAGEMENT Calamos Advisors employs a team of teams approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO s team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our Team of Teams approach. This team of teams approach is further reflected in the composition of Calamos Advisors Investment Committee, made up of the Global CIO, the Co-CIO team, and the head of global trading and investment risk. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate. The structure and composition of the Investment Committee results in a number of benefits, as it: Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus; Promotes collaboration between teams; and Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis. The objectives of the Investment Committee are to: Inform the firm s top-down macro view, market direction, asset allocation, and sector/country positioning. Establish firm-wide secular and cyclical themes for review. Review firm-wide and portfolio risk metrics, recommending changes where appropriate. 5

6 Review firm-wide, portfolio and individual security liquidity constraint. Evaluate firm-wide and portfolio investment performance. Evaluate firm-wide and portfolio hedging policies and execution. Evaluate enhancements to the overall investment process. John P. Calamos, Sr. is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. Michael Grant, R. Matthew Freund, John Hillenbrand, David Kalis, Nick Niziolek, Eli Pars, and Jon Vacko are each Sr. Co-Portfolio Managers, and John P. Calamos Jr., Dennis Cogan, Jason Hill, Jeremy Hughes, David O Donohue, Michael Roesler, Joe Wysocki, and Chuck Carmody are each Co-Portfolio Managers for the Funds for which each has been so designated. The Global CIO, Sr. Co-Portfolio Managers and Co-Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Funds. Information regarding these other accounts as of October 31, 2015 is set forth below. NUMBER OF OTHER ACCOUNTS MANAGED AND ASSETS BY ACCOUNT TYPE AS OF OCTOBER 31, 2015 Registered Investment Companies As of October 31, 2015, the accounts listed below include an advisory fee that is based on performance of the account. NUMBER OF ACCOUNTS AND ASSETS FOR WHICH ADVISORY FEE IS PERFORMANCE BASED AS OF OCTOBER 31, Other Pooled Investment Vehicles Other Accounts Accounts Assets Accounts Assets Accounts Assets John P. Calamos, Sr ,465,479, ,819,239 1,813 1,731,981,241 John Hillenbrand 25 16,554,424, ,819,239 1,813 1,731,981,241 Jon Vacko 25 16,554,424, ,819,239 1,813 1,731,981,241 Dennis Cogan 11 7,645,384, ,975,334 1,813 1,731,981,241 Nick Niziolek 11 7,645,384, ,975,334 1,813 1,731,981,241 Eli Pars 20 16,138,246, ,975,334 1,813 1,731,981,241 David Kalis 15 13,072,065, ,815,046 1,813 1,731,981,241 Jeremy Hughes 7 6,089,757, ,239,755 0 Jason Hill 2 3,789,954, Michael Roesler 6 4,137,689, ,843,905 0 David O Donohue 2 3,789,954, Joe Wysocki 11 10,078,781, ,210,896 1,813 1,731,981,241 Michael Grant 3 94,376, ,447,904 0 Chuck Carmody 2 196,164,404 0 R. Matthew Freund (1) Registered Investment Companies Other Pooled Investment Vehicles Other Accounts Accounts Assets Accounts Assets Accounts Assets John P. Calamos, Sr ,806, John Hillenbrand 2 799,806, Jon Vacko 2 799,806, Dennis Cogan 2 799,806, Nick Niziolek 2 799,806, Eli Pars 2 799,806, David Kalis 1 192,390, Jeremy Hughes Jason Hill Michael Roesler David O Donohue Joe Wysocki Michael Grant 0 1 4,447,904 0 Chuck Carmody R. Matthew Freund (1) 0 0 0

7 (1) R. Matthew Freund is added to Growth and Income Fund, Global Growth and Income Fund, Convertible Fund, Total Return Bond Fund, High Income Fund and Global Convertible Fund effective immediately, and the information for Mr. Freund in the above tables is as of October 31, Each Co-Portfolio Manager may invest for his own benefit in securities held in brokerage and mutual fund accounts. The information shown in the table does not include information about those accounts where the Co-Portfolio Manager or members of his family have a beneficial or pecuniary interest because no advisory relationship exists with Calamos Advisors or any of its affiliates. The Funds Co-Portfolio Managers are responsible for managing both the Funds and other accounts, including separate accounts and funds not required to be registered under the 1940 Act. Other than potential conflicts between investment strategies, the side-by-side management of both the Funds and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between a Fund and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Funds in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given Calamos Advisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a rotational method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients. A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to Calamos Advisors Chief Compliance Officer on a monthly basis. Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors may consider subjective elements in attempting to allocate a trade, in which case a Fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably. The Co-Portfolio Managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a Co-Portfolio Manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the Co-Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in the client s account. 7

8 As of December 31, 2015, John P. Calamos, Sr., our Global CIO, as well as John P. Calamos, Jr., receive all of their compensation from Calamos Advisors. Each has entered into an employment agreement that provides for compensation in the form of an annual base salary and a target bonus, both components payable in cash. Their target bonus is set at a percentage of the respective base salary. Similarly, there is a target for Long-Term Incentive ( LTI ) awards and that target is also set at a percentage of the respective base salaries. As of December 31, 2015, Dennis Cogan, Jason Hill, John Hillenbrand, Jeremy Hughes, David Kalis, Nick Niziolek, David O Donohue, Eli Pars, Michael Roesler, Jon Vacko, and Joe Wysocki receive all of their compensation from Calamos Advisors, and Michael Grant receives all of his compensation from Calamos Advisors and its affiliates. These individuals each receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and LTI awards. Each of these individuals has a bonus range of opportunity which is expressed as a percentage of base salary. Each of these individuals is also eligible for discretionary LTI awards based on individual and collective performance, however these awards are not guaranteed from year to year. LTI awards consist of restricted stock units, fund shares and fund share units, or a combination of (i) restricted stock units, (ii) fund shares and fund share units and/or (iii) stock options. Additionally, Messrs. Hillenbrand, Kalis and Pars have each been granted additional deferred bonus and compensation awards. In addition to the forms of compensation described above, Mr. Grant is also eligible to receive certain amounts proportionate to advisory fees received from certain other accounts (including certain accounts that pay performance based compensation) for which he provides portfolio manager services, as well as amounts to be determined based on asset levels within certain future accounts (excluding the Funds), subject to various conditions. The existence of these payments could create a conflict of interest with regard to Mr. Grant s allocation of investment opportunities among the accounts for which he acts as portfolio manager. Calamos Advisors has in place policies and procedures reasonably designed to mitigate such conflicts of interest. As of November 2016, R. Matthew Freund receives all of his compensation from Calamos Advisors. Mr. Freund s compensation consists of base salary, annual cash incentive consisting of a short-term cash incentive and a long-term incentive payable either in cash or equity. Mr. Freund s total compensation consisting of base salary and minimum annual short-term cash and long-term incentive are guaranteed through Mr. Freund s base salary is guaranteed through March 31, The amounts paid to all Co-Portfolio Managers and the criteria utilized to determine the amounts are benchmarked against industry specific data provided by third party analytical agencies. The Co-Portfolio Managers compensation structure does not differentiate between the Funds and other accounts managed by the Co-Portfolio Managers, and is determined on an overall basis, taking into consideration annually the performance of the various strategies managed by the Co-Portfolio Managers. Portfolio performance, as measured by risk-adjusted portfolio performance, is utilized to determine the target bonus, as well as overall performance of Calamos Advisors. All Co-Portfolio Managers are eligible to receive annual equity awards in shares of Calamos Asset Management, Inc. under an incentive compensation plan. Historically, the annual equity awards granted under the incentive compensation plan have been comprised of stock options and restricted stock units which vest over periods of time. Unless terminated early, the stock options have a ten-year term. Grants of restricted stock units and stock options must generally be approved by the Compensation Committee of the Board of Directors of Calamos Asset Management, Inc. The compensation structure described above is also impacted by additional corporate objectives set by the Board of Directors of Calamos Asset Management, Inc., which for 2015 included investment performance, as measured annually by risk-adjusted performance of the investment strategies managed by Calamos Advisors over a blended short- and long-term measurement period; distribution effectiveness, as measured by redemption rates and net sales in products that are open to new investors; and financial performance, as measured by operating earnings and margin. As of November 2, 2015 the portfolio managers held the following amounts in the Funds: 8

9 GROWTH FUND GROWTH AND INCOME FUND OPPORTUNISTIC VALUE FUND FOCUS GROWTH FUND DISCOVERY GROWTH FUND John P. Calamos, Sr. (1) Over $1,000,000 Over $1,000,000 Over $1,000,000 Over $1,000,000 Over $1,000,000 John P. Calamos, Jr. $100,001-$500,000 None $100,001-$500,000 $100,001-$500,000 $100,001-$500,000 Jon Vacko None $100,001-$500,000 $10,001-$50,000 None None John Hillenbrand $100,001-$500,000 $100,001-$500,000 None None None Eli Pars None $10,001-$50,000 None None None Dennis Cogan None None None None None Nick Niziolek $10,001-$50,000 None None None None David Kalis None None None None None Jeremy Hughes None None None None None Jason Hill $10,001-$50,000 None None None $10,001-$50,000 Joe Wysocki None $50,001-$100,000 None None None Michael Roesler None None None None None David O Donohue $1-$10,000 None None None None Michael Grant None None None None None Chuck Carmody None None None None $1-$10,000 R. Matthew Freund (2) None None None None None GLOBAL GROWTH AND INCOME FUND GLOBAL EQUITY FUND MARKET NEUTRAL INCOME FUND INTERNATIONAL GROWTH FUND CONVERTIBLE FUND John P. Calamos, Sr. (1) Over $1,000,000 Over $1,000,000 Over $1,000,000 $100,001-$500,000 Over $1,000,000 John P. Calamos, Jr. $100,001-$500,000 None $100,001-$500,000 $50,001-$100,000 $500,001-$1,000,000 Jon Vacko $100,001-$500,000 $100,001-$500,000 $50,001-$100,000 $10,001-$50,000 $10,001-$50,000 John Hillenbrand $100,001-$500,000 $100,001-$500,000 None $100,001-$500,000 None Eli Pars $10,001-$50,000 None None $50,001-$100,000 $100,001-$500,000 Dennis Cogan $100,001-$500,000 $1-$10,000 $1-$10,000 None None Nick Niziolek $10,001-$50,000 $50,001-$100,000 $50,001-$100,000 None None David Kalis None None None None None Jeremy Hughes None None None None None Jason Hill None None $10,001-$50,000 $10,001-$50,000 $100,001-$500,000 Joe Wysocki $10,001-$50,000 $50,001-$100,000 $100,001-$500,000 $100,001-$500,000 None Michael Roesler None None None None None David O Donohue None None $1-$10,000 $10,001-$50,000 $10,001-$50,000 Michael Grant None None None None None Chuck Carmody None None $1-$10,000 None $1-$10,000 R. Matthew Freund (2) None None None None None TOTAL RETURN BOND FUND EVOLVING WORLD GROWTH FUND DIVIDEND GROWTH FUND HIGH INCOME FUND LONG/SHORT FUND John P. Calamos, Sr. (1) $100,001-$500,000 Over $1,000,000 Over $1,000,000 Over $1,000,000 Over $1,000,000 John P. Calamos, Jr. $50,001-$100,000 $50,001-$100,000 $100,001-$500,000 $10,001-$50,000 $10,001-$50,000 Jon Vacko None $10,001-$50,000 $100,001-$500,000 None None John Hillenbrand None None $100,001-$500,000 None None Eli Pars None None None None None Dennis Cogan $10,001-$50,000 None $10,001-$50,000 None None Nick Niziolek None None $10,001-$50,000 None None David Kalis None None None None None Jeremy Hughes $10,001-$50,000 None None None None Jason Hill None None $10,001-$50,000 None None Joe Wysocki None None $50,001-$100,000 None None Michael Roesler None None None None None David O Donohue None None None None None Michael Grant None None None None None Chuck Carmody $100,001-$500,000 $10,001-$50,000 None None None R. Matthew Freund (2) None None None None None MID CAP GROWTH FUND EMERGING MARKET EQUITY FUND GLOBAL CONVERTIBLE FUND* HEDGED EQUITY INCOME FUND* John P. Calamos, Sr. (1) Over $1,000,000 Over $1,000,000 Over $1,000,000 Over $1,000,000 John P. Calamos, Jr. $100,001-$500,000 None None None Jon Vacko None None None None John Hillenbrand None None None None Eli Pars None $1-$10,000 $50,001-$100,000 $100,001-$500,000 Dennis Cogan None None None None

10 Nick Niziolek None $10,001-$50,000 None None David Kalis None None None None Jeremy Hughes None None None None Jason Hill None None $10,001-$50,000 $10,001-$50,000 Joe Wysocki None None None None Michael Roesler None None None None David O Donohue None None $10,001-$50,000 $10,001-$50,000 Michael Grant None None None None Chuck Carmody None None None None R. Matthew Freund (2) None None None None 9

11 * Launched December 31, 2014 (1) Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr. (2) Information for R. Matthew Freund is as of October 31, Please retain this supplement for future reference. 10 MFSPT6 12/16

12 Filed pursuant to Rule 497(e) File Nos and CALAMOS INVESTMENT TRUST Supplement dated July 1, 2016 to the CALAMOS FAMILY OF FUNDS Summary Prospectuses for Class A, B and C and Class I and R of Calamos Focus Growth Fund, both dated February 29, 2016, the Summary Prospectuses for Class A and C and Class I and R of Calamos Long/Short Fund, both dated February 29, 2016, the Prospectuses for Class A, B and C and Class I and R, both dated February 29, 2016, as supplemented on March 14, 2016 and on June 10, 2016 and the Statement of Additional Information dated February 29, 2016, as supplemented on March 14, 2016 and on June 10, 2016 The Board of Trustees ( Board ) of Calamos Investment Trust ( Trust ) has approved a proposal to merge each Target Fund (as defined below) with and into the corresponding Acquiring Fund (as defined below) listed in the table below, each of which is a series of the Trust (each, a Reorganization and collectively, the Reorganizations ). Each Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes. Target Fund Acquiring Fund Calamos Focus Growth Fund Calamos Growth Fund Calamos Long/Short Fund Calamos Phineus Long/Short Fund Each Reorganization identified above is subject to certain conditions, including approval by shareholders of the applicable Target Fund. With respect to each Reorganization, if the Target Fund s shareholders approve the Reorganization, the Target Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. These Acquiring Fund shares will then be distributed to Target Fund shareholders and the Target Fund will be terminated. As a result of these transactions, Target Fund shareholders will become shareholders of the Acquiring Fund and will cease to be shareholders of the Target Fund. Each Target Fund shareholder will receive Acquiring Fund shares with a total value equal to the total value of that shareholder s Target Fund shares immediately prior to the closing of the Reorganization. It is currently anticipated that proxy materials regarding the Reorganizations will be distributed to shareholders of the Target Funds in August 2016, and that a special meeting of each Target Fund s shareholders to consider the Reorganizations will be held in September If the required approval is obtained, it is anticipated that the Reorganizations will be consummated shortly after the special shareholder meeting. The consummation of one Reorganization will not be subject to the consummation or approval of the other. Additional information about both Reorganization, as well as information about each Acquiring Fund, will be distributed to shareholders of each Target Fund in the form of a Prospectus/Proxy Statement. Please retain this supplement for future reference MFSPT4 07/16

13 Family of Funds CLASS A CLASS B CLASS C Calamos Growth Fund CVGRX CVGBX CVGCX Calamos Opportunistic Value Fund CVAAX CVABX CVACX Calamos Focus Growth Fund CBCAX CBCBX CBXCX Calamos Discovery Growth Fund CADGX CBDGX CCDGX Calamos International Growth Fund CIGRX CIGBX CIGCX Calamos Evolving World Growth Fund CNWGX CNWZX CNWDX Calamos Global Equity Fund CAGEX CBGEX CCGEX Calamos Growth and Income Fund CVTRX CVTYX CVTCX Calamos Global Growth and Income Fund CVLOX CVLDX CVLCX Calamos Convertible Fund CCVIX CALBX CCVCX Calamos Total Return Bond Fund CTRAX CTXBX CTRCX Calamos High Income Fund CHYDX CAHBX CCHYX Calamos Market Neutral Income Fund CVSIX CAMNX CVSCX Calamos Long/Short Fund CALSX CCLSX Calamos Dividend Growth Fund CADVX CCDVX Calamos Mid Cap Growth Fund CMXAX CMXCX Calamos Emerging Market Equity Fund CEGAX CEGCX Calamos Global Convertible Fund CAGCX CCGCX Calamos Hedged Equity Income Fund CAHEX CCHEX Prospectus February 29, 2016 The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

14 Table of Contents The Funds Calamos Growth Fund... 3 Calamos Opportunistic Value Fund.. 7 Calamos Focus Growth Fund Calamos Discovery Growth Fund Calamos International Growth Fund Calamos Evolving World Growth Fund Calamos Global Equity Fund Calamos Growth and Income Fund.. 31 Calamos Global Growth and Income Fund Calamos Convertible Fund Calamos Total Return Bond Fund Calamos High Income Fund Calamos Market Neutral Income Fund Calamos Long/Short Fund Calamos Dividend Growth Fund Calamos Mid Cap Growth Fund Calamos Emerging Market Equity Fund Calamos Global Convertible Fund Calamos Hedged Equity Income Fund Other Important Information Regarding Fund Shares Additional Information About Investment Strategies and Related Risks Fund Facts Who manages the Funds? What classes of shares do the Funds offer? How can I buy shares? How can I sell (redeem) shares? Transaction information Distributions and taxes Other Information Financial Highlights For More Information...back cover

15 Calamos Growth Fund Investment Objective Calamos Growth Fund s investment objective is long-term capital growth. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under Fund Facts What classes of shares do the Funds offer? on page 106 of the Fund s prospectus and Share Classes and Pricing of Shares on page 61 of the Fund s statement of additional information. Shareholder Fees (fees paid directly from your investment): CLASS A CLASS B CLASS C Maximum Sales Charge (Load) Imposed 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 5.00% 1.00% Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): CLASS A CLASS B CLASS C Management Fees 0.85% 0.85% 0.85% Distribution and/or Service Fees (12b-1) 0.25% 1.00% 1.00% Other Expenses 0.21% 0.21% 0.21% Acquired Fund Fees and Expenses % 0.01% 0.01% Total Annual Fund Operating Expenses 1.32% 2.07% 2.07% 1 Acquired Fund Fees and Expenses include certain expenses incurred in connection with the Fund s investment in Fidelity Prime Money Market Fund. 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 Fund s operating expenses remain the same (except for the ten-year amounts for Class B shares, which reflect the conversion of Class B shares to Class A shares in years nine and ten). Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be: REDEMPTION NO REDEMPTION A B C A B C 1 Year Years Years 1,164 1,314 1,114 1,164 1,114 1, Years 1,990 2,208 2,400 1,990 2,208 2,400 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 Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 60.0% of the average value of its portfolio. PROSPECTUS February 29,

16 Calamos Growth Fund Principal Investment Strategies The Fund invests primarily in equity securities issued by U.S. companies. The Fund currently 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 greater than $1billion, up to $25 billion. The Fund may invest up to 25% of its net assets in foreign securities. In pursuing its investment objective, the Fund seeks out securities that, in the investment adviser s opinion, offer the best opportunities for growth. The Fund s investment adviser typically considers the company s financial soundness, earnings and cash flow forecast and quality of management. The Fund s investment adviser seeks to lower the risks of investing in stocks by using a top-down approach of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes. Principal Risks An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in abank 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: Equity Securities Risk The securities markets are volatile, and the market prices of the Fund s securities may decline generally. The price ofequity securities fluctuates based on changes in acompany s 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. 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. Mid-Sized Company Risk 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. 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. Portfolio Selection Risk The value of your investment maydecrease if the investment adviser s judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. Sector Risk To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund s performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility. Options Risk The Fund s 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 Fund s ability to utilize options successfully will depend on the ability of the Fund s investment adviser to predict pertinent market movements, which cannot be assured. Forward Foreign Currency Contract Risk Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the 4 CALAMOS FAMILY OF FUNDS

17 Calamos Growth Fund contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund s holdings. Fund Performance 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 abroad 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. Updated performance information is available at no cost by visiting or by calling CLASS A ANNUAL TOTAL RETURN FOR YEARS ENDED % 50% 25% 0% -25% 1.45% 23.26% 52.47% 20.06% -9.07% 9.33% 33.14% 8.44% 3.02% -50% -75% % Best Quarter: 21.23% ( ) Worst Quarter: % ( ) Average Annual Total Returns as of 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, 2015 and since the Fund s inception compared with broad measures of market performance. Since Inception returns shown for each index are returns since the inception of the Fund s Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. Return After Taxes on Distributions shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. Return After Taxes on Distributions and Sale of Fund Shares shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period. The after-tax returns are shown only for Class A shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class A will vary from returns shown for Class A. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing acapital loss on the sale of Fund shares. PROSPECTUS February 29,