https://www.sec.gov/Archives/edgar/data/826732/000119312516640530/d221359d497.htm
497 1 d221359d497.htm 497
Filed pursuant to Rule 497(e)
File Nos. 033-19228 and 811-05443
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 Mid Cap Growth Fund both dated February 29, 2016, the Summary Prospectuses for Class A and C and Class I and R of Calamos Discovery Growth Fund, both dated February 29, 2016, 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 Summary Prospectuses, Prospectuses and Statements of Additional Information for the Calamos Investment Trust (the “Trust”) are hereby supplemented. The following information supersedes any information to the contrary regarding the Calamos Discovery Growth Fund and Calamos Mid Cap Growth Fund (each a “Fund” and, collectively, the “Funds”) each a series of the Trust, contained in the Summary Prospectuses, Prospectuses and Statements of Additional Information:
The Funds will be liquidated on or about October 6, 2016 (the “Liquidation Date”).
Effective August 1, 2016, the Funds will stop accepting purchases from new investors and existing shareholders,
except that defined contribution retirement plans that hold Fund shares as of July 1, 2016 may continue to purchase Fund shares through September 29, 2016 and existing shareholders may continue to reinvest dividends and capital gains distributions received from the Funds through September 29, 2016. The Funds reserve the right to modify the extent to which sales of shares are limited prior to a Fund’s liquidation. After the close of business on the Liquidation Date, the Funds will liquidate any remaining shareholder accounts and will send shareholders the proceeds of the liquidation.
Each Fund intends to declare and pay any dividends required to distribute its investment company taxable income, net capital gains, and net tax-exempt income accrued in the Fund’s taxable year ending at to the Liquidation Date or any in any prior taxable year in which the Fund is eligible to declare and pay a dividend. These dividends will be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k). You should check with your investment professional and tax professional regarding the potential impact of the Funds’ liquidation to your individual financial plan and tax situation.
At any time prior to the Liquidation Date, shareholders may redeem their shares of a Fund pursuant to the procedures set forth under the section “How can I sell (redeem) shares?” in the Prospectus, as supplemented. Shareholders may also exchange their shares, subject to the restrictions on exchanges as described under the section “How can I sell (redeem) shares? — By exchange” in the Prospectus, as supplemented. Any such redemption or exchange of a Fund’s shares for shares of another fund will generally be considered a taxable event for federal income tax purposes. Shareholders who hold their shares in a Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the liquidation and the distribution of such shareholders’ redemption proceeds.
Subsequent to the liquidation of the Funds, all references to the Funds in each Fund’s Summary Prospectus, Prospectus, and Statement of Additional Information are hereby removed.
Please retain this supplement for future reference
MFSPT3 07/16

If an investor utilizes an empirically derived, systematically based, risk managed process with a diversification over varied asset classes, then long term results and investment decisions are less affected by geopolitical events and emotionally driven financial news.

I keep thinking of the Japanese.
http://finance.yahoo.com/echarts?s=^N225+Interactive#{"range":"max","allowChartStacking":true}
And the S&P with its double tops
http://finance.yahoo.com/echarts?s=^GSPC+Interactive#symbol=^GSPC;range=my
Eventually, 'this time is different' happens.
I don't think the Brexit will do it. I think will be acknowledging deflationary pressures will be the cause. We are not there yet. And it is a difficult idea for the news media to see and understand.

Only a handful of geopolitical events have led to / accompanied major market corrections. One factor that has repeated over time has been the slowing of market activity / dry up of liquidity, the increase in market volatility because of exogenous events during the summer / fall months, and favorability of earnings reports, pick up of volume/liquidity and institutional allocations into equities in the fall / winter / spring months. If an investor utilizes an empirically derived, systematically based, risk managed process with a diversification over varied asset classes, then long term results and investment decisions are less affected by geopolitical events and emotionally driven financial news.
For example, investing in a blend of small cap value and emerging small cap from Nov 1 to Apr 30 and then switching to utilities sector or cash equivalents ( depending on "high risk" signaling instruction from risk profile variable * ) from May 1 to Oct 31 of each year, forward 5 year total returns periods after 10 major geopolitical events over the last 60 years have produced: > 100% in 7 periods and 50% - 100% in 2 periods with no losing periods.
A higher confidence of an investment process' returns involves a review of 5 year total returns after market peaks and then subsequent market corrections of > 5%.
Since 1954, forward 5 year total returns periods for the small cap value / emerging small / utilities / cash process after the "peaks" have produced > 100% in 11 of 24 occurrences, between 50% and 100% in 8 out of 24, with no losing periods with median 5 year return = 87% vs. 43% for S&P500 buy & hold. Median 5 year return periods outside of correction occurrences = 114%.
In summary, market corrections and geopolitical events are temporary. An investor who has utilized a robust tactical investment process combined with superior asset class selection, and has been disciplined and patient for at least 5 years has been well rewarded.
* quantitative price based variable # 2 https://docs.google.com/document/d/1u5PjMjpeLICy8fa-34c89oHqV6bghPTipGO_0IY3VRc/edit?usp=sharing

“Forecasting is the art of saying what will happen, and then explaining why it didn’t”. The data show that market forecasters are well practiced at that art.

Love it.
Thank you MJG.
I fear Brexit is another example of "scorched-earth" politics, but one that actually succeeded. Hard to believe that such an important national decision could be decided with just a simple majority, instead of say two-thirds.
(Another example of such politics is the refusal to vote on Supreme Court nominee Merrick Garland.)
Financial sectors hammered Friday, since so-called passporting rules, which I believe allow banks based in London to operate seamlessly in other European countries, are now up in air.
Might read the brilliant and perhaps more disturbing piece published in The Atlantic recently, entitled "How American Politics Went Insane".
Thanks again.
Hope all is well.
c

FYI: Even after the shock of the financial crisis, managing other people’s money remained a pretty great business. While banks shed jobs, employment at the largest publicly traded asset managers rose about 20 percent from 2008 to 2015, according to data compiled by Bloomberg. Now top executives at some of the largest fund companies, including Larry Fink at BlackRock and Gregory Johnson at Franklin Resources, are warning that a reckoning is coming.
Regards,
Ted
http://www.bloomberg.com/news/articles/2016-06-23/active-managers-start-to-feel-the-pain

https://www.sec.gov/Archives/edgar/data/915802/000091580216000166/stickerpathwayfundsliquidati.htm
497 1 stickerpathwayfundsliquidati.htm
FINANCIAL INVESTORS TRUST
PATHWAY ADVISORS AGGRESSIVE GROWTH FUND
PATHWAY ADVISORS CONSERVATIVE FUND
Supplement dated June 20, 2016
to the
Prospectus and Statement of Additional Information, each dated August 31, 2015,
for the Pathway Advisors Aggressive Growth Fund and Pathway Advisors Conservative Fund,
each a series of Financial Investors Trust (the “Trust”)
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Hanson McClain, Inc. (the “Adviser”), the investment adviser to the Pathway Advisors Aggressive Growth Fund and Pathway Advisors Conservative Fund (the “Funds”), each a series of the Trust, has determined to close and liquidate the Funds. The Board concluded that it would be in the best interests of each Fund and its shareholders that such Fund be closed and liquidated as series of the Trust effective as of the close of business on July 15, 2016.
The Board approved a Plan of Termination, Dissolution and Liquidation (the “Plan”) that determines the manner in which each Fund will be liquidated. Pursuant to the Plan and in anticipation of each Fund’s liquidation, each Fund will be closed to new shareholder purchases effective as of the close of business on June 30, 2016 and closed to all existing shareholder purchases on July 5, 2016. However, any distributions declared to shareholders of a Fund after June 30, 2016, and until the close of trading on the New York Stock Exchange on July 15, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although each Fund will be closed to any new purchases as of July 5, 2016, you may continue to redeem your shares of a Fund after July 5, 2016, as provided in the Prospectus. Please note, however, that each Fund will be liquidating its assets as of the close of business on July 15, 2016.
Pursuant to the Plan, if a Fund has not received your redemption request or other instruction prior to the close of business on July 15, 2016, the effective time of the liquidation, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of July 15, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
All expenses incurred in connection with the transactions contemplated by the Plan, other than the brokerage commissions associated with the sale of portfolio securities, will be paid by the Adviser.
Please retain this supplement with your Prospectus and Statement of Additional Information.

The IEX has been a flash point in the broader debate over technological changes that have altered the basic functioning of the American stock markets over the last two decades. IEX won support — and financial backing — from several large mutual fund companies, which said that the exchange would help them trade more cheaply and efficiently, as well as from hundreds of small investors, many of whom read “Flash Boys” and wrote in to the S.E.C.
Brad Katsuyama, the chief executive of IEX, said on Friday night that the company was “grateful and humbled by the support we’ve received from the investor community, without it, we may have faced a different result.”
In addition to the speed bump, the IEX has said it will not offer the same fees or rebates that other exchanges do to attract traders, a common practice at other exchanges that has been criticized for distorting trading incentives. The IEX also offers fewer complicated ways to enter trades than other exchanges, in an effort to simplify trading.

http://www.nytimes.com/2016/06/18/business/dealbook/iex-group-gains-approval-for-stock-exchange.html?_r=0

FYI:
Regards,
Ted
June 16, 2016
Dear WEALTHTRACK Subscriber,
This week’s guest is telling clients to forget everything they’ve learned about investing, that the old rules are about to fail them and that we are in a new era.
Interested? I am! So I invited Francois Trahan to join us for an exclusive WEALTHTRACK interview.
Financial Thought leader Trahan is Co-Founder and Head of the Investment Strategy team at Cornerstone Macro, an independent macro research and strategy firm he and his partners launched in 2013. Trahan was ranked the #1 Portfolio Strategist by Institutional Investor magazine in 2015 for the fourth year in a row, as he has been for nine out of the last twelve years. As one institutional investor, who voted for Trahan told the magazine: “Francois is not afraid to make a bold call or to change his position when the data indicate that it is right to do so”.
Among his recent bold calls was turning bullish on the stock market late last year, predicting a “global recovery, weaker dollar and higher oil prices” would drive stock markets higher when the exact opposite was happening. Needless to say he turned out to be right as the S&P 500 hit new highs last week.
By far his boldest thesis is a macro one, which he characterizes as the most important in his career. According to Cornerstone Macro’s research, the economy has moved from the era known as the Great Moderation, also known as the “Goldilocks” period during the 1980s, 1990s and until the financial crisis, when inflation was tamed, interest rates declined and household debt increased, to the current era marked by deflation concerns, still declining interest rates and falling household debt.
The Great Moderation also resulted in declining crisis risk - by one measure to the lowest level in 100 years - which totally reversed during the financial crisis, to the current era of elevated crisis risk.
I asked Trahan what these changes mean for the markets and why they require a new investment approach.
In my EXTRA interview with Trahan, available exclusively on our website, he will explain why he is watching for signs of inflation when everyone else is focusing on the risk of deflation. If you’d like to watch the show before the weekend it’s available to our PREMIUM viewers right now. You can also find the One Investment picks of our guests and my Action Points there.
Thank you so much for watching. Have a happy Father’s Day this weekend! Make the week ahead a profitable and a productive one.
Best Regards,
Consuelo

Hi Guys,
I almost always prefer and select simple over complex. Too, too much can go South with complex investment strategies. A ton of financial experts agree with that investment philosophy.
There is the danger of oversimplification. However, here is a list of Ten Simple Rules for Investors advocated by one such famous expert. I won’t name that expert just yet, but if you have any doubts, those doubts will be completely eliminated by Rule number 10. Here is the list:
1. Remember Reversion to the Mean
2. Time Is Your Friend, Impulse Is Your Enemy
3. Buy Right and Hold Tight
4. Have Realistic Expectations
5. Forget the Needle, Buy the Haystack
6. Minimize the Croupier’s Take
7. There’s No Escaping Risk
8. Beware of Fighting the Last War
9. The Hedgehog Bests the Fox
10. Stay the Course!
Yes, these are rules generated by Jack Bogle. Simple enough to understand, but sometimes extremely difficult to execute.
Here is the Link to Bogle’s Chapter 9 of “The Clash of Cultures” book that contains his rules of the road:
http://johncbogle.com/wordpress/wp-content/uploads/2013/05/c09.pdf
Enjoy. Bogle is forever a stimulating read with solid investment advice. If there is one constant in the investment universe, that constant is Jack Bogle. He is a rock. Take care everyone.
Best Regards.

Well that reads like something put together between Fidelity's legal and marketing departments. Fidelity does a good job with index funds, but this is not a helpful press release.
I was hoping for something better organized, since I got a ton of emails last night about lots of Fidelity funds opening, yet they weren't up on the Fidelity website. This is not the "scorecard" I was looking for. The bottom line is that Fidelity has added a few index funds (notably Total Int'l, i.e. all world ex-US), and is now more amenable to selling through third party platforms.
Marketing: Instead of saying what Fidelity is doing, and then talking about the company (which seems to be the usual way of making financial announcements), it starts by saying how big and storied Fidelity is in the index fund space (really?). Then after describing the index fund changes, it goes on to say, but wait, Fidelity is really an active fund company that's doing so much better than its benchmarks. Say what?
Legal: Technically everything written is legally correct, because it walks a very narrow path. Fidelity is indeed the second largest index mutual fund manager. Let's deconstruct that.
If we include ETFs, which seem to be the preferred channel for index funds but are not legally mutual funds, then Fidelity falls behind such names as Blackrock and SSgA (SPDRs).
Manage - if one thinks of management as the day-to-day running of the fund, Fidelity doesn't manage its index funds (or at least many of them, I haven't checked them all). HABDX is legally managed by Harbor but really run by Pimco, and BLYPX is managed by American Beacon but really run by Bridgeway. Likewise Fidelity index funds are legally managed by FMR but really run by Geode (formerly a Fidelity subsidiary, but now independent).
The manager matters even for index funds, especially when sampling is used.

I always ask the same question. How much should someone invest in Asian Fixed Income? Say that someone is a 50yo with a 50/50 stock/ bond ratio. Say they are 20-25 in foreign stocks. Say they have above average risk tolerance. Just a ballpark guess on her part. I realize this is not a fair question since she is not a financial advisor.
What is she worried about in the future? Is she hedging for an Asian black swan?
Best, Mike.

According to a recent Morningstar Instant Xray analysis (6/3) my portfolio holds about 6.1% in real estate while the 500 Index hold about 2.4%. This is about 2.5 times what the Index holds so, with this, I plan to do nothing as some of my funds might be buying (maybe some selling). Anyway, 6% to 9% is all I wish to hold in any of the minority sectors of materials, real estate, communication services and utilities; and, 9% to 12% in any of the majority sectors of consumer cyclical, financial services, energy, industrials, technology, consumer defensive and healthcare. Overall in the minority sectors I am holding a total of 28% which is more than double the 500 Index weightings with the balance being held in the majority sectors (72%). On average this computes to about a 7% weighting in each of the minority sectors and a 10% average weighting in each of the majority sectors.

FYI: (This is a follow-up article)
A big change is coming in how stock indexes measure the market, one that's likely to push tens of billions of dollars into real-estate investments, according to estimates. All that cash could drive further gains for a group of stocks that's already done quite well since the financial crisis. Critics say it could also make an area of the market that they call overvalued even more so.
The deluge of cash is the result of a re-think by index providers about how they see the market's construction. The Standard & Poor's 500 and other indexes have long split the market into 10 main sectors, such as technology companies or utilities or industrials. After the market closes on Aug. 31, S&P Dow Jones Indices and MSCI will carve out real estate to become the 11th sector.
Regards,
Ted
http://bigstory.ap.org/article/ebe0d17e6ae747f89df70a400299c2bd/get-real-billions-set-pour-real-estate-investments

http://www.sec.gov/Archives/edgar/data/915802/000091580216000164/stickerstonebridgeliquidatio.htm
497 1 stickerstonebridgeliquidatio.htm
FINANCIAL INVESTORS TRUST
STONEBRIDGE SMALL-CAP GROWTH FUND
Supplement dated June 8, 2016
to the
Prospectus and Statement of Additional Information, each dated August 31, 2015,
for the Stonebridge Small-Cap Growth Fund,
a series of Financial Investors Trust (the “Trust”)
The Board of Trustees (the “Board”) of the Trust, based upon the resignation of Stonebridge Capital Management, Inc. (the “Adviser”), the investment adviser to the Stonebridge Small-Cap Growth Fund (the “Fund”), a series of the Trust, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as series of the Trust effective as of the close of business on June 27, 2016.
The Board approved a Plan of Termination, Dissolution and Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases effective as of the close of business on June 8, 2016. However, any distributions declared to shareholders of the Fund after June 8, 2016, and until the close of trading on the New York Stock Exchange on June 27, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of June 8, 2016, you may continue to redeem your shares of the Fund after June 8, 2016, as provided in the Prospectus. Please note, however, that the Fund will be liquidating its assets as of the close of business on June 27, 2016.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the close of business on June 27, 2016, the effective time of the liquidation, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of June 27, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
All expenses incurred in connection with the liquidation contemplated by the Plan will be paid by the Fund, and are estimated to be approximately $13,000.
Please retain this supplement with your Prospectus and Statement of Additional Information.

Vanguard pitched Financial Engines for my Vanguard 401K. I wondered why a low cost fund family would want me to pay 0.4% extra in fees. It seems that Financial Engines was one of the first robo advisors.

FYI: (Scroll down to read Bill Gross's Investment Outlook for June)
In his latest monthly missive, Bill Gross shares some thoughts on financial market returns from the past four decades.
Regards,
Ted
http://awealthofcommonsense.com/2016/06/bill-gross-the-40-year-black-swan/

FYI: My basic thrust in this Outlook will be to observe that all forms of “carry” in financial markets are compressed, resulting in artificially high asset prices and a distortion of future risk relative to potential return that an investor must confront.
Regards,
Ted
https://www.janus.com/bill-gross-investment-outlook

Hi Guys,
Comparing women’s skills and contributions against men’s skills and contributions in any competitive industry is always entering controversial and dangerous waters.
Simple explanations are easy, but are often wrong. Complex explanations likely improve the odds of a meaningful answer. On the top of that decision pyramid, informed simple solutions are most likely to provide the best odds and the why insights. Here is my attempt at an informed simple explanation.
Women are an underrepresented population in the financial advisory industry because of 3 interactive reasons: (1) they lacked motivation and opportunity in the past, (2) they lacked the requisite education, and (3) industry adjustment time lags.
This is an informed simple explanation based on a single set of curves that summarized women’s education participation and levels over the last 5 decades. Here is the Link to the data sets that I referenced:
http://www.russellsage.org/blog/rise-women-seven-charts-showing-womens-rapid-gains-educational-achievement
These data sets are quite revealing. Young women have historically done better in High School than young men. Yet, those with advanced degrees, that would make them attractive to the finance advisory industries, have only arrived in sufficient numbers in the last several decades.
The financial industries are tradition bound. They make tons of money with little capital investment, and are reluctant to change this profitable equation. But it is changing slowly, ever so slowly, as more and more women are entering the business, are demonstrating their dedication and skill sets, and are moving up the corporate ladders. Inertia is a powerful drag. It just takes time.
Today, women only compose roughly 10% of the financial wizards in the USA; in some European countries, that percentage approaches 20%. In 2 decades, I predict those percentages will increase to 50% worldwide. I don’t fear long range predictions because nobody worries, nobody cares, and nobody remembers anyway.
As an aside, I was not surprised that girls outscore boys at the High School level. That’s been a truism forever. But I was surprised by the increase in overall grades over the last 50 years. Are we getting smarter? My answer to that question is a sharp “No”. The timeframe is too short. My answer is that the grading system has become softer. That’s not an especially good motivator; a more demanding score keeper will provide stronger incentives.
What do you think? Your comments are encouraged.
Best Wishes.

FYI: Claim alleges Fidelity 'wanted a piece of the action' when Financial Engines was hired to provide plan advice.
Regards,
Ted
http://www.investmentnews.com/article/20160531/FREE/160539996?template=printart

https://www.sec.gov/Archives/edgar/data/915802/000091580216000161/fitseafareroverseasvaluefund.htm
497 1 fitseafareroverseasvaluefund.htm
FINANCIAL INVESTORS TRUST
Seafarer Overseas Value Fund
(the “Value Fund”)
SUPPLEMENT DATED MAY 31, 2016 TO THE VALUE FUND’S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 15, 2016
As of the date of this Supplement, shares of the Value Fund are now being offered for sale.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
13931427.1 (9/8/2015 9:21 AM)