Embrace Risk: Long/Short Flexibility Addressed Multiple Market Scenarios

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Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 4.75%. Had it been included, the Fund’s return would have been lower. For the most recent month end performance information click on the performance tab.

The performance shown for periods prior to 4/5/16 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on 4/5/16, the date upon which the Fund commenced operations. On 10/1/15 the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund (“Phineus”), and Calamos Advisors served as the Predecessor Fund’s investment adviser between 10/1/15 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund’s assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A shares expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower.

Calamos Phineus Long/Short Fund

Seeking strong risk-adjusted and absolute returns across the global equity universe.

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Hedge Risk: Market Neutral Income Seeking Return and Stability

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Source: Morningstar. Data as of June 2003, the first three year rolling period following the fund’s I share inception (5/10/2000).

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Calamos Market Neutral Income Fund

Using core market strategies that include covered call writing and convertible arbitrage, complemented by an opportunistic sleeve, seeking to provide an enhanced potential for risk-managed returns due to their differing responses to volatility.

With $4.1 billion in assets, Calamos Market Neutral income Fund was the largest fund in Morningstar’s Market Neutral Category as of 12/31/16.

Morningstar Overall RatingTM

Among 118 Market Neutral Funds The fund’s load-waived Class A shares had 4 stars for 3 years, 5 stars for 5 years, and 4 stars for 10 years out of 118, 70 and 27 Market Neutral funds, respectively, for the period ended 12/31/16.

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Hedge Risk: Hedged Equity Income Seeking Lower Volatility and Steady Income Stream

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Source: Morningstar. Return data as of 11/30/2007 and standard deviation as of 12/1/2007, the first periods of data following the performance start date of the CBOE BXY in Morningstar Direct.

Past performance is no guarantee of future results. The MSCI EAFE Index is an arithmetic, market value-weighted average of the performance of securities listed on the stock exchanges of selected countries in Europe, the Far East and Australia. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes. Index performance has not been used as a proxy.

Calamos Hedged Equity Income Fund

Using a covered call strategy (investing in equities and selling options), seeking to generate income and manage risk.

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Calamos and Alternatives

Throughout our history, Calamos has provided investors with alternative strategies to help them tailor the risk and return characteristics of their asset allocations.

Shawn Park video

Shawn Park, Director of Product Management and Analytics, discusses how the use of alternative investments in a traditional asset allocation can lead to a more diversified portfolio.

1985

While convertible securities now enjoy recognition in the global markets, they were not well known in 1985 when we introduced Calamos Convertible Fund, one of the first convertible mutual funds.

1990

Calamos Market Neutral Income Fund brought strategies typically reserved for hedge funds to individual investors, making it one of the first liquid alternative funds.

2012

Calamos Market Neutral Income Fund management team was nominated for 2012 U.S. Morningstar Alternatives Fund Manager of the Year.

2013

Calamos Long/Short Fund introduced.

2014

Hedged Equity Income Fund introduced, a natural extension of our covered call capabilities.

2015

Calamos acquires Phineus Partners LP, global long/short manager.

2016

Calamos launches Phineus Long/Short Fund.

Calamos propels to #10 on the list of top 10 alternative fund managers ranked by assets in the Morningstar Alternatives Category.