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Interview recorded 5/18/18.

Before investing carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. The opinions and views of third parties do not represent the opinions or views of Calamos Investments LLC. Opinions are subject to change due to changes in the market, economic conditions or changes in the legal and/or regulatory environment and may not necessarily come to pass. This information is provided for informational purposes only and should not be considered tax, legal, or investment advice. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.

Alternative investments may not be suitable for all investors, and the risks of alternative investments vary based on the underlying strategies used. Many alternative investments are highly illiquid, meaning that you may not be able to sell your investment when you wish to.

Active management does not guarantee investment returns or eliminate the risk of loss.

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk.

Calamos Phineus Long/Short Fund A-Shares Load Adjusted Performance as of 3/31/18: 1-Year 2.67%, 5-Year 7.29%, 10-Year 8.95%.

The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on 4/6/16, 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 10/1/2015 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 and I 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.

The principal risks of investing in the Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

Calamos Market Neutral Income Fund A-Shares Load Adjusted Performance as of 3/31/18: 1-Year 1.78%, 5-Year 2.48%, 10-Year 2.90%.

The principal risks of investing in the Calamos International Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, small and mid-sized company risk and portfolio selection risk.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Calamos International Growth Fund A-Shares Load Adjusted Performance as of 3/31/18: 1-Year 21.46%, 5-Year 5.80%, 10-Year 4.60%.

Calamos CEO John Koudounis on Bloomberg Radio 5/18/18

May 18, 2018

In a Bloomberg Radio interview with Pimm Fox and Lisa Abramowicz, Calamos CEO John Koudounis talks about positive inflows in Calamos liquid alternative funds.

Media Appearances

Calamos CEO John Koudounis on Mornings with Maria 11/29/18
November 29, 2018

Watch this Mornings with Maria appearance as Calamos CEO John Koudounis comments on the interest rate environment, convertible securities performance during market corrections and Calamos’ success.

John P. Calamos, Sr. on CNBC’s Closing Bell 11/13/18
November 14, 2018

Watch as John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer, shares a favorable outlook on U.S. equities and broader tech opportunities with the hosts of CNBC’s Closing Bell.

Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, on Bloomberg Radio 10/26/18
October 26, 2018

Listen to Eli Pars explain to Bloomberg Radio that Calamos Market Neutral Income Fund (CMNIX) combines two strategies to pursue returns regardless of market direction.

Matt Freund, Co-CIO, Head of Fixed Income Strategies, appears on Bloomberg Real Yield 10/19/18
October 19, 2018 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM, participated in a Bloomberg Real Yield panel that discussed potential risks in the bond market and opportunities in select high yield sectors.
Calamos CEO John Koudounis on Bloomberg Radio 5/18/18
May 18, 2018 In a Bloomberg Radio interview with Pimm Fox and Lisa Abramowicz, Calamos CEO John Koudounis talks about positive inflows in Calamos liquid alternative funds.
John P. Calamos, Sr. CNBC Interview 5/1/18
May 01, 2018 Calamos Chairman, Founder and Global CIO John P. Calamos, Sr., interviewed by CNBC on his optimism for the economy, deregulation and volatility.
Calamos Chairman John P. Calamos Sr. and CEO John Koudounis on Mornings with Maria 5/1/18
May 01, 2018 In a Mornings with Maria interview, Calamos Founder, Chairman and Global Chief Investment Officer John P. Calamos, Sr. and CEO John Koudounis predict there's more upside to come in U.S. equities.
Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM on Bloomberg Real Yield 4/13/18
April 13, 2018 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM, shares his views in a Bloomberg Real Yield panel. Inflation, interest rates and building duration in a portfolio were discussed.
Calamos CEO John Koudounis on CNBC’s Closing Bell 3/15/18
March 15, 2018 In an interview with CNBC’s Closing Bell, Calamos CEO John Koudounis says tax reforms, regulatory reforms, repatriation of money returning to the U.S. all are stimulating investor interest in this market.
Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM appears on Bloomberg Radio 1/08/18
January 08, 2018 In an interview with Bloomberg Radio, Matt Freund, CFA, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, provides an interest rate and inflation outlook and comments on investment grade and high yield opportunities.
Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM appears on Bloomberg Radio 10/20/17
October 20, 2017 In an interview with Bloomberg Radio, Matt Freund, CFA, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, shares his views on fixed income at this point in the market cycle.
Calamos CEO John Koudounis on CNBC’s Closing Bell 9/29/17
September 29, 2017 In an interview with CNBC’s Closing Bell, Calamos CEO John Koudounis comments on the reflation trade underway and the likely strong market response if “even half” of Trump tax cuts are passed.
Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM appears on Bloomberg Radio 9/22/17
September 22, 2017 In an interview with Bloomberg Radio’s Tom Keene, Matt Freund, CFA, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, shares his views on fixed income and the value added by active management.
Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM appears on Bloomberg Real Yield 8/18/17
August 18, 2017

Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-PM appears on Bloomberg Real Yield 8/18/17