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Alternative Funds

Fund Name Symbol Morningstar Category
Data - As of 6/1/23
Inception Date Fact Sheet
NAV $ Change % Change YTD
Market Neutral Income Fund
Market Neutral Income Fund Class A CVSIX Relative Value Arbitrage $14.53 $0.04 0.28% 4.39% 9/4/90 Download Fact Sheet
Market Neutral Income Fund Class C CVSCX Relative Value Arbitrage $14.59 $0.04 0.27% 4.07% 2/16/00 Download Fact Sheet
Market Neutral Income Fund Class I CMNIX Relative Value Arbitrage $14.35 $0.03 0.21% 4.44% 5/10/00 Download Fact Sheet
Market Neutral Income Fund Class R6 CVSOX Relative Value Arbitrage $14.36 $0.03 0.21% 4.46% 6/23/20 Download Fact Sheet
Hedged Equity Fund
Hedged Equity Fund Class A CAHEX Options Trading $14.00 $0.06 0.43% 6.63% 12/31/14 Download Fact Sheet
Hedged Equity Fund Class C CCHEX Options Trading $13.65 $0.07 0.52% 6.31% 12/31/14 Download Fact Sheet
Hedged Equity Fund Class I CIHEX Options Trading $14.03 $0.07 0.50% 6.81% 12/31/14 Download Fact Sheet
Phineus Long/Short Fund
Phineus Long/Short Fund Class A CPLSX Long-Short Equity $15.21 $0.17 1.13% 2.77% 5/1/02 Download Fact Sheet
Phineus Long/Short Fund Class C CPCLX Long-Short Equity $14.42 $0.16 1.12% 2.49% 5/1/02 Download Fact Sheet
Phineus Long/Short Fund Class I CPLIX Long-Short Equity $15.44 $0.17 1.11% 2.93% 5/1/02 Download Fact Sheet

Convertible Funds

Fund Name Symbol Morningstar Category
Data - As of 6/1/23
Inception Date Fact Sheet
NAV $ Change % Change YTD
Convertible Fund
Convertible Fund Class A CCVIX Convertibles $18.83 $0.13 0.70% 2.55% 6/21/85 Download Fact Sheet
Convertible Fund Class C CCVCX Convertibles $18.25 $0.12 0.66% 2.24% 7/5/96 Download Fact Sheet
Convertible Fund Class I CICVX Convertibles $16.12 $0.11 0.69% 2.67% 6/25/97 Download Fact Sheet
Global Convertible Fund
Global Convertible Fund Class A CAGCX Convertibles $10.23 $0.07 0.69% 5.14% 12/31/14 Download Fact Sheet
Global Convertible Fund Class C CCGCX Convertibles $9.82 $0.08 0.82% 4.91% 12/31/14 Download Fact Sheet
Global Convertible Fund Class I CXGCX Convertibles $10.27 $0.08 0.79% 5.33% 12/31/14 Download Fact Sheet

US Equity Funds

Fund Name Symbol Morningstar Category
Data - As of 6/1/23
Inception Date Fact Sheet
NAV $ Change % Change YTD
Timpani Small Cap Growth Fund
Timpani Small Cap Growth Fund Class A CTASX Small Growth $25.28 $0.36 1.44% 5.29% 1/6/14 Download Fact Sheet
Timpani Small Cap Growth Fund Class C CTCSX Small Growth $25.68 $0.36 1.42% 4.94% 6/25/21 Download Fact Sheet
Timpani Small Cap Growth Fund Class I CTSIX Small Growth $26.18 $0.37 1.43% 5.39% 3/23/11 Download Fact Sheet
Timpani Small Cap Growth Fund Class R6 CTSOX Small Growth $26.27 $0.36 1.39% 5.42% 6/3/19 Download Fact Sheet
Timpani SMID Growth Fund
Timpani SMID Growth Fund Class A CTAGX Mid-Cap Growth $9.87 $0.10 1.02% 4.44% 7/31/19 Download Fact Sheet
Timpani SMID Growth Fund Class I CTIGX Mid-Cap Growth $9.98 $0.10 1.01% 4.61% 7/31/19 Download Fact Sheet
Timpani SMID Growth Fund Class R6 CTOGX Mid-Cap Growth $9.98 $0.09 0.91% 4.50% 7/31/19 Download Fact Sheet
Growth Fund
Growth Fund Class A CVGRX Large Growth $32.76 $0.39 1.20% 20.80% 9/4/90 Download Fact Sheet
Growth Fund Class C CVGCX Large Growth $12.74 $0.15 1.19% 20.42% 9/3/96 Download Fact Sheet
Growth Fund Class I CGRIX Large Growth $49.91 $0.61 1.24% 20.94% 9/18/97 Download Fact Sheet
Growth and Income Fund
Growth and Income Fund Class A CVTRX Moderately Aggressive Allocation $39.83 $0.36 0.91% 8.80% 9/22/88 Download Fact Sheet
Growth and Income Fund Class C CVTCX Moderately Aggressive Allocation $39.98 $0.35 0.88% 8.43% 8/5/96 Download Fact Sheet
Growth and Income Fund Class I CGIIX Moderately Aggressive Allocation $37.88 $0.34 0.91% 8.91% 9/18/97 Download Fact Sheet
Growth and Income Fund Class R6 CGIOX Moderately Aggressive Allocation $37.90 $0.33 0.88% 8.94% 6/23/20 Download Fact Sheet
Dividend Growth Fund
Dividend Growth Fund Class A CADVX Large Blend $14.65 $0.15 1.03% 10.15% 8/5/13 Download Fact Sheet
Dividend Growth Fund Class C CCDVX Large Blend $13.91 $0.14 1.02% 9.79% 8/5/13 Download Fact Sheet
Dividend Growth Fund Class I CIDVX Large Blend $14.69 $0.15 1.03% 10.20% 8/5/13 Download Fact Sheet
Select Fund
Select Fund Class A CVAAX Large Blend $16.82 $0.16 0.96% 10.95% 1/2/02 Download Fact Sheet
Select Fund Class C CVACX Large Blend $13.95 $0.13 0.94% 10.54% 1/2/02 Download Fact Sheet
Select Fund Class I CVAIX Large Blend $17.49 $0.17 0.98% 11.05% 3/1/02 Download Fact Sheet

Global Equity Funds

Fund Name Symbol Morningstar Category
Data - As of 6/1/23
Inception Date Fact Sheet
NAV $ Change % Change YTD
International Growth Fund
International Growth Fund Class A CIGRX Foreign Large Growth $17.58 $0.19 1.09% 7.20% 3/16/05 Download Fact Sheet
International Growth Fund Class C CIGCX Foreign Large Growth $14.59 $0.15 1.04% 6.81% 3/16/05 Download Fact Sheet
International Growth Fund Class I CIGIX Foreign Large Growth $18.38 $0.20 1.10% 7.30% 3/16/05 Download Fact Sheet
International Growth Fund Class R6 CIGOX Foreign Large Growth $18.59 $0.20 1.09% 7.33% 9/17/18 Download Fact Sheet
Evolving World Growth Fund
Evolving World Growth Fund Class A CNWGX Diversified Emerging Mkts $15.57 $0.21 1.37% -0.57% 8/15/08 Download Fact Sheet
Evolving World Growth Fund Class C CNWDX Diversified Emerging Mkts $14.36 $0.20 1.41% -0.90% 8/15/08 Download Fact Sheet
Evolving World Growth Fund Class I CNWIX Diversified Emerging Mkts $15.72 $0.21 1.35% -0.51% 8/15/08 Download Fact Sheet
Global Equity Fund
Global Equity Fund Class A CAGEX Global Large-Stock Growth $12.46 $0.15 1.22% 12.05% 3/1/07 Download Fact Sheet
Global Equity Fund Class C CCGEX Global Large-Stock Growth $9.98 $0.12 1.22% 11.76% 3/1/07 Download Fact Sheet
Global Equity Fund Class I CIGEX Global Large-Stock Growth $13.13 $0.16 1.23% 12.13% 3/1/07 Download Fact Sheet
Global Equity Fund Class R6 CGEOX Global Large-Stock Growth $13.14 $0.16 1.23% 12.21% 6/23/20 Download Fact Sheet
Global Opportunities Fund
Global Opportunities Fund Class A CVLOX Global Allocation $9.97 $0.10 1.01% 6.75% 9/9/96 Download Fact Sheet
Global Opportunities Fund Class C CVLCX Global Allocation $8.39 $0.09 1.08% 6.47% 9/24/96 Download Fact Sheet
Global Opportunities Fund Class I CGCIX Global Allocation $10.40 $0.11 1.07% 6.89% 9/18/97 Download Fact Sheet
International Small Cap Growth Fund
International Small Cap Growth Fund Class A CAISX Foreign Small/Mid Growth $7.92 $0.13 1.67% -0.13% 3/31/22 Download Fact Sheet
International Small Cap Growth Fund Class C CCISX Foreign Small/Mid Growth $7.85 $0.12 1.55% -0.51% 3/31/22 Download Fact Sheet
International Small Cap Growth Fund Class I CSGIX Foreign Small/Mid Growth $7.93 $0.12 1.54% 0.00% 3/31/22 Download Fact Sheet
International Small Cap Growth Fund Class R6 CISOX Foreign Small/Mid Growth $7.94 $0.12 1.53% 0.13% 3/31/22 Download Fact Sheet

Sustainable Equities Fund

Fund Name Symbol Morningstar Category
Data - As of 6/1/23
Inception Date Fact Sheet
NAV $ Change % Change YTD
Calamos Antetokounmpo Sustainable Equities Fund
Calamos Antetokounmpo Sustainable Equities Fund Class A SROAX Large Blend $9.99 $0.07 0.71% N/A 2/3/23 Download Fact Sheet
Calamos Antetokounmpo Sustainable Equities Fund Class C SROCX Large Blend $9.97 $0.08 0.81% N/A 2/3/23 Download Fact Sheet
Calamos Antetokounmpo Sustainable Equities Fund Class I SROIX Large Blend $10.00 $0.07 0.70% N/A 2/3/23 Download Fact Sheet
Calamos Antetokounmpo Sustainable Equities Fund Class R6 SRORX Large Blend $10.00 $0.07 0.70% N/A 2/3/23 Download Fact Sheet

Fixed Income Funds

Fund Name Symbol Morningstar Category
Data - As of 6/1/23
Inception Date Fact Sheet
NAV $ Change % Change YTD
Total Return Bond Fund
Total Return Bond Fund Class A CTRAX Intermediate Core-Plus Bond $8.95 $0.02 0.22% 2.55% 6/27/07 Download Fact Sheet
Total Return Bond Fund Class C CTRCX Intermediate Core-Plus Bond $8.95 $0.02 0.22% 2.23% 6/27/07 Download Fact Sheet
Total Return Bond Fund Class I CTRIX Intermediate Core-Plus Bond $8.96 $0.02 0.22% 2.65% 6/27/07 Download Fact Sheet
High Income Opportunities Fund
High Income Opportunities Fund Class A CHYDX High Yield Bond $7.33 $0.02 0.27% 3.03% 8/2/99 Download Fact Sheet
High Income Opportunities Fund Class C CCHYX High Yield Bond $7.85 $0.02 0.26% 2.78% 12/21/00 Download Fact Sheet
High Income Opportunities Fund Class I CIHYX High Yield Bond $7.33 $0.02 0.27% 3.13% 3/1/02 Download Fact Sheet
Short-Term Bond Fund
Short-Term Bond Fund Class A CSTBX Short-Term Bond $9.39 $0.01 0.11% 1.84% 9/19/18 Download Fact Sheet
Short-Term Bond Fund Class I CSTIX Short-Term Bond $9.38 $0.01 0.11% 1.94% 9/19/18 Download Fact Sheet

Alternative Funds

Fund Name Symbol
Returns* - As of 4/30/23
1 Year 3 Year 5 Year 10 Year Since Incep. Gross Expense Ratio
Market Neutral Income Fund
Market Neutral Income Fund Class A CVSIX 2.86% 3.23% 2.98% 3.25% 5.79% 1.18%
Market Neutral Income Fund Class C CVSCX 2.06% 2.45% 2.20% 2.48% 3.36% 1.93%
Market Neutral Income Fund Class I CMNIX 3.10% 3.49% 3.23% 3.52% 4.30% 0.93%
Market Neutral Income Fund Class R6 CVSOX 3.26% N/A N/A N/A 3.14% 0.88%
Hedged Equity Fund
Hedged Equity Fund Class A CAHEX 2.14% 6.05% 5.13% N/A 5.13% 1.17%
Hedged Equity Fund Class C CCHEX 1.42% 5.28% 4.38% N/A 4.38% 1.92%
Hedged Equity Fund Class I CIHEX 2.45% 6.36% 5.42% N/A 5.43% 0.92%
Phineus Long/Short Fund
Phineus Long/Short Fund Class A CPLSX -1.30% 10.81% 4.50% 6.40% 9.62% 2.39%
Phineus Long/Short Fund Class C CPCLX -2.03% 10.01% 3.72% 5.61% 8.82% 3.13%
Phineus Long/Short Fund Class I CPLIX -0.99% 11.12% 4.78% 6.67% 9.91% 2.15%

Convertible Funds

Fund Name Symbol
Returns* - As of 4/30/23
1 Year 3 Year 5 Year 10 Year Since Incep. Gross Expense Ratio
Convertible Fund
Convertible Fund Class A CCVIX -7.24% 7.86% 7.77% 7.20% 8.81% 1.10%
Convertible Fund Class C CCVCX -7.93% 7.07% 6.98% 6.40% 7.23% 1.85%
Convertible Fund Class I CICVX -7.00% 8.13% 8.06% 7.47% 7.68% 0.85%
Global Convertible Fund
Global Convertible Fund Class A CAGCX -5.76% 3.53% 4.02% N/A 4.53% 1.28%
Global Convertible Fund Class C CCGCX -6.44% 2.80% 3.25% N/A 3.77% 2.03%
Global Convertible Fund Class I CXGCX -5.48% 3.82% 4.28% N/A 4.81% 1.03%

US Equity Funds

Fund Name Symbol
Returns* - As of 4/30/23
1 Year 3 Year 5 Year 10 Year Since Incep. Gross Expense Ratio
Timpani Small Cap Growth Fund
Timpani Small Cap Growth Fund Class A CTASX -10.03% 7.11% 5.12% N/A 6.26% 1.37%
Timpani Small Cap Growth Fund Class C CTCSX -10.72% N/A N/A N/A -24.48% 2.12%
Timpani Small Cap Growth Fund Class I CTSIX -9.82% 7.39% 5.42% 9.59% 9.59% 1.12%
Timpani Small Cap Growth Fund Class R6 CTSOX -9.69% 7.49% N/A N/A 4.97% 1.00%
Timpani SMID Growth Fund
Timpani SMID Growth Fund Class A CTAGX -8.55% 6.85% N/A N/A 2.49% 1.93%
Timpani SMID Growth Fund Class I CTIGX -8.29% 7.14% N/A N/A 2.77% 1.65%
Timpani SMID Growth Fund Class R6 CTOGX -8.29% 7.18% N/A N/A 2.77% 1.63%
Growth Fund
Growth Fund Class A CVGRX -2.37% 10.38% 8.38% 10.45% 12.18% 1.30%
Growth Fund Class C CVGCX -3.06% 9.57% 7.58% 9.63% 10.78% 2.05%
Growth Fund Class I CGRIX -2.14% 10.65% 8.65% 10.73% 10.54% 1.05%
Growth and Income Fund
Growth and Income Fund Class A CVTRX 0.43% 11.83% 9.35% 9.22% 10.72% 1.05%
Growth and Income Fund Class C CVTCX -0.33% 10.99% 8.54% 8.40% 9.26% 1.80%
Growth and Income Fund Class I CGIIX 0.67% 12.09% 9.62% 9.49% 9.46% 0.80%
Growth and Income Fund Class R6 CGIOX 0.76% N/A N/A N/A 9.44% 0.73%
Dividend Growth Fund
Dividend Growth Fund Class A CADVX 2.28% 14.03% 10.70% N/A 9.29% 2.03%
Dividend Growth Fund Class C CCDVX 1.46% 13.17% 9.85% N/A 8.47% 2.78%
Dividend Growth Fund Class I CIDVX 2.48% 14.28% 10.95% N/A 9.55% 1.78%
Select Fund
Select Fund Class A CVAAX 1.72% 13.88% 8.69% 8.48% 6.30% 1.57%
Select Fund Class C CVACX 0.96% 13.04% 7.89% 7.68% 5.51% 2.33%
Select Fund Class I CVAIX 2.01% 14.15% 8.96% 8.76% 6.71% 1.32%

Global Equity Funds

Fund Name Symbol
Returns* - As of 4/30/23
1 Year 3 Year 5 Year 10 Year Since Incep. Gross Expense Ratio
International Growth Fund
International Growth Fund Class A CIGRX -5.08% 8.81% 3.83% 5.16% 6.58% 1.64%
International Growth Fund Class C CIGCX -5.82% 7.99% 3.05% 4.38% 5.78% 2.39%
International Growth Fund Class I CIGIX -4.82% 9.08% 4.08% 5.42% 6.84% 1.39%
International Growth Fund Class R6 CIGOX -4.72% 9.19% N/A N/A 5.51% 1.28%
Evolving World Growth Fund
Evolving World Growth Fund Class A CNWGX -12.34% 5.45% 1.60% 2.55% 3.83% 1.63%
Evolving World Growth Fund Class C CNWDX -13.00% 4.70% 0.84% 1.79% 3.06% 2.39%
Evolving World Growth Fund Class I CNWIX -12.14% 5.72% 1.86% 2.81% 4.10% 1.38%
Global Equity Fund
Global Equity Fund Class A CAGEX -0.70% 12.43% 7.75% 9.05% 7.85% 1.61%
Global Equity Fund Class C CCGEX -1.45% 11.55% 6.92% 8.24% 7.04% 2.37%
Global Equity Fund Class I CIGEX -0.42% 12.72% 8.01% 9.32% 8.12% 1.36%
Global Equity Fund Class R6 CGEOX -0.43% N/A N/A N/A 7.32% 1.35%
Global Opportunities Fund
Global Opportunities Fund Class A CVLOX -1.88% 10.85% 6.07% 6.08% 7.62% 1.46%
Global Opportunities Fund Class C CVLCX -2.68% 10.02% 5.28% 5.29% 6.93% 2.21%
Global Opportunities Fund Class I CGCIX -1.61% 11.13% 6.34% 6.35% 7.20% 1.21%
International Small Cap Growth Fund
International Small Cap Growth Fund Class A CAISX -10.10% N/A N/A N/A -17.44% 11.28%
International Small Cap Growth Fund Class C CCISX -10.85% N/A N/A N/A -18.08% 12.03%
International Small Cap Growth Fund Class I CSGIX -9.88% N/A N/A N/A -17.26% 11.03%
International Small Cap Growth Fund Class R6 CISOX -9.88% N/A N/A N/A -17.26% 11.03%

Sustainable Equities Fund

Fund Name Symbol
Returns* - As of 4/30/23
1 Year 3 Year 5 Year 10 Year Since Incep. Gross Expense Ratio
Calamos Antetokounmpo Sustainable Equities Fund
Calamos Antetokounmpo Sustainable Equities Fund Class A SROAX N/A N/A N/A N/A N/A 1.71%
Calamos Antetokounmpo Sustainable Equities Fund Class C SROCX N/A N/A N/A N/A N/A 2.46%
Calamos Antetokounmpo Sustainable Equities Fund Class I SROIX N/A N/A N/A N/A N/A 1.46%
Calamos Antetokounmpo Sustainable Equities Fund Class R6 SRORX N/A N/A N/A N/A N/A 1.46%

Fixed Income Funds

Fund Name Symbol
Returns* - As of 4/30/23
1 Year 3 Year 5 Year 10 Year Since Incep. Gross Expense Ratio
Total Return Bond Fund
Total Return Bond Fund Class A CTRAX -0.91% -2.63% 0.92% 1.28% 2.93% 1.15%
Total Return Bond Fund Class C CTRCX -1.76% -3.39% 0.13% 0.52% 2.16% 1.90%
Total Return Bond Fund Class I CTRIX -0.77% -2.38% 1.15% 1.54% 3.19% 0.88%
High Income Opportunities Fund
High Income Opportunities Fund Class A CHYDX -0.17% 5.65% 2.69% 2.79% 5.28% 1.40%
High Income Opportunities Fund Class C CCHYX -0.91% 4.85% 1.91% 2.01% 4.93% 2.15%
High Income Opportunities Fund Class I CIHYX 0.21% 5.95% 2.97% 3.06% 5.64% 1.15%
Short-Term Bond Fund
Short-Term Bond Fund Class A CSTBX 1.79% 0.72% N/A N/A 1.59% 0.63%
Short-Term Bond Fund Class I CSTIX 2.02% 0.93% N/A N/A 1.81% 0.38%

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

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 which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

©2023 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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 2.25% for Class A shares for the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, Short-Term Bond Fund, and Total Return Bond Fund. Performance reflected at NAV does not include the Fund's maximum front-end sales load for Class A shares of all other listed funds which is 4.75%. Had it been included, the Fund's return would have been lower.

*1-year, 3-year, 5-year, 10-year and since inception returns are as of the most recent month-end. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares for the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, Short-Term Bond Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other listed funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2024, to the extent necessary so that Total Annual Fund Operating Expenses as a percentage of average net assets (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.20%, 1.95% and 0.95%, respectively, for the Calamos International Growth Fund; 1.30%, 2.05% and 1.05% for the Calamos Evolving World Growth Fund; 1.40%, 2.15% and 1.15% for the Calamos Global Equity Fund; 1.22%, 1.97%, and 0.97% for the Calamos Global Opportunities Fund; 1.35%, 2.10% and 1.10% for the Calamos Dividend Growth Fund; 1.15%, 1.90% and 0.90% for the Calamos Select Fund; 0.90%, 1.65% and 0.65% for the Calamos Total Return Bond Fund; 1.30%, 2.05% and 1.05% for the Calamos Timpani Small Cap Growth Fund; 1.00%, 1.75% and 0.75% for the Calamos High Income Opportunities Fund; and 1.35% and 1.10% for Class A and Class I shares of the Calamos Timpani SMID Growth Fund. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2025, to the extent necessary so that Total Annual Fund Operating Expenses as a percentage of average net assets (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.35%, 2.10% and 1.10%, respectively, for the Calamos International Small Cap Growth Fund.

The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses through March 1, 2024, for Class R6 shares (as a percentage of average net assets) less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes).  The current limits are 1.05% for the Calamos Timpani Small Cap Growth Fund; 1.10% for the Calamos Timpani SMID Growth Fund; 0.95% for the Calamos International Growth Fund; and 1.15% for the Calamos Global Equity Fund.

The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses through March 31, 2025, for Class R6 shares (as a percentage of average net assets) less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes).  The current limits are 1.10% for the Calamos International Small Cap Growth Fund.

The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2025, to the extent necessary so that the Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses if any) of Class A, Class C and Class I shares are limited to 1.20%, 1.95%, and 0.95% of average net assets, respectively, for the Calamos Global Sustainable Equities Fund. The Fund’s investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 0.95% less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes).

The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through April 30, 2026 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares, Class C shares and Class I shares are limited to 1.35%, 2.10% and 1.10% of average net assets, respectively, for the Calamos Antetokounmpo Sustainable Equities Fund. The Fund’s investment advisor has contractually agreed to limit the Fund’s annual ordinary operating expenses through April 30, 2026 for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund’s annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund’s other share classes divided by the aggregate average annual net assets of the Fund’s other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, foreign tax reclaim expenses, and extraordinary expenses, if any. Calamos Antetokounmpo Asset Management LLC may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CGAM and any of its successors and assigns. This agreement is not terminable by either party.

Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day.

The funds' gross expense ratios as of the prospectus dated 3/1/2023 are as follows: Market Neutral Income A 1.18%, C 1.93%, I 0.93%, R6 0.88%; Hedged Equity A 1.17%, C 1.92% and I 0.92%; Phineus Long/Short A 2.39%, C 3.13% and I 2.15%; Convertible A 1.10%, C 1.85% and I 0.85%; Global Convertible A 1.28%, C 2.03% and I 1.03%; Timpani Small Cap Growth Fund A 1.37%, C 2.12%, I 1.12% and R6 1.00%; Timpani SMID Growth Fund A Shares 1.93%, I Shares 1.65% and R6 Shares 1.63%; Growth A 1.30%, C 2.05% and I 1.05%; Growth and Income A 1.05% ,C 1.80%, I 0.80% and R6 0.73%; Dividend Growth A 2.03%, C 2.78% and I 1.78%; Select A 1.57%, C 2.33% and I 1.32%; International Growth A 1.64%, C 2.39%, I 1.39% and R6 1.28%; Evolving World Growth A 1.63%, C 2.39% and I 1.38%; Global Equity A 1.61%, C 2.37%, I 1.36% and R6 1.35%; Global Opportunities A 1.46%, C 2.21% and I 1.21%; International Small Cap Growth A 11.28%, C 12.03%, I 11.03% and R6 11.03%; Global Sustainable Equities A 5.77%, C 6.52%, I 5.52%, R6 5.52%; Total Return Bond A 1.15%, C 1.90% and I 0.88%; High Income Opportunities A 1.40%, C 2.15% and I 1.15%; and Short-Term Bond A 0.63% and I 0.38%.

Interfund Lending
The Funds have adopted, effective April 23, 2020, an Interim InterFund Lending Program (the “InterFund Program”) in reliance upon the exemptive order issued by the Securities and Exchange Commission on March 23, 2020 (the “March 23, 2020 Order”). The InterFund Program will allow the Funds to borrow money from and lend money to each other for temporary or emergency purposes, such as to satisfy redemption requests or to cover unanticipated cash shortfalls. A description of the Funds’ policies and procedures in connection with the InterFund Program is available in the supplement to the statement of additional information dated April 30, 2020 and on the Funds’ website. www.calamos.com.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE