Mutual Funds

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, 2022, to the extent necessary so that 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 are limited to 1.15%, 1.90% and 0.90% of average net assets respectively for the Calamos Opportunistic Value Fund; 0.90%, 1.65% and 0.65% of average net assets respectively for the Calamos Total Return Bond Fund. 1.35%, 2.10%, and 1.10% of average net assets respectively for the Calamos Global Convertible Fund; 1.35%, 2.10% and 1.10% of average net assets respectively for the Calamos Dividend Growth Fund. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2022 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares and Class I shares are limited to 1.35% and 1.10% of average net assets, respectively for the Calamos Timpani SMID Growth Fund; 1.30% and 1.05% of average net assets respectively for the Calamos Timpani Small Cap Growth 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 1.10% for the Calamos Timpani SMID Growth Fund; and 1.05% for the Calamos Timpani Small Cap Growth Fund 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 Calamos Hedged Equity Fund expenses through March 1, 2022 to the extent necessary so that 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 are limited to 1.25%, 2.00%, and 1.00% of average net assets, respectively. For the period of January 22, 2020 through February 28, 2021, the Fund’s investment advisor has contractually agreed to reimburse Calamos Hedged Equity Fund expenses to the extent necessary so that 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 are limited to 1.15%, 1.90%, and 0.90% of average net assets, respectively. 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. This undertaking is binding on Calamos Advisors 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 2/28/2020 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10% C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; and Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95% and I 0.70%; Timpani Small Cap Growth Fund A Shares 1.47%, I Shares 1.22% and R6 Shares 1.12%; Timpani SMID Growth Fund A Shares 2.54%, I Shares 2.29% and R6 Shares 2.28%.

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