# EDGAR Filing Document

**Accession Number:** 0000826732
**File Stem:** 0001104659-23-025287
**Filing Date:** 2023-2
**Character Count:** 2395311
**Document Hash:** 29e4ef944c55f02fa5690091f0823135
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-025287.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001104659-23-025287

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 159

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALAMOS INVESTMENT TRUST/IL
- **CENTRAL INDEX KEY:** 0000826732
- **IRS NUMBER:** 363316238
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05443
- **FILM NUMBER:** 23666572

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 6302451046

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALAMOS INVESTMENT TRUST/IL
- **CENTRAL INDEX KEY:** 0000826732
- **IRS NUMBER:** 363316238
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-19228
- **FILM NUMBER:** 23666571

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 6302451046

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

## Series and Classes Contracts Data

### Calamos High Income Opportunities Fund (Series ID: S000004057)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011346 | Class A      | CHYDX           |
| C000011348 | Class C      | CCHYX           |
| C000011349 | Class I      | CIHYX           |

### Calamos Select Fund (Series ID: S000004058)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011350 | Class A      | CVAAX           |
| C000011352 | Class C      | CVACX           |
| C000011353 | Class I      | CVAIX           |

### Calamos Convertible Fund (Series ID: S000004060)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011358 | Class A      | CCVIX           |
| C000011360 | Class C      | CCVCX           |
| C000011361 | Class I      | CICVX           |

### Calamos Growth & Income Fund (Series ID: S000004061)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011362 | Class A      | CVTRX           |
| C000011364 | Class C      | CVTCX           |
| C000011365 | Class I      | CGIIX           |
| C000220407 | Class R6     | CGIOX           |

### Calamos Market Neutral Income Fund (Series ID: S000004062)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011366 | Class A      | CVSIX           |
| C000011368 | Class C      | CVSCX           |
| C000011369 | Class I      | CMNIX           |
| C000220408 | Class R6     | CVSOX           |

### Calamos Growth Fund (Series ID: S000004063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011370 | Class A      | CVGRX           |
| C000011372 | Class C      | CVGCX           |
| C000011373 | Class I      | CGRIX           |

### Calamos Global Opportunities Fund (Series ID: S000004064)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011374 | Class A      | CVLOX           |
| C000011376 | Class C      | CVLCX           |
| C000011377 | Class I      | CGCIX           |

### Calamos International Growth Fund (Series ID: S000004065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011378 | Class A      | CIGRX           |
| C000011380 | Class C      | CIGCX           |
| C000011381 | Class I      | CIGIX           |
| C000204888 | Class R6     | CIGOX           |

### CALAMOS GLOBAL EQUITY FUND (Series ID: S000015914)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000043702 | CLASS A      | CAGEX           |
| C000043704 | CLASS C      | CCGEX           |
| C000043705 | CLASS I      | CIGEX           |
| C000220409 | Class R6     | CGEOX           |

### CALAMOS TOTAL RETURN BOND FUND (Series ID: S000017871)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000049601 | CLASS A SHARES | CTRAX           |
| C000049603 | CLASS C SHARES | CTRCX           |
| C000049604 | CLASS I SHARES | CTRIX           |

### Calamos Evolving World Growth Fund (Series ID: S000022429)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000064541 | Class A      | CNWGX           |
| C000064543 | Class C      | CNWDX           |
| C000064544 | Class I      | CNWIX           |

### Calamos Dividend Growth Fund (Series ID: S000041744)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129591 | Class A      | CADVX           |
| C000129592 | Class C      | CCDVX           |
| C000129593 | Class I      | CIDVX           |

### Calamos Global Convertible Fund (Series ID: S000047913)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000150496 | Class A      | CAGCX           |
| C000150497 | Class C      | CCGCX           |
| C000150498 | Class I      | CXGCX           |

### Calamos Hedged Equity Fund (Series ID: S000047914)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000150500 | Class A      | CAHEX           |
| C000150501 | Class C      | CCHEX           |
| C000150502 | Class I      | CIHEX           |

### Calamos Phineus Long/Short Fund (Series ID: S000052577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165048 | Class A      | CPLSX           |
| C000165049 | Class C      | CPCLX           |
| C000165050 | Class I      | CPLIX           |

### Calamos Short-Term Bond Fund (Series ID: S000062995)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204432 | Class A      | CSTBX           |
| C000204433 | Class I      | CSTIX           |

### Calamos Timpani Small Cap Growth Fund (Series ID: S000065224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000211096 | Class I      | CTSIX           |
| C000211097 | Class R6     | CTSOX           |
| C000211098 | Class A      | CTASX           |
| C000228743 | Class C      |  |

### Calamos Timpani SMID Growth Fund (Series ID: S000065991)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213160 | Class R6     | CTOGX           |
| C000213161 | Class A      | CTAGX           |
| C000213162 | Class I      | CTIGX           |

### Calamos Global Sustainable Equities Fund (Series ID: S000074710)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232828 | Class R6     |  |
| C000232829 | Class A      |  |
| C000232830 | Class C      |  |
| C000232831 | Class I      |  |

### Calamos International Small Cap Growth Fund (Series ID: S000075668)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234922 | Class C      |  |
| C000234923 | Class A      |  |
| C000234924 | Class I      |  |
| C000234925 | Class R6     |  |

?xml version='1.0' encoding='ASCII'? Calamos Calamos Investment Trust [CIT] Prospectus [Funds] 033-19228 03-01-2023 ED [AUX]

**As filed with the U.S. Securities and Exchange Commission on February 24, 2023**

**Securities Act File No. 33-19228 Investment Company Act File No. 811-05443**

![](j2314552_aa001.jpg)

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**________________________**

**FORM N-1A REGISTRATION STATEMENT**

***UNDER THE SECURITIES ACT OF 1933***

---

| | |
|:---|:---|
| **Post-Effective Amendment No. 144** | ☒ |

---

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

---

| | | |
|:---|:---|:---|
|  | ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |

---

**Amendment No. 146**

**(Check appropriate box or boxes)**

**________________________**

**Calamos Investment Trust**

**(Exact Name of Registrant as Specified in Charter)**

**________________________**

**2020 Calamos Court Naperville, Illinois (Address of Principal Executive Offices)**

 **60563 (Zip Code)**

**Registrant's Telephone Number, including Area Code: (630) 245-7200**

**John P. Calamos, Sr.**

**Calamos Advisors LLC**

**2020 Calamos Court**

**Naperville, Illinois 60563**

**(Name and Address of Agent for Service)**

**________________________**

***With Copies to:***

**Paulita A. Pike Ropes & Gray LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606**

**Rita Rubin Ropes & Gray LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606**

**________________________**

**Approximate Date of Proposed Public Offering:** As soon as practicable following the effectiveness of the Registration Statement.

It is proposed that this filing will become effective:

&nbsp;&nbsp;&nbsp;&nbsp;☐ immediately upon filing pursuant to paragraph (b)

&nbsp;&nbsp;&nbsp;&nbsp;☒ on March 1, 2023 pursuant to paragraph (b)

&nbsp;&nbsp;&nbsp;&nbsp;☐ 60 days after filing pursuant to paragraph (a)(1)

&nbsp;&nbsp;&nbsp;&nbsp;☐ on pursuant to paragraph (a)(1)

&nbsp;&nbsp;&nbsp;&nbsp;☐ 75 days after filing pursuant to paragraph (a)(2)

&nbsp;&nbsp;&nbsp;&nbsp;☐ on pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

&nbsp;&nbsp;&nbsp;&nbsp;☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Amending Parts A, B and C and filing exhibits.

![](j2314552_aa002.jpg)

------

![](j2314552_ac003.jpg)

![](j2314552_ac004.jpg)

Family of Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
| | CLASS A | CLASS C | CLASS I | CLASS R6 |
| **Alternative** | **Alternative** | **Alternative** | **Alternative** | **Alternative** |
| Calamos Market Neutral Income Fund | CVSIX | CVSCX | CMNIX | CVSOX |
| Calamos Hedged Equity Fund | CAHEX | CCHEX | CIHEX |  |
| Calamos Phineus Long/Short Fund | CPLSX | CPCLX | CPLIX |  |
| **Convertible** | **Convertible** | **Convertible** | **Convertible** | **Convertible** |
| Calamos Convertible Fund | CCVIX | CCVCX | CICVX |  |
| Calamos Global Convertible Fund | CAGCX | CCGCX | CXGCX |  |
| **U.S. Equity** | **U.S. Equity** | **U.S. Equity** | **U.S. Equity** | **U.S. Equity** |
| Calamos Timpani Small Cap Growth Fund | CTASX | CTCSX | CTSIX | CTSOX |
| Calamos Timpani SMID Growth Fund | CTAGX |  | CTIGX | CTOGX |
| Calamos Growth Fund | CVGRX | CVGCX | CGRIX |  |
| Calamos Growth and Income Fund | CVTRX | CVTCX | CGIIX | CGIOX |
| Calamos Dividend Growth Fund | CADVX | CCDVX | CIDVX |  |
| Calamos Select Fund | CVAAX | CVACX | CVAIX |  |
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| Calamos International Growth Fund | CIGRX | CIGCX | CIGIX | CIGOX |
| Calamos Evolving World Growth Fund | CNWGX | CNWDX | CNWIX |  |
| Calamos Global Equity Fund | CAGEX | CCGEX | CIGEX | CGEOX |
| Calamos Global Opportunities Fund | CVLOX | CVLCX | CGCIX |  |
| Calamos International Small Cap Growth Fund | CAISX | CCISX | CSGIX | CISOX |
| **Fixed Income** | **Fixed Income** | **Fixed Income** | **Fixed Income** | **Fixed Income** |
| Calamos Total Return Bond Fund | CTRAX | CTRCX | CTRIX |  |
| Calamos High Income Opportunities Fund | CHYDX | CCHYX | CIHYX |  |
| Calamos Short-Term Bond Fund | CSTBX |  | CSTIX |  |

---

Prospectus March 1, 2023

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

------

**Table of Contents**

---

| | |
|:---|:---|
| The Funds  | The Funds  |
| Alternative | Alternative |
| Calamos Market Neutral Income<br>Fund | 1 |
| Calamos Hedged Equity Fund | 8 |
| Calamos Phineus Long/Short Fund | 15 |
| Convertible | Convertible |
| Calamos Convertible Fund | 22 |
| Calamos Global Convertible Fund | 28 |
| U.S. Equity | U.S. Equity |
| Calamos Timpani Small Cap Growth<br>Fund | 35 |
| Calamos Timpani SMID Growth<br>Fund | 40 |
| Calamos Growth Fund | 45 |
| Calamos Growth and Income Fund | 50 |
| Calamos Dividend Growth Fund | 56 |
| Calamos Select Fund | 62 |
| Global Equity | Global Equity |
| Calamos International Growth<br>Fund | 67 |
| Calamos Evolving World Growth<br>Fund | 72 |
| Calamos Global Equity Fund | 78 |
| Calamos Global Opportunities<br>Fund | 83 |
| Calamos International Small Cap <br>Growth Fund | 89 |
| Fixed Income | Fixed Income |
| Calamos Total Return Bond Fund | 94 |
| Calamos High Income Opportunities<br>Fund | 101 |
| Calamos Short-Term Bond Fund | 108 |
| Other Important Information<br>Regarding Fund Shares | 115 |
| Additional Information About <br>Investment Strategies and Related<br>Risks | 117 |
| Fund Facts | 131 |
| Who manages the Funds? | 131 |
| What classes of shares do the Funds<br>offer? | 138 |
| How can I buy shares? | 148 |
| How can I sell (redeem) shares? | 151 |
| Transaction information | 156 |
| Distributions and taxes | 161 |
| Other Information | 163 |
| Financial Highlights | 166 |
| Appendix |  |
| For More Information | back cover |

---

------

Calamos Market Neutral Income Fund

Investment Objective

Calamos Market Neutral Income Fund's investment objective is high current income consistent with stability of principal.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br>offering price) | 2.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the <br>redemption price or offering price) |  | 1.00% |  |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Management Fees | 0.65% | 0.65% | 0.65% | 0.65% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |  |
| Dividend Expense on Short Positions | 0.15% | 0.15% | 0.15% | 0.17% |
| Other Expenses | 0.12% | 0.12% | 0.12% | 0.05% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses | 1.18% | 1.93% | 0.93% | 0.88% |

---

1 "Acquired Fund Fees and Expenses" include certain expenses incurred in connection with the Fund's investment in various money market funds, affiliated mutual funds, and ETFs.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 392 |  | 639 |  | 906 |  | 1,667 |
| Class C |  | 296 |  | 606 |  | 1,042 |  | 2,254 |
| Class I |  | 95 |  | 296 |  | 515 |  | 1,143 |
| Class R6 |  | 90 |  | 281 |  | 488 |  | 1,084 |

---

PROSPECTUS \| March 1, 2023

------

Calamos Market Neutral Income Fund

You would pay the following expenses if you did not redeem your shares:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 392 |  | 639 |  | 906 |  | 1,667 |
| Class C |  | 196 |  | 606 |  | 1,042 |  | 2,254 |
| Class I |  | 95 |  | 296 |  | 515 |  | 1,143 |
| Class R6 |  | 90 |  | 281 |  | 488 |  | 1,084 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

Principal Investment Strategies

The Fund's investment strategy can be characterized as "market neutral" because it seeks to achieve maximum current income while maintaining a low correlation to the fluctuations of the U.S. equity market as a whole. The Fund (i) invests in equities, (ii) invests in convertible securities (including synthetic convertible securities) of U.S. companies without regard to market capitalization, and (iii) employs short selling and enters into total return swaps to enhance income and hedge against market risk. The convertible securities in which the Fund invests may be either debt securities or preferred stocks that can be exchanged for common stock. The average term to maturity of the convertible securities purchased by the Fund will typically range from two to ten years.

A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Fund may seek to generate income from option premiums by writing (selling) options. This would include the use of both call and put options. The Fund may write call options (i) on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund's portfolio and (ii) on broad-based securities indexes (such as the S&P 500 or MSCI EAFE) or ETFs (exchange traded funds).

In addition, to seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes (such as the S&P 500), or ETFs.

The Fund may invest without limit in high yield fixed-income securities (often referred to as "junk bonds"). The Fund may invest up to 10% of its total assets in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, "SPACs"). In addition, the Fund may obtain certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"), which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an initial public offering. In addition, the Fund may engage in active and frequent trading of portfolio securities. The Fund may also invest in ETFs. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

CALAMOS FAMILY OF FUNDS

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Calamos Market Neutral Income Fund

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• Convertible Hedging Risk — If the market price of the underlying common stock increases above the conversion price on a convertible security, the price of the convertible security will increase. The Fund's increased liability on any outstanding short position would, in whole or in part, reduce this gain.

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Covered Call Writing Risk — As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Derivatives Risk — Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into a derivative transaction may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund (i.e., the Fund's long position) fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities,

PROSPECTUS \| March 1, 2023

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Calamos Market Neutral Income Fund

different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Other Investment Companies (including ETFs) Risk — The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. Additionally, if the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of

CALAMOS FAMILY OF FUNDS

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Calamos Market Neutral Income Fund

the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Short Sale Risk — The Fund may incur a loss (without limit) as a result of a short sale if the market value of the borrowed security (i.e., the Fund's short position) increases between the date of the short sale and the date the Fund replaces the security. The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Special Purpose Acquisition Companies Risk — The Fund may invest in special purpose acquisition companies ("SPACs") or similar special purpose entities. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. An attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher return. While a SPAC is seeking a transaction target, its stock may be thinly traded and/or illiquid. The proceeds of a SPAC IPO that are placed in trust are subject to risks, including the risk of insolvency of the custodian of the funds, fraud by the trustee, interest rate risk and credit and liquidity risk relating to the securities and money market funds in which the proceeds are invested. The private rights or other interests issued by a SPAC that the Fund may obtain generally have more limited liquidity than SPAC shares issued in an IPO and may be subject to forfeiture or expire worthless.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to regulated investment companies could cause the Fund to fail to qualify as such.

• Total Return Swap Risk — A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to a fund's portfolio because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the swap. The primary risks associated with total return swaps are credit risk (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur to the underlying asset).

PROSPECTUS \| March 1, 2023

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Calamos Market Neutral Income Fund

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_ba005.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 5.08 | % (6.30.2020) | Lowest Quarterly Return: | -5.71 | % (6.30.2022) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

CALAMOS FAMILY OF FUNDS

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Calamos Market Neutral Income Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 9.4.90 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -6.65% | 2.13% | 2.60% | 5.57% |
| **Class C** | 2.16.00 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -6.18% | 1.82% | 2.33% | 3.26% |
| **Class I** | 5.10.00 |  |  |  |  |
| *Return before taxes* |  | -4.26% | 2.85% | 3.36% | 4.19% |
| *Return after taxes on distributions\** |  | -4.66% | 2.30% | 2.68% | 2.98% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -2.52% | 2.05% | 2.47% | 2.90% |
| **Class R6** | 6.23.20 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -4.12% | N/A | N/A | 2.01% |
| **Bloomberg U.S. Government/Credit Index** |  | -13.58% | 0.21% | 1.16% | 4.07% |
| **Bloomberg Short Treasury 1-3 Month Index** |  | 1.52% | 1.23% | 0.73% | 1.51% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The Bloomberg Short Treasury 1-3 Month Index is generally considered representative of the performance of short-term money market investments and is provided to show how the Fund's performance compares to public obligations of the U.S. Treasury with maturities of 1-3 months.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| Eli Pars | 9 years | SVP, Sr. Co-Portfolio Manager |
| Jason Hill | 10 years | SVP, Co-Portfolio Manager |
| David O'Donohue | 7.5 years | SVP, Co-Portfolio Manager |
| Jimmy Young | 4 years | SVP, Co-Portfolio Manager |
| Anthony Vecchiolla | since February 2023 | VP, Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

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Calamos Hedged Equity Fund

Investment Objective

Calamos Hedged Equity Fund's investment objective is to seek total return with lower volatility than equity markets.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 0.74% | 0.74% | 0.74% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.17% | 0.17% | 0.17% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses | 1.17% | 1.92% | 0.92% |

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1 "Acquired Fund Fees and Expenses" include certain expenses incurred in connection with the Fund's investment in various money market funds and ETFs.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 589 |  | 829 |  | 1,088 |  | 1,828 |
| Class C |  | 295 |  | 603 |  | 1,037 |  | 2,243 |
| Class I |  | 94 |  | 293 |  | 509 |  | 1,131 |

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CALAMOS FAMILY OF FUNDS

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Calamos Hedged Equity Fund

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 589 |  | 829 |  | 1,088 |  | 1,828 |
| Class C |  | 195 |  | 603 |  | 1,037 |  | 2,243 |
| Class I |  | 94 |  | 293 |  | 509 |  | 1,131 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 32% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve total return with lower volatility than equity markets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and securities with economic characteristics similar to stock or the equity markets. The Fund invests in a broadly diversified portfolio of equity securities while also writing (selling) index call and put options and/or entering into other options strategies on equity securities and/or broad based indices. The Fund may write call options (i) on a portion of the equity securities in the Fund's portfolio and (ii) on broad- based securities indexes (such as the S&P 500 or MSCI EAFE) or ETFs (exchange traded funds).

In addition, to seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes (such as the S&P 500), or ETFs. The Fund may also engage in active and frequent trading of portfolio securities.

Equity securities purchased by the Fund may include U.S. exchange-listed common stocks, options on equities, and American Depositary Receipts (ADRs). The Fund may also invest in fixed-income securities. The Fund may also invest in ETFs.

The Fund may use derivatives for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. In particular, the Fund may hedge some or all of the currency exposure of foreign securities by entering into forward foreign currency contracts, futures or other derivatives.

The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes. The Fund intends that its option-based risk management strategy will reduce the volatility inherent in investments in equity securities over time.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

PROSPECTUS \| March 1, 2023

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Calamos Hedged Equity Fund

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Correlation Risk — The effectiveness of the Fund's index option-based risk management strategy may be reduced if the performance of the Fund's equity portfolio does not correlate to that of the indices underlying its option positions.

• Covered Call Writing Risk — As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call.

• Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Derivatives Risk — Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into a derivative transaction may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund (i.e., the Fund's long position) fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

CALAMOS FAMILY OF FUNDS

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Calamos Hedged Equity Fund

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Futures and Forward Contracts Risk — Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured. The Fund may also purchase or write over-the-counter put or call options, which involves risks different from, and possibly greater than, the risks associated with exchange-listed put or call options. In some instances, over-the-counter put or call options may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract, and that any deterioration in a counterparty's creditworthiness could adversely affect the instrument. In addition, the Fund may be exposed to a risk that losses may exceed the amount originally invested.

• Other Investment Companies (including ETFs) Risk — The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. Additionally, if the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

PROSPECTUS \| March 1, 2023

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Calamos Hedged Equity Fund

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Short Sale Risk — The Fund may incur a loss (without limit) as a result of a short sale if the market value of the borrowed security (i.e., the Fund's short position) increases between the date of the short sale and the date the Fund replaces the security. The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to regulated investment companies could cause the Fund to fail to qualify as such.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_ba006.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 10.84 | % (6.30.2020) | Lowest Quarterly Return: | -10.28 | % (6.30.2022) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

CALAMOS FAMILY OF FUNDS

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Calamos Hedged Equity Fund

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one- and five-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 12.31.14 |  |  |  |
| *Load Adjusted Return before taxes* |  | -15.50% | 3.69% | 4.00% |
| **Class C** | 12.31.14 |  |  |  |
| *Load Adjusted Return before taxes* |  | -12.85% | 3.98% | 3.89% |
| **Class I** | 12.31.14 |  |  |  |
| *Return before taxes* |  | -11.11% | 4.99% | 4.92% |
| *Return after taxes on distributions\** |  | -11.38% | 4.65% | 4.56% |
| *Return after taxes on distributions and sale of Fund shares\** |  | -6.58% | 3.83% | 3.82% |
| **S&P 500 Index** |  | -18.11% | 9.42% | 10.17% |
| **Bloomberg U.S. Aggregate Bond Index** |  | -13.01% | 0.02% | 0.85% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The Bloomberg U.S. Aggregate Bond Index shows how the Fund's performance compares to an index that covers the U.S.-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS sectors.

PROSPECTUS \| March 1, 2023

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Calamos Hedged Equity Fund

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| Eli Pars | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Jason Hill | since Fund's inception | SVP, Co-Portfolio Manager |
| David O'Donohue | 7.5 years | SVP, Co-Portfolio Manager |
| Jimmy Young | 4 years | SVP, Co-Portfolio Manager |
| Anthony Vecchiolla | since February 2023 | VP, Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

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Calamos Phineus Long/Short Fund

Investment Objective

Calamos Phineus Long/Short Fund's investment objective is to seek strong, risk-adjusted and absolute returns in the context of prevailing market conditions across the global equity universe.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares does the Fund offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 1.24% | 1.24% | 1.24% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Dividend and Interest Expense on Short Sales<sup>1</sup> | 0.74% | 0.73% | 0.75% |
| Other Expenses | 0.15% | 0.15% | 0.15% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.01% | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses | 2.39% | 3.13% | 2.15% |

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1 "Dividend and Interest Expense on Short Sales" reflect interest expense and dividends paid on borrowed securities. Interest expenses result from the Fund's use of prime brokerage arrangements to execute short sales. Dividends paid on borrowed securities are an expense of short sales. Such expenses are required to be treated as a Fund expense for accounting purposes and are not payable to Calamos Advisors LLC. Any interest expense amount or dividends paid on securities sold short will vary based on the Fund's use of those investments as an investment strategy best suited to seek the objective of the Fund.

2 "Acquired Fund Fees and Expenses" include certain expenses incurred in connection with the Fund's investment in various money market funds, affiliated mutual funds, and ETFs.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 706 |  | 1,185 |  | 1,690 |  | 3,072 |
| Class C |  | 416 |  | 966 |  | 1,640 |  | 3,439 |
| Class I |  | 218 |  | 673 |  | 1,154 |  | 2,483 |

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PROSPECTUS \| March 1, 2023

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Calamos Phineus Long/Short Fund

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 706 |  | 1,185 |  | 1,690 |  | 3,072 |
| Class C |  | 316 |  | 966 |  | 1,640 |  | 3,439 |
| Class I |  | 218 |  | 673 |  | 1,154 |  | 2,483 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal period, the Fund's portfolio turnover rate was 214% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund aims to achieve its investment objective primarily by investing globally in publicly listed equity securities, including common stock and American Depositary Receipts ("ADRs"), of issuers of all market capitalizations that operate in the knowledge-based sectors such as technology, communications and media, as well as financial services and healthcare, and other investment companies, including exchange-traded funds ("ETFs"), that track or otherwise provide exposure to such sectors. The Fund's investment adviser (the "Advisor") believes that the heterogeneous, disruptive and volatile nature of many of these sectors is well suited for long/short equity investing. Long investing generally involves buying a security expecting to profit from an increase in its price. Short investing generally involves selling a security that the Fund does not own expecting to profit from a decline in its price at a later time. The Advisor will also consider investing in other sectors if, in the Advisor's opinion, such long and short exposures have favorable potential for contributing value. The Fund may maintain long and short positions through the use of derivative instruments, such as options, futures and forward contracts, without investing directly in the underlying asset. The Fund may also use derivative instruments to attempt to both increase the return of the Fund and hedge (protect) the value of the Fund's assets. The Fund may also invest in cash and cash equivalents.

The Advisor pursues a fundamental, global approach that incorporates a blend of top-down and bottom-up considerations. The advantages of its investment process are based upon: 1) a comprehensive assessment of what drives share prices; 2) how companies and industries are analyzed; and 3) the flexible management of style, capitalization and country factors. The Advisor believes that flexible asset allocation across the global equity universe, with less emphasis upon the traditional role of benchmarks, provides the potential for excess returns.

The Advisor's approach is primarily derived from its assessment of corporate and economic fundamentals. Equally, the Fund's strategy allows for all investment styles (for example, growth versus value, small versus large capitalization) to be considered depending upon a company's business model, prevailing market conditions and the economic cycle. The Advisor believes that stocks with common style characteristics can behave similarly, often in response to the economic cycle, and that these characteristics are an additional source of return that should be identified.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Under certain conditions, even if the value of the Fund's long positions are rising, this could be offset by declining values of the Fund's short positions. Conversely, it is possible that rising values of the Fund's short positions could be offset by declining values of the Fund's long positions. In either scenario the Fund may experience losses. In a market where the value of both the Fund's long and short positions are declining, the Fund may experience substantial losses. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to

CALAMOS FAMILY OF FUNDS

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Calamos Phineus Long/Short Fund

facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Cash Holdings Risk — To the extent the Fund holds cash positions, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.

• Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

• Derivatives Risk — Derivatives are instruments, such as futures, options, and forward foreign currency contracts, whose value is derived from that of other assets, rates, or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund (i.e., the Fund's long position) fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Futures and Forward Contracts Risk — Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are

PROSPECTUS \| March 1, 2023

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Calamos Phineus Long/Short Fund

standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the options. Forward contracts involve a negotiated obligation to purchase or sell an asset at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for the Fund's account. Futures and forward contracts are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

• Geographic Concentration Risk — Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic, or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

• Leveraging Risk — Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund's investment. Leveraging risk is the risk that certain transactions of the Fund may cause the Fund to be more volatile and experience greater losses than if it had not been leveraged. The Fund's use of short sales and investments in derivatives subject the Fund to leveraging risk.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured. The Fund may also purchase or write over-the-counter put or call options, which involves risks different from, and possibly greater than, the risks associated with exchange-listed put or call options. In some instances, over-the-counter put or call options may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract, and that any deterioration in a counterparty's creditworthiness could adversely affect the instrument. In addition, the Fund may be exposed to a risk that losses may exceed the amount originally invested.

• Other Investment Companies (including ETFs) Risk — The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. Additionally, if the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio manager may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which

CALAMOS FAMILY OF FUNDS

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Calamos Phineus Long/Short Fund

may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Short Sale Risk — The Fund may incur a loss (without limit) as a result of a short sale if the market value of the borrowed security (i.e., the Fund's short position) increases between the date of the short sale and the date the Fund replaces the security. The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price.

• Small and Mid-Sized Company Stock Risk — Small to mid-sized company stocks have historically been subject to greater investment risk than large company stock. The prices of small to mid-sized company stocks tend to be more volatile and less liquid than large company stocks. Small and mid-sized companies may have no or relatively short operating histories, or be newly formed public companies. Some of these companies have aggressive capital structures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. The performance shown in the bar chart and performance table for the years prior to 2017 is that of another investment vehicle (the "Phineus Predecessor Fund") prior to the commencement of the Fund's operations. The Phineus Predecessor Fund was reorganized into Class I shares of the Fund on April 6, 2016. On October 1, 2015, the parent company of Calamos Advisors purchased Phineus Partners LP ("Phineus"), the prior general partner and investment manager to the Phineus Predecessor Fund and investment manager to the Phineus Predecessor Fund's master fund. Calamos Advisors served as the investment manager to the Phineus Predecessor Fund's master fund from October 1, 2015 to April 5, 2016 and the general partner and investment manager of the Phineus Predecessor Fund from February 25, 2016 and April 5, 2016. The Phineus Predecessor Fund commenced operations on May 1, 2002 and, since that time, has had various periods where it implemented its investment strategy directly on a stand-alone basis or indirectly through its investment in a master fund, which had the same investment policies, objectives, guidelines and restrictions as the Phineus Predecessor Fund.

Regardless of whether the Phineus Predecessor Fund operated as a stand-alone fund or invested indirectly through a master fund, Phineus and Calamos Advisors managed the Phineus Predecessor Fund's assets using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. The Phineus Predecessor Fund performance information in the bar chart and table has been adjusted to reflect Class I share, and with respect to the table, Class A and Class C share expenses. However, the Phineus Predecessor Fund was not a registered mutual fund and so it was

PROSPECTUS \| March 1, 2023

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Calamos Phineus Long/Short Fund

not subject to the same investment and tax restrictions as the Fund. If it had been, the Phineus Predecessor Fund's performance may have been lower. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated Fund performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_ba007.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 24.69 | % (12.31.2020) | Lowest Quarterly Return: | -11.48 | % (3.31.2020) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five-, and ten- year periods ended December 31, 2022 and since the Phineus Predecessor Fund's inception compare with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Phineus Predecessor Fund, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I shares will vary from returns shown for Class I shares. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

CALAMOS FAMILY OF FUNDS

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Calamos Phineus Long/Short Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 5.1.02 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -5.85% | 3.28% | 6.13% | 9.37% |
| **Class C** | 5.1.02 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -2.93% | 3.50% | 5.84% | 8.82% |
| **Class I** | 5.1.02 |  |  |  |  |
| *Return before taxes* |  | -0.96% | 4.53% | 6.91% | 9.91% |
| *Return after taxes on distributions\** |  | -0.97% | 4.20% | 6.66% | 9.79% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -0.57% | 3.36% | 5.47% | 8.63% |
| **S&P 500 Index** |  | -18.11% | 9.42% | 12.56% | 8.46% |
| **MSCI World Index** |  | -17.73% | 6.69% | 9.44% | 7.48% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The MSCI World Index is designed to measure the equity market performance of developed markets. The MSCI World Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE <br>WITH INVESTMENT ADVISER** |
| Michael Grant | since Fund's inception | SVP, Sr. Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

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Calamos Convertible Fund

Investment Objective

Calamos Convertible Fund's primary objective is current income, with growth as its secondary objective.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchase of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 2.25% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 0.71% | 0.71% | 0.71% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% | N/A |
| Other Expenses | 0.14% | 0.14% | 0.14% |
| Total Annual Fund Operating Expenses | 1.10% | 1.85% | 0.85% |

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 335 |  | 567 |  | 818 |  | 1,535 |
| Class C |  | 288 |  | 582 |  | 1,001 |  | 2,169 |
| Class I |  | 87 |  | 271 |  | 471 |  | 1,049 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 335 |  | 567 |  | 818 |  | 1,535 |
| Class C |  | 188 |  | 582 |  | 1,001 |  | 2,169 |
| Class I |  | 87 |  | 271 |  | 471 |  | 1,049 |

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CALAMOS FAMILY OF FUNDS

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Calamos Convertible Fund

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests mainly in a diversified portfolio of convertible securities (including synthetic convertible instruments) issued by both U.S. and foreign companies without regard to market capitalization. These convertible securities may be either debt securities or preferred stocks that can be exchanged for common stock. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings) in convertible securities.

A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Fund may invest up to 25% of its net assets in foreign securities, but generally will invest approximately 5% to 15% of its net assets in foreign securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

In analyzing the appreciation potential of the underlying common stock and the default risk of the convertible security, the Fund generally considers the issuer's financial soundness, ability to make interest and dividend payments, earnings and cash flow forecast and quality of management. The investment adviser takes environmental, social and governance ("ESG") factors into account in making investment decisions. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes. Consistent with the Fund's investment objective and principal investment strategies the Fund's investment adviser views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is

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Calamos Convertible Fund

considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

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Calamos Convertible Fund

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to regulated investment companies could cause the Fund to fail to qualify as such.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

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Calamos Convertible Fund

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bc008.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 30.35 | % (6.30.2020) | Lowest Quarterly Return: | -16.35 | % (6.30.2022) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

CALAMOS FAMILY OF FUNDS

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Calamos Convertible Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION<br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 6.21.85 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -23.00% | 7.57% | 7.36% | 8.71% |
| **Class C** | 7.5.96 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -22.61% | 7.26% | 7.08% | 7.28% |
| **Class I** | 6.25.97 |  |  |  |  |
| *Return before taxes* |  | -21.03% | 8.32% | 8.16% | 7.73% |
| *Return after taxes on distributions\** |  | -21.32% | 5.92% | 5.82% | 5.58% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -12.44% | 6.12% | 5.85% | 5.65% |
| **ICE BofA All U.S. Convertibles Index (VXA0)** |  | -18.71% | 9.29% | 10.01% | 7.84% |
| **S&P 500 Index** |  | -18.11% | 9.42% | 12.56% | 7.91% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Since inception return for the ICE BofA All US Convertible Index is not available, as the inception date of the Index is January 1, 1988. The S&P 500 Index shows how the Fund's performance compares to an index that is generally considered to be representative of the U.S. stock market.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 6 years | SVP, Sr. Co-Portfolio Manager |
| John Hillenbrand | 19 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 9.5 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | 19 years | SVP, Sr. Co-Portfolio Manager |
| Joe Wysocki | 8 years | SVP, Sr. Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

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Calamos Global Convertible Fund

Investment Objective

Calamos Global Convertible Fund's primary objective is total return through capital appreciation and current income.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 2.25% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 0.85% | 0.85% | 0.85% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.18% | 0.18% | 0.18% |
| Total Annual Fund Operating Expenses | 1.28% | 2.03% | 1.03% |

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial deferred sales charge and that the Fund's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 352 |  | 622 |  | 911 |  | 1,735 |
| Class C |  | 306 |  | 637 |  | 1,093 |  | 2,358 |
| Class I |  | 105 |  | 328 |  | 569 |  | 1,259 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 352 |  | 622 |  | 911 |  | 1,735 |
| Class C |  | 206 |  | 637 |  | 1,093 |  | 2,358 |
| Class I |  | 105 |  | 328 |  | 569 |  | 1,259 |

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CALAMOS FAMILY OF FUNDS

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Calamos Global Convertible Fund

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year the Fund's portfolio turnover rate was 31% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests mainly in a globally-diversified portfolio of convertible securities (including synthetic convertible instruments) issued by both U.S. and foreign companies without regard to market capitalization. Convertible securities include, but are not limited to, any corporate debt security, debentures, notes or preferred stock that may be converted into equity securities of companies around the world, including in emerging markets. A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in convertible securities, including synthetic convertible securities. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Fund anticipates that, under normal circumstances, the investment adviser's process will result in the Fund investing in a globally diversified manner, with at least 20% of its assets in securities of foreign issuers, including issuers in emerging markets. Securities of foreign issuers are securities issues by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

The Fund may invest up to 20% of its net assets in equity securities or securities with economic characteristics similar to stock or the equity markets. The Fund may also invest up to 20% of its net assets in high yield fixed-income securities, often referred to as "junk bonds"; however, such limitation shall not apply to convertible securities, including synthetic convertible securities. Junk bonds are securities rated BB or lower by S&P, or Ba or lower by Moody's or securities that are not rated but are considered by the Fund's investment adviser to be of similar quality. The Fund may not acquire debt securities that are rated lower than C. In addition, the Fund may engage in active and frequent trading of portfolio securities.

The Fund may use derivative instruments such as options, futures and forward contracts. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis.

When buying and selling convertible securities, the Fund typically applies a four-step approach, without regard to market capitalization:

1. Evaluating the default risk of the convertible security using traditional credit analysis;

2. Analyzing the convertible security's underlying common stock to determine its capital appreciation potential;

3. Assessing the convertible security's risk/return potential; and

4. Evaluating the convertible security's impact on the Fund's overall composition and diversification strategy.

As well, the Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by country, company, industry, sector and currency and by focusing on macro-level investment themes.

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Calamos Global Convertible Fund

Consistent with the Fund's investment objective and principal investment strategies the Fund's investment adviser views these strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. Convertible securities generally offer lower interest or dividend yields than non-convertible fixed-income securities of similar credit quality because of the potential for capital appreciation. In addition, as the market price of the underlying common stock declines below the conversion price, the price of the convertible security tends to be increasingly influenced by the yield of the convertible security. Holders of convertible securities have a claim on the issuer's assets prior to the common stockholders, but may be subordinated to holders of similar but non-convertible securities of the same issuer.

• Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Derivatives Risk — Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by

CALAMOS FAMILY OF FUNDS

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Calamos Global Convertible Fund

offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives contract may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Securities issued in these countries may be more volatile and less liquid than securities issued in foreign countries with more developed economies or markets. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement, custody, or other operational risks.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Futures and Forward Contracts Risk — Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives contract (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

• Geographic Concentration Risk — Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's

PROSPECTUS \| March 1, 2023

------

Calamos Global Convertible Fund

investment adviser to predict pertinent market movements, which cannot be assured. The Fund may also purchase or write over-the-counter put or call options, which involves risks different from, and possibly greater than, the risks associated with exchange-listed put or call options. In some instances, over-the-counter put or call options may expose the Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract, and that any deterioration in a counterparty's creditworthiness could adversely affect the instrument. In addition, the Fund may be exposed to a risk that losses may exceed the amount originally invested.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument may respond differently to market fluctuations than a traditional convertible security because a synthetic convertible instrument is composed of two or more separate securities or instruments, each with its own market value. Because the convertible component is typically achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index, synthetic convertible instruments are subject to the risks associated with derivatives. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to regulated investment companies could cause the Fund to fail to qualify as such.

CALAMOS FAMILY OF FUNDS

------

Calamos Global Convertible Fund

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bc009.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 19.56 | % (6.30.2020) | Lowest Quarterly Return: | -15.92 | % (6.30.2022) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one- and five- year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for the index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Global Convertible Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **INCEPTION<br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 12.31.14 |  |  |  |
| *Load Adjusted Return before taxes* |  | -23.98% | 3.11% | 3.55% |
| **Class C** | 12.31.14 |  |  |  |
| *Load Adjusted Return before taxes* |  | -23.61% | 2.79% | 3.41% |
| **Class I** | 12.31.14 |  |  |  |
| *Return before taxes* |  | -22.06% | 3.84% | 4.45% |
| *Return after taxes on distributions\** |  | -22.06% | 1.91% | 2.93% |
| *Return after taxes on distributions and sale of Fund shares\** |  | -13.06% | 2.61% | 3.15% |
| **Refinitiv Global Convertible Bond Index** |  | -18.88% | 4.42% | 4.47% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 6 years | SVP, Sr. Co-Portfolio Manager |
| John Hillenbrand | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Nick Niziolek | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Dennis Cogan | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Joe Wysocki | 8 years | SVP, Sr. Co-Portfolio Manager |
| Anthony Vecchiolla | since February 2023 | VP, Co-Portfolio Manager |

---

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

------

Calamos Timpani Small Cap Growth Fund

Investment Objective

Calamos Timpani Small Cap Growth Fund's investment objective is capital appreciation.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br>offering price) | 4.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the <br>redemption price or offering price) |  | 1.00% |  |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Management Fees | 0.90% | 0.90% | 0.90% | 0.90% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |  |
| Other Expenses | 0.22% | 0.22% | 0.22% | 0.10% |
| Total Annual Fund Operating Expenses | 1.37% | 2.12% | 1.12% | 1.00% |
| Expense Reimbursement<sup>1</sup> | (0.07)% | (0.07)% | (0.07)% | (0.07)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.30% | 2.05% | 1.05% | 0.93% |

---

1 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 of Class A shares, Class C and Class I shares are limited to 1.30%, 2.05% and 1.05% of average net assets, respectively. 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) to 1.05% 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, and extraordinary expenses, if any. Calamos Advisors LLC ("Calamos Advisors") 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 Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense

PROSPECTUS \| March 1, 2023

------

Calamos Timpani Small Cap Growth Fund

reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 601 |  | 882 |  | 1,183 |  | 2,037 |
| Class C |  | 308 |  | 657 |  | 1,133 |  | 2,446 |
| Class I |  | 107 |  | 349 |  | 610 |  | 1,357 |
| Class R6 |  | 95 |  | 311 |  | 546 |  | 1,218 |

---

You would pay the following expenses if you did not redeem your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 601 |  | 882 |  | 1,183 |  | 2,037 |
| Class C |  | 208 |  | 657 |  | 1,133 |  | 2,446 |
| Class I |  | 107 |  | 349 |  | 610 |  | 1,357 |
| Class R6 |  | 95 |  | 311 |  | 546 |  | 1,218 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year the Fund's portfolio turnover rate was 197% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings) in equity securities of small capitalization companies that the Fund's investment adviser, Calamos Advisors LLC ("Calamos Advisors"), believes have sound growth potential. The Fund defines a small capitalization company as any company with a market capitalization less than or equal to that of the company with the largest market capitalization of either the Russell 2000<sup>®</sup> Index or the MSCI USA Small Cap Index as measured on a rolling 24-month basis over the most recent period. The market capitalization of a security is measured at the time of purchase.

Equity securities in which the Fund invests as a part of its principal investment strategy consist of common stocks and American Depositary Receipts ("ADRs"). The Fund may invest up to 25% of its net assets in foreign securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country, that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments, or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by ADRs or similar depositary arrangements. The Fund's foreign investments can be denominated in U.S. dollars or in foreign currencies. Calamos Advisors uses fundamental research to evaluate investment opportunities, focusing on companies that it believes have superior management and whose business models have a high potential for earnings upside. Calamos Advisors may actively trade portfolio securities. Currently, the Fund has significant investments in the healthcare and technology sectors due to Calamos Advisors' investment process yielding opportunities for sound growth potential within those sectors. However, the Fund is actively managed, and its portfolio may change in the future.

CALAMOS FAMILY OF FUNDS

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Calamos Timpani Small Cap Growth Fund

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Cash Holdings Risk — The Fund may invest in cash and cash equivalents for indefinite periods of time when the Fund's investment adviser determines the prevailing market environment warrants doing so. When the Fund holds cash positions, it may lose opportunities to participate in market appreciation, which may result in lower returns than if the Fund had remained fully invested in the market. Furthermore, cash and cash equivalents may generate minimal or no income and could negatively impact the Fund's performance and ability to achieve its investment objective.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market, and it is possible that the Fund may underperform the broader market or experience greater volatility.

PROSPECTUS \| March 1, 2023

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Calamos Timpani Small Cap Growth Fund

• Small Company Risk — Small company stocks have historically been subject to greater investment risk than mid and large company stocks. The prices of small company stocks tend to be more volatile than prices of mid and large company stocks.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. The performance shown in the bar chart and performance table for the period May 31, 2019 through December 31, 2022 is the Fund's performance whereas performance prior to May 31, 2019 is that of another investment vehicle (the "Predecessor Fund") prior to the commencement of the Fund's operations. On May 31, 2019, the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the "Reorganization"). As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. The Fund has the same investment objective, strategy and portfolio manager as the Predecessor Fund. As a result, the performance of the Fund would have been substantially similar to that of the Predecessor Fund.

The bar chart shows the performance of the Predecessor Fund's Institutional Class performance which was adopted by the Class I shares of the Fund for periods prior to the Reorganization. If the Predecessor Fund's investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund's returns would have been lower. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_be010.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 40.93 | % (6.30.2020) | Lowest Quarterly Return: | -23.99 | % (6.30.2022) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one- and five-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. For periods prior to the Reorganization, the average annual total return table compares the Predecessor Fund's Institutional Class performance which was adopted by the Class I shares of the Fund and Class Y performance which was adopted by the Class A shares of the Fund and adjusted to reflect the maximum sales load of 4.75% for Class A shares, to that of the Russell 2000 Growth Index. "Since Inception" return shown for the Russell 2000 Growth Index is the return since the inception of the Predecessor Fund's Class Y shares. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

CALAMOS FAMILY OF FUNDS

------

Calamos Timpani Small Cap Growth Fund

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I shares will vary from returns shown for Class I shares. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 01.06.14 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -40.44% | 4.79% | N/A | 5.64% |
| **Class C** | 06.25.21 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -38.56% | N/A | N/A | -29.94% |
| **Class I** | 03.23.11 |  |  |  |  |
| *Return before taxes* |  | -37.30% | 6.14% | 10.68% | 9.65% |
| *Return after taxes on distributions\** |  | -37.30% | 5.38% | 10.21% | 9.26% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -22.08% | 4.78% | 8.82% | 8.02% |
| **Class R6** | 05.31.19 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -37.24% | N/A | N/A | 4.70% |
| **Russell 2000 Growth Index** |  | -26.36% | 3.51% | 9.20% | 7.94% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE <br>WITH INVESTMENT ADVISER** |
| Brandon Nelson | since Fund's inception | Senior Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

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Calamos Timpani SMID Growth Fund

Investment Objective

Calamos Timpani SMID Growth Fund's investment objective is capital appreciation.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  |  |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS I** | **CLASS R6** |
| Management Fees | 0.95% | 0.95% | 0.95% |
| Distribution and/or Service Fees (12b-1) | 0.25% |  |  |
| Other Expenses | 0.73% | 0.70% | 0.68% |
| Total Annual Fund Operating Expenses | 1.93% | 1.65% | 1.63% |
| Expense Reimbursement<sup>1</sup> | (0.58)% | (0.55)% | (0.56)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.35% | 1.10% | 1.07% |

---

1 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 of Class A shares and Class I shares are limited to 1.35% and 1.10% of average net assets, respectively. 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) 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, and extraordinary expenses, if any. Calamos Advisors LLC ("Calamos Advisors") 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 Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense

CALAMOS FAMILY OF FUNDS

------

Calamos Timpani SMID Growth Fund

reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses whether or not you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 606 |  | 998 |  | 1,416 |  | 2,577 |
| Class I |  | 112 |  | 466 |  | 845 |  | 1,908 |
| Class R6 |  | 109 |  | 459 |  | 833 |  | 1,885 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 205% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings) in equity securities of small and mid-capitalization ("SMID") companies of issuers primarily located in the United States. The Fund defines a SMID company as a company with a market capitalization less than or equal to that of the company with the largest market capitalization of the Russell 2500<sup>®</sup> Index or the MSCI USA SMID Cap Index as measured on a rolling 24-month basis over the most recent period. The market capitalization of a security is measured at the time of purchase.

Equity securities in which the Fund invests as a part of its principal investment strategy consist of common stocks and American Depositary Receipts ("ADRs"). The Fund may invest up to 25% of its net assets in foreign securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country, that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by ADRs or similar depositary arrangements. The Fund's foreign investments can be denominated in U.S. dollars or in foreign currencies. Calamos Advisors uses fundamental research to evaluate investment opportunities, focusing on companies that it believes have superior management and whose business models have a high potential for earnings upside. Calamos Advisors may actively trade portfolio securities. From time to time, the Fund may have significant investments in certain sectors due to Calamos Advisors' investment process yielding opportunities for sound growth potential within those sectors. The Fund's sector concentrations may vary.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

PROSPECTUS \| March 1, 2023

------

Calamos Timpani SMID Growth Fund

• Cash Holdings Risk — The Fund may invest in cash and cash equivalents for indefinite periods of time when the Fund's investment adviser determines the prevailing market environment warrants doing so. When the Fund holds cash positions, it may lose opportunities to participate in market appreciation, which may result in lower returns than if the Fund had remained fully invested in the market. Furthermore, cash and cash equivalents may generate minimal or no income and could negatively impact the Fund's performance and ability to achieve its investment objective.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market, and it is possible that the Fund may underperform the broader market or experience greater volatility.

• Small and Mid-Sized Company Stock Risk — Small to mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small to mid-sized company stocks tend to be more volatile and less liquid than large company stocks. Small and mid-sized companies may have no or relatively short operating histories, or be newly formed public companies. Some of these companies have aggressive capital structures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks.

CALAMOS FAMILY OF FUNDS

------

Calamos Timpani SMID Growth Fund

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's first full calendar year of performance compared to a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_be011.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 37.58 | % (6.30.2020) | Lowest Quarterly Return: | -22.94 | % (6.30.2022) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-year period ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Timpani SMID Growth Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

---

| | | | |
|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 7.31.19 |  |  |
| *Load Adjusted Return before taxes* |  | -38.11% | 0.42% |
| **Class I** | 7.31.19 |  |  |
| *Return before taxes* |  | -34.88% | 2.12% |
| *Return after taxes on distributions\** |  | -34.88% | 1.24% |
| *Return after taxes on distributions and sale of Fund shares\** |  | -20.65% | 1.81% |
| **Class R6** | 7.31.19 |  |  |
| *Load Adjusted Return before taxes* |  | -34.77% | 2.15% |
| **Russell 2500 Growth Index** |  | -26.21% | 4.11% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE <br>WITH INVESTMENT ADVISER** |
| Brandon Nelson | since Fund's inception | Senior Portfolio Manager |
| Ryan Isherwood | since Fund's inception | Co-Portfolio Manager |

---

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

------

Calamos Growth Fund

Investment Objective

Calamos Growth Fund's investment objective is long-term capital growth.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 0.90% | 0.90% | 0.90% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.15% | 0.15% | 0.15% |
| Total Annual Fund Operating Expenses | 1.30% | 2.05% | 1.05% |

---

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 601 |  | 868 |  | 1,154 |  | 1,968 |
| Class C |  | 308 |  | 643 |  | 1,103 |  | 2,379 |
| Class I |  | 107 |  | 334 |  | 579 |  | 1,283 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 601 |  | 868 |  | 1,154 |  | 1,968 |
| Class C |  | 208 |  | 643 |  | 1,103 |  | 2,379 |
| Class I |  | 107 |  | 334 |  | 579 |  | 1,283 |

---

PROSPECTUS \| March 1, 2023

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Calamos Growth Fund

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in equity securities issued by U.S. companies. The Fund currently anticipates that substantially all of its portfolio will consist of securities of companies with large and mid-sized market capitalizations. The Fund's investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization greater than $1 billion, up to $25 billion. The Fund may invest up to 25% of its net assets in foreign securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

In pursuing its investment objective, the Fund seeks out securities that, in the investment adviser's opinion, offer the best opportunities for growth. The Fund's investment adviser typically considers the company's financial soundness, earnings and cash flow forecast and quality of management. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

CALAMOS FAMILY OF FUNDS

------

Calamos Growth Fund

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• Mid-Sized Company Risk — Mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto,(b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

PROSPECTUS \| March 1, 2023

------

Calamos Growth Fund

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_be012.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 29.42 | % (6.30.2020) | Lowest Quarterly Return: | -22.98 | % (6.30.2022) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Growth Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 9.4.90 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -36.50% | 5.13% | 8.99% | 11.69% |
| **Class C** | 9.3.96 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -34.50% | 5.38% | 8.71% | 10.38% |
| **Class I** | 9.18.97 |  |  |  |  |
| *Return before taxes* |  | -33.17% | 6.43% | 9.80% | 10.11% |
| *Return after taxes on distributions\** |  | -33.17% | 4.61% | 6.83% | 8.20% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -19.63% | 4.88% | 7.26% | 8.18% |
| **S&P 1500 Growth Index** |  | -28.66% | 9.92% | 13.33% | 8.04% |
| **S&P 500 Index** |  | -18.11% | 9.42% | 12.56% | 7.68% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The S&P 1500 Index is a composite index that includes securities that account for 90% of the total market capitalization of the U.S.'s stocks. The index includes small, mid and large cap stocks. The S&P 1500 Growth Index is a subset of the securities appearing in the S&P 1500 Index, which includes the S&P 500, S&P 400, and S&P 600 indices. The S&P 1500 Growth Index is designed to provide investors with a measure of the performance of U.S. growth equities. The S&P 500 Index is provided as it is generally representative of the U.S. stock market.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 3 years | SVP, Sr. Co-Portfolio Manager |
| Michael Grant | 6 years | SVP, Sr. Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

------

Calamos Growth and Income Fund

Investment Objective

Calamos Growth and Income Fund's investment objective is high long-term total return through growth and current income.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br>offering price) | 4.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the <br>redemption price or offering price) |  | 1.00% |  |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Management Fees | 0.68% | 0.68% | 0.68% | 0.68% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |  |
| Other Expenses | 0.12% | 0.12% | 0.12% | 0.12% |
| Total Annual Fund Operating Expenses | 1.05% | 1.80% | 0.80% | 0.73% |

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 577 |  | 793 |  | 1.027 |  | 1,697 |
| Class C |  | 283 |  | 566 |  | 975 |  | 2,116 |
| Class I |  | 82 |  | 255 |  | 444 |  | 990 |
| Class R6 |  | 75 |  | 233 |  | 406 |  | 906 |

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CALAMOS FAMILY OF FUNDS

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Calamos Growth and Income Fund

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 577 |  | 793 |  | 1,027 |  | 1,697 |
| Class C |  | 183 |  | 566 |  | 975 |  | 2,116 |
| Class I |  | 82 |  | 255 |  | 444 |  | 990 |
| Class R6 |  | 75 |  | 233 |  | 406 |  | 906 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in a diversified portfolio of convertible (including synthetic convertible), equity and fixed-income securities of U.S. companies without regard to market capitalization. In pursuing its investment objective, the Fund attempts to utilize these different types of securities to strike, in the investment adviser's opinion, the appropriate balance between risk and reward in terms of growth and income.

A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Fund may invest up to 25% of its net assets in foreign equity securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

The Fund attempts to keep a consistent balance between risk and reward over the course of different market cycles, through various combinations of stocks, bonds and/or convertible securities, to achieve what the Fund's investment adviser believes to be an appropriate blend for the then-current market. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. At some points in a market cycle, one type of security may make up a substantial portion of the portfolio, while at other times certain securities may have minimal or no representation, depending on market conditions. Interest rate changes normally have a greater effect on prices of longer-term bonds than shorter-term bonds. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes. Consistent with the Fund's investment objective and principal investment strategies the Fund's investment adviser views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles.

PROSPECTUS \| March 1, 2023

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Calamos Growth and Income Fund

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

CALAMOS FAMILY OF FUNDS

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Calamos Growth and Income Fund

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to regulated investment companies could cause the Fund to fail to qualify as such.

PROSPECTUS \| March 1, 2023

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Calamos Growth and Income Fund

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bg013.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 20.08 | % (6.30.2020) | Lowest Quarterly Return: | -16.25 | % (3.31.2020) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

CALAMOS FAMILY OF FUNDS

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Calamos Growth and Income Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 9.22.88 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -22.36% | 6.87% | 8.28% | 10.43% |
| **Class C** | 8.5.96 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -19.87% | 7.12% | 7.99% | 9.08% |
| **Class I** | 9.18.97 |  |  |  |  |
| *Return before taxes* |  | -18.29% | 8.18% | 9.07% | 9.27% |
| *Return after taxes on distributions\** |  | -19.33% | 6.68% | 7.02% | 7.54% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -10.42% | 6.19% | 6.78% | 7.28% |
| **Class R6** | 6.23.20 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -18.23% | N/A | N/A | 7.51% |
| **S&P 500 Index** |  | -18.11% | 9.42% | 12.56% | 7.68% |
| **ICE BofA All U.S. Convertibles EX Mandatory <br>Index** |  | -19.58% | 9.51% | 10.46% | 7.88% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The ICE BofA All U.S. Convertibles EX Mandatory Index represents the U.S. convertible market excluding mandatory convertibles. The ICE BofA All U.S. Convertibles EX Mandatory Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 6 years | SVP, Sr. Co-Portfolio Manager |
| John Hillenbrand | 19 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 9.5 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | 19 years | SVP, Sr. Co-Portfolio Manager |
| Joe Wysocki | 8 years | SVP, Sr. Co-Portfolio Manager |
| Dino Dussias | since February 2023 | SVP, Associate Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

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Calamos Dividend Growth Fund

Investment Objective

Calamos Dividend Growth Fund's investment objective is to seek income and capital appreciation primarily through investments in dividend paying equities.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 1.00% | 1.00% | 1.00% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.78% | 0.78% | 0.78% |
| Total Annual Fund Operating Expenses | 2.03% | 2.78% | 1.78% |
| Expense Reimbursement<sup>1</sup> | (0.68)% | (0.68)% | (0.68)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.35% | 2.10% | 1.10% |

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1 The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 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 1.35%, 2.10%, and 1.10% of average net assets, respectively. Calamos Advisors LLC ("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.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 606 |  | 1,018 |  | 1,456 |  | 2,669 |
| Class C |  | 312 |  | 797 |  | 1,408 |  | 3,059 |
| Class I |  | 112 |  | 494 |  | 901 |  | 2,038 |

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CALAMOS FAMILY OF FUNDS

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Calamos Dividend Growth Fund

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 606 |  | 1,018 |  | 1,456 |  | 2,669 |
| Class C |  | 212 |  | 797 |  | 1,408 |  | 3,059 |
| Class I |  | 112 |  | 494 |  | 901 |  | 2,038 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes, if any) in dividend-paying equities (including common and preferred stocks and invests in units of Master Limited Partnerships ("MLPs"). Companies in certain economic sectors of the market have historically provided higher dividend yields than companies in other sectors and industries. Given the Fund's focus on dividend-paying securities, the Fund may, from time to time, have a greater exposure to these higher dividend-yield sectors and industries than the broader equity market. The Fund may invest up to 25% of its net assets in foreign equity securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government. The Fund may invest in options in furtherance of its investment strategy.

The Fund may invest up to 25% of its net assets in MLPs. MLPs are publicly traded partnerships engaged in the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. By confining their operations to these specific activities, their interests or units, are able to trade on public securities exchanges similar to the shares of a corporation, without entity level taxation.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

PROSPECTUS \| March 1, 2023

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Calamos Dividend Growth Fund

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Futures and Forward Contracts Risk — Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

• MLP Risk — Investments in securities of MLPs involve risk that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to the potential conflicts of interest between the MLP and the MLP's general partners, cash flow risks, dilution risks and risks related to the general partners right to require unit holders to sell their common units at an undesirable time or price.

• *MLP Tax Risk* — MLPs generally do not pay federal income tax at the partnership level. Rather, each partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund.

• *MLP Liquidity Risk* — Although common units of MLPs trade on the NYSE, the NASDAQ and Amex, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when the Adviser desires to do so. This may adversely affect the Fund's ability to take advantage of other market opportunities or make dividend distributions.

• *Equity Securities of MLPs Risk* — MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices of other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

CALAMOS FAMILY OF FUNDS

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Calamos Dividend Growth Fund

• RIC Qualification Risk — To qualify for treatment as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), the Fund must meet certain income source, asset diversification and annual distribution requirements. The Fund's MLP investments may make it more difficult for the Fund to meet these requirements. The asset diversification requirements include a requirement that, at the end of each quarter of each taxable year, not more than 25% of the value of the Fund's total assets is invested in the securities (including debt securities) of one or more qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests will be qualified publicly traded partnerships. If the Fund's MLP investments exceed this 25% limitation, due to other portfolio activity, the Fund would not satisfy the diversification requirements and could fail to qualify as a RIC. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as an ordinary corporation and would become (or remain) subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of Fund distributions.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to RICs if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to RICs could cause the Fund to fail to qualify as such.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

PROSPECTUS \| March 1, 2023

------

Calamos Dividend Growth Fund

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bg014.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 20.97 | % (6.30.2020) | Lowest Quarterly Return: | -19.72 | % (3.31.2020) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-and five-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for the index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Dividend Growth Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 8.5.13 |  |  |  |
| *Load Adjusted Return before taxes* |  | -22.07% | 7.67% | 8.09% |
| **Class C** | 8.5.13 |  |  |  |
| *Load Adjusted Return before taxes* |  | -19.63% | 7.93% | 7.84% |
| **Class I** | 8.5.13 |  |  |  |
| *Return before taxes* |  | -17.97% | 9.02% | 8.93% |
| *Return after taxes on distributions\** |  | -18.11% | 7.31% | 7.52% |
| *Return after taxes on distributions and sale of Fund shares\** |  | -10.64% | 6.98% | 7.02% |
| **S&P 500 Index** |  | -18.11% | 9.42% | 11.25% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| John Hillenbrand | 8 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | 8 years | SVP, Sr. Co-Portfolio Manager |
| Dino Dussias | since February 2023 | SVP, Associate Portfolio Manager |

---

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

------

Calamos Select Fund

Investment Objective

Calamos Select Fund's investment objective is long-term capital growth.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 1.00% | 1.00% | 1.00% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.32% | 0.33% | 0.32% |
| Total Annual Fund Operating Expenses | 1.57% | 2.33% | 1.32% |
| Expense Reimbursement<sup>1</sup> | (0.42)% | (0.42)% | (0.42)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.15% | 1.91% | 0.90% |

---

1 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 (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extra- ordinary 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 LLC ("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.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 587 |  | 908 |  | 1,252 |  | 2,220 |
| Class C |  | 294 |  | 687 |  | 1,207 |  | 2,634 |
| Class I |  | 92 |  | 377 |  | 683 |  | 1,553 |

---

CALAMOS FAMILY OF FUNDS

------

Calamos Select Fund

You would pay the following expenses if you did not redeem your shares:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 587 |  | 908 |  | 1,252 |  | 2,220 |
| Class C |  | 194 |  | 687 |  | 1,207 |  | 2,634 |
| Class I |  | 92 |  | 377 |  | 683 |  | 1,553 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

Principal Investment Strategies

The Fund anticipates that it will invest primarily in equity securities issued by U.S. companies. The Fund's portfolio may include securities of well-established companies with large market capitalizations as well as small, unseasoned companies. The Fund's investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid- sized company to have a market capitalization greater than $1 billion, up to $25 billion. Generally, a small cap company is defined by the investment adviser as having a market capitalization of up to $1 billion. The market capitalization of a security is measured at the time of purchase. The Fund may invest up to 25% of its net assets in foreign securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

In pursuing its investment objective, the Fund seeks out stocks that, in the investment adviser's opinion, are undervalued according to certain financial measurements of their intrinsic value (such as the present value of the company's future free cash flow). The Fund's investment adviser typically considers the company's financial soundness, earnings and cash flow forecast and quality of management. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

PROSPECTUS \| March 1, 2023

------

Calamos Select Fund

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Value Stock Risk — Value stocks involve the risk that they may never reach what the Fund's investment adviser believes is their full market value. Additionally, because different types of stocks tend to shift in and out of favor depending on market conditions, a value fund's performance may sometimes be higher or lower than that of other types of funds (such as those emphasizing growth stocks).

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

CALAMOS FAMILY OF FUNDS

------

Calamos Select Fund

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bg015.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 22.60 | % (6.30.2020) | Lowest Quarterly Return: | -22.99 | % (3.31.2020) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Select Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 1.2.02 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -22.73% | 5.69% | 8.30% | 5.74% |
| **Class C** | 1.2.02 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -20.20% | 5.95% | 8.02% | 5.20% |
| **Class I** | 3.1.02 |  |  |  |  |
| *Return before taxes* |  | -18.67% | 6.98% | 9.10% | 6.39% |
| *Return after taxes on distributions\** |  | -19.16% | 5.19% | 7.29% | 5.40% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -10.70% | 5.12% | 6.87% | 5.09% |
| **S&P 500 Index** |  | -18.11% | 9.42% | 12.56% | 8.26% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 3 years | SVP, Sr. Co-Portfolio Manager |
| Michael Kassab | 3 years | SVP, Associate Portfolio Manager |

---

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

------

Calamos International Growth Fund

Investment Objective

Calamos International Growth Fund's investment objective is long-term capital growth.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br>offering price) | 4.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the <br>redemption price or offering price) |  | 1.00% |  |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Management Fees (subject to performance adjustment) | 1.14% | 1.14% | 1.14% | 1.14% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |  |
| Other Expenses | 0.25% | 0.25% | 0.25% | 0.14% |
| Total Annual Fund Operating Expenses | 1.64% | 2.39% | 1.39% | 1.28% |
| Expense Reimbursement<sup>1</sup> | (0.44)% | (0.44)% | (0.44)% | (0.43)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.20% | 1.95% | 0.95% | 0.85% |

---

1 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 (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 1.20%, 1.95%, and 0.95% of average net assets, respectively. The Fund's investment adviser 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) to 0.95% less the annual sub- transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund 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, and extraordinary expenses, if any. Calamos Advisors LLC ("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.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense

PROSPECTUS \| March 1, 2023

------

Calamos International Growth Fund

reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 591 |  | 927 |  | 1,285 |  | 2,291 |
| Class C |  | 298 |  | 703 |  | 1,236 |  | 2,693 |
| Class I |  | 97 |  | 396 |  | 718 |  | 1,630 |
| Class R6 |  | 87 |  | 363 |  | 661 |  | 1,507 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 591 |  | 927 |  | 1,285 |  | 2,291 |
| Class C |  | 198 |  | 703 |  | 1,236 |  | 2,693 |
| Class I |  | 97 |  | 396 |  | 718 |  | 1,630 |
| Class R6 |  | 87 |  | 363 |  | 661 |  | 1,507 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 129% of the average value of its portfolio.

Principal Investment Strategies

The Fund anticipates that under normal circumstances its investment adviser's investment process will result in the Fund investing in an internationally diversified manner, with at least 40% of its assets in securities of foreign issuers. Securities of foreign issuers are securities issues by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government. Although not a principal investment strategy, the Fund may invest in securities of issuers in emerging markets to a significant extent.

The Fund's portfolio may include securities of well-established companies with large market capitalizations as well as small, unseasoned companies. The Fund's investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization greater than $1 billion, up to $25 billion.

Generally, a small cap company is defined by the investment adviser as having a market capitalization of up to $1 billion. The market capitalization of a security is measured at the time of purchase.

In pursuing its investment objective, the Fund seeks out securities that, in the investment adviser's opinion, offer some of the best opportunities for growth. The Fund's investment adviser typically considers the company's financial soundness, earnings and cash flow forecast and quality of management. The investment adviser takes environmental, social and governance ("ESG") factors into account in making investment decisions. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country, and currency and focusing on macro-level investment themes.

CALAMOS FAMILY OF FUNDS

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Calamos International Growth Fund

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of

PROSPECTUS \| March 1, 2023

------

Calamos International Growth Fund

the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bi016.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 29.32 | % (6.30.2020) | Lowest Quarterly Return: | -18.42 | % (12.31.2018) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten- year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

CALAMOS FAMILY OF FUNDS

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Calamos International Growth Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION<br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 3.16.05 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -34.00% | 0.78% | 4.08% | 5.88% |
| **Class C** | 3.16.05 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -31.91% | 1.02% | 3.81% | 5.37% |
| **Class I** | 3.16.05 |  |  |  |  |
| *Return before taxes* |  | -30.54% | 2.03% | 4.85% | 6.43% |
| *Return after taxes on distributions\** |  | -30.54% | 0.40% | 3.67% | 5.74% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -18.08% | 1.64% | 3.87% | 5.44% |
| **Class R6** | 9.17.18 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -30.47% | N/A | N/A | 3.72% |
| **MSCI EAFE Growth Index** |  | -22.69% | 2.85% | 5.97% | 5.42% |
| **MSCI ACWI ex-US Index** |  | -15.57% | 1.36% | 4.28% | 4.90% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The MSCI ACWI ex US Index is designed to measure the equity market performance of companies outside of the United States in developed and emerging markets. The MSCI ACWI ex US Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| John Hillenbrand | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Nick Niziolek | 10 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 8 years | SVP, Sr. Co-Portfolio Manager |
| Dennis Cogan | 10 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | since Fund's inception | SVP, Sr. Co-Portfolio Manager |

---

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

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Calamos Evolving World Growth Fund

Investment Objective

Calamos Evolving World Growth Fund's investment objective is long-term capital growth.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 1.10% | 1.10% | 1.10% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.28% | 0.29% | 0.28% |
| Total Annual Fund Operating Expenses | 1.63% | 2.39% | 1.38% |
| Expense Reimbursement<sup>1</sup> | (0.33)% | (0.34)% | (0.33)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.30% | 2.05% | 1.05% |

---

1 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 (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 1.30%, 2.05%, and 1.05% of average net assets, respectively. Calamos Advisors LLC ("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.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 601 |  | 934 |  | 1,290 |  | 2,289 |
| Class C |  | 308 |  | 713 |  | 1,245 |  | 2,700 |
| Class I |  | 107 |  | 404 |  | 724 |  | 1,629 |

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CALAMOS FAMILY OF FUNDS

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Calamos Evolving World Growth Fund

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 601 |  | 934 |  | 1,290 |  | 2,289 |
| Class C |  | 208 |  | 713 |  | 1,245 |  | 2,700 |
| Class I |  | 107 |  | 404 |  | 724 |  | 1,629 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 132% of the average value of its portfolio.

Principal Investment Strategies

The Fund anticipates that, under normal circumstances, the investment adviser's process will result in the Fund investing in a globally diversified manner, with at least 40% of its assets in securities of foreign issuers. Securities of foreign issuers are securities issues by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government. The Fund intends to invest at least 35% of its assets in equity, convertible or debt securities of issuers that are incorporated in emerging market countries. Under normal circumstances, the remaining assets will be invested primarily in (1) equity, convertible (including synthetic convertible) or debt securities of companies, regardless of where they are incorporated, if the Fund's investment adviser determines that a significant portion (generally, 20% or more) of the assets or revenues of each such company is attributable to emerging market countries and (2) sovereign and agency debt of non-emerging market countries.

A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

In pursuing its investment objective, the Fund seeks out securities that, in the investment adviser's opinion, offer the best opportunities for growth. The Fund's investment adviser typically considers the company's financial soundness, earnings and cash flow forecast and quality of management. The investment adviser takes environmental, social and governance ("ESG") factors into account in making investment decisions. The Fund may also invest in high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds"). The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country, and currency and focusing on macro-level investment themes.

PROSPECTUS \| March 1, 2023

------

Calamos Evolving World Growth Fund

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

CALAMOS FAMILY OF FUNDS

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Calamos Evolving World Growth Fund

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

PROSPECTUS \| March 1, 2023

------

Calamos Evolving World Growth Fund

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bi017.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 30.66 | % (6.30.2020) | Lowest Quarterly Return: | -16.46 | % (3.31.2020) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for the index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION<br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 8.15.08 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -28.16% | 0.32% | 2.08% | 3.48% |
| **Class C** | 8.15.08 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -25.87% | 0.55% | 1.82% | 3.06% |
| **Class I** | 8.15.08 |  |  |  |  |
| *Return before taxes* |  | -24.36% | 1.55% | 2.85% | 4.09% |
| *Return after taxes on distributions\** |  | -24.66% | 1.45% | 2.76% | 4.01% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -14.42% | 1.35% | 2.37% | 3.41% |
| **MSCI Emerging Markets Index** |  | -19.74% | -1.03% | 1.81% | 2.17% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

CALAMOS FAMILY OF FUNDS

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Calamos Evolving World Growth Fund

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| John Hillenbrand | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Nick Niziolek | 10 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 8 years | SVP, Sr. Co-Portfolio Manager |
| Dennis Cogan | 10 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | since Fund's inception | SVP, Sr. Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

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Calamos Global Equity Fund

Investment Objective

Calamos Global Equity Fund's investment objective is long-term capital growth.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br>offering price) | 4.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the <br>redemption price or offering price) |  | 1.00% |  |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Management Fees (subject to performance adjustment) | 1.10% | 1.10% | 1.10% | 1.10% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |  |
| Other Expenses | 0.26% | 0.27% | 0.26% | 0.25% |
| Total Annual Fund Operating Expenses | 1.61% | 2.37% | 1.36% | 1.35% |
| Expense Reimbursement<sup>1</sup> | (0.21)% | (0.22)% | (0.21)% | (0.23)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.40% | 2.15% | 1.15% | 1.12% |

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1 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 (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extra-ordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.40%, 2.15%, and 1.15% of average net assets, respectively. The Fund's investment adviser 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) to 1.15% less the annual sub- transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund 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, and extraordinary expenses, if any. Calamos Advisors LLC ("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.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense

CALAMOS FAMILY OF FUNDS

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Calamos Global Equity Fund

reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 611 |  | 939 |  | 1,291 |  | 2,278 |
| Class C |  | 318 |  | 718 |  | 1,245 |  | 2,689 |
| Class I |  | 117 |  | 410 |  | 725 |  | 1,617 |
| Class R6 |  | 114 |  | 405 |  | 717 |  | 1,604 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 611 |  | 939 |  | 1,291 |  | 2,278 |
| Class C |  | 218 |  | 718 |  | 1,245 |  | 2,689 |
| Class I |  | 117 |  | 410 |  | 725 |  | 1,617 |
| Class R6 |  | 114 |  | 405 |  | 717 |  | 1,604 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 77% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in a globally-diversified portfolio of equity securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings) in equity securities, including convertible securities convertible into equity securities. The Fund's portfolio may include securities of well-established companies with large market capitalizations as well as small, unseasoned companies. The Fund's investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization greater than $1 billion, up to $25 billion. Generally, a small cap company is defined by the investment adviser as having a market capitalization of up to $1 billion. The market capitalization of a security is measured at the time of purchase.

The Fund anticipates that, under normal circumstances, the investment adviser's process will result in the Fund investing in a globally diversified manner, with at least 40% of its assets in securities of foreign issuers. Securities of foreign issuers are securities issues by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. Although not a principal investment strategy, the Fund may invest in securities of issuers in emerging markets to a significant extent.

In its fundamental analysis, the Fund's investment adviser typically considers the company's financial soundness, earnings and cash flow forecast and quality of management. The investment adviser takes environmental, social and governance ("ESG") factors into account in making investment decisions. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

PROSPECTUS \| March 1, 2023

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Calamos Global Equity Fund

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in

CALAMOS FAMILY OF FUNDS

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Calamos Global Equity Fund

liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto,(b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Value Stock Risk — Value stocks involve the risk that they may never reach what the Fund's investment adviser believes is their full market value. Additionally, because different types of stocks tend to shift in and out of favor depending on market conditions, a value fund's performance may sometimes be higher or lower than that of other types of funds (such as those emphasizing growth stocks).

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bi018.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 31.45 | % (6.30.2020) | Lowest Quarterly Return: | -18.36 | % (12.31.2018) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five-, and ten- year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

PROSPECTUS \| March 1, 2023

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Calamos Global Equity Fund

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION<br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 3.1.07 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -31.09% | 4.74% | 7.79% | 7.04% |
| **Class C** | 3.1.07 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -28.93% | 4.97% | 7.50% | 6.57% |
| **Class I** | 3.1.07 |  |  |  |  |
| *Return before taxes* |  | -27.47% | 6.03% | 8.59% | 7.65% |
| *Return after taxes on distributions\** |  | -28.21% | 3.47% | 6.30% | 6.11% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -15.75% | 4.49% | 6.57% | 6.06% |
| **Class R6** | 6.23.20 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -27.51% | N/A | N/A | 4.24% |
| **MSCI World Index** |  | -17.73% | 6.69% | 9.44% | 6.22% |
| **MSCI ACWI Index** |  | -17.96% | 5.75% | 8.54% | 5.84% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The MSCI ACWI (USD) Index is designed to measure the equity market performance of companies in developed and emerging markets. The MSCI ACWI (USD) Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| John Hillenbrand | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Nick Niziolek | 10 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 8 years | SVP, Sr. Co-Portfolio Manager |
| Dennis Cogan | 10 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | since Fund's inception | SVP, Sr. Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

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Calamos Global Opportunities Fund

Investment Objective

Calamos Global Opportunities Fund's investment objective is high long-term total return through capital appreciation and current income.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 1.00% | 1.00% | 1.00% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.21% | 0.21% | 0.21% |
| Total Annual Fund Operating Expenses | 1.46% | 2.21% | 1.21% |
| Expense Reimbursement<sup>1</sup> | (0.24)% | (0.24)% | (0.24)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.22% | 1.97% | 0.97% |

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1 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 (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 1.22%, 1.97%, and 0.97% of average net assets, respectively. Calamos Advisors LLC ("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

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 593 |  | 892 |  | 1,213 |  | 2,119 |
| Class C |  | 300 |  | 668 |  | 1,163 |  | 2,525 |
| Class I |  | 99 |  | 360 |  | 642 |  | 1,445 |

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PROSPECTUS \| March 1, 2023

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Calamos Global Opportunities Fund

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 593 |  | 892 |  | 1,213 |  | 2,119 |
| Class C |  | 200 |  | 668 |  | 1,163 |  | 2,525 |
| Class I |  | 99 |  | 360 |  | 642 |  | 1,445 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 92% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in a globally-diversified portfolio of convertible, equity and fixed-income securities, which may include synthetic convertible instruments, without regard to market capitalization. In pursuing its investment objective, the Fund attempts to utilize these different types of securities to strike, in the investment adviser's opinion, the appropriate balance between risk and reward in terms of growth and income.

A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Fund anticipates that under normal circumstances its investment adviser's investment process will result in the Fund investing in an internationally-diversified manner, with at least 40% of its assets in securities of foreign issuers. Securities of foreign issuers are securities issues by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government. The investment adviser takes environmental, social and governance ("ESG") factors into account in making investment decisions. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes. Consistent with the Fund's investment objective and principal investment strategies the Fund's investment adviser views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in

CALAMOS FAMILY OF FUNDS

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Calamos Global Opportunities Fund

alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

PROSPECTUS \| March 1, 2023

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Calamos Global Opportunities Fund

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to regulated investment companies could cause the Fund to fail to qualify as such.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure

CALAMOS FAMILY OF FUNDS

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Calamos Global Opportunities Fund

of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bi019.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 24.55 | % (6.30.2020) | Lowest Quarterly Return: | -16.61 | % (3.31.2020) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

PROSPECTUS \| March 1, 2023

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Calamos Global Opportunities Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE <br>INCEPTION** |
| **Class A** | 9.9.96 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -25.87% | 3.83% | 5.39% | 7.27% |
| **Class C** | 9.24.96 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -23.44% | 4.07% | 5.11% | 6.78% |
| **Class I** | 9.18.97 |  |  |  |  |
| *Return before taxes* |  | -21.91% | 5.12% | 6.16% | 7.03% |
| *Return after taxes on distributions\** |  | -21.91% | 3.79% | 4.37% | 5.73% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -12.97% | 3.80% | 4.51% | 5.55% |
| **MSCI ACWI Index** |  | -17.96% | 5.75% | 8.54% | 6.20% |
| **MSCI World Index** |  | -17.73% | 6.69% | 9.44% | 6.40% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The MSCI World Index is designed to measure the equity market performance of developed markets. The MSCI World Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 6 years | SVP, Sr. Co-Portfolio Manager |
| John Hillenbrand | 19 years | SVP, Sr. Co-Portfolio Manager |
| Nick Niziolek | 10 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 9.5 years | SVP, Sr. Co-Portfolio Manager |
| Dennis Cogan | 10 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | 19 years | SVP, Sr. Co-Portfolio Manager |
| Joe Wysocki | 8 years | SVP, Sr. Co-Portfolio Manager |

---

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

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Calamos International Small Cap Growth Fund

Investment Objective

Calamos International Small Cap Growth Fund's investment objective is long-term capital appreciation.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** More information about discounts is available from your financial professional and under "Fund Facts — What classes of shares does the Fund offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br>offering price) | 4.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the <br>redemption price or offering price) |  | 1.00% |  |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Management Fees | 0.95% | 0.95% | 0.95% | 0.95% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |  |
| Other Expenses | 10.07% | 10.07% | 10.07% | 10.07% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses | 11.28% | 12.03% | 11.03% | 11.03% |
| Expense Reimbursement<sup>2</sup> | (9.92)% | (9.92)% | (9.92)% | (9.92)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.36% | 2.11% | 1.11% | 1.11% |

---

1 "Acquired Fund Fees and Expenses" include certain expenses incurred in connection with the Fund's investment in various money market funds, affiliated mutual funds, and ETFs.

2 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 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. 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) 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, and extraordinary expenses, if any. Calamos Advisors LLC ("Calamos Advisors") 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 Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense

PROSPECTUS \| March 1, 2023

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Calamos International Small Cap Growth Fund

reimbursements are reflected in the below examples for the period through March 31, 2025 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 607 |  | 1,780 |  | 3,828 |  | 7,924 |
| Class C |  | 314 |  | 1,579 |  | 3,804 |  | 8,135 |
| Class I |  | 113 |  | 1,299 |  | 3,423 |  | 7,709 |
| Class R6 |  | 113 |  | 1,299 |  | 3,423 |  | 7,709 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 607 |  | 1,780 |  | 3,828 |  | 7,924 |
| Class C |  | 214 |  | 1,579 |  | 3,804 |  | 8,135 |
| Class I |  | 113 |  | 1,299 |  | 3,423 |  | 7,709 |
| Class R6 |  | 113 |  | 1,299 |  | 3,423 |  | 7,709 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the period from March 31, 2022 (commencement of operations) through October 31, 2022, the Fund's portfolio turnover rate was 64% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in securities of small capitalization, non-U.S. companies, including emerging and frontier markets. The Fund may invest up to 30% in emerging and frontier markets. The Fund will generally be invested in a minimum of five countries.

Small capitalization companies are defined as companies with a market capitalization less than or equal to that of the company with the largest market capitalization of the MSCI ACWI ex USA Small Cap Index. As of September 30, 2021, the largest market cap in the MSCI ACWI ex USA Small Cap Index was $10.9 billion and the weighted average market cap was $1.0 billion. Market capitalization is measured at the time of purchase.

Securities of foreign issuers are securities issues by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. Emerging markets are markets of countries in the initial stages of industrialization and generally have low per capita income. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets are the least advanced capital markets in the developing world. Frontier markets are countries with investable stock markets that are less established than those in the emerging markets. To determine if a country is an emerging market or frontier market country, Calamos Advisors will use the classification provided by MSCI, Inc. Foreign securities include American Depositary Receipts ("ADRs") or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") or other securities representing underlying shares of foreign issuers. The Fund may use derivative instruments such as options and forward foreign currency contracts for hedging purposes.

CALAMOS FAMILY OF FUNDS

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Calamos International Small Cap Growth Fund

In pursuing its investment objective, the Fund seeks out securities that, in the opinion of Calamos Advisors, offer some of the best opportunities for growth. Calamos Advisors typically considers the company's financial soundness, earnings and cash flow forecast and quality of management. Calamos Advisors evaluates environmental, social and governance ("ESG") information within its fundamental research process to aid in determining investment opportunities and risks. As part of the research process, Calamos Advisors reviews ESG information and ratings from a third-party vendor as well as any additional ESG analysis and incorporates this information into Calamos Advisors' company research. Calamos Advisors also receives ESG information updates and rating changes from its third-party vendor and evaluates that information as appropriate. Calamos Advisors does not exclude an investment solely based on its ESG rating nor does Calamos Advisors target a certain average ESG rating for the portfolio. Calamos Advisors seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country, and currency and focusing on macro-level investment themes. From time to time, the Fund may have significant investments in certain sectors. The Fund's sector concentrations may vary.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund (i.e., the Fund's long position) fall, the value of your investment in the Fund will decline.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if

PROSPECTUS \| March 1, 2023

------

Calamos International Small Cap Growth Fund

changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small Company Risk — Small company stocks have historically been subject to greater investment risk than mid and large company stocks. The prices of small company stocks tend to be more volatile than prices of mid and large company stocks.

• Sustainability (ESG) Policy Risk — The investment adviser's consideration of ESG information could cause the Fund to perform differently compared to similar funds that do not consider such information. In executing the Fund's investment strategy, the investment adviser will rely on ESG related data provided by third parties. There is no assurance that ESG data sources will always be available.

Fund Performance

The Fund has not yet had a full calendar year of operations, and therefore performance information is not yet available. Performance information will be available at no cost by visiting www.calamos.com or by calling 800.582.6959.

CALAMOS FAMILY OF FUNDS

------

Calamos International Small Cap Growth Fund

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| Nick Niziolek | since Fund's inception | SVP, Co-Portfolio Manager |
| Dennis Cogan | since Fund's inception | SVP, Co-Portfolio Manager |
| Kyle Ruge | since Fund's inception | VP, Associate Portfolio Manager |
| Paul Ryndak | since Fund's inception | SVP, Associate Portfolio Manager |

---

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

PROSPECTUS \| March 1, 2023

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Calamos Total Return Bond Fund

Investment Objective

Calamos Total Return Bond Fund's investment objective is to seek total return, consistent with preservation of capital and prudent investment management.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 2.25% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 0.45% | 0.45% | 0.45% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.45% | 0.45% | 0.43% |
| Total Annual Fund Operating Expenses | 1.15% | 1.90% | 0.88% |
| Expense Reimbursement<sup>1</sup> | (0.25)% | (0.25)% | (0.23)% |
| Total Annual Fund Operating Expenses After Reimbursement | 0.90% | 1.65% | 0.65% |

---

1 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 (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 0.90%, 1.65%, and 0.65% of average net assets, respectively. Calamos Advisors LLC ("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.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 315 |  | 558 |  | 820 |  | 1,569 |
| Class C |  | 268 |  | 573 |  | 1,003 |  | 2,202 |
| Class I |  | 66 |  | 258 |  | 465 |  | 1,063 |

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CALAMOS FAMILY OF FUNDS

------

Calamos Total Return Bond Fund

You would pay the following expenses if you did not redeem your shares:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 315 |  | 558 |  | 820 |  | 1,569 |
| Class C |  | 168 |  | 573 |  | 1,003 |  | 2,202 |
| Class I |  | 66 |  | 258 |  | 465 |  | 1,063 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks total return through income earned on the Fund's investments, plus capital appreciation. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings) in a diversified portfolio of fixed-income instruments of varying maturities, including derivative instruments with economic characteristics similar to fixed-income instruments. The fixed-income instruments in which the Fund may invest include: securities issued by the U.S. Government, its agencies or government-sponsored enterprises; corporate debt securities of U.S. and non-U.S. issuers, including convertible securities (including synthetic convertible instruments) and corporate commercial paper; mortgage-related and other asset-backed securities; and obligations of non-U.S. governments or their subdivisions, agencies and government- sponsored enterprises. The Fund may invest all of its assets in derivative instruments to gain or reduce exposure to particular securities or segments of the fixed-income markets.

A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Fund's dollar-weighted average portfolio duration (a measure of the approximate sensitivity of a fixed-income instrument's value to changes in interest rate) normally varies within a range of three to ten years based on the interest rate forecast of the Fund's investment adviser. The Fund may invest up to 25% of its net assets in high yield debt securities, often referred to as "junk bonds." Junk bonds are securities rated BB or lower by S&P, or Ba or lower by Moody's or securities that are not rated but are considered by the Fund's investment adviser to be of similar quality. The Fund may not acquire debt securities that are rated lower than C. The Fund may invest up to 35% of its net assets in foreign securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Fund may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depository arrangements. The Fund's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

The Fund's investment adviser seeks to lower the risks of investing in securities by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

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Calamos Total Return Bond Fund

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Derivatives Risk — Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Futures and Forward Contracts Risk — Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

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Calamos Total Return Bond Fund

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• MLP Risk — Investments in securities of MLPs involve risk that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to the potential conflicts of interest between the MLP and the MLP's general partners, cash flow risks, dilution risks and risks related to the general partners right to require unit holders to sell their common units at an undesirable time or price.

• *MLP Tax Risk* — MLPs generally do not pay federal income tax at the partnership level. Rather, each partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund.

• *MLP Liquidity Risk* — Although common units of MLPs trade on the NYSE, the NASDAQ and Amex, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when the Adviser desires to do so. This may adversely affect the Fund's ability to take advantage of other market opportunities or make dividend distributions.

• *Equity Securities of MLPs Risk* — MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

• Mortgage-related and Other Asset-backed Securities Risk — In addition to general fixed-income instrument risks, mortgage-related and asset-backed securities are subject to extension risk and prepayment risk.

• *Extension Risk* — Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.

• *Prepayment Risk* — When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.

• Non-U.S. Government Obligation Risk — An investment in debt obligations of non-U.S. governments and their political subdivisions involves special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of U.S. issuers.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

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Calamos Total Return Bond Fund

• Other Investment Companies (including ETFs) Risk — The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses indirectly paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection with the Fund's own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to regulated investment companies could cause the Fund to fail to qualify as such.

• Total Return Swap Risk — A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a

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Calamos Total Return Bond Fund

fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to a fund's portfolio because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the swap. The primary risks associated with total return swaps are credit risk (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur to the underlying asset).

• U.S. Government Security Risk — Some securities issued by U.S. Government agencies or government-sponsored enterprises are not backed by the full faith and credit of the U.S. and may only be supported by the right of the agency or enterprise to borrow from the U.S. Treasury. There can be no assurance that the U.S. Government will always provide financial support to those agencies or enterprises.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bk020.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 3.80 | % (3.31.2019) | Lowest Quarterly Return: | -5.72 | % (6.30.2022) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for the index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who

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Calamos Total Return Bond Fund

hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 6.27.07 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -14.66% | -0.70% | 0.61% | 2.51% |
| **Class C** | 6.27.07 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -14.20% | -1.01% | 0.25% | 2.00% |
| **Class I** | 6.27.07 |  |  |  |  |
| *Return before taxes* |  | -12.38% | 0.03% | 1.26% | 3.04% |
| *Return after taxes on distributions\** |  | -13.52% | -1.12% | -0.11% | 1.60% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -7.31% | -0.40% | 0.43% | 1.82% |
| **Bloomberg Capital U.S. Aggregate Bond <br>Index** |  | -13.01% | 0.02% | 1.06% | 2.96% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 6 years | SVP, Sr. Co-Portfolio Manager |
| John Hillenbrand | 14 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 9 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | 8 years | SVP, Sr. Co-Portfolio Manager |
| Chuck Carmody | 7 years | SVP, Co-Portfolio Manager |
| Christian Brobst | 2 years | VP, Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

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Calamos High Income Opportunities Fund

Investment Objective

Calamos High Income Opportunities Fund's primary objective is the highest level of current income obtainable with reasonable risk. Its secondary objective is capital gain, where consistent with the Fund's primary objective.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 2.25% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or <br>offering price) |  | 1.00% |  |
| Redemption Fee on Shares Held Sixty Days or Less (as a percentage of amount redeemed) | 1.00% | 1.00% | 1.00% |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** |
| Management Fees | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |
| Other Expenses | 0.55% | 0.55% | 0.55% |
| Total Annual Fund Operating Expenses | 1.40% | 2.15% | 1.15% |
| Expense Reimbursement<sup>1</sup> | (0.40)% | (0.40)% | (0.40)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.00% | 1.75% | 0.75% |

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1 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 (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.00%, 1.75%, and 0.75% of average net assets, respectively. Calamos Advisors LLC ("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 expenses 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.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 325 |  | 619 |  | 936 |  | 1,833 |
| Class C |  | 278 |  | 634 |  | 1,117 |  | 2,451 |
| Class I |  | 77 |  | 325 |  | 594 |  | 1,362 |

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Calamos High Income Opportunities Fund

You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 325 |  | 619 |  | 936 |  | 1,833 |
| Class C |  | 178 |  | 634 |  | 1,117 |  | 2,451 |
| Class I |  | 77 |  | 325 |  | 594 |  | 1,362 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests primarily in a diversified portfolio of high yield fixed-income securities (often referred to as "junk bonds") issued by both U.S. and foreign companies. Although not a principal investment strategy, the Fund may invest in securities of issuers in emerging markets to a significant extent.

The high yield fixed-income securities in which the Fund intends to invest have lower credit ratings than investment grade securities (those rated BBB or higher by S&P, or Baa or higher by Moody's). However, junk bonds typically offer a significantly higher yield, as well as greater risks, than investment grade securities. S&P's and Moody's ratings are used only as preliminary indicators of investment quality. The Fund also uses its own credit research and analysis. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes, such as large-scale events on the country-wide, continental and global scale, implementing opportunistic investment strategies to capitalize on geopolitical trends.

The Fund may invest in both convertible (including synthetic convertible) and non-convertible high yield bonds. Convertible debt securities are exchangeable for equity securities of the issuer at a predetermined price, and typically offer greater appreciation potential than non-convertible debt securities. References in this prospectus to the Fund "investing" in any instrument, security or strategy include direct or indirect investment, including gaining exposure through derivatives, master limited partnerships or other investment companies.

A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is

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Calamos High Income Opportunities Fund

considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Derivatives Risk — Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — There are special risks associated with investing in foreign securities that are not typically associated with investing in U.S. companies. These risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country. Other risks of investing in foreign securities include: less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity in foreign markets than in U.S. markets.

• Futures and Forward Contracts Risk — Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk, meaning that the party with whom the Fund

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Calamos High Income Opportunities Fund

enters into the derivatives transaction (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• MLP Risk — Investments in securities of MLPs involve risk that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to the potential conflicts of interest between the MLP and the MLP's general partners, cash flow risks, dilution risks and risks related to the general partners right to require unit holders to sell their common units at an undesirable time or price.

• *MLP Tax Risk* — MLPs generally do not pay federal income tax at the partnership level. Rather, each partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund.

• *MLP Liquidity Risk* — Although common units of MLPs trade on the NYSE, the NASDAQ and Amex, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when the Adviser desires to do so. This may adversely affect the Fund's ability to take advantage of other market opportunities or make dividend distributions.

• *Equity Securities of MLPs Risk* — MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

• Mortgage-related and Other Asset-backed Securities Risk — In addition to general fixed-income instrument risks, mortgage-related and asset-backed securities are subject to extension risk and prepayment risk.

• *Extension Risk* — Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.

• *Prepayment Risk* — When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.

• Options Risk — There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on Calamos Advisors' ability to predict pertinent market movements, which cannot be assured.

• Other Investment Companies (including ETFs) Risk — The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund's proportionate share of the fees

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Calamos High Income Opportunities Fund

and expenses indirectly paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection with the Fund's own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect.

• RIC Qualification Risk — To qualify for treatment as a regulated investment company ("RIC") under the Code, the Fund must meet certain income source, asset diversification and annual distribution requirements. The Fund's MLP investments may make it more difficult for the Fund to meet these requirements. The asset diversification requirements include a requirement that, at the end of each quarter of each taxable year, not more than 25% of the value of the Fund's total assets is invested in the securities (including debt securities) of one or more qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests will be qualified publicly traded partnerships. If the Fund's MLP investments exceed this 25% limitation then the Fund would not satisfy the diversification requirements and could fail to qualify as a RIC. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as an ordinary corporation and would become (or remain) subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of Fund distributions.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to RICs if the tax characterization of investments or the tax treatment of the

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Calamos High Income Opportunities Fund

income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to RICs could cause the Fund to fail to qualify as such.

• U.S. Government Security Risk — Some securities issued by U.S. Government agencies or government sponsored enterprises are not backed by the full faith and credit of the U.S. and may only be supported by the right of the agency or enterprise to borrow from the U.S. Treasury. There can be no assurance that the U.S. Government will always provide financial support to those agencies or enterprises.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bk021.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 10.21 | % (6.30.2020) | Lowest Quarterly Return: | -15.13 | % (3.31.2020) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-, five- and ten-year periods ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for the index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

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Calamos High Income Opportunities Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 8.2.99 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -12.39% | 1.34% | 2.35% | 4.97% |
| **Class C** | 12.21.00 |  |  |  |  |
| *Load Adjusted Return before taxes* |  | -11.91% | 1.05% | 2.07% | 4.84% |
| **Class I** | 3.1.02 |  |  |  |  |
| *Return before taxes* |  | -10.13% | 2.05% | 3.11% | 5.54% |
| *Return after taxes on distributions\** |  | -12.11% | -0.16% | 0.67% | 3.06% |
| *Return after taxes on distributions and sale of <br>Fund shares\** |  | -5.97% | 0.66% | 1.34% | 3.37% |
| **Bloomberg U.S. Corporate High Yield 2% <br>Issuer Capped Index** |  | -11.18% | 2.30% | 4.03% | 6.98% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | 6 years | SVP, Sr. Co-Portfolio Manager |
| John Hillenbrand | 19 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 9 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | 8 years | SVP, Sr. Co-Portfolio Manager |
| Chuck Carmody | 7 years | SVP, Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

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Calamos Short-Term Bond Fund

Investment Objective

Calamos Short-Term Bond Fund's investment objective is a high level of current income consistent with preservation of principal.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Calamos Funds. More information about these and other discounts is available from your financial professional and under "Fund Facts — What classes of shares do the Funds offer?" on page 138 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 66 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | |
|:---|:---|:---|
| | **CLASS A** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 2.25% |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price) |  |  |

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**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

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| | | |
|:---|:---|:---|
| | **CLASS A** | **CLASS I** |
| Management Fees | 0.30% | 0.30% |
| Distribution and/or Service Fees (12b-1) | 0.25% |  |
| Other Expenses | 0.08% | 0.08% |
| Total Annual Fund Operating Expenses | 0.63% | 0.38% |

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period through March 1, 2024 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses whether or not you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 288 |  | 422 |  | 568 |  | 994 |
| Class I |  | 39 |  | 122 |  | 213 |  | 480 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

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Calamos Short-Term Bond Fund

Principal Investment Strategies

The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of investment grade debt securities that have a dollar weighted average portfolio maturity of three years or less. The debt securities in which the Fund may invest include, among others, obligations of U.S., state, and local governments, their agencies and instrumentalities; mortgage- and asset-backed debt securities (including TBAs); corporate debt securities, repurchase agreements, convertible securities, money market instruments, Treasury Bills, and other securities believed to have debt-like characteristics (such as preferred securities and corporate loans and related assignments and participations). The Fund's 80% policy may be changed upon at least 60 days' written notice to shareholders.

The Fund will invest primarily in investment grade debt securities (those rated BBB or higher by S&P, or Baa or higher by Moody's), which include securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, as well as securities rated or subject to a guarantee that is rated within the investment grade categories listed by at least one of the Nationally Recognized Statistical Rating Organizations (NRSROs). In addition, the Fund may invest up to 20% of its net assets in below investment grade debt securities, which are sometimes referred to as high yield or "junk" bonds, which include bonds, bank loans and preferred securities. Junk bonds are securities rated BB or lower by S&P, or Ba or lower by Moody's or securities that are not rated but are considered by the Fund's investment adviser to be of similar quality. The Fund may not acquire debt securities that are rated lower than C.

Convertible debt securities are exchangeable for equity securities of the issuer at a predetermined price, and typically offer greater appreciation potential than non-convertible debt securities. The convertible securities in which the Fund may invest consist of bonds, structured notes, debentures and preferred stocks, which may be converted or exchanged at a stated or determinable exchange ratio into underlying shares. Structured notes are fixed-income debentures linked to equity and the structured notes invested in by the Fund will not be customized for the Fund. Convertible structured notes have the attributes of a convertible security, however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. The bonds, structured notes and debentures may be rated investment grade or below, may be issued by corporates, governments or public international bodies and may be denominated in a variety of currencies and issued with either fixed or floating rates. Convertible securities may offer higher income than the shares into which they are convertible. The Fund may be required to permit the issuer of a convertible security to redeem the security, convert it into the underlying shares or sell it to a third party. Convertible securities include debt obligations and preferred stock of the company issuing the security, which may be exchanged for a predetermined price (the conversion price), into the issuer's common stock.

Certain convertible debt securities include a "put option" which entitles the Fund to sell the security to the issuer before maturity at a stated price, which may represent a premium over the stated principal amount of the debt security. Conversely many convertible securities are issued with a "call" feature that allows the security's issuers to choose when to redeem the security.

The debt securities described above may include mortgage-backed, mortgage-related and other asset-backed securities, which directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans, real property, or other assets such as car loans or aviation financing.

The investment adviser searches for securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity. The investment adviser recognizes value by simultaneously analyzing the interaction of these factors among the securities available in the market. As part of its security strategy, the investment adviser also evaluates whether environmental, social and governance factors could have a material negative or positive impact on the cash flows or risk profiles of many companies in the universe in which the Fund may invest. These determinations may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. The investment adviser will sell a security if it becomes concerned about its credit risk, is forced by market factors to raise money, or an attractive replacement is available.

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Calamos Short-Term Bond Fund

Pending investment or re-investment or, at any time, for temporary defensive purposes, the Fund may hold up to 100 % of its net assets in cash, money market funds and cash equivalent securities. The Fund may invest up to 20% of its net assets in non-U.S. debt securities, including non-dollar denominated debt securities and emerging markets securities.

The Fund may use derivative instruments such as futures, options, forwards, swaps (including currency swaps, interest rate swaps, credit default swaps, credit default index swaps, and total return swaps), and equity-linked structured notes for risk management purposes or as part of the Fund's investment strategies. The Fund may also invest in ETFs.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• Cash Holdings Risk — To the extent the Fund holds cash positions, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Recent fixed-income market events, including increases in volatility and interest rates, may expose the Fund to heightened interest rate risk and volatility.

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Derivatives Risk — Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The Fund may invest in futures for purposes of managing duration. Futures have durations that, in general, are closely related to the duration of the securities that underlie them. Holding long futures may lengthen portfolio duration by approximately the same amount as would holding an equivalent amount of the underlying securities. Short futures, in general, have durations roughly equal to the negative duration of the securities that underlie these positions and generally have the effect of reducing portfolio duration by approximately the

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Calamos Short-Term Bond Fund

same amount as would selling an equivalent amount of the underlying securities. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Mortgage-related and Other Asset-backed Securities Risk — In addition to general fixed-income instrument risks, mortgage-related and asset-backed securities are subject to extension risk and prepayment risk.

• *Extension Risk* — Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.

• *Prepayment Risk* — When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.

• Non-U.S. Government Obligation Risk — An investment in debt obligations of non-U.S. governments and their political subdivisions involves special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of U.S. issuers.

• Options Risk — The Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange- listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured.

• Other Investment Companies (including ETFs) Risk — The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund

PROSPECTUS \| March 1, 2023

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Calamos Short-Term Bond Fund

becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses indirectly paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection with the Fund's own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Rule 144A Securities Risk — The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Securities Lending Risk — The Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to Calamos Advisors on, the creditworthiness of the firms to which a Fund lends securities. The Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

• U.S. Government Security Risk — Some securities issued by U.S. Government agencies or government-sponsored enterprises are not backed by the full faith and credit of the U.S. and may only be supported by the right of the agency or enterprise to borrow from the U.S. Treasury. There can be no assurance that the U.S. Government will always provide financial support to those agencies or enterprises.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

CALAMOS FAMILY OF FUNDS

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Calamos Short-Term Bond Fund

**CLASS I\* ANNUAL TOTAL RETURN FOR YEARS ENDED 12.31**

![](j2314552_bk022.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 3.16 | % (6.30.2020) | Lowest Quarterly Return: | -2.42 | % (3.31.2022) |

---

\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-year period ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | |
|:---|:---|:---|:---|
| | **INCEPTION<br>DATE OF CLASS** | **ONE YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 9.18.18 |  |  |
| *Load Adjusted Return before taxes* |  | -5.59% | 0.71% |
| **Class I** | 9.18.18 |  |  |
| *Return before taxes* |  | -3.17% | 1.47% |
| *Return after taxes on distributions\** |  | -4.12% | 0.22% |
| *Return after taxes on distributions and sale of Fund shares\** |  | -1.88% | 0.62% |
| **Bloomberg 1-3 Year Government/Credit Index** |  | -3.69% | 0.99% |
| **Bloomberg U.S. 1-3 Year Credit Index** |  | -3.40% | 1.37% |

---

\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

PROSPECTUS \| March 1, 2023

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Calamos Short-Term Bond Fund

The Bloomberg US 1-3 Year Credit Index shows how the Fund's performance compares to an index of investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related debt with 1 to 3 years to maturity. It is composed of a corporate and a non-corporate component that includes non-US agencies, sovereigns, supranationals and local authorities.

Investment Adviser

Calamos Advisors LLC

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/ <br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER <br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Fund's inception | Founder, Chairman, and Global CIO |
| R. Matthew Freund | since Fund's inception | SVP, Sr. Co-Portfolio Manager |
| Chuck Carmody | since Fund's inception | SVP, Co-Portfolio Manager |
| John Saf | since Fund's inception | VP, Co-Portfolio Manager |
| Christian Brobst | 2 years | VP, Co-Portfolio Manager |

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Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Other Important Information Regarding Fund Shares" on page 115 of the prospectus.

CALAMOS FAMILY OF FUNDS

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Other Important Information Regarding Fund Shares

Buying and Redeeming Fund Shares

Minimum Initial Investment

Classes A and C: $2,500/$500 for IRA

Class I: $1,000,000

Class R6: None

Minimum Additional Investment

Classes A and C: $50

Classes I and R6: None

Buying and Redeeming Class R6 Shares

Class R6 shares are available to employer-sponsored retirement and benefit plans, held either at the plan level or through omnibus accounts that generally process no more than one net redemption and one net purchase transaction each day. You may purchase Class R6 shares from your benefit plan record-keeper or financial intermediary or directly from the Calamos Family of Funds through the Funds' transfer agent. The purchase and redemption options identified in this prospectus are generally available to plan administrators and/or the plans themselves, but not to the individual participants of such plans. Plan participants should contact the financial intermediary and/or plan administrator through which the plan is held for additional information on their respective plan assets and/or how to transact in their respective plan assets, as the Fund's transfer agent, U.S. Bank Global Fund Services will generally have no information with respect to or control over an individual participant's plan assets. For direct investments, please note that neither the Fund nor its transfer agent offers master plan documentation and/or record-keeping services.

To Place Orders

Please contact your broker, benefit plan record-keeper, or other intermediary, or to place your order directly, contact the Fund's transfer agent, U.S. Bank Global Fund Services, toll-free at the number noted below for further instructions:

U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201

Phone: 800.582.6959

Transaction Policies

The Funds' shares are redeemable. In general, investors may purchase, redeem, or exchange Fund shares on any day the New York Stock Exchange is open by written request (to the address noted above), by wire transfer, by telephone (at the number noted above), or through a financial intermediary, depending on how the shares are held. Orders to buy and redeem shares are processed at the next net asset value (share price or "NAV") to be calculated only on days when the New York Stock Exchange is open for regular trading, except as otherwise provided herein (see the "Transaction Information — Share Price" section below for more information).

Class I and Class R6 may not be available for purchase directly from the Funds. Please contact us at 800.582.6959 to inquire further about such availability.

Tax Information

The Funds' distributions will generally be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any distributions from a retirement account or 401(k) plan may be taxed as ordinary income when withdrawn from such account or plan. Special tax rules apply to investments held through defined contribution plans and other tax-qualified plans.

PROSPECTUS \| March 1, 2023

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Other Important Information Regarding Fund Shares

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transferring Shares to Another Financial Intermediary

You may transfer existing shares of the Calamos Funds from one financial intermediary to another financial intermediary provided that the receiving financial intermediary has entered into an agreement with the Funds' Distributor. Certain shareholder services may not be available for the transferred shares and all future trading of these shares must be coordinated by the receiving firm. Before requesting a transfer of shares, existing shareholders should first contact the receiving financial intermediary to determine which share classes are available at that financial intermediary and what services are available to any transferred shares.

If you hold shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

CALAMOS FAMILY OF FUNDS

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Additional Information About Investment Strategies and Related Risks

What are the investment objectives and principal strategies common to the Funds?

As described above, each Fund has different investment objectives and strategies, and may invest in different securities. The Funds differ principally in (i) how important growth potential and/or current income is considered when selecting investments, (ii) the types of securities selected as investments, such as convertible, fixed-income, equity or foreign securities, and (iii) the risks involved with an investment in a Fund.

When buying and selling growth-oriented securities, the investment adviser focuses on the company's earnings growth potential coupled with financial strength and stability. When buying and selling value-oriented securities, the investment adviser focuses on how a company's stock is valued relative to what the Fund's investment adviser considers to be the company's worth, the financial strength of the issuer and whether there is a near-term catalyst that could trigger an increase in the stock's price. Whether examining growth-oriented or value-oriented securities for selection, the Fund focuses on individual stock selection (referred to as a "bottom-up approach") and quantitative research.

When buying and selling fixed-income securities, the investment adviser's analyses may take into consideration such quantitative factors as an issuer's present and potential liquidity, profitability, internal capability to generate funds, debt/equity ratio and debt servicing capabilities, and such qualitative factors as an assessment of management, industry characteristics, accounting methodology and foreign business exposure.

When buying and selling convertible securities, a Fund typically applies a four-step approach:

1. Evaluating the default risk of the convertible security using traditional credit analysis;

2. Analyzing the convertible security's underlying common stock to determine its capital appreciation potential;

3. Assessing the convertible security's risk/return potential; and

4. Evaluating the convertible security's impact on the Fund's overall composition and diversification strategy.

For certain Funds, the investment adviser takes environmental, social and governance ("ESG") factors into account in making investment decisions.

In analyzing the appreciation potential of the underlying common stock and the default risk of a convertible security, a Fund generally considers the issuer's financial soundness, ability to make interest and dividend payments, earnings and cash flow forecast and quality of management.

In seeking to meet the Funds' respective investment objectives, the Funds' investment adviser utilizes highly disciplined institutional management strategies designed to help enhance investment returns while managing risk. As part of these strategies, an in-depth proprietary analysis is employed on an issuing company and its securities. At the portfolio level, risk management tools are also used, such as diversification across companies, sectors and industries to achieve a risk-reward profile suitable for each Fund's objectives.

The investment objective of each Fund other than Calamos International Small Cap Growth Fund may not be changed without the approval of a "majority of the outstanding" shares of that Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The investment objective of Calamos International Small Cap Growth Fund is non-fundamental and may be changed by a vote of the Fund's Board, without shareholder approval. There can be no assurance that a Fund will achieve its investment objectives.

Calamos Global Convertible Fund

Although the Fund does not have as its investment objective sustainable investments, the investment adviser takes ESG factors into account in making investment decisions by employing an integrated, ESG screening process. As part of this process, Calamos Advisors reviews the ESG ratings or scores from its third-party vendors to assess sustainability factors, such as the performance of the relevant companies with reference to ESG aspects (with a focus on greenhouse gas emissions). The investment adviser defines sustainability as the ability to leverage the ESG factors of business practices seeking to generate opportunities and mitigate risks that can contribute to the long-term performance of issuers. ESG rating changes inform the

PROSPECTUS \| March 1, 2023

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Additional Information About Investment Strategies and Related Risks

investment adviser to ESG changes in the Fund's current holdings. If the investment adviser determines that certain ESG ratings or scores are material, it could influence any related investment decision.

Principal Risks of Investing in a Fund

This prospectus describes the risks you may face as an investor in the CALAMOS FAMILY OF FUNDS. It is important to keep in mind that generally, investments with a higher potential reward also have a higher risk of losing money. The reverse is also commonly true: the lower the risk, the lower the potential reward. However, as you consider an investment in the Funds, you should also take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in this investment for a long period of time to ride out down periods.

As with any security, there are market and investment risks associated with your investment in the Funds. The value of your investment will fluctuate over time, and it is possible to lose money.

In response to market, economic, political, or other conditions, a Fund may temporarily invest for defensive purposes. If a Fund does so, different factors could affect the Fund's performance, and the Fund may not achieve its investment objective.

What are the principal risks that apply to all of the Funds?

Cybersecurity Risk. Investment companies, such as the Funds, and their service providers are exposed to operational and information security risks resulting from cyberattacks, which may result in financial losses to a Fund and its shareholders. Cyber- attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, "ransomware" that renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity breaches. Cyber-attacks affecting the Funds or the Funds' investment adviser, custodian, transfer agent, distributor, administrator, intermediaries, trading counterparties, and other third-party service providers may adversely impact the Funds or the companies in which the Funds invest, causing the Funds' investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.

Inflation Risk. The risk that the value of assets or income from a Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates is considered inflation risk. As inflation increases, the value of a Fund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and a Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors or adversely affect the value of shareholders' investments in the Fund. Inflation has recently increased, and it cannot be predicted whether it may decline.

Investment Management Risk. Whether a Fund achieves its investment objective(s) is significantly impacted by whether CALAMOS ADVISORS is able to choose suitable investments for each Fund.

Market Disruption Risk. Certain events have a disruptive effect on securities markets, including but not limited to, terrorist attacks, war and other geopolitical events or catastrophes. The Funds' investment adviser, CALAMOS ADVISORS, cannot predict the effect of similar events in the future on the U.S. or foreign economies. Certain securities such as high yield and equity securities tend to be impacted more by these events than other types of securities in terms of price and volatility.

Market Risk. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. If there is a general decline in the stock or fixed-income market, it is possible your investment may lose value regardless of the individual results of the companies in which a Fund invests.

Recent Market Events. Since the 2008 financial crises, financial markets throughout the world have experienced periods of increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks, and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi- governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates.

CALAMOS FAMILY OF FUNDS

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Additional Information About Investment Strategies and Related Risks

The COVID-19 pandemic and efforts to contain its spread have negatively affected, and are likely to continue to negatively affect, the global economy, the economies of the United States and other individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.

While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the coronavirus outbreak, generally subsided, uncertainty and periods of volatility still remained, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain interest rates may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or impair the Fund's ability to achieve its investment objective.

The United Kingdom left the European Union ("EU") on January 31, 2020 (commonly referred to as "Brexit"). During an 11 month transition period, ending December 31, 2020, the United Kingdom and the EU agreed to a Trade and Cooperation Agreement which sets out the agreement for certain parts of the future relationship between the EU and the United Kingdom from January 1, 2021. The Trade and Cooperation Agreement does not provide the United Kingdom with the same level of rights or access to all goods and services in the EU as the United Kingdom previously maintained as a member of the EU and during the transition period. In particular, the Trade and Cooperation Agreement does not include an agreement on financial services. Accordingly, uncertainty remains in certain areas as to the future relationship between the United Kingdom and EU. The uncertainty caused by the United Kingdom's departure from the EU could lead to prolonged political, legal, regulatory, tax and economic uncertainty and wider instability and volatility in the financial markets of the United Kingdom and more broadly across Europe. It may also lead to weakening corporate and financial confidence in such markets as the United Kingdom renegotiates the regulation of the provision of financial services within and to persons in the EU. Brexit could lead to market dislocation, heightened counterparty risk, an adverse effect on the management of market risk and, in particular, asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on the management, operation and investment in each Fund and increased legal, regulatory or compliance burden for each Fund which may have a negative impact on the operations, financial condition, returns and prospectus of each Fund.

A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

Russia also may attempt to assert its influence in the region through economic or even military measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in Europe and globally, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant and have a severe adverse effect on Russia and Europe in general. Any such disruptions caused by Russian military action or other actions (including cyber- attacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyber-attacks on the Russian government, Russian companies or Russian individuals, including politicians, may negatively impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors in Europe and globally. It is also possible that this conflict could expand and attacks could occur elsewhere in Europe. The potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global markets. These and any related events could have significant impact on Fund performance and the value of an investment in the Fund.

PROSPECTUS \| March 1, 2023

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Additional Information About Investment Strategies and Related Risks

As a result of political and military actions undertaken by Russia, the U.S. and the EU have instituted sanctions against certain Russian officials and companies. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia in the future may result in the devaluation of Russian currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of Russian securities. Such actions could result in a freeze of Russian securities, impairing the ability of a fund to buy, sell, receive, or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents' assets, and any such actions are likely to impair the value and liquidity of such assets. Any or all of these potential results could have an adverse/recessionary effect on Russia's economy. All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia.

In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments.

CALAMOS FAMILY OF FUNDS

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Additional Information About Investment Strategies and Related Risks

What are the principal risks specific to each Fund?

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **RISKS** | **MARKET <br>NEUTRAL<br>INCOME <br>FUND** | **HEDGED <br>EQUITY <br>FUND** | **PHINEUS <br>LONG/ <br>SHORT <br>FUND** | **CONVERTIBLE<br>FUND** | **GLOBAL<br>CONVERTIBLE <br>FUND** | **TIMPANI<br>SMALL <br>CAP <br>GROWTH <br>FUND** | **TIMPANI<br>SMID<br>GROWTH <br>FUND** | **GROWTH <br>FUND** | **GROWTH <br>AND <br>INCOME<br>FUND** | **DIVIDEND<br>GROWTH<br>FUND** |
| American Depositary Receipts Risk |  | ●  | ●  |  | ●  | ●  | ●  | ●  | ●  |  |
| Cash Holdings Risk |  |  | ●  |  |  | ●  | ●  |  |  |  |
| Convertible Hedging Risk | ●  |  |  |  |  |  |  |  |  |  |
| Convertible Securities Risk | ●  | ●  |  | ●  | ●  |  |  |  | ●  |  |
| Correlation Risk |  | ●  |  |  |  |  |  |  |  |  |
| Covered Call Writing Risk | ●  | ●  |  |  |  |  |  |  |  |  |
| Currency Risk |  | ●  | ●  |  | ●  |  |  |  |  |  |
| Debt Securities Risk | ●  | ●  |  | ●  | ●  |  |  |  | ●  |  |
| Derivatives Risk | ●  | ●  | ●  |  | ●  |  |  |  |  |  |
| Emerging Markets Risk |  |  | ●  |  | ●  |  |  |  |  |  |
| Equity Securities Risk | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Foreign Securities Risk | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Forward Foreign Currency Contract Risk |  | ●  | ●  | ●  | ●  |  |  | ●  | ●  |  |
| Futures and Forward Contracts Risk |  | ●  | ●  |  | ●  |  |  |  |  | ●  |
| Geographic Concentration Risk |  |  | ●  |  | ●  |  |  |  |  |  |
| Growth Stock Risk |  |  |  |  |  | ●  | ●  | ●  | ●  |  |
| High Yield Fixed-Income Securities <br>(Junk Bond) Risk | ●  |  |  | ●  | ●  |  |  |  | ●  |  |
| Large-Capitalization Investing Risk |  |  |  |  |  |  |  |  |  |  |
| Leveraging Risk |  |  | ●  |  |  |  |  |  |  |  |
| Liquidity Risk | ●  |  | ●  | ●  |  | ●  | ●  |  | ●  |  |
| Mid-Sized Company Risk | ●  |  | ●  | ●  |  |  | ●  | ●  | ●  |  |
| MLP Risk |  |  |  |  |  |  |  |  |  | ●  |
| Mortgage-Related and Other Asset-Backed <br>Securities Risk |  |  |  |  |  |  |  |  |  |  |
| Non-U.S. Government Obligations Risk |  |  |  |  |  |  |  |  |  |  |
| Options Risk | ●  | ●  | ●  | ●  | ●  |  |  | ●  | ●  | ●  |
| Other Investment Companies (including ETFs) Risk | ●  | ●  | ●  |  |  |  |  |  |  |  |
| Portfolio Selection Risk | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Portfolio Turnover Risk | ●  | ●  | ●  |  | ●  | ●  | ●  |  |  |  |
| REITs Risk |  |  |  |  |  |  |  |  |  |  |
| RIC Qualification Risk |  |  |  |  |  |  |  |  |  | ●  |
| Rule 144A Securities Risk | ●  | ●  |  | ●  | ●  |  |  |  | ●  | ●  |
| Sector Risk | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |  |  |
| Securities Lending Risk | ●  | ●  | ●  | ●  | ●  |  |  | ●  | ●  | ●  |
| Short Sale Risk | ●  | ●  | ●  |  |  |  |  |  |  |  |
| Small Company Risk | ●  |  | ●  | ●  |  | ●  | ●  |  | ●  |  |
| Special Purpose Acquisition Companies Risk | ●  |  |  |  |  |  |  |  |  |  |
| Sustainability (ESG) Policy Risk |  |  |  |  |  |  |  |  |  |  |
| Synthetic Convertible Instruments Risk | ●  |  |  | ●  | ●  |  |  |  | ●  |  |
| Tax Risk | ●  | ●  |  | ●  | ●  |  |  |  | ●  | ●  |
| Total Return Swap Risk | ●  |  |  |  |  |  |  |  |  |  |
| U.S. Government Security Risk |  |  |  |  |  |  |  |  |  |  |
| Value Stock Risk |  |  |  |  |  |  |  |  |  |  |

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PROSPECTUS \| March 1, 2023

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Additional Information About Investment Strategies and Related Risks

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **RISKS** | **SELECT <br>FUND** | **INTERNATIONAL <br>GROWTH<br>FUND** | **EVOLVING <br>WORLD <br>GROWTH <br>FUND** | **GLOBAL <br>EQUITY <br>FUND** | **<br>GLOBAL<br>OPPORTUNITIES<br>FUND** | **INTERNATIONAL <br>SMALL CAP <br>GROWTH <br>FUND** | **TOTAL <br>RETURN <br>BOND<br>FUND** | **HIGH INCOME <br>OPPORTUNITIES <br>FUND** | **SHORT- <br>TERM<br>BOND <br>FUND** |
| American Depositary Receipts Risk | ●  | ●  | ●  | ●  | ●  | ●  |  |  |  |
| Cash Holdings Risk |  |  |  |  |  |  |  |  | ●  |
| Convertible Hedging Risk |  |  |  |  |  |  |  |  |  |
| Convertible Securities Risk |  |  | ●  |  | ●  |  | ●  | ●  | ●  |
| Correlation Risk |  |  |  |  |  |  |  |  |  |
| Covered Call Writing Risk |  |  |  |  |  |  |  |  |  |
| Currency Risk |  |  |  |  |  | ●  |  |  | ●  |
| Debt Securities Risk |  |  | ●  |  | ●  |  | ●  | ●  | ●  |
| Derivatives Risk |  |  |  |  |  |  | ●  | ●  | ●  |
| Emerging Markets Risk |  | ●  | ●  | ●  | ●  | ●  |  | ●  | ●  |
| Equity Securities Risk | ●  | ●  | ●  | ●  | ●  | ●  |  | ●  |  |
| Foreign Securities Risk | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Forward Foreign Currency Contract Risk |  | ●  | ●  | ●  |  | ●  |  |  |  |
| Futures and Forward Contracts Risk |  |  |  |  |  |  | ●  | ●  |  |
| Geographic Concentration Risk |  |  |  |  |  |  |  |  |  |
| Growth Stock Risk |  | ●  | ●  | ●  | ●  | ●  |  |  |  |
| High Yield Fixed-Income Securities (Junk Bond) Risk |  |  | ●  |  | ●  |  | ●  | ●  | ●  |
| Large-Capitalization Investing Risk |  |  |  |  |  |  |  |  |  |
| Leveraging Risk |  |  |  |  |  |  |  |  |  |
| Liquidity Risk |  |  |  |  | ●  |  |  |  |  |
| Mid-Sized Company Risk | ●  | ●  |  | ●  | ●  |  |  |  |  |
| MLP Risk |  |  |  |  |  |  | ●  | ●  |  |
| Mortgage-Related and Other Asset-Backed Securities Risk |  |  |  |  |  |  | ●  | ●  | ●  |
| Non-U.S. Government Obligations Risk |  |  |  |  |  |  | ●  |  | ●  |
| Options Risk | ●  |  |  |  | ●  | ●  | ●  | ●  | ●  |
| Other Investment Companies (including ETFs) Risk |  |  |  |  |  |  | ●  | ●  | ●  |
| Portfolio Selection Risk | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Portfolio Turnover Risk |  | ●  | ●  |  |  |  |  |  |  |
| REITs Risk |  |  |  |  |  |  |  |  |  |
| RIC Qualification Risk |  |  |  |  |  |  |  | ●  |  |
| Rule 144A Securities Risk |  |  |  |  | ●  |  | ●  | ●  | ●  |
| Sector Risk | ●  |  | ●  | ●  | ●  | ●  |  |  |  |
| Securities Lending Risk | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Short Sale Risk |  |  |  |  |  |  |  |  |  |
| Small Company Risk | ●  | ●  |  | ●  | ●  | ●  |  |  |  |
| Special Purpose Acquisition Companies Risk |  |  |  |  |  |  |  |  |  |
| Sustainability (ESG) Policy Risk |  |  |  |  |  | ●  |  |  |  |
| Synthetic Convertible Instruments Risk |  |  | ●  |  | ●  |  | ●  | ●  |  |
| Tax Risk |  |  |  |  | ●  |  | ●  | ●  |  |
| Total Return Swap Risk |  |  |  |  |  |  | ●  |  |  |
| U.S. Government Security Risk |  |  |  |  |  |  | ●  | ●  | ●  |
| Value Stock Risk | ●  |  |  | ●  |  |  |  |  |  |

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CALAMOS FAMILY OF FUNDS

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Additional Information About Investment Strategies and Related Risks

American Depositary Receipts Risk. The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

Cash Holdings Risk. The Fund may invest in cash and cash equivalents for indefinite periods of time when the Fund's investment adviser determines the prevailing market environment warrants doing so. When the Fund holds cash positions, it may lose opportunities to participate in market appreciation, which may result in lower returns than if the Fund had remained fully invested in the market. Furthermore, cash and cash equivalents may generate minimal or no income and could negatively impact the Fund's performance and ability to achieve its investment objective.

Convertible Hedging Risk. If the market price of the underlying common stock increases above the conversion price on a convertible security, the price of the convertible security will increase. The Fund's increased liability on any outstanding short position would, in whole or in part, reduce this gain.

Convertible Securities Risk. The value of a convertible security is influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its "investment value." A convertible security's investment value tends to decline as prevailing interest rate levels increase. Conversely, a convertible security's investment value increases as prevailing interest rate levels decline. However, a convertible security's market value will also be influenced by its "conversion value," which is the market value of the underlying common stock that would be obtained if the convertible security were converted. A convertible security's conversion value tends to increase as the price of the underlying common stock increases, and decrease as the price of the underlying common stock decreases.

As the market price of the underlying common stock declines such that the conversion value is substantially below the investment value of the convertible security, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock.

If the market price of the underlying common stock increases to a point where the conversion value approximates or exceeds the investment value, the price of the convertible security tends to be influenced more by the market price of the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would be paid before the company's common stockholders. Consequently, the issuer's convertible securities entail less risk than its common stock.

Correlation Risk. The effectiveness of a Fund's index option-based risk management strategy may be reduced if the performance of the Fund's equity portfolio does not correlate to that of the indices underlying its option positions.

Covered Call Writing Risk. As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call.

Currency Risk. To the extent that a Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although a Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. A Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

Debt Securities Risk. Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

Interest Rate Risk. Interest rate risk is the risk that a Fund's investments in debt securities will decrease in value as a result of an increase in interest rates. Generally, there is an inverse relationship between the value of a debt security and interest rates. Therefore, the value of debt securities generally decrease in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter-term debt

PROSPECTUS \| March 1, 2023

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Additional Information About Investment Strategies and Related Risks

securities. Recent fixed- income market events, including changes in interest rates by the Federal Reserve Board, may subject a Fund to heightened interest rate risk as a result of a rise in interest rates. In addition, a Fund is subject to the risk that interest rates may exhibit increased volatility, which could cause the Fund's net asset value to fluctuate more. A decrease in fixed-income market maker capacity may act to decrease liquidity in the fixed-income markets and act to further increase volatility, affecting a Fund's return. Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"), which is the offered rate for short-term Eurodollar deposits between major international banks. In 2017, the head of the United Kingdom's Financial Conduct Authority ("FCA") which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.

Credit Risk. Credit risk is the risk that a debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If a Fund holds securities that have been downgraded, or that default on payment, such Fund's performance could be negatively affected.

Default Risk. Default risk refers to the risk that a company that issues a debt security will be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Fund holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

Derivatives Risk. Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. Derivatives may be more volatile than other investments and may magnify a Fund's gains or losses. Successful use of derivatives depends upon the level to which prices of the underlying assets correlate with price movements in the derivatives a Fund buys or sells. A Fund could be negatively affected if the change in market value of its securities fails to correlate with the value of derivatives it purchased or sold. The potential lack of a liquid market for a derivative may prevent a Fund from closing its derivatives positions to limit losses or realize profits. Derivatives may be purchased for a fraction of their value and small price movements may result in an immediate and substantial loss to a Fund.

The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom the Fund enters into the derivatives transaction (e.g., the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a Fund could lose more than the principal amount invested.

CALAMOS FAMILY OF FUNDS

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Additional Information About Investment Strategies and Related Risks

Emerging Markets Risk. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries (such as reversals of economic liberalization, political unrest or changes in trading status). These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

Equity Securities Risk. Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

Foreign Securities Risk. There are special risks associated with investing in foreign securities that are not typically associated with investing in U.S. companies. These risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country. Other risks of investing in foreign securities include: less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity in foreign markets than in U.S. markets.

Forward Foreign Currency Contract Risk. Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. A Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of a Fund's holdings. A Fund's ability to use forward foreign currency transactions successfully depends on a number of factors, including the forward foreign currency transactions being available at attractive prices, the availability of liquid markets and the ability of the portfolio managers to accurately predict the direction of changes in currency exchange rates. Currency exchange rates may be volatile and may be affected by, among other factors, the general economics of a country, the actions of U.S. and foreign governments or central banks, the imposition of currency controls and speculation. Currency transactions are also subject to the risk that the other party in the transaction will default on its contractual obligations, which would deprive a Fund of unrealized profits or force a Fund to cover its commitments for purchase or sale of a currency, if any, at the current market price.

Futures and Forward Contracts Risk. Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk, meaning that the party with whom a Fund enters into the derivatives transaction (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and/or may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

Geographic Concentration Risk. Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent a Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

PROSPECTUS \| March 1, 2023

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Additional Information About Investment Strategies and Related Risks

Growth Stock Risk. Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other securities. Growth securities also may be more volatile because growth companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can lessen the decreases in stock prices in a falling market. A company may never achieve the earnings expansion the Fund anticipates.

High Yield Fixed-Income Securities (Junk Bonds) Risk. Investment in junk bonds entails a greater risk than an investment in higher-rated securities. Although junk bonds typically pay higher interest rates than investment-grade bonds, there is a greater likelihood that the company issuing the junk bond will default on interest and principal payments. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no assets to repay them. Junk bonds are also more sensitive to adverse economic changes or individual corporate developments than higher quality bonds. During a period of adverse economic changes, including a period of rising interest rates, companies issuing junk bonds may be unable to make principal and interest payments.

Large-Capitalization Investing Risk. Large-capitalization stocks as a group could fall out of favor with the market, which may cause a Fund to underperform funds that focus on other types of stocks. In addition, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer preferences. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

Leveraging Risk. Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund's investment. Leveraging risk is the risk that certain transactions of the Fund may cause the Fund to be more volatile and experience greater losses than if it had not been leveraged. A Fund's use of short sales and investments in derivatives subject the Fund to leveraging risk.

Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

Mid-Sized Company Risk. Mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel, and vulnerability to adverse market and economic developments. Accordingly, the prices of mid-sized company stocks tend to be more volatile than prices of large company stocks.

MLP Risk. Investments in securities of MLPs involve risk that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to the potential conflicts of interest between the MLP and the MLP's general partners, cash flow risks, dilution risks and risks related to the general partners right to require unit holders to sell their common units at an undesirable time or price.

MLP Tax Risk. MLPs generally do not pay federal income tax at the partnership level. Rather, each partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund.

MLP Liquidity Risk. Although common units of MLPs trade on the NYSE, the NASDAQ and Amex, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when the Adviser desires to do so. This may adversely affect the Fund's ability to take advantage of other market opportunities or make dividend distributions.

CALAMOS FAMILY OF FUNDS

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Additional Information About Investment Strategies and Related Risks

Equity Securities of MLPs Risk. MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

Mortgage-related and Other Asset-backed Securities Risk. In addition to general fixed-income instrument risks, mortgage- related and asset-backed securities are subject to extension risk and prepayment risk.

Extension Risk. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility.

Prepayment Risk. When interest rates decline, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities because borrowers may pay off their mortgages sooner than expected. In addition, the potential impact of prepayment on the price of asset-backed and mortgage-backed securities may be difficult to predict and result in greater volatility.

Non-U.S. Government Obligation Risk. An investment in debt obligations of non-U.S. governments and their political subdivisions involves special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of U.S. issuers.

Options Risk. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. A Fund's ability to utilize options successfully will depend on CALAMOS ADVISORS' ability to predict pertinent market movements, which cannot be assured.

A Fund's ability to close out its position as a purchaser or seller of an Options Clearing Corporation or exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. If a Fund were unable to close out an option that it had purchased on a security, it would have to exercise the option to realize any profit or the option would expire and become worthless. If a Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security until the option expired. As the writer of a covered call option on a security, a Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets until the next trading day.

Unless the parties provide for it, there is no central clearing or guaranty function in an over-the-counter option. As a result, if the counterparty fails to make or take delivery of the security or other instrument underlying an over-the-counter option it has entered into with a Fund or fails to make a cash settlement payment due in accordance with the terms of that option, the Fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, CALAMOS ADVISORS must assess the creditworthiness of each such counterparty or any guarantor or credit enhancement of the counterparty's credit to determine the likelihood that the terms of the over-the-counter option will be satisfied.

A Fund may also purchase or write over-the-counter put or call options, which involves risks different from, and possibly greater than, the risks associated with exchange-listed put or call options. In some instances, over-the-counter put or call options may expose a Fund to the risk that a counterparty may be unable or unwilling to perform according to a contract, and that any deterioration in a counterparty's creditworthiness could adversely affect the instrument. In addition, a Fund may be exposed to a risk that losses may exceed the amount originally invested.

PROSPECTUS \| March 1, 2023

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Additional Information About Investment Strategies and Related Risks

Other Investment Companies (including ETFs) Risk. A Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and the policies are permissible under the 1940 Act. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses indirectly paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection with the Fund's own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

Portfolio Selection Risk. The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect.

Portfolio Turnover Risk. Engaging in active and frequent trading of securities may result in a higher than average level of capital gains and greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale and reinvestments of securities. Such sales may also result in the realization of capital gains, including short-term capital gains (which are taxed at ordinary income tax rates for federal income tax purposes, rather than at lower capital gains rates) and may adversely impact a Fund's performance. It is possible that a Fund engaging in active and frequent trading may be required to make significant distributions derived from taxable gains, regardless of the Fund's net longer term performance. The trading costs and tax effects associated with portfolio turnover will adversely affect the Fund's performance and lower the Fund's effective return for investors.

REITs Risk. Investments in the real estate industry, including real estate investment trusts (REITs), are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. A Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

RIC Qualification Risk. To qualify for treatment as a regulated investment company ("RIC") under the Code, the Fund must meet certain income source, asset diversification and annual distribution requirements. The Fund's MLP investments may make it more difficult for the Fund to meet these requirements. The asset diversification requirements include a requirement that, at the end of each quarter of each taxable year, not more than 25% of the value of the Fund's total assets is invested in the securities (including debt securities) of one or more qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests will be qualified publicly traded partnerships.

If the Fund's MLP investments exceed this 25% limitation then the Fund would not satisfy the diversification requirements and could fail to qualify as a RIC. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as an ordinary corporation and would become (or remain) subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of Fund distributions.

CALAMOS FAMILY OF FUNDS

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Additional Information About Investment Strategies and Related Risks

Rule 144A Securities Risk. Certain of the Funds may invest in convertible securities and synthetic convertible instruments, which typically are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, a Fund will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of a Fund's assets invested in illiquid securities would increase. Typically, a Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by a fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

Sector Risk. To the extent a Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that a Fund may underperform the broader market, or experience greater volatility.

Securities Lending Risk. A Fund may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Fund. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent monitors, and reports to CALAMOS ADVISORS on, the creditworthiness of the firms to which a Fund lends securities. A Fund may also experience losses as a result of a diminution in value of its cash collateral investments.

Short Sale Risk. Short sales involve risks. A Fund may incur a loss (without limit) as a result of a short sale if the market value of the borrowed security (i.e., the Fund's short position) increases between the date of the short sale and the date the Fund replaces the security. A Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price. A Fund might be unable to implement these strategies because of the lack of attractive short sale opportunities. If a convertible security used to cover a short position is called before conversion, a Fund may be required to purchase the security sold short at a price in the open market above the price at which the Fund had sold the security short.

Small Company Risk. Small company stocks have historically been subject to greater investment risk than mid-sized and large company stocks. The risks generally associated with small companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel, and vulnerability to adverse market and economic developments. Accordingly, the prices of small company stocks tend to be more volatile than prices of mid-sized and large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.

Special Purpose Acquisition Companies Risk. The Fund may invest in special purpose acquisition companies ("SPACs") or similar special purpose entities. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. An attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher return. While a SPAC is seeking a transaction target, its stock may be thinly traded and/or illiquid. The proceeds of a SPAC IPO that are placed in trust are subject to risks, including the risk of insolvency of the custodian of the funds, fraud by the trustee, interest rate risk and credit and liquidity risk relating to the securities and money market funds in which the proceeds are invested. The private rights or other interests issued by a SPAC that the Fund may obtain generally have more limited liquidity than SPAC shares issued in an IPO and may be subject to forfeiture or expire worthless.

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Additional Information About Investment Strategies and Related Risks

Sustainability (ESG) Policy Risk. A Fund's ESG policy could cause it to perform differently compared to similar funds that do not have such a policy. The application of the Calamos Advisors social and environmental standards may affect a Fund's exposure to certain issuers, industries, sectors, and factors that may impact the relative financial performance of a Fund — positively or negatively — depending on whether such investments are in or out of favor. Additionally, it may be difficult in certain instances for Calamos Advisors to correctly evaluate an issuer's commitment to ESG practices, and a failure to do so may result in investment issuers with practices that are not consistent with a Fund's aspirations. In executing a Fund's investment strategy Calamos Advisors will rely on ESG related data provided by third parties. There is no assurance that ESG data sources will always be available.

Synthetic Convertible Instruments Risk. The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

Tax Risk. The federal income tax treatment of convertible securities or other securities in which the Funds may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. It could be more difficult to comply with the tax requirements applicable to RICs if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the Internal Revenue Service. Any such failure to comply with the rules applicable to RICs could cause the Fund to fail to qualify as such.

Total Return Swap Risk. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to a fund's portfolio because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the swap. The primary risks associated with total return swaps are credit risk (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur to the underlying asset).

U.S. Government Security Risk. Some securities issued by U.S. Government agencies or government sponsored enterprises are not backed by the full faith and credit of the U.S. and may only be supported by the right of the agency or enterprise to borrow from the U.S. Treasury. There can be no assurance that the U.S. Government will always provide financial support to those agencies or enterprises.

Value Stock Risk. Value stocks involve the risk that they may never reach what CALAMOS ADVISORS believes is their full market value, either because the market failed to recognize the stocks' intrinsic worth or CALAMOS ADVISORS misgauged that worth. Because different types of stocks tend to shift in and out of favor depending on market conditions, a value fund's performance may sometimes be higher or lower than that of other types of funds (such as those emphasizing growth stocks).

Portfolio security holdings disclosure

A description of the Funds' policies and procedures in connection with the disclosure of portfolio security holdings of the Funds is available in the Funds' statement of additional information, which can be obtained on CALAMOS ADVISORS' website at www.calamos.com.

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Fund Facts

Who manages the Funds?

The Funds' investments are managed by CALAMOS ADVISORS LLC, 2020 Calamos Court, Naperville, IL 60563. As of January 31, 2023, Calamos managed approximately $36 billion in assets of individuals and institutions. CALAMOS ADVISORS is a wholly owned subsidiary of CALAMOS INVESTMENTS LLC ("CILLC"). CALAMOS ASSET MANAGEMENT, INC. ("CAM") is the sole manager of CILLC. As of December 31, 2022, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by CALAMOS PARTNERS LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and CALAMOS FAMILY PARTNERS, INC. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr.

Subject to the overall authority of the board of trustees, CALAMOS ADVISORS provides continuous investment supervision and management to the Funds under a management agreement and also furnishes office space, equipment and management personnel. For these services, each Fund pays CALAMOS ADVISORS a fee based on its average daily net assets, which is accrued daily and paid on a monthly basis. The Funds paid fees (before any reimbursement) under the management agreement during the fiscal year ended October 31, 2022 in the following amounts as a percentage of their average net assets:

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| | |
|:---|:---|
| **FUND** | **FISCAL YEAR <br>ENDED <br>OCTOBER 31, 2022** |
| Calamos Market Neutral Income Fund | 0.65% |
| Calamos Hedged Equity Fund | 0.74% |
| Calamos Phineus Long/Short Fund | 1.24% |
| Calamos Convertible Fund | 0.71% |
| Calamos Global Convertible Fund | 0.85% |
| Calamos Timpani Small Cap Growth Fund | 0.90% |
| Calamos Timpani SMID Growth Fund | 0.95% |
| Calamos Growth Fund | 0.90% |
| Calamos Growth and Income Fund | 0.68% |
| Calamos Dividend Growth Fund | 1.00% |
| Calamos Select Fund | 1.00% |
| Calamos International Growth Fund<sup>1</sup> | 1.14% |
| Calamos Evolving World Growth Fund | 1.10% |
| Calamos Global Equity Fund<sup>1</sup> | 1.10% |
| Calamos Global Opportunities Fund | 1.00% |
| Calamos International Small Cap Growth Fund<sup>2</sup> | 0.95% |
| Calamos Total Return Bond Fund | 0.45% |
| Calamos High Income Opportunities Fund | 0.60% |
| Calamos Short-Term Bond Fund | 0.30% |

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1 Amount includes performance adjustment.

2 For the period from March 31, 2022 (commencement of operations) through October 31, 2022.

For the services CALAMOS ADVISORS provides to Timpani Small Cap Growth Fund, the Fund pays CALAMOS ADVISORS a fee on its average daily net assets at the annual rate of 0.90% on the first $500 million, 0.80% on the next $500 million, and 0.75% on average daily net assets in excess of $1 billion, which is accrued daily and paid on a monthly basis.

For the services CALAMOS ADVISORS provides to Timpani SMID Growth Fund, the Fund pays CALAMOS ADVISORS a fee on its average daily net assets at the annual rate of 0.95% on the first $500 million, 0.85% on the next $500 million, and 0.80% on average daily net assets in excess of $1 billion, which is accrued daily and paid on a monthly basis.

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Fund Facts

For the services CALAMOS ADVISORS provides to Short-Term Bond Fund, the Fund pays CALAMOS ADVISORS a fee on its average daily net assets at the annual rate of 0.30% on the first $500 million, 0.27% on the next $500 million, and 0.25% on average daily net assets in excess of $1 billion, which is accrued daily and paid on a monthly basis.

With respect to each Fund in the Calamos Family of Funds (each an "Acquiring Fund") that invests in shares of Short-Term Bond Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to Short-Term Bond Fund that is attributable to the Acquiring Fund's investment in Short-Term Bond Fund, based on daily net assets.

For the International Growth Fund and the Global Equity Fund, the fee payable under the management agreement is determined by calculating a base fee and applying a performance adjustment, as described in further detail below. The payment and calculation of the performance adjustment is subject to the ultimate supervision of the board of trustees. The base fee is at the annual rate of 1.00% on the first $500 million, 0.95% on the next $500 million, 0.90% on the next $5 billion (over $1 billion to $6 billion), and 0.80% on average daily net assets in excess of $6 billion.

For the International Growth Fund, the performance adjustment equally increases or decreases the management fee, on a monthly basis, by <sup>1</sup>/<sub>12</sub> of 0.03% of the Fund's average daily net assets over the performance measurement period for each full 1% increment amount by which the Fund outperforms or underperforms the MSCI EAFE Growth Index over the performance measurement period on an annualized basis. For the Global Equity Fund, the performance adjustment equally increases or decreases the fee, on a monthly basis, by <sup>1</sup>/<sub>12</sub> of 0.03% of the Fund's average daily net assets over the performance measurement period for each full 1% increment amount by which the Fund outperforms or underperforms the MSCI World Index over the performance measurement period on an annualized basis.

The maximum monthly performance adjustment for each Fund is plus or minus <sup>1</sup>/<sub>12</sub> of 0.30% of the Fund's average daily net assets during the performance measurement period.

The performance adjustment rate is calculated by comparing each Fund's NAV per Class A share to the performance of its respective Index over the performance measurement period. The performance measurement period for the International Growth Fund began at the start of the first full month of operation (April 1, 2005) and includes the trailing 36 months. The performance measurement period for the Global Equity Fund began at the start of the first full month of operation (March 1, 2007) and includes the trailing 36 months. Prior to February 1, 2008, only the base fee was payable, and there was no performance adjustment. Commencing in February 2008, the base fee was subject to adjustment based on the performance of the Fund's Class A shares relative to that of the MSCI World Index over the 12 calendar months ended February 29, 2008. For each succeeding month through February 2010, the performance measurement period increased by one month, and thereafter the performance measurement period became the trailing 36 months.

Because the performance adjustment is tied to the Fund's performance relative to that of the Index (and not to its absolute performance), the performance adjustment could increase the fee payable to CALAMOS ADVISORS even if the Fund's shares lose value during the performance measurement period and could decrease that fee even if the Fund's shares increase in value during the performance measurement period. For purposes of computing the base fee and the performance adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the base fee, versus average daily net assets during the performance measurement period for the performance adjustment). Fund performance is calculated net of expenses, whereas the Index does not bear any fees or expenses. Reinvestment of dividends and distributions are included in calculating the performance of both the Fund and the Index. The base fee is calculated and accrued daily. The performance adjustment is calculated monthly in arrears and is accrued evenly each day throughout the month. The management fee is paid monthly in arrears. If the board of trustees determines that another index is appropriate for the Fund, it may designate a successor index to be substituted for the Index, subject to approval by shareholders.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund, as a percentage of the average net assets of the particular class of shares, to 1.75% for Class A shares, 2.50% for Class C shares, and 1.50% for Class I shares. CALAMOS ADVISORS has contractually agreed to limit Market Neutral Income Fund and Growth and Income Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.50% less each 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

CALAMOS FAMILY OF FUNDS

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Fund Facts

Fund's other share classes). For purposes of these expense limitation agreements, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024 for each Fund. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Global Opportunities Fund, as a percentage of the average net assets of the particular class of shares, to 1.22% for Class A shares, 1.97% for Class C shares, and 0.97% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Evolving World Growth Fund, as a percentage of the average net assets of the particular class of shares, to 1.30% for Class A shares, 2.05% for Class C shares, and 1.05% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Hedged Equity Fund, as a percentage of the average net assets of the particular class of shares, to 1.25% for Class A shares, 2.00% for Class C shares, and 1.00% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Phineus Long/Short Fund, as a percentage of the average net assets of the particular class of shares to 2.00% for Class A shares, 2.75% for Class C shares, and 1.75% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Global Convertible Fund and Dividend Growth Fund, as a percentage of the average net assets of the particular class of shares, to 1.35% for Class A shares, 2.10% for Class C shares, and 1.10% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024 for each Fund. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Timpani Small Cap Growth Fund as a percentage of the average net assets of the particular class of shares to 1.30% for Class A shares, 2.05% for Class C shares, and 1.05% for Class I shares. CALAMOS ADVISORS has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.05% 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 the expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

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Fund Facts

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Timpani SMID Growth Fund as a percentage of the average net assets of the particular class of shares to 1.35% for Class A shares and 1.10% for Class I shares. CALAMOS ADVISORS 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% 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 the expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Select Fund, as a percentage of the average net assets of the particular class of shares, to 1.15% for Class A shares, 1.90% for Class C shares, and 0.90% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the International Growth Fund, as a percentage of the average net assets of the particular class of shares, to 1.20% for Class A shares, 1.95% for Class C shares, 0.95% for Class I shares and 0.95% less the annual sub-transfer agency ratio for the Fund (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 Class R6 shares, provided that such limitations for any period will be adjusted upward or downward by the performance adjustment for the period. For example, a 0.10% upward adjustment to the management fee would mean that CALAMOS ADVISORS would reimburse Fund expenses so that total annual fund operating expenses are limited to 1.30% for Class A shares, 2.05% for Class C shares, 1.05% for Class I shares and 1.05% less the annual sub-transfer agency ratio for Class R6 shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Global Equity Fund, as a percentage of the average net assets of the particular class of shares, to 1.40% for Class A shares, 2.15% for Class C shares, 1.15% for Class I shares, and 1.15% 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 Class R6 shares, provided that such limitations for any period will be adjusted upward or downward by the performance adjustment for the period. For example, a 0.10% upward adjustment to the management fee would mean that CALAMOS ADVISORS would reimburse Fund expenses so that total annual fund operating expenses are limited to 1.50% for Class A shares, 2.25% for Class C shares, 1.25% for Class I shares and 1.25% less the annual sub-transfer agency ratio for Class R6 shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the International Small Cap Growth Fund as a percentage of the average net assets of the particular class of shares to 1.35% for Class A shares, 2.10% for Class C shares, and 1.10% for Class I shares. CALAMOS ADVISORS 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% 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 the expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 31, 2025.

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Fund Facts

CALAMOS ADVISORS 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 CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Total Return Bond Fund, as a percentage of the average net assets of the particular class of shares, to 0.90% for Class A shares, 1.65% for Class C shares, and 0.65% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the High Income Opportunities Fund, as a percentage of the average net assets of the particular class of shares, to 1.00% for Class A shares, 1.75% for Class C shares, and 0.75% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Short-Term Bond Fund as a percentage of the average net assets of the particular class of shares, to 0.65% for Class A shares and 0.40% for Class I shares. For purposes of this expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2024. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

At a meeting held on June 29, 2022, the board of trustees unanimously approved the renewal of the management agreement for each Fund other than International Small Cap Growth Fund. A discussion regarding the basis for the approval by the board of trustees of the management agreement for the Funds is included in the Funds' annual report to shareholders for the fiscal year ended October 31, 2022.

At a meeting held on March 23, 2022, the board of trustees unanimously approved the management agreement for the International Small Cap Growth Fund. A discussion regarding the basis for the approval by the board of trustees of the management agreement for the Fund is included in the Funds' annual report to shareholders for the fiscal year ended October 31, 2022.

Portfolio Managers

John P. Calamos, Sr. During the past five years, John P. Calamos, Sr. has been President and Trustee of the Calamos Investment Trust ("Trust") and for CALAMOS ADVISORS: Founder, Chairman and Global Chief Investment Officer ("Global CIO") since August 2016; Chairman and Global CIO from April to August 2016; Chairman, Chief Executive Officer and Global Co-CIO between April 2013 and April 2016; Chief Executive Officer and Global Co-CIO between August 2012 and April 2013; and Chief Executive Officer and Co-CIO prior thereto.

Christian Brobst. Christian Brobst joined CALAMOS ADVISORS in 2017 and since July 2018 is a Co-Portfolio Manager. From 2017 to July 2018, he was a Portfolio Specialist. Previously, he was Senior Vice President at CU Capital Market Solutions.

Chuck Carmody. Chuck Carmody joined CALAMOS ADVISORS in 2004 and since February 2016 is a Co-Portfolio Manager, as well as a Senior Fixed Income Trader. From January 2010 to February 2016 he was a Senior Trader.

Dennis Cogan. Dennis Cogan joined CALAMOS ADVISORS in March 2005 and since February 2021 has been a Senior Co-Portfolio Manager. From March 2013 to February 2021, he was a Co-Portfolio Manager and from March 2005 to March 2013, he was a senior strategy analyst.

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Fund Facts

Dino Dussias. Dino Dussias joined CALAMOS ADVISORS in October 1995 and since February 2023 has been an Associate Portfolio Manager. From May 1997 to August 2013, he served in various analyst roles. He served as Sector Head — Industrials from August 2013 to August 2015, Sector Head from September 2015 to December 2017, and Sector Head-US Industrials/Utilities from December 2017 to January 2023.

R. Matthew Freund. R. Matthew Freund joined CALAMOS ADVISORS in November 2016 as a Co-CIO, Head of Fixed Income Strategies, as well as a Senior Co-Portfolio Manager. Previously, he was SVP of Investment Portfolio Management and Chief Investment Officer at USAA Investments since 2010.

Michael Grant. Michael Grant joined CALAMOS ADVISORS in September 2015 and since January 2018 is a Co-CIO, Head of Long/ Short Strategies and Growth Strategies, as well as a Senior Co-Portfolio Manager. From 2015 to January 2018, he was a Global Economist — Long/Short Strategies. Previously, he was Founder, CIO, and Portfolio Manager at Phineus Partners LP since 2002.

Jason Hill. Jason Hill joined CALAMOS ADVISORS in March 2004 and has been a Co-Portfolio Manager since June 2014. Between August 2013 and June 2014, he was a Senior Strategy Analyst. Previously, he was a Portfolio Administrator.

John Hillenbrand. John Hillenbrand joined CALAMOS ADVISORS in 2002 and since September 2015 is a Co-CIO, Head of Multi- Asset Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March 2013 to September 2015 he was a Co-Portfolio Manager. Between August 2002 and March 2013 he was a senior strategy analyst.

Ryan Isherwood. Ryan Isherwood joined CALAMOS ADVISORS on May 31, 2019 as a Co-Portfolio Manager. Previously, he was Senior Analyst for Timpani Capital Management LLC since 2008.

Michael Kassab. Michael Kassab joined CALAMOS ADVISORS in 2014 and has served as SVP, Chief Market Strategist and Associate Portfolio Manager since February 2020. From June 2019 to January 2020 he was VP, Chief Market Strategist. From September 2014 to May 2019 he was the Vice President and Chief Investment Officer, Wealth Management Strategies.

Brandon Nelson. Brandon Nelson joined CALAMOS ADVISORS on May 31, 2019 as a Senior Portfolio Manager. Previously, he was President, Chief Investment Officer and a director of Timpani Capital Management, LLC since 2008.

Nick Niziolek. Nick Niziolek joined CALAMOS ADVISORS in March 2005 and has been a Co-CIO, Head of International and Global Strategies, as well as a Senior Co-Portfolio Manager, since September 2015. Between August 2013 and September 2015 he was a Co-Portfolio Manager, Co-Head of Research. Between March 2013 and August 2013 he was a Co-Portfolio Manager. Between March 2005 and March 2013 he was a senior strategy analyst.

David O'Donohue. David O'Donohue joined CALAMOS ADVISORS in August 2014 and has been a Co-Portfolio Manager since September 2015. Between March 2013 and August 2014, he was a Trader at Forty4 Asset Management LLC/Hard8 Futures LLC. Prior thereto, Mr. O'Donohue was a Portfolio Manager at Chicago Fundamental Investment Partners LLC from February 2009 to November 2012.

Eli Pars. Eli Pars joined CALAMOS ADVISORS in May 2013 and has been Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager, since September 2015. Between May 2013 and September 2015, he was a Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February 2009 until November 2012.

Kyle Ruge. Kyle Ruge joined CALAMOS ADVISORS in September 2006 and since January 2022 has been an Associate Portfolio Manager. From September 2015 to December 2021, he was a Senior Strategy Analyst. From September 2006 to September 2015 he was a Research Analyst.

Paul Ryndak. Paul Ryndak joined CALAMOS ADVISORS in September 2013 and since January 2022 has been an Associate Portfolio Manager as well as Head of International Research. From February 2018 to December 2021, he was Head of International Research. From September 2013 to February 2018, he was Sector Head — International Cyclicals. Previously, he was a Research Analyst at Calamos Advisors from April 2002 to May 2012.

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John Saf. John Saf joined CALAMOS ADVISORS in 2017 as a Co-Portfolio Manager. Previously, he was managing director and portfolio manager at Oppenheimer Investment Management since 2006.

Jon Vacko. Jon Vacko joined CALAMOS ADVISORS in 2000 and has been a Senior Co-Portfolio Manager since September 2015. Previously, he was a Co-Portfolio Manager from August 2013 to September 2015; prior thereto he was a Co-Head of Research and Investments from July 2010 to August 2013.

Anthony Vecchiolla. Anthony Vecchiolla joined CALAMOS ADVISORS in May 2014 and since February 2023 has been Co-Portfolio Manager. Previously, he was Research Associate from May 2014 to August 2015, Research Analyst from September 2015 to February 2020, Senior Research Analyst from February 2020 to February 2021, and Assistant Portfolio Manager from February 2021 to January 2023.

Joe Wysocki. Joe Wysocki joined CALAMOS ADVISORS in October 2003 and since February 2021 is a Senior Co-Portfolio Manager. Previously, he was a Co-Portfolio Manager from March 2015 to February 2021; a sector head from March 2014 to March 2015; a Co-Portfolio Manager from March 2013 to March 2014; and a senior strategy analyst from February 2007 and March 2013.

Jimmy Young. Jimmy Young joined CALAMOS ADVISORS in June 2003 and has been a Co-Portfolio Manager since February 2019. Between February 2018 and February 2019, he was an Assistant Portfolio Manager. Prior thereto, he was a senior strategy analyst from September 2015 to February 2018. Between July 2013 and August 2015, he was a strategy analyst.

The Funds' statement of additional information provides additional information about the portfolio managers, including other accounts they manage, their ownership in the CALAMOS FAMILY OF FUNDS and their compensation.

For all Funds, Except Growth Fund and International Small Cap Growth Fund:

Team Approach to Management. CALAMOS ADVISORS employs a "team of teams" approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers and Associate Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO's team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our team of teams approach.

This team of teams approach is further reflected in the composition of CALAMOS ADVISORS' Investment Committee, made up of the Global CIO, the Co-CIO team, and the Global Head of Trading. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate.

The structure and composition of the Investment Committee results in a number of benefits, as it:

• Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;

• Promotes collaboration between teams; and

• Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.

The objectives of the Investment Committee are to:

• Form the firm's top-down macro view, market direction, asset allocation, and sector/country positioning.

• Establish firm-wide secular and cyclical themes for review.

• Review firm-wide and portfolio risk metrics, recommending changes where appropriate.

• Review firm-wide, portfolio and individual security liquidity constraints.

• Evaluate firm-wide and portfolio investment performance.

• Evaluate firm-wide and portfolio hedging policies and execution.

• Evaluate enhancements to the overall investment process.

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John P. Calamos, Sr., Founder, Chairman and Global CIO, is responsible for the day-to-day management of the team, bottom- up research efforts and strategy implementation. R. Matthew Freund, Michael Grant, John Hillenbrand, Nick Niziolek, Eli Pars, Dennis Cogan, Brandon Nelson, Jon Vacko, and Joe Wysocki, are each Sr. Co-Portfolio Managers; Jason Hill, David O'Donohue, Chuck Carmody, Ryan Isherwood, John Saf, Anthony Vecchiolla, Christian Brobst, and Jimmy Young are each Co-Portfolio Managers; and Dino Dussias and Michael Kassab are each Associate Portfolio Managers for the Funds for which each has been so designated. Sr. Co- Portfolio Managers, Co-Portfolio Managers, and Associate Portfolio Managers are collectively referred to within this registration statement as "Portfolio Managers".

For Growth Fund only:

John P. Calamos, Sr., R. Matthew Freund, and Michael Grant are the lead portfolio managers for the Fund. As lead portfolio managers, Messrs. Calamos, Freund, and Grant have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. Messrs. Calamos, Freund, and Grant also have access to members of the investment team, each of whom may be at certain times, at the discretion of the lead portfolio managers, allocated a specified portion of the portfolio over which he or she has independent responsibility for research, security selection, and portfolio construction.

For International Small Cap Growth Fund only:

John P. Calamos, Sr., Nick Niziolek, Dennis Cogan, Kyle Ruge, and Paul Ryndak are the lead portfolio managers for the Fund. As lead portfolio managers, Messrs. Calamos, Sr., Niziolek, Cogan, Ruge, and Ryndak have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. Messrs. Calamos, Sr., Niziolek, Cogan, Ruge, and Ryndak also have access to members of the investment team, each of whom may be at certain times, at the discretion of the lead portfolio managers, allocated a specified portion of the portfolio over which he or she has independent responsibility for research, security selection, and portfolio construction.

What classes of shares do the Funds offer?

This prospectus offers four classes of shares: Class A, Class C, Class I and Class R6 shares. (All of the Funds, except Short-Term Bond Fund and Timpani SMID Growth Fund, offer Class A, Class C and Class I shares. Short- Term Bond Fund offers Class A and Class I shares only. Timpani SMID Growth Fund offers Class A, Class I and Class R6 shares only. Market Neutral Income Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth and Income Fund, International Growth Fund, Global Equity Fund and International Small Cap Growth Fund are the only Funds that offer Class R6 shares.) The different classes of Fund shares are investments in the same portfolio of securities, but each class of shares has different expenses and will likely have different NAVs. The main differences among Class A, Class C, Class I and Class R6 shares lie primarily in their initial and contingent deferred sales charge structures and their distribution and service fees. Class A shares generally bear an initial sales charge at the time of purchase, while Class C shares generally bear a contingent deferred sales charge at the time of redemption. Class A and Class C shares bear distribution and/or service fees. Class I and Class R6 shares do not bear distribution or service fees.

Pursuant to the Reorganization of the Predecessor Fund into the Timpani Small Cap Growth Fund, Class Y shareholders of the Predecessor Fund received Class A shares, and Service Class and Institutional Class shareholders of the Predecessor Fund received Class I shares. The sales load, initial investment and additional investment minimums are waived for Class Y shareholders of the Predecessor Fund who received Class A shares as part of the Reorganization. The Class I eligibility requirements and initial investment minimum are waived for Service Class and Institutional Class shareholders of the Predecessor Fund.

Please see the "How Can I Buy Shares — By Exchange" section of the prospectus for a discussion of the exchange features of each Fund's share classes.

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The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales charge waivers, which are discussed below. In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying the purchase for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.

The sales charge and contingent deferred sales charge waiver categories described below may not apply to customers purchasing shares of the Funds through any of the financial intermediaries specified in the Appendix to this prospectus. Different financial intermediaries may impose different sales charges. Please refer to the Appendix for the sales charge or contingent deferred sales charge waivers or discounts that are applicable to each financial intermediary.

The Funds do not provide separate information regarding sale charge discounts on their website, however information regarding sale charge discounts is included the Funds' prospectus, which can be obtained on CALAMOS ADVISORS' website at www.calamos.com.

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Class A Shares

For each Fund, the offering price for Class A shares is the NAV per share plus an initial sales charge rounded to the nearest whole cent. Due to rounding, the actual sales charge may be more or less than the percentage shown. For each Fund, except Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, the maximum sales charge is 4.75% of the offering price. For Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, the maximum sales charge is 2.25% of the offering price. For Market Neutral Income Fund, the maximum sales charge is 2.75% of the offering price. The sales charge varies depending on the amount of your purchase, as follows:

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| | | |
|:---|:---|:---|
| | **SALES CHARGE** | **SALES CHARGE** |
|<br>**EACH FUND (OTHER THAN MARKET NEUTRAL INCOME FUND, CONVERTIBLE FUND, GLOBAL <br>CONVERTIBLE FUND, TOTAL RETURN BOND FUND, HIGH INCOME OPPORTUNITIES <br>FUND, AND SHORT-TERM BOND FUND)** | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF<br>OFFERING<br>PRICE** |
| Less than $50,000 | 4.99% | 4.75% |
| $50,000 but less than $100,000 | 4.44 | 4.25 |
| $100,000 but less than $250,000 | 3.63 | 3.50 |
| $250,000 but less than $500,000 | 2.56 | 2.50 |
| $500,000 but less than $1,000,000 | 2.04 | 2.00 |
| $1,000,000 or more\* |  |  |
| **CONVERTIBLE FUND, GLOBAL CONVERTIBLE FUND, TOTAL RETURN BOND FUND, <br>HIGH INCOME OPPORTUNITIES FUND, AND SHORT-TERM BOND FUND** | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF<br>OFFERING<br>PRICE** |
| Less than $100,000 | 2.30% | 2.25% |
| $100,000 but less than $250,000 | 1.78 | 1.75 |
| $250,000 or more\* |  |  |
| **MARKET NEUTRAL INCOME FUND** | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF<br>OFFERING<br>PRICE** |
| Less than $50,000 | 2.83% | 2.75% |
| $50,000 but less than $100,000 | 2.30 | 2.25 |
| $100,000 but less than $250,000 | 1.78 | 1.75 |
| $250,000 or more\* |  |  |

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\* Redemption of shares may be subject to a contingent deferred sales charge as discussed below.

Class A shares also have a 0.25% distribution (12b-1) fee. See "Distribution and service (Rule 12b-1) plan" for more information about distribution fees.

How can I reduce sales charges for Class A purchases?

As the table above shows, the larger your investment, the lower your initial sales charge on Class A shares. Each investment threshold that qualifies for a lower sales charge is known as a "breakpoint." You may be able to qualify for a breakpoint on the basis of a single purchase or by aggregating the amounts of more than one purchase in the following ways:

Rights of accumulation

You may combine the value, at the current public offering price, of Class A, Class C and Class I shares of any Funds within the CALAMOS FAMILY OF FUNDS already owned and Fidelity Investments Money Market Treasury Portfolio Shares (that were previously acquired by exchange from holdings of other Funds' shares within the CALAMOS FAMILY OF FUNDS — also see additional money market fund details below) with a new purchase of Class A shares of any Fund within the CALAMOS FAMILY OF FUNDS to reduce the

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sales charge on the new purchase. The sales charge for the new shares will be figured at the rate in the table above that applies to the combined value of your current and new investment. If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Letter of Intent

You may reduce the sales charges you pay on the purchase of Class A shares by making investments pursuant to a Letter of Intent ("LOI"). Under an LOI, you may purchase additional Class A shares of any Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at once. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. In addition, the market value of any current holdings in the Calamos Funds (as described and calculated under "Rights of Accumulation" as further noted in the Funds' prospectus) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the LOI, but the reduced LOI sales charge rate will only apply to purchases made on or after the commencement date of the LOI. The 13-month LOI period commences with your first purchase of shares at the reduced LOI sales charge rate, and this first purchase also acknowledges acceptance of the terms of the LOI. The initial investment must meet the minimum initial purchase requirements. Purchases resulting from the reinvestment of dividends and/or capital gains do not apply towards the fulfillment of the LOI. In all instances, it is the investor's responsibility to notify the Funds, the Funds' transfer agent and/or their financial advisor of any current holdings in the Calamos Funds that should be counted towards the sales charge reduction (and provide account statements, as needed, for verification purposes) and any subsequent purchases that should be counted towards fulfillment of the LOI. During the term of the LOI, shares representing up to 5% of the indicated LOI amount will be held in escrow. Shares held in escrow have full dividend and voting privileges. The escrowed shares will be released when the full amount indicated has been purchased. If the full indicated LOI amount is not purchased during the term of the LOI, you will be required to pay CFS an amount equal to the difference between the dollar amount of the sales charges actually paid and the amount of the sales charges that you would have paid on your aggregate purchases if the total of such purchases had been made at a single time, and CFS reserves the right to redeem escrowed shares from your account if necessary to satisfy this obligation. Any remaining escrowed shares will be released to you. An LOI does not obligate you to buy, or a Fund to sell, the indicated amount of shares. Before submitting and/or signing an LOI, please carefully read and review the LOI provisions found in both this prospectus and the statement of additional information.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Large purchase order

You may purchase a Fund's Class A shares at the NAV without a sales charge provided that the total amount invested in Class A shares of all Funds within the CALAMOS FAMILY OF FUNDS totals at least $1,000,000. You may purchase Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund's Class A shares at the NAV without a sales charge provided that the total amount invested in Class A shares of all Funds within the CALAMOS FAMILY OF FUNDS totals at least $250,000. For all Funds except Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, shares purchased at NAV in an account with a value of $1,000,000 without a sales charge may incur a contingent deferred sales charge of 1.00% if sold within two years after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions. Shares of Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, and High Income Opportunities Fund purchased at NAV in an account with a value of $250,000 without a sales charge may incur a contingent deferred sales charge of 1.00% if sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions. Shares of Short-Term Bond Fund purchased at NAV in an account with a value of $250,000 without a sales charge may incur a contingent deferred sales charge of 0.55% if sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions. See "Contingent deferred sales charges" for more information about contingent deferred sales charges.

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What accounts are eligible for reduced sales charges on Class A shares?

You may aggregate your eligible accounts with the eligible accounts of members of your immediate family to obtain a breakpoint discount. The types of eligible accounts that may be aggregated to obtain the breakpoint discounts described above include:

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| | | |
|:---|:---|:---|
| • Individual accounts | • Joint accounts | • Certain IRA accounts |

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For the purpose of obtaining a breakpoint discount, members of your "immediate family" include your spouse, child, stepchild, parent, stepparent, sibling, grandchild and grandparent, in each case including in-law and adoptive relationships. In addition, a fiduciary can count all shares purchased for a trust, estate or other fiduciary account (including one or more employee benefit plans of the same employer) that has multiple accounts. Eligible accounts include those registered in the name of your financial intermediary through which you own CALAMOS FAMILY OF FUNDS SHARES. If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Who may purchase Class A shares without a sales charge?

Any of the following investors may purchase Class A shares of a Fund at NAV, with no initial sales charge:

(a) any investor buying shares through a wrap account or other investment program whereby the investor pays the investment professional directly for services;

(b) any investor buying Class A shares by exchanging Class A shares of another Fund in the CALAMOS FAMILY OF FUNDS or Fidelity Investments Money Market Treasury Portfolio Shares, if purchases of those shares have previously incurred a sales charge (see "Money market fund" below);

(c) any trust created under a pension, profit sharing or other employee benefit plan (including qualified and non-qualified deferred compensation plans), where such plan has at least $1,000,000 in assets or 100 employees, or where the administrator for such plan acts as the administrator for qualified employee benefit plans with assets of at least $1,000,000, except for purchases by such plans made through brokerage relationships in which sales charges are customarily imposed. For purposes of this waiver, eligible accounts and/or plan types do not include SEP IRAs, SAR-SEPs, SIMPLE IRAs, Keogh plans, or individual participant-level 401(k) and/or 403(b) plans;

(d) any company exchanging shares with a Fund pursuant to a merger, acquisition or exchange offer;

(e) any investor or intermediary platform on behalf of investors, including any investment company, that has entered into an investment advisory agreement or other written arrangements with CALAMOS ADVISORS or its affiliates;

(f) some insurance company separate accounts not otherwise restricted by Internal Revenue Code Section 817(h);

(g) any current or retired trustee of the Trust, or other registered investment company where CALAMOS ADVISORS acts as the sole investment adviser; or any associated trust, person, profit sharing or other benefit plan of such current or retired trustee;

(h) any employee of CALAMOS FINANCIAL SERVICES LLC ("CFS" or the "Distributor"), the Funds' distributor, or its affiliates;

(i) employees of an entity with a selling group agreement with CFS;

(j) any member of the immediate family of a person qualifying under (g), (h) or (i) including a spouse, child, stepchild, parent, stepparent, sibling, grandchild and grandparent, in each case including in-law and adoptive relationships;

(k) accounts at any intermediary who have entered into an agreement with CFS to offer shares to self-directed accounts; or

(l) any Class Y shareholders of the Predecessor Fund of Timpani Small Cap Growth Fund that received Class A shares in connection with the Reorganization with the Timpani Small Cap Growth Fund. The initial investment and additional investment minimums are waived for Class Y shareholders of the Predecessor Fund who received Class A shares as part of the Reorganization.

Proceeds of Class A shares redeemed from a Fund within the previous 60 days may be reinvested in Class A shares of that Fund at NAV without a sales charge.

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If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

How do I obtain a breakpoint discount or purchase Class A shares without a sales charge?

The steps to obtain a breakpoint discount depend on how your account is maintained with the CALAMOS FAMILY OF FUNDS. To obtain any of the breakpoint discounts described above, you must notify us or your financial advisor at the time you purchase shares of each eligible account you or a member of your immediate family maintains. For example, if an initial investment that was less than $1,000,000 grows to over $1,000,000, you must tell us or your financial advisor that you qualify to purchase Class A shares without an initial sales charge when you make a subsequent investment. If you do not let us or your financial advisor know of all of the holdings or planned purchases that make you eligible for a reduction, you may not receive a discount to which you are otherwise entitled. If you make your investment through a financial advisor, it is solely your financial advisor's responsibility to ensure that you receive discounts for which you are eligible, and the Funds are not responsible for a financial advisor's failure to apply the eligible discount to your account. You may be asked by us or your financial advisor for account statements or other records to verify your discount eligibility, including, where applicable, records for accounts opened with a different financial advisor and records of accounts established by members of your immediate family. If you own shares exclusively through an account maintained with the Funds' transfer agent, you will need to provide the foregoing information to us at the time you purchase shares. Additional information regarding sales loads and discounts applicable to us may be found in the Funds' statement of additional information, which can be obtained on CALAMOS ADVISORS' website at www.calamos.com.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Conversion to Class I Shares

Certain holders of Class A shares issued by Funds in the CALAMOS FAMILY OF FUNDS may convert their Class A shares for Class I shares of the same Fund provided that they: (1) hold their shares through an institution that has a valid Class I sales agreement with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in Class I shares through their financial intermediary in accordance with the criteria set forth in "Fund Facts — What classes of shares do the Funds offer? — Class I". Any such conversion is subject to the Funds' discretion to accept or reject. Shares still subject to a contingent deferred sales charge are not eligible for such conversions — this includes Class A shares originally purchased at net asset value pursuant to the $1,000,000 purchase order privilege (or the $250,000 purchase order privilege for Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund). Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class A shareholders should contact their financial intermediary for information on the availability of Class I shares, and should read and consider the information set forth in "Fund Facts — What classes of shares do the Funds offer? — Class I" before any such conversion.

Class C Shares

The offering price for Class C shares is the NAV per share with no initial sales charge. However, each Fund pays an aggregate distribution and service fee at the annual rate of 1.00% of average net assets. As a result, the annual expenses for Class C shares are somewhat higher compared to Class A shares, which pay an aggregate 0.25% distribution fee.

Class C shares have a contingent deferred sales charge of 1.00% for any shares redeemed within one year of purchase, measured from the first day of the month in which the shares were purchased. No order for Class C shares of any Fund may exceed $1,000,000. Additionally, no order for Class C shares of Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, and High Income Opportunities Fund may exceed $250,000.

Automatic Conversion to Class A Shares

As of March 1, 2021 (the "Effective Date"), Class C shares of the Calamos Funds, including Class C shares purchased prior to the Effective Date, are eligible for conversion to Class A shares of the same Fund approximately eight years after the date of each original purchase. It is the financial intermediary's responsibility to ensure that the shareholder is credited with the proper

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holding period. Prior to the Effective Date, for shareholders investing in Class C shares through certain financial intermediaries, retirement plans and/or group retirement recordkeeping platforms, omnibus accounts, and in certain other instances, the Fund and its agents may not have been tracking such holding periods, nor currently have the operational and systems capabilities to do so, or they may lack such capabilities entirely, and as such, may not be able to effectively administer this conversion option. Where such limitations exist, the conversion of Class C shares to Class A shares may still occur eight years after the Effective Date, or sooner, provided the shareholder provides documentation to support such a conversion. To determine eligibility for conversions in these circumstances, it is the responsibility of the shareholder and/or their financial advisor to notify the Fund, or the financial intermediary through which the shares are held, that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the shareholder or their financial intermediary may be required to provide records that substantiate the holding period of Class C shares. It is the financial intermediary's (and not the Fund's) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

The conversion of Class C shares to Class A shares will be on the basis of the NAV per share, without the imposition of the Class A share sales load or any additional sales loads, fees, or other charges. Class C shares of a Fund acquired through the reinvestment of dividends and/or capital gains distributions will convert to Class A shares of the same Fund on a pro rata basis once automatic conversions commence. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class C shareholders should contact their financial intermediary for information on the availability of Class A shares, and should read and consider the information set forth in "Fund Facts — What classes of shares do the Funds offer? — Class A".

Additionally, certain financial intermediaries may implement a conversion holding period of less than eight years, or have additional or differing eligibility requirements than those described in the prospectus. Any such conversion policy is solely the responsibility of the respective financial intermediary to administer and support. Please consult with the financial intermediary through which you hold Fund shares for further information about any such conversion option. However, shareholders must have held the Class C shares being converted for a minimum of one year from the date of purchase of those shares. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers.

Conversion to Class A Shares

Certain holders of Class C shares issued by Funds in the CALAMOS FAMILY OF FUNDS may be eligible to convert their Class C shares for Class A shares of the same Fund provided that they: (1) hold their shares through an institution that has a valid Class A sales agreement with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in Class A shares through their financial intermediary in accordance with the criteria set forth in "Fund Facts — What classes of shares do the Funds offer? — Class A". Any such conversion is subject to the Funds' discretion to accept or reject. In addition, shareholders must have held the Class C shares being converted for a minimum of one year from the date of purchase of those shares. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class C shareholders should contact their financial intermediary for information on the availability of Class A shares, and should read and consider the information set forth in "Fund Facts — What classes of shares do the Funds offer? — Class A" before any such conversion.

Conversion to Class I Shares

Certain holders of Class C shares issued by Funds in the CALAMOS FAMILY OF FUNDS may be eligible to convert their Class C shares for Class I shares of the same Fund provided that they: (1) hold their shares through an institution that has a valid Class I sales agreement with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in Class I shares through their financial intermediary in accordance with the criteria set forth in "Fund Facts — What classes of shares do the Funds offer? — Class I". Any such conversion is subject to the Funds' discretion to accept or reject. In addition, shareholders must

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have held the Class C shares being converted for a minimum of one year from the date of purchase of those shares. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class C shareholders should contact their financial intermediary for information on the availability of Class I shares, and should read and consider the information set forth in "Fund Facts — What classes of shares do the Funds offer? — Class I" before any such conversion.

Class I Shares

The offering price for Class I shares is the NAV per share with no initial sales charge. There is no contingent deferred sales charge nor distribution or service fees with respect to Class I shares.

Class I shares are offered primarily for direct investment by investors through certain tax-advantaged retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and health care benefit funding 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, fee-based advisory relationships, and brokerage platforms of firms that have agreements with CALAMOS ADVISORS or its affiliates to offer such shares when acting solely on an agency basis for the purchase or sale of such shares, under certain circumstances. If you transact in Class I shares through a brokerage platform, you may be required to pay a commission and/or other forms of compensation to the broker. Shares of each Fund are available in other share classes that have different fees and expenses.

The minimum initial investment required to purchase each Fund's Class I shares is $1 million. There is no minimum subsequent investment requirement. Each Fund may reduce or waive the minimum initial investment of $1 million at its sole discretion. The minimum initial investment is waived for current or retired trustees of the Trust, Calamos Asset Management, Inc. and its subsidiaries, officers, and employees of CALAMOS ADVISORS, employees of CFS, or employees of an entity with a selling group arrangement with CFS, and their immediate family members, including a spouse, child, stepchild, parent, stepparents, sibling, grandchild, and grandparent, in each case including in-law and adoptive relationships. It is also waived for clients of CALAMOS ADVISORS or an affiliate thereof who acquire shares of a Fund made available through a mutual fund asset allocation program offered by CALAMOS ADVISORS or an affiliate thereof. Also, the minimum initial investment for Class I shares may be waived or reduced at the discretion of CFS, the Funds' distributor, including waivers or reductions for purchases made through certain registered investment advisers, fee-based advisory relationships, qualified third party platforms, certain tax-advantaged retirement plans (as further defined above), and brokerage platforms (as described above). Certain holders of Class A and Class C shares issued by Funds in the CALAMOS FAMILY OF FUNDS may convert their shares for Class I shares of the same Fund provided that they meet certain conditions set forth in this prospectus. Pursuant to the Reorganization of the Predecessor Fund into the Timpani Small Cap Growth Fund, Service Class and Institutional Class shareholders of the Predecessor Fund received Class I shares in connection with the Reorganization. The Class I eligibility requirements and initial investment minimum are waived for Service Class and Institutional Class shareholders of the Predecessor Fund who received Class I shares as part of the Reorganization.

As a result of the relatively lower expenses for Class I shares, the level of income dividends per share (as a percentage of NAV) and, therefore, the overall investment return, will typically be higher for Class I shares than for Class A and Class C shares.

Advisory Programs Eligible for Class I Shares

Class I shares purchased by accounts participating in certain programs sponsored by and/or controlled by financial intermediaries ("Advisory Programs") may be exchanged by the financial intermediary on behalf of the shareholder for Class A shares of the same Fund under certain circumstances. If a shareholder that holds Class I shares of a Fund no longer participates in an Advisory Program, the Class I shares held by the shareholder may be exchanged by the financial intermediary on behalf of the shareholder for Class A shares of the same Fund under certain circumstances. In this case, the shareholder would be subject to ongoing Class A shares' Rule 12b-1 fees to which it was not previously subject. All such exchanges are initiated by the financial intermediary and not the Fund, and the Fund does not have information or oversight with respect to such

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exchanges. Such exchanges will be on the basis of each Class' NAV per share, without the imposition of any sales charge, fee or other charge.

Class R6 Shares

The offering price for Class R6 shares is the NAV per share with no initial sales charge. There is no contingent deferred sales charge nor distribution or service fees with respect to Class R6 shares. There is no minimum initial investment nor minimum subsequent investment requirement for Class R6 shares. Class R6 shares are available for use by employer-sponsored retirement and benefit plans, held either at the plan level or through omnibus accounts that generally process no more than one net redemption and one net purchase transaction each day. Eligible employer-sponsored retirement and benefit plans include 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, health care benefit funding plans and other specified benefit plans and accounts whereby the plan or the plan's broker, dealer or other financial intermediary ("financial intermediary") has an agreement with the Fund's Distributor or the Adviser to utilize Class R6 shares in certain investment products or programs ("specified benefit plans"). Class R6 shares are not available to retail or institutional investors that are not specified benefit plans. Class R6 shares are not available to Traditional or Roth IRAs, Coverdell Education Savings Accounts, SEPs, SAR-SEPs, SIMPLE IRAs, individual participant- level 403(b) plans or 529 portfolios. Certain financial intermediaries may not presently possess the operational and/or systems capabilities to restrict or otherwise limit purchases to those client or account types as defined above, such that accounts may exist in Class R6 Shares outside of the prospectus-defined account types and/or outside of specified benefit plans. The existence of any such accounts is not an indication of the Funds' prior knowledge and/or further consent to such accounts, as the Funds' ability to monitor for and potentially restrict any such accounts may be hampered by a financial intermediary's use of omnibus accounts to trade the Calamos Funds.

Reduced sales charges available through certain financial intermediaries

When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding reductions or waivers of sales charges and other features of the share class. In all instances, it is your responsibility to notify your financial intermediary of any relationship or other facts that may qualify your investment for sales charge reductions or waivers and other features of the class. Different financial intermediaries may impose different sales charges. Please refer to the Appendix for the sales charge or contingent deferred sales charge waivers or discounts that are applicable to each financial intermediary.

Share Class Conversions

As deemed appropriate and if found to be in the best interest of the shareholders affected, the Funds may make available other share class conversion options, other than those specifically disclosed in this prospectus, at their sole discretion. Holders of a certain share class issued by Funds in the CALAMOS FAMILY OF FUNDS may be eligible to convert their shares for another share class of the same Fund provided that they: (1) hold their shares through an institution that has a valid sales agreement, for the share classes involved, with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in the share classes involved through their financial intermediary in accordance with the criteria set forth in this prospectus. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Shareholders should contact their financial intermediary for information on share class availability, and should read and consider the corresponding prospectus before any such conversion.

Money market fund

If you wish to exchange your Fund shares for shares of a money market fund, you may exchange them for shares of the Fidelity Investments Money Market Treasury Portfolio ("Fidelity Treasury Shares"). Class A, Class C and Class I shares of the Funds may be exchanged for Class III, Class IV and Class I Fidelity Treasury Shares, respectively. Class R6 shares cannot be exchanged for Fidelity Treasury Shares nor can Fidelity Treasury Shares be exchanged for Class R6 shares.

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Fidelity Treasury Shares are offered by a separate prospectus and are not offered by the Funds. You may at any time exchange your Fidelity Treasury Shares back into shares of the equivalent class of the CALAMOS FAMILY OF FUNDS. However, should you redeem (and not exchange) your Fidelity Treasury Shares, you would pay any applicable contingent deferred sales charge. For a prospectus and more complete information on Fidelity Treasury Shares, including management fees and expenses, please call 800.582.6959. Please read the prospectus relating to Fidelity Treasury Shares carefully.

Not all financial intermediaries make Fidelity Treasury Shares available to their customers who hold shares of the Funds. Please contact your financial intermediary about the availability of Fidelity Treasury Shares.

Closed Fund Policies

For any Fund subject to a purchase restriction or limitation, each such Fund reserves the right to modify the extent to which sales of shares are limited and may, in its sole discretion, permit purchases of shares where, in the judgment of management, such purchases do not have a detrimental effect on the portfolio management of the Fund or its Shareholders. Notwithstanding the forgoing, each Fund continues to reserve the right to reject any order for the purchase of shares in whole or in part for any reason, and to suspend the sale of shares to the public in response to conditions in the securities markets or otherwise.

Contingent deferred sales charges

Any contingent deferred sales charge on redemptions of Class A or Class C shares is based on the lesser of the redemption price or purchase price of the Fund shares. For purposes of determining a contingent deferred sales charge, Fund shares are considered sold on a first-in, first-out basis. The contingent deferred sales charge may be waived under certain circumstances. See the statement of additional information for more information about the contingent deferred sales charge.

Which class of shares should I purchase?

The decision as to which class of shares you should purchase depends on a number of factors, including the amount and intended length of your investment. An investor making an investment that qualifies for reduced sales charges might consider Class A shares. An investor who prefers not to pay an initial sales charge might consider Class C shares. For more information about the share classes available, consult your financial advisor or call us toll free at 800.582.6959. Please note that financial intermediaries may receive different compensation depending upon which class of shares they sell.

What is the minimum amount I can invest in the Funds?

The minimum initial investment for Class A shares and Class C shares of each Fund is $2,500 per Fund account. For certain qualified retirement plans, such as individual retirement accounts, the minimum initial investment for Class A shares and Class C shares is $500 per Fund account. The minimum subsequent investment for Class A shares and Class C shares of any Fund is $50 per Fund account. The minimum initial investment for Class I shares is $1,000,000 per Fund account, with no minimum subsequent investment amount. There is no minimum initial or subsequent investment amount for Class R6 shares.

Each Fund may waive or reduce the minimum initial or subsequent investment requirement at its sole discretion, including, but not limited to, waivers or reductions for purchases made through any omnibus account or fee-based program of any financial intermediary with whom CALAMOS ADVISORS has entered into an agreement, including, without limitation, profit sharing or pension plans, Section 401(k) plans and Section 403(b)(7) plans in the case of employees of public school systems and certain non-profit organizations. There is no minimum initial or subsequent investment amount for Class R6 shares for participants in employer-sponsored retirement and benefit plans.

Additionally, investments in Class A shares of a Fund by former Class R shareholders of the same Fund (where Class A shares were acquired due to the conversion from Class R shares on or around February 22, 2018) may be made without regard to the normal initial or subsequent investment minimums for such shares.

Class Y shareholders of the Predecessor Fund of Timpani Small Cap Growth Fund who received Class A shares as part of the Reorganization are exempt from the initial investment and additional investment minimums for Class A shares of the Timpani Small Cap Growth Fund. Service Class and Institutional Class shareholders of the Predecessor Fund who received Class I shares as part of the Reorganization are exempt from the eligibility requirements and initial investment minimum for Class I shares of the Timpani Small Cap Growth Fund.

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How can I buy shares?

Class A, C, and I shares

You may buy shares of the Funds by contacting us, your financial advisor, your financial intermediary or the broker-dealer that gave you this prospectus. Your financial advisor or another intermediary may charge for its services. You may purchase shares from us directly without any additional charges other than those described above. When you buy shares, be sure to specify whether you want Class A, Class C, or Class I shares. For more information about the share classes available, please contact the financial intermediary through which you are purchasing Fund shares or call us toll free at 800.582.6959. Please note that financial intermediaries may receive different compensation depending upon which class of shares they sell.

Class R6 shares — Notice to Plan Participants

The purchase and redemption options for Class R6 shares are generally available to plan administrators and/or the plans themselves, but not to the individual participants of such plans. Plan participants should contact the financial intermediary and/or plan administrator through which the plan is held for additional information on their respective plan assets and/or how to transact in their respective plan assets, as the Fund's transfer agent, U.S. Bank Global Fund Services, will generally have no information with respect to or control over an individual participant's plan assets. For direct investments, please note that neither the Fund nor its transfer agent offers master plan documentation and/or record-keeping services.

Benefit plan participants may purchase Class R6 shares only through specified benefit plans. In connection with the purchase, the plan record-keeper or financial intermediary may charge for such services. Specified benefit plans may also purchase Class R6 shares through the Fund's transfer agent, U.S. Bank Global Fund Services. To make direct investments, please call us toll free at 800.582.6959. Specified benefit plans that purchase their shares directly from the Fund must hold their shares in an omnibus account at the benefit plan level.

Specified benefit plans will hold Class R6 shares (either directly or through a financial intermediary and/or plan record-keeper) in nominee or street name as the plan's agent. In most cases, the Fund's transfer agent, U.S. Bank Global Fund Services, will have no information with respect to or control over accounts of specific Class R6 shareholders and participants may obtain information about their accounts only through their plan. Class R6 shares are only available through a financial intermediary if the financial intermediary will not receive from Fund assets or the Distributor's or an affiliate's resources any commission payments, service fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to assets invested in Class R6 shares. Certificates for Class R6 shares will not be issued.

All share classes

The offering price for shares will be based on the NAV per share, plus any applicable sales charge, next computed after receipt by the Funds' transfer agent of your purchase order in good form on any day the New York Stock Exchange (the "NYSE") is open for trading. Generally, if you place your order by 4:00 p.m. Eastern time, you will receive that day's offering price. Orders placed after 4:00 p.m. Eastern time will receive the following business day's offering price.

With respect to each Fund, at the discretion of the Fund, an investor may be permitted to purchase shares of the Fund by transferring securities to the Fund that meet the Fund's investment objective and policies. Securities transferred to the Fund will be valued in accordance with the same procedures used to determine the Fund's net asset value at the time of the next determination of net asset value after such receipt. Shares issued by the Fund in exchange for securities will be issued at net asset value determined as of the same time. All dividends, interest, subscription, or other rights pertaining to such securities after such transfers to the Fund will become the property of the Fund and must be delivered to the Fund by the investor upon receipt from the issuer. Investors that are permitted to transfer such securities may be required to recognize a taxable gain on such transfer and pay tax thereon, if applicable, measured by the difference between the fair market value of the securities and the investors' basis therein but will not be permitted to recognize any loss. The Trust will not accept securities in exchange for shares of the Fund unless: (1) such securities are, at the time of the exchange, eligible to be included in the Fund's investment portfolio and current market quotations are readily available for such securities; and (2) the investor represents and warrants that all securities offered to be exchanged are not subject to any restrictions upon their sale by the Fund under the Securities Act or under the laws of the country in which the principal market for such securities exists, or otherwise.

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We generally do not sell Fund shares to investors residing outside the U.S., District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands, even if they are U.S. citizens or lawful permanent residents of the U.S. We will sell shares to investors residing outside the U.S. if they have U.S. military APO or FPO addresses.

Generally, each purchase of shares is confirmed by a written statement mailed to the shareholder, without issuance of share certificates. You generally may buy shares using the following methods:

By mail

You may purchase shares of a Fund by sending a check payable to the CALAMOS FAMILY OF FUNDS, along with a completed account application, to the Fund's transfer agent: U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201. A subsequent investment may be made by detaching the investment stub from your account statement and sending it, along with your check, in the envelope provided with your statement. If you do not have the investment stub, include the Fund name, your name, address, and account number on a separate piece of paper along with your check. All checks must be drawn on a U.S. bank in U.S. funds. To prevent check fraud, the Funds will not accept Treasury checks, credit card checks, traveler's checks, starter checks or checks written by third parties for the purchase of shares. A Fund also will not accept payment in cash, money orders, post-dated checks, or conditional orders for the purchase of shares. A $25 charge will be imposed if any check or electronic funds transfer submitted for investment is returned, and the investor will be responsible for any resulting loss sustained by the Fund. If you purchase shares by check or by electronic funds transfer via the Automatic Clearing House ("ACH") Network, and redeem them shortly thereafter, payment may be delayed until the transfer agent is reasonably assured that the check or purchase by ACH has been collected, which may take up to 15 calendar days. You may avoid this delay by buying shares with a wire transfer.

When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding reductions or waivers of sales charges and other features of the share class

Please do not mail letters by overnight delivery service or registered mail to the Post Office Box address. The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank Global Fund Services post office box, of purchase orders does not constitute receipt by the transfer agent of the Funds. Receipt of purchase orders is based on when the order is received at the transfer agent's offices.

By telephone

Once you have established a Fund account, you may make subsequent purchases of $50 or more over the telephone by debiting your bank account, if this purchase option has been pre-authorized on your Fund account. To electronically debit your bank account, you must hold your account at a financial institution that is an ACH member. The Funds will initiate most electronic transfers from your bank account to pay for the share purchase within that same business day. Generally, if your order is received prior to 4 p.m. Eastern time, your shares will be purchased at the next applicable price calculated on the day your order is placed. To permit telephone purchases, your account must be open for 7 business days, and you must have authorized telephone purchases on your account application. Call us at 800.582.6959 to purchase shares by telephone or to obtain an account application with the telephone purchase option. If you did not authorize telephone purchases on your original account application, you may request telephone purchases by submitting a request to the Funds' transfer agent, in writing along with a voided check or savings account deposit slip, at U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201.

When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding purchase features of the share class.

The Funds may modify or terminate the ability to purchase shares by telephone at any time, or from time to time, without notice to shareholders. If your order to purchase shares of a Fund is canceled because your electronic transfer does not clear, you will be charged a $25 service fee, and you will be responsible for any resulting loss incurred by the Fund. The Funds and their transfer agent will be liable for losses resulting from unauthorized telephone purchases only if the Funds do not follow

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reasonable procedures designed to verify the identity of the caller. You should immediately verify your trade confirmations when you receive them. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

By wire

You may purchase shares by wiring funds from your bank. To establish and initially fund an account by wire, a completed account application is required before your wire can be accepted. You may mail or deliver by overnight mail your completed account application to the transfer agent. Upon receipt of your completed application, the transfer agent will establish an account for you. Your bank must include the name of the Fund you are purchasing, your Fund account number, and your name so that monies can be correctly applied. Your bank should transmit funds by wire to:

U.S. Bank, N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202

ABA #075000022

Credit:

U.S. Bank Global Fund Services

Account #112-952-137

Further Credit:

(name of Fund to be purchased)

(account registration)

(account number)

Before sending any wire, please advise the Funds and their transfer agent of your intent to wire funds by calling us at 800.582.6959. Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. Federal fund purchases will be accepted only on a day on which the Fund and the custodian are open for business. The Fund and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding purchase features of the share class.

By exchange

You may exchange Class A shares of a Fund for Class A shares of another Fund in the CALAMOS FAMILY OF FUNDS or for Class III Fidelity Treasury Shares with no sales charge, if you have previously paid a sales charge on the shares you are exchanging. You may exchange Class C shares of a Fund for Class C shares of another Fund in the CALAMOS FAMILY OF FUNDS or for Class IV Fidelity Treasury Shares with no sales charge, and the time period for the contingent deferred sales charge will continue to run. You may exchange Class III Fidelity Treasury Shares for Class A shares of a Fund without paying a sales charge, if you have previously paid a sales charge on the shares you are exchanging. You may exchange Class IV Fidelity Treasury Shares for Class C shares of a Fund with no sales charge, if you have previously paid a sales charge on the shares you are exchanging, and the time period for the contingent deferred sales charge will continue to run. You may exchange Class I shares of any Fund for Class I shares of another Fund in the CALAMOS FAMILY OF FUNDS or for Class I Fidelity Treasury Shares with no sales charge. In addition, you may exchange Class I Fidelity Treasury Shares for Class I shares of any Fund, provided you meet the eligibility requirements for Class I shares. See "Money market fund" above. Class R6 shares cannot be exchanged for Fidelity Treasury Shares nor can Fidelity Treasury Shares be exchanged for Class R6 shares. You may exchange Class R6 shares of a Fund for Class R6 shares of another Fund in the CALAMOS FAMILY OF FUNDS, however Class R6 shares offer limited exchange options, as not all of the Funds in the CALAMOS FAMILY OF FUNDS offer Class R6 shares.

Not all financial intermediaries make Fidelity Treasury Shares available to their customers who hold shares of the Funds. Please contact your financial intermediary about the availability of Fidelity Treasury Shares.

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The registration of the account to which you are making an exchange must be exactly the same as that of the account from which the exchange is made, and the amount you exchange must meet any applicable minimum investment of the Fund being purchased. You may exchange your shares by writing to us at the CALAMOS FAMILY OF FUNDS, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201. If you have authorized telephone exchange on your account application, you may also exchange your shares by calling us at 800.582.6959. An exchange may also be made by instructing your financial advisor, who will communicate your instruction to us. An exchange transaction generally is considered a sale and purchase of shares for federal income tax purposes and may result in capital gain or loss.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. Excessive or short-term exchange activity may interfere with portfolio management and have an adverse effect on all shareholders. Accordingly, a Fund may suspend or permanently terminate the exchange privileges of any investor who appears to be engaged in short-term or excessive trading. Although an investor may be precluded from utilizing the exchange privilege, an investor's ability to redeem shares of a Fund for cash will not be affected.

By Automatic Investment Plan

If you own shares of a Fund, you may purchase additional shares of that Fund periodically through the Automatic Investment Plan. Under the Plan, after your initial investment, you may authorize the Fund to withdraw from your bank checking or savings account an amount that you wish to invest on a regularly scheduled basis, which must be for $50 or more. Your financial institution must be a member of the ACH Network to participate.

If you wish to enroll in this Plan, complete the appropriate form. To obtain the form, call 800.582.6959. The Plan is not available to clients of financial advisors that offer similar investment services. The Funds may terminate or modify this privilege at any time. You may change your investment amount or terminate your participation in the Plan at any time by calling us at 800.582.6959 or by written notice to the transfer agent at least five calendar days prior to the effective date of the next transaction. A request to change bank information for this Plan may require a signature guarantee. If your order to purchase shares of a Fund is canceled because your electronic transfer does not clear, you will be charged a $25 service fee, and you will be responsible for any resulting loss incurred by the Fund.

How can I sell (redeem) shares?

Class A, C, and I shares

You may redeem shares of a Fund by contacting us or your financial intermediary. Your financial intermediary may charge for its services. For shares held directly only, you may redeem shares from us directly without any additional charges other than those described below.

Class R6 shares — Notice to Plan Participants

The purchase and redemption options for Class R6 shares are generally available to plan administrators and/or the plans themselves, but not to the individual participants of such plans. Plan participants should contact the financial intermediary and/or plan administrator through which the plan is held for additional information on their respective plan assets and/or how to transact in their respective plan assets, as the Fund's transfer agent, U.S. Bank Global Fund Services, will generally have no information with respect to or control over an individual participant's plan assets. For direct investments, please note that neither the Fund nor its transfer agent offers master plan documentation and/or record-keeping services.

You may redeem Class R6 shares of a Fund by contacting us or your financial intermediary and/or plan record-keeper, depending first on how the shares are held. Your financial intermediary or plan record-keeper may charge for its services. For shares held directly only, you may redeem shares from us directly without any additional charges other than those described below.

Retirement plan record-keepers, participant recordkeeping organizations and other financial intermediaries may also impose their own restrictions, limitations or fees in connection with transactions in the Fund's shares, which may be stricter than those described in this prospectus. You should contact your plan/participant record-keeper or financial intermediary for more information on any additional restrictions, limitations or fees that are imposed in connection with transactions in Fund shares.

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Once your written instructions to sell shares of a Fund have been received, you may not cancel or revoke your request. It is, therefore, very important that you call us at 800.582.6959 if you have any questions about the requirements for selling shares before submitting your request.

Class A, C, and I shares

Through your broker-dealer or financial intermediary (certain charges may apply)

Shares held for you in your broker-dealer and/or financial intermediary's name must be sold through the broker-dealer and/or financial intermediary.

Class R6 shares

Through your financial intermediary or plan/participant record-keeper

Class R6 shares are only available through a financial intermediary if the financial intermediary will not receive from Fund assets or the Distributor's or an affiliate's resources any commission payments, service fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to assets invested in Class R6 shares.

Shares held for you in your financial intermediary's or plan/participant record-keeper's name must be sold through the financial intermediary or plan/participant record-keeper. Subject to any restrictions in the applicable specified benefit plan documents, financial intermediaries or plan/participant record-keepers are obligated to transmit redemption orders to the transfer agent promptly and are responsible for ensuring that redemption requests are in proper form. Specified benefit plans, financial intermediaries or plan/participant record-keepers will be responsible for furnishing all necessary documentation to the Fund's transfer agent and may charge for their services. Redemption proceeds will be forwarded to the specified benefit plan, financial intermediary or plan/participant record-keeper as promptly as possible and in any event within seven days after the redemption request is received by the transfer agent in good order.

By writing to the Funds' transfer agent

When your shares are held for you by the Funds' transfer agent, you may sell your shares by sending a written request to: U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201. Your redemption request must:

1. specify the Fund, your Fund account number and the number of shares or dollar amount to be redeemed, if less than all shares are to be redeemed;

2. be signed by all owners exactly as their names appear on the account; and

3. for each signature on the redemption request, include a signature guarantee, if necessary.

Certain types of accounts, such as a trust, corporate, nonprofit or retirement accounts, may require additional documentation for their redemption requests to be deemed to be in good order. In the case of shares held by a corporation, the redemption request must be signed in the name of the corporation by an officer whose title must be stated, and a certified bylaw provision or resolution of the board of directors authorizing the officer to so act may be required. In the case of a trust or partnership, the signature must include the name of the registered shareholder and the title of the person(s) signing on its behalf.

Shareholders who have an IRA account must indicate on their written request whether or not to withhold federal income tax, as redemption requests failing to indicate an election not to have tax withheld will generally be subject to 10% withholding.

Under certain circumstances, before shares can be redeemed, additional documents may be required in order to verify the authority of the person seeking to redeem.

In all instances, before submitting your written redemption request to the Funds' transfer agent, you should first contact the Funds' transfer agent by telephone at 800.582.6959 to insure that you are providing all required documentation, as the status and type of your account and the amount to be redeemed will determine the requirements to be met. Please also see the "Signature Guarantee Program" section below for further details.

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

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Please do not mail letters by overnight delivery service or registered mail to the Post Office Box address. The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank Global Fund Services post office box, of redemption requests does not constitute receipt by the transfer agent of the Funds. Receipt of redemption requests is based on when the request is received at the transfer agent's offices.

By telephone

Unless the telephone redemption options were declined on your original account application, you may elect to redeem your shares by telephone and have proceeds sent by wire, ACH or check to your address of record by calling us at 800.582.6959. With either the telephone redemption by check or ACH options, you may sell up to $50,000 worth of shares per day. There is no dollar limit on redemption proceeds sent by wire when using a pre-authorized "telephone redemption by wire" account option (where a pre-authorized bank record is already on file). For redemption proceeds paid by check, you cannot redeem shares by telephone if you have changed the address of record on your account within the preceding 30 days.

If you want redemption proceeds sent to your bank account by either wire transfer (at a current cost of $15 per transfer), or electronic funds transfer via the ACH Network at no cost, you must have selected these alternate payment types on the application. If you have authorized telephone redemptions on your original account application, but would like to change the predetermined bank to which proceeds are sent, please submit your request in writing with a signature guarantee or other acceptable form of authentication from a financial institution source, along with a voided check or savings account deposit slip for the new bank account. Only member banks may transmit funds via the ACH network.

If you declined telephone redemptions on your original account application, you may request the telephone redemption privilege at a later date by submitting a request in writing, which may require a signature guarantee or other acceptable form of authentication from a financial institution source. Please send your request along with a voided check or savings account deposit slip to have proceeds deposited directly into your bank account to U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201.

To redeem shares from your account by telephone, call 800.582.6959. IRA investors will be asked whether or not to withhold federal income taxes from any distribution. To reduce the risk of fraudulent instruction and to ensure that instructions communicated by telephone are genuine, the Funds will send your redemption proceeds only to the address or bank/brokerage account as shown on their records. The Funds also may record a call, request more information and send written confirmation of telephone transactions. The Funds and their transfer agent will be liable for losses resulting from unauthorized telephone instructions only if the Funds do not follow reasonable procedures designed to verify the identity of the caller. Please verify the accuracy of each telephone transaction as soon as you receive your confirmation statement. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

During periods of volatile economic and market conditions, you may experience difficulty making a redemption request by telephone, in which case you should make your redemption request in writing. Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction. Once you place a telephone transaction request, it cannot be cancelled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern Time).

By transmittal from a broker-dealer

Broker-dealers or other sales agents may communicate redemption orders by various means to the Fund's transfer agent.

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

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By systematic withdrawal plan

Under the Funds' Systematic Withdrawal Plan, you may request that a Fund periodically redeem shares having a specified redemption value. In order to initiate the Systematic Withdrawal Plan, call 800.582.6959 and request a systematic withdrawal form. Generally, your account must have a share balance of $25,000 or more. Withdrawal proceeds are likely to exceed dividends and distributions paid on shares in your account and therefore may deplete and eventually exhaust your account. The periodic payments are redemption proceeds and are taxable as such. With respect to any possible contingent deferred sales charge or redemption fee waivers (as further defined in the CALAMOS FAMILY OF FUNDS' Statement of Additional Information), the maximum annual rate at which Class C shares (in their first year following purchase) and Class A shares (applicable to shares purchased at NAV pursuant to the $1,000,000 purchase order privilege for two years after the time of purchase (for Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, this applies to shares purchased at NAV pursuant to the $250,000 purchase order privilege for one year after the time of purchase)) may be redeemed under the Systematic Withdrawal Plan is 10% of the NAV of the account. Because a sales charge typically is imposed on purchases of Fund shares, you should not purchase shares while participating in the Systematic Withdrawal Plan. Generally, you may modify or terminate your Systematic Withdrawal Plan by calling us at 800.582.6959 or by written notice to the transfer agent received at least five calendar days prior to the effective date of the next withdrawal. You may have a check sent to your address of record or you may have proceeds sent to your predetermined bank account via electronic funds transfer through the ACH Network (which may require a signature guarantee).

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

By exchange

You may redeem all or any portion of your shares of a Fund and use the proceeds to purchase shares of any of the other Funds in the Calamos Family of Funds or Fidelity Treasury Shares if your signed, properly completed application is on file. An exchange transaction generally is considered a sale and purchase of shares for federal income tax purposes and may result in capital gain or loss. See "How can I buy shares? — By exchange" for more information about the exchange privilege. Class R6 shares cannot be exchanged for Fidelity Treasury Shares nor can Fidelity Treasury Shares be exchanged for Class R6 shares. You may exchange Class R6 shares of a Fund for Class R6 shares of another Fund in the Calamos Family of Funds, however Class R6 shares offer limited exchange options, as not all of the Funds in the Calamos Family of Funds offer Class R6 shares.

Not all financial intermediaries make Fidelity Treasury Shares available to their customers who hold shares of the Funds. Please contact your financial intermediary about the availability of Fidelity Treasury Shares.

Short-Term Redemption Fee

High Income Opportunities Fund may charge a 1.00% fee on all share classes redeemed before they have been held for more than 60 days. The fee applies if you redeem shares of High Income Opportunities Fund by selling or by exchanging to another fund. For purposes of determining this fee, shares are considered sold on a first-in, first-out basis. The redemption fee may be waived in certain circumstances, including in situations involving death or disability and in other circumstances as further described in the statement of additional information.

The redemption fee is paid directly to High Income Opportunities Fund to offset the costs of buying and selling securities. The redemption fee is designed to ensure that short-term investors pay their share of High Income Opportunities Fund's transaction costs and that long-term investors do not subsidize the activities of short-term traders.

Signature Guarantee Program

A signature guarantee is a guarantee that your signature is authentic. A signature guarantee is required for a variety of transactions including, but not limited to, requests for changes to your account or to the instructions for distribution of proceeds. We reserve the right to require a signature guarantee on any transaction at our discretion.

A signature guarantee is designed to protect shareholders and the Funds from fraud by verifying signatures. You can obtain a signature guarantee from most domestic banks, brokers, dealers including CFS, credit unions, national securities exchanges,

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registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). An assertion or attestation by a notary public is not a signature guarantee and will not be accepted in place of a signature guarantee.

Non-financial transactions including establishing or modifying certain services on an account may require a signature guarantee, signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source. The Funds reserve the right to waive any signature guarantee requirement at their discretion.

A signature guarantee, from a Medallion program member or a non-Medallion program member, is required in the following situations:

• If ownership is being changed on your account;

• When redemption proceeds are payable or sent to any person, address or bank account not on record;

• Written requests to wire redemption proceeds (if not previously authorized on the account);

• When a redemption is received by the transfer agent and the account address has changed within the last 30 calendar days;

• For all redemptions in excess of $50,000 from any shareholder account.

Redemption requests

The Funds typically expect that a Fund will hold cash or cash equivalents to meet redemption requests. The Funds may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds reserve the right to redeem in-kind as described under "Redemption-in-kind". Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. Certain Funds may participate in the ReFlow liquidity program, as described in the statement of additional information, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. The Funds have in place an uncommitted line of credit intended to provide short-term financing, if necessary, subject to certain conditions, in connection with stressed market conditions or atypical redemption activity.

With regard to a Fund's investment in bank loans as compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by the Fund; (ii) leave the Fund unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay the Fund from realizing the proceeds of a sale of a loan; (iv) inhibit the Fund's ability to re-sell a loan that it has agreed to purchase if conditions change (leaving the Fund more exposed to price fluctuations); (v) prevent the Fund from timely collecting principal and interest payments; and (vi) expose the Fund to adverse regulatory consequences.

To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.

If a Fund invests in a loan via a participation, the Fund will be exposed to the ongoing counterparty risk of the entity providing exposure to the loan (and, in certain circumstances, such entity's credit risk), in addition to the exposure the Fund has to the creditworthiness of the borrower.

In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower or an arranger, lenders will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself, and common-law fraud protections under applicable state law.

Redemption-in-kind

The Funds reserve the right to pay all or part of a redemption request through an in-kind payment (in the form of securities or other assets instead of cash) if the Adviser reasonably believes that a cash redemption would negatively affect a Fund's

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operation or performance or that the redeeming shareholder may be engaged in market timing, frequent trading or other activity disruptive to portfolio management. Shares normally will be redeemed for cash, although each Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, or to accommodate a request by a particular shareholder that does not adversely affect the interest of the remaining shareholders, by delivery of securities selected from its assets at its discretion. However, each Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the net assets of that Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, a Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in liquid portfolio securities rather than cash. If that occurs, the redeeming shareholder might incur brokerage and/or other transaction costs to convert the securities to cash.

Processing time

The Funds will send your redemption proceeds to you by check to the address of record or by wire to a predetermined bank or brokerage account. Redemption proceeds paid by wire will normally be sent on the next business day after receipt of the redemption request. The cost of the wire (currently $15) will be deducted from the redemption proceeds if you are redeeming all of your shares or only a specific number of shares. If you are redeeming a specific dollar amount, the wire fee will be deducted from the remaining balance in the account. You may also have proceeds sent directly to a predetermined bank or brokerage account via electronic funds transfer through the ACH Network if your bank or brokerage firm is an ACH member. There is no charge for an electronic funds transfer through the ACH Network and your proceeds will be credited to your account within two to three business days.

Proceeds from the sale of Fund shares will not be sent to you until the check or ACH purchase used to purchase the shares has cleared, which can take up to 15 calendar days after purchase. You may avoid this delay by buying shares with a wire transfer.

A Fund may suspend the right of redemption under certain extraordinary circumstances in accordance with the rules of the Securities and Exchange Commission.

Emergency Circumstances

The Funds may postpone the payment of redemption proceeds for up to seven calendar days from the date of redemption. In addition, the Funds can suspend and/or postpone payments of redemption proceeds beyond seven calendar days for:

(1) any period during which the New York Stock Exchange is closed for other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted;

(2) any period during which an emergency exists, as a result of which disposal of the securities owned is not reasonably practical or it is not reasonably practical for the Funds to fairly determine the value of its net assets; or

(3) such other periods as the Securities and Exchange Commission may by order permit for the protection of security holders of the company.

Small accounts

Due to the relatively high cost of handling small accounts, each Fund may give you 30 days written notice that it intends to redeem your shares, at the NAV of those shares, if your account has a value of less than $500. This would not apply if your account value declined to less than $500 as a result of market fluctuations.

Class R6 Shares — Other Information

Your employer-sponsored retirement and benefit plan may establish various minimum investment requirements and may also establish certain privileges with respect to purchases and redemptions or the reinvestment of dividends. Plan participants should contact their plan record-keeper with respect to these issues. This prospectus should be read in connection with the specified benefit plan's and/or the financial intermediary's materials regarding its fees and services.

Transaction information

Share price

Each Fund's share price, or NAV, is determined as of the close of regular session trading on the NYSE (normally 4:00 p.m. Eastern Time) each day that the NYSE is open, in accordance with Rule 22c-1 of the 1940 Act. The NYSE is regularly closed on

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New Year's Day, the third Mondays in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas. If the NYSE is closed due to weather or other extenuating circumstances (for examples of other extenuating circumstances, see the section titled "Emergency Circumstances" in this prospectus) on a day it would typically be open for business, each Fund reserves the right to treat such day as a Business Day and accept purchase and redemption orders and calculate a Fund's NAV as of the normally scheduled close of regular trading on the NYSE or such other time that the Fund may determine, in accordance with applicable law. A Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase, redemption or exchange requests. On any business day when the Securities Industry and Financial Markets Association ("SIFMA") recommends that the securities markets close trading early or when the NYSE closes earlier than scheduled, each Fund may (i) close trading early (as such, the time as of which the NAV is calculated would be advanced and, therefore, also the time by which purchase and redemption orders must be received in order to receive that day's NAV would be advanced) or (ii) accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day. Purchase orders will be accepted only on days which the Funds are open for business.

The NAV per share for each class of Fund shares is calculated by dividing the pro rata share of the value of all of the securities and other assets of the Fund allocable to that class of Fund shares, less the liabilities allocable to that class, by the number of shares of the class outstanding. When shares are purchased or sold, the order is processed at the next NAV (plus any applicable sales charge) that is calculated on a day when the NYSE is open for trading, after receiving a purchase or sale order. On each day that the NYSE is open, Fund shares are ordinarily valued as of the NYSE close. Information that becomes known to the Funds after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV. Because the Funds may invest in securities that are primarily listed on foreign exchanges and trade on days when the Funds do not price their shares, a Fund's underlying assets may change in value on days when shareholders will not be able to purchase or redeem the Fund's shares. If shares are purchased or sold through an intermediary, it is the responsibility of that intermediary to transmit those orders to the Funds' transfer agent so such orders will be received in a timely manner.

A purchase or sale order typically is accepted when the Funds' transfer agent, an intermediary or plan record-keeper has received a completed application or appropriate instruction along with the intended investment, if applicable, and any other required documentation.

Valuation Procedures

The valuation of the Funds' portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Fund determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV.

When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that

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is not traded through the Options Clearing Corporation is valued either by an independent pricing agent or based on a quotation provided by the counter- party to such option under the ultimate supervision of the board of trustees. Fixed-income securities, certain convertible preferred securities, and non-exchange traded derivatives are generally valued by independent pricing services or by dealers or brokers who make markets in such securities.

Valuations of such fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the NYSE is open. Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by each Fund to calculate its NAV may differ from quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Distribution and Service (Rule 12b-1) Plan

The Funds have a Distribution and Service Plan or "12b-1 Plan." Under the plan, Class A shares pay a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets of the class. Class C shares pay a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75%. The distribution fees are for the sale of Fund shares, and the service fees are for services provided to shareholders. Since a Fund's assets are used to pay 12b-1 fees on an ongoing basis, over time those fees will increase the cost of your investment and may cost you more than other types of sales charges.

Consequently, long-term shareholders of Class C shares eventually may pay more than the economic equivalent of the maximum initial charges permitted by the Financial Industry Regulatory Authority ("FINRA"). For more information about the 12b-1 Plan, please see the Funds' statement of additional information.

Intermediaries

The Funds may authorize intermediaries to accept purchase, exchange and redemption orders on the Funds' behalf. An order properly received by an intermediary will be deemed to have been received by the Funds as of the time of receipt by the intermediary. If you buy, exchange or redeem shares through an intermediary, you will pay or receive the Fund's NAV per share (plus any applicable sales charge) next calculated after receipt and acceptance of the order by the intermediary, after giving

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effect to any transaction charge imposed by the intermediary. Each Fund's NAV is determined as of the close of regular session trading on the NYSE (normally 4:00 p.m., Eastern time) each day that the NYSE is open for trading.

If you buy and sell Fund shares through an intermediary or plan record-keeper, that intermediary or plan record-keeper may charge a fee for that service. Any such charges could constitute a substantial portion of a smaller account and may not be in your best interest. The Funds cannot always identify individual accounts or transactions for an account that is facilitated by an intermediary or plan record-keeper. Due to differing operational and systems capabilities, an intermediary may calculate sales charges and fees and track transaction activity differently than the Funds. When transacting in Fund shares, be sure you understand how your intermediary or plan record-keeper calculates sales charges and fees and tracks transaction activity.

Class A, C, and I shares

Shares of any Fund may be purchased through certain intermediaries that are agents of the Funds for the limited purpose of completing purchases and sales. For services provided by such a company with respect to Fund shares (except Class R6 shares) held by that company for its customers, and for shares held in Network Level III accounts, the Fund may pay additional fees for services being provided by the intermediary to the Fund's shareholders. For shares held in sub-accounts, such as those in qualified retirement plans, these fees are often referred to as "sub-transfer agent" or "recordkeeping" fees. The annual fee may either be a percentage of the account's average annual net assets or a specific dollar amount per account, determined on the basis of how the intermediary charges. The Board of Trustees of the Funds have set maximum limits to these payments.

The Funds' Adviser or Distributor, out of their own resources and without additional cost to a Fund or its shareholders, may provide additional cash compensation to intermediaries selling shares of a Fund, including third-party administrators of qualified plans whose customers have purchased Fund shares. These amounts would be in addition to the distribution payments made by a Fund under the distribution and service (Rule 12b-1) agreements described above and are commonly referred to as "revenue sharing" payments. These payments are generally a percentage of the account's average annual net assets.

The Funds' Adviser or the Distributor may provide additional non-cash compensation to third parties selling the Funds, including affiliated companies, in accordance with relevant FINRA guidelines governing non-cash compensation. The Distributor may also pay concessions in addition to those described above to broker-dealers so that the Funds are made available by those broker- dealers for their customers.

Payments to a qualifying Intermediary in any year generally will not exceed the sum of (a) 0.25% of the prior year's purchases of Fund shares through the Intermediary and (b) 0.12% of the annual average daily value of Fund shares held through the Intermediary. In the case of Fund shares held by a retirement plan investing through a platform sponsored by an Intermediary, payments to the Intermediary generally will not exceed 0.20% of the annual average daily value of those shares. CFS or its affiliates consider a number of factors in determining whether they will make requested payments, including the qualifying Intermediary's sales, assets and redemption rates, and the nature of the Intermediary's services.

Payments to Intermediaries may create a conflict of interest by influencing the broker-dealer or other Intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your Intermediary's website for more information.

In addition, CFS and/or CALAMOS ADVISORS may also share certain marketing expenses with intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Funds. CFS and/or CALAMOS ADVISORS may make payments to participate in intermediary marketing support programs which may provide CFS and/or CALAMOS ADVISORS, as applicable, with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis, tools, data and data analytics, business planning and strategy sessions with intermediary personnel, information on industry- or platform specific developments, trends and service providers, and other marketing- related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of the Funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Funds to

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enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Funds available to their customers.

Anti-money laundering compliance

The Funds are required to comply with various federal anti-money laundering laws and regulations. Consequently, the Funds will request the following information from all investors: full name, date of birth, Social Security number and permanent street address. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Corporate, trust, and other entity accounts must provide additional documentation. The Funds will use this information to verify your identity. The Funds will return your application and the monies received to establish your account if any of this information is missing. After your account is established, the Funds may request additional information from you to assist in verifying your identity. If the Funds are unable to verify your identity, they reserve the right to redeem your account at the current day's NAV. If at any time the Funds believe you may be involved in suspicious activity or if your identifying information matches information on government lists of suspicious persons, the Funds may choose not to establish a new account or may be required to "freeze" your account. The Funds also may be required to provide a governmental agency with information about your attempt to establish a new account or about transactions that have occurred in your account. The Funds also may be required to transfer monies received to establish a new account, transfer an existing account or transfer the proceeds of an existing account to a governmental agency. In some circumstances, the law may not permit a Fund to inform you that it has taken the actions described above.

Transaction restrictions

The Funds reserve the right to reject any order for the purchase of shares in whole or in part for any reason, and to suspend the sale of shares to the public in response to conditions in the securities markets or otherwise. The Fund generally expects to inform any investor within 24 hours if a purchase order has been rejected. The Funds are intended for long-term investment purposes only, and are not intended for short-term or excessive trading. Those practices may disrupt portfolio management strategies and/ or increase expenses, thus harming Fund performance.

Each Fund may, in its discretion, suspend, and may permanently terminate, the purchase privileges or the purchase portion of exchange privileges of any investor who engages in trading activity that the Fund believes would be disruptive to the Fund.

Although each Fund will attempt to give prior notice of a suspension or termination of such privileges when it is reasonably able to do so, the suspension or termination may be effective immediately, thereby preventing any uncompleted exchange.

In addition, the Funds receive purchase and sale orders through intermediaries and cannot always identify or reasonably detect short-term or excessive trading that may be facilitated by those intermediaries or by the use of omnibus accounts by those intermediaries. Omnibus accounts are comprised of multiple investors whose purchases and redemptions are aggregated and netted before being submitted to the Funds, making it more difficult to locate and eliminate short-term or excessive trading. To the degree a Fund is able to identify excessive or short-term trading in accounts maintained by intermediaries, the Fund will seek the cooperation of the intermediary to enforce the Fund's excessive trading policy. However, there can be no assurance that an intermediary will cooperate in all instances. Certain intermediaries may not presently possess the same operational capabilities to track the number of purchase, redemption or exchange orders made by an individual investor as the Funds, or they may lack such capabilities entirely. Certain intermediaries may possess other capabilities to deter short-term or excessive trading upon which the Funds may rely. In general, the Funds cannot eliminate the possibility that short-term or excessive trading activity will occur in the Funds.

Each Fund also reserves the right to restrict the account of any investor with respect to purchase orders or the purchase portion of exchange orders, without prior notice, if the trading activity in the account is determined to be disruptive to the Fund. To minimize harm to the Funds and their shareholders, each Fund may, at the Fund's sole discretion, exercise these rights if an investor has a history of excessive or disruptive trading. In making this judgment, the Fund may consider trading done in multiple accounts under common ownership or control. Such restriction typically is placed in the account immediately after such disruptive trading is determined to be occurring.

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Excessive trading policies and procedures

Excessive trading may present risks to the Funds' long-term shareholders. Excessive trading into and out of a Fund can be disruptive to the portfolio, including with respect to the implementation of investment strategies. Excessive trading also may create taxable gains to remaining Fund shareholders and may increase Fund expenses, which may negatively impact investment returns for remaining shareholders.

Funds that invest in foreign securities may be at a greater risk for excessive trading. Some investors may seek to profit from the fact that foreign markets or exchanges normally close earlier in the day than do U.S. markets or exchanges. These investors may seek to engage in a practice known as pricing arbitrage to take advantage of information that becomes available after the close of the foreign markets or exchanges but before the Fund prices its shares, which may affect the prices of the foreign securities held by a Fund. Alternatively, some investors may attempt to benefit from stale pricing — when trading in a security held by a Fund is halted and does not resume prior to the time the Fund calculates its NAV. To the extent that a Fund does not accurately value securities, short-term arbitrage traders may dilute the Fund's NAV, which may negatively impact long-term shareholders. Although the Funds have adopted policies and procedures intended to reduce their exposure to price arbitrage, stale pricing and other potential pricing inefficiencies, the Funds cannot entirely eliminate the potential for short-term arbitrage trades to dilute the value of Fund shares.

The Funds' policy is against trading of Fund shares by Fund shareholders that is disruptive to the management of a Fund. In analyzing whether trading is disruptive, the Funds will consider the purpose of the trades, the effects on the Fund's portfolio and shareholders, and the impact of any costs or administrative charges it may incur (net of any reimbursement by the shareholder). For certain redemption and reinvestment transactions in which the investment adviser or its affiliates may engage, see page 67 of the statement of additional information.

The Funds' policy is against frequent purchases and redemptions of a Fund's shares that are disruptive to the Fund's portfolio. The Funds attempt to detect and deter excessive trading through the following methods:

• imposing restrictions on trading or exchange privileges of investors the Funds believe are engaging in short-term or excessive trading, as described under "Transaction restrictions;"

• utilizing fair valuation of securities, as described under "Valuation procedures;" and

• monitoring trades.

Although the Funds will take steps to detect and deter abusive trading pursuant to the policies and procedures approved by the board of trustees, there are no assurances that these policies and procedures will be effective in limiting excessive trading in all circumstances. For example, the Funds may be unable to completely eliminate the possibility of excessive trading in certain omnibus accounts and other accounts traded through intermediaries as discussed in the "Transaction restrictions" section.

Certain types of transactions will be exempt from the excessive trading policies and procedures. These exempt transactions are certain non-participant directed transactions in retirement plans, and purchases and redemptions by Calamos funds of funds.

The Funds' policies and procedures regarding excessive trading may be modified by the Board of Trustees at any time.

Interfund Lending

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program"). A description of the Funds' policies and procedures in connection with the InterFund Program is available in the statement of additional information and on the Funds' website. www.calamos.com.

Distributions and taxes

Dividends and capital gains distributions

You may receive two kinds of distributions from a Fund: dividends and capital gains distributions. Unless you requested on the account application or in writing that distributions be made in cash, all dividends and capital gains distributions are paid by crediting you with additional Fund shares of the same class you already own. In addition, under the same shareholder account

PROSPECTUS \| March 1, 2023

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Fund Facts

registration and within the same share class, dividends and distributions from one Fund may be reinvested into another Fund, with this receiving Fund account being subject to the minimum initial investment requirements. These shares are valued at the next NAV per share that is computed after the dividend or distribution date. There is no sales charge applied. Market Neutral Income Fund, Hedged Equity Fund, Convertible Fund, Global Convertible Fund, Growth and Income Fund, Dividend Growth Fund, and Global Opportunities Fund declare and pay dividends from net investment income quarterly; Phineus Long/Short Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund and International Small Cap Growth Fund declare dividends annually; High Income Opportunities Fund declares and pays dividends from net investment income monthly; and Total Return Bond Fund and Short-Term Bond Fund declare dividends from net investment income daily and pay such dividends monthly. Distributions of capital gains, if any, are paid to shareholders by each Fund at least annually.

If a dividend check is returned undeliverable, or if a check remains outstanding for six months, the Fund reserves the right to reinvest those dividends in additional shares of that Fund at the current NAV and to designate the account as a dividend reinvestment account.

You may change the distribution option on your account at any time by calling us at 800.582.6959 or by written notice to the transfer agent at least five calendar days prior to the record date of the next distribution.

Taxes

You may realize a capital gain or capital loss when you redeem or exchange shares, provided you hold Fund shares as a capital asset. The gain or loss will be a long-term or short-term capital gain or loss, depending on how long you owned the Fund shares. In addition to federal income tax, you may also be subject to state and local taxes on the redemption or exchange of Fund shares, depending on the laws of your home state and locality.

You may be taxed on dividends from net investment income and capital gains distributions at different rates depending on your tax situation. Dividends paid by a Fund from net investment income generally are taxable to you as ordinary income, unless paid from "qualified dividend income," as described below. Federal taxes on distributions of capital gains by a Fund are determined by how long the Fund owned the investments that generated the gains, rather than by how long you have owned your shares.

Distributions of gains from investments that a Fund owned for more than one year and that are properly reported by the Fund as capital gain dividends will generally be taxable to you as long-term capital gains. Distributions of gains from investments that a Fund owned for one year or less will generally be taxable to you as ordinary income. Annually, the Funds will advise you of the source of your distributions for tax purposes. Distributions to you are taxable even if they are paid from income or gains earned by a Fund before you invested in the Fund (and thus were included in the price paid for the Fund shares). Distributions are subject to federal income tax, whether received in cash or reinvested in additional Fund shares or shares of another fund, and may be subject to state or local taxes.

A portion of the dividends from net investment income paid by Funds may be eligible for the reduced rate applicable to "qualified dividend income," provided that the recipient of the dividend is an individual and that certain holding period and other requirements are met at both the shareholder and Fund level. No assurance can be given as to what portion of the dividends paid by a Fund will consist of "qualified dividend income."

The dividends and distributions paid by a Fund are generally taxable to you as of the date of payment, except for those distributions declared and payable to shareholders of record on a date in October, November or December and paid in January of the next year. Such a distribution will be treated as though it were received on December 31 of the year in which it is declared.

Income and proceeds received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. A Fund's return on investments subject to such taxes will be decreased. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by the Fund to foreign countries. In addition, a Fund's investments

CALAMOS FAMILY OF FUNDS

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Fund Facts

in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the timing or amount of the Fund's distributions.

A Fund's transactions in derivatives, as well as any of its hedging, short sale, securities loan or similar transactions may be subject to one or more special tax rules. These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders and thus taxes payable by shareholders.

A Fund may be required to withhold federal income tax ("backup withholding") from payments to you if:

• you fail to furnish your properly certified Social Security or other tax identification number;

• you fail to certify that your tax identification number is correct or that you are not subject to backup withholding due to the underreporting of certain income; or

• the Internal Revenue Service ("IRS") informs the Fund that your tax identification number is incorrect.

These certifications are contained in the application that you complete and return when you open an account. The Fund must promptly pay to the IRS all amounts withheld. Therefore, it is usually not possible for the Fund to reimburse you for amounts withheld. Backup withholding is not an additional tax. You may claim the amount withheld as a credit on your federal income tax return, provided you furnish the appropriate information to the IRS.

The above is only a summary of certain federal tax consequences of investing in a Fund. You should consult your tax adviser for more information about your own tax situation, including possible foreign, state, and local taxes.

Other information

Shareholder accounts

Each shareholder of a Fund receives quarterly account statements showing transactions in Fund shares, with a balance denominated in Fund shares. A confirmation will be sent to the shareholder upon purchase, redemption, or change of shareholder address (sent to both the former and the new address).

Retirement plans

You may use the Funds as investments for your IRA, profit sharing plan, pension plan, Section 401(k) plan, Section 403(b)(7) plan in the case of employees of public school systems and certain non-profit organizations, and certain other qualified plans. A master IRA plan document and information regarding IRA plan administration, fees, and other details are available from us or your plan administrator or record-keeper. For direct investments via corporate retirement plans, please note that neither the Funds nor their transfer agent offers master plan documentation and/or record-keeping services.

Prospectuses and shareholder reports

The Funds reduce the number of duplicate prospectuses and other documents, including annual and semiannual reports you receive, by sending only one copy of each to those addresses shared by two or more accounts. Call us at 800.582.6959 or write to us at the CALAMOS FAMILY OF FUNDS, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201 if you want to receive individual copies of these documents. The Funds will begin sending you individual copies within 30 days of your request.

Changes in 80% policies

Certain of the Funds have adopted non-fundamental operating policies that require at least 80% of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) to be invested, under normal circumstances, in securities of the type suggested by the Fund's name. Although these requirements may be changed by the board of trustees without shareholder approval, a Fund will notify shareholders at least 60 days prior to any change in its 80% policy.

PROSPECTUS \| March 1, 2023

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Fund Facts

Lost Shareholders, Inactive Accounts and Unclaimed Property

It is important that the Funds maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. Mutual fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Please proactively contact the transfer agent at 800.582.6959 at least annually to ensure your account remains in active status. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the transfer agent to complete a Texas Designation of Representative form.

CALAMOS FAMILY OF FUNDS

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Financial Highlights

The financial highlights tables are intended to help you understand each Fund's financial performance during the periods indicated below for Class A, Class C, Class I and Class R6 shares, as applicable. Certain information reflects financial results for a single Fund share. The total returns in each table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Deloitte & Touche LLP, an independent registered public accounting firm, has audited the information presented. The report of Deloitte & Touche LLP, along with the Funds' financial statements and financial highlights, is included in the Funds' annual report to shareholders for the fiscal year ended October 31, 2022, which is available upon request.

Calamos Market Neutral Income Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $14.63 | $13.77 | $13.47 | $13.52 | $13.41 | $14.80 | $13.98 | $13.70 | $13.73 | $13.62 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.04) | (0.45) | 0.19 | 0.27 | 0.30 | (0.27) | (0.57 | 0.10 | 0.18 | 0.21 |
| Net realized and <br>unrealized gain (loss) | (0.72) | 1.37 | 0.24 | 0.28 | 0.19 | (0.61) | 1.39 | 0.24 | 0.28 | 0.19 |
| Total from investment <br>operations | (0.76) | 0.92 | 0.43 | 0.55 | 0.49 | (0.88) | 0.82 | 0.34 | 0.46 | 0.40 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.03) | (0.06) | (0.13) | (0.19) | (0.16) |  | (0.00 | (0.06) | (0.08) | (0.07) |
| Dividends from net <br>realized gains |  |  |  | (0.41) | (0.22) |  |  |  | (0.41) | (0.22) |
| Total distributions\*\* | (0.03) | (0.06) | (0.13) | (0.60) | (0.38) |  | (0.00 | (0.06) | (0.49) | (0.29) |
| Net asset value, end of year | $13.84 | $14.63 | $13.77 | $13.47 | $13.52 | $13.92 | $14.80 | $13.98 | $13.70 | $13.73 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (5.22<br> %) | 6.67% | 3.27% | 4.32% | 3.79% | (5.95<br> %) | 5.88 | 2.46% | 3.56% | 3.03% |
| Net assets, end of <br>year (000) | $1244117 | $1334984 | $817405 | $744356 | $743925 | $306312 | $322432 | $252490 | $261352 | $303417 |
| Ratio of net expenses to <br>average net assets | 1.16<br> %(c) | 1.14<br> %(d) | 1.20<br> %(e) | 1.24<br> %(f) | 1.25<br> %(g) | 1.91<br> %(c) | 1.89 | 1.95<br> %(e) | 1.98<br> %(f) | 2.00<br> %(g) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.17% | 1.14% | 1.21% | 1.24% | 1.25% | 1.92% | 1.89 | 1.96% | 1.99% | 2.00% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (1.12<br> %) | (3.15<br> %) | 1.43% | 2.04% | 2.26% | (1.87<br> %) | (3.92 | 0.70% | 1.31% | 1.51% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 41% | 49% | 77% | 74% | 67% |

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&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.01% and 1.76% for the year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% and 1.78% for the year ended October 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.05% and 1.80% for the year ended October 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.06% and 1.80% for the year ended October 31, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.07% and 1.81% for the year ended October 31, 2018.

CALAMOS FAMILY OF FUNDS

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Calamos Market Neutral Income Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $14.45 | $13.60 | $13.30 | $13.36 | $13.26 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.12) | (0.41) | 0.22 | 0.30 | 0.33 |
| Net realized and <br>unrealized gain (loss) | (0.59) | 1.35 | 0.24 | 0.28 | 0.19 |
| Total from investment <br>operations | (0.71) | 0.94 | 0.46 | 0.58 | 0.52 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.06) | (0.09) | (0.16) | (0.23) | (0.20) |
| Dividends from net <br>realized gains |  |  |  | (0.41) | (0.22) |
| Total distributions\*\* | (0.06) | (0.09) | (0.16) | (0.64) | (0.42) |
| Net asset value, end of year | $13.68 | $14.45 | $13.60 | $13.30 | $13.36 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (5.01<br> %) | 6.92% | 3.51% | 4.62% | 4.02% |
| Net assets, end of <br>year (000) | $14470090 | $14780637 | $9207961 | $7709445 | $5658499 |
| Ratio of net expenses to <br>average net assets | 0.91<br> %(c) | 0.89<br> %(d) | 0.95<br> %(e) | 0.99<br> %(f) | 0.99<br> %(g) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.92% | 0.89% | 0.96% | 0.99% | 0.99% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.87<br> %) | (2.90<br> %) | 1.66% | 2.28% | 2.49% |

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&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.76% for the year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.80% for the year ended October 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.81% for the year ended October 31, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.81% for the year ended October 31, 2018.

PROSPECTUS \| March 1, 2023

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Calamos Market Neutral Income Fund

**Selected data for a share outstanding throughout each period were as follows:**

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| | | | |
|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | June 23, <br>2020• through<br>October 31, |
| | **2022** | **2021** | **2020** |
| Net asset value, beginning <br>of period | $14.46 | $13.61 | $13.35 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.11) | (0.38) | 0.05 |
| Net realized and <br>unrealized gain (loss) | (0.60) | 1.33 | 0.21 |
| Total from investment <br>operations | (0.71) | 0.95 | 0.26 |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.07) | (0.10) |  |
| Dividends from net <br>realized gains |  |  |  |
| Total distributions\*\* | (0.07) | (0.10) |  |
| Net asset value, end of period | $13.68 | $14.46 | $13.61 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (4.94<br> %) | 6.99% | 1.95% |
| Net assets, end of <br>year (000) | $43956 | $8846 | $10 |
| Ratio of net expenses to <br>average net assets | 0.86<br> %(d) | 0.82<br> %(e) | 0.77<br> %(c)(f) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.87% | 0.83% | 0.77<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.82<br> %) | (2.64<br> %) | 1.06<br> %(c) |

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&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.70% for the year ended October 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.66% for the year ended October 31, 2020.

CALAMOS FAMILY OF FUNDS

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Calamos Hedged Equity Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $14.66 | $12.35 | $11.88 | $11.44 | $10.85 | $14.39 | $12.18 | $11.72 | $11.35 | $10.78 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.06 | 0.06 | 0.10 | 0.10 | 0.08 | (0.04) | (0.04) | 0.01 | 0.01 | (0.01 |
| Net realized and <br>unrealized gain (loss) | (1.60) | 2.32 | 0.47 | 0.64 | 0.57 | (1.57) | 2.28 | 0.48 | 0.63 | 0.58 |
| Total from investment <br>operations | (1.54) | 2.38 | 0.57 | 0.74 | 0.65 | (1.61) | 2.24 | 0.49 | 0.64 | 0.57 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.04) | (0.07) | (0.10) | (0.05) | (0.06) |  | (0.03) | (0.03) | (0.02) | (0.00 |
| Dividends from net <br>realized gains |  |  |  | (0.25) |  |  |  |  | (0.25) |  |
| Total distributions\*\* | (0.04) | (0.07) | (0.10) | (0.30) | (0.06) |  | (0.03) | (0.03) | (0.27) | (0.00 |
| Net asset value, end of year | $13.08 | $14.66 | $12.35 | $11.88 | $11.44 | $12.78 | $14.39 | $12.18 | $11.72 | $11.35 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (10.51%) | 19.20% | 4.92% | 6.65% | 6.08% | (11.19%) | 18.43% | 4.19% | 5.88% | 5.31 |
| Net assets, end of <br>year (000) | $33814 | $34309 | $15782 | $10412 | $5151 | $7884 | $6960 | $3429 | $2151 | $616 |
| Ratio of net expenses to <br>average net assets | 1.16% | 1.17% | 1.15% | 1.21% | 1.25% | 1.91% | 1.92% | 1.90% | 1.96% | 2.00 |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.16% | 1.17% | 1.20% | 1.21% | 1.47% | 1.91% | 1.92% | 1.95% | 1.96% | 2.30 |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.42% | 0.44% | 0.84% | 0.86% | 0.65% | (0.31%) | (0.30%) | 0.08% | 0.11% | (0.07 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 32% | 39% | 57% | 82% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Hedged Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $14.66 | $12.34 | $11.87 | $11.45 | $10.84 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.10 | 0.10 | 0.13 | 0.13 | 0.10 |
| Net realized and <br>unrealized gain (loss) | (1.61) | 2.31 | 0.47 | 0.64 | 0.59 |
| Total from investment <br>operations | (1.51) | 2.41 | 0.60 | 0.77 | 0.69 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.06) | (0.09) | (0.13) | (0.10) | (0.08) |
| Dividends from net <br>realized gains |  |  |  | (0.25) |  |
| Total distributions\*\* | (0.06) | (0.09) | (0.13) | (0.35) | (0.08) |
| Net asset value, end of year | $13.09 | $14.66 | $12.34 | $11.87 | $11.45 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (10.33%) | 19.60% | 5.09% | 7.01% | 6.38% |
| Net assets, end of <br>year (000) | $547166 | $514903 | $342851 | $224234 | $91589 |
| Ratio of net expenses to <br>average net assets | 0.91% | 0.92% | 0.90% | 0.96% | 1.00% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.91% | 0.92% | 0.95% | 0.96% | 1.26% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.69% | 0.73% | 1.09% | 1.12% | 0.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Phineus Long/Short Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $15.46 | $11.18 | $11.63 | $12.15 | $12.33 | $14.83 | $10.80 | $11.32 | $11.92 | $12.19 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.06) | (0.13) | (0.08 | 0.04 | (0.03) | (0.17) | (0.24) | (0.16 | (0.05) | (0.13) |
| Net realized and <br>unrealized gain (loss) | (0.80) | 4.41 | (0.36 | (0.12) |  | (0.76) | 4.27 | (0.36 | (0.11) | 0.01 |
| Total from investment <br>operations | (0.86) | 4.28 | (0.44 | (0.08) | (0.03) | (0.93) | 4.03 | (0.52 | (0.16) | (0.12) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  | (0.01 |  |  |  |  |  |  |  |
| Dividends from net <br>realized gains |  |  |  | (0.44) | (0.15) |  |  |  | (0.44) | (0.15) |
| Return of capital |  |  | (0.00 |  |  |  |  | (0.00 |  |  |
| Total distributions\*\* |  |  | (0.01 | (0.44) | (0.15) |  |  | (0.00 | (0.44) | (0.15) |
| Net asset value, end of year | $14.60 | $15.46 | $11.18 | $11.63 | $12.15 | $13.90 | $14.83 | $10.80 | $11.32 | $11.92 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (5.44<br> %) | 38.19% | (3.77 | (0.45<br> %) | (0.34<br> %) | (6.20<br> %) | 37.31% | (4.59 | (1.15<br> %) | (1.09<br> %) |
| Net assets, end of <br>year (000) | $55800 | $51971 | $40748 | $76689 | $108730 | $31352 | $29980 | $22528 | $38072 | $52169 |
| Ratio of net expenses to <br>average net assets | 2.38<br> %(c) | 2.34<br> %(d) | 2.91 | 2.95<br> %(f) | 2.28<br> %(g) | 3.12<br> %(c) | 3.09<br> %(d) | 3.65 | 3.69<br> %(f) | 3.03<br> %(g) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 2.38% | 2.34% | 2.92 | 2.96% | 2.28% | 3.12% | 3.09% | 3.65 | 3.70% | 3.03% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.43<br> %) | (0.88<br> %) | (0.68 | 0.33% | (0.27<br> %) | (1.19<br> %) | (1.63<br> %) | (1.43 | (0.42<br> %) | (1.02<br> %) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 214% | 211% | 206% | 135% | 229% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% and 2.39% for the year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.67% and 2.42% for the year ended October 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.71% and 2.46% for the year ended October 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% and 2.39% for the year ended October 31, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% and 2.39% for the year ended October 31, 2018.

PROSPECTUS \| March 1, 2023

------

Calamos Phineus Long/Short Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $15.64 | $11.28 | $11.75 | $12.23 | $12.39 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.02) | (0.10) | (0.05) | 0.07 | 0.01 |
| Net realized and <br>unrealized gain (loss) | (0.81) | 4.46 | (0.37) | (0.11) | (0.02) |
| Total from investment <br>operations | (0.83) | 4.36 | (0.42) | (0.04) | (0.01) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  | (0.02) |  |  |
| Dividends from net <br>realized gains |  |  |  | (0.44) | (0.15) |
| Return of capital |  |  | (0.03) |  |  |
| Total distributions\*\* |  |  | (0.05) | (0.44) | (0.15) |
| Net asset value, end of year | $14.81 | $15.64 | $11.28 | $11.75 | $12.23 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (5.25<br> %) | 38.69% | (3.67<br> %) | (0.16<br> %) | (0.10<br> %) |
| Net assets, end of <br>year (000) | $697472 | $476965 | $344843 | $678157 | $1003457 |
| Ratio of net expenses to <br>average net assets | 2.14<br> %(c) | 2.09<br> %(d) | 2.64<br> %(e) | 2.68<br> %(f) | 2.00<br> %(g) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 2.14% | 2.09% | 2.65% | 2.69% | 2.00% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.12<br> %) | (0.63<br> %) | (0.42<br> %) | 0.57% | 0.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.38% for the year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.42% for the year ended October 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.46% for the year ended October 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2018.

CALAMOS FAMILY OF FUNDS

------

Calamos Convertible Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $27.25 | $22.78 | $17.45 | $18.11 | $18.27 | $26.73 | $22.48 | $17.27 | $17.92 | $18.09 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.27) | (0.61) | 0.47 | 0.51 | 0.48 | (0.42) | (0.80) | 0.32 | 0.39 | 0.34 |
| Net realized and <br>unrealized gain (loss) | (5.20) | 6.68 | 4.99 | 1.00 | 0.13 | (5.09) | 6.59 | 4.93 | 0.99 | 0.12 |
| Total from investment <br>operations | (5.47) | 6.07 | 5.46 | 1.51 | 0.61 | (5.51) | 5.79 | 5.25 | 1.38 | 0.46 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.02) | (0.06) | (0.13) | (0.35) | (0.24) |  |  | (0.04) | (0.21) | (0.10) |
| Dividends from net <br>realized gains | (3.19) | (1.54) |  | (1.82) | (0.53) | (3.19) | (1.54) |  | (1.82) | (0.53) |
| Total distributions\*\* | (3.21) | (1.60) | (0.13) | (2.17) | (0.77) | (3.19) | (1.54) | (0.04) | (2.03) | (0.63) |
| Net asset value, end of year | $18.57 | $27.25 | $22.78 | $17.45 | $18.11 | $18.03 | $26.73 | $22.48 | $17.27 | $17.92 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (22.29%) | 27.09% | 31.58% | 10.02% | 3.43% | (22.88%) | 26.16% | 30.53% | 9.21% | 2.65% |
| Net assets, end of <br>year (000) | $294233 | $422476 | $333481 | $245948 | $210845 | $41804 | $71925 | $56935 | $56070 | $128920 |
| Ratio of net expenses to <br>average net assets | 1.10% | 1.08% | 1.13% | 1.16% | 1.16% | 1.85% | 1.83% | 1.88% | 1.91% | 1.91% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.10% | 1.08% | 1.13% | 1.16% | 1.16% | 1.85% | 1.83% | 1.88% | 1.91% | 1.91% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (1.30%) | (2.35%) | 2.37% | 2.98% | 2.58% | (2.04%) | (3.10%) | 1.65% | 2.34% | 1.85% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 39% | 41% | 71% | 37% | 73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Convertible Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $23.82 | $20.05 | $15.38 | $16.23 | $16.45 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.19) | (0.48) | 0.46 | 0.49 | 0.47 |
| Net realized and <br>unrealized gain (loss) | (4.49) | 5.86 | 4.39 | 0.88 | 0.13 |
| Total from investment <br>operations | (4.68) | 5.38 | 4.85 | 1.37 | 0.60 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.04) | (0.07) | (0.18) | (0.40) | (0.29) |
| Dividends from net <br>realized gains | (3.19) | (1.54) |  | (1.82) | (0.53) |
| Total distributions\*\* | (3.23) | (1.61) | (0.18) | (2.22) | (0.82) |
| Net asset value, end of year | $15.91 | $23.82 | $20.05 | $15.38 | $16.23 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (22.09%) | 27.40% | 31.91% | 10.31% | 3.73% |
| Net assets, end of <br>year (000) | $680441 | $1161030 | $773460 | $442907 | $275776 |
| Ratio of net expenses to <br>average net assets | 0.85% | 0.83% | 0.88% | 0.91% | 0.91% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.85% | 0.83% | 0.88% | 0.91% | 0.91% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (1.04%) | (2.09%) | 2.60% | 3.21% | 2.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Global Convertible Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $14.85 | $13.48 | $11.08 | $10.81 | $11.24 | $14.47 | $13.25 | $10.93 | $10.69 | $11.14 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.01) | (0.44) | 0.24 | 0.10 | 0.33 | (0.09) | (0.54) | 0.14 | 0.02 | 0.24 |
| Net realized and <br>unrealized gain (loss) | (3.45) | 2.95 | 2.37 | 0.70 | (0.34) | (3.36) | 2.89 | 2.35 | 0.69 | (0.33) |
| Total from investment <br>operations | (3.46) | 2.51 | 2.61 | 0.80 | (0.01) | (3.45) | 2.35 | 2.49 | 0.71 | (0.09) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.01) | (0.01) | (0.06) | (0.22) | (0.08) |  |  | (0.02) | (0.16) | (0.02) |
| Dividends from net <br>realized gains | (1.79) | (1.13) | (0.15) | (0.31) | (0.34) | (1.79) | (1.13) | (0.15) | (0.31) | (0.34) |
| Total distributions\*\* | (1.80) | (1.14) | (0.21) | (0.53) | (0.42) | (1.79) | (1.13) | (0.17) | (0.47) | (0.36) |
| Net asset value, end of year | $9.59 | $14.85 | $13.48 | $11.08 | $10.81 | $9.23 | $14.47 | $13.25 | $10.93 | $10.69 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (26.01%) | 18.86% | 23.93% | 7.90% | (0.09%) | (26.58%) | 17.95% | 23.09% | 7.01% | (0.77%) |
| Net assets, end of <br>year (000) | $10698 | $17865 | $11231 | $8998 | $11184 | $3425 | $5448 | $4824 | $3409 | $3884 |
| Ratio of net expenses to <br>average net assets | 1.28% | 1.25% | 1.33% | 1.32% | 1.34% | 2.03% | 2.00% | 2.08% | 2.07% | 2.09% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.28% | 1.25% | 1.34% | 1.32% | 1.35% | 2.03% | 2.00% | 2.09% | 2.07% | 2.10% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.11%) | (2.96%) | 1.96% | 0.91% | 2.98% | (0.85%) | (3.72%) | 1.21% | 0.16% | 2.21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 31% | 35% | 48% | 45% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Global Convertible Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $14.87 | $13.50 | $11.08 | $10.82 | $11.24 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.01 | (0.40) | 0.26 | 0.12 | 0.36 |
| Net realized and <br>unrealized gain (loss) | (3.46) | 2.94 | 2.39 | 0.70 | (0.33) |
| Total from investment <br>operations | (3.45) | 2.54 | 2.65 | 0.82 | 0.03 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.03) | (0.04) | (0.08) | (0.25) | (0.11) |
| Dividends from net <br>realized gains | (1.79) | (1.13) | (0.15) | (0.31) | (0.34) |
| Total distributions\*\* | (1.82) | (1.17) | (0.23) | (0.56) | (0.45) |
| Net asset value, end of year | $9.60 | $14.87 | $13.50 | $11.08 | $10.82 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (25.82%) | 19.09% | 24.36% | 8.09% | 0.24% |
| Net assets, end of <br>year (000) | $117766 | $260688 | $192475 | $120526 | $121170 |
| Ratio of net expenses to <br>average net assets | 1.03% | 1.00% | 1.08% | 1.07% | 1.09% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.03% | 1.00% | 1.09% | 1.07% | 1.10% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.13% | (2.71%) | 2.19% | 1.16% | 3.22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Timpani Small Cap Growth Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A\*** | **CLASS A\*** | **CLASS A\*** | **CLASS A\*** | **CLASS A\*** | **CLASS A\*** | **CLASS A\*** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | May 31, <br>2019<br>through<br>October 31, | July 1, <br>2018<br>through<br>May 31, | Year Ended June 30, | Year Ended June 30, |
| | **2022** | **2021** | **2020** | **2019** | **2019†** | **2018** | **2017** |
| Net asset value, beginning <br>of year | $42.31 | $29.18 | $22.31 | $22.51 | $25.02 | $18.54 | $14.62 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.24) | (0.45) | (0.28) | (0.11) | (0.29) | (0.28) | (0.18) |
| Net realized and <br>unrealized gain (loss) | (15.72) | 14.95 | 8.29 | (0.09) | (0.80) | 6.76 | 4.10 |
| Total from investment <br>operations | (15.96) | 14.50 | 8.01 | (0.20) | (1.09) | 6.48 | 3.92 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |  |  |  |
| Dividends from net <br>realized gains |  | (1.37) | (1.14) |  | (1.42) |  |  |
| Return of capital |  | (0.00)\*\* |  |  |  |  |  |
| Total distributions\*\*\* |  | (1.37) | (1.14) |  | (1.42) |  |  |
| Net asset value, end of year | $26.35 | $42.31 | $29.18 | $22.31 | $22.51 | $25.02 | $18.54 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (37.71%) | 50.42% | 37.60% | (0.89<br> %) | (3.52<br> %) | 34.95% | 26.81% |
| Net assets, end of <br>year (000) | $23762 | $35274 | $9313 | $6857 | $5551 | $5890 | $3954 |
| Ratio of net expenses to <br>average net assets | 1.30% | 1.30% | 1.30% | 1.30<br> %(c) | 1.50<br> %(c) | 1.50% | 1.50% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.37% | 1.37% | 1.40% | 1.35<br> %(c) | 1.71<br> %(c) | 1.74% | 1.75% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.78%) | (1.15<br> %) | (1.16%) | (1.18<br> %)(c) | (1.31<br> %)(c) | (1.33%) | (1.10%) |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | May 31, <br>2019<br>through<br>October 31, | July 1, <br>2018<br>through<br>May 31, | Year Ended June 30, | Year Ended June 30, |
|  | **2022** | **2021** | **2020** | **2019** | **2019†** | **2018** | **2017** |
| Portfolio turnover rate | 197% | 165% | 181% | 142% | 112% | 126% | 179% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Prior to May 31, 2019, Class A shares were Class Y shares of the predecessor fund.

&nbsp;&nbsp;&nbsp;&nbsp;† Pursuant to the Reorganization of the Predecessor Fund into the Fund, Class Y shareholders of the Predecessor Fund received Class A shares of the Fund, and Service Class and Institutional Class shareholders of the Predecessor Fund each received Class I shares of the Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. Accordingly, the data shown for periods prior to May 31, 2019 is the data of the Predecessor Fund.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

PROSPECTUS \| March 1, 2023

------

Calamos Timpani Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **CLASS C** | **CLASS C** |
| | Year Ended<br>October 31, | June 25,<br>2021• through<br>October 31, |
| | **2022** | **2021** |
| Net asset value, beginning <br>of year | $43.50 | $41.91 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.45) | (0.82) |
| Net realized and <br>unrealized gain (loss) | (16.17) | 2.41 |
| Total from investment <br>operations | (16.62) | 1.59 |
| Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |
| Dividends from net <br>realized gains |  |  |
| Total distributions\*\* |  |  |
| Net asset value, end of year | $26.88 | $43.50 |
| Ratios and supplemental <br>data:(b) | Ratios and supplemental <br>data:(b) | Ratios and supplemental <br>data:(b) |
| Total return | (38.18%) | 3.75% |
| Net assets, end of <br>year (000) | $4425 | $3165 |
| Ratio of net expenses to <br>average net assets | 2.05% | 2.05<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 2.12% | 2.06<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (1.50%) | (2.00<br> %)(c) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

CALAMOS FAMILY OF FUNDS

------

Calamos Timpani Small Cap Growth Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I\*** | **CLASS I\*** | **CLASS I\*** | **CLASS I\*** | **CLASS I\*** | **CLASS I\*** | **CLASS I\*** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | May 31, <br>2019<br>through<br>October 31, | July 1, <br>2018<br>through<br>May 31, | Year Ended June 30, | Year Ended June 30, |
| | **2022** | **2021** | **2020** | **2019** | **2019†** | **2018** | **2017** |
| Net asset value, beginning <br>of year | $43.65 | $29.99 | $22.85 | $23.02 | $25.47 | $18.80 | $14.77 |
| Income from investment<br>operations: | Income from investment<br>operations: | Income from investment<br>operations: | Income from investment<br>operations: | Income from investment<br>operations: | Income from investment<br>operations: | Income from investment<br>operations: | Income from investment<br>operations: |
| Net investment income <br>(loss)(a) | (0.16) | (0.36) | (0.23) | (0.09) | (0.20) | (0.20) | (0.10) |
| Net realized and <br>unrealized gain (loss) | (16.25) | 15.39 | 8.51 | (0.08) | (0.83) | 6.87 | 4.13 |
| Total from investment <br>operations | (16.41) | 15.03 | 8.28 | (0.17) | (1.03) | 6.67 | 4.03 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |  |  |  |
| Dividends from net <br>realized gains |  | (1.37) | (1.14) |  | (1.42) |  |  |
| Return of capital |  | (0.00)\*\* |  |  |  |  |  |
| Total distributions\*\*\* |  | (1.37) | (1.14) |  | (1.42) |  |  |
| Net asset value, end of year | $27.24 | $43.65 | $29.99 | $22.85 | $23.02 | $25.47 | $18.80 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (37.57%) | 50.80% | 37.90% | (0.74<br> %) | (3.21<br> %) | 35.48% | 27.29% |
| Net assets, end of <br>year (000) | $292187 | $387149 | $124867 | $72539 | $68510 | $69095 | $43833 |
| Ratio of net expenses to <br>average net assets | 1.05% | 1.05% | 1.05% | 1.05<br> %(c) | 1.10<br> %(c) | 1.10% | 1.10% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.12% | 1.11% | 1.16% | 1.11<br> %(c) | 1.34<br> %(c) | 1.36% | 1.36% |
| Ratio of net investment<br>income (loss) to average <br>net assets | (0.52%) | (0.90<br> %) | (0.92%) | (0.93<br> %)(c) | (0.92<br> %)(c) | (0.92%) | (0.64%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Prior to May 31, 2019, Class I shares were Institutional Class shares or Service Class shares of the predecessor fund. Results shown are exclusive of the Service Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;† Pursuant to the Reorganization of the Predecessor Fund into the Fund, Class Y shareholders of the Predecessor Fund received Class A shares of the Fund, and Service Class and Institutional Class shareholders of the Predecessor Fund each received Class I shares of the Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. Accordingly, the data shown for periods prior to May 31, 2019 is the data of the Predecessor Fund.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

PROSPECTUS \| March 1, 2023

------

Calamos Timpani Small Cap Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | May 31, <br>2019• through<br>October 31, |
| | **2022** | **2021** | **2020** | **2019** |
| Net asset value, beginning <br>of year | $43.74 | $30.02 | $22.86 | $23.02 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.11) | (0.32) | (0.21) | (0.08) |
| Net realized and <br>unrealized gain (loss) | (16.30) | 15.41 | 8.51 | (0.08) |
| Total from investment <br>operations | (16.41) | 15.09 | 8.30 | (0.16) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |
| Dividends from net <br>realized gains |  | (1.37) | (1.14) |  |
| Total distributions\*\* |  | (1.37) | (1.14) |  |
| Net asset value, end of year | $27.33 | $43.74 | $30.02 | $22.86 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (37.51%) | 50.96% | 37.98% | (0.70<br> %) |
| Net assets, end of <br>year (000) | $22181 | $29120 | $1562 | $1063 |
| Ratio of net expenses to <br>average net assets | 0.93% | 0.96% | 0.98% | 1.00<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.00% | 1.02% | 1.09% | 0.96<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.37%) | (0.80%) | (0.84%) | (0.84<br> %)(c) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

CALAMOS FAMILY OF FUNDS

------

Calamos Timpani SMID Growth Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | August 1, <br>2019• through<br>October 31, |
| | **2022** | **2021** | **2020** | **2019** |
| Net asset value, beginning <br>of year | $18.17 | $12.34 | $9.01 | $10.00 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.08) | (0.20) | (0.13) | (0.03) |
| Net realized and <br>unrealized gain (loss) | (6.23) | 6.03 | 3.46 | (0.96) |
| Total from investment <br>operations | (6.31) | 5.83 | 3.33 | (0.99) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |
| Dividends from net <br>realized gains | (1.72) |  |  |  |
| Total distributions\*\* | (1.72) |  |  |  |
| Net asset value, end of year | $10.14 | $18.17 | $12.34 | $9.01 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (37.07%) | 47.04% | 36.96% | (9.90<br> %) |
| Net assets, end of <br>year (000) | $305 | $162 | $182 | $9 |
| Ratio of net expenses to <br>average net assets | 1.35% | 1.35% | 1.35% | 1.37<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.93% | 1.79% | 2.45% | 3.42<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.68%) | (1.22%) | (1.21%) | (1.11<br> %)(c) |
|  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | August 1, <br>2019• through<br>October 31, |
|  | **2022** | **2021** | **2020** | **2019** |
| Portfolio turnover rate | 205% | 188% | 201% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

PROSPECTUS \| March 1, 2023

------

Calamos Timpani SMID Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | August 1, <br>2019• through<br>October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | August 1, <br>2019• through<br>October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2022** | **2021** | **2020** | **2019** |
| Net asset value, beginning <br>of year | $18.28 | $12.38 | $9.02 | $10.00 | $18.28 | $12.38 | $9.02 | $10.00 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.06) | (0.16) | (0.10) | (0.02) | (0.05) | (0.18) | (0.09) | (0.02) |
| Net realized and <br>unrealized gain (loss) | (6.27) | 6.06 | 3.46 | (0.96) | (6.28) | 6.08 | 3.45 | (0.96) |
| Total from investment <br>operations | (6.33) | 5.90 | 3.36 | (0.98) | (6.33) | 5.90 | 3.36 | (0.98) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |  |  |  |  |
| Dividends from net <br>realized gains | (1.72) |  |  |  | (1.72) |  |  |  |
| Total distributions\*\* | (1.72) |  |  |  | (1.72) |  |  |  |
| Net asset value, end of year | $10.23 | $18.28 | $12.38 | $9.02 | $10.23 | $18.28 | $12.38 | $9.02 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (36.95%) | 47.46% | 37.25% | (9.80<br> %) | (36.95%) | 47.46% | 37.25% | (9.80<br> %) |
| Net assets, end of <br>year (000) | $16497 | $25793 | $16877 | $9348 | $355 | $499 | $12 | $9 |
| Ratio of net expenses to <br>average net assets | 1.10% | 1.10% | 1.10% | 1.10<br> %(c) | 1.07% | 1.08% | 1.06% | 1.07<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.65% | 1.55% | 2.25% | 3.17<br> %(c) | 1.63% | 1.48% | 2.25% | 3.16<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.48%) | (0.98%) | (0.94%) | (0.85<br> %)(c) | (0.43%) | (1.04%) | (0.90%) | (0.81<br> %)(c) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

CALAMOS FAMILY OF FUNDS

------

Calamos Growth Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $45.88 | $34.96 | $32.23 | $33.14 | $35.54 | $21.21 | $18.18 | $18.26 | $21.00 | $24.26 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.22) | (0.33) | (0.14) | (0.04) | (0.08) | (0.19) | (0.29) | (0.20) | (0.13) | (0.22) |
| Net realized and <br>unrealized gain (loss) | (12.47) | 15.44 | 5.90 | 3.53 | 2.15 | (5.04) | 7.51 | 3.15 | 1.79 | 1.43 |
| Total from investment <br>operations | (12.69) | 15.11 | 5.76 | 3.49 | 2.07 | (5.23) | 7.22 | 2.95 | 1.66 | 1.21 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |  |  |  |  |  |  |
| Dividends from net <br>realized gains | (4.95) | (4.19) | (3.03) | (4.40) | (4.47) | (4.95) | (4.19) | (3.03) | (4.40) | (4.47) |
| Total distributions\*\* | (4.95) | (4.19) | (3.03) | (4.40) | (4.47) | (4.95) | (4.19) | (3.03) | (4.40) | (4.47) |
| Net asset value, end of year | $28.24 | $45.88 | $34.96 | $32.23 | $33.14 | $11.03 | $21.21 | $18.18 | $18.26 | $21.00 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (30.58%) | 46.00% | 19.11% | 13.97% | 6.12% | (31.12%) | 44.94% | 18.23% | 13.18% | 5.34% |
| Net assets, end of <br>year (000) | $900167 | $1436709 | $1093909 | $1066939 | $851590 | $12281 | $25965 | $35843 | $50442 | $329883 |
| Ratio of net expenses to <br>average net assets | 1.30% | 1.28% | 1.34% | 1.34% | 1.29% | 2.05% | 2.04% | 2.09% | 2.11% | 2.04% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.30% | 1.28% | 1.34% | 1.34% | 1.29% | 2.05% | 2.04% | 2.10% | 2.12% | 2.04% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.64%) | (0.80%) | (0.45%) | (0.12%) | (0.22%) | (1.39%) | (1.53%) | (1.17%) | (0.73%) | (0.97%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 42% | 45% | 115% | 69% | 72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $66.93 | $49.25 | $44.13 | $43.48 | $45.18 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.20) | (0.33) | (0.09) | 0.06 | 0.02 |
| Net realized and <br>unrealized gain (loss) | (18.83) | 22.20 | 8.24 | 4.99 | 2.75 |
| Total from investment <br>operations | (19.03) | 21.87 | 8.15 | 5.05 | 2.77 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |  |
| Dividends from net <br>realized gains | (4.95) | (4.19) | (3.03) | (4.40) | (4.47) |
| Total distributions\*\* | (4.95) | (4.19) | (3.03) | (4.40) | (4.47) |
| Net asset value, end of year | $42.95 | $66.93 | $49.25 | $44.13 | $43.48 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (30.43%) | 46.40% | 19.39% | 14.24% | 6.41% |
| Net assets, end of <br>year (000) | $246566 | $395431 | $291027 | $280294 | $282061 |
| Ratio of net expenses to <br>average net assets | 1.05% | 1.03% | 1.09% | 1.09% | 1.04% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.05% | 1.03% | 1.09% | 1.09% | 1.04% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.39%) | (0.56%) | (0.20%) | 0.15% | 0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Growth and Income Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $48.18 | $36.26 | $33.43 | $32.53 | $33.15 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.08 | 0.07 | 0.30 | 0.32 | 0.25 |
| Net realized and <br>unrealized gain (loss) | (7.32) | 13.01 | 3.74 | 2.99 | 1.41 |
| Total from investment <br>operations | (7.24) | 13.08 | 4.04 | 3.31 | 1.66 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.24) | (0.27) | (0.41) | (0.50) | (0.38) |
| Dividends from net <br>realized gains | (2.37) | (0.89) | (0.80) | (1.91) | (1.90) |
| Total distributions\*\* | (2.61) | (1.16) | (1.21) | (2.41) | (2.28) |
| Net asset value, end of year | $38.33 | $48.18 | $36.26 | $33.43 | $32.53 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (15.77%) | 36.68% | 12.43% | 11.51% | 5.20% |
| Net assets, end of <br>year (000) | $1199491 | $1531445 | $1163876 | $1129201 | $832433 |
| Ratio of net expenses to <br>average net assets | 1.05% | 1.06% | 1.08% | 1.09% | 1.09% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.05% | 1.06% | 1.08% | 1.09% | 1.09% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.19% | 0.15% | 0.86% | 1.01% | 0.77% |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 24% | 18% | 35% | 19% | 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Growth and Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $48.55 | $36.57 | $33.68 | $32.69 | $33.30 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.24) | (0.25) | 0.04 | 0.12 | 0.01 |
| Net realized and <br>unrealized gain (loss) | (7.37) | 13.12 | 3.79 | 2.98 | 1.41 |
| Total from investment <br>operations | (7.61) | 12.87 | 3.83 | 3.10 | 1.42 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  | (0.14) | (0.20) | (0.13) |
| Dividends from net <br>realized gains | (2.37) | (0.89) | (0.80) | (1.91) | (1.90) |
| Total distributions | (2.37) | (0.89) | (0.94) | (2.11) | (2.03) |
| Net asset value, end of year | $38.57 | $48.55 | $36.57 | $33.68 | $32.69 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (16.41%) | 35.66% | 11.62% | 10.68% | 4.42% |
| Net assets, end of <br>year (000) | $84104 | $98647 | $101490 | $136333 | $502593 |
| Ratio of net expenses to <br>average net assets | 1.80% | 1.81% | 1.84% | 1.85% | 1.84% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.80% | 1.81% | 1.84% | 1.85% | 1.84% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.56%) | (0.57%) | 0.13% | 0.37% | 0.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Growth and Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $46.02 | $34.68 | $32.03 | $31.28 | $31.96 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.17 | 0.17 | 0.36 | 0.39 | 0.32 |
| Net realized and <br>unrealized gain (loss) | (6.97) | 12.44 | 3.58 | 2.85 | 1.37 |
| Total from investment <br>operations | (6.80) | 12.61 | 3.94 | 3.24 | 1.69 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.35) | (0.38) | (0.49) | (0.58) | (0.47) |
| Dividends from net <br>realized gains | (2.37) | (0.89) | (0.80) | (1.91) | (1.90) |
| Total distributions\*\* | (2.72) | (1.27) | (1.29) | (2.49) | (2.37) |
| Net asset value, end of year | $36.50 | $46.02 | $34.68 | $32.03 | $31.28 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (15.55%) | 37.02% | 12.72% | 11.81% | 5.45% |
| Net assets, end of <br>year (000) | $977765 | $1211985 | $818641 | $735329 | $643422 |
| Ratio of net expenses to <br>average net assets | 0.80% | 0.81% | 0.83% | 0.85% | 0.84% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.80% | 0.81% | 0.83% | 0.85% | 0.84% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.44% | 0.40% | 1.11% | 1.27% | 1.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Growth and Income Fund

**Selected data for a share outstanding throughout each period were as follows:**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | June 23, <br>2020• through<br>October 31, |
| | **2022** | **2021** | **2020** |
| Net asset value, beginning <br>of period | $46.04 | $34.69 | $33.24 |

---

Income from investment <br>operations:

---

| | | | |
|:---|:---|:---|:---|
| Net investment income <br>(loss)(a) | 0.21 | 0.16 | 0.12 |
| Net realized and <br>unrealized gain (loss) | (6.99) | 12.49 | 1.42 |
| Total from investment <br>operations | (6.78) | 12.65 | 1.54 |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.38) | (0.41) | (0.09) |
| Dividends from net <br>realized gains | (2.37) | (0.89) |  |
| Total distributions\*\* | (2.75) | (1.30) | (0.09) |
| Net asset value, end of period | $36.51 | $46.04 | $34.69 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (15.50%) | 37.14% | 4.63% |
| Net assets, end of <br>year (000) | $16688 | $5968 | $15 |
| Ratio of net expenses to <br>average net assets | 0.73% | 0.73% | 0.71<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.73% | 0.73% | 0.71<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.55% | 0.38% | 0.99<br> %(c) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

CALAMOS FAMILY OF FUNDS

------

Calamos Dividend Growth Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $17.13 | $13.04 | $13.37 | $12.34 | $12.73 | $16.49 | $12.67 | $13.07 | $12.09 | $12.52 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.03 | 0.00<br> \* | 0.05 | 0.07 | 0.07 | (0.07) | (0.11) | (0.04) | (0.01) | (0.02) |
| Net realized and <br>unrealized gain (loss) | (2.41) | 5.24 | 1.13 | 1.50 | 0.57 | (2.31) | 5.07 | 1.09 | 1.45 | 0.57 |
| Total from investment <br>operations | (2.38) | 5.24 | 1.18 | 1.57 | 0.64 | (2.38) | 4.96 | 1.05 | 1.44 | 0.55 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  | (0.02) | (0.06) | (0.08) | (0.05) |  | (0.01) |  |  |  |
| Dividends from net <br>realized gains | (1.34) | (1.13) | (1.45) | (0.46) | (0.98) | (1.34) | (1.13) | (1.45) | (0.46) | (0.98) |
| Total distributions\*\* | (1.34) | (1.15) | (1.51) | (0.54) | (1.03) | (1.34) | (1.14) | (1.45) | (0.46) | (0.98) |
| Net asset value, end of year | $13.41 | $17.13 | $13.04 | $13.37 | $12.34 | $12.77 | $16.49 | $12.67 | $13.07 | $12.09 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (15.01%) | 42.42% | 9.20% | 13.63% | 5.26% | (15.63%) | 41.37% | 8.35% | 12.74% | 4.56% |
| Net assets, end of <br>year (000) | $5181 | $5139 | $3534 | $3638 | $2347 | $2202 | $2017 | $685 | $659 | $1028 |
| Ratio of net expenses to <br>average net assets | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% | 2.10% | 2.10% | 2.11% | 2.10% | 2.10% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 2.03% | 2.04% | 2.15% | 1.94% | 1.83% | 2.78% | 2.78% | 2.91% | 2.65% | 2.59% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.23% | 0.02% | 0.40% | 0.60% | 0.55% | (0.51%) | (0.74%) | (0.36%) | (0.06%) | (0.19%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 25% | 20% | 22% | 15% | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Dividend Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $17.15 | $13.03 | $13.36 | $12.33 | $12.71 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.07 | 0.04 | 0.08 | 0.11 | 0.10 |
| Net realized and <br>unrealized gain (loss) | (2.41) | 5.23 | 1.12 | 1.49 | 0.58 |
| Total from investment <br>operations | (2.34) | 5.27 | 1.20 | 1.60 | 0.68 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.03) | (0.02) | (0.08) | (0.11) | (0.08) |
| Dividends from net <br>realized gains | (1.34) | (1.13) | (1.45) | (0.46) | (0.98) |
| Total distributions\*\* | (1.37) | (1.15) | (1.53) | (0.57) | (1.06) |
| Net asset value, end of year | $13.44 | $17.15 | $13.03 | $13.36 | $12.33 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (14.76%) | 42.73% | 9.46% | 13.93% | 5.61% |
| Net assets, end of <br>year (000) | $10195 | $10373 | $8974 | $12986 | $20585 |
| Ratio of net expenses to <br>average net assets | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.78% | 1.80% | 1.88% | 1.67% | 1.60% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.48% | 0.28% | 0.67% | 0.92% | 0.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Select Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $20.48 | $14.93 | $14.21 | $15.37 | $15.21 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.00 | (0.03) | 0.07 | 0.15 | 0.10 |
| Net realized and <br>unrealized gain (loss) | (3.12) | 6.39 | 0.74 | 0.95 | 0.58 |
| Total from investment <br>operations | (3.12) | 6.36 | 0.81 | 1.10 | 0.68 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  | (0.09) | (0.06) | (0.05) |
| Dividends from net <br>realized gains | (1.50) | (0.81) |  | (2.20) | (0.47) |
| Total distributions\*\* | (1.50) | (0.81) | (0.09) | (2.26) | (0.52) |
| Net asset value, end of year | $15.86 | $20.48 | $14.93 | $14.21 | $15.37 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (16.22%) | 43.93% | 5.71% | 10.14% | 4.53% |
| Net assets, end of <br>year (000) | $11628 | $14211 | $10595 | $11363 | $21349 |
| Ratio of net expenses to <br>average net assets | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.57% | 1.57% | 1.64% | 1.62% | 1.60% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.00% | (0.19%) | 0.49% | 1.06% | 0.64% |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 34% | 25% | 136% | 78% | 119% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Select Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $17.52 | $12.97 | $12.36 | $13.77 | $13.74 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.12) | (0.14) | (0.01) | 0.02 | (0.01) |
| Net realized and <br>unrealized gain (loss) | (2.62) | 5.50 | 0.62 | 0.83 | 0.51 |
| Total from investment <br>operations | (2.74) | 5.36 | 0.61 | 0.85 | 0.50 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  | (0.06) |  |
| Dividends from net <br>realized gains | (1.50) | (0.81) |  | (2.20) | (0.47) |
| Total distributions | (1.50) | (0.81) |  | (2.26) | (0.47) |
| Net asset value, end of year | $13.28 | $17.52 | $12.97 | $12.36 | $13.77 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (16.85%) | 42.92% | 4.85% | 9.33% | 3.77% |
| Net assets, end of <br>year (000) | $170 | $887 | $1056 | $5274 | $4318 |
| Ratio of net expenses to <br>average net assets | 1.91% | 1.90% | 1.90% | 1.90% | 1.90% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 2.33% | 2.33% | 2.40% | 2.35% | 2.35% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.77%) | (0.92%) | (0.11%) | 0.15% | (0.10%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Select Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $21.15 | $15.36 | $14.62 | $15.80 | $15.63 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income<br>(loss)(a) | 0.05 | 0.01 | 0.10 | 0.16 | 0.14 |
| Net realized and <br>unrealized gain (loss) | (3.23) | 6.59 | 0.76 | 1.01 | 0.59 |
| Total from investment <br>operations | (3.18) | 6.60 | 0.86 | 1.17 | 0.73 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.02) |  | (0.12) | (0.15) | (0.09) |
| Dividends from net <br>realized gains | (1.50) | (0.81) |  | (2.20) | (0.47) |
| Total distributions\*\* | (1.52) | (0.81) | (0.12) | (2.35) | (0.56) |
| Net asset value, end of year | $16.45 | $21.15 | $15.36 | $14.62 | $15.80 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (16.00%) | 44.28% | 5.92% | 10.43% | 4.78% |
| Net assets, end of <br>year (000) | $30660 | $38585 | $36075 | $28389 | $21892 |
| Ratio of net expenses to <br>average net assets | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.32% | 1.32% | 1.39% | 1.36% | 1.36% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.25% | 0.07% | 0.69% | 1.13% | 0.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos International Growth Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $28.83 | $22.96 | $17.97 | $18.10 | $21.55 | $24.94 | $20.17 | $15.91 | $16.38 | $19.72 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income<br>(loss)(a) | 0.21 | 0.05 | (0.04) | 0.09 | 0.15 | 0.05 | (0.16) | (0.16) | (0.05) | (0.03) |
| Net realized and <br>unrealized gain (loss) | (9.48 | 7.29 | 5.03 | 1.80 | (2.78) | (8.00) | 6.40 | 4.42 | 1.60 | (2.49) |
| Total from investment <br>operations | (9.27 | 7.34 | 4.99 | 1.89 | (2.63) | (7.95) | 6.24 | 4.26 | 1.55 | (2.52) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.00 |  |  |  |  |  |  |  |  |  |
| Dividends from net <br>realized gains | (4.13 | (1.47) |  | (2.02) | (0.82) | (4.13) | (1.47) |  | (2.02) | (0.82) |
| Total distributions\*\* | (4.13 | (1.47) |  | (2.02) | (0.82) | (4.13) | (1.47) |  | (2.02) | (0.82) |
| Net asset value, end of year | $15.43 | $28.83 | $22.96 | $17.97 | $18.10 | $12.86 | $24.94 | $20.17 | $15.91 | $16.38 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (36.67 | 32.76% | 27.82% | 13.07% | (12.70%) | (37.18%) | 31.79% | 26.84% | 12.21% | (13.35%) |
| Net assets, end of <br>year (000) | $46993 | $79503 | $60527 | $53950 | $59566 | $1989 | $3953 | $6344 | $9022 | $20449 |
| Ratio of net expenses to <br>average net assets | 1.10 | 1.10% | 1.10% | 1.10% | 1.33% | 1.85% | 1.85% | 1.85% | 1.85% | 2.06% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.64 | 1.56% | 1.52% | 1.48% | 1.51% | 2.39% | 2.31% | 2.27% | 2.26% | 2.26% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 1.04 | 0.19% | (0.20%) | 0.51% | 0.71% | 0.27% | (0.69%) | (0.95%) | (0.35%) | (0.17%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 129% | 99% | 85% | 81% | 112% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos International Growth Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | September 17,<br>2018• through<br>October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $29.92 | $23.73 | $18.53 | $18.55 | $22.01 | $30.20 | $23.93 | $18.67 | $18.66 | $20.89 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.27 | 0.12 | 0.01 | 0.13 | 0.18 | 0.31 | 0.15 | 0.05 | 0.20 | 0.01 |
| Net realized and <br>unrealized gain (loss) | (9.88) | 7.54 | 5.19 | 1.87 | (2.82) | (10.00) | 7.61 | 5.21 | 1.83 | (2.24) |
| Total from investment <br>operations | (9.61) | 7.66 | 5.20 | 2.00 | (2.64) | (9.69) | 7.76 | 5.26 | 2.03 | (2.23) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.08) | (0.00 |  |  |  | (0.10) | (0.02) |  |  |  |
| Dividends from net <br>realized gains | (4.13) | (1.47 |  | (2.02) | (0.82) | (4.13) | (1.47) |  | (2.02) |  |
| Total distributions\*\* | (4.21) | (1.47 |  | (2.02) | (0.82) | (4.23) | (1.49) |  | (2.02) |  |
| Net asset value, end of year | $16.10 | $29.92 | $23.73 | $18.53 | $18.55 | $16.28 | $30.20 | $23.93 | $18.67 | $18.66 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (36.54%) | 33.13 | 28.06% | 13.32% | (12.48%) | (36.47%) | 33.24% | 28.23% | 13.41% | (10.67<br> %) |
| Net assets, end of <br>year (000) | $120520 | $216723 | $156321 | $134562 | $153312 | $4332 | $1921 | $1012 | $7463 | $22 |
| Ratio of net expenses to <br>average net assets | 0.85% | 0.85 | 0.85% | 0.85% | 1.06% | 0.75% | 0.77% | 0.76% | 0.77% | 0.76<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.39% | 1.31 | 1.28% | 1.23% | 1.26% | 1.28% | 1.22% | 1.17% | 1.15% | 1.21<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | 1.28% | 0.43 | 0.05% | 0.75% | 0.85% | 1.59% | 0.51% | 0.24% | 1.13% | 0.34<br> %(c) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

PROSPECTUS \| March 1, 2023

------

Calamos Evolving World Growth Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $22.25 | $19.60 | $14.12 | $12.54 | $14.83 | $20.55 | $18.26 | $13.16 | $11.78 | $14.03 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.12 | (0.05) | (0.07) | 0.09 | (0.01 | (0.03) | (0.22) | (0.18) | (0.01) | (0.12) |
| Net realized and <br>unrealized gain (loss) | (7.79) | 3.15 | 5.66 | 1.49 | (2.28 | (7.18) | 2.96 | 5.28 | 1.39 | (2.13) |
| Total from investment <br>operations | (7.67) | 3.10 | 5.59 | 1.58 | (2.29 | (7.21) | 2.74 | 5.10 | 1.38 | (2.25) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.07) |  | (0.11) |  | (0.00 |  |  |  |  |  |
| Dividends from net <br>realized gains |  | (0.45) |  |  |  |  | (0.45) |  |  |  |
| Return of capital |  |  |  |  | (0.00 |  |  |  |  |  |
| Total distributions\*\* | (0.07) | (0.45) | (0.11) |  | (0.00 |  | (0.45) |  |  |  |
| Net asset value, end of year | $14.51 | $22.25 | $19.60 | $14.12 | $12.54 | $13.34 | $20.55 | $18.26 | $13.16 | $11.78 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (34.55%) | 15.87% | 39.81% | 12.60% | (15.43 | (35.04%) | 15.05% | 38.75% | 11.71% | (16.04%) |
| Net assets, end of <br>year (000) | $36890 | $54731 | $31015 | $28168 | $34678 | $6153 | $16050 | $13183 | $13478 | $17739 |
| Ratio of net expenses to <br>average net assets | 1.30% | 1.30% | 1.56% | 1.64% | 1.63 | 2.05% | 2.05% | 2.32% | 2.39% | 2.38% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.63% | 1.60% | 1.64% | 1.64% | 1.63 | 2.39% | 2.34% | 2.39% | 2.39% | 2.38% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.67% | (0.21%) | (0.47%) | 0.63% | (0.08 | (0.16%) | (1.04%) | (1.23%) | (0.11%) | (0.85%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 132% | 140% | 125% | 78% | 97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Evolving World Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $22.51 | $19.78 | $14.26 | $12.63 | $14.96 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.17 | 0.01 | (0.03) | 0.12 | 0.02 |
| Net realized and <br>unrealized gain (loss) | (7.87) | 3.18 | 5.71 | 1.51 | (2.29 |
| Total from investment <br>operations | (7.70) | 3.19 | 5.68 | 1.63 | (2.27 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.14) | (0.01) | (0.16) |  | (0.06 |
| Dividends from net <br>realized gains |  | (0.45) |  |  |  |
| Return of capital |  |  |  |  | (0.00 |
| Total distributions\*\* | (0.14) | (0.46) | (0.16) |  | (0.06 |
| Net asset value, end of year | $14.67 | $22.51 | $19.78 | $14.26 | $12.63 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (34.39%) | 16.17% | 40.16% | 12.91% | (15.21 |
| Net assets, end of <br>year (000) | $315858 | $509216 | $193243 | $120318 | $152114 |
| Ratio of net expenses to <br>average net assets | 1.05% | 1.05% | 1.30% | 1.39% | 1.38 |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.38% | 1.35% | 1.39% | 1.39% | 1.38 |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.90% | 0.04% | (0.22%) | 0.91% | 0.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Global Equity Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $18.40 | $14.05 | $11.64 | $13.61 | $15.63 | $15.45 | $12.03 | $10.15 | $12.34 | $14.40 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.02 | (0.08) | (0.07) | (0.01) | 0.00<br> \* | (0.07) | (0.18) | (0.14) | (0.09) | (0.10) |
| Net realized and <br>unrealized gain (loss) | (4.94) | 5.49 | 3.37 | 0.79 | (0.63) | (4.05) | 4.66 | 2.91 | 0.65 | (0.57) |
| Total from investment <br>operations | (4.92) | 5.41 | 3.30 | 0.78 | (0.63) | (4.12) | 4.48 | 2.77 | 0.56 | (0.67) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  |  |  |  |  |  |  |
| Dividends from net <br>realized gains | (1.98) | (1.06) | (0.89) | (2.75) | (1.39) | (1.98) | (1.06) | (0.89) | (2.75) | (1.39) |
| Total distributions\*\* | (1.98) | (1.06) | (0.89) | (2.75) | (1.39) | (1.98) | (1.06) | (0.89) | (2.75) | (1.39) |
| Net asset value, end of year | $11.50 | $18.40 | $14.05 | $11.64 | $13.61 | $9.35 | $15.45 | $12.03 | $10.15 | $12.34 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (29.36%) | 39.89% | 30.07% | 10.28% | (4.59<br> %) | (29.96%) | 38.88% | 29.19% | 9.36% | (5.31%) |
| Net assets, end of <br>year (000) | $21143 | $32511 | $21814 | $20236 | $27489 | $726 | $1492 | $4635 | $8011 | $10887 |
| Ratio of net expenses to <br>average net assets | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.61% | 1.58% | 1.65% | 1.51% | 1.56% | 2.37% | 2.33% | 2.40% | 2.26% | 2.32% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.17% | (0.48%) | (0.59%) | (0.08%) | 0.03% | (0.59%) | (1.32%) | (1.31%) | (0.86%) | (0.76%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 77% | 72% | 71% | 72% | 81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Global Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $19.20 | $14.59 | $12.02 | $13.93 | $15.95 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.05 | (0.04) | (0.04) | 0.02 | 0.03 |
| Net realized and <br>unrealized gain (loss) | (5.17) | 5.71 | 3.50 | 0.82 | (0.64) |
| Total from investment <br>operations | (5.12) | 5.67 | 3.46 | 0.84 | (0.61) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |  | (0.02) |
| Dividends from net <br>realized gains | (1.98) | (1.06) | (0.89) | (2.75) | (1.39) |
| Total distributions\*\* | (1.98) | (1.06) | (0.89) | (2.75) | (1.41) |
| Net asset value, end of year | $12.10 | $19.20 | $14.59 | $12.02 | $13.93 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (29.20%) | 40.29% | 30.46% | 10.52% | (4.38%) |
| Net assets, end of <br>year (000) | $51538 | $103256 | $65062 | $52619 | $58078 |
| Ratio of net expenses to <br>average net assets | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.36% | 1.33% | 1.40% | 1.26% | 1.31% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 0.37% | (0.23%) | (0.34%) | 0.14% | 0.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Global Equity Fund

**Selected data for a share outstanding throughout each period were as follows:**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | June 23, <br>2020• through<br>October 31, |
| | **2022** | **2021** | **2020** |
| Net asset value, beginning <br>of period | $19.21 | $14.59 | $13.19 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.02) | (0.03) | (0.02) |
| Net realized and <br>unrealized gain (loss) | (5.10) | 5.71 | 1.42 |
| Total from investment <br>operations | (5.12) | 5.68 | 1.40 |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |  |
| Dividends from net <br>realized gains | (1.98) | (1.06) |  |
| Total distributions | (1.98) | (1.06) |  |
| Net asset value, end of period | $12.11 | $19.21 | $14.59 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (29.18%) | 40.36% | 10.61% |
| Net assets, end of <br>year (000) | $11 | $168 | $120 |
| Ratio of net expenses to <br>average net assets | 1.12% | 1.09% | 1.09<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.35% | 1.27% | 1.36<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.12%) | (0.18%) | (0.45<br> %)(c) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

CALAMOS FAMILY OF FUNDS

------

Calamos Global Opportunities Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $12.72 | $10.02 | $8.51 | $8.99 | $9.85 | $10.92 | $8.71 | $7.45 | $7.98 | $8.84 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.03) | (0.04) | 0.07 | 0.10 | 0.09 | (0.09) | (0.11) | 0.00 | 0.04 | 0.02 |
| Net realized and <br>unrealized gain (loss) | (2.88) | 3.42 | 1.55 | 0.37 | (0.35) | (2.44) | 2.95 | 1.35 | 0.31 | (0.31) |
| Total from investment <br>operations | (2.91) | 3.38 | 1.62 | 0.47 | (0.26) | (2.53) | 2.84 | 1.35 | 0.35 | (0.29) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  | (0.05) | (0.02) | (0.07) | (0.03) |  |  |  |  |  |
| Dividends from net <br>realized gains | (0.66) | (0.63) | (0.09) | (0.88) | (0.57) | (0.66) | (0.63) | (0.09) | (0.88) | (0.57) |
| Total distributions\*\* | (0.66) | (0.68) | (0.11) | (0.95) | (0.60) | (0.66) | (0.63) | (0.09) | (0.88) | (0.57) |
| Net asset value, end of year | $9.15 | $12.72 | $10.02 | $8.51 | $8.99 | $7.73 | $10.92 | $8.71 | $7.45 | $7.98 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (23.93%) | 34.84% | 19.09% | 6.67% | (2.91%) | (24.43%) | 33.77% | 18.22% | 5.87% | (3.61%) |
| Net assets, end of <br>year (000) | $86403 | $119261 | $88618 | $83069 | $63069 | $7528 | $10032 | $8946 | $14742 | $54425 |
| Ratio of net expenses to <br>average net assets | 1.22% | 1.31% | 1.53% | 1.49% | 1.50% | 1.97% | 2.07% | 2.28% | 2.28% | 2.25% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.46% | 1.45% | 1.53% | 1.49% | 1.50% | 2.21% | 2.20% | 2.28% | 2.28% | 2.25% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.28%) | (0.33%) | 0.78% | 1.20% | 0.93% | (1.03%) | (1.09%) | 0.01% | 0.50% | 0.18% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 92% | 82% | 119% | 69% | 75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Global Opportunities Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $13.18 | $10.36 | $8.79 | $9.25 | $10.11 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | (0.02) | (0.01) | 0.09 | 0.13 | 0.12 |
| Net realized and <br>unrealized gain (loss) | (2.96) | 3.54 | 1.60 | 0.38 | (0.36) |
| Total from investment <br>operations | (2.98) | 3.53 | 1.69 | 0.51 | (0.24) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.01) | (0.08) | (0.03) | (0.09) | (0.05) |
| Dividends from net <br>realized gains | (0.66) | (0.63) | (0.09) | (0.88) | (0.57) |
| Total distributions\*\* | (0.67) | (0.71) | (0.12) | (0.97) | (0.62) |
| Net asset value, end of year | $9.53 | $13.18 | $10.36 | $8.79 | $9.25 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (23.66%) | 35.16% | 19.33% | 6.95% | (2.65%) |
| Net assets, end of <br>year (000) | $117790 | $152596 | $65909 | $53594 | $72843 |
| Ratio of net expenses to <br>average net assets | 0.97% | 1.04% | 1.28% | 1.25% | 1.25% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.21% | 1.20% | 1.28% | 1.25% | 1.25% |
| Ratio of net investment <br>income (loss) to average <br>net assets | (0.14%) | (0.09%) | 1.01% | 1.47% | 1.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos International Small Cap Growth Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | |
|:---|:---|:---|
| | **CLASS A** | **CLASS C** |
| | March 31, <br>2022• through<br>October 31, | March 31, <br>2022• through<br>October 31, |
| | **2022** | **2022** |
| Net asset value, beginning <br>of year | $10.00 | $10.00 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.05 | 0.01 |
| Net realized and <br>unrealized gain (loss) | (2.40) | (2.39) |
| Total from investment <br>operations | (2.35) | (2.38) |
| Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |
| Dividends from net <br>realized gains |  |  |
| Total distributions\*\* |  |  |
| Net asset value, end of year | $7.65 | $7.62 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (23.50<br> %) | (23.80<br> %) |
| Net assets, end of <br>year (000) | $13 | $8 |
| Ratio of net expenses to <br>average net assets | 2.66<br> %(c) | 2.67<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 11.03<br> %(c) | 11.03<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (9.66<br> %)(c) | (9.66<br> %)(c) |

---

---

| | |
|:---|:---|
| | March 31, <br>2022• through<br>October 31, |
| | **2022** |
| Portfolio turnover rate | 64<br> %(d) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized.

PROSPECTUS \| March 1, 2023

------

Calamos International Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| | **CLASS I** | **CLASS R6** |
| | March 31, <br>2022• through<br>October 31, | March 31, <br>2022• through<br>October 31, |
| | **2022** | **2022** |
| Net asset value, beginning <br>of year | $10.00 | $10.00 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.06 | 0.06 |
| Net realized and <br>unrealized gain (loss) | (2.40) | (2.40) |
| Total from investment <br>operations | (2.34) | (2.34) |
| Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income |  |  |
| Dividends from net <br>realized gains |  |  |
| Total distributions\*\* |  |  |
| Net asset value, end of year | $7.66 | $7.66 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (23.40<br> %) | (23.40<br> %) |
| Net assets, end of <br>year (000) | $1740 | $8 |
| Ratio of net expenses to <br>average net assets | 2.67<br> %(c) | 2.67<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 11.03<br> %(c) | 11.03<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | (9.66<br> %)(c) | (9.66<br> %)(c) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

CALAMOS FAMILY OF FUNDS

------

Calamos Total Return Bond Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $10.61 | $10.85 | $10.53 | $9.81 | $10.39 | $10.61 | $10.85 | $10.53 | $9.81 | $10.39 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.24 | 0.19 | 0.21 | 0.27 | 0.25 | 0.17 | 0.11 | 0.14 | 0.20 | 0.17 |
| Net realized and <br>unrealized gain (loss) | (1.81) | (0.19) | 0.33 | 0.72 | (0.49) | (1.81) | (0.19) | 0.32 | 0.72 | (0.48) |
| Total from investment <br>operations | (1.57) |  | 0.54 | 0.99 | (0.24) | (1.64) | (0.08) | 0.46 | 0.92 | (0.31) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.24) | (0.23) | (0.22) | (0.27) | (0.26) | (0.17) | (0.15) | (0.14) | (0.20) | (0.20) |
| Dividends from net <br>realized gains | (0.13) | (0.01) |  |  | (0.05) | (0.13) | (0.01) |  |  | (0.05) |
| Return of capital |  |  |  |  | (0.03) |  |  |  |  | (0.02) |
| Total distributions\*\* | (0.37) | (0.24) | (0.22) | (0.27) | (0.34) | (0.30) | (0.16) | (0.14) | (0.20) | (0.27) |
| Net asset value, end of year | $8.67 | $10.61 | $10.85 | $10.53 | $9.81 | $8.67 | $10.61 | $10.85 | $10.53 | $9.81 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (15.13%) | 0.01% | 5.18% | 10.24% | (2.30%) | (15.76%) | (0.74%) | 4.40% | 9.42% | (3.03%) |
| Net assets, end of <br>year (000) | $14662 | $22394 | $24376 | $22565 | $17109 | $549 | $800 | $1777 | $2929 | $6413 |
| Ratio of net expenses to <br>average net assets | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.15% | 1.01% | 1.03% | 1.09% | 1.05% | 1.90% | 1.76% | 1.77% | 1.84% | 1.80% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 2.48% | 1.77% | 2.00% | 2.67% | 2.44% | 1.72% | 1.02% | 1.28% | 1.98% | 1.69% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 28% | 51% | 61% | 64% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos Total Return Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $10.61 | $10.85 | $10.54 | $9.81 | $10.39 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.26 | 0.22 | 0.24 | 0.30 | 0.27 |
| Net realized and <br>unrealized gain (loss) | (1.79) | (0.20) | 0.32 | 0.73 | (0.48) |
| Total from investment <br>operations | (1.53) | 0.02 | 0.56 | 1.03 | (0.21) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.27) | (0.25) | (0.25) | (0.30) | (0.29) |
| Dividends from net <br>realized gains | (0.13) | (0.01) |  |  | (0.05) |
| Return of capital |  |  |  |  | (0.03) |
| Total distributions\*\* | (0.40) | (0.26) | (0.25) | (0.30) | (0.37) |
| Net asset value, end of year | $8.68 | $10.61 | $10.85 | $10.54 | $9.81 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (14.92%) | 0.17% | 5.34% | 10.62% | (2.06%) |
| Net assets, end of <br>year (000) | $18622 | $43979 | $60602 | $35570 | $32888 |
| Ratio of net expenses to <br>average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.88% | 0.76% | 0.77% | 0.84% | 0.80% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 2.65% | 2.02% | 2.21% | 2.92% | 2.69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos High Income Opportunities Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $8.58 | $7.96 | $8.34 | $8.37 | $8.87 | $9.14 | $8.45 | $8.82 | $8.82 | $9.31 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.37 | 0.35 | 0.43 | 0.48 | 0.47 | 0.33 | 0.31 | 0.40 | 0.45 | 0.42 |
| Net realized and <br>unrealized gain (loss) | (1.27) | 0.66 | (0.35) | (0.01) | (0.45) | (1.35) | 0.71 | (0.38) | (0.02) | (0.46) |
| Total from investment <br>operations | (0.90) | 1.01 | 0.08 | 0.47 | 0.02 | (1.02) | 1.02 | 0.02 | 0.43 | (0.04) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.38) | (0.27) | (0.46) | (0.50) | (0.52) | (0.32) | (0.21) | (0.39) | (0.43) | (0.45) |
| Dividends from net <br>realized gains |  |  |  |  |  |  |  |  |  |  |
| Return of capital |  | (0.12) |  |  |  |  | (0.12) |  |  |  |
| Total distributions\*\* | (0.38) | (0.39) | (0.46) | (0.50) | (0.52) | (0.32) | (0.33) | (0.39) | (0.43) | (0.45) |
| Net asset value, end of year | $7.30 | $8.58 | $7.96 | $8.34 | $8.37 | $7.80 | $9.14 | $8.45 | $8.82 | $8.82 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (10.67%) | 12.88% | 1.13% | 5.85% | 0.25% | (11.35%) | 12.11% | 0.38% | 5.04% | (0.42%) |
| Net assets, end of <br>year (000) | $26775 | $34550 | $30580 | $35124 | $32282 | $471 | $677 | $981 | $1887 | $9772 |
| Ratio of net expenses to <br>average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.40% | 1.33% | 1.37% | 1.23% | 1.46% | 2.15% | 2.08% | 2.11% | 2.08% | 2.22% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 4.71% | 4.10% | 5.34% | 5.71% | 5.41% | 3.95% | 3.38% | 4.67% | 5.16% | 4.66% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 30% | 49% | 52% | 46% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

PROSPECTUS \| March 1, 2023

------

Calamos High Income Opportunities Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $8.58 | $7.96 | $8.34 | $8.37 | $8.86 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.39 | 0.37 | 0.44 | 0.50 | 0.49 |
| Net realized and <br>unrealized gain (loss) | (1.27) | 0.67 | (0.34) | (0.01) | (0.44) |
| Total from investment <br>operations | (0.88) | 1.04 | 0.10 | 0.49 | 0.05 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.40) | (0.30) | (0.48) | (0.52) | (0.54) |
| Dividends from net <br>realized gains |  |  |  |  |  |
| Return of capital |  | (0.12) |  |  |  |
| Total distributions\*\* | (0.40) | (0.42) | (0.48) | (0.52) | (0.54) |
| Net asset value, end of year | $7.30 | $8.58 | $7.96 | $8.34 | $8.37 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (10.45%) | 13.16% | 1.38% | 6.11% | 0.62% |
| Net assets, end of <br>year (000) | $9150 | $9267 | $6716 | $7003 | $7706 |
| Ratio of net expenses to <br>average net assets | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 1.15% | 1.08% | 1.12% | 0.99% | 1.21% |
| Ratio of net investment <br>income (loss) to average <br>net assets | 4.98% | 4.34% | 5.56% | 5.97% | 5.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS FAMILY OF FUNDS

------

Calamos Short-Term Bond Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | September 19, <br>2018• through <br>October 31, | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | September 19, <br>2018• through <br>October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning <br>of year | $9.91 | $10.23 | $10.20 | $9.98 | $10.00 | $9.91 | $10.23 | $10.20 | $9.98 | $10.00 |
| Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: | Income from investment <br>operations: |
| Net investment income <br>(loss)(a) | 0.13 | 0.15 | 0.21 | 0.25 | 0.03 | 0.15 | 0.17 | 0.25 | 0.28 | 0.04 |
| Net realized and <br>unrealized gain (loss) | (0.62) | (0.07) | 0.12 | 0.23 | (0.02) | (0.62) | (0.06) | 0.10 | 0.22 | (0.02) |
| Total from investment <br>operations | (0.49) | 0.08 | 0.33 | 0.48 | 0.01 | (0.47) | 0.11 | 0.35 | 0.50 | 0.02 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net <br>investment income | (0.14) | (0.31) | (0.25) | (0.26 | (0.03) | (0.16) | (0.34) | (0.27) | (0.28 | (0.04) |
| Dividends from net <br>realized gains |  | (0.09) | (0.05) | (0.00 |  |  | (0.09) | (0.05) | (0.00 |  |
| Total distributions\*\* | (0.14) | (0.40) | (0.30) | (0.26 | (0.03) | (0.16) | (0.43) | (0.32) | (0.28 | (0.04) |
| Net asset value, end of year | $9.28 | $9.91 | $10.23 | $10.20 | $9.98 | $9.28 | $9.91 | $10.23 | $10.20 | $9.98 |
| Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: | Ratios and supplemental <br>data: |
| Total return(b) | (4.99%) | 0.85% | 3.24% | 4.84 | 0.12% | (4.77%) | 1.11% | 3.49% | 5.09 | 0.16% |
| Net assets, end of <br>year (000) | $2128 | $2661 | $3225 | $601 | $25 | $356908 | $306398 | $176439 | $217552 | $15118 |
| Ratio of net expenses to <br>average net assets | 0.63% | 0.65% | 0.65% | 0.65 | 0.66<br> %(c) | 0.38% | 0.40% | 0.40% | 0.40 | 0.42<br> %(c) |
| Ratio of gross expenses to <br>average net assets prior <br>to expense reductions | 0.63% | 0.65% | 0.68% | 0.74 | 48.01<br> %(c) | 0.38% | 0.40% | 0.42% | 0.47 | 2.13<br> %(c) |
| Ratio of net investment <br>income (loss) to average <br>net assets | 1.36% | 1.51% | 2.12% | 2.47 | 2.55<br> %(c) | 1.58% | 1.73% | 2.44% | 2.73 | 3.22<br> %(c) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | September 19,<br>2018• through<br>October 31, |
| | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate | 48% | 44% | 41% | 132% | 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\* Amounts are less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

PROSPECTUS \| March 1, 2023

------

**Appendix**

Ameriprise Prospectus Disclosure

**Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:**

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:*

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI:

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

• Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversions of Class C shares following a shorter holding period, that waiver will apply.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

Janney Prospectus Disclosure

If you purchase fund shares through a Janney Montgomery Scott LLC ("Janney") brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

**Front-end sales charge\* waivers on Class A shares available at Janney**

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase

------

occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Shares acquired through a right of reinstatement.

• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC waivers on Class A and C shares available at Janney**

• Shares sold upon the death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

• Shares purchased in connection with a return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and other retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

• Shares acquired through a right of reinstatement.

• Shares exchanged into the same share class of a different fund.

**Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent**

• Breakpoints as described in the fund's Prospectus.

• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

\* Also referred to as an "initial sales charge."

Merrill Lynch Prospectus Disclosure

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.**

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

------

**Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch**<br>

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

Shares purchased through a Merrill Lynch affiliated investment advisory program

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement

**CDSC Waivers on A and C Shares available at Merrill Lynch**<br>

Death or disability of the shareholder

Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

Return of excess contributions from an IRA Account

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

Shares acquired through a right of reinstatement

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

------

**Front-end load Discounts Available at Merrill Lynch: <br>Breakpoints, Rights of Accumulation & Letters of Intent**

Breakpoints as described in this prospectus.

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley Prospectus Disclosure

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**<u>Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management</u>**

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Oppenheimer Prospectus Disclosure

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back- end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**<u>Front-end sales load waivers on class A shares available at OPCO</u>**

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

------

• Shares purchased by or through a 529 Plan

• Shares purchased through a OPCO affiliated investment advisory program

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

• Employees and registered representatives of OPCO or its affiliates and their family members

• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

**<u>CDSC Waivers on A, B and C shares available at OPCO</u>**

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations

• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO Shares acquired through a right of reinstatement

**<u>Front-end load discounts available at OPCO: breakpoints, rights of accumulation & letters of intent</u>**

• Breakpoints as described in this prospectus.

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Raymond James Prospectus Disclosure

**<u>Intermediary-Defined Sales Charge Waiver Policies</u>**

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

------

**<u>Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")</u>**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**<u>Front-end sales load waivers on Class A shares available at Raymond James</u>**

• Shares purchased in an investment advisory program.

• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**<u>CDSC Waivers on Classes A, B and C shares available at Raymond James</u>**

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

**<u>Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent</u>**

• Breakpoints as described in this prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

------

Robert W. Baird & Co. Prospectus Disclosure

**<u>Robert W. Baird & Co. ("Baird"):</u>**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI

**<u>Front-end sales charge waivers on Investors A-shares available at Baird</u>**

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund

• Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

• Shares purchased using the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

• A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**<u>CDSC Waivers on Investor A and C shares available at Baird</u>**

• Shares sold due to death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

• Shares bought due to returns of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund's prospectus

• Shares sold to pay Baird fees but only if the transaction is initiated by Baird

• Shares acquired through a right of reinstatement

**<u>Front-end sales charge discounts available at Baird: breakpoints and/or rights of accumulations</u>**

• Breakpoints as described in this prospectus

• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time

------

If you would like more information about the Funds, the following resources are available upon request, free of charge.

Additional information about the Funds' investments will be available in the Funds' semiannual and annual reports to shareholders. The annual report contains a discussion of the market conditions and investment strategies that significantly affected the Funds' performance for the one-year period ended October 31, 2022. The semiannual report will contain a similar discussion for the six months ended April 30, 2023.

The Statement of Additional Information provides more detailed information about the Funds and, except for the information in the section entitled "Financial Statements," is incorporated into this prospectus by reference.

Copies of the reports and the Statement of Additional Information are available, without charge, upon request, by calling 800.582.6959 or by visiting the Funds' website at www.calamos.com. You can request other information and discuss your questions about the Funds by contacting Calamos Financial Services LLC at:

Calamos Financial Services LLC

2020 Calamos Court

Naperville, Illinois 60563

Telephone: 800.582.6959

The Funds' reports and Statement of Additional Information are available on the EDGAR database on the Commission's Internet website at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by electronic request to:

E-mail: publicinfo@sec.gov.

FOR 24 HOUR AUTOMATED

SHAREHOLDER ASSISTANCE

800.823.7386 TO OBTAIN INFORMATION

ABOUT YOUR INVESTMENTS

800.582.6959 VISIT OUR WEBSITE

www.calamos.com

INVESTMENT ADVISER

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

TRANSFER AGENT

U.S. Bank Global Fund Services

615 E. Michigan St. 3rd floor

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

Deloitte & Touche LLP

Chicago, IL

LEGAL COUNSEL

Ropes & Gray LLP

Chicago, IL

![](j2314552_za001.jpg)

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959 www.calamos.com

<sup>©</sup> 2023 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.

MFPRO 03/23

811-05443

------

![](j23145523_ac001.jpg)

![](j23145523_ac002.jpg)

Family of Funds

 <u> CLASS A</u> <u> CLASS C</u> <u> CLASS I</u> <u> CLASS R6</u> <br> Calamos Global Sustainable Equities Fund CAGSX CGCSX CGSIX CGSOX

Prospectus March 1, 2023

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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**Table of Contents**

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| | |
|:---|:---|
| Calamos Global Sustainable <br>Equities Fund | 1 |
| Other Important Information<br>Regarding Fund Shares | 7 |
| Additional Information About <br>Investment Strategies and Related<br>Risks | 9 |
| Fund Facts | 15 |
| Who manages the Fund? | 15 |
| What classes of shares do the <br>Fund offer? | 16 |
| How can I buy shares? | 23 |
| How can I sell (redeem) shares? | 27 |
| Transaction information | 31 |
| Distributions and taxes | 36 |
| Other Information | 38 |
| Financial Highlights | 40 |
| Appendix |  |
| For More Information | back cover |

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Calamos Global Sustainable Equities Fund

Investment Objective

Calamos Global Sustainable Equities Fund's investment objective is long-term capital appreciation.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Investors may pay other fees, such as brokerage commissions and/or other forms of compensation to a financial intermediary, which are not reflected in the tables or the examples below. More information about discounts is available from your financial professional and under "Fund Facts — What classes of shares does the Fund offer?" on page 16 of the Fund's prospectus, in the Appendix to this prospectus and "Share Classes and Pricing of Shares" on page 39 of the Fund's statement of additional information.

**Shareholder Fees (fees paid directly from your investment):**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br>offering price) | 4.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the <br>redemption price or offering price) |  | 1.00% |  |  |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| Management Fees | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and/or Service Fees (12b-1) | 0.25% | 1.00% |  |  |
| Other Expenses | 4.67% | 4.67% | 4.67% | 4.67% |
| Total Annual Fund Operating Expenses | 5.77% | 6.52% | 5.52% | 5.52% |
| Expense Reimbursement<sup>1</sup> | (4.57)% | (4.57)% | (4.57)% | (4.61)% |
| Total Annual Fund Operating Expenses After Reimbursement | 1.20% | 1.95% | 0.95% | 0.91% |

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1 The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2025 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 1.20%, 1.95% and 0.95% of average net assets, respectively. The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses through March 1, 2025 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). 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, and extraordinary expenses, if any. Calamos Advisors LLC ("Calamos Advisors") 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 Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year that all dividends and capital gain distributions are reinvested, that you pay a maximum initial or contingent deferred sales charge and that the Fund's operating expenses remain the same. Any applicable fee waivers and/or expense

PROSPECTUS \| March 1, 2023

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Calamos Global Sustainable Equities Fund

reimbursements are reflected in the below examples for the period through March 1, 2025 only. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

You would pay the following expenses if you redeemed your shares at the end of the period:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 591 |  | 1,300 |  | 2,466 |  | 5,305 |
| Class C |  | 298 |  | 1,087 |  | 2,430 |  | 5,614 |
| Class I |  | 97 |  | 791 |  | 1,974 |  | 4,879 |
| Class R6 |  | 93 |  | 783 |  | 1,967 |  | 4,874 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **One Year** | **One Year** | **Three Years** | **Three Years** | **Five Years** | **Five Years** | **Ten Years** | **Ten Years** |
| Class A |  | 591 |  | 1,300 |  | 2,466 |  | 5,305 |
| Class C |  | 198 |  | 1,087 |  | 2,430 |  | 5,614 |
| Class I |  | 97 |  | 791 |  | 1,974 |  | 4,879 |
| Class R6 |  | 93 |  | 783 |  | 1,967 |  | 4,874 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the period from December 17, 2021 (commencement of operations) through October 31, 2022, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes, if any) in common stock of companies in developed and emerging markets (including frontier market countries), that have above average growth potential and meet the environmental, social and governance ("ESG") criteria of Calamos Advisors. The Fund will maintain a minimum investment in non-U.S. companies, including emerging markets that will be no less than 40% of the Fund's assets under normal market conditions. The Fund will generally be invested in a minimum of five (5) countries.

Emerging markets are markets of countries in the initial stages of industrialization and generally have low per capita income. Foreign (non-U.S.) companies are those that either maintain their principal place of business outside of the United States, have their securities principally traded on non-U.S. exchanges or were formed under the laws of non-U.S. countries. Foreign companies may include companies doing business in the United States but meet the general criteria of a foreign company described above. Emerging markets are markets of countries in the initial stages of industrialization and generally have low per capita income. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets are the least advanced capital markets in the developing world. Frontier markets are countries with investable stock markets that are less established than those in the emerging markets. To determine if a country is an emerging market or frontier market country, Calamos Advisors will use the classification provided by MSCI, Inc. Foreign securities include American Depositary Receipts ("ADRs") or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") or other securities representing underlying shares of foreign issuers.

Calamos Advisors utilizes a proprietary ESG rating system, considering both quantitative and qualitative factors, to identify responsible, engaged companies. The team believes that a company's understanding of ESG principles demonstrates the

CALAMOS FAMILY OF FUNDS

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Calamos Global Sustainable Equities Fund

qualities of innovation and leadership that create a distinct competitive advantage and build long-term value. Therefore, the team conducts fundamental research to find companies with attractive ESG and financial attributes. In conducting fundamental research, the team combines traditional investment information with proprietary ESG analysis. The team believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging ESG risks and opportunities. The team considers a company's position on various factors such as ecological limits, environmental stewardship, environmental strategies, stance on human rights and equality, societal impact as well as its corporate governance practices. This philosophy and process results in certain industries and business activities that are too environmentally risky or present social outcomes that are too unattractive to warrant investment consideration and are avoided, they are: Agricultural Biotechnology, Alcohol, Animal Testing, Fossil Fuels, Gambling, Metals & Mining, Nuclear Energy, Tobacco and Weapons. Calamos Advisors will generally exclude a company from investment consideration to the extent the company derives revenue or profits that exceed 5% in the particular industry or business activity. Calamos Advisors utilizes a range of data sources as part of its proprietary ESG ratings system. These data sources may include, but are not limited to: corporate disclosures, third party research providers (e.g. MSCI ESG, Bloomberg etc.), NGOs and non profits (e.g., Greenpeace, Friends of Earth etc.), academic publications, news services and memberships. Calamos Advisors does not rely on the ESG ratings or criteria of any third party research providers.

The Fund may invest in companies of any size, and seeks diversification by country and economic sector. The Fund invests primarily in common stocks or ADRs, EDRs and GDRs.

Calamos Advisors may sell stocks for several reasons, including when the stock no longer meets its ESG criteria or when the security declines in value or is overvalued and no longer reflects the investment thesis defined by Calamos Advisors.

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

• Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk.

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Calamos Global Sustainable Equities Fund

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Large-Capitalization Investing Risk — Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

• Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• Sustainability (ESG) Policy Risk — The Fund's ESG policy could cause it to perform differently compared to similar funds that do not have such a policy. The application of the social and environmental standards of Calamos Advisors may affect the Fund's exposure to certain issuers, industries, sectors, and factors that may impact the relative financial performance of the Fund — positively or negatively — depending on whether such investments are in or out of favor. In executing the Fund's investment strategy Calamos Advisors will rely on ESG related data provided by third parties. There is no assurance that ESG data sources will always be available.

Fund Performance

The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. As always, please note that the Fund's past performance (before and after taxes) cannot predict how it will perform in the future. Updated performance information is available at no cost by visiting www.calamos.com or by calling 800.582.6959.

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Calamos Global Sustainable Equities Fund

**CLASS I\* ANNUAL TOTAL RETURN FOR YEAR ENDED 12.31**

![](j23145523_ba003.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 11.71 | % (12.31.2022) | Lowest Quarterly Return: | -16.88 | % (6.30.2022) |

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\* Annual returns for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

Average Annual Total Returns as of 12.31.22

The following table shows how the Fund's average annual performance (before and after taxes) for the one-year period ended December 31, 2022 and since the Fund's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the inception of the Fund's Class A shares, or since the nearest subsequent month end when comparative index data is available only for full monthly periods. The after-tax returns show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold the Fund shares at the end of the period and so do not have any taxable gain or loss on your investment. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of taxable distributions and any taxable gain or loss that would be realized if the Fund shares were purchased at the beginning and sold at the end of the specified period.

The after-tax returns are shown only for Class I shares, and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I. "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

PROSPECTUS \| March 1, 2023

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Calamos Global Sustainable Equities Fund

**AVERAGE ANNUAL TOTAL RETURNS — FOR THE PERIODS ENDED 12.31.22**

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| | | | |
|:---|:---|:---|:---|
| | **INCEPTION <br>DATE OF CLASS** | **ONE YEAR** | **SINCE<br>INCEPTION** |
| **Class A** | 12.17.21 |  |  |
| *Load Adjusted Return before taxes* |  | -26.59% | -20.30% |
| **Class C** | 12.17.21 |  |  |
| *Load Adjusted Return before taxes* |  | -24.35% | -20.94% |
| **Class I** | 12.17.21 |  |  |
| *Return before taxes* |  | -22.81% | -20.16% |
| *Return after taxes on distributions\** |  | -23.13% | -20.48% |
| *Return after taxes on distributions and sale of Fund shares\** |  | -13.50% | -15.48% |
| **Class R6** | 12.17.21 |  |  |
| *Load Adjusted Return before taxes* |  | -22.68% | -20.04% |
| **MSCI ACWI Index** |  | -18.36% | -18.36% |

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\* Returns after taxes for Class I are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

The MSCI ACWI (USD) Index is designed to measure the equity market performance of companies in developed and emerging markets. The MSCI ACWI (USD) Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Investment Adviser

Calamos Advisors LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br>FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| James Madden | since Fund's inception | SVP, Co-Portfolio Manager |
| Anthony Tursich | since Fund's inception | SVP, Co-Portfolio Manager |
| Beth Williamson | since September 2022 | VP, Associate Portfolio Manager |

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Other Important Information Regarding Fund Shares

Buying and Redeeming Fund Shares

Minimum Initial Investment

Classes A and C: $2,500/$500 for IRA

Class I: $1,000,000

Class R6: None

Minimum Additional Investment

Classes A and C: $50

Classes I and R6: None

Buying and Redeeming Class R6 Shares

Class R6 shares are available to employer-sponsored retirement and benefit plans, held either at the plan level or through omnibus accounts that generally process no more than one net redemption and one net purchase transaction each day. You may purchase Class R6 shares from your benefit plan record-keeper or financial intermediary or directly from the Calamos Family of Funds through the Fund's transfer agent. The purchase and redemption options identified in this prospectus are generally available to plan administrators and/or the plans themselves, but not to the individual participants of such plans. Plan participants should contact the financial intermediary and/or plan administrator through which the plan is held for additional information on their respective plan assets and/or how to transact in their respective plan assets, as the Fund's transfer agent, U.S. Bank Global Fund Services will generally have no information with respect to or control over an individual participant's plan assets. For direct investments, please note that neither the Fund nor its transfer agent offers master plan documentation and/or record-keeping services.

To Place Orders

Please contact your broker, benefit plan record-keeper, or other intermediary, or to place your order directly, contact the Fund's transfer agent, U.S. Bank Global Fund Services, toll-free at the number noted below for further instructions:

U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201

Phone: 800.582.6959

Transaction Policies

The Fund's shares are redeemable. In general, investors may purchase, redeem, or exchange Fund shares on any day the New York Stock Exchange is open by written request (to the address noted above), by wire transfer, by telephone (at the number noted above), or through a financial intermediary, depending on how the shares are held. Orders to buy and redeem shares are processed at the next net asset value (share price or "NAV") to be calculated only on days when the New York Stock Exchange is open for regular trading, except as otherwise provided herein (see the "Transaction Information — Share Price" section below for more information).

Class I and Class R6 may not be available for purchase directly from the Fund. Please contact us at 800.582.6959 to inquire further about such availability.

Tax Information

The Fund's distributions will generally be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any distributions from a retirement account or 401(k) plan may be taxed as ordinary income when withdrawn from such account or plan. Special tax rules apply to investments held through defined contribution plans and other tax-qualified plans.

PROSPECTUS \| March 1, 2023

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Other Important Information Regarding Fund Shares

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transferring Shares to Another Financial Intermediary

You may transfer existing shares of the Calamos Funds from one financial intermediary to another financial intermediary provided that the receiving financial intermediary has entered into an agreement with the Funds' Distributor. Certain shareholder services may not be available for the transferred shares and all future trading of these shares must be coordinated by the receiving firm. Before requesting a transfer of shares, existing shareholders should first contact the receiving financial intermediary to determine which share classes are available at that financial intermediary and what services are available to any transferred shares.

If you hold shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

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Additional Information About Investment Strategies and Related Risks

What are the investment objective and principal strategies for the Fund?

Calamos Advisors will seek to engage with issuers on ESG matters at the time of investment and may do so periodically thereafter. ESG engagement may occur during initial research and analysis, as an aspect of ongoing maintenance, and/or informing divestment or further allocation decisions. ESG engagement is carried out through letters/emails, phone calls, site visits, conferences and investor coalitions, however, issuers may not be willing or able to engage on these matters. To the extent that Calamos Advisors engages with issuers, such engagements may not achieve the desired financial or social result.

Calamos Advisors seeks certain traditional business qualities in each of the companies it considers for the Fund, such as:

• A history of innovation and competitiveness

• Products and services that meet important needs

• Strong market position and the potential for sustained long-term growth

• Above-average business fundamentals with attractive margins

• An ability to manage ecological constraints in an innovative and resource efficient matter and an ability to manage environmental risk and opportunity efficiently

ESG Criteria

Calamos Advisors applies rigorous, proprietary ESG criteria to each company it evaluates, seeking to identify ESG leaders across the globe. Once a company is scored using this ESG criteria, a qualitative judgement is made by Calamos Advisors about the suitability of a company for inclusion in the Fund's investable universe. That decision is based upon the company's ESG score, as well as other factors such as sector information, data availability and the judgment by the Fund's portfolio managers and Calamos Advisors' analytical team. The ESG criteria Calamos Advisors considers material will differ from sector to sector and may change over time. The Calamos Advisors investment approach includes principles that establish a high bar and seeks to assure consistency in our decision-making process.

1. Product/Service: (a) life cycle analysis; (b) raw materials use/suppliers; (c) packaging; (d) delivery of product/transportation; (e) recycling/reuse; and (f) energy efficiency.

2. Addressing Ecological Constraints to provide environmental benefits with respect to its: (a) product/service range and (b) business strategy.

3. Investments: (a) research and development; (b) capital investments; and (c) mergers and acquisitions.

4. Leadership: (a) recognition of diminishing resources and associated business opportunities; (b) CEO and top management commitment; (c) collaboration; and (d) public messages and communication.

5. Environmental Management: (a) written policy; (b) employee awareness; (c) formal environmental management system; and (d) environmental accounting and reporting.

6. Future Risks and Debts: (a) liability resulting from climate change such as stranded assets in the oil and gas sector; (b) superfund; and (c) spills, toxic chemical releases and pollution, so called toxic release inventory (TRI) compliance and legal proceedings.

7. Factory Level Environmental Improvements: (a) money saved; (b) energy, emissions and waste management; (c) water efficiency; (d) voluntary government programs and industry initiatives; and (e) office-related achievements.

Principles for Investment

Calamos Advisors has established the following Principles for Investment to reflect its aspirational goals for Fund investments. ESG-related criteria are applied to each potential investment to evaluate a company in comparison to the Principles for Investment. Not every investment must meet the Principles for Investment.

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Additional Information About Investment Strategies and Related Risks

<u>Ecological Limits:</u> Companies shall demonstrate an understanding of the ecological limits that exist for their business and address their specific impact areas through a range of verifiable initiatives.

<u>Environmental Stewardship:</u> All companies are in a position to protect and preserve the environment and shall have appropriate policies to guide their behavior, as well as a history of appropriate behavior.

<u>Environmental Strategy:</u> Companies shall have strategies for becoming more efficient in their interactions with the environment and show progress toward meaningful goals.

<u>Human Rights & Equality:</u> Companies shall assure that they are not directly, or indirectly through their supply chain, involved in egregious labor practices.

<u>Societal Impacts:</u> Companies shall maintain the values and norms of the communities in which they operate. To guide this behavior, companies must go beyond legal requirements and demonstrate foresight across all business decisions.

<u>Corporate Governance:</u> All companies shall seek to balance the needs of and responsibilities to its stakeholders and strive to maintain a strong corporate culture. Essential to this achievement is a company's corporate governance structure and policies.

The Fund's investment objective is non-fundamental and may be changed by a vote of the Fund's Board, without shareholder approval. There can be no assurance that the Fund will achieve its investment objective.

Principal Risks of Investing in the Fund

This prospectus describes the risks you may face as an investor in the Fund. It is important to keep in mind that generally, investments with a higher potential reward also have a higher risk of losing money. The reverse is also commonly true: the lower the risk, the lower the potential reward. However, as you consider an investment in the Fund, you should also take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in this investment for a long period of time to ride out down periods.

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

In response to market, economic, political, or other conditions, the Fund may temporarily invest for defensive purposes. If the Fund does so, different factors could affect the Fund's performance, and the Fund may not achieve its investment objective.

Cybersecurity Risk. Investment companies, such as the Fund, and their service providers are exposed to operational and information security risks resulting from cyberattacks, which may result in financial losses to the Fund and its shareholders. Cyber- attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, "ransomware" that renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity breaches. Cyber-attacks affecting the Fund or Calamos Advisors, custodian, transfer agent, distributor, administrator, intermediaries, trading counterparties, and other third-party service providers may adversely impact the Fund or the companies in which the Fund invests, causing the Fund's investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.

Inflation Risk. The risk that the value of assets or income from a Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates is considered inflation risk. As inflation increases, the value of a Fund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and a Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors or adversely affect the value of shareholders' investments in the Fund. Inflation has recently increased, and it cannot be predicted whether it may decline.

Investment Management Risk. Whether the Fund achieves its investment objective(s) is significantly impacted by whether CALAMOS ADVISORS is able to choose suitable investments for the Fund.

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Additional Information About Investment Strategies and Related Risks

Market Disruption Risk. Certain events have a disruptive effect on securities markets, including but not limited to, terrorist attacks, war and other geopolitical events or catastrophes. The Fund's investment adviser, CALAMOS ADVISORS, cannot predict the effect of similar events in the future on the U.S. or foreign economies. Certain securities such as high yield and equity securities tend to be impacted more by these events than other types of securities in terms of price and volatility.

Market Risk. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. If there is a general decline in the stock or fixed-income market, it is possible your investment may lose value regardless of the individual results of the companies in which a Fund invests.

Recent Market Events. Since the 2008 financial crises, financial markets throughout the world have experienced periods of increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks, and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi- governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates.

The COVID-19 pandemic and efforts to contain its spread have negatively affected, and are likely to continue to negatively affect, the global economy, the economies of the United States and other individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.

While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the coronavirus outbreak, generally subsided, uncertainty and periods of volatility still remained, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain interest rates may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or impair the Fund's ability to achieve its investment objective.

The United Kingdom left the European Union ("EU") on January 31, 2020 (commonly referred to as "Brexit"). During an 11-month transition period, ending December 31, 2020, the United Kingdom and the EU agreed to a Trade and Cooperation Agreement which sets out the agreement for certain parts of the future relationship between the EU and the United Kingdom from January 1, 2021. The Trade and Cooperation Agreement does not provide the United Kingdom with the same level of rights or access to all goods and services in the EU as the United Kingdom previously maintained as a member of the EU and during the transition period. In particular, the Trade and Cooperation Agreement does not include an agreement on financial services. Accordingly, uncertainty remains in certain areas as to the future relationship between the United Kingdom and EU. The uncertainty caused by the United Kingdom's departure from the EU could lead to prolonged political, legal, regulatory, tax and economic uncertainty and wider instability and volatility in the financial markets of the United Kingdom and more broadly across Europe. It may also lead to weakening corporate and financial confidence in such markets as the United Kingdom renegotiates the regulation of the provision of financial services within and to persons in the EU. Brexit could lead to market dislocation, heightened counterparty risk, an adverse effect on the management of market risk and, in particular, asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on the management, operation and investment in the Fund and increased legal, regulatory or compliance burden for the Fund which may have a negative impact on the operations, financial condition, returns and prospectus of the Fund.

PROSPECTUS \| March 1, 2023

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Additional Information About Investment Strategies and Related Risks

A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

Russia also may attempt to assert its influence in the region through economic or even military measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in Europe and globally, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant and have a severe adverse effect on Russia and Europe in general. Any such disruptions caused by Russian military action or other actions (including cyber- attacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyber-attacks on the Russian government, Russian companies or Russian individuals, including politicians, may negatively impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors in Europe and globally. It is also possible that this conflict could expand and attacks could occur elsewhere in Europe. The potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global markets. These and any related events could have significant impact on Fund performance and the value of an investment in the Fund.

As a result of political and military actions undertaken by Russia, the U.S. and the EU have instituted sanctions against certain Russian officials and companies. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia in the future may result in the devaluation of Russian currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of Russian securities. Such actions could result in a freeze of Russian securities, impairing the ability of a fund to buy, sell, receive, or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents' assets, and any such actions are likely to impair the value and liquidity of such assets. Any or all of these potential results could have an adverse/recessionary effect on Russia's economy and may have an impact on the economies of other European countries and globally as well. All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia or to European issuers or countries.

In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments.

American Depositary Receipts Risk. The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

Currency Risk. To the extent that a Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although a Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. A Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

Emerging Markets Risk. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of

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emerging market securities will likely be particularly sensitive to changes in the economies of such countries (such as reversals of economic liberalization, political unrest or changes in trading status). These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

Equity Securities Risk. Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

Foreign Securities Risk. There are special risks associated with investing in foreign securities that are not typically associated with investing in U.S. companies. These risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country. Other risks of investing in foreign securities include: less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity in foreign markets than in U.S. markets.

Large-Capitalization Investing Risk. Large-capitalization stocks as a group could fall out of favor with the market, which may cause a Fund to underperform funds that focus on other types of stocks. In addition, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer preferences. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

Mid-Sized Company Risk. Mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel, and vulnerability to adverse market and economic developments. Accordingly, the prices of mid-sized company stocks tend to be more volatile than prices of large company stocks.

Portfolio Selection Risk. The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect.

Portfolio Turnover Risk. Engaging in active and frequent trading of securities may result in a higher than average level of capital gains and greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale and reinvestments of securities. Such sales may also result in the realization of capital gains, including short-term capital gains (which are taxed at ordinary income tax rates for federal income tax purposes, rather than at lower capital gains rates) and may adversely impact a Fund's performance. It is possible that a Fund engaging in active and frequent trading may be required to make significant distributions derived from taxable gains, regardless of the Fund's net longer term performance. The trading costs and tax effects associated with portfolio turnover will adversely affect the Fund's performance and lower the Fund's effective return for investors.

Sector Risk. To the extent a Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from

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those sectors may trail returns from the overall stock market and it is possible that a Fund may underperform the broader market, or experience greater volatility.

Small Company Risk. Small company stocks have historically been subject to greater investment risk than mid-sized and large company stocks. The risks generally associated with small companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel, and vulnerability to adverse market and economic developments. Accordingly, the prices of small company stocks tend to be more volatile than prices of mid-sized and large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.

Sustainability (ESG) Policy Risk. A Fund's ESG policy could cause it to perform differently compared to similar funds that do not have such a policy. The application of the Calamos Advisors social and environmental standards may affect a Fund's exposure to certain issuers, industries, sectors, and factors that may impact the relative financial performance of a Fund — positively or negatively — depending on whether such investments are in or out of favor. Additionally, it may be difficult in certain instances for Calamos Advisors to correctly evaluate an issuer's commitment to ESG practices, and a failure to do so may result in investment issuers with practices that are not consistent with a Fund's aspirations. In executing a Fund's investment strategy Calamos Advisors will rely on ESG related data provided by third parties. There is no assurance that ESG data sources will always be available.

Portfolio security holdings disclosure

A description of the Fund's policies and procedures in connection with the disclosure of portfolio security holdings of the Fund is available in the Fund's statement of additional information, which can be obtained on CALAMOS ADVISORS' website at www.calamos.com.

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Who manages the Fund?

The Fund's investments are managed by CALAMOS ADVISORS LLC, 2020 Calamos Court, Naperville, IL 60563. As of January 31, 2023, Calamos managed approximately $36 billion in assets of individuals and institutions. CALAMOS ADVISORS is a wholly owned subsidiary of CALAMOS INVESTMENTS LLC ("CILLC"). CALAMOS ASSET MANAGEMENT, INC. ("CAM") is the sole manager of CILLC. As of December 31, 2022, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by CALAMOS PARTNERS LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and CALAMOS FAMILY PARTNERS, INC. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr.

Subject to the overall authority of the board of trustees, CALAMOS ADVISORS provides continuous investment supervision and management to the Fund under a management agreement and also furnishes office space, equipment and management personnel. For these services, the Fund pays CALAMOS ADVISORS a fee based on its average daily net assets, which is accrued daily and paid on a monthly basis. The Fund paid fees (before any reimbursement) under the management agreement during the period from December 14, 2021 (commencement of operations) through October 31, 2022 of 0.85% of its average net assets.

CALAMOS ADVISORS has contractually agreed to limit the annual ordinary operating expenses of the Fund as a percentage of the average net assets of the particular class of shares to 1.20% for Class A shares, 1.95% for Class C shares, and 0.95% for Class I shares. CALAMOS ADVISORS 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). For purposes of the expense limitation agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CALAMOS ADVISORS through March 1, 2025. CALAMOS ADVISORS 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 CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party.

At a meeting held on December 14, 2021, the board of trustees unanimously approved the management agreement for the Fund. A discussion regarding the basis for the approval by the board of trustees of the management agreement for the Fund is included in the Fund's annual report to shareholders for the fiscal year ended October 31, 2022.

Portfolio Managers

James Madden. James Madden joined CALAMOS ADVISORS on August 24, 2021 as a Senior Vice President and Co-Portfolio Manager. Previously, he was Portfolio Manager at Trillium Asset Management, LLC. Prior to that, he was Chief Investment Officer and Senior Portfolio Manager at Portfolio 21.

Anthony Tursich. Anthony Tursich joined CALAMOS ADVISORS on August 24, 2021 as a Senior Vice President and Co-Portfolio Manager. Previously, he was Chief Investment Officer and Portfolio Manager at Pearl Impact Capital, LLC since 2018. Prior to that, Mr. Tursich was a Partner, Senior Portfolio Manager and member of the Executive Committee at Portfolio 21.

Beth Williamson. Beth Williamson joined CALAMOS ADVISORS on November 3, 2021. She serves as Vice President, Head of Sustainable Equities Research and Associate Portfolio Manager. Previously, she was Director of ESG Research at Trillium Asset Management, LLC. Prior to that, she was a Senior Sustainability Analyst and member of the Executive Committee at Portfolio 21. March 2015; a Co-Portfolio Manager from March 2013 to March 2014; and a senior strategy analyst from February 2007 and March 2013.

The Fund's statement of additional information provides additional information about the portfolio managers, including other accounts they manage, their ownership in the CALAMOS FAMILY OF FUNDS and their compensation.

Management Approach

James Madden and Anthony Tursich, Co-Portfolio Managers, and Beth Williamson, Associate Portfolio Manager are the Fund's portfolio managers. The portfolio managers have responsibility for allocating the portfolio across the market capitalization

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spectrum, sectors, and geographies within the portfolio's eligible investment universe and for reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. The portfolio managers, in collaboration with other members of the Calamos Advisors investment teams, have the responsibility of overseeing the integration of the Fund's ESG investment approach and framework to ensure compliance with the Fund's stated investment approach.

What classes of shares does the Fund offer?

This prospectus offers four classes of shares: Class A, Class C, Class I and Class R6 shares. The different classes of Fund shares are investments in the same portfolio of securities, but each class of shares has different expenses and will likely have different NAVs. The main differences among Class A, Class C, Class I and Class R6 shares lie primarily in their initial and contingent deferred sales charge structures and their distribution and service fees. Class A shares generally bear an initial sales charge at the time of purchase, while Class C shares generally bear a contingent deferred sales charge at the time of redemption. Class A and Class C shares bear distribution and/or service fees. Class I and Class R6 shares do not bear distribution or service fees.

Please see the "How Can I Buy Shares — By Exchange" section of the prospectus for a discussion of the exchange features of the Fund's share classes.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales charge waivers, which are discussed below. In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying the purchase for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.

The sales charge and contingent deferred sales charge waiver categories described below may not apply to customers purchasing shares of the Fund through any of the financial intermediaries specified in the Appendix to this prospectus. Different financial intermediaries may impose different sales charges. Please refer to the Appendix for the sales charge or contingent deferred sales charge waivers or discounts that are applicable to each financial intermediary.

The Fund does not provide separate information regarding sale charge discounts on its website, however information regarding sale charge discounts is included the Fund's prospectus, which can be obtained on CALAMOS ADVISORS' website at www.calamos.com.

Class A Shares

The offering price for Class A shares is the NAV per share plus an initial sales charge rounded to the nearest whole cent. Due to rounding, the actual sales charge may be more or less than the percentage shown. The maximum sales charge is 4.75% of the offering price. The sales charge varies depending on the amount of your purchase, as follows:

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| | | |
|:---|:---|:---|
| | **SALES CHARGE** | **SALES CHARGE** |
| | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF<br>OFFERING<br>PRICE** |
| Less than $50,000 | 4.99% | 4.75% |
| $50,000 but less than $100,000 | 4.44 | 4.25 |
| $100,000 but less than $250,000 | 3.63 | 3.50 |
| $250,000 but less than $500,000 | 2.56 | 2.50 |
| $500,000 but less than $1,000,000 | 2.04 | 2.00 |
| $1,000,000 or more\* |  |  |

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\* Redemption of shares may be subject to a contingent deferred sales charge as discussed below.

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Class A shares also have a 0.25% distribution (12b-1) fee. See "Distribution and service (Rule 12b-1) plan" for more information about distribution fees.

How can I reduce sales charges for Class A purchases?

As the table above shows, the larger your investment, the lower your initial sales charge on Class A shares. Each investment threshold that qualifies for a lower sales charge is known as a "breakpoint." You may be able to qualify for a breakpoint on the basis of a single purchase or by aggregating the amounts of more than one purchase in the following ways:

Rights of accumulation

You may combine the value, at the current public offering price, of Class A, Class C and Class I shares of the Fund within the CALAMOS FAMILY OF FUNDS already owned and Fidelity Investments Money Market Treasury Portfolio Shares (that were previously acquired by exchange from holdings of other Fund's shares within the CALAMOS FAMILY OF FUNDS — also see additional money market fund details below) with a new purchase of Class A shares of any Fund within the CALAMOS FAMILY OF FUNDS to reduce the sales charge on the new purchase. The sales charge for the new shares will be figured at the rate in the table above that applies to the combined value of your current and new investment. If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Letter of Intent

You may reduce the sales charges you pay on the purchase of Class A shares by making investments pursuant to a Letter of Intent ("LOI"). Under an LOI, you may purchase additional Class A shares of any Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at once. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. In addition, the market value of any current holdings in the Calamos Funds (as described and calculated under "Rights of Accumulation" as further noted in the Fund's prospectus) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the LOI, but the reduced LOI sales charge rate will only apply to purchases made on or after the commencement date of the LOI. The 13-month LOI period commences with your first purchase of shares at the reduced LOI sales charge rate, and this first purchase also acknowledges acceptance of the terms of the LOI. The initial investment must meet the minimum initial purchase requirements. Purchases resulting from the reinvestment of dividends and/or capital gains do not apply towards the fulfillment of the LOI. In all instances, it is the investor's responsibility to notify the Fund, the Fund's transfer agent and/or their financial advisor of any current holdings in the Calamos Funds that should be counted towards the sales charge reduction (and provide account statements, as needed, for verification purposes) and any subsequent purchases that should be counted towards fulfillment of the LOI. During the term of the LOI, shares representing up to 5% of the indicated LOI amount will be held in escrow. Shares held in escrow have full dividend and voting privileges. The escrowed shares will be released when the full amount indicated has been purchased. If the full indicated LOI amount is not purchased during the term of the LOI, you will be required to pay CFS an amount equal to the difference between the dollar amount of the sales charges actually paid and the amount of the sales charges that you would have paid on your aggregate purchases if the total of such purchases had been made at a single time, and CFS reserves the right to redeem escrowed shares from your account if necessary to satisfy this obligation. Any remaining escrowed shares will be released to you. An LOI does not obligate you to buy, or a Fund to sell, the indicated amount of shares. Before submitting and/or signing an LOI, please carefully read and review the LOI provisions found in both this prospectus and the statement of additional information.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Large purchase order

You may purchase the Fund's Class A shares at the NAV without a sales charge provided that the total amount invested in Class A shares of all Funds within the CALAMOS FAMILY OF FUNDS totals at least $1,000,000. Shares purchased at NAV in an account with a value of $1,000,000 without a sales charge may incur a contingent deferred sales charge of 1.00% if sold within two years after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions. See "Contingent deferred sales charges" for more information about contingent deferred sales charges.

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What accounts are eligible for reduced sales charges on Class A shares?

You may aggregate your eligible accounts with the eligible accounts of members of your immediate family to obtain a breakpoint discount. The types of eligible accounts that may be aggregated to obtain the breakpoint discounts described above include individual accounts, joint accounts and certain IRA accounts.

For the purpose of obtaining a breakpoint discount, members of your "immediate family" include your spouse, child, stepchild, parent, stepparent, sibling, grandchild and grandparent, in each case including in-law and adoptive relationships. In addition, a fiduciary can count all shares purchased for a trust, estate or other fiduciary account (including one or more employee benefit plans of the same employer) that has multiple accounts. Eligible accounts include those registered in the name of your financial intermediary through which you own CALAMOS FAMILY OF FUNDS SHARES. If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Who may purchase Class A shares without a sales charge?

Any of the following investors may purchase Class A shares of the Fund at NAV, with no initial sales charge:

(a) any investor buying shares through a wrap account or other investment program whereby the investor pays the investment professional directly for services;

(b) any investor buying Class A shares by exchanging Class A shares of another Fund in the CALAMOS FAMILY OF FUNDS or Fidelity Investments Money Market Treasury Portfolio Shares, if purchases of those shares have previously incurred a sales charge (see "Money market fund" below);

(c) any trust created under a pension, profit sharing or other employee benefit plan (including qualified and non-qualified deferred compensation plans), where such plan has at least $1,000,000 in assets or 100 employees, or where the administrator for such plan acts as the administrator for qualified employee benefit plans with assets of at least $1,000,000, except for purchases by such plans made through brokerage relationships in which sales charges are customarily imposed. For purposes of this waiver, eligible accounts and/or plan types do not include SEP IRAs, SAR-SEPs, SIMPLE IRAs, Keogh plans, or individual participant-level 401(k) and/or 403(b) plans;

(d) any company exchanging shares with the Fund pursuant to a merger, acquisition or exchange offer;

(e) any investor or intermediary platform on behalf of investors, including any investment company, that has entered into an investment advisory agreement or other written arrangements with CALAMOS ADVISORS or its affiliates;

(f) some insurance company separate accounts not otherwise restricted by Internal Revenue Code Section 817(h);

(g) any current or retired trustee of the Trust, or other registered investment company where CALAMOS ADVISORS acts as the sole investment adviser; or any associated trust, person, profit sharing or other benefit plan of such current or retired trustee;

(h) any employee of CALAMOS FINANCIAL SERVICES LLC ("CFS" or the "Distributor"), the Fund's distributor, or its affiliates;

(i) employees of an entity with a selling group agreement with CFS;

(j) any member of the immediate family of a person qualifying under (g), (h) or (i) including a spouse, child, stepchild, parent, stepparent, sibling, grandchild and grandparent, in each case including in-law and adoptive relationships;

(k) accounts at any intermediary who have entered into an agreement with CFS to offer shares to self-directed accounts; or

Proceeds of Class A shares redeemed from the Fund within the previous 60 days may be reinvested in Class A shares of the Fund at NAV without a sales charge.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

How do I obtain a breakpoint discount or purchase Class A shares without a sales charge?

The steps to obtain a breakpoint discount depend on how your account is maintained with the CALAMOS FAMILY OF FUNDS. To obtain any of the breakpoint discounts described above, you must notify us or your financial advisor at the time you purchase shares of each eligible account you or a member of your immediate family maintains. For example, if an initial

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investment that was less than $1,000,000 grows to over $1,000,000, you must tell us or your financial advisor that you qualify to purchase Class A shares without an initial sales charge when you make a subsequent investment. If you do not let us or your financial advisor know of all of the holdings or planned purchases that make you eligible for a reduction, you may not receive a discount to which you are otherwise entitled. If you make your investment through a financial advisor, it is solely your financial advisor's responsibility to ensure that you receive discounts for which you are eligible, and the Fund is not responsible for a financial advisor's failure to apply the eligible discount to your account. You may be asked by us or your financial advisor for account statements or other records to verify your discount eligibility, including, where applicable, records for accounts opened with a different financial advisor and records of accounts established by members of your immediate family. If you own shares exclusively through an account maintained with the Fund's transfer agent, you will need to provide the foregoing information to us at the time you purchase shares. Additional information regarding sales loads and discounts applicable to us may be found in the Fund's statement of additional information, which can be obtained on CALAMOS ADVISORS' website at www.calamos.com.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section for more information.

Conversion to Class I Shares

Certain holders of Class A shares issued by the Fund in the CALAMOS FAMILY OF FUNDS may convert their Class A shares for Class I shares of the same Fund provided that they: (1) hold their shares through an institution that has a valid Class I sales agreement with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in Class I shares through their financial intermediary in accordance with the criteria set forth in "Fund Facts — What classes of shares does the Fund offer? — Class I". Any such conversion is subject to the Fund's discretion to accept or reject. Shares still subject to a contingent deferred sales charge are not eligible for such conversions — this includes Class A shares originally purchased at net asset value pursuant to the $1,000,000 purchase order privilege. Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class A shareholders should contact their financial intermediary for information on the availability of Class I shares, and should read and consider the information set forth in "Fund Facts — What classes of shares does the Fund offer? — Class I" before any such conversion.

Class C Shares

The offering price for Class C shares is the NAV per share with no initial sales charge. However, the Fund pays an aggregate distribution and service fee at the annual rate of 1.00% of average net assets. As a result, the annual expenses for Class C shares are somewhat higher compared to Class A shares, which pay an aggregate 0.25% distribution fee.

Class C shares have a contingent deferred sales charge of 1.00% for any shares redeemed within one year of purchase, measured from the first day of the month in which the shares were purchased. No order for Class C shares of any Fund may exceed $1,000,000.

Automatic Conversion to Class A Shares

Class C shares of the Calamos Funds are eligible for conversion to Class A shares of the same Fund approximately eight years after the date of each original purchase. It is the financial intermediary's responsibility to ensure that the shareholder is credited with the proper holding period. To determine eligibility for conversions in these circumstances, it is the responsibility of the shareholder and/or their financial advisor to notify the Fund, or the financial intermediary through which the shares are held, that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the shareholder or their financial intermediary may be required to provide records that substantiate the holding period of Class C shares. It is the financial intermediary's (and not the Fund's) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

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The conversion of Class C shares to Class A shares will be on the basis of the NAV per share, without the imposition of the Class A share sales load or any additional sales loads, fees, or other charges. Class C shares of a Fund acquired through the reinvestment of dividends and/or capital gains distributions will convert to Class A shares of the same Fund on a pro rata basis once automatic conversions commence. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class C shareholders should contact their financial intermediary for information on the availability of Class A shares, and should read and consider the information set forth in "Fund Facts — What classes of shares does the Fund offer? — Class A".

Additionally, certain financial intermediaries may implement a conversion holding period of less than eight years, or have additional or differing eligibility requirements than those described in the prospectus. Any such conversion policy is solely the responsibility of the respective financial intermediary to administer and support. Please consult with the financial intermediary through which you hold Fund shares for further information about any such conversion option. However, shareholders must have held the Class C shares being converted for a minimum of one year from the date of purchase of those shares. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers.

Conversion to Class A Shares

Certain holders of Class C shares issued by the Fund may be eligible to convert their Class C shares for Class A shares of the same Fund provided that they: (1) hold their shares through an institution that has a valid Class A sales agreement with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in Class A shares through their financial intermediary in accordance with the criteria set forth in "Fund Facts — What classes of shares does the Fund offer? — Class A". Any such conversion is subject to the Fund's discretion to accept or reject. In addition, shareholders must have held the Class C shares being converted for a minimum of one year from the date of purchase of those shares. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class C shareholders should contact their financial intermediary for information on the availability of Class A shares, and should read and consider the information set forth in "Fund Facts — What classes of shares does the Fund offer? — Class A" before any such conversion.

Conversion to Class I Shares

Certain holders of Class C shares issued by the Fund may be eligible to convert their Class C shares for Class I shares of the same Fund provided that they: (1) hold their shares through an institution that has a valid Class I sales agreement with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in Class I shares through their financial intermediary in accordance with the criteria set forth in "Fund Facts — What classes of shares does the Fund offer? — Class I". Any such conversion is subject to the Fund's discretion to accept or reject. In addition, shareholders must have held the Class C shares being converted for a minimum of one year from the date of purchase of those shares. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Class C shareholders should contact their financial intermediary for information on the availability of Class I shares, and should read and consider the information set forth in "Fund Facts — What classes of shares does the Fund offer? — Class I" before any such conversion.

Class I Shares

The offering price for Class I shares is the NAV per share with no initial sales charge. There is no contingent deferred sales charge nor distribution or service fees with respect to Class I shares.

Class I shares are offered primarily for direct investment by investors through certain tax-advantaged retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit

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Fund Facts

plans, non-qualified deferred compensation plans and health care benefit funding 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, fee-based advisory relationships, and brokerage platforms of firms that have agreements with CALAMOS ADVISORS or its affiliates to offer such shares when acting solely on an agency basis for the purchase or sale of such shares, under certain circumstances. If you transact in Class I shares through a brokerage platform, you may be required to pay a commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share classes that have different fees and expenses.

The minimum initial investment required to purchase the Fund's Class I shares is $1 million. There is no minimum subsequent investment requirement. The Fund may reduce or waive the minimum initial investment of $1 million at its sole discretion. The minimum initial investment is waived for current or retired trustees of the Trust, Calamos Asset Management, Inc. and its subsidiaries, officers, and employees of CALAMOS ADVISORS, employees of CFS, or employees of an entity with a selling group arrangement with CFS, and their immediate family members, including a spouse, child, stepchild, parent, stepparents, sibling, grandchild, and grandparent, in each case including in-law and adoptive relationships. It is also waived for clients of CALAMOS ADVISORS or an affiliate thereof who acquire shares of a Fund made available through a mutual fund asset allocation program offered by CALAMOS ADVISORS or an affiliate thereof. Also, the minimum initial investment for Class I shares may be waived or reduced at the discretion of CFS, the Fund's distributor, including waivers or reductions for purchases made through certain registered investment advisers, fee-based advisory relationships, qualified third party platforms, certain tax-advantaged retirement plans (as further defined above), and brokerage platforms (as described above). Certain holders of Class A and Class C shares issued by the Fund may convert their shares for Class I shares of the Fund provided that they meet certain conditions set forth in this prospectus.

As a result of the relatively lower expenses for Class I shares, the level of income dividends per share (as a percentage of NAV) and, therefore, the overall investment return, will typically be higher for Class I shares than for Class A and Class C shares.

Advisory Programs Eligible for Class I Shares

Class I shares purchased by accounts participating in certain programs sponsored by and/or controlled by financial intermediaries ("Advisory Programs") may be exchanged by the financial intermediary on behalf of the shareholder for Class A shares of the same Fund under certain circumstances. If a shareholder that holds Class I shares of a Fund no longer participates in an Advisory Program, the Class I shares held by the shareholder may be exchanged by the financial intermediary on behalf of the shareholder for Class A shares of the same Fund under certain circumstances. In this case, the shareholder would be subject to ongoing Class A shares' Rule 12b-1 fees to which it was not previously subject. All such exchanges are initiated by the financial intermediary and not the Fund, and the Fund does not have information or oversight with respect to such exchanges. Such exchanges will be on the basis of each Class' NAV per share, without the imposition of any sales charge, fee or other charge.

Class R6 Shares

The offering price for Class R6 shares is the NAV per share with no initial sales charge. There is no contingent deferred sales charge nor distribution or service fees with respect to Class R6 shares. There is no minimum initial investment nor minimum subsequent investment requirement for Class R6 shares. Class R6 shares are available for use by employer-sponsored retirement and benefit plans, held either at the plan level or through omnibus accounts that generally process no more than one net redemption and one net purchase transaction each day. Eligible employer-sponsored retirement and benefit plans include 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, health care benefit funding plans and other specified benefit plans and accounts whereby the plan or the plan's broker, dealer or other financial intermediary ("financial intermediary") has an agreement with the Fund's Distributor or Calamos Advisors to utilize Class R6 shares in certain investment products or programs ("specified benefit plans"). Class R6 shares are not available to retail or institutional investors that are not specified benefit plans. Class R6 shares are not available to Traditional or Roth IRAs, Coverdell Education Savings Accounts, SEPs, SAR-SEPs, SIMPLE IRAs, individual participant-level 403(b) plans or 529 portfolios. Certain financial intermediaries may not presently possess the operational and/or systems capabilities to restrict or otherwise limit purchases to those client or account types as defined above, such that accounts may exist in Class R6 Shares outside of the prospectus-defined account types and/or outside

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of specified benefit plans. The existence of any such accounts is not an indication of the Funds' prior knowledge and/or further consent to such accounts, as the Funds' ability to monitor for and potentially restrict any such accounts may be hampered by a financial intermediary's use of omnibus accounts to trade the Calamos Funds.

Reduced sales charges available through certain financial intermediaries

When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding reductions or waivers of sales charges and other features of the share class. In all instances, it is your responsibility to notify your financial intermediary of any relationship or other facts that may qualify your investment for sales charge reductions or waivers and other features of the class. Different financial intermediaries may impose different sales charges. Please refer to the Appendix for the sales charge or contingent deferred sales charge waivers or discounts that are applicable to each financial intermediary.

Share Class Conversions

As deemed appropriate and if found to be in the best interest of the shareholders affected, the Fund may make available other share class conversion options, other than those specifically disclosed in this prospectus, at their sole discretion. Holders of a certain share class issued by the Fund may be eligible to convert their shares for another share class of the same Fund provided that they: (1) hold their shares through an institution that has a valid sales agreement, for the share classes involved, with CFS authorizing such a conversion; and (2) are otherwise eligible to invest in the share classes involved through their financial intermediary in accordance with the criteria set forth in this prospectus. Shares still subject to a contingent deferred sales charge are not eligible for such conversions. Share class conversions are not eligible for contingent deferred sales charge waivers. For federal income tax purposes, a same-Fund conversion generally will not result in the recognition by the investor of a capital gain or loss. However, investors should consult their own tax or legal adviser to discuss their particular circumstances. Shareholders should contact their financial intermediary for information on share class availability, and should read and consider the corresponding prospectus before any such conversion.

Money market fund

If you wish to exchange your Fund shares for shares of a money market fund, you may exchange them for shares of the Fidelity Investments Money Market Treasury Portfolio ("Fidelity Treasury Shares"). Class A, Class C and Class I shares of the Fund may be exchanged for Class III, Class IV and Class I Fidelity Treasury Shares, respectively. Class R6 shares cannot be exchanged for Fidelity Treasury Shares nor can Fidelity Treasury Shares be exchanged for Class R6 shares.

Fidelity Treasury Shares are offered by a separate prospectus and are not offered by the Fund. You may at any time exchange your Fidelity Treasury Shares back into shares of the equivalent class of the CALAMOS FAMILY OF FUNDS. However, should you redeem (and not exchange) your Fidelity Treasury Shares, you would pay any applicable contingent deferred sales charge. For a prospectus and more complete information on Fidelity Treasury Shares, including management fees and expenses, please call 800.582.6959. Please read the prospectus relating to Fidelity Treasury Shares carefully.

Not all financial intermediaries make Fidelity Treasury Shares available to their customers who hold shares of the Fund. Please contact your financial intermediary about the availability of Fidelity Treasury Shares.

Closed Fund Policies

The Fund reserves the right to modify the extent to which sales of shares are limited and may, in its sole discretion, permit purchases of shares where, in the judgment of management, such purchases do not have a detrimental effect on the portfolio management of the Fund or its Shareholders. Notwithstanding the forgoing, the Fund continues to reserve the right to reject any order for the purchase of shares in whole or in part for any reason, and to suspend the sale of shares to the public in response to conditions in the securities markets or otherwise.

Contingent deferred sales charges

Any contingent deferred sales charge on redemptions of Class A or Class C shares is based on the lesser of the redemption price or purchase price of the Fund shares. For purposes of determining a contingent deferred sales charge, Fund shares are considered sold on a first-in, first-out basis. The contingent deferred sales charge may be waived under certain circumstances. See the statement of additional information for more information about the contingent deferred sales charge.

CALAMOS FAMILY OF FUNDS

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Which class of shares should I purchase?

The decision as to which class of shares you should purchase depends on a number of factors, including the amount and intended length of your investment. An investor making an investment that qualifies for reduced sales charges might consider Class A shares. An investor who prefers not to pay an initial sales charge might consider Class C shares. For more information about the share classes available, consult your financial advisor or call us toll free at 800.582.6959. Please note that financial intermediaries may receive different compensation depending upon which class of shares they sell.

What is the minimum amount I can invest in the Fund?

The minimum initial investment for Class A shares and Class C shares of the Fund is $2,500 per Fund account. For certain qualified retirement plans, such as individual retirement accounts, the minimum initial investment for Class A shares and Class C shares is $500 per Fund account. The minimum subsequent investment for Class A shares and Class C shares of any Fund is $50 per Fund account. The minimum initial investment for Class I shares is $1,000,000 per Fund account, with no minimum subsequent investment amount. There is no minimum initial or subsequent investment amount for Class R6 shares. The Fund may waive or reduce the minimum initial or subsequent investment requirement at its sole discretion, including, but not limited to, waivers or reductions for purchases made through any omnibus account or fee-based program of any financial intermediary with whom CALAMOS ADVISORS has entered into an agreement, including, without limitation, profit sharing or pension plans, Section 401(k) plans and Section 403(b)(7) plans in the case of employees of public school systems and certain non-profit organizations. There is no minimum initial or subsequent investment amount for Class R6 shares for participants in employer-sponsored retirement and benefit plans.

How can I buy shares?

Class A, C, and I shares

You may buy shares of the Fund by contacting us, your financial advisor, your financial intermediary or the broker-dealer that gave you this prospectus. Your financial advisor or another intermediary may charge for its services. You may purchase shares from us directly without any additional charges other than those described above. When you buy shares, be sure to specify whether you want Class A, Class C, or Class I shares. For more information about the share classes available, please contact the financial intermediary through which you are purchasing Fund shares or call us toll free at 800.582.6959. Please note that financial intermediaries may receive different compensation depending upon which class of shares they sell.

Class R6 shares — Notice to Plan Participants

The purchase and redemption options for Class R6 shares are generally available to plan administrators and/or the plans themselves, but not to the individual participants of such plans. Plan participants should contact the financial intermediary and/or plan administrator through which the plan is held for additional information on their respective plan assets and/or how to transact in their respective plan assets, as the Fund's transfer agent, U.S. Bank Global Fund Services, will generally have no information with respect to or control over an individual participant's plan assets. For direct investments, please note that neither the Fund nor its transfer agent offers master plan documentation and/or record-keeping services.

Benefit plan participants may purchase Class R6 shares only through specified benefit plans. In connection with the purchase, the plan record-keeper or financial intermediary may charge for such services. Specified benefit plans may also purchase Class R6 shares through the Fund's transfer agent, U.S. Bank Global Fund Services. To make direct investments, please call us toll free at 800.582.6959. Specified benefit plans that purchase their shares directly from the Fund must hold their shares in an omnibus account at the benefit plan level.

Specified benefit plans will hold Class R6 shares (either directly or through a financial intermediary and/or plan record-keeper) in nominee or street name as the plan's agent. In most cases, the Fund's transfer agent, U.S. Bank Global Fund Services, will have no information with respect to or control over accounts of specific Class R6 shareholders and participants may obtain information about their accounts only through their plan. Class R6 shares are only available through a financial intermediary if the financial intermediary will not receive from Fund assets or the Distributor's or an affiliate's resources any commission payments, service fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to assets invested in Class R6 shares. Certificates for Class R6 shares will not be issued.

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All share classes

The offering price for shares will be based on the NAV per share, plus any applicable sales charge, next computed after receipt by the Fund's transfer agent of your purchase order in good form on any day the New York Stock Exchange (the "NYSE") is open for trading. Generally, if you place your order by 4:00 p.m. Eastern time, you will receive that day's offering price. Orders placed after 4:00 p.m. Eastern time will receive the following business day's offering price.

At the discretion of the Fund, an investor may be permitted to purchase shares of the Fund by transferring securities to the Fund that meet the Fund's investment objective and policies. Securities transferred to the Fund will be valued in accordance with the same procedures used to determine the Fund's net asset value at the time of the next determination of net asset value after such receipt. Shares issued by the Fund in exchange for securities will be issued at net asset value determined as of the same time. All dividends, interest, subscription, or other rights pertaining to such securities after such transfers to the Fund will become the property of the Fund and must be delivered to the Fund by the investor upon receipt from the issuer. Investors that are permitted to transfer such securities may be required to recognize a taxable gain on such transfer and pay tax thereon, if applicable, measured by the difference between the fair market value of the securities and the investors' basis therein but will not be permitted to recognize any loss. The Trust will not accept securities in exchange for shares of the Fund unless: (1) such securities are, at the time of the exchange, eligible to be included in the Fund's investment portfolio and current market quotations are readily available for such securities; and (2) the investor represents and warrants that all securities offered to be exchanged are not subject to any restrictions upon their sale by the Fund under the Securities Act or under the laws of the country in which the principal market for such securities exists, or otherwise.

We generally do not sell Fund shares to investors residing outside the U.S., District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands, even if they are U.S. citizens or lawful permanent residents of the U.S. We will sell shares to investors residing outside the U.S. if they have U.S. military APO or FPO addresses.

Generally, each purchase of shares is confirmed by a written statement mailed to the shareholder, without issuance of share certificates. You generally may buy shares using the following methods:

By mail

You may purchase shares of the Fund by sending a check payable to the CALAMOS FAMILY OF FUNDS, along with a completed account application, to the Fund's transfer agent: U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201. A subsequent investment may be made by detaching the investment stub from your account statement and sending it, along with your check, in the envelope provided with your statement. If you do not have the investment stub, include the Fund name, your name, address, and account number on a separate piece of paper along with your check. All checks must be drawn on a U.S. bank in U.S. funds. To prevent check fraud, the Fund will not accept Treasury checks, credit card checks, traveler's checks, starter checks or checks written by third parties for the purchase of shares. The Fund also will not accept payment in cash, money orders, post-dated checks, or conditional orders for the purchase of shares. A $25 charge will be imposed if any check or electronic funds transfer submitted for investment is returned, and the investor will be responsible for any resulting loss sustained by the Fund. If you purchase shares by check or by electronic funds transfer via the Automatic Clearing House ("ACH") Network, and redeem them shortly thereafter, payment may be delayed until the transfer agent is reasonably assured that the check or purchase by ACH has been collected, which may take up to 15 calendar days. You may avoid this delay by buying shares with a wire transfer.

When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding reductions or waivers of sales charges and other features of the share class.

Please do not mail letters by overnight delivery service or registered mail to the Post Office Box address. The Fund does not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank Global Fund Services post office box, of purchase orders does not constitute receipt by the transfer agent of the Fund. Receipt of purchase orders is based on when the order is received at the transfer agent's offices.

CALAMOS FAMILY OF FUNDS

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By telephone

Once you have established a Fund account, you may make subsequent purchases of $50 or more over the telephone by debiting your bank account, if this purchase option has been pre-authorized on your Fund account. To electronically debit your bank account, you must hold your account at a financial institution that is an ACH member. The Fund will initiate most electronic transfers from your bank account to pay for the share purchase within that same business day. Generally, if your order is received prior to 4 p.m. Eastern time, your shares will be purchased at the next applicable price calculated on the day your order is placed. To permit telephone purchases, your account must be open for 7 business days, and you must have authorized telephone purchases on your account application. Call us at 800.582.6959 to purchase shares by telephone or to obtain an account application with the telephone purchase option. If you did not authorize telephone purchases on your original account application, you may request telephone purchases by submitting a request to the Fund's transfer agent, in writing along with a voided check or savings account deposit slip, at U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201.

When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding purchase features of the share class.

The Fund may modify or terminate the ability to purchase shares by telephone at any time, or from time to time, without notice to shareholders. If your order to purchase shares of the Fund is canceled because your electronic transfer does not clear, you will be charged a $25 service fee, and you will be responsible for any resulting loss incurred by the Fund. The Fund and its transfer agent will be liable for losses resulting from unauthorized telephone purchases only if the Fund does not follow reasonable procedures designed to verify the identity of the caller. You should immediately verify your trade confirmations when you receive them. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

By wire

You may purchase shares by wiring funds from your bank. To establish and initially fund an account by wire, a completed account application is required before your wire can be accepted. You may mail or deliver by overnight mail your completed account application to the transfer agent. Upon receipt of your completed application, the transfer agent will establish an account for you. Your bank must include the name of the Fund you are purchasing, your Fund account number, and your name so that monies can be correctly applied. Your bank should transmit funds by wire to:

U.S. Bank, N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202

ABA #075000022

Credit:

U.S. Bank Global Fund Services

Account #112-952-137

Further Credit:

(name of Fund to be purchased)

(account registration)

(account number)

Before sending any wire, please advise the Fund and its transfer agent of your intent to wire funds by calling us at 800.582.6959. Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. Federal fund purchases will be accepted only on a day on which the Fund and the custodian are open for business. The Fund and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

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When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your eligibility to purchase shares may be dependent upon the policies and procedures of your financial intermediary, including those regarding purchase features of the share class.

By exchange

You may exchange Class A shares of the Fund for Class A shares of another Fund in the CALAMOS FAMILY OF FUNDS or for Class III Fidelity Treasury Shares with no sales charge, if you have previously paid a sales charge on the shares you are exchanging. You may exchange Class C shares of a Fund for Class C shares of another Fund in the CALAMOS FAMILY OF FUNDS or for Class IV Fidelity Treasury Shares with no sales charge, and the time period for the contingent deferred sales charge will continue to run. You may exchange Class III Fidelity Treasury Shares for Class A shares of a Fund without paying a sales charge, if you have previously paid a sales charge on the shares you are exchanging. You may exchange Class IV Fidelity Treasury Shares for Class C shares of a Fund with no sales charge, if you have previously paid a sales charge on the shares you are exchanging, and the time period for the contingent deferred sales charge will continue to run. You may exchange Class I shares of any Fund for Class I shares of another Fund in the CALAMOS FAMILY OF FUNDS or for Class I Fidelity Treasury Shares with no sales charge. In addition, you may exchange Class I Fidelity Treasury Shares for Class I shares of any Fund, provided you meet the eligibility requirements for Class I shares. See "Money market fund" above. Class R6 shares cannot be exchanged for Fidelity Treasury Shares nor can Fidelity Treasury Shares be exchanged for Class R6 shares. You may exchange Class R6 shares of the Fund for Class R6 shares of another Fund in the CALAMOS FAMILY OF FUNDS, however Class R6 shares offer limited exchange options, as not all of the Funds in the CALAMOS FAMILY OF FUNDS offer Class R6 shares.

Not all financial intermediaries make Fidelity Treasury Shares available to their customers who hold shares of the Fund. Please contact your financial intermediary about the availability of Fidelity Treasury Shares.

The registration of the account to which you are making an exchange must be exactly the same as that of the account from which the exchange is made, and the amount you exchange must meet any applicable minimum investment of the Fund being purchased. You may exchange your shares by writing to us at the CALAMOS FAMILY OF FUNDS, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201. If you have authorized telephone exchange on your account application, you may also exchange your shares by calling us at 800.582.6959. An exchange may also be made by instructing your financial advisor, who will communicate your instruction to us. An exchange transaction generally is considered a sale and purchase of shares for federal income tax purposes and may result in capital gain or loss.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. Excessive or short-term exchange activity may interfere with portfolio management and have an adverse effect on all shareholders. Accordingly, a Fund may suspend or permanently terminate the exchange privileges of any investor who appears to be engaged in short-term or excessive trading. Although an investor may be precluded from utilizing the exchange privilege, an investor's ability to redeem shares of a Fund for cash will not be affected.

By Automatic Investment Plan

If you own shares of the Fund, you may purchase additional shares of that Fund periodically through the Automatic Investment Plan. Under the Plan, after your initial investment, you may authorize the Fund to withdraw from your bank checking or savings account an amount that you wish to invest on a regularly scheduled basis, which must be for $50 or more. Your financial institution must be a member of the ACH Network to participate.

If you wish to enroll in this Plan, complete the appropriate form. To obtain the form, call 800.582.6959. The Plan is not available to clients of financial advisors that offer similar investment services. The Fund may terminate or modify this privilege at any time. You may change your investment amount or terminate your participation in the Plan at any time by calling us at 800.582.6959 or by written notice to the transfer agent at least five calendar days prior to the effective date of the next transaction. A request to change bank information for this Plan may require a signature guarantee. If your order to purchase shares of the Fund is canceled because your electronic transfer does not clear, you will be charged a $25 service fee, and you will be responsible for any resulting loss incurred by the Fund.

CALAMOS FAMILY OF FUNDS

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How can I sell (redeem) shares?

Class A, C, and I shares

You may redeem shares of a Fund by contacting us or your financial intermediary. Your financial intermediary may charge for its services. For shares held directly only, you may redeem shares from us directly without any additional charges other than those described below.

Class R6 shares — Notice to Plan Participants

The purchase and redemption options for Class R6 shares are generally available to plan administrators and/or the plans themselves, but not to the individual participants of such plans. Plan participants should contact the financial intermediary and/or plan administrator through which the plan is held for additional information on their respective plan assets and/or how to transact in their respective plan assets, as the Fund's transfer agent, U.S. Bank Global Fund Services, will generally have no information with respect to or control over an individual participant's plan assets. For direct investments, please note that neither the Fund nor its transfer agent offers master plan documentation and/or record-keeping services.

You may redeem Class R6 shares of a Fund by contacting us or your financial intermediary and/or plan record-keeper, depending first on how the shares are held. Your financial intermediary or plan record-keeper may charge for its services. For shares held directly only, you may redeem shares from us directly without any additional charges other than those described below.

Retirement plan record-keepers, participant recordkeeping organizations and other financial intermediaries may also impose their own restrictions, limitations or fees in connection with transactions in the Fund's shares, which may be stricter than those described in this prospectus. You should contact your plan/participant record-keeper or financial intermediary for more information on any additional restrictions, limitations or fees that are imposed in connection with transactions in Fund shares.

Once your written instructions to sell shares of a Fund have been received, you may not cancel or revoke your request. It is, therefore, very important that you call us at 800.582.6959 if you have any questions about the requirements for selling shares before submitting your request.

Class A, C, and I shares

Through your broker-dealer or financial intermediary (certain charges may apply)

Shares held for you in your broker-dealer and/or financial intermediary's name must be sold through the broker-dealer and/or financial intermediary.

Class R6 shares

Through your financial intermediary or plan/participant record-keeper

Class R6 shares are only available through a financial intermediary if the financial intermediary will not receive from Fund assets or the Distributor's or an affiliate's resources any commission payments, service fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to assets invested in Class R6 shares.

Shares held for you in your broker-dealer and/or financial intermediary's name must be sold through the broker-dealer and/or financial intermediary.

Shares held for you in your financial intermediary's or plan/participant record-keeper's name must be sold through the financial intermediary or plan/participant record-keeper. Subject to any restrictions in the applicable specified benefit plan documents, financial intermediaries or plan/participant record-keepers are obligated to transmit redemption orders to the transfer agent promptly and are responsible for ensuring that redemption requests are in proper form. Specified benefit plans, financial intermediaries or plan/participant record-keepers will be responsible for furnishing all necessary documentation to the Fund's transfer agent and may charge for their services. Redemption proceeds will be forwarded to the specified benefit plan, financial intermediary or plan/participant record-keeper as promptly as possible and in any event within seven days after the redemption request is received by the transfer agent in good order.

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By writing to the Funds' transfer agent

When your shares are held for you by the Funds' transfer agent, you may sell your shares by sending a written request to: U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201. Your redemption request must:

1. specify the Fund, your Fund account number and the number of shares or dollar amount to be redeemed, if less than all shares are to be redeemed;

2. be signed by all owners exactly as their names appear on the account; and

3. for each signature on the redemption request, include a signature guarantee, if necessary.

Certain types of accounts, such as a trust, corporate, nonprofit or retirement accounts, may require additional documentation for their redemption requests to be deemed to be in good order. In the case of shares held by a corporation, the redemption request must be signed in the name of the corporation by an officer whose title must be stated, and a certified bylaw provision or resolution of the board of directors authorizing the officer to so act may be required. In the case of a trust or partnership, the signature must include the name of the registered shareholder and the title of the person(s) signing on its behalf.

Shareholders who have an IRA account must indicate on their written request whether or not to withhold federal income tax, as redemption requests failing to indicate an election not to have tax withheld will generally be subject to 10% withholding.

Under certain circumstances, before shares can be redeemed, additional documents may be required in order to verify the authority of the person seeking to redeem.

In all instances, before submitting your written redemption request to the Fund's transfer agent, you should first contact the Fund's transfer agent by telephone at 800.582.6959 to ensure that you are providing all required documentation, as the status and type of your account and the amount to be redeemed will determine the requirements to be met. Please also see the "Signature Guarantee Program" section below for further details.

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

Please do not mail letters by overnight delivery service or registered mail to the Post Office Box address. The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank Global Fund Services post office box, of redemption requests does not constitute receipt by the transfer agent of the Fund. Receipt of redemption requests is based on when the request is received at the transfer agent's offices.

By telephone

Unless the telephone redemption options were declined on your original account application, you may elect to redeem your shares by telephone and have proceeds sent by wire, ACH or check to your address of record by calling us at 800.582.6959. With either the telephone redemption by check or ACH options, you may sell up to $50,000 worth of shares per day. There is no dollar limit on redemption proceeds sent by wire when using a pre-authorized "telephone redemption by wire" account option (where a pre-authorized bank record is already on file). For redemption proceeds paid by check, you cannot redeem shares by telephone if you have changed the address of record on your account within the preceding 30 days.

If you want redemption proceeds sent to your bank account by either wire transfer (at a current cost of $15 per transfer), or electronic funds transfer via the ACH Network at no cost, you must have selected these alternate payment types on the application. If you have authorized telephone redemptions on your original account application, but would like to change the predetermined bank to which proceeds are sent, please submit your request in writing with a signature guarantee or other acceptable form of authentication from a financial institution source, along with a voided check or savings account deposit slip for the new bank account. Only member banks may transmit funds via the ACH network.

If you declined telephone redemptions on your original account application, you may request the telephone redemption privilege at a later date by submitting a request in writing, which may require a signature guarantee or other acceptable form of authentication from a financial institution source. Please send your request along with a voided check or savings account

CALAMOS FAMILY OF FUNDS

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Fund Facts

deposit slip to have proceeds deposited directly into your bank account to U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201.

To redeem shares from your account by telephone, call 800.582.6959. IRA investors will be asked whether or not to withhold federal income taxes from any distribution. To reduce the risk of fraudulent instruction and to ensure that instructions communicated by telephone are genuine, the Fund will send your redemption proceeds only to the address or bank/brokerage account as shown on their records. The Fund also may record a call, request more information and send written confirmation of telephone transactions. The Fund and its transfer agent will be liable for losses resulting from unauthorized telephone instructions only if the Fund does not follow reasonable procedures designed to verify the identity of the caller. Please verify the accuracy of each telephone transaction as soon as you receive your confirmation statement. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

During periods of volatile economic and market conditions, you may experience difficulty making a redemption request by telephone, in which case you should make your redemption request in writing. Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction. Once you place a telephone transaction request, it cannot be cancelled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern Time).

By transmittal from a broker-dealer

Broker-dealers or other sales agents may communicate redemption orders by various means to the Fund's transfer agent.

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

By systematic withdrawal plan

Under the Fund's Systematic Withdrawal Plan, you may request that a Fund periodically redeem shares having a specified redemption value. In order to initiate the Systematic Withdrawal Plan, call 800.582.6959 and request a systematic withdrawal form. Generally, your account must have a share balance of $25,000 or more. Withdrawal proceeds are likely to exceed dividends and distributions paid on shares in your account and therefore may deplete and eventually exhaust your account. The periodic payments are redemption proceeds and are taxable as such. With respect to any possible contingent deferred sales charge or redemption fee waivers (as further defined in the CALAMOS FAMILY OF FUNDS' Statement of Additional Information), the maximum annual rate at which Class C shares (in their first year following purchase) and Class A shares (applicable to shares purchased at NAV pursuant to the $1,000,000 purchase order privilege for two years after the time of purchase may be redeemed under the Systematic Withdrawal Plan is 10% of the NAV of the account. Because a sales charge typically is imposed on purchases of Fund shares, you should not purchase shares while participating in the Systematic Withdrawal Plan. Generally, you may modify or terminate your Systematic Withdrawal Plan by calling us at 800.582.6959 or by written notice to the transfer agent received at least five calendar days prior to the effective date of the next withdrawal. You may have a check sent to your address of record or you may have proceeds sent to your predetermined bank account via electronic funds transfer through the ACH Network (which may require a signature guarantee).

When redeeming shares through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your ability to utilize certain redemption features may be dependent upon the policies and procedures of your financial intermediary, including those regarding redemption features of the share class.

By exchange

You may redeem all or any portion of your shares of the Fund and use the proceeds to purchase shares of any of the other Funds in the CALAMOS FAMILY OF FUNDS or Fidelity Treasury Shares if your signed, properly completed application is on file. An exchange transaction generally is considered a sale and purchase of shares for federal income tax purposes and may result in

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capital gain or loss. See "How can I buy shares? — By exchange" for more information about the exchange privilege. Class R6 shares cannot be exchanged for Fidelity Treasury Shares nor can Fidelity Treasury Shares be exchanged for Class R6 shares. You may exchange Class R6 shares of a Fund for Class R6 shares of another Fund in the CALAMOS FAMILY OF FUNDS, however Class R6 shares offer limited exchange options, as not all of the Funds in the CALAMOS FAMILY OF FUNDS offer Class R6 shares.

Not all financial intermediaries make Fidelity Treasury Shares available to their customers who hold shares of the Fund. Please contact your financial intermediary about the availability of Fidelity Treasury Shares.

Signature Guarantee Program

A signature guarantee is a guarantee that your signature is authentic. A signature guarantee is required for a variety of transactions including, but not limited to, requests for changes to your account or to the instructions for distribution of proceeds. We reserve the right to require a signature guarantee on any transaction at our discretion.

A signature guarantee is designed to protect shareholders and the Fund from fraud by verifying signatures. You can obtain a signature guarantee from most domestic banks, brokers, dealers including CFS, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). An assertion or attestation by a notary public is not a signature guarantee and will not be accepted in place of a signature guarantee.

Non-financial transactions including establishing or modifying certain services on an account may require a signature guarantee, signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source. The Fund reserves the right to waive any signature guarantee requirement at their discretion.

A signature guarantee, from a Medallion program member or a non-Medallion program member, is required in the following situations:

• If ownership is being changed on your account;

• When redemption proceeds are payable or sent to any person, address or bank account not on record;

• Written requests to wire redemption proceeds (if not previously authorized on the account);

• When a redemption is received by the transfer agent and the account address has changed within the last 30 calendar days;

• For all redemptions in excess of $50,000 from any shareholder account.

Redemption requests

The Fund typically expects it will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Fund reserves the right to redeem in-kind as described under "Redemption-in-kind". Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. The Fund has in place an uncommitted line of credit intended to provide short-term financing, if necessary, subject to certain conditions, in connection with stressed market conditions or atypical redemption activity.

Redemption-in-kind

The Fund reserves the right to pay all or part of a redemption request through an in-kind payment (in the form of securities or other assets instead of cash) if the Adviser reasonably believes that a cash redemption would negatively affect a Fund's operation or performance or that the redeeming shareholder may be engaged in market timing, frequent trading or other activity disruptive to portfolio management. Shares normally will be redeemed for cash, although each Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, or to accommodate a request by a particular shareholder that does not adversely affect the interest of the remaining shareholders, by delivery of securities selected from its assets at its discretion. However, each Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the net assets of that Fund during any 90-day period for

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any one shareholder. Should redemptions by any shareholder exceed such limitation, a Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in liquid portfolio securities rather than cash. If that occurs, the redeeming shareholder might incur brokerage and/or other transaction costs to convert the securities to cash.

Processing time

The Fund will send your redemption proceeds to you by check to the address of record or by wire to a predetermined bank or brokerage account. Redemption proceeds paid by wire will normally be sent on the next business day after receipt of the redemption request. The cost of the wire (currently $15) will be deducted from the redemption proceeds if you are redeeming all of your shares or only a specific number of shares. If you are redeeming a specific dollar amount, the wire fee will be deducted from the remaining balance in the account. You may also have proceeds sent directly to a predetermined bank or brokerage account via electronic funds transfer through the ACH Network if your bank or brokerage firm is an ACH member. There is no charge for an electronic funds transfer through the ACH Network and your proceeds will be credited to your account within two to three business days.

Proceeds from the sale of Fund shares will not be sent to you until the check or ACH purchase used to purchase the shares has cleared, which can take up to 15 calendar days after purchase. You may avoid this delay by buying shares with a wire transfer.

The Fund may suspend the right of redemption under certain extraordinary circumstances in accordance with the rules of the Securities and Exchange Commission.

Emergency Circumstances

The Fund may postpone the payment of redemption proceeds for up to seven calendar days from the date of redemption. In addition, the Fund can suspend and/or postpone payments of redemption proceeds beyond seven calendar days for:

(1) any period during which the New York Stock Exchange is closed for other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted;

(2) any period during which an emergency exists, as a result of which disposal of the securities owned is not reasonably practical or it is not reasonably practical for the Fund to fairly determine the value of its net assets; or

(3) such other periods as the Securities and Exchange Commission may by order permit for the protection of security holders of the company.

Small accounts

Due to the relatively high cost of handling small accounts, the Fund may give you 30 days written notice that it intends to redeem your shares, at the NAV of those shares, if your account has a value of less than $500. This would not apply if your account value declined to less than $500 as a result of market fluctuations.

Class R6 Shares — Other Information

Your employer-sponsored retirement and benefit plan may establish various minimum investment requirements and may also establish certain privileges with respect to purchases and redemptions or the reinvestment of dividends. Plan participants should contact their plan record-keeper with respect to these issues. This prospectus should be read in connection with the specified benefit plan's and/or the financial intermediary's materials regarding its fees and services.

Transaction information

Share price

The Fund's share price, or NAV, is determined as of the close of regular session trading on the NYSE (normally 4:00 p.m. Eastern Time) each day that the NYSE is open, in accordance with Rule 22c-1 of the Investment Company Act of 1940, as amended. The NYSE is regularly closed on New Year's Day, the third Mondays in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas. If the NYSE is closed due to weather or other extenuating circumstances (for examples of other extenuating circumstances, see the section titled "Emergency Circumstances" in this prospectus) on a day it would typically be open for business, the Fund reserves the right to treat such day as a Business Day and accept purchase and redemption orders and calculate the Fund's NAV as of the normally scheduled close of regular trading on

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the NYSE or such other time that the Fund may determine, in accordance with applicable law. The Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase, redemption or exchange requests. On any business day when the Securities Industry and Financial Markets Association ("SIFMA") recommends that the securities markets close trading early or when the NYSE closes earlier than scheduled, the Fund may (i) close trading early (as such, the time as of which the NAV is calculated would be advanced and, therefore, also the time by which purchase and redemption orders must be received in order to receive that day's NAV would be advanced) or (ii) accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day. Purchase orders will be accepted only on days which the Fund is open for business.

The NAV per share for each class of Fund shares is calculated by dividing the pro rata share of the value of all of the securities and other assets of the Fund allocable to that class of Fund shares, less the liabilities allocable to that class, by the number of shares of the class outstanding. When shares are purchased or sold, the order is processed at the next NAV (plus any applicable sales charge) that is calculated on a day when the NYSE is open for trading, after receiving a purchase or sale order. On each day that the NYSE is open, Fund shares are ordinarily valued as of the NYSE close. Information that becomes known to the Fund after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV. Because the Fund may invest in securities that are primarily listed on foreign exchanges and trade on days when the Fund does not price its shares, the Fund's underlying assets may change in value on days when shareholders will not be able to purchase or redeem the Fund's shares. If shares are purchased or sold through an intermediary, it is the responsibility of that intermediary to transmit those orders to the Fund's transfer agent so such orders will be received in a timely manner.

A purchase or sale order typically is accepted when the Fund's transfer agent, an intermediary or plan record-keeper has received a completed application or appropriate instruction along with the intended investment, if applicable, and any other required documentation.

Valuation Procedures

The valuation of the Fund's portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Fund determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV.

When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent or based on a quotation provided by the counter- party to such option under the ultimate supervision of the board of trustees. Fixed-income securities, certain convertible preferred securities, and non-exchange traded derivatives are generally valued by independent pricing services or by dealers or brokers who make markets in such securities.

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Valuations of such fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the NYSE is open. Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund's NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Distribution and Service (Rule 12b-1) Plan

The Fund has a Distribution and Service Plan or "12b-1 Plan." Under the plan, Class A shares pay a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets of the class. Class C shares pay a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75%. The distribution fees are for the sale of Fund shares, and the service fees are for services provided to shareholders. Since a Fund's assets are used to pay 12b-1 fees on an ongoing basis, over time those fees will increase the cost of your investment and may cost you more than other types of sales charges. Consequently, long-term shareholders of Class C shares eventually may pay more than the economic equivalent of the maximum initial charges permitted by the Financial Industry Regulatory Authority ("FINRA"). For more information about the 12b-1 Plan, please see the Fund's statement of additional information.

Consequently, long-term shareholders of Class C shares eventually may pay more than the economic equivalent of the maximum initial charges permitted by the Financial Industry Regulatory Authority ("FINRA"). For more information about the 12b-1 Plan, please see the Fund's statement of additional information.

Intermediaries

The Fund may authorize intermediaries to accept purchase, exchange and redemption orders on the Fund's behalf. An order properly received by an intermediary will be deemed to have been received by the Fund as of the time of receipt by the intermediary. If you buy, exchange or redeem shares through an intermediary, you will pay or receive the Fund's NAV per share (plus any applicable sales charge) next calculated after receipt and acceptance of the order by the intermediary, after giving effect to any transaction charge imposed by the intermediary. The Fund's NAV is determined as of the close of regular session trading on the NYSE (normally 4:00 p.m., Eastern time) each day that the NYSE is open for trading.

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If you buy and sell Fund shares through an intermediary or plan record-keeper, that intermediary or plan record-keeper may charge a fee for that service. Any such charges could constitute a substantial portion of a smaller account and may not be in your best interest. The Fund cannot always identify individual accounts or transactions for an account that is facilitated by an intermediary or plan record-keeper. Due to differing operational and systems capabilities, an intermediary may calculate sales charges and fees and track transaction activity differently than the Fund. When transacting in Fund shares, be sure you understand how your intermediary or plan record-keeper calculates sales charges and fees and tracks transaction activity.

Class A, C, and I shares

Shares of the Fund may be purchased through certain intermediaries that are agents of the Fund for the limited purpose of completing purchases and sales. For services provided by such a company with respect to Fund shares (except Class R6 shares) held by that company for its customers, and for shares held in Network Level III accounts, the Fund may pay additional fees for services being provided by the intermediary to the Fund's shareholders. For shares held in sub-accounts, such as those in qualified retirement plans, these fees are often referred to as "sub-transfer agent" or "recordkeeping" fees. The annual fee may either be a percentage of the account's average annual net assets or a specific dollar amount per account, determined on the basis of how the intermediary charges. The Board of Trustees of the Fund has set maximum limits to these payments.

Calamos Advisors or the Distributor, out of their own resources and without additional cost to the Fund or its shareholders, may provide additional cash compensation to intermediaries selling shares of the Fund, including third-party administrators of qualified plans whose customers have purchased Fund shares. These amounts would be in addition to the distribution payments made by the Fund under the distribution and service (Rule 12b-1) agreements described above and are commonly referred to as "revenue sharing" payments. These payments are generally a percentage of the account's average annual net assets.

Calamos Advisors or the Distributor may provide additional non-cash compensation to third parties selling the Fund, including affiliated companies, in accordance with relevant FINRA guidelines governing non-cash compensation. The Distributor may also pay concessions in addition to those described above to broker-dealers so that the Fund is made available by those broker- dealers for their customers.

Payments to a qualifying Intermediary in any year generally will not exceed the sum of (a) 0.25% of the prior year's purchases of Fund shares through the Intermediary and (b) 0.12% of the annual average daily value of Fund shares held through the Intermediary. In the case of Fund shares held by a retirement plan investing through a platform sponsored by an Intermediary, payments to the Intermediary generally will not exceed 0.20% of the annual average daily value of those shares. CFS or its affiliates consider a number of factors in determining whether they will make requested payments, including the qualifying Intermediary's sales, assets and redemption rates, and the nature of the Intermediary's services.

Payments to Intermediaries may create a conflict of interest by influencing the broker-dealer or other Intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your Intermediary's website for more information.

In addition, CFS and/or CALAMOS ADVISORS may also share certain marketing expenses with intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. CFS and/or CALAMOS ADVISORS may make payments to participate in intermediary marketing support programs which may provide CFS and/or CALAMOS ADVISORS, as applicable, with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis, tools, data and data analytics, business planning and strategy sessions with intermediary personnel, information on industry- or platform specific developments, trends and service providers, and other marketing- related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of the Fund and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Fund to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Fund available to their customers.

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Anti-money laundering compliance

The Fund is required to comply with various federal anti-money laundering laws and regulations. Consequently, the Fund will request the following information from all investors: full name, date of birth, Social Security number and permanent street address. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Corporate, trust, and other entity accounts must provide additional documentation. The Fund will use this information to verify your identity. The Fund will return your application and the monies received to establish your account if any of this information is missing. After your account is established, the Fund may request additional information from you to assist in verifying your identity. If the Fund is unable to verify your identity, it reserves the right to redeem your account at the current day's NAV. If at any time the Fund believes you may be involved in suspicious activity or if your identifying information matches information on government lists of suspicious persons, the Fund may choose not to establish a new account or may be required to "freeze" your account. The Fund also may be required to provide a governmental agency with information about your attempt to establish a new account or about transactions that have occurred in your account. The Fund also may be required to transfer monies received to establish a new account, transfer an existing account or transfer the proceeds of an existing account to a governmental agency. In some circumstances, the law may not permit the Fund to inform you that it has taken the actions described above.

Transaction restrictions

The Fund reserves the right to reject any order for the purchase of shares in whole or in part for any reason, and to suspend the sale of shares to the public in response to conditions in the securities markets or otherwise. The Fund generally expects to inform any investor within 24 hours if a purchase order has been rejected. The Fund is intended for long-term investment purposes only, and is not intended for short-term or excessive trading. Those practices may disrupt portfolio management strategies and/ or increase expenses, thus harming Fund performance.

The Fund may, in its discretion, suspend, and may permanently terminate, the purchase privileges or the purchase portion of exchange privileges of any investor who engages in trading activity that the Fund believes would be disruptive to the Fund.

Although the Fund will attempt to give prior notice of a suspension or termination of such privileges when it is reasonably able to do so, the suspension or termination may be effective immediately, thereby preventing any uncompleted exchange.

In addition, the Fund receives purchase and sale orders through intermediaries and cannot always identify or reasonably detect short-term or excessive trading that may be facilitated by those intermediaries or by the use of omnibus accounts by those intermediaries. Omnibus accounts are comprised of multiple investors whose purchases and redemptions are aggregated and netted before being submitted to the Fund, making it more difficult to locate and eliminate short-term or excessive trading. To the degree the Fund is able to identify excessive or short-term trading in accounts maintained by intermediaries, the Fund will seek the cooperation of the intermediary to enforce the Fund's excessive trading policy. However, there can be no assurance that an intermediary will cooperate in all instances. Certain intermediaries may not presently possess the same operational capabilities to track the number of purchase, redemption or exchange orders made by an individual investor in the Fund, or they may lack such capabilities entirely. Certain intermediaries may possess other capabilities to deter short-term or excessive trading upon which the Fund may rely. In general, the Fund cannot eliminate the possibility that short-term or excessive trading activity will occur in the Fund.

The Fund also reserves the right to restrict the account of any investor with respect to purchase orders or the purchase portion of exchange orders, without prior notice, if the trading activity in the account is determined to be disruptive to the Fund. To minimize harm to the Fund and its shareholders, the Fund may, at the Fund's sole discretion, exercise these rights if an investor has a history of excessive or disruptive trading. In making this judgment, the Fund may consider trading done in multiple accounts under common ownership or control. Such restriction typically is placed in the account immediately after such disruptive trading is determined to be occurring.

Excessive trading policies and procedures

Excessive trading may present risks to the Fund's long-term shareholders. Excessive trading into and out of the Fund can be disruptive to the portfolio, including with respect to the implementation of investment strategies. Excessive trading also may

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create taxable gains to remaining Fund shareholders and may increase Fund expenses, which may negatively impact investment returns for remaining shareholders.

Funds that invest in foreign securities may be at a greater risk for excessive trading. Some investors may seek to profit from the fact that foreign markets or exchanges normally close earlier in the day than do U.S. markets or exchanges. These investors may seek to engage in a practice known as pricing arbitrage to take advantage of information that becomes available after the close of the foreign markets or exchanges but before the Fund prices its shares, which may affect the prices of the foreign securities held by the Fund. Alternatively, some investors may attempt to benefit from stale pricing — when trading in a security held by the Fund is halted and does not resume prior to the time the Fund calculates its NAV. To the extent that the Fund does not accurately value securities, short-term arbitrage traders may dilute the Fund's NAV, which may negatively impact long-term shareholders. Although the Fund has adopted policies and procedures intended to reduce its exposure to price arbitrage, stale pricing and other potential pricing inefficiencies, the Fund cannot entirely eliminate the potential for short-term arbitrage trades to dilute the value of Fund shares.

The Fund's policy is against trading of Fund shares by Fund shareholders that is disruptive to the management of the Fund. In analyzing whether trading is disruptive, the Fund will consider the purpose of the trades, the effects on the Fund's portfolio and shareholders, and the impact of any costs or administrative charges it may incur (net of any reimbursement by the shareholder). For certain redemption and reinvestment transactions in which Calamos Advisors or its affiliates may engage, see page 40 of the statement of additional information.

The Fund's policy is against frequent purchases and redemptions of the Fund's shares that are disruptive to the Fund's portfolio. The Fund attempts to detect and deter excessive trading through the following methods:

• imposing restrictions on trading or exchange privileges of investors the Fund believes are engaging in short-term or excessive trading, as described under "Transaction restrictions;"

• utilizing fair valuation of securities, as described under "Valuation procedures;" and

• monitoring trades.

Although the Fund will take steps to detect and deter abusive trading pursuant to the policies and procedures approved by the board of trustees, there are no assurances that these policies and procedures will be effective in limiting excessive trading in all circumstances. For example, the Fund may be unable to completely eliminate the possibility of excessive trading in certain omnibus accounts and other accounts traded through intermediaries as discussed in the "Transaction restrictions" section.

Certain types of transactions will be exempt from the excessive trading policies and procedures. These exempt transactions are certain non-participant directed transactions in retirement plans, and purchases and redemptions by Calamos funds of funds.

The Fund's policies and procedures regarding excessive trading may be modified by the Board of Trustees at any time.

Interfund Lending

The SEC has granted an exemptive order to the Fund permitting the Fund to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program"). A description of the Fund's policies and procedures in connection with the InterFund Program is available in the statement of additional information and on the Fund's website. www.calamos.com.

Distributions and taxes

Dividends and capital gains distributions

You may receive two kinds of distributions from the Fund: dividends and capital gains distributions. Unless you requested on the account application or in writing that distributions be made in cash, all dividends and capital gains distributions are paid by crediting you with additional Fund shares of the same class you already own. In addition, under the same shareholder account registration and within the same share class, dividends and distributions from one Fund may be reinvested into another Fund, with this receiving Fund account being subject to the minimum initial investment requirements. These shares are valued at the

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next NAV per share that is computed after the dividend or distribution date. There is no sales charge applied. The Fund declares dividends annually. Distributions of capital gains, if any, are paid to shareholders by the Fund at least annually.

If a dividend check is returned undeliverable, or if a check remains outstanding for six months, the Fund reserves the right to reinvest those dividends in additional shares of that Fund at the current NAV and to designate the account as a dividend reinvestment account.

You may change the distribution option on your account at any time by calling us at 800.582.6959 or by written notice to the transfer agent at least five calendar days prior to the record date of the next distribution.

Taxes

You may realize a capital gain or capital loss when you redeem or exchange shares, provided you hold Fund shares as a capital asset. The gain or loss will be a longterm or short-term capital gain or loss, depending on how long you owned the Fund shares. In addition to federal income tax, you may also be subject to state and local taxes on the redemption or exchange of Fund shares, depending on the laws of your home state and locality.

You may be taxed on dividends from net investment income and capital gains distributions at different rates depending on your tax situation. Dividends paid by the Fund from net investment income generally are taxable to you as ordinary income, unless paid from "qualified dividend income," as described below. Federal taxes on distributions of capital gains by the Fund are determined by how long the Fund owned the investments that generated the gains, rather than by how long you have owned your shares.

Distributions of gains from investments that the Fund owned for more than one year and that are properly reported by the Fund as capital gain dividends will generally be taxable to you as long-term capital gains. Distributions of gains from investments that the Fund owned for one year or less will generally be taxable to you as ordinary income. Annually, the Fund will advise you of the source of your distributions for tax purposes. Distributions to you are taxable even if they are paid from income or gains earned by the Fund before you invested in the Fund (and thus were included in the price paid for the Fund shares). Distributions are subject to federal income tax, whether received in cash or reinvested in additional Fund shares or shares of another fund, and may be subject to state or local taxes.

A portion of the dividends from net investment income paid by the Fund may be eligible for the reduced rate applicable to "qualified dividend income," provided that the recipient of the dividend is an individual and that certain holding period and other requirements are met at both the shareholder and Fund level. No assurance can be given as to what portion of the dividends paid by the Fund will consist of "qualified dividend income."

The dividends and distributions paid by the Fund are generally taxable to you as of the date of payment, except for those distributions declared and payable to shareholders of record on a date in October, November or December and paid in January of the next year. Such a distribution will be treated as though it were received on December 31 of the year in which it is declared.

Income and proceeds received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. The Fund's return on investments subject to such taxes will be decreased. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by the Fund. In addition, the Fund's investments in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the timing or amount of the Fund's distributions.

The Fund's transactions in derivatives, as well as any of its hedging, short sale, securities loan or similar transactions may be subject to one or more special tax rules. These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders and thus taxes payable by shareholders.

PROSPECTUS \| March 1, 2023

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Fund Facts

The Fund may be required to withhold federal income tax ("backup withholding") from payments to you if:

• you fail to furnish your properly certified Social Security or other tax identification number;

• you fail to certify that your tax identification number is correct or that you are not subject to backup withholding due to the underreporting of certain income; or

• the Internal Revenue Service ("IRS") informs the Fund that your tax identification number is incorrect.

These certifications are contained in the application that you complete and return when you open an account. The Fund must promptly pay to the IRS all amounts withheld. Therefore, it is usually not possible for the Fund to reimburse you for amounts withheld. Backup withholding is not an additional tax. You may claim the amount withheld as a credit on your federal income tax return, provided you furnish the appropriate information to the IRS.

The above is only a summary of certain federal tax consequences of investing in the Fund. You should consult your tax adviser for more information about your own tax situation, including possible foreign, state, and local taxes.

Other information

Shareholder accounts

Each shareholder of the Fund receives quarterly account statements showing transactions in Fund shares, with a balance denominated in Fund shares. A confirmation will be sent to the shareholder upon purchase, redemption, or change of shareholder address (sent to both the former and the new address).

Retirement plans

You may use the Fund as an investment for your IRA, profit sharing plan, pension plan, Section 401(k) plan, Section 403(b)(7) plan in the case of employees of public school systems and certain non-profit organizations, and certain other qualified plans. A master IRA plan document and information regarding IRA plan administration, fees, and other details are available from us or your plan administrator or record-keeper. For direct investments via corporate retirement plans, please note that neither the Fund nor its transfer agent offers master plan documentation and/or record-keeping services.

Prospectuses and shareholder reports

The Fund reduces the number of duplicate prospectuses and other documents, including annual and semiannual reports you receive, by sending only one copy of each to those addresses shared by two or more accounts. Call us at 800.582.6959 or write to us at the CALAMOS FAMILY OF FUNDS, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201 if you want to receive individual copies of these documents. The Fund will begin sending you individual copies within 30 days of your request.

Changes in 80% policy

The Fund has adopted a non-fundamental operating policy that requires at least 80% of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) to be invested, under normal circumstances, in securities of the type suggested by the Fund's name. Although this requirement may be changed by the board of trustees without shareholder approval, the Fund will notify shareholders at least 60 days prior to any change in its 80% policy.

Lost Shareholders, Inactive Accounts and Unclaimed Property

It is important that the Fund maintains a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the investor or rightful owner of the account. If the Fund is unable to locate the investor, then it will determine whether the investor's account can legally be considered abandoned. Mutual fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Please proactively contact the transfer agent at 800.582.6959 at least annually to ensure your account remains in active status. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the transfer agent to complete a Texas Designation of Representative form.

CALAMOS FAMILY OF FUNDS

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PROSPECTUS \| March 1, 2023

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Financial Highlights

The financial highlights tables are intended to help you understand the Fund's financial performance during the periods indicated below for Class A, Class C, Class I and Class R6 shares. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Deloitte & Touche LLP, an independent registered public accounting firm, has audited the information presented. The report of Deloitte & Touche LLP, along with the Fund's financial statements and financial highlights, is included in the Fund's annual report to shareholders for the fiscal year ended October 31, 2022, which is available upon request.

Calamos Global Sustainable Equities Fund<sup>(d)</sup>

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R6** |
| | December 17, <br>2021• through <br>October 31, | December 17, <br>2021• through <br>October 31, | December 17, <br>2021• through <br>October 31, | December 17, <br>2021• through <br>October 31, |
| | **2022** | **2022** | **2022** | **2022** |
| Net asset value, beginning of year | $10.00 | $10.00 | $10.00 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.08 | 0.00 | 0.09 | 0.08 |
| Net realized and unrealized gain (loss) | (2.54) | (2.51) | (2.53) | (2.52) |
| Total from investment operations | (2.46) | (2.51) | (2.44) | (2.44) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  |  |  |
| Net asset value, end of year | $7.54 | $7.49 | $7.56 | $7.56 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (24.60<br> %) | (25.10<br> %) | (24.40<br> %) | (24.40<br> %) |
| Net assets, end of year (000) | $440 | $7 | $6255 | $8 |
| Ratio of net expenses to average net assets | 1.20<br> %(c) | 1.20<br> %(c) | 1.20<br> %(c) | 1.20<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 5.54<br> %(c) | 5.54<br> %(c) | 5.54<br> %(c) | 5.54<br> %(c) |
| Ratio of net investment income (loss) to average net assets | (4.53<br> %)(c) | (4.53<br> %)(c) | (4.53<br> %)(c) | (4.53<br> %)(c) |

---

---

| | |
|:---|:---|
| | December 17,<br>2021• through <br>October 31, |
| | **2022** |
| Portfolio turnover rate | 6<br> %(e) |

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&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income (loss) allocated based on average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Subsequent Event — On October 31, 2022, The Board of Trustees approved a proposal to liquidate the Calamos Global Sustainable Equities Fund (the "Fund"). It is expected that the Fund will be liquidated in the first quarter of 2023. Additional information will be provided to shareholders regarding the timing of the liquidation, including the date on which the Fund will close to new investors and the date on which it will close to investments from existing investors.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

CALAMOS FAMILY OF FUNDS

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**Appendix** 

Ameriprise Prospectus Disclosure

**Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:**

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:*

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI:

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

• Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversions of Class C shares following a shorter holding period, that waiver will apply.

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

Janney Prospectus Disclosure

If you purchase fund shares through a Janney Montgomery Scott LLC ("Janney") brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

**Front-end sales charge\* waivers on Class A shares available at Janney**

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

------

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

• Shares acquired through a right of reinstatement.

• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC waivers on Class A and C shares available at Janney**

• Shares sold upon the death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

• Shares purchased in connection with a return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and other retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

• Shares acquired through a right of reinstatement.

• Shares exchanged into the same share class of a different fund.

**Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent**

• Breakpoints as described in the fund's Prospectus.

• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

\* Also referred to as an "initial sales charge."

Merrill Lynch Prospectus Disclosure

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.

------

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch**<br>

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

Shares purchased through a Merrill Lynch affiliated investment advisory program

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement

**CDSC Waivers on A and C Shares available at Merrill Lynch**<br>

Death or disability of the shareholder

Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

Return of excess contributions from an IRA Account

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

Shares acquired through a right of reinstatement

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

------

**Front-end load Discounts Available at Merrill Lynch: <br>Breakpoints, Rights of Accumulation & Letters of Intent**

Breakpoints as described in this prospectus.

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley Prospectus Disclosure

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**<u>Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management</u>**

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Oppenheimer Prospectus Disclosure

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back- end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**<u>Front-end sales load waivers on class A shares available at OPCO</u>**

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

------

• Shares purchased through a OPCO affiliated investment advisory program

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

• Employees and registered representatives of OPCO or its affiliates and their family members

• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

**<u>CDSC Waivers on A, B and C shares available at OPCO</u>**

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations

• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO Shares acquired through a right of reinstatement

**<u>Front-end load discounts available at OPCO: breakpoints, rights of accumulation & letters of intent</u>**

• Breakpoints as described in this prospectus.

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Raymond James Prospectus Disclosure

**<u>Intermediary-Defined Sales Charge Waiver Policies</u>**

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

------

**<u>Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")</u>**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**<u>Front-end sales load waivers on Class A shares available at Raymond James</u>**

• Shares purchased in an investment advisory program.

• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**<u>CDSC Waivers on Classes A, B and C shares available at Raymond James</u>**

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

**<u>Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent</u>**

• Breakpoints as described in this prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

------

Robert W. Baird & Co. Prospectus Disclosure

**<u>Robert W. Baird & Co. ("Baird"):</u>**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI

**<u>Front-end sales charge waivers on Investors A-shares available at Baird</u>**

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund

• Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

• Shares purchased using the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

• A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**<u>CDSC Waivers on Investor A and C shares available at Baird</u>**

• Shares sold due to death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

• Shares bought due to returns of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund's prospectus

• Shares sold to pay Baird fees but only if the transaction is initiated by Baird

• Shares acquired through a right of reinstatement

**<u>Front-end sales charge discounts available at Baird: breakpoints and/or rights of accumulations</u>**

• Breakpoints as described in this prospectus

• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time

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If you would like more information about the Fund, the following resources are available upon request, free of charge.

Additional information about the Fund's investments will be available in the Fund's semiannual and annual reports to shareholders. The annual report contains a discussion of the market conditions and investment strategies that significantly affected the Fund's performance for the one-year period ended October 31, 2022.

The Statement of Additional Information provides more detailed information about the Fund and, except for the information in the section entitled "Financial Statements," is incorporated into this prospectus by reference.

Copies of the reports and the Statement of Additional Information are available, without charge, upon request, by calling 800.582.6959 or by visiting the Fund's website at www.calamos.com. You can request other information and discuss your questions about the Fund by contacting Calamos Financial Services LLC at:

Calamos Financial Services LLC

2020 Calamos Court

Naperville, Illinois 60563

Telephone: 800.582.6959

The Fund's reports and Statement of Additional Information are available on the EDGAR database on the Commission's Internet website at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by electronic request to:

E-mail: publicinfo@sec.gov.

FOR 24 HOUR AUTOMATED

SHAREHOLDER ASSISTANCE

800.823.7386 TO OBTAIN INFORMATION

ABOUT YOUR INVESTMENTS

800.582.6959 VISIT OUR WEBSITE

www.calamos.com

INVESTMENT ADVISER

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

TRANSFER AGENT

U.S. Bank Global Fund Services

615 E. Michigan St. 3rd floor

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

Deloitte & Touche LLP

Chicago, IL

LEGAL COUNSEL

Ropes & Gray LLP

Chicago, IL

![](j23145523_za001.jpg)

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959 www.calamos.com

<sup>©</sup> 2023 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.

GSESTAPRO 03/23

811-05443

------

March 1, 2023

**STATEMENT OF ADDITIONAL INFORMATION**

**CALAMOS<sup>®</sup> FAMILY OF FUNDS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Calamos Market Neutral Income Fund | CVSIX | CVSCX | CMNIX | CVSOX |
| Calamos Hedged Equity Fund | CAHEX | CCHEX | CIHEX |  |
| Calamos Phineus Long/Short Fund | CPLSX | CPCLX | CPLIX |  |
| Calamos Convertible Fund | CCVIX | CCVCX | CICVX |  |
| Calamos Global Convertible Fund | CAGCX | CCGCX | CXGCX |  |
| Calamos Timpani Small Cap Growth Fund | CTASX | CTCSX | CTSIX | CTSOX |
| Calamos Timpani SMID Growth Fund | CTAGX |  | CTIGX | CTOGX |
| Calamos Growth Fund | CVGRX | CVGCX | CGRIX |  |
| Calamos Growth and Income Fund | CVTRX | CVTCX | CGIIX | CGIOX |
| Calamos Dividend Growth Fund | CADVX | CCDVX | CIDVX |  |
| Calamos Select Fund | CVAAX | CVACX | CVAIX |  |
| Calamos International Growth Fund | CIGRX | CIGCX | CIGIX | CIGOX |
| Calamos Evolving World Growth Fund | CNWGX | CNWDX | CNWIX |  |
| Calamos Global Equity Fund | CAGEX | CCGEX | CIGEX | CGEOX |
| Calamos Global Opportunities Fund | CVLOX | CVLCX | CGCIX |  |
| Calamos International Small Cap <br>Growth Fund | CAISX | CCISX | CSGIX | CISOX |
| Calamos Total Return Bond Fund | CTRAX | CTRCX | CTRIX |  |
| Calamos High Income Opportunities Fund | CHYDX | CCHYX | CIHYX |  |
| Calamos Short-Term Bond Fund | CSTBX |  | CSTIX |  |

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**2020 Calamos Court Naperville, Illinois 60563 800.582.6959**

This Statement of Additional Information relates to Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund (the "Funds"), each of which is a series of Calamos Investment Trust (the "Trust"). This is not a prospectus, but provides information that should be read in conjunction with the Calamos Family of Funds prospectus, dated March 1, 2023 and any supplements thereto, which are incorporated herein by reference. The [Funds' financial statements and financial highlights for the fiscal year ended October 31, 2022](https://www.sec.gov/Archives/edgar/data/826732/000110465922130580/tm2228639d1_ncsr.htm), as well as the report of the independent registered public accounting firm are incorporated by reference. The prospectus and the annual and semi-annual reports of the Funds may be obtained without charge by writing or telephoning the Funds at the address or telephone numbers set forth above.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| THE TRUST AND THE FUNDS | 3 |
| INVESTMENT OBJECTIVES | 3 |
| INVESTMENT PRACTICES | 4 |
| INVESTMENT RESTRICTIONS | 31 |
| MANAGEMENT | 35 |
| INVESTMENT ADVISORY SERVICES | 46 |
| TEAM APPROACH TO MANAGEMENT | 52 |
| DISTRIBUTION PLAN | 58 |
| DISTRIBUTOR | 59 |
| OTHER COMPENSATION TO INTERMEDIARIES | 62 |
| PORTFOLIO TRANSACTIONS | 63 |
| SHARE CLASSES AND PRICING OF SHARES | 66 |
| TAXATION | 70 |
| CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS | 78 |
| CUSTODIAN AND TRANSFER AGENT | 107 |
| FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT | 108 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 109 |
| GENERAL INFORMATION | 109 |
| FINANCIAL STATEMENTS | 109 |
| APPENDIX—DESCRIPTION OF BOND RATINGS | A-1 |

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**THE TRUST AND THE FUNDS**

The Trust was organized as a Massachusetts business trust on December 21, 1987. Each Fund is an open-end, diversified management investment company. Prior to April 1, 2021, Global Opportunities Fund was named "Global Growth and Income Fund". Prior to February 28, 2020, Select Fund was named "Opportunistic Value Fund". Prior to June 23, 2017, High Income Opportunities Fund was known as "High Income Fund". Prior to March 1, 2019, Hedged Equity Fund was known as "Hedged Equity Income Fund".

**INVESTMENT OBJECTIVES**

Each Fund's investment objectives are shown below:

MARKET NEUTRAL INCOME FUND seeks high current income consistent with stability of principal.

HEDGED EQUITY FUND seeks total return with lower volatility than equity markets.

PHINEUS LONG/SHORT FUND seeks strong, risk-adjusted and absolute returns in the context of prevailing market conditions across the global equity universe.

CONVERTIBLE FUND seeks current income, with growth as its secondary objective.

GLOBAL CONVERTIBLE FUND seeks total return through capital appreciation and current income.

TIMPANI SMALL CAP GROWTH FUND seeks capital appreciation.

TIMPANI SMID GROWTH FUND seeks capital appreciation.

GROWTH FUND seeks long-term capital growth.

GROWTH AND INCOME FUND seeks high long-term total return through growth and current income.

DIVIDEND GROWTH FUND seeks income and capital appreciation primarily through investments in dividend paying equities.

SELECT FUND seeks long-term capital growth.

INTERNATIONAL GROWTH FUND seeks long-term capital growth.

EVOLVING WORLD GROWTH FUND seeks long-term capital growth.

GLOBAL EQUITY FUND seeks long-term capital growth.

GLOBAL OPPORTUNITIES FUND seeks high long-term total return through capital appreciation and current income.

INTERNATIONAL SMALL CAP GROWTH FUND seeks long-term capital appreciation.

TOTAL RETURN BOND FUND seeks total return, consistent with preservation of capital and prudent investment management.

HIGH INCOME OPPORTUNITIES FUND seeks the highest level of current income obtainable with reasonable risk. Its secondary objective is capital gain, where consistent with the Fund's primary objective.

SHORT-TERM BOND FUND seeks a high level of current income consistent with preservation of principal.

The investment objectives of each Fund other than International Small Cap Growth Fund may not be changed without the approval of a "majority of the outstanding" shares of that Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The investment objective of International Small Cap Growth Fund is non-fundamental and may be changed by a vote of the Fund's Board, without shareholder approval.

Each of Hedged Equity Fund, Convertible Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Global Equity Fund, International Small Cap Growth Fund, Total Return Bond Fund, and Short-Term Bond Fund, respectively, will notify shareholders at least 60 days prior to any change in its 80% policy.

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**INVESTMENT PRACTICES**

The prospectus contains information concerning each Fund's investment objectives and principal investment strategies and risks. This Statement of Additional Information provides additional information concerning certain securities and strategies used by the Funds and their associated risks.

In pursuing its investment objectives, each Fund will invest as described below and in the Funds' prospectus. The table below indicates whether each Fund, directly or indirectly through its investment in the underlying funds, invests in the securities and instruments listed as part of its principal (P) or non-principal (N) investment strategies.

Unless otherwise noted, all investment policies and restrictions described in the Prospectus and Statement of Additional Information are measured at the time of the transaction in the security. If market action affecting fund securities (including, but not limited to, appreciation, depreciation, or a credit rating event) causes a Fund to exceed an investment policy or restriction, Calamos Advisors LLC ("Calamos Advisors") is not required to take immediate action. Under normal market conditions, however, Calamos Advisors will not make any acquisitions that will make the Fund further outside the investment restriction.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **MARKET<br>NEUTRAL<br>INCOME<br>FUND** | **HEDGED<br>EQUITY<br>FUND** | **PHINEUS<br>LONG/<br>SHORT<br>FUND** | **CONVERTIBLE<br>FUND** | **GLOBAL<br>CONVERTIBLE<br>FUND** |
| Asset Swapped Convertible Option Transactions | N | N | N | N | N |
| Calculations of Dollar Weighted Average Portfolio Maturity | N | N | N | N | N |
| Convertible Securities | P | P | N | P | P |
| Currency Exchange Transactions | N | P | P | P | P |
| Debt Securities (including High Yield Fixed-Income Securities) | P | P | N | P | P |
| Distressed Securities | N | N | N | N | N |
| Equity Securities | P | P | P | P | P |
| Foreign Securities | P | P | P | P | P |
| Futures Contracts and Options on Futures Contracts | N | P | P | N | P |
| Illiquid Securities | P | N | N | N | N |
| Inflation-indexed Bonds | N | N | N | N | N |
| Initial Public Offerings | N | N | N | N | N |
| Lending of Portfolio Securities | N | N | N | N | P |
| Loan Participations and Assignments | N | N | N | N | N |
| Master Limited Partnerships | N | N | N | N | N |
| Mortgage-related and Other Asset-backed Securities | N | N | N | N | N |
| Municipal Bonds | N | N | N | N | N |
| Municipal Lease Obligations | N | N | N | N | N |
| Options on Securities, Indexes and Currencies\* | P | P | P | P | P |
| Portfolio Turnover | P | P | P | N | P |
| Real Estate Investment Trusts | N | N | N | N | N |
| Repurchase Agreements | N | N | N | N | N |
| Reverse Repurchase Agreements and Other Borrowings | N | N | N | N | N |
| Rule 144A Securities | P | P | N | P | P |
| Short Sales | P | P | P | N | N |
| Special Purpose Acquisition Companies | N | N | N | N | N |
| Stripped Securities | N | N | N | N | N |
| Structured Products | N | N | N | N | N |
| Swaps, Caps, Floors and Collars | P | N | N | N | N |
| Synthetic Convertible Instruments | P | N | N | P | P |
| Synthetic Foreign Money Market Positions | N | N | N | N | N |
| Temporary Investments | N | N | N | N | N |
| U.S. Government Obligations | N | N | N | N | N |
| Warrants\* | N | P | N | N | N |
| "When-Issued" and Delayed Delivery Securities | N | N | N | N | P |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **TIMPANI<br>SMALL<br>CAP<br>GROWTH<br>FUND** | **TIMPANI<br>SMID<br>GROWTH<br>FUND** | **GROWTH<br>FUND** | **GROWTH<br>AND<br>INCOME<br>FUND** | **DIVIDEND<br>GROWTH<br>FUND** | **SELECT<br>FUND** |
| Asset Swapped Convertible Option Transactions | N | N | N | N | N | N |
| Calculations of Dollar Weighted Average Portfolio Maturity | N | N | N | N | N | N |
| Convertible Securities | N | N | N | P | N | N |
| Currency Exchange Transactions | N | N | P | P | P | N |
| Debt Securities (including High Yield Fixed-Income Securities) | N | N | N | P | N | N |
| Distressed Securities | N | N | N | N | N | N |
| Equity Securities | P | P | P | P | P | P |
| Foreign Securities | P | P | P | P | P | P |
| Futures Contracts and Options on Futures Contracts | N | N | N | N | P | N |
| Illiquid Securities | N | N | N | N | P | N |
| Inflation-indexed Bonds | N | N | N | N | N | N |
| Initial Public Offerings | N | N | N | N | N | N |
| Lending of Portfolio Securities | N | N | N | N | N | N |
| Loan Participations and Assignments | N | N | N | N | N | N |
| Master Limited Partnerships | N | N | N | N | P | N |
| Mortgage-related and Other Asset-backed Securities | N | N | N | N | N | N |
| Municipal Bonds | N | N | N | N | N | N |
| Municipal Lease Obligations | N | N | N | N | N | N |
| Options on Securities, Indexes and Currencies\* | N | N | P | P | P | P |
| Portfolio Turnover | P | P | N | N | N | N |
| Real Estate Investment Trusts | N | N | N | N | N | N |
| Repurchase Agreements | N | N | N | N | N | N |
| Reverse Repurchase Agreements and Other Borrowings | N | N | N | N | N | N |
| Rule 144A Securities | N | N | N | P | P | N |
| Short Sales | N | N | N | N | N | N |
| Special Purpose Acquisition Companies | N | N | N | N | N | N |
| Stripped Securities | N | N | N | N | N | N |
| Structured Products | N | N | N | N | N | N |
| Swaps, Caps, Floors and Collars | N | N | N | N | N | N |
| Synthetic Convertible Instruments | N | N | N | P | N | N |
| Synthetic Foreign Money Market Positions | N | N | N | N | N | N |
| Temporary Investments | N | N | N | N | N | N |
| U.S. Government Obligations | N | N | N | N | N | N |
| Warrants\* | N | N | N | N | N | N |
| "When-Issued" and Delayed Delivery Securities | N | N | N | N | N | N |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **INTERNATIONAL<br>GROWTH FUND** | **INTERNATIONAL<br>GROWTH FUND** | **EVOLVING<br>WORLD<br>GROWTH<br>FUND** | **EVOLVING<br>WORLD<br>GROWTH<br>FUND** | **GLOBAL<br>EQUITY<br>FUND** | **GLOBAL<br>EQUITY<br>FUND** | **GLOBAL<br>OPPORTUNITIES<br>FUND** | **GLOBAL<br>OPPORTUNITIES<br>FUND** | **INTERNATIONAL<br>SMALL CAP<br>GROWTH<br>FUND** | **INTERNATIONAL<br>SMALL CAP<br>GROWTH<br>FUND** |
| Asset Swapped Convertible Option Transactions |  | N |  | N |  | N |  | N |  | N |
| Calculations of Dollar Weighted Average Portfolio Maturity |  | N |  | N |  | N |  | N |  | N |
| Convertible Securities |  | N |  | P |  | N |  | P |  | N |
| Currency Exchange Transactions |  | P |  | P |  | P |  | N |  | P |
| Debt Securities (including High Yield Fixed-Income Securities) |  | N |  | P |  | N |  | P |  | N |
| Distressed Securities |  | N |  | N |  | N |  | N |  | N |
| Equity Securities |  | P |  | P |  | P |  | P |  | P |
| Foreign Securities |  | P |  | P |  | P |  | P |  | P |
| Futures Contracts and Options on Futures Contracts |  | N |  | N |  | N |  | N |  | N |
| Illiquid Securities |  | N |  | N |  | N |  | N |  | N |
| Inflation-indexed Bonds |  | N |  | N |  | N |  | N |  | N |
| Initial Public Offerings |  | N |  | N |  | N |  | N |  | N |
| Lending of Portfolio Securities |  | N |  | N |  | N |  | N |  | N |
| Loan Participations and Assignments |  | N |  | N |  | N |  | N |  | N |
| Master Limited Partnerships |  | N |  | N |  | N |  | N |  | N |
| Mortgage-related and Other Asset-backed Securities |  | N |  | N |  | N |  | N |  | N |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **INTERNATIONAL<br>GROWTH FUND** | **EVOLVING<br>WORLD<br>GROWTH<br>FUND** | **GLOBAL<br>EQUITY<br>FUND** | **GLOBAL<br>OPPORTUNITIES<br>FUND** | **INTERNATIONAL<br>SMALL CAP<br>GROWTH<br>FUND** |
| Municipal Bonds | N | N | N | N | N |
| Municipal Lease Obligations | N | N | N | N | N |
| Options on Securities, Indexes and Currencies\* | N | N | N | P | N |
| Portfolio Turnover | N | P | N | P | N |
| Real Estate Investment Trusts | N | N | N | N | N |
| Repurchase Agreements | N | N | N | N | N |
| Reverse Repurchase Agreements and Other Borrowings | N | N | N | N | N |
| Rule 144A Securities | N | N | N | P | N |
| Short Sales | N | N | N | N | N |
| Special Purpose Acquisition Companies | N | N | N | N | N |
| Stripped Securities | N | N | N | N | N |
| Structured Products | N | N | N | N | N |
| Swaps, Caps, Floors and Collars | N | N | N | N | N |
| Synthetic Convertible Instruments | N | P | N | P | N |
| Synthetic Foreign Money Market Positions | N | N | N | N | N |
| Temporary Investments | N | N | N | N | N |
| U.S. Government Obligations | N | N | N | N | N |
| Warrants\* | N | N | N | N | N |
| "When-Issued" and Delayed Delivery Securities | N | N | N | N | N |

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| | | | |
|:---|:---|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **TOTAL<br>RETURN<br>BOND<br>FUND** | **HIGH<br>INCOME<br>OPPORTUNITIES<br>FUND** | **SHORT-TERM<br>BOND<br>FUND** |
| Asset Swapped Convertible Option Transactions | N | N | N |
| Calculations of Dollar Weighted Average Portfolio Maturity | N | N | P |
| Convertible Securities | P | P | P |
| Currency Exchange Transactions | P | N | N |
| Debt Securities (including High Yield Fixed-Income Securities) | P | P | P |
| Distressed Securities | N | N | N |
| Equity Securities | N | P | N |
| Foreign Securities | P | P | P |
| Futures Contracts and Options on Futures Contracts | P | P | P |
| Illiquid Securities | N | N | N |
| Inflation-indexed Bonds | P | P | P |
| Initial Public Offerings | N | N | N |
| Lending of Portfolio Securities | P | P | P |
| Loan Participations and Assignments | P | P | P |
| Master Limited Partnerships | P | P | N |
| Mortgage-related and Other Asset-backed Securities | P | P | P |
| Municipal Bonds | P | P | P |
| Municipal Lease Obligations | N | N | N |
| Options on Securities, Indexes and Currencies\* | P | P | N |
| Portfolio Turnover | N | P | N |
| Real Estate Investment Trusts | N | N | N |
| Repurchase Agreements | P | P | P |
| Reverse Repurchase Agreements and Other Borrowings | N | N | N |
| Rule 144A Securities | P | P | P |
| Short Sales | N | N | N |
| Special Purpose Acquisition Companies | N | N | N |
| Stripped Securities | P | P | P |
| Structured Products | P | P | P |
| Swaps, Caps, Floors and Collars | P | P | P |
| Synthetic Convertible Instruments | P | P | P |
| Synthetic Foreign Money Market Positions | N | N | N |
| Temporary Investments | N | N | N |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **TOTAL<br>RETURN<br>BOND<br>FUND** | **TOTAL<br>RETURN<br>BOND<br>FUND** | **HIGH<br>INCOME<br>OPPORTUNITIES<br>FUND** | **HIGH<br>INCOME<br>OPPORTUNITIES<br>FUND** | **SHORT-TERM<br>BOND<br>FUND** | **SHORT-TERM<br>BOND<br>FUND** |
| U.S. Government Obligations |  | P |  | P |  | P |
| Warrants\* |  | N |  | N |  | N |
| "When-Issued" and Delayed Delivery Securities |  | P |  | P |  | P |

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\* Not including those acquired in connection with investments in synthetic convertible instruments.

**ASSET SWAPPED CONVERTIBLE OPTION TRANSACTIONS**

Market Neutral Income Fund may invest up to 5% of its total assets in asset swapped convertible option transactions (each an "ASCOT"). An ASCOT is a structure in which an option on a convertible bond is used to separate a convertible bond into its two components (i.e., the bond with its regular coupon payments and the equity option that functions as a call option). An ASCOT provides exposure to the equity component of a convertible without the credit and interest rate exposure represented by the bond.

**CONVERTIBLE SECURITIES**

Convertible securities include any corporate debt security or preferred stock that may be converted into underlying shares of common stock. The common stock underlying convertible securities may be issued by a different entity than the issuer of the convertible securities. Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the dividend preference on a preferred stock until such time as the convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the case if the security were a non-convertible obligation.

The value of convertible securities is influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock. A convertible security's value viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its "investment value." A convertible security's investment value typically will fluctuate inversely with changes in prevailing interest rates. However, at the same time, the convertible security will be influenced by its "conversion value," which is the market value of the underlying common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the underlying common stock.

If, because of a low price of the common stock, a convertible security's conversion value is substantially below its investment value, the convertible security's price is governed principally by its investment value. If a convertible security's conversion value increases to a point that approximates or exceeds its investment value, the convertible security's value will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Holders of convertible securities have a claim on the issuer's assets prior to the common stockholders, but may be subordinated to holders of similar non-convertible securities of the same issuer.

**CURRENCY EXCHANGE TRANSACTIONS**

Currency exchange transactions may be conducted either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or through forward currency exchange contracts ("forward contracts"). Forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and price set at the time of the contract.

Forward contracts are usually entered into with banks, foreign exchange dealers and broker-dealers, are not exchange traded, and are usually for less than one year, but may be renewed.

Forward currency exchange transactions may involve currencies of the different countries in which the Funds may invest and serve as hedges against possible variations in the exchange rate between these currencies. Currency exchange transactions are limited to transaction hedging and portfolio hedging involving either specific transactions or portfolio positions, except to the extent described below under "Synthetic Foreign Money Market Positions." Transaction hedging is the purchase or sale of forward contracts with respect to specific receivables or payables of a Fund accruing in connection with the purchase and sale of its portfolio securities or the receipt of dividends or interest thereon. Portfolio hedging is the use of forward contracts with respect to portfolio security positions denominated or quoted in a particular foreign currency. Portfolio hedging allows a Fund to limit or reduce its exposure in a foreign currency by entering into a forward contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) at a future date for a price payable in U.S. dollars so that the value of the

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foreign denominated portfolio securities can be approximately matched by a foreign denominated liability. A Fund may not engage in portfolio hedging with respect to the currency of a particular country to an extent greater than the aggregate market value (at the time of making such sale) of the securities held in its portfolio denominated or quoted in that particular currency, except that the Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currencies or currency act as an effective proxy for other currencies. In such a case, the Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in the Fund. No Fund may engage in "speculative" currency exchange transactions. At the maturity of a forward contract to deliver a particular currency, the Fund may either sell the portfolio security related to the contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a forward contract. Accordingly, it may be necessary for a Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver.

If a Fund retains the portfolio security and engages in an offsetting currency transaction, it will incur a gain or a loss to the extent that there has been movement in forward contract prices. If the Fund engages in an offsetting currency transaction, it subsequently may enter into a new forward contract to sell the currency. Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent a loss if the value of the security declines. Hedging transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for a Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to a Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period, and prevailing market conditions. Because currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

**DEBT SECURITIES (INCLUDING HIGH YIELD FIXED-INCOME SECURITIES)**

In pursuing its investment objectives, a Fund may invest in convertible and non-convertible debt securities, including high yield fixed-income securities (i.e., securities rated BB or lower by S&P Global Ratings, a division of S&P Global ("S&P"), or Ba or lower by Moody's Investor Services, Inc. ("Moody's")) and securities that are not rated but are considered by Calamos Advisors, the Funds' investment adviser, to be of similar quality. There are no restrictions as to the ratings of debt securities that may be acquired by a Fund or the portion of a Fund's assets that may be invested in debt securities in a particular rating category, except that Total Return Bond Fund may not invest more than 25% of its net assets and Global Convertible Fund, Timpani Small Cap Growth Fund, and Timpani SMID Growth Fund may not invest more than 20% of its net assets in high yield fixed-income securities, and none of Total Return Bond Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, nor Timpani SMID Growth Fund may acquire a security rated lower than C.

Securities rated BBB or Baa are considered to be medium grade and to have speculative characteristics. High yield fixed-income securities are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Investment in medium- or lower-quality debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market for such securities and adversely affect the value of such securities. In addition, lower-quality bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. During a period of adverse economic changes,

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including a period of rising interest rates, issuers of such bonds may experience difficulty in servicing their principal and interest payment obligations.

Achievement by a Fund of its investment objectives will be more dependent on Calamos Advisors' credit analysis than would be the case if the Fund were investing in higher-quality debt securities. Because the ratings of rating services (which evaluate the safety of principal and interest payments, not market risks) are used only as preliminary indicators of investment quality, Calamos Advisors employs its own credit research and analysis. These analyses may take into consideration such quantitative factors as an issuer's present and potential liquidity, profitability, internal capability to generate funds, debt/equity ratio and debt servicing capabilities, and such qualitative factors as an assessment of management, industry characteristics, accounting methodology, and foreign business exposure.

Medium- and lower-quality debt securities may be less marketable than higher-quality debt securities because the market for them is less broad. The market for unrated debt securities is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly, and a Fund may have greater difficulty selling its portfolio securities. The market value of these securities and their liquidity may be affected by adverse publicity and investor perceptions.

**CALCULATIONS OF DOLLAR WEIGHTED AVERAGE PORTFOLIO MATURITY**

Dollar weighted average portfolio maturity is derived by multiplying the value of each debt security by the number of days remaining to its maturity, adding these calculations, and then dividing the total by the value of Short-Term Bond Fund's debt securities. An obligation's maturity typically is determined on a stated final maturity basis, although there are some exceptions to this rule.

With respect to obligations held by Short-Term Bond Fund, if it is probable that the issuer of a security will take advantage of a maturity-shortening device, such as a call, refunding, or redemption provision, the date on which the security will probably be called, refunded, or redeemed may be considered to be its maturity date. Also, the maturities of mortgage-backed securities, some asset-backed securities and securities subject to sinking fund arrangements are determined on a weighted average life basis, which is the average time for principal to be repaid. For mortgage-backed securities and some asset-backed securities, this average time is calculated by assuming prepayment rates of the underlying loans. These prepayment rates can vary depending upon the level and volatility of interest rates. This, in turn, can affect the weighted average life of the security. The weighted average lives of these securities will be shorter than their stated final maturities. In addition, for purposes of Short-Term Bond Fund's investment policies, a security will be treated as having a maturity earlier than its stated maturity date if the security has technical features such as puts or demand features that, in the judgment of the Calamos Advisors, will result in the security being valued in the market as though it has the earlier maturity.

Finally, for purposes of calculating the dollar weighted average portfolio maturity of Short-Term Bond Fund, the maturity of a debt security with a periodic interest reset date will be deemed to be the next reset date, rather than the remaining stated maturity of the security if, in the judgment of Calamos Advisors, the periodic interest reset features will result in the security being valued in the market as though it has the earlier maturity.

**DISTRESSED SECURITIES**

High Income Opportunities Fund may, but currently does not intend to, and Short-Term Bond Fund may invest up to 5% of its net assets in distressed securities, including corporate loans, which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Fund or are rated in the lower rating categories (Ca or lower by Moody's or CC or lower by S&P) or which are unrated investments considered by Calamos Advisors to be of comparable quality. Investment in distressed securities is speculative and involves significant risk of loss.

Distressed securities frequently do not produce income while they are outstanding and may require a Fund to bear certain extraordinary expenses in order to protect and recover its investment. Therefore, to the extent a Fund seeks capital appreciation through investment in distressed securities, the Fund's ability to achieve current income for its shareholders may be diminished. A Fund also will be subject to significant uncertainty as to when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the distressed securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or a plan of reorganization is adopted with respect to distressed securities held by a Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was

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made. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of a Fund's participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed securities, the Fund may be restricted from disposing of such securities.

**EQUITY SECURITIES**

Equity securities include common and preferred stocks, warrants, rights, and depository receipts. An investment in the equity securities of a company represents a proportionate ownership interest in that company. Therefore, a Fund participates in the financial success or failure of any company in which it has an equity interest.

Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments. See the prospectus for additional information regarding equity investments and their risks.

**FOREIGN SECURITIES**

Phineus Long/Short Fund, Global Convertible Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund and International Small Cap Growth Fund may invest all of their net assets, Total Return Bond Fund may invest up to 35% of its net assets, and each other Fund may invest up to 25% of its net assets, in securities of foreign issuers. A foreign security is a security issued by a foreign government or a company whose country of incorporation is a foreign country. For this purpose, foreign securities include American Depositary Receipts (ADRs) or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) or other securities representing underlying shares of foreign issuers. Positions in those securities are not necessarily denominated in the same currency as the common stocks into which they may be converted. ADRs are receipts typically issued by an American bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts listed on the Luxembourg Stock Exchange evidencing a similar arrangement. GDRs are U.S. dollar-denominated receipts issued by international banks evidencing ownership of foreign securities. Generally, ADRs, in registered form, are designed for the U.S. securities markets and EDRs and GDRs, in bearer form, are designed for use in foreign securities markets. A Fund may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, a Fund is likely to bear its proportionate share of the expenses of the depository and it may have greater difficulty in receiving shareholder communications than it would have with a sponsored ADR.

To the extent positions in portfolio securities are denominated in foreign currencies, a Fund's investment performance is affected by the relative strength or weakness of the U.S. dollar against those currencies. For example, if the dollar falls in value relative to the Japanese yen, the dollar value of a Japanese stock held in the portfolio will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the yen, the dollar value of the Japanese stock will fall. (See discussion of transaction hedging and portfolio hedging below under "Currency Exchange Transactions.")

Investors should understand and consider carefully the risks involved in foreign investing. Investing in foreign securities, which are generally denominated in foreign currencies, and utilization of forward foreign currency exchange contracts involve certain considerations comprising both risks and opportunities not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back to the U.S.; less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers, and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the U.S.; greater costs of buying, holding and selling securities, including brokerage, tax and custody costs; and sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial arrangements.

Although each Fund that invests in foreign securities intends to invest in companies and government securities of countries having stable political environments, there is the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these nations.

However, each Fund that invests in foreign securities may invest in the securities of emerging countries (including, in the case of the International Small Cap Growth Fund, frontier markets). The securities markets of emerging countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other more developed countries. Disclosure and regulatory standards in many respects are less stringent than in the U.S. and other major markets. There also may

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be a lower level of monitoring and regulation of emerging markets and the activities of investors in such markets, and enforcement of existing regulations has been extremely limited. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Economies in individual emerging markets may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many emerging market countries have experienced high rates of inflation for many years, which has had and may continue to have very negative effects on the economies and securities markets of those countries. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

A portion of a Fund's investments may be in Russian securities and instruments. The United States and the European Union have imposed sanctions on certain Russian persons and issuers. The United States and other nations or international organizations may impose additional, broader economic sanctions or take other actions that may adversely affect Russian-related issuers in the future. These sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of a Fund's investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require a Fund to freeze its existing investments in Russian companies, prohibiting a Fund from buying, selling or otherwise transacting in these investments. Russia may undertake countermeasures or retaliatory actions which may further impair the value and liquidity of a Fund's portfolio and potentially disrupt its operations. For these or other reasons, a Fund could seek to suspend redemptions of shares, including in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine its net asset value. During the period that redemptions are affected, shares could trade at a significant premium or discount to their net asset value.

**INVESTMENTS IN CHINA A-SHARES THROUGH STOCK CONNECT.** Global Convertible Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund and International Small Cap Growth Fund may purchase certain listed eligible China A-Shares traded on the Shanghai Stock Exchange ("SSE") through the Shanghai-Hong Kong Stock Connect program as well as traded on the Shenzhen Stock Exchange ("SZSE") through the Shenzhen-Hong Kong Stock Connect program (both programs collectively referred to herein as "Stock Connect"). Stock Connect is a securities trading and clearing program developed by The Stock Exchange of Hong Kong Limited ("SEHK"), SSE, SZSE, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited for the establishment of mutual market access between SEHK, SSE and SZSE. In contrast to certain other regimes for foreign investment in Chinese securities, no individual investment quotas or licensing requirements apply to investors in Stock Connect securities through Stock Connect. In addition, there are no lock-up periods or restrictions on the repatriation of principal and profits.

However, trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns. For example, a primary feature of the Stock Connect program is the application of the home market's laws and rules to investors in a security. Thus, investors in Stock Connect securities are generally subject to Chinese securities regulations and the listing rules of the respective exchange, among other restrictions. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Fund's ability to invest in Stock Connect securities. For example, an investor cannot purchase and sell the same security on the same trading day. Stock Connect also is generally available only on business days when both the respective exchange and the SEHK are open. Trading in the Stock Connect program is subject to trading, clearance and settlement procedures that are untested in China, which could pose risks to the Fund. Additionally, the withholding tax treatment of dividends and capital gains payable to overseas investors currently is unsettled.

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Investments in China A-shares may not be covered by the securities investor protection programs of the exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the SSE and the SZSE defaulted, a Fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on Stock Connect in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, a Fund investing through Stock Connect must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The existence of a liquid trading market for China A-shares may depend on whether there is supply of, and demand for, such China A-shares. Market volatility and settlement difficulties in the China A-share markets may also result in significant fluctuations in the prices of the securities traded on such markets.

China A-shares purchased through Stock Connect are held in nominee name and not the Fund's name as the beneficial owner. It is possible, therefore, that a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a Fund may not be able to participate in corporate actions affecting China A- shares held through Stock Connect due to time constraints or for other operational reasons.

There can be no assurance as to whether or how such developments in the Stock Connect may restrict or affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Stock Connect program, are uncertain, and they may have a detrimental effect on a Fund's investments and returns.

**RISKS RELATED TO INVESTMENT IN CHINA.** Investments in China A-Shares are subject to various risks, including the risks associated with investing in China generally. In particular, the Mainland Chinese exchanges have lower trading volumes, the market capitalizations of companies listed on these exchanges are generally smaller, the securities listed on these exchanges are less liquid and may experience materially greater volatility, and government supervision and regulation of the Chinese securities market are less developed. The Chinese government continues to exercise significant control over China's economy, and any changes to existing policies and new reform-oriented policies and measures, which are often unprecedented or experimental, could negatively impact the Funds' investments in China A-Shares. The Chinese government has implemented, and may implement in the future, various measures to control inflation, which if unsuccessful, may negatively impact the Chinese economy. The Chinese legal system is still developing, and laws, regulations, government policies and political and economic climate in China may change with little or no advance notice. Any such change could adversely affect market conditions.

The tax law and regulations of China are constantly changing, sometimes with retroactive effect, and the interpretation and application thereof are not as consistent and transparent as in more developed nations and may vary from region to region within China. There has been, and continues to be, uncertainty over taxation of SSE equities in the Stock Connect program, and any taxes imposed on the earnings of the Fund will reduce its overall returns.

Some Chinese companies may have less established shareholder governance and disclosure standards. Accounting, auditing, financial and other reporting standards, practices and disclosure requirements applicable to Chinese companies are different, sometimes in fundamental ways, from those applicable to companies in the U.S. and other developed markets.

**FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS**

A Fund may enter into interest rate futures contracts, index futures contracts, volatility index futures contracts and foreign currency futures contracts. An interest rate, index, volatility index or foreign currency futures contract provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or the cash value of an index<sup>1</sup> at a specified price and time. A public market exists in futures contracts covering a number of indexes (including, but not limited to, the S&P 500 Index, the Russell 2000 Index, the Value Line Composite Index, and the New York Stock Exchange Composite Index) as well as financial instruments (including, but not limited to, U.S. Treasury bonds, U.S. Treasury notes, Eurodollar certificates of deposit and foreign currencies). Other index and financial instrument futures contracts are available and it is expected that additional futures contracts will be developed and traded. A Fund may enter into such contract if, in Calamos Advisors' opinion, such contract meets the Fund's investment parameters.

<sup>1</sup> A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of a securities index is a function of the value of certain specified securities, no physical delivery of those securities is made.

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A Fund may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on securities, indexes and foreign currencies (discussed in this Statement of Additional Information). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. A Fund might, for example, use futures contracts to hedge against or gain exposure to fluctuations in the general level of stock prices, anticipated changes in interest rates or currency fluctuations that might adversely affect either the value of a Fund's securities or the price of the securities that the Fund intends to purchase. Although other techniques could be used to reduce or increase a Fund's exposure to stock price, interest rate and currency fluctuations, a Fund may be able to achieve its desired exposure more effectively and perhaps at a lower cost by using futures contracts and futures options.

A Fund will only enter into futures contracts and futures options that are standardized and traded on an exchange, board of trade or similar entity, or quoted on an automated quotation system.

The success of any futures transaction by a Fund depends on Calamos Advisors' correctly predicting changes in the level and direction of stock prices, interest rates, currency exchange rates and other factors. Should those predictions be incorrect, the Fund's return might have been better had the transaction not been attempted; however, in the absence of the ability to use futures contracts, Calamos Advisors might have taken portfolio actions in anticipation of the same market movements with similar investment results, but, presumably, at greater transaction costs.

When a Fund makes a purchase or sale of a futures contract, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of cash or U.S. Government securities or other securities acceptable to the broker ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract, although the Fund's broker may require margin deposits in excess of the minimum required by the exchange. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. The Fund expects to earn interest income on its initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day the Fund pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. This process is known as "marking-to-market." Variation margin paid or received by the Fund does not represent a borrowing or loan by the Fund but is instead settlement between the Fund and the broker of the amount one would owe the other if the futures contract had expired at the close of the previous day. In computing daily net asset value, the Fund will mark-to-market its open futures positions.

A Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund.

Although some futures contracts call for making or taking delivery of the underlying securities, usually these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). If an offsetting purchase price is less than the original sale price, the Fund engaging in the transaction realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund engaging in the transaction realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations.

**RISKS ASSOCIATED WITH FUTURES.** There are several risks associated with the use of futures contracts and futures options. A purchase or sale of a futures contract or option may result in losses in excess of the amount invested in the futures contract or option. In trying to increase or reduce market exposure, there can be no guarantee that there will be a correlation between price movements in the futures contract or option and in the portfolio exposure sought. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given transaction not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as: variations in speculative market demand for futures, futures options and the related securities, including technical influences in futures and futures options trading and differences between the securities markets and the securities underlying the standard contracts available for trading. For example, in the case of index futures contracts, the composition of the index, including the issuers and the weighing of each issue, may differ from the composition of the Fund's portfolio, and, in the case of interest rate futures contracts, the interest rate levels, maturities and creditworthiness of the issues underlying the futures contract may differ from the financial instruments held in the Fund's portfolio. Futures prices are highly volatile at times and are influenced by many external economic, governmental, and world events. The low margin deposits normally required in futures trading permits an

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extremely high degree of leverage, which can result in a Fund experiencing substantial gains or losses due to relatively small price movements or other factors. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected stock price or interest rate trends.

Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses. Stock index futures contracts are not normally subject to such daily price change limitations.

The markets for futures positions may be thinly traded from time to time. In addition, futures positions may become illiquid due to daily price limits taking effect or due to market disruptions. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures or futures option position. The Fund would be exposed to possible loss on the position during the interval of inability to close, and would continue to be required to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

**LIMITATIONS ON OPTIONS AND FUTURES.** If options, futures contracts or futures options of types other than those described herein are traded in the future, a Fund may also use those investment vehicles, provided the board of trustees determines that their use is consistent with the Fund's investment objectives.

A Fund may not maintain open short positions in futures contracts, call options written on futures contracts or call options written on indexes if, in the aggregate, the market value of all such open positions exceeds the current value of the securities in its portfolio, plus or minus unrealized gains and losses on the open positions, adjusted for the historical relative volatility of the relationship between the portfolio and the positions. For this purpose, to the extent a Fund has written call options on specific securities in its portfolio, the value of those securities will be deducted from the current market value of the securities portfolio.

The use of options and futures is subject to applicable regulations of the Securities and Exchange Commission ("SEC"), the several exchanges upon which they are traded and the Commodities Futures Trading Commission ("CFTC"). For example, the CFTC and domestic futures exchanges have established (and continue to evaluate and monitor) speculative position limits ("position limits") on the maximum speculative position which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

Calamos Advisors has claimed an exclusion from the definition of commodity pool operator ("CPO"), with respect to each Fund, pursuant to Rule 4.5 under the Commodity Exchange Act ("CEA"). Consequently, Calamos Advisors is not subject to registration or regulation as a commodity pool operator under the CEA.

Under Rule 4.5, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and swaps) other than for *bona fide hedging purposes* (as defined by the CFTC) the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money"<sup>2</sup> at the time of purchase) may not exceed 5% of a fund's NAV, or alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was

<sup>2</sup> A call option is "in-the-money" to the extent, if any, that the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in-the-money" if the exercise price exceeds the value of the futures contract that is the subject of the option.

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established, may not exceed 100% of the fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions). Each Fund is subject to the risk that a change in U.S. law and related regulations will impact the way a Fund operates, increase the particular costs of a Fund's operation and/or change the competitive landscape. In this regard, any further amendments to the CEA or its related regulations that subject a Fund to additional regulation may have adverse impacts on a Fund's operations and expenses.

In addition, a Fund's ability to use options and futures will be limited by tax considerations. See "Taxation — Options, Futures and Forward Contracts, and Swap Agreements or Derivatives" below.

**ILLIQUID SECURITIES**

Each of Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund may invest up to 15% of its net assets under regulatory rules, and each other Fund may invest up to 10% of its net assets, taken at market value, in illiquid investments that are assets, including any securities that are not readily marketable either because they are restricted securities or for other reasons. Restricted securities are securities that are subject to restrictions on resale because they have not been registered for sale under the Securities Act of 1933, as amended ("Securities Act"). A position in restricted securities might adversely affect the liquidity and marketability of a portion of a Fund's portfolio, and a Fund might not be able to sell or dispose of its holdings in such securities promptly or at reasonable prices. In those instances where a Fund is required to have restricted securities held by it registered prior to sale by the Fund and the Fund does not have a contractual commitment from the issuer or seller to pay the costs of such registration, the gross proceeds from the sale of securities would be reduced by the registration costs and underwriting discounts. Any such registration costs are not included in the percentage limitation on a Fund's investment in restricted securities.

**INFLATION-INDEXED BONDS**

Inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, which are more fully described below) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income to the Fund in the year in which it occurs, even though the Fund does not receive any principal payment in cash until maturity.

**INITIAL PUBLIC OFFERINGS**

A Fund may purchase stock in an initial public offering ("IPO"). An IPO is a company's first offering of stock to the public, typically to raise additional capital. Shares are given a market value reflecting expectations for the company's future growth. The market for these securities may be more volatile and entail greater risk of loss than investments in larger companies due to the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history.

The purchase of IPO shares may involve high transaction costs. Because of the price volatility of IPO shares, a Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of a Fund's portfolio and may lead to increased expenses to a Fund, such as commissions and transaction costs. Calamos Advisers cannot guarantee continued access to IPOs.

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**LENDING OF PORTFOLIO SECURITIES**

In seeking to earn additional income, a Fund may lend its portfolio securities to qualified parties (typically broker-dealers and banks) who need to borrow securities in order to cover transactions into which they have entered. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return that may be in the form of a fixed fee or a percentage of income earned on the collateral. The Fund may experience losses as a result of a diminution in value of its cash collateral investments. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund would have the right to call the loan and obtain the securities loaned at any time on notice of not less than five business days. The Fund would not have the right to vote the securities during the existence of the loan; however, the Fund may attempt to call back the loan and vote the proxy if time permits prior to the record date. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent will monitor, and report to Calamos Advisors on, the creditworthiness of the firms to which the Fund lends securities.

**LOAN PARTICIPATIONS AND ASSIGNMENTS**

Phineus Long/Short Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Total Return Bond Fund, High Income Opportunities Fund and Short-Term Bond Fund may each invest all of their total assets in fixed- and floating-rate loans, which investments generally will be in the form of loan participations and assignments of portions of such loans. Participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the participating lender, and may assume the credit risk of both the lender and the borrower. Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks. For example, if a loan is foreclosed, a Fund could benefit from becoming part owner of any collateral, however, a fund would bear the costs and liabilities associated with owning and disposing of the collateral.

A Fund may have difficulty disposing of assignments and participations. In the event no liquid market for one of these obligations exists, a Fund anticipates that such obligation could be sold only to a limited number of institutional investors. The lack of a liquid secondary market could have an adverse effect on a Fund's ability to dispose of particular assignments or participations when necessary to meet a Fund's liquidity needs or in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for assignments and participations may also make it more difficult for a Fund to assign a value to those securities for purposes of valuing a Fund's portfolio and calculating its net asset value. Additionally, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements.

Many financial instruments (such as loan participations and assignments of portions of loans) use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR").

In 2017, the United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern.

Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting

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methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.

**MASTER LIMITED PARTNERSHIPS**

MLPs differ from investments in common stock as a result of limited control and limited rights to vote on matters affecting the MLP. MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. MLPs generally do not pay federal income tax at the partnership level. Rather, each Partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund. Although common units of MLPs trade on the NYSE, the NASDAQ and NYSE American, LLC, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when the Adviser desires to do so.

**MORTGAGE-RELATED AND OTHER ASSET-BACKED SECURITIES**

A Fund may invest in mortgage- or other asset-backed securities. Mortgage-related securities include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, SMBSs and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property.

The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If unanticipated rates of prepayment on underlying mortgages accelerate the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or "IO" class), while the other class will receive all of the principal (the principal-only, or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities.

Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Total Return Bond Fund and Short-Term Bond Fund may invest, without limitations, in any combination of mortgage-related and other asset-backed IO and PO securities. A Fund may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. A Fund may invest in other asset-backed securities that have been offered to investors.

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**MUNICIPAL BONDS**

**MUNICIPAL LEASE OBLIGATIONS**

Short-Term Bond Fund may invest in municipal lease obligations, which are installment purchase contract obligations, and certificates of participation in such obligations (collectively, "lease obligations"). Lease obligations do not constitute general obligations of a municipality for which the municipality's taxing power is pledged, although a lease obligation is ordinarily backed by a municipality's covenant to budget for the payments due under the lease obligation.

Certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease obligation payments in future years unless money is appropriated for such purpose on a yearly basis. Although "non-appropriation" lease obligations are secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. In evaluating a potential investment in such a lease obligation, Calamos Advisors will consider: (1) the credit quality of the obligor; (2) whether the underlying property is essential to a governmental function; and (3) whether the lease obligation contains covenants prohibiting the obligor from substituting similar property if the obligor fails to make appropriations for the lease obligation.

**OPTIONS ON SECURITIES, INDEXES AND CURRENCIES**

A Fund may purchase and sell (write) put options and call options on securities, indexes or foreign currencies. A Fund may purchase agreements, sometimes called cash puts, that may accompany the purchase of a new issue of bonds from a dealer.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. For instance, a Fund's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving such Fund the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price. A Fund's purchase of a call option on a security, financial future, index, currency or other instrument might be intended to protect it against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument.

A Fund may purchase and sell (write) exchange listed options and over-the-counter ("OTC") options. Exchange listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.

With certain exceptions, OCC issued and exchange listed options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options and Eurodollar instruments are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the

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option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

OTC options are purchased from or sold to sellers or purchasers ("Counterparties") through direct bilateral agreement with the Counterparties. In contrast to exchange listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties. A Fund will only sell (write) OTC options (other than OTC currency options) that are subject to a buy-back provision permitting the Fund to require the Counterparty to sell the option back to the Fund at a formula price within seven days. A Fund generally is expected to enter into OTC options that have cash settlement provisions, although it is not required to do so. The staff of the SEC currently takes the position that OTC options purchased by a fund, and portfolio securities "covering" the amount of a fund's obligation pursuant to an OTC option sold by it (or the amount of assets equal to the formula price for the repurchase of the option, if any, less the amount by which the option is "in the money") are illiquid, and are subject to a fund's limitation on investing no more than 10% of its net assets (or 15% in the case of Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund) in illiquid securities.

A Fund may also purchase and sell (write) options on securities indexes and other financial indexes. Options on securities indexes and other financial indexes are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement, i.e., an option or an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option (except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment, industry or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case with respect to options on securities.

A Fund will sell (write) call options and put options only if they are "covered." A written option will be considered "covered" to the extent it has entered into an offsetting transaction or otherwise has segregated or earmarked cash or liquid assets equal to its uncovered obligations under the written option. For example, a call option written by a Fund could be covered by purchasing an offsetting call option, by purchasing or holding the underlying reference security or asset (or a security convertible into the underlying reference security or asset), or by segregating or earmarking cash or liquid assets equal to the exercise price of the written option (or such amount as is not otherwise covered by an offsetting transaction). A Fund writing a call option on an index would be considered as holding an offsetting position to the extent such Fund owned portfolio securities substantially correlating with the movement of the underlying reference index.

If an option written by a Fund expires, the Fund realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by a Fund expires, the Fund realizes a capital loss equal to the premium paid.

A Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, such Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, a Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security, asset or index in relation to the exercise price of the option, the volatility of the underlying security, asset or index, and the time remaining until the expiration date.

A put or call option purchased by a Fund is an asset of the Fund, valued initially at the premium paid for the option. The premium received for an option written by a Fund is recorded as a deferred credit. The value of an option purchased or written is marked-to-market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked prices.

**RISKS ASSOCIATED WITH OPTIONS.** There are several risks associated with transactions in options. For example, there are significant differences between the securities markets, the currency markets and the options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve Calamos Advisors' objective. A decision

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as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. A Fund's ability to utilize options successfully will depend on Calamos Advisors' ability to predict pertinent market investments, which cannot be assured.

A Fund's ability to close out its position as a purchaser or seller (writer) of an OCC or exchange listed put or call option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms. If a Fund were unable to close out an option that it has purchased on a security, it would have to exercise the option in order to realize any profit or the option would expire and become worthless. If a Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security until the option expired. As the writer of a covered call option on a security, a Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. As the writer of a covered call option on a foreign currency, a Fund foregoes, during the option's life, the opportunity to profit from any currency appreciation.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

Unless the parties provide for it, there is no central clearing or guaranty function in an OTC option. As a result, if the Counterparty (as described above under "Options on Securities, Indexes and Currencies") fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with a Fund or fails to make a cash settlement payment due in accordance with the terms of that option, a Fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, Calamos Advisors must assess the creditworthiness of each such Counterparty or any guarantor or credit enhancement of the Counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied.

A Fund may purchase and sell (write) call options on securities indexes and currencies. All calls sold by a Fund must be "covered." Even though a Fund will receive the option premium to help protect it against loss, a call sold by a Fund exposes such Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold the security or instrument that it might otherwise have sold. In addition, a loss on a call option sold may be greater than the premium received. A Fund may purchase and sell (write) put options on securities indexes and currencies. In selling (writing) put options, there is a risk that the Fund may be required to buy the underlying index or currency at a disadvantageous price above the market price.

**PORTFOLIO TURNOVER**

Although the Funds do not purchase securities with a view to rapid turnover, there are no limitations on the length of time that a portfolio security must be held. Portfolio turnover can occur for a number of reasons, including calls for redemption, general conditions in the securities markets, more favorable investment opportunities in other securities, or other factors relating to the desirability of holding or changing a portfolio investment. The portfolio turnover rates may vary greatly from year to year. A high rate of portfolio turnover in a Fund would result in increased transaction expense, which must be borne by the Fund. High portfolio turnover may also result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Portfolio turnover for each Fund is shown under "Financial Highlights" in the prospectus. A portfolio turnover rate of 100% would mean that the Fund had sold and purchased securities valued at 100% of its net assets within a one-year period.

The portfolio turnover rate for the Calamos Total Return Bond Fund for the fiscal year ended 10/31/2022 (28%) decreased significantly from the portfolio turnover rate for the fiscal year ended 10/31/2021 (51%). Market conditions and volatility will affect the amount of turnover from year to year, as the Fund opportunistically rebalances its positioning. Portfolio turnover for the 2022 fiscal year was lower than the portfolio turnover rates experienced in the past five fiscal years.

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**REAL ESTATE INVESTMENT TRUSTS**

Investments in the real estate industry, including real estate investment trusts (REITs), are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. Debt securities of REITs are subject to the risks of debt securities in general. For example, such securities are more sensitive to interest rates than equity securities of REITs. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. A Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

**REPURCHASE AGREEMENTS**

As part of its strategy for the temporary investment of cash, a Fund may enter into "repurchase agreements" pertaining to U.S. Government securities with member banks of the Federal Reserve System or primary dealers (as designated by the Federal Reserve Bank of New York) in such securities. Each Fund may invest in repurchase agreements, provided that Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund may not invest more than 15%, and each other Fund may not invest more than 10%, of its net assets in illiquid securities, including repurchase agreements maturing in more than seven days, and any other illiquid securities. A repurchase agreement arises when a Fund purchases a security and simultaneously agrees to resell it to the vendor at an agreed upon future date. The resale price is greater than the purchase price, reflecting an agreed upon market rate of return that is effective for the period of time the Fund holds the security and that is not related to the coupon rate on the purchased security.

Such agreements generally have maturities of no more than seven days and could be used to permit a Fund to earn interest on assets awaiting long term investment. A Fund requires continuous maintenance by the custodian for the Fund's account in the Federal Reserve/Treasury Book Entry System of collateral in an amount equal to, or in excess of, the market value of the securities that are the subject of a repurchase agreement. In the event of a bankruptcy or other default of a seller of a repurchase agreement, a Fund could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights. In an effort to reduce these risks, Calamos Advisors will monitor the creditworthiness of the firms with which a Fund enters into repurchase agreements.

**REVERSE REPURCHASE AGREEMENTS AND OTHER BORROWINGS**

A Fund may enter into reverse repurchase agreements, mortgage dollar rolls, and economically similar transactions to the extent permitted under the leverage limitations of the 1940 Act and the Fund's investment restrictions described below. A reverse repurchase agreement is a repurchase agreement in which the Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. A reverse repurchase agreement enables the Fund to obtain cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without needing to sell portfolio securities, or to earn additional income on portfolio securities, such as Treasury bills or notes. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs.

A "mortgage dollar roll" is similar to a reverse repurchase agreement in certain respects. In a "dollar roll" transaction a Fund sells a mortgage-related security, such as a security issued by the Government National Mortgage Association ("GNMA"), to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A "dollar roll" can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which a Fund pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which a Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are "substantially identical." To be considered "substantially identical," the securities returned to a Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 0.01% of the initial amount delivered.

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Because dollar roll transactions may be for terms ranging between one and six months, dollar roll transactions may be deemed "illiquid" and subject to a Fund's overall limitations on investments in illiquid securities.

A Fund also may effect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

**RULE 144A SECURITIES**

A Fund may purchase securities that have been privately placed but that are eligible for purchase and sale by certain qualified institutional buyers, such as the Funds, under Rule 144A ("Rule 144A Securities") under the Securities Act. Calamos Advisors, under the supervision and oversight of the Trust's board of trustees, will consider whether Rule 144A Securities are illiquid and thus subject to a Fund's restriction of investing no more than a specified percentage of its net assets in securities that are illiquid at the time of purchase. A determination of whether a Rule 144A Security is liquid or not is a question of fact. In making this determination, Calamos Advisors will consider the trading markets for the specific security, taking into account the unregistered nature of a Rule 144A Security. In addition, Calamos Advisors may consider the (1) frequency of trades and quotes for the security, as well as equivalent or underlying securities (e.g. the underlying common stock of a convertible security), (2) number of dealers and potential purchasers, (3) dealer undertakings to make a market and (4) nature of the security and of marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer).

The liquidity of Rule 144A Securities will be monitored and, if as a result of changed conditions, it is determined that a Rule 144A Security is no longer liquid, a Fund's holdings of illiquid securities would be reviewed to determine what, if any, steps are required to assure that the Fund does not invest more than 10% (or 15% in the case of Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund) of its net assets in illiquid securities. Investing in Rule 144A Securities could have the effect of increasing the amount of a Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**SHORT SALES**

A Fund may sell securities short to enhance income and protect against market risk by hedging a portion of the equity risk inherent in the Fund's portfolio. A short sale may be effected when Calamos Advisors believes that the price of a security will decline or underperform the market, and involves the sale of borrowed securities, in the hope of purchasing the same securities at a later date at a lower price. There can be no assurance that a Fund will be able to close out a short position (i.e., purchase the same securities) at any particular time or at an acceptable or advantageous price. To make delivery to the buyer, a Fund must borrow the securities from a broker-dealer through which the short sale is executed, and the broker-dealer delivers the securities, on behalf of the Fund, to the buyer.

The broker-dealer is entitled to retain the proceeds from the short sale until the Fund delivers to it the securities sold short. In addition, a Fund is required to pay to the broker-dealer the amount of any dividends or interest paid on the securities sold short.

A Fund is said to have a short position in the securities sold until it delivers to the broker-dealer the securities sold. A Fund will normally close out a short position by purchasing on the open market and delivering to the broker-dealer an equal amount of the securities sold short.

A Fund will realize a gain if the price of the securities declines between the date of the short sale and the date on which the Fund purchases securities to replace the borrowed securities. On the other hand, the Fund will incur a loss if the price of the securities increases between those dates. The amount of any gain will be decreased and the amount of any loss increased by any premium or interest that the Fund may be required to pay in connection with the short sale. It should be noted that possible losses from short sales differ from those that could arise from a cash investment in a security in that losses from a short sale may be limitless, while the losses from a cash investment in a security cannot exceed the total amount of the investment in the security.

There is also a risk that securities borrowed by a Fund and delivered to the buyer of the securities sold short will need to be returned to the broker-dealer on short notice. If the request for the return of securities occurs at a time when other short sellers of the security are receiving similar requests, a "short squeeze" can occur, meaning that the Fund might be compelled, at the

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most disadvantageous time, to replace the borrowed securities with securities purchased on the open market, possibly at prices significantly in excess of the proceeds received from the short sale.

It is possible that the market value of the securities a Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility.

A Fund may also make short sales "against the box," meaning that at all times when a short position is open the Fund owns an equal amount of such securities or securities convertible into or exchangeable, without payment of further consideration, for securities of the same issue as, and in an amount equal to, the securities sold short. A short sale "against the box" would be made in anticipation of a decline in the market price of the securities sold short. Short sales "against the box" result in a "constructive sale" and require the Fund to recognize taxable gain unless an exception to the constructive sale rule applies.

A Fund will not make a short sale of securities (other than a short sale "against the box"), if more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales (other than short sales "against the box").

Short sales also may afford a Fund an opportunity to earn additional current income to the extent it is able to enter into arrangements with broker-dealers through which the short sales are executed to receive income with respect to the proceeds of the short sales during the period the Fund's short positions remain open. Calamos Advisors believes that some broker-dealers may be willing to enter into such arrangements, but there is no assurance that a Fund will be able to enter into such arrangements to the desired degree. Further, in response to market events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) reporting obligations and/or bans on short sales of certain securities, including short positions on such securities acquired through certain derivative instruments.

**SPECIAL PURPOSE ACQUISITION COMPANIES**

Market Neutral Income Fund may invest up to 10% of its total assets in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, "SPACs"). A SPAC is a publicly traded company that raises investment capital in the form of a blind pool via an initial public offering ("IPO") for the purpose of acquiring an existing company. The typical SPAC IPO involves the sale of units consisting of one share of common stock combined with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after consummation of the acquisition. Shortly after the SPAC's IPO, such units typically are split into publicly listed common stock and warrants (and rights, if applicable) which are each listed and traded separately. The proceeds from the IPO are placed in trust until such time that the SPAC identifies and consummates the acquisition. A SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. If the SPAC does not complete the acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the entity's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, the Fund may obtain certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"), which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO.

SPACs are "blank check" companies with no operating history and, at the time that the Fund invests in a SPAC, the SPAC typically has not conducted any discussions or made any plans, arrangements or understandings with any prospective transaction candidates. Accordingly, there is a limited basis, if any, on which to evaluate the SPAC's ability to achieve its business objective, and the value of its securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. While certain SPACs are formed to make transactions in specified market sectors, others are complete "blank check" companies, and the management of the SPAC may have limited experience or knowledge of the market sector in which the transaction is made. Accordingly, at the time that the Fund invests in a SPAC, there may be little or no basis for the Fund to evaluate the possible merits or risks of the particular industry in which the SPAC may ultimately operate or the target business which the SPAC may ultimately acquire. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. While a SPAC is seeking a transaction target, its stock may be thinly traded and/or illiquid. There can be no assurance that a market will develop.

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The proceeds of a SPAC IPO that are placed in trust are subject to risks, including the risk of insolvency of the custodian of the funds, fraud by the trustee, interest rate risk and credit and liquidity risk relating to the securities and money market funds in which the proceeds are invested.

**STRIPPED SECURITIES**

Stripped securities include Treasury receipts, securities of government-sponsored enterprises ("GSEs"), stripped mortgage-backed securities ("SMBS"), and other "stripped" securities that evidence ownership in either the future interest payments or the future principal payments on U.S. Government, mortgage and other obligations. The stripped securities purchased are issued by the U.S. Government (or a U.S. Government agency or instrumentality) or by private issuers such as banks, corporations and other institutions at a discount to their face value. These securities generally are structured to make a lump-sum payment at maturity and do not make periodic payments of principal or interest. Hence, the duration of these securities tends to be longer and they are therefore more sensitive to interest rate fluctuations than similar securities that offer periodic payments over time. The Funds will not purchase stripped securities that are subject to direct prepayment or extension risk, although in the case of SMBS, their underlying securities may be subject to such risks. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS that are structured to receive interest only are extremely sensitive to changes in the prevailing interest rates as well as the rate of principal payments (including prepayments) on the related underlying mortgage assets, and are therefore much more volatile than SMBS that receive principal only.

Stripped securities may also include participations in trusts that hold U.S. Treasury securities such as Treasury Investors Growth Receipts ("TIGRs") and Certificates of Accrual on Treasury Securities ("CATS") or other obligations where the trust participations evidence ownership in either the future interest payments or the future principal payments on the obligations. These participations are normally issued at a discount to their "face value," and can exhibit greater price volatility than ordinary debt securities because of the way in which their principal and interest are returned to investors.

**STRUCTURED PRODUCTS**

A Fund may invest in interests in entities organized and operated for the purpose of restructuring the investment characteristics of certain other investments. This type of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments and the issuance by that entity of one or more classes of securities ("structured products") backed by, or representing interests in, the underlying instruments. The term "structured products" as used herein excludes synthetic convertibles. See "Investment Practices — Synthetic Convertible Securities." The cash flow on the underlying instruments may be apportioned among the newly issued structured products to create securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to structured products is dependent on the extent of the cash flow on the underlying instruments. A Fund may invest in structured products, which represent derived investment positions based on relationships among different markets or asset classes.

A Fund may also invest in other types of structured products, including, among others, baskets of credit default swaps referencing a portfolio of high-yield securities. A structured product may be considered to be leveraged to the extent its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate. Because they are linked to their underlying markets or securities, investments in structured products generally are subject to greater volatility than an investment directly in the underlying market or security. Total return on the structured product is derived by linking return to one or more characteristics of the underlying instrument. Because certain structured products of the type in which a Fund may invest may involve no credit enhancement, the credit risk of those structured products generally would be equivalent to that of the underlying instruments. A Fund may invest in a class of structured products that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured products typically have higher yields and present greater risks than unsubordinated structured products. Although a Fund's purchase of subordinated structured products would have similar economic effect to that of borrowing against the underlying securities, the purchase will not be deemed to be leverage for purposes of the Fund's limitations related to borrowing and leverage.

Certain issuers of structured products may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investments in these structured products may be limited by the restrictions contained in the 1940 Act. Structured products are typically sold in private placement transactions, and there may not be an active trading market for structured products. As a result, certain structured products in which the Fund invests may be deemed illiquid.

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**SWAPS, CAPS, FLOORS AND COLLARS**

A Fund may enter into interest rate, currency, index, credit default, total return and other swaps and the purchase or sale of related caps, floors and collars. A Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund will not sell interest rate caps or floors where it does not own securities or other instruments providing the income stream the Fund may be obligated to pay. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them and an index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indexes. A credit default swap is an agreement to transfer the credit exposure of fixed-income products between parties. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specified benchmark exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified benchmark falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

A Fund will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. A Fund will not enter into any swap, cap, floor or collar transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the securities dealers, financial institutions or other parties with whom the Fund has entered into such a transaction ("Counterparties"), combined with any credit enhancements, is rated at least A by S&P or Moody's or has an equivalent rating from an NRSRO or is determined to be of equivalent credit quality by Calamos Advisors. If there is a default by the Counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. Although the swap market has grown substantially over the years, increasing liquidity, some swaps, including caps, floors, and collars, may be considered illiquid.

In addition, some swaps are, and more in the future may be, centrally cleared. Swaps that are centrally-cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, a Fund could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Fund or becomes insolvent or goes into bankruptcy. Also, the Fund will be exposed to the credit risk of the futures commission merchant who acts as the Fund's clearing member on the clearinghouse for a centrally cleared swap. If the Fund's futures commission merchant becomes bankrupt or insolvent, or otherwise defaults on its obligations to the Fund, the Fund may not receive all amounts owed to it in respect of its trading, even if the clearinghouse fully discharges all of its obligations. In the event of bankruptcy of the Fund's futures commission merchant, the Fund may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the futures commission merchant's other customers for the relevant account class, potentially resulting in losses to the Fund.

**SYNTHETIC CONVERTIBLE INSTRUMENTS**

A Fund may establish a "synthetic" convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, a Fund may pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

More flexibility is possible in the assembly of a synthetic convertible instrument than in the purchase of a convertible security. Although synthetic convertible instruments may be selected where the two components are issued by a single issuer, the character of a synthetic convertible instrument allows the combination of components representing distinct issuers, when management believes that such a combination would better promote a Fund's investment objectives. A synthetic convertible instrument also is a more flexible investment in that its two components may be purchased separately. For example, a Fund may purchase a warrant for inclusion in a synthetic convertible instrument but temporarily hold short-term investments while postponing the purchase of a corresponding bond pending development of more favorable market conditions. Convertible Fund's and Global Convertible Fund's holdings of synthetic convertible instruments are considered convertible securities for purposes of the Funds' policy to invest at least 80% of their net assets (plus any borrowings) in convertible securities.

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A holder of a synthetic convertible instrument faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the call option or warrant purchased to create the synthetic convertible instrument. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible instrument includes the fixed-income component as well, the holder of a synthetic convertible instrument also faces the risk that interest rates will rise, causing a decline in the value of the fixed-income instrument.

A Fund may also purchase synthetic convertible instruments manufactured by other parties, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity, and are typically issued by investment banks. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible.

**SYNTHETIC FOREIGN MONEY MARKET POSITIONS**

A Fund may invest in money market instruments denominated in foreign currencies. In addition to, or in lieu of, such direct investment, a Fund may construct a synthetic foreign money market position by purchasing a money market instrument denominated in one currency, generally U.S. dollars, and concurrently entering into a forward contract to deliver a corresponding amount of that currency in exchange for a different currency on a future date and at a specified rate of exchange. For example, a synthetic money market position in Japanese yen could be constructed by purchasing a U.S. dollar money market instrument, and entering concurrently into a forward contract to deliver a corresponding amount of U.S. dollars in exchange for Japanese yen on a specified date and at a specified rate of exchange. Because of the availability of a variety of highly liquid short-term U.S. dollar money market instruments, a synthetic money market position utilizing such U.S. dollar instruments may offer greater liquidity than direct investment in foreign currency and a concurrent construction of a synthetic position in such foreign currency, in terms of both income yield and gain or loss from changes in currency exchange rates, in general should be similar, but would not be identical because the components of the alternative investments would not be identical.

**TEMPORARY INVESTMENTS**

A Fund may make temporary investments without limitation when Calamos Advisors determines that a defensive position is warranted, or as a reserve for possible cash needs. Such investments may be in money market instruments, consisting of obligations of, or guaranteed as to principal and interest by, the U.S. Government or its agencies or instrumentalities; certificates of deposit, bankers' acceptances and other obligations of domestic banks having total assets of at least $500 million and that are regulated by the U.S. Government, its agencies or instrumentalities; commercial paper rated in the highest category by a recognized rating agency; cash; and repurchase agreements.

**U.S. GOVERNMENT OBLIGATIONS**

U.S. Government Obligations include securities that are issued or guaranteed by the U.S. Treasury or by various U.S. Government agencies and instrumentalities. U.S. Treasury obligations ("U.S. Treasuries") include Treasury bills, Treasury notes, and Treasury bonds. U.S. Treasuries also include the separate principal and interest components of U.S. Treasuries that are traded under the Separate Trading of Registered Interest and Principal of Securities ("STRIPS") program. U.S. Treasury obligations are backed by the full faith and credit of the U.S.

Obligations issued or guaranteed by U.S. Government agencies and instrumentalities may be supported by any of the following: (a) the full faith and credit of the U.S., (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) the discretionary authority of the U.S. Treasury to lend to such Government agency or instrumentality, or (d) the credit of the agency or instrumentality.

Government agencies that issue or guarantee securities backed by the full faith and credit of the U.S. include the GNMA and the Small Business Administration. Government agencies and instrumentalities that issue or guarantee securities not backed by the full faith and credit of the U.S. include the Federal Farm Credit Banks, the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation ("FHLMC"), the Federal National Mortgage Association ("FNMA"), the Federal Land Bank, the Bank for Cooperatives, the Federal Intermediate Credit Bank, the Federal Financing Bank, the Resolution Funding Corporation, the Financing Corporation of America and the Tennessee Valley Authority. In the case of securities not backed by the full faith and credit of the U.S., the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. in the event the agency or instrumentality does not meet its commitment.

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In September 2008, the U.S. Treasury and the Federal Housing Finance Agency ("FHFA") announced that FNMA and FHLMC had been placed in conservatorship. The conservatorship is still in effect as of the date of this SAI and has no specified termination date. There can be no assurance as to when or how the conservatorship will be terminated or whether FNMA or FHLMC will continue to exist following the conservatorship or what their respective business structures will be during or following the conservatorship. Since that time, FNMA and FHLMC have received significant capital support through U.S. Treasury preferred stock purchases, as well as Treasury and Federal Reserve purchases of their mortgage backed securities ("MBS"). The FHFA and the U.S. Treasury (through its agreement to purchase FNMA and FHLMC preferred stock) have imposed strict limits on the size of their mortgage portfolios. The FHFA, as conservator, has the power to repudiate any contract entered into by FNMA or FHLMC prior to its appointment if it determines that performance of the contract is burdensome and repudiation of the contract promotes the orderly administration of FNMA's or FHLMC's affairs. Further, the FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. No assurance can be given that the Federal Reserve or the U.S. Treasury will ensure that FNMA and FHLMC remain successful in meeting their obligations with respect to the debt and mortgage-backed securities that they issue.

In addition, the problems faced by FNMA and FHLMC, resulting in their being placed into federal conservatorship and receiving significant U.S. Government support, have sparked serious debate among federal policy makers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans. In December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act ("TCCA") of 2011 which, among other provisions, requires that FNMA and FHLMC increase their single-family guaranty fees by at least 10 basis points and remit this increase to Treasury with respect to all loans acquired by FNMA and FHLMC on or after April 1, 2012 and before January 1, 2022. Serious discussions among policymakers continue, however, as to whether FNMA and FHLMC should be nationalized, privatized, restructured, or eliminated altogether. FNMA reported in the second quarter of 2014 that there was "significant uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship." FHLMC faces similar uncertainty about its future role. FNMA and FHLMC also are the subject of several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities.

A Fund may invest in securities issued or guaranteed by any of the entities listed above or by any other agency established or sponsored by the U.S. Government, provided that the securities are otherwise permissible investments of the Fund. Certain U.S. Government Obligations that have a variable rate of interest readjusted no less frequently than annually will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

A Fund's yield will fluctuate due to changes in interest rates, economic conditions, quality ratings and other factors. The prepayment experience of the mortgages underlying mortgage-related securities, such as obligations issued by GNMA, may affect the value of, and return on, an investment in such securities.

**WARRANTS**

A Fund may invest in warrants. A warrant is a right to purchase common stock at a specific price (usually at a premium above the market value of the underlying common stock at time of issuance) during a specified period of time. A warrant may have a life ranging from less than a year to 20 years or longer, but a warrant becomes worthless unless it is exercised or sold before expiration. In addition, if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant, the warrant will expire worthless. Warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying common stock.

**"WHEN-ISSUED" AND DELAYED DELIVERY SECURITIES**

A Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. A Fund may utilize spot and forward foreign currency exchange transactions to reduce the risk

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inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when-issued or delayed-delivery basis.

The use of this investment strategy, as well as entering into reverse repurchase agreements or engaging in other borrowing as described below, may increase net asset value fluctuation.

**RECENT MARKET CONDITIONS**

Since the 2008 financial crises, financial markets throughout the world have experienced periods of increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. Both domestic and international equity and fixed income markets experienced heightened volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected.

In addition to the recent unprecedented turbulence in financial markets, the reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide. Reduced liquidity in these markets may mean there is less money available to purchase raw materials, goods and services, which may, in turn, bring down the prices of these economic staples. It may also result in some issuers having more difficulty obtaining financing and ultimately may lead to a decline in their stock prices. The values of some sovereign debt and of securities of issuers that hold that sovereign debt have fallen. These events, and the potential for continuing market turbulence, may have an adverse effect on each Fund. In addition, global economies and financial markets have become increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region.

The U.S. federal government and certain foreign central banks have acted to calm credit markets and increase confidence in the U.S. and world economies. Certain of these entities have injected liquidity into the markets and taken other steps in an effort to stabilize the markets and grow the economy. Certain foreign governments and central banks are implementing or discussing so-called negative interest rates (e.g., charging depositors who keep their cash at a bank) to spur economic growth. Further Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including interest rate increases or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.

The situation in the financial markets has led to increased regulation, and the need of many financial institutions for government help has given lawmakers and regulators new leverage. The Dodd-Frank Act initiated a dramatic revision of the U.S. financial regulatory framework that continues to unfold. The Dodd-Frank Act covers a broad range of topics, including (among many others) a reorganization of federal financial regulators; a process intended to improve financial systemic stability and the resolution of potentially insolvent financial firms; new rules for derivatives trading; the creation of the Consumer Financial Protection Bureau; the registration and additional regulation of hedge and private equity fund managers; and new federal requirements for residential mortgage loans. Instruments in which the Funds may invest, or the issuers of such instruments, may be affected by the legislation and regulations promulgated thereunder in ways that may be unforeseeable. Because these requirements are relatively new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear.

The statutory provisions of the Dodd-Frank Act significantly change in several respects the ways in which investment products are marketed, sold, settled or terminated. For example, the Dodd-Frank Act mandates the elimination of references to credit ratings in numerous securities laws, including the 1940 Act. In addition, some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared. Clearinghouses and futures commission merchants have broad rights to increase margin requirements for existing cleared transactions or to terminate cleared transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearinghouse may have an effect on the performance of a Fund.

Under rules adopted under the Dodd-Frank Act, certain cleared derivatives contracts are required to be executed through swap execution facilities ("SEFs"). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. Such requirements may make it more difficult and costly for investment funds, such as the Funds, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral over-the-counter trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and rules and additional CFTC regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if the Fund executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as well. The Fund also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on the Fund's behalf, against any losses or costs that may be incurred

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as a result of the Fund's transactions on the SEF. In addition, the Fund may be subject to execution risk if it enters into a derivatives transaction that is required to be cleared, and no clearing member is willing to clear the transaction on the Fund's behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the trade.

The European Union, the United Kingdom and some other countries have implemented similar requirements to the Dodd-Frank Act requirements that will affect a Fund when it enters into derivatives transactions with a counterparty organized in those jurisdictions or otherwise subject to those jurisdictions' derivatives regulations.

New global requirements may also result in increased uncertainty about counterparty credit risk, and they may also limit the flexibility of a Fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the European Union, the United Kingdom and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union or the United Kingdom, the liabilities of such counterparties to the Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

Additionally, U.S. regulators, the European Union, the United Kingdom and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. These regulations may have a material impact on the Fund's use of uncleared derivatives. These rules impose minimum variation (and in some cases, initial) margin requirements on derivatives transactions between the Fund and its swap counterparties and may increase the amount of margin the Fund is required to provide. They impose regulatory requirements on the calculation of margin and the timing of transferring margin.

The CFTC and U.S. futures exchanges have established limits, referred to as "position limits," on the maximum net long or net short positions which any person, or group of persons acting in concert, may own or control in certain futures and options contracts. In addition, starting January 1, 2023, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or elimination of open positions that may be required to avoid exceeding such limits may adversely affect the performance of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund. The fund may also be affected by regimes of the European Union and United Kingdom that impose position limits on its trade of commodity derivative contracts.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which applies to a Fund's use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements). Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments (beyond certain currency and interest rate hedging transactions) in a limited amount is not subject to the full requirements of Rule 18f-4. In connection with compliance with Rule 18f-4, funds are no longer required to comply with the asset segregation framework arising from prior SEC guidance for covering certain derivative instruments and related transactions.

These and other new rules and regulations could, among other things, further restrict a Fund's ability to engage in, or increase the cost to a Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. This may result in changes to a Fund's principal investment strategies and could adversely affect a Fund's performance and its ability to achieve its investment objective.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. As

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a result, whether or not the Funds invest in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Funds' investments may be negatively affected.

European financial markets are vulnerable to volatility and losses arising from concerns about the potential exit of member countries from the European Union and/or the Eurozone and, in the latter case, the reversion of those countries to their national currencies. Defaults by Economic Monetary Union member countries on sovereign debt, as well as any future discussions about exits from the Eurozone, may negatively affect a Fund's investments in the defaulting or exiting country, in issuers, both private and governmental, with direct exposure to that country, and in European issuers generally. In addition, the United Kingdom left the European Union on January 31, 2020 (commonly referred to as "Brexit"). During an 11 month transition period, ending December 31, 2020, the United Kingdom and the European Union agreed to a Trade and Cooperation Agreement which sets out the agreement for certain parts of the future relationship between the European Union and the United Kingdom from 1 January 2021. The Trade and Cooperation Agreement does not provide the United Kingdom with the same level of rights or access to all goods and services in the European Union as the United Kingdom previously maintained as a member of the European Union and during the transition period. In particular the Trade and Cooperation Agreement does not include an agreement on financial services. Accordingly, uncertainty remains in certain areas as to the future relationship between the United Kingdom and the European Union. The uncertainty caused by the United Kingdom's departure from the European Union could lead to prolonged political, legal, regulatory, tax and economic uncertainty and wider instability and volatility in the financial markets of the United Kingdom and more broadly across Europe. It may also lead to weakening corporate and financial confidence in such markets as the United Kingdom renegotiates the regulation of the provision of financial services within and to persons in the European Union. Brexit could lead to market dislocation, heightened counterparty risk, an adverse effect on the management of market risk and, in particular, asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on the management, operation and investment in each Fund and increased legal, regulatory or compliance burden for each Fund which may have a negative impact on the operations, financial condition, returns or prospects of each Fund. The consequences of the United Kingdom's, or another country's potential, exit from the European Union and/or Eurozone could also threaten the stability of the euro for remaining countries and could negatively affect the financial markets of other countries in the European Union and beyond.

**REFLOW LIQUIDITY PROGRAM**

Certain Funds may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by the other shareholders that are to settle the next business day. After purchasing fund shares, Reflow then redeems those shares when the Fund next experiences net sales, at the end of ReFlow's maximum holding period, or at other times at ReFlow's discretion. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.15% of the value of the Fund shares purchased by ReFlow. The fee is allocated among the Fund's share classes based on relative net assets. ReFlow's purchases of Fund shares are made on an investment-blind basis without regard to the Fund's investment objective, policies or anticipated performance. ReFlow may purchase various shares of the Fund and will not be subject to any investment minimum applicable to such shares. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow's investments in the Funds are not subject to the Funds' Excessive Trading Policies and Procedures described in the Funds' prospectus. By participating in such a program, there is no assurance that ReFlow will have sufficient funds available to meet the Funds' needs.

**INTERFUND LENDING**

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program").

The InterFund Program is subject to a number of conditions, including, among other things, that each Fund may, to the extent permitted by its investment objective, strategies, and policies, (1) lend uninvested cash to other Calamos Funds in an amount up to 15% of its current net assets at the time of the loan (including lending up to 5% of its net assets to any single Calamos Fund) and (2) borrow money from other Calamos Funds provided that immediately after the borrowing total outstanding borrowings

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from all sources do not exceed 33 <sup>1</sup>/<sub>3</sub>% of its total assets or any lower threshold provided for by a Fund's fundamental restrictions or non-fundamental policies. Each Fund may borrow through the InterFund Program on an unsecured basis (i.e., without posting collateral) if its aggregate outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of the Fund's total assets. However, if the Fund's aggregate outstanding borrowings from all sources immediately after the interfund borrowing exceed 10% of the Fund's total assets, the Fund may borrow through the InterFund Program on a secured basis only. Each Fund also is required to secure an InterFund Loan on an equal priority basis and with at least an equivalent percentage of collateral to loan value if it has outstanding secured borrowings from other sources, including but not limited to another Calamos Fund, at the time the loan is requested.

Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days.. In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund.

The limitations detailed above and the other conditions of the exemptive order, and related compliance procedures adopted by the board of trustees and implemented by the Adviser are designed to minimize the risks associated with interfund lending for both the borrowing Funds and the lending Funds. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one business day's notice or not renewed, in which case the Fund may need to borrow from a bank at higher rates if an InterFund Loan were not available from another Fund. Furthermore, a delay in repayment to a lending Fund could result in a lost investment opportunity or additional lending costs. Each Fund may lend or borrow money in an amount of up to 33 <sup>1</sup>/<sub>3</sub>% of the Fund's total assets to meet short-term needs, such as in connection with redemptions.

Each Fund incurs interest and other expenses when it borrows money. Borrowing creates leverage, which may increase expenses and increase the impact of the Fund's other risks. The use of leverage may exaggerate any increase or decrease in a Fund's net asset value causing the Fund to be more volatile than a fund that does not borrow.

**JOINT CREDIT AGREEMENT**

The Trust, on behalf of the Funds, is party to a $50,000,000 uncommitted credit agreement with State Street Bank and Trust Company (the "Credit Agreement"). Each Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase the Fund's net expenses and reduce the Fund's return. In addition, borrowing by the Fund may create leverage by increasing the Fund's investment exposure. This will result in changes in the Fund's net asset value, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by the Adviser and the Board of each Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund.

**INVESTMENT RESTRICTIONS**

Each Fund is classified as a diversified, open-end management investment company. Except as noted below, each Fund operates under the following investment restrictions and may not:

(i) (for Hedged Equity Fund, Global Convertible Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, and High Income Opportunities Fund only) make any investment inconsistent with the Fund's classification as a diversified investment company under the 1940 Act if the Fund is classified as a diversified investment company;<sup>3</sup>

(for Market Neutral Income Fund, Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth Fund, Growth and Income Fund, and Short-Term Bond Fund only) as to 75% of its assets, invest more than 5% of its total assets, taken at market value at the time of a particular purchase, in the securities of any one issuer,

<sup>3</sup> Currently, under the 1940 Act, for a Fund to be classified as a diversified investment company, at least 75% of the value of the Fund's total assets must be represented by cash and cash items (including receivables), government securities, securities of other investment companies, and securities of other issuers, which for the purposes of this calculation are limited in respect of any one issuer to an amount (valued at the time of investment) not greater in value than 5% of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

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except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

(ii) (for each fund, except Phineus Long/Short Fund) acquire more than 10%, taken at the time of a particular purchase, of the outstanding voting securities of any one issuer;

(iii) act as an underwriter of securities, except insofar as it may be deemed an underwriter for purposes of the Securities Act on disposition of securities acquired subject to legal or contractual restrictions on resale;

(iv) (for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) invest more than 10% of the Fund's net assets (taken at market value at the time of each purchase) in illiquid securities, including repurchase agreements maturing in more than seven days;

(v) (for Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund and High Income Opportunities Fund only) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts, except that a Fund may enter into (a) futures, options and options on futures, (b) forward contracts and (c) other financial transactions not requiring the delivery of physical commodities;

(for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts;

(for Short-Term Bond Fund only) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts, except that the Fund may enter into (a) futures, options and options on futures, (b) forward contracts, (c) swaps and (d) other financial transactions not requiring the delivery of physical commodities;

(vi) make loans, but this restriction shall not prevent the Fund from (a) investing in debt obligations, (b) investing in repurchase agreements or (c) lending portfolio securities, provided, however, that it may not lend securities if, as a result, the aggregate value of all securities loaned would exceed 33% of its total assets (taken at market value at the time of such loan);<sup>4</sup>

(vii) (for Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund only) borrow, except from banks, other affiliated funds and other entities to the extent permitted under the 1940 Act;<sup>5,6</sup>

(for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) borrow, except that the Fund may (a) borrow up to 10% of its total assets, taken at market value at the time of such borrowing, as a temporary measure for extraordinary or emergency purposes, but not to increase portfolio income (the total of reverse repurchase agreements and such borrowings will not exceed 10% of total assets, and the Fund will not purchase securities when its borrowings exceed 5% of total assets) and (b) enter into transactions in options;<sup>5</sup>

(viii) (for each Fund except International Small Cap Growth Fund and Short-Term Bond Fund) invest in a security if more than 25% of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

<sup>4</sup> This restriction shall not apply to loans made in accordance with the InterFund Program or other exemptive relief that may be granted by the SEC to the Funds with regard to interfund lending.

<sup>5</sup> Each Fund's borrowing practices are limited by the 1940 Act. Currently, under the 1940 Act, a Fund may borrow in an aggregate amount not exceeding 33<sup>1</sup>/<sub>3</sub>% of its total assets, including the proceeds of borrowings, for any purpose, but borrowings from entities other than banks may not exceed 5% of its total assets and may be only as a temporary measure for extraordinary or emergency purposes, unless the Fund has received an exemptive order from the SEC permitting it to borrow from other affiliated funds in excess of 5% of its total assets. None of these Funds, other than Phineus Long/Short Fund, intends to purchase securities when its borrowings exceed 5% of total assets.

<sup>6</sup> Currently, under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where the indebtedness is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

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(for International Small Cap Growth Fund) invest in a security if more than 25% of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry or group of industries, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

(for Short-Term Bond Fund only) invest in a security if more than 25% of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry. For purposes of this limitation, the Fund will not invest more than 25% of its total assets in each of the following sectors (each sector measured separately): commercial (non-agency) mortgage-backed securities, residential (non-agency) mortgage-backed securities or asset-backed securities. This restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities; or

(ix) (for Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund only) issue any senior security, except to the extent permitted under the 1940 Act;<sup>6</sup>

(for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) issue any senior security, except that the Market Neutral Income Fund may sell securities short.<sup>7</sup>

The Phineus Long/Short Fund was previously classified as a non-diversified investment company. Pursuant to current positions of the SEC staff, the Phineus Long/Short Fund's classification has changed from non-diversified to diversified, and the Phineus Long/Short Fund will not be able to become non-diversified unless it seeks and obtains the approval of shareholders. Accordingly, the Phineus Long/Short Fund may not make any investment inconsistent with its classification as a diversified company under the 1940 Act.<sup>7</sup>

The above restrictions are fundamental policies and may not be changed with respect to a Fund without the approval of a "majority" of the outstanding shares of that Fund, which for this purpose means the approval of the lesser of (a) more than 50% of the outstanding voting securities of that Fund or (b) 67% or more of the outstanding shares if the holders of more than 50% of the outstanding shares of that Fund are present or represented at the meeting by proxy.

With regard to all Funds other than Phineus Long/Short Fund and except as noted below, in addition to the fundamental restrictions listed above, and as a non-fundamental policy:

(a) (for each Fund except Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, International Small Cap Growth Fund and Short-Term Bond Fund) no Fund may invest in shares of other open-end investment companies, except as permitted by the 1940 Act;<sup>8</sup>

(for Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, International Small Cap Growth Fund and Short-Term Bond Fund) To the extent other Calamos Funds invest in the Fund in reliance on section 12(d)(1)(G), the Fund may not acquire any securities of registered open-end investment companies or unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the 1940 Act;<sup>8</sup>

(b) no Fund may invest in companies for the purpose of exercising control or management;

<sup>6</sup> Currently, under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where the indebtedness is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

<sup>7</sup> Currently, under the 1940 Act, for a Fund to be classified as a diversified investment company, at least 75% of the value of the Fund's total assets must be represented by cash and cash items (including receivables), government securities, securities of other investment companies, and securities of other issuers, which for the purposes of this calculation are limited in respect of any one issuer to an amount (valued at the time of investment) not greater in value than 5% of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

<sup>8</sup> Under Section 12(d)(1)(A) of the 1940 Act, each Fund generally must limit its investment in other investment companies so that, as determined immediately after a Fund invests in another investment company: (i) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (ii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies; and (iii) not more than 3% of the outstanding voting shares of any one investment company will be owned by the Fund, except as permitted under the 1940 Act, the rules thereunder or SEC exemptive relief. Currently, under the 1940 Act, the rules thereunder and SEC exemptive relief, a Fund may invest in other investment companies in excess of the above limitations if certain requirements are met, including (i) that the Fund complies with Rule 12d1-4 under the 1940 Act or (ii) that any Fund whose shares are acquired by another Fund in accordance with Section 12(d)(1)(G) of the 1940 Act shall not purchase securities of a registered open-end investment company or registered unit investment trust in reliance on either Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act. Each Fund may also invest without limitation in money market funds, provided that the Fund complies with Rule 12d1-1 under the 1940 Act. These limitations do not apply in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company.

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(c) no Fund may purchase securities on margin (except for use of such short-term credits as are necessary for the clearance of transactions, including transactions in options, futures and options on futures), or participate on a joint or a joint and several basis in any trading account in securities, except in connection with transactions in options, futures and options on futures;

(d) no Fund may make short sales of securities, except that the Fund may make short sales of securities (i) if the Fund owns an equal amount of such securities, or owns securities that are convertible or exchangeable, without payment of further consideration, into an equal amount of such securities, (ii) other than those described in clause (i), provided that no more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales other than those described in clause (i);

(e) (for each Fund except Short-Term Bond Fund) no Fund may invest more than 25% of its net assets (valued at time of purchase) in securities of foreign issuers (other than securities represented by ADRs and securities guaranteed by a U.S. person), except that Total Return Bond Fund may invest up to 35% of its net assets in securities of foreign issuers, and each of Global Convertible Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund and International Small Cap Growth Fund may invest up to all of its net assets in securities of foreign issuers;

(f) (for Hedged Equity Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund) no Fund may invest more than 15% under regulatory rules (or 10% in the case of each other Fund) of the Fund's net assets (taken at market value at the time of each purchase) in illiquid investments that are assets, including repurchase agreements maturing in more than seven days;

(g) (for Hedged Equity Fund, Convertible Fund, Global Convertible Fund, Growth and Income Fund, and Global Opportunities Fund) Consistent with the Fund's investment objective and principal investment strategies the Fund's investment adviser views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles;

(h) (for Market Neutral Income Fund) Consistent with the Fund's investment objective and principal investment strategies may engage in a long/short equity investment strategy and total return swaps to reduce exposure to broader market risk and volatility; or

(i) (for Short-Term Bond Fund) The Fund may not invest more than 20% of its net assets (valued at the time of purchase) in non-U.S. debt securities, including non-dollar denominated debt securities and emerging markets securities.

In addition to the fundamental restrictions listed above, and as a non-fundamental policy Phineus Long/ Short Fund may not:

(a) invest in shares of other investment companies, except as permitted by the 1940 Act;<sup>8</sup>

(b) invest in companies for the purpose of exercising control or management;

(c) under regulatory rules, invest more than 15% of its net assets (taken at market value at the time of each purchase) in illiquid investments that are assets, including repurchase agreements maturing in more than seven days; or

(d) exceed the following maximum percentages, as applicable, for naked option positions on single issuer securities (excluding ETF and index hedges), judged as notional exposure of naked option position:

(i) 5% notional exposure for the aggregate naked puts on single issuer securities;

(ii) 3% notional exposure for the aggregate naked calls on single issuer securities;

<sup>8</sup> Under Section 12(d)(1)(A) of the 1940 Act, each Fund generally must limit its investment in other investment companies so that, as determined immediately after a Fund invests in another investment company: (i) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (ii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies; and (iii) not more than 3% of the outstanding voting shares of any one investment company will be owned by the Fund, except as permitted under the 1940 Act, the rules thereunder or SEC exemptive relief. Currently, under the 1940 Act, the rules thereunder and SEC exemptive relief, a Fund may invest in other investment companies in excess of the above limitations if certain requirements are met, including (i) that the Fund complies with Rule 12d1-4 under the 1940 Act or (ii) that any Fund whose shares are acquired by another Fund in accordance with Section 12(d)(1)(G) of the 1940 Act shall not purchase securities of a registered open-end investment company or registered unit investment trust in reliance on either Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act. Each Fund may also invest without limitation in money market funds, provided that the Fund complies with Rule 12d1-1 under the 1940 Act. These limitations do not apply in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company.

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(iii) 10% aggregate exposure for all naked calls on single issuer securities in the portfolio; and

(iv) 10% aggregate exposure for all naked puts on single issuer securities in the portfolio.

The non-fundamental investment restrictions above may be changed by the board of trustees without shareholder approval. Notwithstanding the foregoing investment restrictions, a Fund may purchase securities pursuant to the exercise of subscription rights, subject to the condition that such purchase will not result in the Fund's ceasing to be a diversified investment company. Far Eastern and European corporations frequently issue additional capital stock by means of subscription rights offerings to existing shareholders at a price substantially below the market price of the shares. The failure to exercise such rights would result in the Fund's interest in the issuing company being diluted. The market for such rights is not well developed in all cases and, accordingly, the Fund may not always realize full value on the sale of rights. The exception applies in cases where the limits set forth in the investment restrictions would otherwise be exceeded by exercising rights or would have already been exceeded as a result of fluctuations in the market value of the Fund's portfolio securities with the result that the Fund would be forced either to sell securities at a time when it might not otherwise have done so, to forego exercising the rights.

**MANAGEMENT**

**TRUSTEES AND OFFICERS**

The management of the Trust, including general supervision of the duties performed for each Fund under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee's earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years.

The following table sets forth each trustee's name, year of birth, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each trustee oversees each Fund of the Trust.

**TRUSTEES WHO ARE INTERESTED PERSONS OF THE TRUST:**

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|:---|:---|:---|:---|:---|
| **NAME AND<br>YEAR OF BIRTH** | **POSITION(S) AND<br>LENGTH OF TIME<br>WITH THE TRUST** | **PORTFOLIOS IN <br>FUND COMPLEX^ <br>OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST 5 YEARS<br>AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,<br>SKILLS FOR BOARD<br>MEMBERSHIP** |
| John P. Calamos, Sr. (1940)\* | Chairman, Trustee and President (since 1988) | 30 | Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC and its predecessor ("Calamos Advisors") and Calamos Wealth Management LLC ("CWM"); Director, CAM; Global Chief Investment Officer, Calamos Antetokounmpo Asset Management LLC ("CGAM"); and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor ("CFS"), CAM, CILLC, Calamos Advisors, and CWM | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |

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**TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:**

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|:---|:---|:---|:---|:---|
| **NAME AND<br>YEAR OF BIRTH** | **POSITION(S) AND<br>LENGTH OF TIME<br>WITH THE TRUST** | **PORTFOLIOS IN <br>FUND COMPLEX^ <br>OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST 5 YEARS<br>AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,<br>SKILLS FOR BOARD<br>MEMBERSHIP** |
| John E. Neal (1950) | Trustee (since 2001); Lead Independent Trustee (since July 2019) | 31^^ | Retired; private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook, Illinois community bank); formerly, Director, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018) | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| William R. Rybak (1951) | Trustee (since 2002) | 30 | Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series Trust and JNL Investors Series Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series Trust (2018-2020) and JNL Strategic Income Fund LLC (2007-2018), (open-end mutual funds)\*\*; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000) | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| Virginia G. Breen (1964) | Trustee (since 2015) | 30 | Private Investor; Director, Tech and Energy Transition Corporation (blank check company) (since 2021); Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)\*\*\*; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (since 2004); Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)\*\*\*\* | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME AND<br>YEAR OF BIRTH** | **POSITION(S) AND<br>LENGTH OF TIME<br>WITH THE TRUST** | **PORTFOLIOS IN <br>FUND COMPLEX^ <br>OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST 5 YEARS<br>AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,<br>SKILLS FOR BOARD<br>MEMBERSHIP** |
| Lloyd A. Wennlund (1957) | Trustee (since 2018) | 30 | Trustee and Chairman, Datum One Series Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |
| Karen L. Stuckey (1953) | Trustee (since December 2019) | 30 | Member of Desert Mountain Community Foundation Advisory Board (non-profit organization) (2015-2021); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1975-1990); Member of Executive, Nominating, and Audit Committees and Chair of Finance Committee (1992-2006); Emeritus Trustee (since 2007) of Lehigh University; member, Women's Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of OppenheimerFunds (open-end mutual funds) (2012-2019) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |

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|:---|:---|:---|:---|:---|
| **NAME AND<br>YEAR OF BIRTH** | **POSITION(S) AND<br>LENGTH OF TIME<br>WITH THE TRUST** | **PORTFOLIOS IN <br>FUND COMPLEX^ <br>OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST 5 YEARS<br>AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,<br>SKILLS FOR BOARD<br>MEMBERSHIP** |
| Christopher M. Toub (1959) | Trustee (since December 2019) | 30 | Private investor; formerly Director of Equities, AllianceBernstein LP (until 2012) | More than 25 years of experience in the financial services industry; and earned a Masters of Business Administration degree |

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^ The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos ETF Trust, Calamos Antetokounmpo Sustainable Equities Trust and Calamos Aksia Alternative Credit and Income Fund.

^^ Mr. Neal is the only Trustee of the Trust who oversees Calamos Aksia Alternative Credit and Income Fund.

\* Mr. Calamos, Sr. is an "interested person" of the Trust as defined in the 1940 Act because he is an officer of the Trust and an affiliate of Calamos Advisors and CFS.

\*\* Overseeing 131 portfolios in fund complex.

\*\*\* Overseeing twenty-one portfolios in fund complex.

\*\*\*\* Overseeing three portfolios in fund complex.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

**OFFICERS.** The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee and President of the Trust. The following table sets forth each other officer's name, year of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

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| | | |
|:---|:---|:---|
| **NAME AND YEAR OF BIRTH** | **POSITION(S) WITH TRUST** | **PRINCIPAL OCCUPATION(S)**  |
| Robert Behan (1964) | Vice President (since 2013) | Executive Vice President, Chief Distribution Officer (since 2021), CAM, CILLC, Calamos Advisors, and CFS; Vice President (since 2022), CGAM; prior thereto President (2015-2021), Head of Global Distribution (2013-February 2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013), Head of US Intermediary Distribution (2010-2013) |
| Thomas E. Herman (1961) | Vice President (since 2016) and Chief Financial Officer (2016-2017 and since 2019) | Executive Vice President (since 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer (since 2022), CGAM; prior thereto, Chief Financial Officer and Treasurer, Harris Associates (2010-2016) |
| J. Christopher Jackson (1951) | Vice President and Secretary (since 2010) | Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2010); Chief Legal Officer, CGAM (since 2022); Director, Calamos Global Funds plc (2011-2021) |
| John S. Koudounis (1966) | Vice President (since 2016) | President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); Chairman and Chief Executive Officer (since 2022), CGAM; prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc. |
| Mark J. Mickey (1951) | Chief Compliance Officer (since 2005) | Chief Compliance Officer, Calamos Funds (since 2005) |

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| | | |
|:---|:---|:---|
| **NAME AND YEAR OF BIRTH** | **POSITION(S) WITH TRUST** | **PRINCIPAL OCCUPATION(S)**  |
| Stephen Atkins (1965) | Treasurer (since 2020) | Senior Vice President, Head of Fund Administration (since 2020), Calamos Advisors; prior thereto Consultant, Fund Accounting and Administration, Vx Capital Partners (2019-2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018) |
| Daniel Dufresne (1974) | Vice President (since 2021) | Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2021); President (since 2022), CGAM; prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020) |
| Susan L. Schoenberger (1963) | Vice President and Assistant Secretary (since September 2022) | Vice President, Associate Counsel, Calamos Advisors (since 2022); prior thereto Vice President, Legal Counsel (2011-2022), Ariel Investments, LLC |

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The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563.

**COMMITTEES OF THE BOARD OF TRUSTEES.** The Trust's board of trustees currently has five standing committees:

**Executive Committee.** Messrs. John Calamos and John E. Neal are members of the executive committee, which has authority during intervals between meetings of the board of trustees to exercise the powers of the board, with certain exceptions. John Calamos is an interested trustee of the Trust.

**Dividend Committee.** Mr. John Calamos serves as the sole member of the dividend committee. The dividend committee is authorized, subject to Board review, to declare distributions on the shares of the Trust's series in accordance with such series' distribution policies, including, but not limited to, regular dividends, special dividends and short- and long-term capital gains distributions.

**Audit Committee.** Messrs. Neal, Rybak (Chair), Toub and Wennlund and Mses. Breen and Stuckey serve on the audit committee. The audit committee operates under a written charter adopted and approved by the board. The audit committee selects independent auditors, approves services to be rendered by the auditors, monitors the auditors' performance, reviews the results of the Trust's audit and responds to other matters deemed appropriate by the board. All members of the audit committee are independent trustees of the Trust.

**Valuation Committee.** Messrs. Neal, Rybak, Toub, and Wennlund (Chair) and Mses. Breen and Stuckey serve on the valuation committee. The valuation committee operates under a written charter approved by the board. The valuation committee oversees valuation matters of the Trust delegated to the pricing committee, including the fair valuation determinations and methodologies proposed and utilized by the pricing committee, reviews the Trust's valuation procedures and their application by the pricing committee, reviews pricing errors and procedures for calculation of net asset value of each series of the Trust and responds to other matters deemed appropriate by the board.

**Governance Committee.** Messrs. Neal, Rybak, Toub and Wennlund and Mses. Breen (Chair) and Stuckey serve on the governance committee. The governance committee operates under a written charter adopted and approved by the board. The governance committee oversees the independence and effective functioning of the board of trustees and endeavors to be informed about good practices for mutual fund boards. It also makes recommendations to the board regarding compensation of independent trustees. The governance committee also functions as a nominating committee by making recommendations to the board of trustees regarding candidates for election as non-interested trustees. The governance committee looks to many sources for recommendations of qualified trustees, including current trustees, employees of Calamos Advisors, current shareholders of

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the Funds, search firms that are compensated for their services and other third party sources. Any such search firm identifies and evaluates potential candidates, conducts screening interviews and provides information to the governance committee with respect to the individual candidates and the market for available candidates. In making trustee recommendations, the governance committee considers a number of factors, including a candidate's background, integrity, knowledge and relevant experience. These factors are set forth in an appendix to the committee's charter. Any prospective candidate is interviewed by the trustees and officers, and references are checked. The governance committee will consider shareholder recommendations regarding potential trustee candidates that are properly submitted to the governance committee for its consideration.

A Fund shareholder who wishes to propose a trustee candidate must submit any such recommendation in writing via regular mail to the attention of the Trust's Secretary, at the address of the Trust's principal executive offices. The shareholder recommendation must include:

• the number and class of all shares of the Trust's series owned beneficially or of record by the nominating shareholder at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially;

• a full listing of the proposed candidate's education, experience (including knowledge of the investment company industry, experience as a director or senior officer of public or private companies, and directorships on other boards of other registered investment companies), current employment, date of birth, business and residence address, and the names and addresses of at least three professional references;

• information as to whether the candidate is, has been or may be an "interested person" (as such term is defined in the 1940 Act) of the Trust, Calamos Advisors or any of its affiliates, and, if believed not to be or have been an "interested person," information regarding the candidate that will be sufficient for the committee to make such determination;

• the written and signed consent of the candidate to be named as a nominee and to serve as a trustee of the Trust, if elected;

• a description of all arrangements or understandings between the nominating shareholder, the candidate and/or any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, and if none, so specify;

• the class or series and number of all shares of the Trust's series owned of record or beneficially by the candidate, as reported by the candidate; and

• such other information that would be helpful to the governance committee in evaluating the candidate.

The governance committee may require the nominating shareholder to furnish other information it may reasonably require or deem necessary to verify any information furnished pursuant to the procedures delineated above or to determine the qualifications and eligibility of the candidate proposed by the nominating shareholder to serve as a trustee. If the nominating shareholder fails to provide such additional information in writing within seven days of receipt of written request from the governance committee, the recommendation of such candidate will be deemed not properly submitted for consideration, and the governance committee is not required to consider such candidate.

Unless otherwise specified by the governance committee's chairman or by legal counsel to the non-interested trustees, the Trust's Secretary will promptly forward all shareholder recommendations to the governance committee's chairman and the legal counsel to the non-interested trustees, indicating whether the shareholder recommendation has been properly submitted pursuant to the procedures adopted by the governance committee for the consideration of trustee candidates nominated by shareholders.

Recommendations for candidates as trustees will be evaluated, among other things, in light of whether the number of trustees is expected to change and whether the trustees expect any vacancies. During periods when the governance committee is not actively recruiting new trustees, shareholder recommendations will be kept on file until active recruitment is under way. After consideration of a shareholder recommendation, the governance committee may dispose of the shareholder recommendation.

In addition to the above committees, there is a pricing committee, appointed by the board of trustees, comprised of officers of the Trust and employees of Calamos Advisors.

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The following table identifies the number of meetings the board and each committee held during the fiscal year ended October 31, 2022.

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| | | |
|:---|:---|:---|
| | **NUMBER OF <br>MEETINGS DURING <br>FISCAL YEAR ENDED <br>OCTOBER 31, 2022** | **NUMBER OF <br>MEETINGS DURING <br>FISCAL YEAR ENDED <br>OCTOBER 31, 2022** |
| Board |  | 6 |
| Executive Committee |  | 0 |
| Audit Committee |  | 4 |
| Governance Committee |  | 4 |
| Dividend Committee |  | 12 |
| Valuation Committee |  | 4 |

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**LEADERSHIP STRUCTURE AND QUALIFICATIONS OF THE BOARD OF TRUSTEES.** The board of trustees is responsible for oversight of the Trust. The Trust has engaged Calamos Advisors to manage the Funds on a day-to-day basis. The board of trustees oversees Calamos Advisors and certain other principal service providers in the operations of the Funds. The board of trustees is currently composed of seven members, six of whom are non-interested trustees. The board of trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, the board may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, the board of trustees has established five standing committees — Audit, Dividend, Executive, Governance and Valuation — and may establish ad hoc committees or working groups from time to time to assist the board of trustees in fulfilling its oversight responsibilities. The non-interested trustees also have engaged independent legal counsel to assist them in fulfilling their responsibilities. Such independent legal counsel also serves as counsel to the Trust.

The chairman of the board of trustees is an "interested person" of the Trust (as such term is defined in the 1940 Act). The non-interested trustees have appointed a lead independent trustee. The lead independent trustee serves as a liaison between Calamos Advisors and the non-interested trustees and leads the non-interested trustees in all aspects of their oversight of the Funds. Among other things, the lead independent trustee reviews and approves, with the chairman, the agenda for each board and committee meeting and facilitates communication among the Trust's non-interested trustees. The trustees believe that the board's leadership structure is appropriate given the characteristics and circumstances of the Trust. The trustees also believe that this structure facilitates the exercise of the board's independent judgment in fulfilling its oversight function and efficiently allocates responsibility among committees.

The board of trustees has concluded that, based on each trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other trustees, each trustee should serve as a member of the board. In making this determination, the board has taken into account the actual service of the trustees during their tenure in concluding that each should continue to serve. The board also has considered each trustee's background and experience. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each trustee that led the board to conclude that he or she should serve as a trustee.

Each of Messrs. Calamos, Neal, and Rybak has served for more than ten years as a trustee of the Trust. In addition, each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, Toub, and Wennlund has more than 25 years of experience in the financial services industry. Each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, and Wennlund has experience serving on boards of other entities, including other investment companies. Each of Ms. Breen and Messrs. Calamos, Neal, Rybak and Toub has earned a Masters of Business Administration degree.

**RISK OVERSIGHT.** The operation of a mutual fund, including its investment activities, generally involves a variety of risks. As part of its oversight of the Funds, the board of trustees oversees risk through various regular board and committee activities. The board of trustees, directly or through its committees, reviews reports from, among others, Calamos Advisors, the Trust's Compliance Officer, the Trust's independent registered public accounting firm, outside legal counsel, and internal auditors of Calamos Advisors or its affiliates, as appropriate, regarding risks faced by the Funds and the risk management programs of Calamos Advisors and certain service providers. The actual day-to-day risk management with respect to the Funds resides with Calamos Advisors and other service providers to the Funds. Although the risk management policies of Calamos Advisors and the service providers are designed to be effective, there is no guarantee that they will anticipate or mitigate all risks. Not all risks that may affect the Funds can be identified, eliminated or mitigated and some risks simply may not be anticipated or may be beyond the control of the board of trustees or Calamos Advisors, its affiliates or other service providers.

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**TRUSTEE AND OFFICER COMPENSATION.** John P. Calamos, Sr., the trustee who is an "interested person" of the Trust, does not receive compensation from the Trust. Although they are compensated, the non-interested trustees do not receive any pension or retirement benefits from the Trust. Mr. Mickey is the only Trust officer who receives compensation from the Trust. The following table sets forth the total compensation (including any amounts deferred, as described below) paid by the Trust during the periods indicated to each of the current trustees and officers compensated by the Trust.

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| | | |
|:---|:---|:---|
| **NAME** | **AGGREGATE<br>COMPENSATION<br>FROM THE FUNDS<br>11/1/21-10/31/22** | **TOTAL<br>COMPENSATION<br>FROM CALAMOS<br>FUNDS<br>COMPLEX<sup>(2)</sup>11/1/21-10/31/22** |
| John P. Calamos | $0 | $0 |
| Virginia G. Breen | $138043 | $202028 |
| John E. Neal<sup>(1)</sup> | $162034 | $235000 |
| William R. Rybak | $147495 | $215000 |
| Karen L. Stuckey | $132956 | $195000 |
| Christopher M. Toub | $132956 | $195000 |
| Lloyd A. Wennlund | $140226 | $205000 |
| Mark J. Mickey | $142612 | $195770 |

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(1) Includes fees deferred during the relevant period pursuant to a deferred compensation plan. Deferred amounts are treated as though such amounts have been invested and reinvested in shares of one or more of the Funds as selected by the trustee. As of October 31, 2022 the value of the deferred compensation account of Mr. Neal was $2,337,627.

(2) The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos ETF Trust, Calamos Antetokounmpo Sustainable Equities Trust and Calamos Aksia Credit and Income Fund.

The compensation paid to the non-interested trustees of Calamos Funds for their services as such consists of an annual retainer fee in the amount of $185,000, with annual supplemental retainers of $40,000 to the lead independent trustee, $20,000 to the chair of the audit committee and $10,000 to the chair of any other committee. Each non-interested trustee receives a meeting attendance fee of $7,000 for any special board meeting attended in person and $3,500 for any special board meeting attended by telephone.

Compensation paid to the non-interested trustees is allocated among the series of the Calamos Funds in accordance with a procedure determined from time to time by the board.

The Trust has adopted a deferred compensation plan for non-interested trustees (the "Plan"). Under the Plan, a trustee who is not an "interested person" of Calamos Advisors and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his or her compensation from the Trust in order to defer payment of income taxes or for other reasons. The deferred compensation payable to the participating trustee is credited to the trustee's deferred compensation account as of the business day such compensation otherwise would have been paid to the trustee. The value of a trustee's deferred compensation account at any time is equal to what the value would be if the amounts credited to the account had instead been invested in Class I shares of one or more of the Funds as designated by the trustee. Thus, the value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. If a participating trustee retires, the trustee may elect to receive payments under the plan in a lump sum or in equal annual installments over a period of five years. If a participating trustee dies, any amount payable under the Plan will be paid to the trustee's beneficiaries. Each Fund's obligation to make payments under the Plan is a general obligation of that Fund. No Fund is liable for any other Fund's obligations to make payments under the Plan.

At December 31, 2022, each trustee beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("1934 Act")) shares of the respective Funds, and of all funds in the Fund Complex having values within the indicated dollar ranges.\*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **MARKET NEUTRAL<br>INCOME FUND** | **HEDGED<br>EQUITY FUND** | **PHINEUS<br>LONG/SHORT FUND** | **CONVERTIBLE FUND** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| Virginia G. Breen |  |  | Over $100,000 |  |
| John E. Neal | Over $100,000 |  | Over $100,000 |  |
| William R. Rybak | $10001 — $50000 |  |  | $50001 — $100000 |
| Karen L. Stuckey | Over $100,000 |  |  | Over $100,000 |
| Christopher M. Toub |  | $50001 — $100000 | $10001 — $50000 |  |
| Lloyd A. Wennlund | $10001 — $50000 |  | $10001 — $50000 | $10001 — $50000 |
|  | **GLOBAL CONVERTIBLE<br>FUND** | **TIMPANI SMALL<br>CAP GROWTH FUND** | **TIMPANI SMID <br>GROWTH FUND** | **GROWTH FUND** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| Virginia G. Breen |  |  |  |  |
| John E. Neal |  | Over $100,000 | Over $100,000 |  |
| William R. Rybak |  |  |  | Over $100,000 |
| Karen L. Stuckey |  |  |  |  |
| Christopher M. Toub | $10001 — $50000 | $50001 — $100000 |  |  |
| Lloyd A. Wennlund |  | $10001 — $50000 | $10001 — $50000 |  |
|  | **GROWTH AND <br>INCOME FUND** | **DIVIDEND <br>GROWTH FUND** | **SELECT FUND** | **INTERNATIONAL<br>GROWTH FUND** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 |  | Over $100,000 | Over $100,000 |
| Virginia G. Breen |  |  |  |  |
| John E. Neal | Over $100,000 |  |  |  |
| William R. Rybak | $50001 — $100000 |  | $50001 — $100000 |  |
| Karen L. Stuckey |  |  |  |  |
| Christopher M. Toub |  |  |  |  |
| Lloyd A. Wennlund |  |  | $10001 — $50000 |  |
|  | **EVOLVING WORLD<br>GROWTH FUND** | **GLOBAL EQUITY <br>FUND** | **GLOBAL<br>OPPORTUNITIES<br>FUND** | **TOTAL RETURN<br>BOND FUND** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| Virginia G. Breen |  |  |  |  |
| John E. Neal | $50001 — $100000 | Over $100,000 | Over $100,000 | Over $100,000 |
| William R. Rybak |  |  | $50001 — $100000 |  |
| Karen L. Stuckey |  |  |  |  |
| Christopher M. Toub |  |  |  |  |
| Lloyd A. Wennlund |  |  |  |  |
|  | **HIGH INCOME<br>OPPORTUNITIES<br>FUND** | **SHORT-TERM<br>BOND FUND** | **INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND** | **AGGREGATE DOLLAR<br>RANGE OF SHARES<br>OF ALL FUNDS IN <br>THE FUND COMPLEX** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| Virginia G. Breen |  |  |  | Over $100,000 |
| John E. Neal |  |  |  | Over $100,000 |
| William R. Rybak | $10001 — $50000 |  |  | Over $100,000 |
| Karen L. Stuckey |  |  |  | Over $100,000 |
| Christopher M. Toub |  |  |  | Over $100,000 |
| Lloyd A. Wennlund |  |  |  | Over $100,000 |

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(1) Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

\* Valuation as of December 31, 2022.

None of the independent trustees (those trustees) who are not "interested persons" of the Trust as defined in the 1940 Act) own beneficially or of record, any security of Calamos Advisors, CFS, or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with Calamos Advisors or CFS.

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**CODE OF ETHICS.** Employees of Calamos Advisors and Calamos Financial Services LLC ("CFS"), the Funds' distributor, are permitted to make personal securities transactions, including transactions in securities that the Trust may purchase, sell or hold, subject to requirements and restrictions set forth in the Code of Ethics of the Trust, the Code of Ethics of Calamos Advisors and the Code of Ethics of CFS. The Code of Ethics adopted pursuant to Rule 17j-1 under the 1940 Act contains provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities of Calamos Advisors and CFS employees and the interests of investment advisory clients such as the Trust. Among other things, the Code of Ethics prohibits certain types of transactions absent prior approval, imposes time periods during which personal transactions may not be made in certain securities, and requires the submission of duplicate broker confirmations and statements and quarterly reporting of securities transactions. Additional restrictions apply to portfolio managers, traders, research analysts and others involved in the investment advisory process. Exceptions to these and other provisions of the Code of Ethics may be granted in particular circumstances after review by appropriate personnel.

Affiliates of Calamos Advisors and CFS, CAM, CILLC, Calamos Partners LLC ("CPL"), Calamos Family Partners, Inc. ("CFP") and the owners of these affiliates, which include John P. Calamos, Sr. and members of his family ("Calamos Family"), may invest in products managed by Calamos Advisors to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in the Code of Ethics, investments made by CAM, CILLC, CPL, CFP and the Calamos Family in products managed by Calamos Advisors are not subject to restrictions of the Code of Ethics regarding short term or speculative trading. As a result, such entities or individuals may hedge corporate or personal investments in such products. However, these hedging transactions are subject to pre-clearance by the Compliance Department and reporting to the CAM Audit Committee. In addition, the trading execution order must be (1) products or accounts managed by Calamos Advisors (2) CAM, (3) CILLC, (4) and CPL, CFP and/or the Calamos Family. All other provisions of the Code of Ethics are otherwise applicable.

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any customer activity.

**PROXY VOTING PROCEDURES.** Each Fund has delegated proxy voting responsibilities to Calamos Advisors, subject to the board of trustees' general oversight. Each Fund expects Calamos Advisors to vote proxies related to that Fund's portfolio securities for which the Fund has voting authority consistent with the Fund's best interests. Calamos Advisors has adopted its own Proxy Voting Policies and Procedures (the "Policies"). The Policies address, among other things, conflicts of interest that may arise between the Funds' interests, and the interests of Calamos Advisors and its affiliates.

The following is a summary of the Policies used by Calamos Advisors in voting proxies.

To assist it in voting proxies, Calamos Advisors has established a Proxy Review Committee ("committee") comprised of members of its Portfolio Management (which may include portfolio managers and/or research analysts), Operations, Legal and Compliance Departments. The committee and/or its members will vote proxies using the following guidelines.

In general, if Calamos Advisors believes that a company's management and board have interests sufficiently aligned with the Fund's interest, Calamos Advisors will vote in favor of proposals recommended by the company's board. More specifically, Calamos Advisors seeks to ensure that the board of directors of a company is sufficiently aligned with security holders' interests and provides proper oversight of the company's management. In many cases this may be best accomplished by having a majority of independent board members. Calamos generally prefers that key committees such as audit, nominating, and compensation committees be comprised of independent directors. Additionally, under the Sustainable Investment Proxy Policies, Calamos Advisors will vote its proxies in an effort to mitigate negative environmental and societal impact and encourage positive environmental and social behavior, which Calamos Advisors believes is beneficial to all stakeholders.

Because of the enormous variety and complexity of transactions that are presented to shareholders, such as mergers, acquisitions, reincorporations, adoptions of anti-takeover measures (including adoption of a shareholder rights plan, requiring supermajority voting on particular issues, adoption of fair price provisions, issuance of blank check preferred stocks and the creation of a separate class of stock with unequal voting rights), changes to capital structures (including authorizing additional shares, repurchasing stock or approving a stock split), executive compensation and option plans, that occur in a variety of industries, companies and market cycles, it is extremely difficult to foresee exactly what would be in the best interests of a Fund in all circumstances. Moreover, voting on such proposals involves considerations unique to each transaction. Accordingly, Calamos Advisors will vote on a case-by-case basis on proposals presenting these transactions. Under the Sustainable Investment Proxy Policies, Calamos Advisors will also vote on proposals presenting special interest issues on a case-by-case basis, given that developing a position on such issues involves considering factors such as: (i) the long-term benefit to shareholders of promoting

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corporate accountability and responsibility on social issues; (ii) management's responsibility with respect to special interest issues; (iii) any economic costs and restrictions on management; and (iv) the responsibility of Calamos Advisors to vote proxies for the greatest long-term shareholder value.

Calamos Advisors has assigned its administrative duties with respect to the proxy analysis and voting decisions to the "Proxy Group" (the Investment team — research analysts and portfolio management), and administrative processing to its Corporate Actions Group within the Operations Department. To assist it in analyzing proxies, Calamos subscribes to Glass Lewis an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas, and voting recommendations. Glass Lewis facilitates the voting of each proxy by applying Calamos' custom proxy voting rules ("proxy voting policy") to the proposal(s). Any proxy proposal that is not covered by the proxy voting guidelines is reviewed and considered by Calamos' proxy group and voted in accordance with that review. Calamos has two sets of custom proxy voting rules: environmental, social and governance ("ESG") proxy voting rules, and non-ESG proxy voting rules.

Finally, Calamos Advisors has established procedures to help resolve conflicts of interests that might arise when voting proxies for the Funds. Calamos will generally apply its proxy voting policy to proxy proposals regardless if a conflict has been identified. However, in these situations, the Proxy Group will refer the proxy proposal, along with the recommended course of action, if any, to the Proxy Review Committee or a subcommittee thereof (each, a "committee") for evaluation. The committee will independently review the proposals and determine the appropriate action to be taken. The committee will then memorialize the conflict and the procedures used to address the conflict.

The Trust is required to file with the SEC its complete proxy voting record for the 12-month period ending June 30, by no later than August 31 of each year. The Trust's proxy voting record for the most recent 12-month period ending June 30 is available by August 31 of each year (1) on the SEC's website at www.sec.gov, and (2) without charge, upon request, by calling 800-582-6959.

You may obtain a copy of Calamos Advisors' Policies by calling 800.582.6959, by visiting Calamos Advisors' website at www.calamos.com, by writing Calamos Advisors at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the SEC's website at www.sec.gov.

**DISCLOSURE OF PORTFOLIO HOLDINGS.** The board of trustees, including a majority of the non-interested trustees, has adopted policies and procedures to govern the disclosure of portfolio security holdings. The board of trustees considered the circumstances under which portfolio security holdings may be disclosed to different categories of persons and how to address actual and potential conflicts of interests between the interests of the Funds' shareholders, on the one hand, and those of Calamos Advisors and CFS, on the other. After giving due consideration to such matters and after exercising their fiduciary duties and reasonable business judgment, the board of trustees determined that the Funds have a legitimate business purpose for disclosing portfolio security holdings to the persons described in the policies and procedures, and that the policies and procedures are reasonably designed to ensure that disclosures of portfolio security holdings are not opposed to the best interests of shareholders and appropriately address the potential for material conflicts of interest.

Calamos Advisors and CFS carry out the policies and procedures governing disclosure of portfolio security holdings, and as such have access to information regarding portfolio security holdings on a daily basis and may disclose that information to the Funds' service providers and other third parties only in accordance with the policies and procedures adopted by the board of trustees.

**Disclosure to the Public**

A complete list of portfolio holdings as of the last business day of the preceding calendar month may be disclosed no earlier than 30 days after the end of the previous calendar month.

A subset of each Fund's portfolio security holdings "top ten" list may be disclosed no earlier than 10 days after the end of the previous calendar month.

Portfolio attribution, any information relating to a Fund's portfolio characteristics, such as, but not limited to, industries or sectors within a Fund, income distributions, potential capital gains, beta, average weighted average, current yield, or SEC yield may be disclosed on a ten (10) day lag.

Based on an internal exception process and review of conflicts of interest, the Funds may publicly disclose whether an individual security is, or is not, owned by a Fund if the Funds determine that the disclosure is not opposed to the best interests of shareholders and any conflicts of interest are addressed. Such an exception shall be reported to the Funds' Board of Trustees at the next scheduled meeting.

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**NON-PUBLIC DISCLOSURE**

**Disclosure to Rating and Ranking Agencies.** A complete list of portfolio security holdings as of the last business day of the preceding calendar quarter may be disclosed to rating or ranking agencies, such as S&P, Moody's, Morningstar, Inc. ("Morningstar") and Lipper, Inc. ("Lipper"), no earlier than 30 days after the end of such quarter. Any non-public disclosure to rating or ranking agencies shall be made subject to a duty of confidentiality, including a duty not to trade on non-public information. As of December 31, 2022, the following rating or ranking agencies are provided portfolio security holdings information in connection with the above procedures: Standard & Poor's Financial Services, LLC, Bloomberg LP, Refinitiv, Morningstar, Inc., and FactSet Financial Research Systems, Inc.

**Disclosure to Third Parties.** Portfolio security holdings may be disclosed more frequently than described above to third parties, with little or no lag time, when a Fund has a legitimate business purpose for doing so. The frequency and lag time of such disclosure is based upon each party's need for the information. Third parties include, but are not limited to, each Fund's investment adviser, principal underwriter, custodian, transfer agent, administrator, fund accounting agent, financial accounting agent, independent auditors, attorneys or such other selected third parties. As of December 31, 2022, the following parties receive non-public portfolio security holdings disclosure: Calamos Advisors, CFS, State Street Bank and Trust Company, Ernst & Young LLP, U.S. Bank Global Fund Services, Charles River Systems, Inc., Deloitte & Touche LLP, Ropes & Gray LLP, DFIN and Toppan Merrill. The third parties have a duty to keep the Funds' non-public information confidential either through written contractual arrangements with the Funds or Calamos Advisors, or by the nature of their fiduciary duty with respect to the Funds, which includes a duty of confidentiality and a duty to refrain from trading on non-public information. The Funds may be harmed if the service providers breach any non-contractual duty to keep the Funds' non-public information confidential as the Funds may have no contractual remedies or recourse against such breaching parties.

In addition, the Funds, Calamos Advisors, CFS and the Funds' administrator and custodian may, for legitimate business purposes within the scope of their duties and responsibilities, disclose portfolio security holdings (whether a complete list of portfolio security holdings or a subset thereof) and other positions comprising the Funds' assets to one or more broker-dealers or foreign custodians during the course of, or in connection with, normal day-to-day securities and derivative transactions with or through such broker-dealers or foreign custodians, subject to such broker-dealer's obligation and/or foreign custodian's fiduciary duty not to disclose or use material, non-public information concerning the Funds' portfolio security holdings without the consent of the Funds or their agents. Any such disclosure must be approved in writing by Calamos Advisors' General Counsel or, in his absence, the Trust's Chief Compliance Officer.

**Disclosures required by Applicable Law.** The Funds, Calamos Advisors and CFS may disclose portfolio security holdings information of the Funds as may be required by applicable law, rule, regulation or court order. Any officer of the Funds, Calamos Advisors or CFS is authorized to disclose portfolio security holdings pursuant to these policies and procedures.

As part of the Funds' compliance program under Rule 38a-1 under the 1940 Act, the Trust's Chief Compliance Officer periodically will review or cause to be reviewed portfolio security holding disclosures in order to seek compliance with these policies and procedures. The board of trustees will oversee disclosures through the reporting of the Chief Compliance Officer.

The Funds, Calamos Advisors and CFS do not receive compensation or other consideration for the disclosure of portfolio security holdings.

**INVESTMENT ADVISORY SERVICES**

Investment management and certain other services are provided to the Trust by Calamos Advisors pursuant to a Management Agreement (the "Management Agreement") dated August 1, 2000, as amended. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For more information, see the prospectus under "Who manages the Funds?"

Each Fund pays Calamos Advisors a fee based on its average daily net assets that is accrued daily and paid on a monthly basis.

Each of Market Neutral Income Fund, Hedged Equity Fund, Convertible Fund, and Growth and Income Fund pays a fee on its average daily net assets at the annual rate of 0.75% on the first $500 million, 0.70% on the next $500 million, and 0.65% on average daily net assets in excess of $1 billion.

Phineus Long/Short Fund pays a fee on its average daily net assets at the annual rate of 1.25% on the first $500 million, 1.20% on the next $500 million and 1.15% on average daily net assets in excess of $1 billion.

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Global Convertible Fund pays a fee on its average daily net assets at the annual rate of 0.85% on the first $500 million, 0.80% on the next $500 million, and 0.75% on average daily net assets in excess of $1 billion.

Timpani Small Cap Growth Fund pays a fee on its average daily net assets at the annual rate of 0.90% on the first $500 million, 0.80% on the next $500 million, and 0.75% on average daily net assets in excess of $1 billion.

With respect to each Fund in the Calamos Family of Funds (each an "Acquiring Fund") that invests in shares of Timpani Small Cap Growth Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to Timpani Small Cap Growth Fund that is attributable to the Acquiring Fund's investment in Timpani Small Cap Growth Fund, based on daily net assets.

Timpani SMID Growth Fund pays a fee on its average daily net assets at the annual rate of 0.95% on the first $500 million, 0.85% on the next $500 million, and 0.80% on average daily net assets in excess of $1 billion.

With respect to each Acquiring Fund that invests in shares of Timpani SMID Growth Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to Timpani SMID Growth Fund that is attributable to the Acquiring Fund's investment in Timpani SMID Growth Fund, based on daily net assets.

Growth Fund pays a fee on its average daily net assets at the annual rate of 1.00% on the first $500 million, 0.90% on the next $500 million, 0.80% on the next $5 billion (over $1 billion to $6 billion), and 0.70% on average daily net assets in excess of $6 billion.

Each of Dividend Growth Fund, Select Fund, and Global Opportunities Fund pays a fee on its average daily net assets at the annual rate of 1.00%on the first $500 million, 0.95% on the next $500 million, 0.90% on the next $5 billion (over $1 billion to $6 billion), and 0.80% on average daily net assets in excess of $6 billion.

International Small Cap Growth Fund pays a fee based on its average daily net assets at the annual rate of 0.95% on the first $500 million, 0.90% on the next $500 million, and 0.85% on average daily net assets in excess of $1 billion.

With respect to each Acquiring Fund that invests in shares of the International Small Cap Growth Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to the International Small Cap Growth Fund that is attributable to the Acquiring Fund's investment in the Fund, based on daily net assets.

Evolving World Growth Fund pays a fee on its average daily net assets at the annual rate of 1.10% on the first $500 million, 1.05% on the next $500 million, 1.00% on the next $5 billion (over $1 billion to $6 billion), and 0.90% on average daily net assets in excess of $6 billion.

Total Return Bond Fund pays a fee on its average daily net assets at the annual rate of 0.45% on the first $500 million, 0.43% on the next $500 million, 0.41% on the next $5 billion (over $1 billion to $6 billion), and 0.35% on average daily net assets in excess of $6 billion.

High Income Opportunities Fund pays a fee on its average daily net assets at the annual rate of 0.60% on the first $500 million, 0.55% on the next $500 million, and 0.50% on average daily net assets in excess of $1 billion.

Short-Term Bond Fund pays a fee on its average daily net assets at the annual rate of 0.30% on the first $500 million, 0.27% on the next $500 million, and 0.25% on average daily net assets in excess of $1 billion.

With respect to each Acquiring Fund that invests in shares of Short-Term Bond Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to Short-Term Bond Fund that is attributable to the Acquiring Fund's investment in Short-Term Bond Fund, based on daily net assets.

Each of International Growth Fund and Global Equity Fund pays a base fee, subject to possible adjustment based on the Fund's performance, as described in the prospectus. The base fee is at the annual rate of 1.00% on the first $500 million, 0.95% on the next $500 million, 0.90% on the next $5 billion (over $1 billion to $6 billion), and 0.80% on average daily net assets in excess of $6 billion. For International Growth Fund, the performance adjustment equally increases or decreases the fee, on a monthly basis, by 1/12 of 0.03% of the Fund's average daily net assets over the performance measurement period for each full 1% increment amount by which the Fund outperforms or underperforms the MSCI EAFE Growth Index (the "Growth Index") over the performance measurement period on an annualized basis, respectively. For Global Equity Fund, the performance adjustment equally increases or decreases the fee, on a monthly basis, by 1/12 of 0.03% of the Fund's average daily net assets over the performance measurement period for each full 1% increment amount by which the Fund outperforms or underperforms the MSCI World Index (the "World Index") over the performance measurement period on an annualized basis, respectively.

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It is possible that the Funds' contractual expense reimbursement agreement with Calamos Advisors may have the effect of increasing the outperformance adjustment to the base fee paid to Calamos Advisors, or decreasing the underperformance adjustment to the base fee paid to Calamos Advisors. The payment and calculation of the performance adjustment is subject to the ultimate supervision of the board of trustees, and the board of trustees has the authority to terminate the contractual expense reimbursement agreement at any time. If the board of trustees determines that another index is appropriate for International Growth Fund or Global Equity Fund, it may designate a successor index to be substituted, subject to approval by shareholders.

The performance measurement period for International Growth Fund began at the start of the first full month of operation (April 1, 2005) and includes the trailing 36 months. The performance measurement period for Global Equity Fund began at the start of the first full month of operation (March 1, 2007) and includes the trailing 36 months. Prior to February 1, 2008, only the base fee was payable, and there was no performance adjustment. Commencing in February 2008, the base fee was subject to adjustment based on the performance of the Fund's Class A shares relative to that of the World Index over the 12 calendar months ended February 29, 2008. For each succeeding month through February 2010, the performance measurement period increased by one month, and thereafter the performance measurement period became the trailing 36 months.

The performance comparison is made at the end of each month. The maximum annualized performance adjustment rate for each of International Growth Fund and Global Equity Fund is +/-0.30% of such Fund's average daily net assets over the performance measurement period. The performance adjustment rate is divided by 12 and multiplied by the Fund's average daily net assets over the performance measurement period, and the resulting dollar amount is then added to or subtracted from the base fee. Calamos Advisors may receive a positive performance adjustment even if the Fund has a negative return over a performance measurement period if it otherwise outperforms its respective Index during that period.

The investment performance of each of International Growth Fund and Global Equity Fund will be the sum of: (1) the change in such Fund's net asset value ("NAV") per Class A share during the performance measurement period; plus (2) the value of such Fund's cash distributions per share accumulated to the end of the performance measurement period; plus (3) the value of capital gains taxes per share paid or payable on undistributed realized long-term capital gains accumulated to the end of the performance measurement period; expressed as a percentage of such Fund's NAV per Class A share at the beginning of the performance measurement period. For this purpose, the value of distributions per share of realized capital gains, of dividends per share paid from investment income and of capital gains taxes per share paid or payable on undistributed realized long-term capital gains shall be treated as reinvested in shares of the Fund at the NAV in effect at the close of business on the record date for the payment of such distributions and dividends and the date on which provision is made for such taxes, after giving effect to such distributions, dividends and taxes.

The investment record of each Index will be the sum of: (1) the change in the level of the Index during the performance measurement period; plus (2) the value, computed consistently with the Index, of cash distributions made by companies whose securities comprise the Index accumulated to the end of the performance management period; expressed as a percentage of the Index level at the beginning of the performance measurement period. For this purpose, cash distributions on the securities which comprise the Index shall be treated as reinvested in the index at least as frequently as the end of each calendar quarter following the payment of the dividend.

Calamos Advisors is a wholly owned subsidiary of Calamos Investments LLC ("CILLC"). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2022, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by Calamos Partners LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners, Inc. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr. In addition, Mr. Koudounis has the option to purchase a controlling interest in CPL upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of CAM and CILLC. John P. Calamos, Sr., is an affiliated person of the Funds and Calamos Advisors by virtue of his position as Chairman, Trustee and President of the Trust and Chairman and Global Chief Investment Officer ("Global CIO") of Calamos Advisors. John S. Koudounis, Robert F. Behan, Thomas E. Herman, J. Christopher Jackson, Stephen Atkins, Susan L. Schoenberger, and Daniel Dufresne are affiliated persons of the Funds and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; Treasurer; Vice President; and Vice President and Assistant Secretary of the Trust; respectively, and as President and Chief Executive Officer; Executive Vice President and Chief Distribution Officer; Executive Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary; Senior Vice President and Head of Fund Administration; Executive Vice President and Chief Operating Officer; and Vice President and Associate Counsel of Calamos Advisors, respectively.

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During the periods shown below, each of the Funds paid total advisory fees and was reimbursed by Calamos Advisors for expenses in excess of applicable expense limitations or due to contractual fee waivers. Payments were as follows:

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| | | | |
|:---|:---|:---|:---|
| **DESCRIPTION OF FUND** | **YEAR ENDED <br>10/31/22** | **YEAR ENDED <br>10/31/21** | **YEAR ENDED<br>10/31/20** |
| **Market Neutral Income Fund** | **Market Neutral Income Fund** | **Market Neutral Income Fund** | **Market Neutral Income Fund** |
| Advisory fee | $116939758 | $86674597 | $60958107 |
| Waiver or reimbursement | (999822 | (461836 | (454831 |
| Net Fee | 115939936 | 86212761 | 60503276 |
| **Hedged Equity Fund** | **Hedged Equity Fund** | **Hedged Equity Fund** | **Hedged Equity Fund** |
| Advisory fee | $4573528 | $3407532 | $2272801 |
| Waiver or reimbursement | 0 | 0 | (147761 |
| Net Fee | 4573528 | 3407532 | 2125040 |
| **Phineus Long/Short Fund** | **Phineus Long/Short Fund** | **Phineus Long/Short Fund** | **Phineus Long/Short Fund** |
| Advisory fee | $8423375 | $6508825 | $7216452 |
| Waiver or reimbursement | 0 | 0 | (44052 |
| Net Fee | 8423375 | 6508825 | 7172400 |
| **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** |
| Advisory fee | $8901823 | $10533093 | $6456598 |
| Waiver or reimbursement | 0 | 0 | 0 |
| Net Fee | 8901823 | 10533093 | 6456598 |
| **Global Convertible Fund** | **Global Convertible Fund** | **Global Convertible Fund** | **Global Convertible Fund** |
| Advisory fee | $1655654 | $2249547 | $1339785 |
| Waiver or reimbursement | 0 | 0 | (17096 |
| Net Fee | 1655654 | 2249547 | 1322689 |
| **Timpani Small Cap Growth Fund** | **Timpani Small Cap Growth Fund** | **Timpani Small Cap Growth Fund** | **Timpani Small Cap Growth Fund** |
| Advisory fee | $3540106 | $2685552 | $863634 |
| Waiver or reimbursement | (292694 | (189360 | (102634 |
| Net Fee | 3247412 | 2496192 | 761000 |
| **Timpani SMID Growth Fund** | **Timpani SMID Growth Fund** | **Timpani SMID Growth Fund** | **Timpani SMID Growth Fund** |
| Advisory fee | $182484 | $220851 | $122614 |
| Waiver or reimbursement | (106234 | (103916 | (147920 |
| Net Fee | 76250 | 116935 | (25306 |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| Advisory fee | $13066506 | $15055081 | $12691104 |
| Waiver or reimbursement | 0 | 0 | (9348 |
| Net Fee | 13066506 | 15055081 | 12681756 |
| **Growth and Income Fund** | **Growth and Income Fund** | **Growth and Income Fund** | **Growth and Income Fund** |
| Advisory fee | $17325938 | $17411853 | $13868740 |
| Waiver or reimbursement | 0 | 0 | 0 |
| Net Fee | 17325938 | 17411853 | 13868740 |
| **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** |
| Advisory fee | $178025 | $161765 | $148917 |
| Waiver or reimbursement | (120770 | (112225 | (116576 |
| Net Fee | 57255 | 49540 | 32341 |
| **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** |
| Advisory fee | $460308 | $483920 | $468043 |
| Waiver or reimbursement | (192104 | (204517 | (228813 |
| Net Fee | 268204 | 279403 | 239230 |
| **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** |
| Advisory fee | $2266448 | $2809601 | $2058664 |
| Performance fee | 321477 | 279283 | 29461 |
| Waiver or reimbursement | (1223993 | (1283136 | (869660 |
| Net Fee | 1363932 | 1805748 | 1218465 |

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| | | | |
|:---|:---|:---|:---|
| **DESCRIPTION OF FUND** | **YEAR ENDED <br>10/31/22** | **YEAR ENDED <br>10/31/21** | **YEAR ENDED<br>10/31/20** |
| **Evolving World Growth Fund** | **Evolving World Growth Fund** | **Evolving World Growth Fund** | **Evolving World Growth Fund** |
| Advisory fee | $4935165 | $6276427 | $1821594 |
| Waiver or reimbursement | (1489399) | (1744036) | (141077) |
| Net Fee | 3445766 | 4532391 | 1680517 |
| **Global Equity Fund** | **Global Equity Fund** | **Global Equity Fund** | **Global Equity Fund** |
| Advisory fee | $934348 | $1261431 | $837010 |
| Performance fee | 89038 | 127174 | 59928 |
| Waiver or reimbursement | (200665) | (224393) | (210082) |
| Net Fee | 822721 | 1164212 | 686856 |
| **Global Opportunities Fund** | **Global Opportunities Fund** | **Global Opportunities Fund** | **Global Opportunities Fund** |
| Advisory fee | $2485643 | $2360240 | $1476557 |
| Waiver or reimbursement | (602953) | (350259) | 0 |
| Net Fee | 1882690 | 2009981 | 1476557 |
| **International Small Cap Growth Fund<sup>(1)</sup>** | **International Small Cap Growth Fund<sup>(1)</sup>** | **International Small Cap Growth Fund<sup>(1)</sup>** | **International Small Cap Growth Fund<sup>(1)</sup>** |
| Advisory fee | $9661 | $0 | $0 |
| Waiver or reimbursement | (145216) | 0 | 0 |
| Net Fee | (135555) | 0 | 0 |
| **Total Return Bond Fund** | **Total Return Bond Fund** | **Total Return Bond Fund** | **Total Return Bond Fund** |
| Advisory fee | $190330 | $341349 | $323430 |
| Waiver or reimbursement | (101258) | (80345) | (85658) |
| Net Fee | 89072 | 261004 | 237772 |
| **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** |
| Advisory fee | $244140 | $256440 | $238441 |
| Waiver or reimbursement | (162000) | (140229) | (146227) |
| Net Fee | 82140 | 116211 | 92214 |
| **Short-Term Bond Fund** | **Short-Term Bond Fund** | **Short-Term Bond Fund** | **Short-Term Bond Fund** |
| Advisory fee | $1126735 | $562884 | $583811 |
| Waiver or reimbursement | 0 | (11056) | (35134) |
| Net Fee | 1126735 | 551828 | 548677 |

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\* Fees waived pursuant to Calamos Advisors's agreement to waive an amount equal to the portion of the advisory fee payable to Short-Term Bond Fund that is attributable to the Fund's investment in Short-Term Bond Fund, based on daily net assets.

(1) International Small Cap Growth Fund commenced operations on March 31, 2022.

The use of the name "Calamos" in the name of the Trust and in the names of the Funds are pursuant to licenses granted by Calamos Investments LLC, and the Trust has agreed to change the names to remove those references if Calamos Advisors ceases to act as investment adviser to the Funds.

**EXPENSES**

Subject to the expense limitations described below, the Funds pay all their own operating expenses that are not specifically assumed by Calamos Advisors, including (i) fees of Calamos Advisors; (ii) interest, taxes and any governmental filing fees; (iii) compensation and expenses of the trustees, other than those who are interested persons of the Trust, Calamos Advisors or CFS; (iv) legal, audit, custodial and transfer agency fees and expenses; (v) fees and expenses related to the Funds' organization and registration and qualification of the Funds and their shares under federal and state securities laws; (vi) expenses of printing and mailing reports, notices and proxy material to shareholders, and expenses incidental to meetings of shareholders; (vii) expenses of preparing prospectuses and of printing and distributing them to existing shareholders; (viii) insurance premiums; (ix) litigation and indemnification expenses and other extraordinary expenses not incurred in the normal course of the business of the Trust; (x) distribution expenses pursuant to the Funds' Distribution Plans; and (xi) brokerage commissions and other transaction-related costs.

Calamos Advisors contractually agreed to limit the annual operating expenses of each class of shares of each Fund in excess of certain limits as reflected in the table below through March 1, 2024 for each Fund other than Calamos International Small Cap Growth Fund and through March 31, 2025 for Calamos International Small Cap Growth Fund. For purposes of this agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any.

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| | | | |
|:---|:---|:---|:---|
| **FUND** | **CLASS** | **LIMITATION<br>PERIOD** | **EXPENSE<br>LIMITATION** |
| Calamos Market Neutral Income Fund | Class A | 3/1/2024 | 1.75% |
|  | Class C | 3/1/2024 | 2.50% |
|  | Class I | 3/1/2024 | 1.50% |
|  | Class R6 | 3/1/2024 | 1.50<br> %<sup>(a)</sup> |
| Calamos Hedged Equity Fund | Class A | 3/1/2024 | 1.25% |
|  | Class C | 3/1/2024 | 2.00% |
|  | Class I | 3/1/2024 | 1.00% |
| Calamos Phineus Long/Short Fund | Class A | 3/1/2024 | 2.00% |
|  | Class C | 3/1/2024 | 2.75% |
|  | Class I | 3/1/2024 | 1.75% |
| Calamos Convertible Fund | Class A | 3/1/2024 | 1.75% |
|  | Class C | 3/1/2024 | 2.50% |
|  | Class I | 3/1/2024 | 1.50% |
| Calamos Global Convertible Fund | Class A | 3/1/2024 | 1.35% |
|  | Class C | 3/1/2024 | 2.10% |
|  | Class I | 3/1/2024 | 1.10% |
| Calamos Timpani Small Cap Growth Fund | Class A | 3/1/2024 | 1.30% |
|  | Class C | 3/1/2024 | 2.05% |
|  | Class I | 3/1/2024 | 1.05% |
|  | Class R6 | 3/1/2024 | 1.05<br> %<sup>(b)</sup> |
| Calamos Timpani SMID Growth Fund | Class A | 3/1/2024 | 1.35% |
|  | Class I | 3/1/2024 | 1.10% |
|  | Class R6 | 3/1/2024 | 1.10<br> %<sup>(c)</sup> |
| Calamos Growth Fund | Class A | 3/1/2024 | 1.75% |
|  | Class C | 3/1/2024 | 2.50% |
|  | Class I | 3/1/2024 | 1.50% |
| Calamos Growth and Income Fund | Class A | 3/1/2024 | 1.75% |
|  | Class C | 3/1/2024 | 2.50% |
|  | Class I | 3/1/2024 | 1.50% |
|  | Class R6 | 3/1/2024 | 1.50<br> %<sup>(d)</sup> |
| Calamos Dividend Growth Fund | Class A | 3/1/2024 | 1.35% |
|  | Class C | 3/1/2024 | 2.10% |
|  | Class I | 3/1/2024 | 1.10% |
| Calamos Select Fund | Class A | 3/1/2024 | 1.15% |
|  | Class C | 3/1/2024 | 1.90% |
|  | Class I | 3/1/2024 | 0.90% |
| Calamos International Growth Fund | Class A | 3/1/2024 | 1.20% |
|  | Class C | 3/1/2024 | 1.95% |
|  | Class I | 3/1/2024 | 0.95% |
|  | Class R6 | 3/1/2024 | 0.95<br> %<sup>(e)</sup> |
| Calamos Evolving World Growth Fund | Class A | 3/1/2024 | 1.30% |
|  | Class C | 3/1/2024 | 2.05% |
|  | Class I | 3/1/2024 | 1.05% |
| Calamos Global Equity Fund | Class A | 3/1/2024 | 1.40% |
|  | Class C | 3/1/2024 | 2.15% |
|  | Class I | 3/1/2024 | 1.15% |
|  | Class R6 | 3/1/2024 | 1.15<br> %<sup>(f)</sup> |
| Calamos Global Opportunities Fund | Class A | 3/1/2024 | 1.22% |
|  | Class C | 3/1/2024 | 1.97% |
|  | Class I | 3/1/2024 | 0.97% |
| Calamos International Small Cap Growth Fund | Class A | 3/31/2025 | 1.35% |
|  | Class C | 3/31/2025 | 2.10% |
|  | Class I | 3/31/2025 | 1.10% |
|  | Class R6 | 3/31/2025 | 1.10<br> %<sup>(g)</sup> |
| Calamos Total Return Bond Fund | Class A | 3/1/2024 | 0.90% |
|  | Class C | 3/1/2024 | 1.65% |
|  | Class I | 3/1/2024 | 0.65% |

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| | | | |
|:---|:---|:---|:---|
| **FUND** | **CLASS** | **LIMITATION<br>PERIOD** | **EXPENSE<br>LIMITATION** |
| Calamos High Income Opportunities Fund | Class A | 3/1/2024 | 1.00% |
|  | Class C | 3/1/2024 | 1.75% |
|  | Class I | 3/1/2024 | 0.75% |
| Calamos Short-Term Bond Fund | Class A | 3/1/2024 | 0.65% |
|  | Class I | 3/1/2024 | 0.40% |

---

(a) Class R6 Total Annual Operating Expenses are limited to 1.50% less Market Neutral Income Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Market Neutral Income Fund's other share classes divided by the aggregate average annual net assets of the Market Neutral Income Fund's other share classes).

(b) Class R6 Total Annual Operating Expenses are limited to 1.05% less Timpani Small Cap Growth Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Timpani Small Cap Growth Fund's other share classes divided by the aggregate average annual net assets of the Timpani Small Cap Growth Fund's other share classes).

(c) Class R6 Total Annual Operating Expenses are limited to 1.10% less Timpani SMID Growth Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Timpani SMID Growth Fund's other share classes divided by the aggregate average annual net assets of the Timpani SMID Growth Fund's other share classes).

(d) Class R6 Total Annual Operating Expenses are limited to 1.50% less Growth and Income Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Growth and Income Fund's other share classes divided by the aggregate average annual net assets of the Growth and Income Fund's other share classes).

(e) Class R6 Total Annual Operating Expenses are limited to 0.85% less International Growth Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the International Growth Fund's other share classes divided by the aggregate average annual net assets of the International Growth Fund's other share classes).

(f) Class R6 Total Annual Operating Expenses are limited to 1.15% less Global Equity Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Global Equity Fund's other share classes divided by the aggregate average annual net assets of the Global Equity Fund's other share classes).

(g) Class R6 Total Annual Operating Expenses are limited to 1.10% less International Small Cap Growth Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the International Small Cap Growth Fund's other share classes divided by the aggregate average annual net assets of the International Small Cap Growth Fund's other share classes).

For all Funds, except Growth Fund and International Small Cap Growth Fund:

**TEAM APPROACH TO MANAGEMENT**

Calamos Advisors employs a "team of teams" approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers and Associate Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO's team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our Team of Teams approach.

This team of teams approach is further reflected in the composition of Calamos Advisors' Investment Committee, made up of the Global CIO, the Co-CIO team, and the Global Head of Trading. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate.

The structure and composition of the Investment Committee results in a number of benefits, as it:

• Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;

• Promotes collaboration between teams; and

• Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.

The objectives of the Investment Committee are to:

• Form the firm's top-down macro view, market direction, asset allocation, and sector/country positioning.

• Establish firm-wide secular and cyclical themes for review.

• Review firm-wide and portfolio risk metrics, recommending changes where appropriate.

• Review firm-wide, portfolio and individual security liquidity constraints.

• Evaluate firm-wide and portfolio investment performance.

• Evaluate firm-wide and portfolio hedging policies and execution.

• Evaluate enhancements to the overall investment process.

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John P. Calamos, Sr., Founder, Chairman and Global CIO, is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew Freund, Michael Grant, John Hillenbrand, Nick Niziolek, Eli Pars, Dennis Cogan, Brandon Nelson, Jon Vacko, and Joe Wysocki, are each Sr. Co-Portfolio Managers; Jason Hill, David O'Donohue, Chuck Carmody, Ryan Isherwood, John Saf, Anthony Vecchiolla, Christian Brobst, and Jimmy Young are each Co-Portfolio Managers; and Dino Dussias and Michael Kassab are each Associate Portfolio Managers for the Funds for which each has been so designated. Sr. Co- Portfolio Managers, Co-Portfolio Managers, and Associate Portfolio Managers are collectively referred to within this registration statement as "Portfolio Managers".

**For Growth Fund only:**

John P. Calamos, Sr., R. Matthew Freund, and Michael Grant are the lead portfolio managers for the Fund. As lead portfolio managers, Messrs. Calamos, Freund, and Grant have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. Messrs. Calamos, Freund, and Grant also have access to members of the investment team, each of whom may be at certain times, at the discretion of the lead portfolio managers, allocated a specified portion of the portfolio over which he or she has independent responsibility for research, security selection, and portfolio construction.

**For International Small Cap Growth Fund only:**

John P. Calamos, Sr., Nick Niziolek, Dennis Cogan, Kyle Ruge, and Paul Ryndak are the lead portfolio managers for the Fund. As lead portfolio managers, Messrs. Calamos, Sr., Niziolek, Cogan, Ruge, and Ryndak have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. Messrs. Calamos, Sr., Niziolek, Cogan, Ruge, and Ryndak also have access to members of the investment team, each of whom may be at certain times, at the discretion of the lead portfolio managers, allocated a specified portion of the portfolio over which he or she has independent responsibility for research, security selection, and portfolio construction.

**For all Funds:**

The Global CIO, and Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Funds. Information regarding these other accounts as of October 31, 2022 is set forth below.

Other Accounts Managed and Assets by Account Type as of October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **REGISTERED <br>INVESTMENT COMPANIES** | **REGISTERED <br>INVESTMENT COMPANIES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** |
| John P. Calamos Sr. | 24 | 30115139630 | 5 | 690711207 | 5193 | 3966735852 |
| R. Matthew Freund | 16 | 13118018598 | 2 | 530544972 | 4911 | 3960416173 |
| Michael Grant | 3 | 2410405963 | 0 |  | 127 | 98931578 |
| John Hillenbrand | 18 | 11799356853 | 5 | 690711207 | 4046 | 3233975839 |
| Nick Niziolek | 11 | 7500475647 | 3 | 160166235 | 3528 | 1973696026 |
| Eli Pars | 18 | 28394405159 | 5 | 690711207 | 3992 | 3153708469 |
| Dennis Cogan | 11 | 7500475647 | 3 | 160166235 | 3528 | 1973696026 |
| Brandon Nelson | 2 | 359713373 | 2 | 87814398 | 4 | 120928867 |
| Jon Vacko | 19 | 12266121176 | 5 | 690711207 | 4010 | 3184136160 |
| Joe Wysocki | 12 | 11529740551 | 4 | 687783811 | 3348 | 2201710186 |
| Chuck Carmody | 4 | 896025142 | 0 |  | 355 | 997693364 |
| Jason Hill | 2 | 16655083996 | 0 |  | 0 |  |
| David O'Donohue | 2 | 16665083996 | 0 |  | 0 |  |
| Jimmy Young | 2 | 16655083996 | 0 |  | 0 | 0 |
| Christian Brobst | 3 | 3673606907 | 0 |  | 0 |  |
| Ryan Isherwood | 1 | 17158349 | 2 | 87814398 | 7 | 108443079 |
| John Saf | 1 | 359036093 | 0 |  | 100 | 211342445 |
| Michael Kassab | 1 | 42457590 | 0 |  | 0 |  |
| Kyle Ruge | 1 | 1768287 | 0 |  | 0 |  |
| Paul Ryndak | 1 | 1768287 | 0 |  | 0 |  |
| Anthony Vecchiolla<sup>(1)</sup> | 0 |  | 0 |  | 0 |  |
| Dino Dussias<sup>(1)</sup> | 0 |  | 0 |  | 0 |  |

---

(1) Messrs. Vecchiolla and Dussias were each appointed as a Portfolio Manager on February 1, 2023.

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Number of Accounts and Assets for which Advisory Fee is Performance Based as of October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **REGISTERED <br>INVESTMENT COMPANIES** | **REGISTERED <br>INVESTMENT COMPANIES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** |
| John P. Calamos Sr. | 2 | 247250553 | 0 |  | 0 |  |
| R. Matthew Freund | 0 |  | 0 |  | 0 |  |
| Michael Grant | 0 |  | 0 |  | 0 |  |
| John Hillenbrand | 2 | 247250553 | 0 |  | 0 |  |
| Nick Niziolek | 2 | 247250553 | 0 |  | 0 |  |
| Eli Pars | 2 | 247250553 | 0 |  | 0 |  |
| Dennis Cogan | 2 | 247250553 | 0 |  | 0 |  |
| Brandon Nelson | 0 |  | 0 |  | 1 | 146008121 |
| Jon Vacko | 2 | 247250553 | 0 |  | 0 |  |
| Joe Wysocki | 0 |  | 0 |  | 0 |  |
| Chuck Carmody | 0 |  | 0 |  | 0 |  |
| Jason Hill | 0 |  | 0 |  | 0 |  |
| David O'Donohue | 0 |  | 0 |  | 0 |  |
| Jimmy Young | 0 |  | 0 |  | 0 |  |
| Christian Brobst | 0 |  | 0 |  | 0 |  |
| Ryan Isherwood | 0 |  | 0 |  | 4 | 2115024 |
| John Saf | 0 |  | 0 |  | 0 |  |
| Michael Kassab | 0 |  | 0 |  | 0 |  |
| Kyle Ruge | 0 |  | 0 |  | 0 |  |
| Paul Ryndak | 0 |  | 0 |  | 0 |  |
| Anthony Vecchiolla<sup>(1)</sup> | 0 |  | 0 |  | 0 |  |
| Dino Dussias<sup>(1)</sup> | 0 |  | 0 |  | 0 |  |

---

(1) Messrs. Vecchiolla and Dussias were each appointed as a Portfolio Manager on February 1, 2023.

Each Co-Portfolio Manager may invest for his own benefit in securities held in brokerage and mutual fund accounts. The information shown in the table does not include information about those accounts where the Co-Portfolio Manager or members of his family have a beneficial or pecuniary interest because no advisory relationship exists with Calamos Advisors or any of its affiliates.

The Funds' Portfolio Managers are responsible for managing both the Funds and other accounts, including separate accounts and funds not required to be registered under the 1940 Act.

Other than potential conflicts between investment strategies, the side-by-side management of both the Funds and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between a Fund and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Funds in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given Calamos Advisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a "rotational" method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients.

A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors' head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing

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to Calamos Advisors' Chief Compliance Officer on a monthly basis. Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors may consider subjective elements in attempting to allocate a trade, in which case a Fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

The Portfolio Managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a Co-Portfolio Manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in the client's account.

As of October 31, 2022, John P. Calamos, Sr., our Global CIO, aside from distributions arising from his ownership from various entities, receives all of his compensation from Calamos Advisors. He has entered into an employment agreement that provides for compensation in the form of an annual base salary and an annual bonus, both components payable in cash. Similarly, Mr. Calamos is eligible for a Long-Term Incentive ("LTI"). The LTI program at Calamos Advisors currently consists of deferred bonus payments, which fluctuate in value over time based upon either: (1) the performance of certain managed investment products for investment professionals ("Mutual Fund Incentive Awards"); or (2) the overall value of the firm for non-investment professionals ("Company Incentive Awards").

As of October 31, 2022, R. Matthew Freund, Michael Grant, John Hillenbrand, Nick Niziolek, Eli Pars, Dennis Cogan, Brandon Nelson, Jon Vacko, Joe Wysocki, Jason Hill, David O'Donohue, Christian Brobst, Chuck Carmody, Ryan Isherwood, John Saf, Anthony Vecchiolla, Jimmy Young, Dino Dussias, Michael Kassab, Kyle Ruge, and Paul Ryndak receive all of their compensation from Calamos Advisors. These individuals each receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and are eligible for discretionary Mutual Fund Incentive Awards. This compensation structure considers annually the performance of the various strategies managed by the Portfolio Managers, among other factors, including, without limitation, the overall performance of the firm.

In addition to the forms of compensation described above, Mr. Grant and Mr. Nelson receive additional payments. Mr. Grant is eligible to receive certain amounts to be determined based on asset levels within the Calamos Phineus Long/Short Fund (a separate open-end fund managed by the Adviser), subject to various conditions. Mr. Nelson is eligible to receive certain "Timpani Team Revenue Share" payments, which are defined as a percentage of management fees received with respect to assets managed by him over certain thresholds.

The existence of these separate asset or fee-based payments could create a conflict of interest with regard to Mr. Grant's and Mr. Nelson's allocation of investment opportunities among the accounts for which they act as portfolio manager. Calamos Advisors maintains policies and procedures reasonably designed to mitigate such conflicts of interest.

This compensation structure considers annually the performance of the various strategies managed by the Portfolio Managers, among other factors, including, without limitation, the overall performance of the firm.

As of October 31, 2022, the portfolio managers held the following amounts in the Funds:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **MARKET NEUTRAL<br>INCOME FUND** | **HEDGED <br>EQUITY FUND** | **PHINEUS<br>LONG/SHORT <br>FUND** | **CONVERTIBLE<br>FUND** | **GLOBAL CONVERTIBLE<br>FUND** |
| John P.<br>Calamos, Sr.<sup>(1)</sup> | over $1,000,000 | over $1,000,000 | over $1,000,000 | over $1,000,000 | $500001 — $1000000 |
| Brandon<br>Nelson |  |  |  |  |  |
| Christian<br>Brobst |  |  |  |  |  |
| Chuck<br>Carmody |  |  |  |  |  |
| David<br>O'Donohue | $100001 —<br>$500000 | $500001 —<br>$1000000 | $50001 — $100000 | $100001 — $500000 | $50001 — $100000 |
| Dennis<br>Cogan |  |  |  |  |  |
| Eli Pars | $500001 —<br>$1000000 | $500001 —<br>$1000000 |  | $10001 — $50000 | $500001 — $1000000 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **MARKET NEUTRAL<br>INCOME FUND** | **HEDGED <br>EQUITY FUND** | **PHINEUS<br>LONG/SHORT <br>FUND** | **CONVERTIBLE<br>FUND** | **GLOBAL CONVERTIBLE<br>FUND** |
| Jason Hill | $100001 — $500000 | $500001 —<br>$1000000 | $50001 — $100000 |  | $10001 — $50001 |
| Jimmy Young | $10001 — $50000 | $500001 —<br>$1000000 |  |  |  |
| Joe Wysocki | $50001 — $100000 |  |  | over $1,000,000 | $50001 — $100000 |
| John<br>Hillenbrand |  |  |  | $500001 —<br>$1000000 |  |
| John Saf |  |  |  |  |  |
| Jon Vacko |  |  |  | $100001 —<br>$500000 |  |
| Kyle Ruge |  |  |  |  |  |
| Michael Grant |  |  | Over $1,000,000 |  |  |
| Michael Kassab |  |  |  |  |  |
| Nick Niziolek |  |  |  |  |  |
| Paul Ryndak |  |  |  |  |  |
| R. Matthew<br>Freund |  |  |  |  |  |
| Ryan<br>Isherwood |  |  |  |  |  |
| Anthony <br>Vecchiolla<sup>(2)</sup> | $10001 — $50000 | $1 — $10000 | $1 — $10000 | $1 — $10000 | $1—10000 |
| Dino Dussias<sup>(2)</sup> |  |  |  | $10001 — $50000 |  |
|  | **TIMPANI SMALL <br>CAP GROWTH FUND** | **TIMPANI SMID<br>GROWTH FUND** | **GROWTH FUND** | **GROWTH AND <br>INCOME FUND** | **DIVIDEND <br>GROWTH FUND** |
| John P.<br>Calamos, Sr.<sup>(1)</sup> | over $1,000,000 | over $1,000,000 | over $1,000,000 | over $1,000,000 |  |
| Brandon Nelson | over $1,000,000 | over $1,000,000 |  |  |  |
| Christian Brobst |  |  |  |  |  |
| Chuck Carmody |  | $1 — $10000 |  |  |  |
| David<br>O'Donohue | $10001 — $50000 |  |  |  |  |
| Dennis Cogan |  |  |  |  |  |
| Eli Pars | $10001 — $50000 |  |  |  |  |
| Jason Hill | $50001 — $100000 |  |  |  |  |
| Jimmy Young |  |  |  |  |  |
| Joe Wysocki |  | $10001 — $50000 |  | $100001 — $500000 |  |
| John<br>Hillenbrand |  |  |  | $500001 — $1000000 |  |
| John Saf |  |  |  |  |  |
| Jon Vacko |  |  |  | $500001 — $1000000 |  |
| Kyle Ruge |  |  |  |  |  |
| Michael Grant |  |  |  |  |  |
| Michael Kassab |  |  |  |  |  |
| Nick Niziolek |  |  |  |  |  |
| Paul Ryndak |  |  |  |  |  |
| R. Matthew<br>Freund |  |  | $50001 — $100000 |  |  |
| Ryan<br>Isherwood | $50001 — $100000 | $100001 — $500000 |  |  |  |
| Anthony <br>Vecchiolla<sup>(2)</sup> | $1 — $10000 |  |  |  |  |
| Dino Dussias<sup>(2)</sup> |  |  |  | $10001 — $50000 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SELECT FUND** | **INTERNATIONAL<br>GROWTH FUND** | **EVOLVING WORLD<br>GROWTH FUND** | **GLOBAL<br>EQUITY FUND** |
| John P. Calamos, Sr.<sup>(1)</sup> | over $1,000,000 | over $1,000,000 | over $1,000,000 | over $1,000,000 |
| Brandon Nelson |  |  |  |  |
| Christian Brobst |  |  |  |  |
| Chuck Carmody |  |  |  |  |
| David O'Donohue |  |  |  |  |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **SELECT FUND** | **INTERNATIONAL<br>GROWTH FUND** | **EVOLVING WORLD<br>GROWTH FUND** | **GLOBAL<br>EQUITY FUND** |
| Dennis Cogan |  | $10001 — $50000 | $100001 — $500000 | $10001 — $50000 |
| Eli Pars |  |  |  |  |
| Jason Hill |  |  |  |  |
| Jimmy Young |  |  |  |  |
| Joe Wysocki |  | $50001 — $100000 | $10001 — $50000 | $100001 — $500000 |
| John Hillenbrand |  | $100001 — $500000 | $50001 — $100000 | $100001 — $500000 |
| John Saf |  |  |  |  |
| Jon Vacko |  | $100001 — $500000 | $100001 — $500000 |  |
| Kyle Ruge |  |  |  |  |
| Michael Grant |  |  |  |  |
| Michael Kassab |  |  |  |  |
| Nick Niziolek |  | $100001 — $500000 | $100001 — $500000 | $100001 — $500000 |
| Paul Ryndak |  |  |  |  |
| R. Matthew Freund |  |  |  |  |
| Ryan Isherwood |  |  |  |  |
| Anthony Vecchiolla<sup>(2)</sup> |  |  | $1 — $10000 |  |
| Dino Dussias<sup>(2)</sup> |  |  |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **GLOBAL<br>OPPORTUNITIES <br>FUND** | **INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND** | **TOTAL RETURN<br>BOND FUND** | **HIGH INCOME<br>OPPORTUNITIES <br>FUND** | **SHORT-TERM<br>BOND FUND** |
| John P. <br>Calamos, Sr.<sup>(1)</sup> | over $1,000,000 | over $1,000,000 | over $1,000,000 | over $1,000,000 | $500001 —<br>$1000000 |
| Brandon <br>Nelson |  |  |  |  |  |
| Christian <br>Brobst |  |  | $10001 — $50000 |  | $50001 — $100000 |
| Chuck <br>Carmody |  |  | $100001 — $500000 | $100001 — $500000 | $100001 — $500000 |
| David <br>O'Donohue |  |  |  |  |  |
| Dennis <br>Cogan | $100001 — $500000 |  |  |  |  |
| Eli Pars | $10001 — $50000 |  |  |  |  |
| Jason Hill |  |  |  |  |  |
| Jimmy Young |  |  |  |  |  |
| Joe Wysocki |  |  |  |  |  |
| John <br>Hillenbrand | $100001 — $500000 | $100001 —<br>$500000 |  |  |  |
| John Saf |  |  |  |  |  |
| Jon Vacko | $100001 — $500000 |  |  |  |  |
| Kyle Ruge |  |  |  |  |  |
| Michael Grant |  |  |  |  |  |
| Michael Kassab |  |  |  |  |  |
| Nick <br>Niziolek | $100001 — $500000 | $100001 —<br>$500000 |  |  |  |
| Paul Ryndak |  |  |  |  |  |
| R. Matthew <br>Freund |  |  | $100001 — $500000 | $100001 — $500000 | $500001 —<br>$1000000 |
| Ryan <br>Isherwood |  |  |  |  |  |
| Anthony <br>Vecchiolla<sup>(2)</sup> |  |  |  |  |  |
| Dino Dussias<sup>(2)</sup> |  |  |  |  |  |

---

(1) Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

(2) Messrs. Vecchiolla and Dussias were each appointed as a Portfolio Manager on February 1, 2023.

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**DISTRIBUTION PLAN**

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan"), whereby Class A shares and Class C shares of each Fund pay to CFS service and distribution fees as described in the prospectus. No distribution or service fees are paid with respect to Class I shares or Class R6 shares. For purchases of Class A shares of Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, where a commission is paid by CFS under the $250,000 breakpoint and for purchases of Class C shares of all Funds, the distribution fee will be paid to the applicable financial intermediary beginning the 13th month after purchase. CFS may use the amount of such fees to defray the costs of commissions and service fees paid to broker-dealers and other financial intermediaries whose customers invest in shares of the Funds and for other purposes.

The Trust's board of trustees has determined that the Plan could be a significant factor in the growth and retention of Fund assets, resulting in a more advantageous expense ratio and increased investment flexibility, which could benefit each class of Fund shareholders. A cash flow from sales of shares may enable a Fund to meet shareholder redemptions without having to liquidate portfolio securities and to take advantage of buying opportunities without having to make unwarranted liquidations of portfolio securities. The board also considered that continuing growth in the Funds' size would be in the shareholders' best interests because increased size would allow the Funds to realize certain economies of scale in their operations and would likely reduce the proportionate share of expenses borne by each shareholder. Even in the case of a Fund that is closed to new investors, the payment of ongoing compensation to a financial intermediary for providing services to its customers based on the value of their Fund shares is likely to provide the shareholders with valuable services and to benefit the Fund by promoting shareholder retention and reduced redemptions. The board of trustees therefore determined that it would benefit the Fund to have monies available for the direct distribution and service activities of CFS, as the Funds' distributor, in promoting the continuous sale of the Funds' shares. The board of trustees, including the non-interested trustees, concluded, in the exercise of their reasonable business judgment and in light of their fiduciary duties, that there is a reasonable likelihood that the Plan will benefit the Funds and their shareholders.

The Plan has been approved by the board of trustees, including all of the trustees who are non-interested persons as defined in the 1940 Act. The substance of the Plan has also been approved by the vote of a majority of the outstanding shares of each Fund. The Plan must be reviewed annually by the board of trustees and may be continued from year to year by vote of the board, including a majority of the trustees who are non-interested persons of the Funds and who have no direct or indirect financial interest in the Plan's operation ("non-interested trustees"), cast in person at a meeting called for that purpose. It is also required that the selection and nomination of non-interested trustees be done by non-interested trustees. The Plan may be terminated at any time, without any penalty, by such trustees, by any act that terminates the distribution agreement between the Trust and CFS, or, as to the Fund, by vote of a majority of the Fund's outstanding shares.

The Plan may not be amended as to any class of shares of any Fund to increase materially the amount spent for distribution or service expenses or in any other material way without approval by a majority of the outstanding shares of the affected class, and all such material amendments to the Plan must also be approved by the non-interested trustees, in person, at a meeting called for the purpose of voting on any such amendment.

CFS is required to report in writing to the board of trustees at least quarterly on the amounts and purpose of any payments made under the Plan and any distribution or service agreement, as well as to furnish the board with such other information as may reasonably be requested to enable the board to make an informed determination of whether the Plan should be continued.

During the fiscal year ended October 31, 2022, payments to CFS and affiliates and broker-dealers pursuant to the Plan were made as indicated below.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **MARKET<br>NEUTRAL<br>INCOME<br>FUND** | **HEDGED<br>EQUITY<br>FUND** | **PHINEUS<br>LONG/<br>SHORT<br>FUND** | **CONVERTIBLE<br>FUND** | **GLOBAL <br>CONVERTIBLE<br>FUND** | **TIMPANI<br>SMALL CAP<br>GROWTH<br>FUND** | **TIMPANI<br>SMID<br>GROWTH<br>FUND** | **GROWTH<br>FUND** | **GROWTH &<br>INCOME<br>FUND** | **DIVIDEND<br>GROWTH<br>FUND** |
| **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** |
| Class A | 937166 | 6317 | 2100 | 84951 | 7199 | 5866 | 57 | 114549 | 62175 | (1227) |
| Class C | 1039550 | 33539 | 40993 | 75060 | 6284 | 39216 |  | 15162 | 235823 | 8846 |
| **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** |
| Class A | 2501522 | 88955 | 132938 | 778011 | 28126 | 59824 | 432 | 2691107 | 3318579 | 14210 |
| Class C | 2234323 | 42343 | 261399 | 465262 | 36615 | 3139 |  | 164025 | 671452 | 11044 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **SELECT<br>FUND** | **INTERNATIONAL<br>GROWTH<br>FUND** | **EVOLVING<br>WORLD<br>GROWTH<br>FUND** | **GLOBAL<br>EQUITY<br>FUND** | **GLOBAL<br>OPPORTUNITIES<br>FUND** | **INTERNATIONAL<br>SMALL CAP<br>GROWTH <br>FUND** | **TOTAL<br>RETURN<br>BOND<br>FUND** | **HIGH<br>INCOME<br>OPPORTUNITIES<br>FUND** | **SHORT-<br>TERM<br>BOND<br>FUND** | **TOTAL** |
| **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** |
| Class A | 2331 | 4035 | 6789 | 1477 | 12228 | 6 | 2300 | 3876 | 130 | 1252325 |
| Class C | 133 | 4592 | 21634 | 1021 | 33472 | 49 | 183 | 946 |  | 1556576 |
| **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** |
| Class A | 29302 | 149225 | 105011 | 62670 | 242457 | 8 | 42889 | 70658 | 6423 | 10322347 |
| Class C | 4286 | 23699 | 77935 | 9925 | 56544 |  | 7129 | 5016 |  | 4074136 |

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(1) 'Payments to CFS' and 'Payments to affiliated broker-dealers' may include prior period true-ups resulting in credit balances.

During the fiscal year ended October 31, 2022, payments were made under the Plan on behalf of the indicated Funds for expenses associated with advertising, printing and mailing of prospectuses to prospective shareholders, and sales personnel compensation as indicated below.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **MARKET<br>NEUTRAL<br>INCOME<br>FUND** | **HEDGED<br>EQUITY<br>FUND** | **PHINEUS<br>LONG/<br>SHORT<br>FUND** | **CONVERTIBLE<br>FUND** | **GLOBAL<br>CONVERTIBLE<br>FUND** | **TIMPANI<br>SMALL CAP<br>GROWTH<br>FUND** | **TIMPANI<br>SMID<br>GROWTH<br>FUND** | **GROWTH<br>FUND** | **GROWTH &<br>INCOME<br>FUND** | **DIVIDEND<br>GROWTH<br>FUND** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| Printed<br>Materials | 6180 | 507 | 365 | 474 | 17 | 249 | 10 | 330 | 1078 | 24 |
| Sales &<br>Marketing | 1061635 | 264585 | 259630 | 283852 | 211811 | 245842 | 210829 | 263648 | 355039 | 212592 |
| Total | 1067815 | 265092 | 259995 | 284326 | 211828 | 246091 | 210839 | 263978 | 356117 | 212616 |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| Printed<br>Materials | 1333 | 59 | 153 | 114 | 12 | 68 |  | 13 | 484 | 28 |
| Sales &<br>Marketing | 390673 | 217708 | 230416 | 225747 | 210979 | 219202 |  | 211491 | 275282 | 212689 |
| Total | 392006 | 217767 | 230569 | 225861 | 210991 | 219270 |  | 211504 | 275766 | 212717 |
|  | **SELECT<br>FUND** | **INTERNATIONAL<br>GROWTH<br>FUND** | **EVOLVING<br>WORLD<br>GROWTH<br>FUND** | **GLOBAL<br>EQUITY<br>FUND** | **GLOBAL<br>OPPORTUNITIES<br>FUND** | **INTERNATIONAL<br>SMALL CAP<br>GROWTH <br>FUND** | **TOTAL<br>RETURN<br>BOND<br>FUND** | **HIGH<br>INCOME<br>OPPORTUNITIES<br>FUND** | **SHORT-<br>TERM<br>BOND<br>FUND** | **TOTAL** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A | Class A |
| Printed<br>Materials | 16 | 245 | 271 | 32 | 116 |  | 20 | 24 | 74 | 10032 |
| Sales &<br>Marketing | 211311 | 240461 | 245496 | 213929 | 228192 | 95515 | 212666 | 214082 | 226859 | 5257974 |
| Total | 211327 | 240706 | 245767 | 213961 | 228308 | 95515 | 212686 | 214106 | 226933 | 5268006 |
| Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C | Class C |
| Printed<br>Materials |  | 4 | 16 | 4 | 61 |  | 3 | 1 |  | 2353 |
| Sales &<br>Marketing | 209484 | 209921 | 212032 | 209874 | 217764 | 95492 | 209828 | 209570 |  | 3768152 |
| Total | 209484 | 209925 | 221048 | 209878 | 217825 | 95492 | 209831 | 209571 |  | 3770505 |

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**DISTRIBUTOR**

CFS, a broker-dealer, serves as principal underwriter and distributor for the Funds, subject to change by a majority of the "non-interested" trustees at any time. CFS is located at 2020 Calamos Court, Naperville, Illinois 60563-1493. CFS is an indirect subsidiary of Calamos Asset Management, Inc. CFS is responsible for all purchases, sales, redemptions and other transfers of shares of the Funds without any charge to the Funds except the fees paid to CFS under the Plan and distribution agreement. CFS is also responsible for all expenses incurred in connection with its performance of services for the Funds, including, but not

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limited to, personnel, office space and equipment, telephone, postage and stationery expenses. CFS receives commissions from sales of shares of the Funds that are not expenses of the Funds but represent sales commissions added to the net asset value of shares purchased from the Funds. See "How can I buy shares?" in the prospectus. See "Portfolio Transactions." CFS received and retained commissions on the sale of shares of each of the Funds as shown below during the indicated periods:

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| | | | |
|:---|:---|:---|:---|
| **DESCRIPTION** | **YEAR ENDED<br>10/31/22** | **YEAR ENDED<br>10/31/21** | **YEAR ENDED<br>10/31/20** |
| **Market Neutral Income Fund** | **Market Neutral Income Fund** | **Market Neutral Income Fund** | **Market Neutral Income Fund** |
| Commissions received | $2260212 | $3982603 | $1277137 |
| Commissions retained | $54046 | $101277 | $46749 |
| **Hedged Equity Fund** | **Hedged Equity Fund** | **Hedged Equity Fund** | **Hedged Equity Fund** |
| Commissions received | $64646 | $180084 | $90658 |
| Commissions retained | $11074 | $21216 | $13917 |
| **Phineus Long/Short Fund** | **Phineus Long/Short Fund** | **Phineus Long/Short Fund** | **Phineus Long/Short Fund** |
| Commissions received | $138262 | $67526 | $41493 |
| Commissions retained | $19878 | $7842 | $7376 |
| **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** |
| Commissions received | $209036 | $482656 | $431669 |
| Commissions retained | $7139 | $23248 | $17788 |
| **Global Convertible Fund** | **Global Convertible Fund** | **Global Convertible Fund** | **Global Convertible Fund** |
| Commissions received | $7675 | $40812 | $17483 |
| Commissions retained | $136 | $1189 | $694 |
| **Timpani Small Cap Growth Fund** | **Timpani Small Cap Growth Fund** | **Timpani Small Cap Growth Fund** | **Timpani Small Cap Growth Fund** |
| Commissions received | $105893 | $191260 | $16020 |
| Commissions retained | $17494 | $29370 | $2943 |
| **Timpani SMID Growth Fund** | **Timpani SMID Growth Fund** | **Timpani SMID Growth Fund** | **Timpani SMID Growth Fund** |
| Commissions received | $4286 | $339 | $82 |
| Commissions received | $761 | $54 | $14 |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| Commissions received | $284903 | $184147 | $179402 |
| Commissions retained | $59693 | $44760 | $42977 |
| **Growth and Income Fund** | **Growth and Income Fund** | **Growth and Income Fund** | **Growth and Income Fund** |
| Commissions received | $743785 | $1022622 | $600693 |
| Commissions retained | $129796 | $182806 | $108535 |
| **Dividend Growth** | **Dividend Growth** | **Dividend Growth** | **Dividend Growth** |
| Commissions received | $13297 | $6660 | $3724 |
| Commissions retained | $2653 | $1137 | $759 |
| **Select Fund** | **Select Fund** | **Select Fund** | **Select Fund** |
| Commissions received | $657 | $3667 | $3378 |
| Commissions retained | $365 | $836 | $762 |
| **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** |
| Commissions received | $12356 | $16655 | $3618 |
| Commissions retained | $2387 | $3069 | $720 |
| **Evolving World Growth Fund** | **Evolving World Growth Fund** | **Evolving World Growth Fund** | **Evolving World Growth Fund** |
| Commissions received | $17280 | $142643 | $26253 |
| Commissions retained | $2853 | $19106 | $4922 |
| **Global Equity Fund** | **Global Equity Fund** | **Global Equity Fund** | **Global Equity Fund** |
| Commissions received | $10823 | $13185 | $4735 |
| Commissions retained | $1959 | $2501 | $903 |
| **Global Opportunities Fund** | **Global Opportunities Fund** | **Global Opportunities Fund** | **Global Opportunities Fund** |
| Commissions received | $22983 | $95046 | $17449 |
| Commissions retained | $4822 | $14863 | $3995 |
| **International Small Cap Growth Fund<sup>(1)</sup>** | **International Small Cap Growth Fund<sup>(1)</sup>** | **International Small Cap Growth Fund<sup>(1)</sup>** | **International Small Cap Growth Fund<sup>(1)</sup>** |
| Commissions received | $— | $— | $— |
| Commissions retained | $— | $— | $— |
| **Total Return Bond Fund** | **Total Return Bond Fund** | **Total Return Bond Fund** | **Total Return Bond Fund** |
| Commissions received | $1085 | $22319 | $36704 |
| Commissions retained | $79 | $230 | $614 |

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| | | | |
|:---|:---|:---|:---|
| **DESCRIPTION** | **YEAR ENDED<br>10/31/22** | **YEAR ENDED<br>10/31/21** | **YEAR ENDED<br>10/31/20** |
| **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** | **High Income Opportunities Fund** |
| Commissions received | $3752 | $10027 | $3051 |
| Commissions retained | $445 | $225 | $444 |
| **Short-Term Bond Fund** | **Short-Term Bond Fund** | **Short-Term Bond Fund** | **Short-Term Bond Fund** |
| Commissions retained | $689 | $656 | $— |
| Commissions retained | $76 | $73 | $— |

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(1) International Small Cap Growth Fund commenced operations on March 31, 2022.

The sales charges on sales of Class A shares of each Fund other than Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (except when waived as described below under "Share Classes and Pricing of Shares — Sales Charge Waiver") and concessions reallowed to dealers at the time of purchase are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** |
| | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF <br>OFFERING PRICE** | **% OF OFFERING <br>PRICE<br>RETAINED BY<br>SELLING DEALER** |
| Less than $50,000 | 4.99% | 4.75% | 4.00% |
| $50,000 but less than $100,000 | 4.44 | 4.25 | 3.50 |
| $100,000 but less than $250,000 | 3.63 | 3.50 | 2.75 |
| $250,000 but less than $500,000. | 2.56 | 2.50 | 2.00 |
| $500,000 but less than $1,000,000 | 2.04 | 2.00 | 1.60 |
| $1,000,000 or more\* |  |  |  |

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\* On an investment of $1,000,000 or more: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment, 0.50% on the next $21 million (amounts above $4 million and up to $25 million), and 0.25% on investment amounts in excess of $25 million. On an investment of $1,000,000 or more without a sales charge, you may pay a contingent deferred sales charge of 1.00% on shares that are sold within two years after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

The sales charges on sales of Class A shares of Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (except when waived as described below under "Share Classes and Pricing of Shares — Sales Charge Waiver") and concessions reallowed to dealers at the time of purchase are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** |
| | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF <br>OFFERING PRICE** | **% OF OFFERING <br>PRICE<br>RETAINED BY<br>SELLING DEALER** |
| Less than $100,000 | 2.30% | 2.25% | 2.00% |
| $100,000 but less than $250,000 | 1.78 | 1.75 | 1.50 |
| $250,000 or more\* |  |  |  |

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\* On an investment of $250,000 or more for Convertible Fund, Global Convertible Fund, Total Return Bond Fund, and High Income Opportunities Fund: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment, 0.50% on the next $21 million (amounts above $4 million and up to $25 million), and 0.25% on investment amounts in excess of $25 million. On an investment of $250,000 or more without a sales charge, you may pay a contingent deferred sales charge of 1.00% on shares that are sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

\* On an investment of $250,000 or more for Short-Term Bond Fund: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 0.55% of the amount of the investment, 0.40% on the next $21 million (amounts above $4 million and up to $25 million), and 0.20% on investment amounts in excess of $25 million. On an investment of $250,000 or more without a sales charge, you may pay a contingent deferred sales charge of 0.55% on shares that are sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

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The sales charges on sales of Class A shares of Market Neutral Income Fund (except when waived as described below under "Share Classes and Pricing of Shares — Sales Charge Waiver") and concessions reallowed to dealers at the time of purchase are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** |
| | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF <br>OFFERING PRICE** | **% OF OFFERING <br>PRICE<br>RETAINED BY<br>SELLING DEALER** |
| Less than $50,000 | 2.83% | 2.75% | 2.25% |
| $50,000 but less than $100,000 | 2.30 | 2.25 | 2.00 |
| $100,000 but less than $250,000 | 1.78 | 1.75 | 1.50 |
| $250,000 or more\* |  |  |  |

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\* On an investment of $250,000 or more for Market Neutral Income Fund: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment, 0.50% on the next $21 million (amounts above $4 million and up to $25 million), and 0.25% on investment amounts in excess of $25 million. On an investment of $250,000 or more without a sales charge, you may pay a contingent deferred sales charge of 1.00% on shares that are sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

Each Fund receives the entire net asset value of all of its shares sold. CFS, the Funds' principal underwriter, retains the sales charge on sales of Class A shares from which it allows discounts from the applicable public offering price to investment dealers. The normal discount to dealers is set forth in the table above. Upon notice to all dealers with whom it has sales agreements, CFS may allow up to the full applicable sales charge, as shown in the above table, during periods and for transactions specified in such notice and such reallowances may be based upon attainment of minimum sales levels. Dealers who receive 90% or more of the sales charge may be deemed to be underwriters under the Securities Act. CFS retains the entire amount of any deferred sales charge on Class C shares redeemed within one year of purchase. CFS may from time to time conduct promotional campaigns in which incentives would be offered to dealers meeting or exceeding stated target sales of shares of a Fund. The cost of any such promotional campaign, including any incentives offered, would be borne entirely by CFS and would have no effect on either the public offering price of Fund shares or the percentage of the public offering price retained by the selling dealer.

CFS has the exclusive right to distribute shares of the Funds through affiliated and unaffiliated dealers on a continuous basis. The obligation of CFS is an agency or "best efforts" arrangement, which does not obligate CFS to sell any stated number of shares.

In connection with the exchange privilege (described in the prospectus under "How can I buy shares? — By exchange"), CFS acts as a service organization for the Fidelity Investments Money Market Treasury Portfolio (the "Fidelity Fund"). CFS receives compensation from the Fidelity Fund, through the Fidelity Fund's 12b-1 Plan, for distribution services provided to the Fidelity Fund.

**OTHER COMPENSATION TO INTERMEDIARIES**

CAL, CFS and their affiliates are currently subject to supplemental compensation payment requests by certain securities broker-dealers, banks or other intermediaries, including third party administrators of qualified plans (each an "Intermediary") whose customers have purchased Fund shares. In their discretion, CAL, CFS or their affiliates may make payments to an Intermediary for various purposes. These payments do not increase the amount paid by you or the Funds, as they are paid from the legitimate profits from these entities in what is generally referred to as "revenue sharing."

Revenue sharing payments are generally a percentage of the account's average annual net assets. CAL and CFS may make these payments to an Intermediary for various purposes, including to help defray costs incurred by the Intermediary to educate financial advisers about the Funds so they can make recommendations and provide services that are suitable and meet shareholder needs, to access the Intermediary's representatives, to provide marketing support and other specified services. To the extent that the Funds do not pay for these costs directly, CAL and CFS may also make payments to certain financial intermediaries for administrative services such as record keeping, sub-accounting for shareholder accounts, client account maintenance support, statement preparation, transaction processing, payment of ticket charges per purchase or exchange order placed by a financial intermediary, payment of networking fees in connection with certain mutual fund trading systems, or one-time payments for services such as setting up the Funds on a intermediary's mutual fund trading system.

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Service costs for sub-transfer agency fees attributable to Class A, Class C and Class I shares are borne solely by those share classes and are allocated pro-rata based upon assets of all Class A, Class C and Class I shares in the aggregate, without regard to fund or class. No sub-transfer agency or client account support payments will be made with respect to Class R6 shares.

In addition, CFS and/or CAL may also share certain marketing expenses with intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Funds. CFS and/or CAL may make payments to participate in intermediary marketing support programs which may provide CFS and/or CAL, as applicable, with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data and data analytics, business planning and strategy sessions with intermediary personnel, information on industry- or platform specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of the Funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Funds available to their customers.

These payments may provide Intermediaries with an incentive to favor shares of the Funds over sales of shares of other mutual funds or non-mutual fund investments. These payments may influence the Intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your Intermediary's website for more information. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and you should discuss this matter with your Intermediary and its representatives. The Funds may utilize an Intermediary that offers and sells shares of the Funds to execute portfolio transactions for the Funds. The Funds, Calamos Advisors and CFS do not consider sales of shares of the Funds as a factor in the selection of broker-dealers to execute portfolio transactions for the Funds.

**PORTFOLIO TRANSACTIONS**

Calamos Advisors is responsible for decisions to buy and sell securities for the Funds, the selection of brokers and dealers to effect the transactions and the negotiation of prices and any brokerage commissions on such transactions.

Portfolio transactions on behalf of the Funds effected on stock exchanges involve the payment of negotiated brokerage commissions. There is generally no stated commission in the case of securities traded in the OTC markets, but the price the Funds pay usually includes an undisclosed dealer commission or mark-up. For securities purchased in an underwritten offering, the price the Funds pay includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

In executing portfolio transactions, Calamos Advisors uses its best efforts to obtain for the Funds the most favorable combination of price and execution available. In seeking the most favorable combination of price and execution, Calamos Advisors considers all factors it deems relevant, including price, the size of the transaction, the nature of the market for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the execution capability of the broker-dealer and the quality of service rendered by the broker-dealer in other transactions.

In allocating the Funds' portfolio brokerage transactions to unaffiliated broker-dealers, Calamos Advisors may take into consideration the research, analytical, statistical and other information and services provided by the broker-dealer, such as general economic reports and information, reports or analyses of particular companies or industry groups, market timing and technical information, and the availability of the brokerage firm's analysts for consultation. Although Calamos Advisors believes these services have substantial value, they are considered supplemental to Calamos Advisors' own efforts in performing its duties under the Management Agreement.

Calamos Advisors does not guarantee any broker the placement of a predetermined amount of securities transactions in return for the research or brokerage services it provides. Calamos Advisors does, however, have internal procedures for allocating transactions in a manner consistent with its execution policies to brokers that it has identified as providing research, research-related products or services, or execution-related services of a particular benefit to its clients. Calamos Advisors has entered into client commission agreements ("CCAs") with certain broker-dealers under which the broker-dealers may use a portion of their commissions to pay third parties or other broker-dealers that provide Calamos Advisors with research or brokerage services, as

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permitted under Section 28(e) of the Exchange Act. CCAs allow Calamos Advisors to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third parties or other broker-dealers for research or brokerage services. All uses of CCAs by Calamos Advisors are subject to applicable law and their best execution obligations. Brokerage and research products and services furnished by brokers may be used in servicing any or all of the clients of Calamos Advisors and such research may not necessarily be used by Calamos Advisors in connection with the accounts which paid commissions to the broker providing such brokerage and research products and services.

As permitted by Section 28(e) of the 1934 Act, Calamos Advisors may pay a broker-dealer that provides brokerage and research services an amount of commission for effecting a securities transaction for a Fund in excess of the commission that another broker-dealer would have charged for effecting that transaction if Calamos Advisors believes the amount to be reasonable in relation to the value of the overall quality of the brokerage and research services provided. Other clients of Calamos Advisors may indirectly benefit from the availability of these services to Calamos Advisors, and the Funds may indirectly benefit from services available to Calamos Advisors as a result of research services received by Calamos Advisors through transactions for other clients. In addition, Calamos Advisors may execute portfolio transactions for the Funds, to the extent permitted by law, through broker-dealers affiliated with the Funds, Calamos Advisors, CFS, or other broker-dealers distributing shares of the Funds if it reasonably believes that the combination of price and execution is at least as favorable as with unaffiliated broker-dealers, and in such transactions any such broker-dealer would receive brokerage commissions paid by the Funds.

In certain cases, Calamos Advisors may obtain products or services from a broker that have both research and non-research uses. Examples of non-research uses are administrative and marketing functions. These are referred to as "mixed use" products. In each case, Calamos Advisors makes a good faith effort to determine the proportion of such products or services that may be used for research and non-research purposes. That determination is based upon the time spent by Calamos Advisors personnel for research and non-research uses. The portion of the costs of such products or services attributable to research usage may be defrayed by Calamos Advisors through brokerage commissions generated by transactions of its clients, including the Funds. Calamos Advisors pays the provider in cash for the non-research portion of its use of these products or services.

For the periods presented below, Calamos Advisors did not execute trades through CFS, its affiliated broker-dealer. For the periods indicated, the following table shows the amount of aggregate commissions related to those transactions executed through unaffiliated broker-dealers.

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| | |
|:---|:---|
| **DESCRIPTION** | **AGGREGATE <br>COMMISSIONS** |
| **Market Neutral Income Fund** |  |
| Year Ended 10/31/22 | $3811072 |
| Year Ended 10/31/21 | $3977282 |
| Year Ended 10/31/20 | $4307662 |
| **Hedged Equity Fund** |  |
| Year Ended 10/31/22 | $150529 |
| Year Ended 10/31/21 | $93685 |
| Year Ended 10/31/20 | $149942 |
| **Phineus Long/Short Fund** |  |
| Year Ended 10/31/22 | $4507438 |
| Year Ended 10/31/21 | $3711001 |
| Year Ended 10/31/20 | $4242667 |
| **Convertible Fund** |  |
| Year Ended 10/31/22 | $900 |
| Year Ended 10/31/21 | $104768 |
| Year Ended 10/31/20 | $86177 |
| **Global Convertible Fund** |  |
| Year Ended 10/31/22 | $3561 |
| Year Ended 10/31/21 | $1593 |
| Year Ended 10/31/20 | $8873 |
| **Timpani Small Cap Growth Fund** |  |
| Year Ended 10/31/22 | $1207512 |
| Year Ended 10/31/21 | $793119 |
| Year Ended 10/31/20 | $323463 |

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| | |
|:---|:---|
| **DESCRIPTION** | **AGGREGATE <br>COMMISSIONS** |
| **Timpani SMID Growth Fund** |  |
| Year Ended 10/31/22 | $38589 |
| Year Ended 10/31/21 | $47423 |
| Year Ended 10/31/20 | $32782 |
| **Growth Fund** |  |
| Year Ended 10/31/22 | $634542 |
| Year Ended 10/31/21 | $637403 |
| Year Ended 10/31/20 | $1615668 |
| **Growth and Income Fund** |  |
| Year Ended 10/31/22 | $561747 |
| Year Ended 10/31/21 | $1089811 |
| Year Ended 10/31/20 | $1210202 |
| **Dividend Growth Fund** |  |
| Year Ended 10/31/22 | $2278 |
| Year Ended 10/31/21 | $1614 |
| Year Ended 10/31/20 | $3421 |
| **Select Fund** |  |
| Year Ended 10/31/22 | $8129 |
| Year Ended 10/31/21 | $6731 |
| Year Ended 10/31/20 | $46459 |
| **International Growth Fund** |  |
| Year Ended 10/31/22 | $669009 |
| Year Ended 10/31/21 | $631424 |
| Year Ended 10/31/20 | $533549 |
| **Evolving World Growth Fund** |  |
| Year Ended 10/31/22 | $2762215 |
| Year Ended 10/31/21 | $3232879 |
| Year Ended 10/31/20 | $835454 |
| **Global Equity Fund** |  |
| Year Ended 10/31/22 | $123089 |
| Year Ended 10/31/21 | $122098 |
| Year Ended 10/31/20 | $116282 |
| **Global Opportunities Fund** |  |
| Year Ended 10/31/22 | $223310 |
| Year Ended 10/31/21 | $197114 |
| Year Ended 10/31/20 | $218680 |
| **International Small Cap Growth Fund<sup>(1)</sup>** |  |
| Year Ended 10/31/22 | $4949 |
| Year Ended 10/31/21 | $— |
| Year Ended 10/31/20 | $— |
| **Total Return Bond Fund** |  |
| Year Ended 10/31/22 | $— |
| Year Ended 10/31/21 | $— |
| Year Ended 10/31/20 | $217 |
| **High Income Opportunities Fund** |  |
| Year Ended 10/31/22 | $404 |
| Year Ended 10/31/21 | $1528 |
| Year Ended 10/31/20 | $156 |
| **Short-Term Bond Fund** |  |
| Year Ended 10/31/22 | $— |
| Year Ended 10/31/21 | $— |
| Year Ended 10/31/20 | $— |

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(1) International Small Cap Growth Fund commenced operations on March 31, 2022.

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The following table shows the brokerage commissions paid by each Fund to brokers who furnished research services to the Fund or Calamos Advisors, and the aggregate dollar amounts involved in those transactions, during the period indicated.

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| | | |
|:---|:---|:---|
| | **FISCAL YEAR ENDED <br>OCTOBER 31, 2022** | **FISCAL YEAR ENDED <br>OCTOBER 31, 2022** |
| | **COMMISSIONS PAID<br>FOR RESEARCH** | **PERCENTAGE OF<br>AGGREGATE<br>COMMISSIONS** |
| Market Neutral Income Fund | $1473882 | 38.7% |
| Hedged Equity Fund | $32052 | 21.3% |
| Phineus Long/Short Fund | $618266 | 13.7% |
| Convertible Fund | $— | 0.0% |
| Global Convertible Fund | $421 | 11.8% |
| Timpani Small Cap Growth Fund | $412369 | 34.2% |
| Timpani SMID Growth Fund | $12308 | 31.9% |
| Growth Fund | $200675 | 31.6% |
| Growth and Income Fund | $72646 | 12.9% |
| Dividend Growth Fund | $1229 | 54.0% |
| Select Fund | $4750 | 58.4% |
| International Growth Fund | $245601 | 36.7% |
| Evolving World Growth Fund | $681100 | 24.7% |
| Global Equity Fund | $49011 | 39.8% |
| Global Opportunities Fund | $61640 | 27.6% |
| International Small Cap Growth Fund<sup>(1)</sup> | $2778 | 56.1% |
| Total Return Bond Fund | $— | 0.0% |
| High Income Opportunities Fund | $216 | 53.6% |
| Short-Term Bond Fund | $— | 0.0% |

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(1) International Small Cap Growth Fund commenced operations on March 31, 2022.

**SHARE CLASSES AND PRICING OF SHARES**

Purchases and redemptions are discussed in the prospectus under the headings "How can I buy shares?" and "How can I sell (redeem) shares?" All of that information is incorporated herein by reference.

**SALES CHARGE WAIVER**

In addition to the sales charge waivers enumerated in the prospectus, dividends and distributions paid on shares of a Fund will be reinvested in shares of the same class of that Fund at net asset value (without the payment of any sales charge) unless you elect to receive dividends and distributions in cash. Additionally, proceeds of Class A shares redeemed from a Fund within the previous 60 days may be reinvested in Class A shares of that Fund at NAV without a sales charge. In order to take advantage of this sales charge waiver, you, or your broker-dealer or other sales agent, must submit your intent, in writing, with your purchase. In addition, if the amount of reinvestment is less than the amount of redemption, the sales charge waiver shall be pro-rated accordingly.

**CONTINGENT DEFERRED SALES CHARGE**

The contingent deferred sales charge ("CDSC") is computed on the lesser of the redemption price or purchase price, excluding amounts not subject to the charge. The following example illustrates the operation of the CDSC:

Assume that an individual opens an account and makes a purchase payment of $10,000 for 1,000 Class C shares of a Fund (at $10 per share) and that six months later the value of the investor's account for that Fund has grown through investment performance to $11,000 ($11 per share). If the investor should redeem $2,200 (200 shares), a CDSC would be applied against $2,000 of the redemption (the purchase price of the shares redeemed, because the purchase price is lower than the current net asset value of such shares ($2,200)). At the rate of 1.00%, the Class C CDSC would be $20.

The CDSC for Class A<sup>9</sup> and Class C shares will be waived: (a) in the event of the total disability (as evidenced by a determination by the Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed, (b) in the event of the death of the shareholder (including a registered joint owner), (c) for redemptions

<sup>9</sup> The above waivers apply to Class A shares originally purchased at net asset value pursuant to the $1,000,000 purchase order privilege for two years after the time of purchase (or the $250,000 purchase order privilege for one year after the time of purchase for Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund).

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made pursuant to a systematic withdrawal plan, including any Individual Retirement Account ("IRA") systematic withdrawal based on the shareholder's life expectancy including, but not limited to, substantially equal periodic payments described in Section 72(t)(2)(iv) of the Internal Revenue Code of 1986, as amended (the "Code") prior to age 59 <sup>1</sup>/<sub>2</sub> (with the maximum annual rate subject to this waiver being 10% of the NAV of the account), and (d) for redemptions to satisfy required minimum distributions after age 73 from an IRA account (with the maximum amount subject to this waiver being based only upon the shareholder's Calamos IRA accounts).

**LETTER OF INTENT**

You may reduce the sales charges you pay on the purchase of Class A shares by making investments pursuant to a Letter of Intent ("LOI"). Under an LOI, you may purchase additional Class A shares of any Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at once. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. In addition, the market value of any current holdings in the Calamos Funds (as described and calculated under "Rights of Accumulation" as further noted in the Funds' prospectus) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the LOI, but the reduced LOI sales charge rate will only apply to purchases made on or after the commencement date of the LOI. The 13-month LOI period commences with your first purchase of shares at the reduced LOI sales charge rate, and this first purchase also acknowledges acceptance of the terms of the LOI. The initial investment must meet the minimum initial purchase requirements. Purchases resulting from the reinvestment of dividends and/or capital gains do not apply towards the fulfillment of the LOI. In all instances, it is the investor's responsibility to notify the Funds, the Funds' transfer agent and/or their financial advisor of any current holdings in the Calamos Funds that should be counted towards the sales charge reduction (and provide account statements, as needed, for verification purposes) and any subsequent purchases that should be counted towards fulfillment of the LOI. During the term of the LOI, shares representing up to 5% of the indicated LOI amount will be held in escrow. Shares held in escrow have full dividend and voting privileges. The escrowed shares will be released when the full amount indicated has been purchased. If the full indicated LOI amount is not purchased during the term of the LOI, you will be required to pay CFS an amount equal to the difference between the dollar amount of the sales charges actually paid and the amount of the sales charges that you would have paid on your aggregate purchases if the total of such purchases had been made at a single time, and CFS reserves the right to redeem escrowed shares from your account if necessary to satisfy this obligation. Any remaining escrowed shares will be released to you. An LOI does not obligate you to buy, or a Fund to sell, the indicated amount of shares. Before submitting and/or signing an LOI, please carefully read and review the LOI provisions found in both the prospectus and this statement of additional information.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section in the Funds' prospectus for more information.

**PURCHASES OF CLASS I AND R6 SHARES**

Class I and R6 shares are sold at net asset value and are not subject to an initial sales charge or to a contingent deferred sales charge. Please refer to the prospectus for more information.

**REDEMPTION IN KIND**

The Funds have elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which they are obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of a Fund during any 90-day period for any one shareholder. Redemptions in excess of these amounts will normally be paid in cash, but may be paid wholly or partly by a distribution in kind of securities.

**PURCHASE IN KIND**

You may, under certain circumstances, purchase shares of a Fund with other securities that you presently own (an "in-kind purchase"). Any in-kind purchase would be subject to approval by the Trust, and would be subject to the Trust's in-kind purchase procedures then in effect. These procedures presently require any consideration used in an in-kind purchase to be comprised of (a) securities that are held in the Fund's portfolio, or (b) securities that are not currently held in the portfolio but that are eligible for purchase by the Fund (consistent with the Fund's investment objectives and restrictions), have been approved for investment by the Fund's portfolio manager and have readily available market quotations. Should the Trust approve your purchase of a Fund's shares with securities, the Trust would follow its in-kind purchase procedures and would value the securities tendered in payment (determined as of the next close of regular session trading on the New York Stock Exchange after receipt of the

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purchase order) pursuant to the Trust's valuation procedures as then in effect, and you would receive the number of Fund shares having a net asset value on the purchase date equal to the aggregate value of the securities tendered. Such in-kind purchases may result in the recognition of gain or loss for federal income tax purposes on the securities transferred to the Fund.

**REDEMPTION FEES**

High Income Opportunities Fund has a 1% redemption fee that may apply if a shareholder redeems shares within 60 days of purchase by selling or by exchanging to another fund. For purposes of determining this fee, shares are considered sold on a first-in, first-out basis. The fee is withheld from redemption proceeds and retained by High Income Opportunities Fund. Shares held for more than 60 days are not subject to the 1% fee. For purposes of determining the 60-day period, Day 1 will be the day following the trade date of a purchase into High Income Opportunities Fund (and Day 1 will be the day following the exchange in trade date for an exchange into High Income Opportunities Fund from another Calamos Fund) and will be tracked using calendar days. The following transactions will be exempt from the redemption fee:

• Redemptions of shares previously acquired through the reinvestment of the Fund's dividend and/or capital gains distributions

• In the event of the death of the shareholder (including a registered joint owner)

• In the event of the total disability (as evidenced by a determination by the Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed

• Shareholder divorce

• Shareholder hardship

• Mandatory distributions to satisfy required minimum distributions after age 73 from an IRA or other Retirement Plan account (with the maximum amount subject to this waiver being based only upon the shareholder's Calamos accounts)

• Redemptions made pursuant to a systematic withdrawal plan, including any Individual Retirement Account ("IRA") systematic withdrawal based on the shareholder's life expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(2)(iv) prior to age 59 ? (with the maximum annual rate subject to this waiver being 10% of the NAV of the account)

• Redemptions due to automatic rebalancing of an account

• Retirement Plan account terminations

• Retirement Plan account involuntary redemptions

• Retirement Plan account forfeitures

• Return of excess contributions within IRA's and Retirement Plan accounts

• Redemptions of shares through a fund of funds

• Redemptions of shares through a fee-based advisory or wrap account (both discretionary and non-discretionary)

• Redemptions of shares to correct or adjust a prior transaction processed in error by a financial intermediary

• Redemptions of shares to pay for involuntary fees (maintenance, low balance, fiduciary, etc.) assessed against an account (for both qualified and non-qualified accounts), except for fees related to contingent deferred sales charges

High Income Opportunities Fund may waive the redemption fee at its sole discretion.

High Income Opportunities Fund reserves the right to modify or eliminate the redemption fee at any time.

**CERTAIN REDEMPTIONS AND REINVESTMENTS**

Calamos Advisors and its affiliates have investments in certain of the Funds. From time to time, Calamos Advisors or an affiliate may, for tax purposes, redeem a portion of its Fund holdings, reinvesting in shares of the same Fund shortly thereafter. These transactions are subject to the Funds' excessive trading policies and procedures and will only be consummated if they are determined not to be disruptive to the management of the Fund under those procedures.

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**NET ASSET VALUE**

Each Fund's share price, or NAV, is determined as of the close of regular session trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern Time) each day that the NYSE is open. The NYSE is regularly closed on New Year's Day, the third Monday in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas.

The NAV per share for each class of Fund shares is calculated in accordance with Rule 22c-1 of the 1940 Act by dividing the pro rata share of the value of all of the securities and other assets of the Fund allocable to that class of Fund shares, less the liabilities allocable to that class, by the number of shares of the class outstanding. When shares are purchased or sold, the order is processed at the next NAV (plus any applicable sales charge) that is calculated on a day when the NYSE is open for trading, after receiving a purchase or sale order. Because the Funds may invest in securities that are primarily listed on foreign exchanges and trade on days when the Funds do not price their shares, a Fund's NAV may change on days when shareholders will not be able to purchase or redeem the Fund's shares. If shares are purchased or sold through a broker-dealer, it is the responsibility of that broker-dealer to transmit those orders to the Funds' transfer agent so such orders will be received in a timely manner. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

A purchase or sale order typically is accepted when the Fund's transfer agent or an intermediary has received a completed application or appropriate instruction along with the intended investment, if applicable, and any other required documentation.

**VALUATION PROCEDURES**

The valuation of the Funds' portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees. Securities for which market quotations are readily available will be valued using the market value of those securities. Securities for which market quotations are not readily available will be fair valued in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees. The method by which a security may be fair valued will depend on the type of security and the circumstances under which the security is being fair valued.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Fund determines its NAV. Securities traded in the OTC market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV.

When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the OTC market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each OTC option that is not traded through the OCC is valued either by an independent pricing agent or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed-income securities and certain convertible preferred securities are generally traded in the OTC market and are valued by independent pricing services or by dealers who make markets in such securities. Valuations of such fixed income securities and certain convertible preferred securities consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or OTC prices.

Trading on European and Asian exchanges and OTC markets is typically completed at various times before the close of business on each day on which the NYSE is open. Each security trading on these exchanges or OTC markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

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If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees. Each Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

**TAXATION**

The following summarizes certain additional federal income tax considerations generally affecting the Funds and their shareholders. The discussion is for general information only and does not purport to consider all aspects of U.S. federal income taxation that might be relevant to beneficial owners of shares of the Funds. The discussion is based upon current provisions of the Code, existing regulations promulgated thereunder, and administrative and judicial interpretations thereof, all of which are subject to change, which change could be retroactive. The discussion applies only to beneficial owners of Fund shares in whose hands such shares are capital assets within the meaning of Section 1221 of the Code, and may not apply to certain types of beneficial owners of shares (such as insurance companies, financial institutions, tax exempt organizations, broker-dealers, persons investing through tax-qualified plans or other tax-advantaged arrangements) who may be subject to special rules. Persons who may be subject to tax in more than one country should consult the provisions of any applicable tax treaty to determine the potential tax consequences to them. Prospective investors should consult their own tax advisers with regard to the federal tax consequences of the purchase, ownership and disposition of Fund shares, as well as the tax consequences arising under the laws of any state, foreign country, or other taxing jurisdiction. The discussion here and in the prospectus is not intended as a substitute for careful tax planning.

Each Fund has elected to be treated as a regulated investment company under the Code and intends each year to qualify and be eligible to be treated as such. To qualify as a regulated investment company, each Fund generally must, among other things, (a) derive in each taxable year at least 90% of its gross income from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and (ii) net income derived from interests in certain "qualified publicly traded partnerships" ("Qualifying Income Test"); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's assets is represented by cash, U.S. Government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other regulated investment companies) of any one issuer, two or more issuers which the Fund controls and which are engaged in the same, similar or related trades or businesses or one or more "qualified publicly traded partnerships" ("Diversification Test"); and (c) distribute with respect to each taxable year at least the sum of (i) 90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains in excess of any net long-term capital losses) and (ii) 90% of its tax exempt income, net of expenses allocable thereto.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from an equity investment in a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the regulated investment company. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" will be treated as qualifying income. A "qualified publicly traded partnership" is one in which the interests are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and that derives less than 90% of its income from the qualifying

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income described in paragraph (a)(i) above. In general, such entities will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). MLPs, if any, in which a Fund invests generally will qualify as qualified publicly traded partnerships. In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above.

The Treasury Department is authorized to promulgate regulations under which gains from foreign currencies (and options, futures, and forward contracts on foreign currency) would constitute qualifying income for purposes of the Qualifying Income Test only if such gains are directly related to investing in securities. To date, such regulations have not been issued.

A regulated investment company generally must look through any of 20% or more voting interest it owns in a corporation, including another regulated investment company, to the underlying assets thereof for purposes of the Diversification Test; special rules potentially providing limited relief from the application of this rule apply where a regulated investment company owns such an interest in an underlying regulated investment company.

If a Fund were to fail to qualify as a regulated investment company accorded special tax treatment for any taxable year, the Fund would be subject to tax on its taxable income at corporate income tax rates (without any deduction for distributions to its shareholders), and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends received deduction in the case of corporate shareholders and reduced rates of taxation on qualified dividend income in the case of individuals. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company that is accorded special tax treatment. The remainder of this discussion assumes that each Fund will qualify as a regulated investment company.

As a regulated investment company, a Fund generally will not be subject to U.S. federal income tax on its investment company taxable income and net capital gains (any net long-term capital gains in excess of the sum of net short-term capital losses and capital loss carryovers from prior years) properly reported by the Fund as capital gain dividends, if any, that it distributes to shareholders on a timely basis. Each Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income and any net capital gains. In addition, amounts not distributed by a Fund on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax. To avoid the tax, a Fund must distribute during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (and adjusted for certain ordinary losses) for the twelve month period ending on October 31, and (3) all ordinary income and capital gains for previous years that were not distributed during such years. A distribution will be treated as paid on December 31 of the calendar year if it is declared by a Fund in October, November, or December of that year to shareholders of record on a date in such a month and paid by the Fund during January of the following year. Such distributions will be treated as paid to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. To avoid application of the excise tax, each Fund intends to make its distributions in accordance with the calendar year distribution requirement.

**DISTRIBUTIONS**

Dividends and distributions from a Fund, whether received in shares or cash, generally are taxable to shareholders and must be reported on each shareholder's federal income tax return. Dividends paid out of a Fund's investment company taxable income generally will be taxable to a U.S. shareholder as ordinary income.

A portion of the dividends paid by certain Funds may qualify for the dividends received deduction available to corporate shareholders under Section 243 of the Code or the reduced rates of taxation under Section 1(h)(11) of the Code that apply to "qualified dividend income" received by noncorporate shareholders, provided holding period and other requirements are met at both the shareholder and Fund level. Distributions of net capital gains — that is, the excess, if any, of net long-term gain over

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net short-term loss — properly reported by a Fund as capital gain dividends, generally are taxable to shareholders as long-term capital gains, regardless of how long the shareholder has held a Fund's shares, and are not eligible for the dividends received deduction. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of gains from investments that a Fund owned for one year or less will generally be taxable to shareholders as ordinary income.

Any distributions in excess of a Fund's current and accumulated earnings and profits will be characterized as a return of capital to shareholders to the extent of their basis in their Fund shares and, thereafter, as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Distributions are taxable to shareholders as described herein even if they are paid from income or gains earned by a Fund before a shareholder's investment (and thus effectively were included in the price the shareholder paid). The tax treatment of dividends and distributions will be the same whether a shareholder reinvests them in additional shares or elects to receive them in cash.

Distributions by a Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a regulated investment company from REITs, to the extent such dividends are properly reported as such by the regulated investment company in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying regulated investment company shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so. Subject to future regulatory guidance to the contrary, a distribution of income attributable to qualified publicly traded partnership income from a Fund's investment in an MLP will ostensibly not qualify for the deduction that would be available to a non-corporate shareholder were the shareholder to own such MLP directly.

**SALES OF SHARES**

Upon the disposition of shares of a Fund (whether by redemption, sale or exchange), a shareholder may realize a gain or loss. Such gain or loss will be capital gain or loss if the shares are capital assets in the shareholder's hands, and will be long-term or short-term generally depending upon the shareholder's holding period for the shares. Any loss realized on a disposition of Fund shares will be disallowed to the extent the shares disposed of are replaced with substantially identical shares within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received by the shareholder with respect to such shares.

Depending on certain factors relating to a Fund's ownership in an underlying fund both before and after a redemption, a Fund's redemption of shares of such underlying fund may cause the Fund to be treated not as realizing capital gain or loss in the amount by which the redemption proceeds exceed the Fund's tax basis in the shares of the underlying fund, but instead to be treated as receiving a taxable dividend in the full amount of the redemption proceeds. Dividend treatment of a redemption by a Fund would affect the amount and character of income required to be distributed by both the Fund and the underlying fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as a "qualified dividend income"; otherwise, it would be taxable as ordinary income and could cause shareholders of a Fund that invests in underlying funds to recognize higher amounts of ordinary income than if the shareholders had held the shares of the underlying funds directly.

**MEDICARE TAX ON CERTAIN INVESTMENT INCOME**

Certain noncorporate taxpayers are subject to an additional tax of 3.8% with respect to the lesser of (1) their "net investment income" or (2) the excess of their "modified adjusted gross income" over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers). For this purpose, "net investment income" includes interest, dividends (including dividends paid with respect to shares), annuities, royalties, rent, net gain attributable to the disposition of property not held in a trade or business (including net gain from the sale, exchange or other taxable disposition of shares) and certain other income, but will be reduced by any deductions properly allocable to such income or net gain.

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**OPTIONS, FUTURES AND FORWARD CONTRACTS, AND SWAP AGREEMENTS OR DERIVATIVES**

A Fund may purchase and sell put and call options. In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of a Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain options, futures contracts, forward contracts, foreign currency positions and swap agreements used by the Funds may be governed by Section 1256 of the Code ("Section 1256 contracts"). Any gains or losses on Section 1256 contracts are generally considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

Generally, the hedging transactions and certain other transactions in options, futures and forward contracts undertaken by a Fund, may trigger the straddle rules contained primarily in Section 1092 of the Code. In some cases, the straddle rules also could apply in connection with swap agreements. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. The straddle rules and the rules governing qualified covered calls may affect the character of gains (or losses) realized by a Fund by causing gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be. In addition, losses realized by a Fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which such losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences to a Fund of transactions in options, futures, forward contracts, and swap agreements are not entirely clear.

A Fund may make one or more of the elections available under the Code which are applicable to straddles. If a Fund makes any of the elections, the amount, character and timing of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections operate to accelerate the recognition of gains or losses from the affected straddle positions. Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not engage in such hedging transactions.

In addition, a Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules), which could affect the amount, timing and/or character of distributions to shareholders. The qualifying income and diversification requirements applicable to a Fund's assets may limit the extent to which the Fund will be able to engage in transactions in options, futures contracts, forward contracts, swap agreements, and other derivative instruments.

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Rules governing the tax aspects of swap agreements and other derivative instruments are in a developing stage and are not entirely clear in certain respects. Accordingly, while the Funds intend to account for such transactions in a manner they deem to be appropriate, the IRS might not accept such treatment. If it did not, the status of a Fund as a regulated investment company might be affected. Calamos Advisors intends to monitor developments in this area.

An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level tax.

**SHORT SALES**

Certain Funds may make short sales of securities. Short sales may increase the amount of short-term capital gain realized by a Fund, which is taxed as ordinary income when distributed to shareholders.

**PASSIVE FOREIGN INVESTMENT COMPANIES**

Certain Funds may invest in the stock of foreign corporations which may be classified under the Code as passive foreign investment companies ("PFICs"). In general, a foreign corporation is classified as a PFIC for a taxable year if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. If a Fund receives a so-called "excess distribution" with respect to PFIC stock, the Fund itself may be subject to tax on a portion of the excess distribution, whether or not the corresponding income is distributed by the Fund to stockholders. In general, under the PFIC rules, an excess distribution is treated as having been realized ratably over the period during which the Fund held the PFIC stock. A Fund itself will be subject to tax on the portion, if any, of an excess distribution that is so allocated to prior taxable years and an interest factor will be added to the tax, as if the tax had been payable in such prior taxable years. Certain distributions from a PFIC as well as gain from the sale of PFIC stock are treated as excess distributions. Excess distributions are characterized as ordinary income even though, absent application of the PFIC rules, certain excess distributions might have been classified as capital gain.

A Fund may be eligible to elect alternative tax treatment with respect to PFIC stock. Under an election that currently is available in some circumstances, a Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether distributions are received from the PFIC in a given year. If this election were made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply. Alternatively, another election may be available that would involve marking to market a Fund's PFIC shares at the end of each taxable year (and on certain other dates prescribed in the Code), with the result that unrealized gains (and to a limited extent losses) are treated as though they were realized on the last day of the Fund's taxable year and reported as ordinary income or loss. Any mark-to-market losses and any loss from an actual disposition of PFIC shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income with respect to such shares in prior years. If this election were made, tax at the Fund level under the PFIC rules would generally be eliminated, but the Fund could, in limited circumstances, incur nondeductible interest charges. A Fund's intention to qualify annually as a regulated investment company may limit its elections with respect to PFIC shares.

Because the application of the PFIC rules may affect, among other things, the character of gains and the amount of gain or loss and the timing of the recognition of income with respect to PFIC shares, and may subject a Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to shareholders and will be taxed to shareholders as ordinary income or long-term capital gain may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. Dividends paid by PFICs are not eligible to be treated as "qualified dividend income."

**FOREIGN CURRENCY TRANSACTIONS**

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a Fund accrues income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are treated as ordinary income or loss. Similarly, on disposition of debt securities denominated in a foreign currency and on disposition of certain other instruments, gains or losses attributable to fluctuations in the value of the foreign currency between the date of acquisition of the security or contract and the date of disposition also are treated as ordinary gain or loss. These gains and losses, referred to under the Code as "section 988" gains or losses, may increase or decrease the amount of a Fund's investment company taxable income to be distributed to its shareholders as ordinary income, and affect the timing as well as character of distributions.

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**FOREIGN TAXATION**

Income, gains and proceeds received by the Funds from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes. In addition, the Funds intend to minimize foreign taxation in cases where it is deemed prudent to do so. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, such Fund will be eligible to elect to "pass-through" to the Fund's shareholders the amount of foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his taxable income or to use it (subject to limitations) as a foreign tax credit against his or her U.S. federal income tax liability. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund's taxable year if the foreign taxes paid by the Fund will "pass-through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders. With respect to such Funds, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by the Fund.

**ORIGINAL ISSUE DISCOUNT AND MARKET DISCOUNT**

Some of the debt securities with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) that may be acquired by a Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in the Fund's income and required to be distributed by the Fund over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities may be treated as a dividend for federal income tax purposes.

Some of the debt securities with a fixed maturity date of more than one year from the date of issuance that may be acquired by a Fund in the secondary market may be treated as having "market discount". Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with original issue discount, its "revised issue price") over the purchase price of such obligation. Subject to the discussion below regarding Section 451 of the Code, (i) generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security, (ii) alternatively, a Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security, and (iii) the rate at which the market discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects. Notwithstanding the foregoing, effective for taxable years beginning after 2017, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross income no later than the time at which such items are taken into account as revenue in the taxpayer's financial statements. The IRS and the Department of Treasury have issued final regulations providing that this rule does not apply to the accrual of market discount. If this rule were to apply to the accrual of market discount, the Fund would be required to include in income any market discount as it takes the same into account on its financial statements even if a Fund does not otherwise elect to accrue market discount currently for federal income tax purposes.

Some debt securities with a fixed maturity date of one year or less from the date of issuance that may be acquired by a Fund may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). Generally, the Fund will be required to include the OID or acquisition discount in income over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

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A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends received deduction to the extent attributable to the deemed dividend portion of such OID. A Fund generally will be required to distribute dividends to shareholders representing discount on debt securities that is currently includable in income, even though cash representing such income may not have been received by the Fund. Cash to pay such dividends may be obtained from sales proceeds of securities held by the Fund.

Investments in debt obligations that are at risk of or in default present special tax issues for a Fund. Tax rules are not entirely clear about issues such as whether or to what extent a Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

**CONSTRUCTIVE SALES**

Certain rules may affect the timing and character of gain if a Fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If a Fund enters into certain transactions (including, but not limited to, short sales) in property while holding substantially identical property, the Fund would be treated as if it had sold and immediately repurchased the property and would be taxed on any gain (but not loss) from the constructive sale. The character of gain from a constructive sale would depend upon the Fund's holding period in the property. Loss from a constructive sale would be recognized when the property was subsequently disposed of, and its character would depend on the Fund's holding period and the application of various loss deferral provisions of the Code.

**INVESTMENTS IN MASTER LIMITED PARTNERSHIPS**

A Fund's ability to make direct and indirect investments in MLPs and certain non-U.S. entities is limited by the Fund's intention to qualify as a regulated investment company, and if the Fund does not appropriately limit such investments or if such investments are re-characterized for U.S. federal income tax purposes, the Fund's status as a regulated investment company may be jeopardized. Among other limitations, the Fund is permitted to have no more than 25% of the value of its total assets invested in qualified publicly traded partnerships, including MLPs.

**INVESTMENTS IN OTHER REGULATED INVESTMENT COMPANIES**

A Fund's investments in shares of another mutual fund, ETF or another company that qualifies as a regulated investment company (each, an "investment company") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the investment company, rather than in shares of the investment company. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment company.

A Fund that invests in shares of other investment companies will not be able to offset gains realized by one underlying fund in which the Fund invests against losses realized by another underlying fund in which the Fund invests. A Fund's investments in underlying funds could therefore affect the amount, timing and character of distributions to shareholders.

**BACKUP WITHHOLDING**

A Fund may be required to withhold on all taxable distributions payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal tax liability.

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**NON-U.S. SHAREHOLDERS**

Withholding of Income Tax on Dividends: Under U.S. federal tax law, dividends paid on shares beneficially held by a person who is not a "U.S. person" within the meaning of the Code (a "foreign person"), are, in general, subject to withholding of U.S. federal income tax at a rate of 30% of the gross dividend, which may, in some cases, be reduced by an applicable tax treaty. However, if a beneficial holder who is a foreign person is eligible for the benefits of a tax treaty and has a permanent establishment in the United States, income effectively connected with the conduct by the beneficial holder of a trade or business in the United States and attributable to such permanent establishment will be subject to U.S. federal income taxation on a net basis at regular income tax rates.

Distributions by a Fund to foreign persons properly reported by the Fund as capital gain dividends, interest-related dividends and short-term capital gain dividends generally will not be subject to withholding of U.S. federal income tax. In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign person, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders.

The exceptions to withholding for capital gain dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign person who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is (or is treated as) effectively connected with the conduct by the foreign person of a trade or business within the United States, including distributions subject to special rules regarding the disposition of U.S. real property interests. The exception to withholding for interest-related dividends does not apply to distributions to a foreign person (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign person is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign person and the foreign person is a controlled foreign corporation. If a Fund invests in a RIC that pays capital gain dividends, short-term capital gain dividends or interest-related dividends to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign persons. A Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign persons should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by a Fund to foreign persons other than capital gain dividends, interest-related dividends and short-term capital gain dividends (e.g. distributions derived from any dividends on corporate stock, ordinary income other than U.S. source interest, foreign currency gains, foreign source interest, and ordinary income from swaps or investments in PFICs) would generally be subject to withholding at a rate of 30% (or lower applicable treaty rate). There can be no assurance as to the amount of distributions that would not be subject to withholding when paid to foreign persons.

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA"), generally require each Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. Each Fund may be required to withhold 30% of the ordinary dividends it pays to shareholders that fail to meet the prescribed information reporting or certification requirements. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or capital gain dividends the Fund pays. Non-U.S. investors should consult their own tax advisers regarding the impact of these requirements on their investment in the Fund.

Income Tax on Sale of a Fund's Shares: Under U.S. federal tax law, a beneficial holder of shares who is a foreign person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of such shares unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States or (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met.

------

The availability of reduced U.S. taxation pursuant to any applicable treaties depends upon compliance with established procedures for claiming the benefits thereof and may further, in some circumstances, depend upon making a satisfactory demonstration to U.S. tax authorities that a foreign investor qualifies as a foreign person under U.S. domestic tax law and such treaties.

**OTHER TAXATION**

Distributions also may be subject to additional state, local and foreign taxes, depending on each shareholder's particular situation. Under the laws of various states, distributions of investment company taxable income generally are taxable to shareholders even though all or a substantial portion of such distributions may be derived from interest on certain federal obligations which, if the interest were received directly by a resident of such state, would be exempt from such state's income tax ("qualifying federal obligations"). However, some states may exempt all or a portion of such distributions from income tax to the extent the shareholder is able to establish that the distribution is derived from qualifying federal obligations. Moreover, for state income tax purposes, interest on some federal obligations generally is not exempt from taxation, whether received directly by a shareholder or through distributions of investment company taxable income (for example, interest on FNMA Certificates and GNMA Certificates). Each Fund will provide information annually to shareholders indicating the amount and percentage of a Fund's dividend distribution which is attributable to interest on federal obligations, and will indicate to the extent possible from what types of federal obligations such dividends are derived. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund.

**COST BASIS REPORTING**

Each Fund (or its administrative agent) is required to report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares purchased on or after January 1, 2012, and sold on or after that date. For each sale of Fund shares the Fund will permit Fund shareholders to elect from among several IRS-accepted cost basis methods, including average cost. In the absence of an election, the Fund will use the average cost method as a default cost basis method for the Fund's direct shareholders. Shareholders who purchase Fund shares through a broker or other intermediary should contact that broker or intermediary regarding the applicable default method, or other electable method, as these methods may vary. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirement applies to them.

**GENERAL CONSIDERATIONS**

The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific federal tax consequences of purchasing, holding, and disposing of shares of a Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

The following table shows the only persons known to own beneficially (as determined in accordance with Rule 13d-3 under the 1934 Act) 5% or more of the outstanding shares of any Fund at January 31, 2023.

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
| CALAMOS MARKET NEUTRAL INCOME CLASS A | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12 <br>NEW YORK NY 10004-1965 | 16,830,365.9460<br>20.24% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>ATTN FUND ADMIN-97HC6<br>4800 DEER LAKE DR E 2ND FLOOR<br>JACKSONVILLE FL 32246-6484 | 16,729,498.7820<br>20.12% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 12,255,567.3180<br>14.74% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 7,062,470.7850<br>8.49% |
|  | TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS<br>PO BOX 2226<br>OMAHA NE 68103-2226 | 5,429,161.5980<br>6.53% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 4,951,120.4440<br>5.96% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 4,563,400.8930<br>5.49% |
| CALAMOS MARKET NEUTRAL INCOME CLASS C | MERRILL LYNCH PIERCE FENNER & SMITH <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>ATTN FUND ADMIN- 97KS6<br>4800 DEER LAKE DR E 2ND FLOOR<br>JACKSONVILLE FL 32246-6484 | 4,353,304.7800<br>21.01% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 4,065,844.8350<br>19.62% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 3,767,798.2210<br>18.18% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 2,370,963.6740<br>11.44% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 1,613,090.1290<br>7.79% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 1,210,513.6660<br>5.84% |
| CALAMOS MARKET NEUTRAL INCOME CLASS I | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 182,976,690.4690<br>18.62% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 134,721,896.4450<br>13.71% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>ATTN FUND ADMIN-97HC6<br>4800 DEER LAKE DR E 2ND FLOOR<br>JACKSONVILLE FL 32246-6484 | 118,108,241.8660<br>12.02% |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 89,042,123.9720<br>9.06% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 68,595,103.3010<br>6.98% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 60,912,065.3440<br>6.20% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 56,544,024.4670<br>5.75% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 50,042,392.2590<br>5.09% |
| CALAMOS MARKET NEUTRAL INCOME FUND R6 | MAILCODE BD1N — ATTN MF<br>C/O RELIANCE TRUST COMPANY WI<br>MARIL & CO FBO 47<br>4900 W BROWN DEER ROAD<br>MILWAUKEE WI 53223-2422 | 1,312,712.2900<br>40.33% |
|  | AMERICAN UNITED LIFE INS CO<br>UNIT INVESTMENT TRUST<br>PO BOX 368<br>INDIANAPOLIS IN 46206-0368 | 1,053,274.5670<br>32.36% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 248,353.0160<br>7.63% |
| CALAMOS HEDGED EQUITY FUND CLASS A | TD AMERITRADE INC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS<br>PO BOX 2226<br>OMAHA NE 68103-2226 | 860,836.4720<br>36.79% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 492,045.6090<br>21.03% |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 342,361.9190<br>14.63% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 218,340.6830<br>9.33% |
| CALAMOS HEDGED EQUITY FUND CLASS C | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 195,277.7920<br>31.91% |
|  | STIFEL NICOLAUS & CO INC<br>EXCLUSIVE BENEFIT OF CUSTOMERS<br>501 NORTH BROADWAY<br>ST LOUIS MO 63102-2188 | 146,685.9740<br>23.97% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 97,720.8990<br>15.97% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 79,046.4880<br>12.92% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 43,612.7270<br>7.13% |
| CALAMOS HEDGED EQUITY FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 14,305,140.7870<br>36.41% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 6,688,875.6670<br>17.02% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 4,551,442.3970<br>11.58% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 3,225,540.3820<br>8.21% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 2,614,887.5520<br>6.66% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 2,183,624.0060<br>5.56% |
| CALAMOS PHINEUS LONG/SHORT FUND CLASS A | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 961,029.8840<br>23.53% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 663,575.6270<br>16.24% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 607,657.9580<br>14.87% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 392,569.5860<br>9.61% |
|  | TD AMERITRADE INC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS<br>PO BOX 2226<br>OMAHA NE 68103-2226 | 324,582.3250<br>7.95% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-2052 | 311,458.3790<br>7.62% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 262,546.2970<br>6.43% |
| CALAMOS PHINEUS LONG/SHORT FUND CLASS C | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 506,429.0800<br>21.24% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 412,123.0400<br>17.28% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 383,473.7390<br>16.08% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-2052 | 377,856.7030<br>15.84% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 341,884.4890<br>14.34% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 177,612.4990<br>7.45% |
| CALAMOS PHINEUS LONG/SHORT FUND CLASS I | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 18,161,504.8860<br>35.27% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 7,260,492.9350<br>14.10% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 5,967,679.1720<br>11.59% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 5,513,079.3060<br>10.71% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 5,322,916.9290<br>10.34% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-2052 | 3,964,451.3040<br>7.70% |
| CALAMOS CONVERTIBLE FUND CLASS A | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 2,674,777.6480<br>18.23% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 1,898,956.5360<br>12.95% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 1,805,297.8770<br>12.31% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 1,340,252.2550<br>9.14% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>ATTN FUND ADMIN-97HC5<br>4800 DEER LAKE DR E FL 2<br>JACKSONVILLE FL 32246-6484 | 1,286,183.9730<br>8.77% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 999,184.5090<br>6.81% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 790,414.6590<br>5.39% |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 766,428.4400<br>5.22% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 752,475.8470<br>5.13% |
| CALAMOS CONVERTIBLE FUND CLASS C | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 426,435.4920<br>19.18% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 392,136.2650<br>17.64% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 341,301.8780<br>15.35% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 286,884.9600<br>12.90% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 256,954.2860<br>11.56% |
|  | RBC CAPITAL MARKETS LLC<br>MUTUAL FUND OMNIBUS PROCESSING OMNIBUS<br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL STE 1200 STE 1800<br>MINNEAPOLIS MN 55401-7554 | 183,308.2640<br>8.25% |
| CALAMOS CONVERTIBLE FUND CLASS I | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 9,601,333.2720<br>24.47% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 4,786,239.4350<br>12.20% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 4,072,407.9310<br>10.38% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 3,916,344.2020<br>9.98% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 3,493,482.7660<br>8.90% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 3,245,718.2140<br>8.27% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 2,755,362.0930<br>7.02% |
| CALAMOS GLOBAL CONVERTIBLE FUND CLASS A | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 291,530.6610<br>33.78% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 129,467.7510<br>15.00% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 126,030.7880<br>14.60% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 55,395.2070<br>6.42% |
|  | RBC CAPITAL MARKETS LLC<br>MUTUAL FUND OMNIBUS PROCESSING OMNIBUS<br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL STE 1200 STE 1800<br>MINNEAPOLIS MN 55401-7554 | 51,831.8100<br>6.01% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 49,840.5340<br>5.77% |
| CALAMOS GLOBAL CONVERTIBLE FUND CLASS C | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 157,167.2080<br>45.09% |
|  | STIFEL NICOLAUS & CO INC<br>EXCLUSIVE BENEFIT OF CUSTOMERS<br>501 NORTH BROADWAY<br>ST LOUIS MO 63102-2188 | 73,275.4210<br>21.02% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 69,450.9620<br>19.93% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 26,181.6670<br>7.51% |
| CALAMOS GLOBAL CONVERTIBLE FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 8,766,885.5080<br>75.68% |
|  | RBC CAPITAL MARKETS LLC<br>MUTUAL FUND OMNIBUS PROCESSING OMNIBUS<br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL STE 1200 STE 1800<br>MINNEAPOLIS MN 55401-7554 | 718,750.0120<br>6.20% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 623,705.6600<br>5.38% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
| CALAMOS TIMPANI SMALL CAP GROWTH FUND A | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 293,962.9120<br>33.69% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 171,412.2040<br>19.65% |
|  | TD AMERITRADE INC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS<br>PO BOX 2226<br>OMAHA NE 68103-2226 | 90,357.3760<br>10.36% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 77,615.8420<br>8.90% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 71,599.6560<br>8.21% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 68,292.2740<br>7.83% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 48,211.3890<br>5.53% |
| CALAMOS TIMPANI SMALL CAP GROWTH FUND C | RBC CAPITAL MARKETS LLC<br>MUTUAL FUND OMNIBUS PROCESSING OMNIBUS<br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL STE 1200 STE 1800<br>MINNEAPOLIS MN 55401-7554 | 73,487.9270<br>42.73% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 30,391.8630<br>17.67% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 26,149.6820<br>15.20% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 26,027.9130<br>15.13% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 12,239.7230<br>7.12% |
| CALAMOS TIMPANI SMALL CAP GROWTH FUND I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 4,526,878.3440<br>43.18% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 1,326,030.4690<br>12.65% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 1,164,707.0200<br>11.11% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 878,846.7340<br>8.38% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER <br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 536,290.7900<br>5.12% |
| CALAMOS TIMPANI SMALL CAP GROWTH FUND R6 | JOHN HANCOCK TRUST COMPANY LLC<br>200 BERKELEY ST STE 7<br>BOSTON MA 02116-5038 | 390,154.6290<br>47.06% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 189,067.9090<br>22.81% |
|  | RELIANCE TRUST CO FBO<br>SALEM TRUST EB R/R<br>PO BOX 78446<br>ATLANTA GA 30357 | 125,344.3000<br>15.12% |
|  | STATE STREET BANK TRUSTEE<br>AND/OR CUSTODIAN<br>FBO ADP ACCESS PRODUCT<br>1 LINCOLN ST<br>BOSTON MA 02111-2901 | 51,442.3810<br>6.21% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 51,319.4680<br>6.19% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
| CALAMOS TIMPANI SMID GROWTH FUND CLASS A | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 11,238.7740<br>37.72% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 10,160.5530<br>34.10% |
|  | DAVID L COWGUILL<br>2020 CALAMOS COURT<br>NAPERVILLE IL 60563-2787 | 6,290.1100<br>21.11% |
| CALAMOS TIMPANI SMID GROWTH FUND CLASS I | CALAMOS FAMILY PARTNERS INC<br>ATTN CFP ACCOUNTING<br>2020 CALAMOS COURT <br>NAPERVILLE IL 60563-2796 | 1,126,081.9920<br>66.27% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 442,533.4100<br>26.04% |
| CALAMOS TIMPANI SMID GROWTH FUND CLASS R6 | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS <br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 33,606.1210<br>96.76% |
| CALAMOS GROWTH FUND CLASS A | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 3,641,867.1350<br>11.77% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 3,435,733.7040<br>11.11% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 3,092,200.7600<br>10.00% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 2,801,543.4230<br>9.06% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>4800 DEER LAKE DR E FL 97HC3<br>JACKSONVILLE FL 32246-6484 | 2,201,153.8360<br>7.12% |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 1,548,519.8690<br>5.01% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
| CALAMOS GROWTH FUND CLASS C | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 141,610.8890<br>14.36% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 138,507.3240<br>14.05% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 70,693.9190<br>7.17% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 69,440.5210<br>7.04% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 58,899.2870<br>5.97% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 57,514.0090<br>5.83% |
| CALAMOS GROWTH FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 1,229,437.0570<br>22.24% |
|  | JP MORGAN SECURITIES LLC<br>FOR EXCLUSIVE BENEFIT OF CUSTOMERS<br>3 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245-0001 | 1,020,485.7370<br>18.46% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS <br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 836,028.3090<br>15.12% |
|  | WELLS FARGO CLEARING SERVICES LLC <br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 584,926.6640<br>10.58% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 512,598.3140<br>9.27% |
| CALAMOS GROWTH & INCOME FUND CLASS A | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 3,621,855.4620<br>11.45% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 3,455,472.5780<br>10.93% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>ATTN FUND ADMIN-97HC4<br>4800 DEER LAKE DR E 2ND FLOOR<br>JACKSONVILLE FL 32246-6484 | 2,893,101.3210<br>9.15% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 2,791,083.7570<br>8.82% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 2,341,116.2640<br>7.40% |
|  | RAYMOND JAMES <br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 1,986,443.0970<br>6.28% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI <br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 1,696,596.7440<br>5.36% |
| CALAMOS GROWTH & INCOME FUND CLASS C | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 468,574.1040<br>21.52% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 322,113.6350<br>14.79% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 251,795.0820<br>11.56% |

---

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---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 193,672.8170<br>8.89% |
|  | RAYMOND JAMES <br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015 <br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 183,817.7810<br>8.44% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS <br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 159,163.7260<br>7.31% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 113,766.6890<br>5.22% |
| CALAMOS GROWTH & INCOME FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 4,131,492.0940<br>15.42% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 3,412,304.7390<br>12.74% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS <br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 2,915,384.0550<br>10.88% |
|  | RAYMOND JAMES <br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015 <br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 2,799,559.7310<br>10.45% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 2,526,464.6280<br>9.43% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 2,356,576.3750<br>8.80% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 1,697,056.8440<br>6.34% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 1,409,495.9000<br>5.26% |
| CALAMOS GROWTH & INCOME FUND — R6 | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 372,629.9370<br>77.48% |
|  | MATRIX TRUST COMPANY CUST FBO<br>W G CLARK CONSTRUCTION COMPANY<br>RETIREMENT PLANS<br>PO BOX 52129<br>PHOENIX AZ 85072-2129 | 67,476.1900<br>14.03% |
| CALAMOS DIVIDEND GROWTH FUND CLASS A | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 104,244.6990<br>26.71% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 99,199.0250<br>25.41% |
|  | NATIONAL FINANCIAL SERVICES LLC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 58,247.2620<br>14.92% |
|  | RBC CAPITAL MARKETS LLC <br>MUTUAL FUND OMNIBUS PROCESSING OMNIBUS <br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL STE 1200 STE 1800<br>MINNEAPOLIS MN 55401-7554 | 37,295.9300<br>9.55% |
| CALAMOS DIVIDEND GROWTH FUND CLASS C | PERSHING LLC <br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 151,901.9700<br>84.04% |
|  | NATIONAL FINANCIAL SERVICES LLC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 13,904.2350<br>7.69% |
| CALAMOS DIVIDEND GROWTH FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 643,114.8750<br>89.99% |
| CALAMOS SELECT FUND CLASS A | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 101,136.2770<br>13.63% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 77,208.0200<br>10.41% |
|  | EDWARD D JONES & CO <br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER RD <br>SAINT LOUIS MO 63131-3710 | 63,694.4210<br>8.58% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 58,496.8180<br>7.88% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 45,584.3880<br>6.14% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 38,985.9800<br>5.25% |
| CALAMOS SELECT FUND CLASS C | WELLS FARGO CLEARING SERVICES LLC <br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 5,291.5690<br>54.57% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 1,030.4480<br>10.63% |
|  | US BANK NA CUST<br>WILLIAM GRANZEN ROTH IRA<br>2020 CALAMOS COURT<br>NAPERVILLE IL 60563-2787 | 919.2380<br>9.48% |
|  | US BANK NA CUST <br>FRANC E FLOTRON ROTH IRA<br>2020 CALAMOS COURT <br>NAPERVILLE IL 60563-2787 | 623.2760<br>6.43% |
| CALAMOS SELECT FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 1,178,498.4040<br>63.10% |
|  | JP MORGAN SECURITIES LLC<br>FOR EXCLUSIVE BENEFIT OF CUSTOMERS<br>3 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245-0001 | 566,706.1960<br>30.34% |
| CALAMOS INTERNATIONAL GROWTH FUND CLASS A | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 279,851.3570<br>9.91% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>4800 DEER LAKE DR E FL 97HC3<br>JACKSONVILLE FL 32246-6484 | 255,078.4560<br>9.03% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 221,379.5500<br>7.84% |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 207,305.7270<br>7.34% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 202,826.4100<br>7.18% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 151,984.7440<br>5.38% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 146,834.3490<br>5.20% |
| CALAMOS INTERNATIONAL GROWTH FUND CLASS C | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 39,669.8860<br>27.47% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 30,527.1090<br>21.14% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 21,169.0780<br>14.66% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 16,084.3210<br>11.14% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 9,012.5370<br>6.24% |
| CALAMOS INTERNATIONAL GROWTH FUND CLASS I | PIMS/PRUDENTIAL RETIREMENT<br>AS NOMINEE FOR THE TTEE/CUST PL <br>765 FRESENIUS KABI USA, LLC SAVINGS<br>THREE CORPORATE DRIVE<br>LAKE ZURICH IL 60047-8930 | 1,326,523.7850<br>15.07% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | MINNESOTA LIFE INSURANCE COMPANY<br>400 ROBERT STREET NORTH<br>SAINT PAUL MN 55101-2099 | 1,319,787.1250<br>14.99% |
|  | JP MORGAN SECURITIES LLC<br>FOR EXCLUSIVE BENEFIT OF CUSTOMERS<br>3 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245-0001 | 1,251,285.9500<br>14.21% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 1,209,411.8020<br>13.74% |
|  | TD AMERITRADE INC FOR THE<br>EXCLUSIVE BENEFIT OF OUR CLIENTS<br>PO BOX 2226<br>OMAHA NE 68103-2226 | 813,854.2050<br>9.24% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 521,874.5000<br>5.93% |
| CALAMOS INTERNATIONAL GROWTH FUND CLASS R6 | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 81,822.9410<br>32.55% |
|  | MID ATLANTIC TRUST COMPANY FBO<br>ROSWELL PEDIATRIC CENTER, P C 401(<br>1251 WATERFRONT PLACE SUITE 525<br>PITTSBURGH PA 15222-4228 | 28,402.3800<br>11.30% |
|  | EMPOWER TRUST FBO<br>RETIREMENT PLANS<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111-5002 | 23,815.7070<br>9.47% |
|  | STATE STREET BANK & TRUST TRUSTEE<br>AND/OR CUSTODIAN<br>FBO ADP ACCESS PRODUCT<br>1 LINCOLN ST<br>BOSTON MA 02111-2901 | 22,016.4640<br>8.76% |
|  | ASCENSUS TRUST COMPANY FBO<br>MARIN & MONTANYE LLP 401(K) PROFIT<br>215666<br>P O BOX 10758<br>FARGO ND 58106-0758 | 15,405.1780<br>6.13% |
|  | ASCENSUS TRUST COMPANY FBO<br>MEDICAL ASSOCIATES PEDIATRICS 401(K 269136<br>P O BOX 10758<br>FARGO ND 58106-0758 | 14,385.1050<br>5.72% |
| CALAMOS EVOLVING WORLD GROWTH FUND CLASS A | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 447,989.5120<br>17.81% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 406,299.6850<br>16.15% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 310,714.2020<br>12.35% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 200,674.0370<br>7.98% |
|  | TD AMERITRADE INC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS<br>PO BOX 2226<br>OMAHA NE 68103-2226 | 182,834.1250<br>7.27% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 178,419.6920<br>7.09% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>4800 DEER LAKE DR E FL 97HC3<br>JACKSONVILLE FL 32246-6484 | 143,915.8200<br>5.72% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 126,521.8400<br>5.03% |
| CALAMOS EVOLVING WORLD GROWTH FUND CLASS C | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 87,633.9180<br>21.09% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 76,872.9340<br>18.50% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 68,021.2470<br>16.37% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 62,273.3660<br>14.99% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 37,206.7670<br>8.95% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 21,165.1860<br>5.09% |
| CALAMOS EVOLVING WORLD GROWTH FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 4,170,483.4810<br>18.55% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT<br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 3,819,897.4620<br>16.99% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 3,080,886.1590<br>13.70% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 2,610,212.2760<br>11.61% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 2,009,428.7210<br>8.94% |
|  | JP MORGAN SECURITIES LLC<br>FOR EXCLUSIVE BENEFIT OF CUSTOMERS<br>3 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245-0001 | 1,273,568.0410<br>5.66% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 1,251,836.1290<br>5.57% |
| CALAMOS GLOBAL EQUITY FUND CLASS A | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>4800 DEER LAKE DR E FL 97HC3<br>JACKSONVILLE FL 32246-6484 | 200,636.6160<br>10.88% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 191,743.7130<br>10.40% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 178,939.5460<br>9.70% |
|  | EDWARD D JONES & CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER RD<br>SAINT LOUIS MO 63131-3710 | 160,103.5390<br>8.68% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT<br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 152,078.2310<br>8.25% |
|  | TALCOTT RESOLUTION LIFE INSURANCE C<br>PO BOX 5051<br>HARTFORD CT 06102-5051 | 106,891.8830<br>5.80% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 103,348.4870<br>5.60% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 93,044.1580<br>5.05% |
| CALAMOS GLOBAL EQUITY FUND CLASS C | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 18,477.6650<br>24.44% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 12,811.7920<br>16.95% |
|  | AMERICAN ENTERPRISE INVESTMENT SVC<br>707 2ND AVE S<br>MINNEAPOLIS MN 55402-2405 | 12,776.6000<br>16.90% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 9,752.1020<br>12.90% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 5,606.8370<br>7.42% |
| CALAMOS GLOBAL EQUITY FUND CLASS I | JP MORGAN SECURITIES LLC<br>FOR EXCLUSIVE BENEFIT OF CUSTOMERS<br>3 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245-0001 | 1,759,601.0610<br>40.61% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 1,328,353.0340<br>30.66% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | PRINCIPAL BANK FBO<br>CITY OF HOUSTON DEFERRED COMPENSATI TRUST<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111-5002 | 272,404.2160<br>6.29% |
| CALAMOS GLOBAL EQUITY FUND CLASS R6 | CALAMOS INVESTMENTS LLC<br>ATTN CORPORATE ACCOUNTING<br>2020 CALAMOS COURT<br>NAPERVILLE IL 60563-2787 | 948.2300<br>100.00% |
| CALAMOS GLOBAL OPPORTUNITIES FUND CLASS A | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 1,474,731.2720<br>16.07% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 919,648.6960<br>10.02% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 767,001.9500<br>8.36% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 759,769.7250<br>8.28% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 709,675.9920<br>7.73% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>ATTN FUND ADMIN — 97KT2<br>4800 DEER LAKE DR E 2ND FLOOR<br>JACKSONVILLE FL 32246-6484 | 675,417.1380<br>7.36% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 645,484.3470<br>7.03% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 583,570.8150<br>6.36% |
|  | EDWARD D JONES & CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER RD<br>SAINT LOUIS MO 63131-3710 | 472,923.0550<br>5.15% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
| CALAMOS GLOBAL OPPORTUNITIES FUND CLASS C | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 259,521.1840<br>26.11% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 212,788.2520<br>21.40% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 180,449.1680<br>18.15% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 81,653.4900<br>8.21% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 53,259.2640<br>5.36% |
| CALAMOS GLOBAL OPPORTUNITIES FUND CLASS I | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 1,957,443.0800<br>16.48% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS OF MSSB<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 1,933,776.6630<br>16.29% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 1,800,601.4400<br>15.16% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 1,532,941.2970<br>12.91% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 1,381,505.7760<br>11.63% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 849,585.4740<br>7.15% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 608,301.9490<br>5.12% |
| CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND CLASS A | CALAMOS INVESTMENTS LLC<br>ATTN CORPORATE ACCOUNTING<br>2020 CALAMOS CT<br>NAPERVILLE IL 60563-2787 | 1,005.7810<br>43.87% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 682.3480<br>29.76% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 604.5950<br>26.37% |
| CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND CLASS C | CALAMOS INVESTMENTS LLC<br>ATTN CORPORATE ACCOUNTING<br>2020 CALAMOS CT<br>NAPERVILLE IL 60563-2787 | 1,004.9020<br>100.00% |
| CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 200,407.5390<br>71.61% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 79,417.6360<br>28.38% |
| CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND CLASS R6 | CALAMOS INVESTMENTS LLC<br>ATTN CORPORATE ACCOUNTING<br>2020 CALAMOS CT<br>NAPERVILLE IL 60563-2787 | 1,007.0050<br>100.00% |
| CALAMOS TOTAL RETURN BOND FUND CLASS A | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 220,387.2970<br>13.66% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 193,345.1000<br>11.98% |
|  | EDWARD D JONES & CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER RD<br>SAINT LOUIS MO 63131-3710 | 176,860.5440<br>10.96% |
|  | MERRILL LYNCH PIERCE FENNER & SMITH<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>4800 DEER LAKE DR E FL 97HC3<br>JACKSONVILLE FL 32246-6484 | 171,642.0650<br>10.64% |

---

------

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 130,472.8440<br>8.09% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 128,620.6980<br>7.97% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 113,046.7450<br>7.01% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 99,665.1340<br>6.18% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 97,918.9050<br>6.07% |
| CALAMOS TOTAL RETURN BOND FUND CLASS C | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 13,152.8930<br>27.16% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 9,261.8640<br>19.12% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 7,419.0930<br>15.32% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 6,299.2300<br>13.01% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN: COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 3,246.2300<br>6.70% |
| CALAMOS TOTAL RETURN BOND FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 1,384,590.8060<br>65.48% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | JP MORGAN SECURITIES LLC<br>FOR EXCLUSIVE BENEFIT OF CUSTOMERS<br>3 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245-0001 | 448,512.1670<br>21.21% |
| CALAMOS HIGH INCOME OPPORTUNITIES FUND CLASS A | JP MORGAN SECURITIES LLC<br>FOR EXCLUSIVE BENEFIT OF CUSTOMERS<br>3 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245-0001 | 1,420,234.9370<br>39.51% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLZ FL 12<br>NEW YORK NY 10004-1965 | 277,594.4130<br>7.72% |
|  | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 258,273.5220<br>7.18% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 217,206.5370<br>6.04% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT <br>FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 198,735.7230<br>5.53% |
| CALAMOS HIGH INCOME OPPORTUNITIES FUND CLASS C | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 38,346.5250<br>60.85% |
|  | WELLS FARGO CLEARING SERVICES LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 7,773.0010<br>12.34% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 7,327.7400<br>11.63% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 5,563.8310<br>8.83% |
| CALAMOS HIGH INCOME OPPORTUNITIES FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 579,565.5040<br>46.63% |

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| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br>PERCENT OF TOTAL SHRS** |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM 92500015<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | 257,984.5150<br>20.76% |
|  | CHARLES SCHWAB CO<br>REINVEST ACCOUNT<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 103,833.1970<br>8.35% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 96,723.3310<br>7.78% |
|  | UBS WM USA<br>0O0 11011 6100<br>SPEC CDY A/C EBOC UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | 83,276.1490<br>6.70% |
| CALAMOS SHORT-TERM BOND FUND CLASS A | PERSHING LLC<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0001 | 153,837.6460<br>43.99% |
|  | TD AMERITRADE INC <br>FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS<br>PO BOX 2226<br>OMAHA NE 68103-2226 | 38,595.6650<br>11.04% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY O TOOLE<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | 31,250.9990<br>8.94% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 30,507.5620<br>8.72% |
|  | US BANK NA CUST<br>PATRICK GEBEL BENE<br>OF THE SUZANNE M GEBEL IRA<br>2020 CALAMOS COURT<br>NAPERVILLE IL 60563-3284 | 30,252.0690<br>8.65% |
|  | VANGUARD BROKERAGE SERVICES<br>PO BOX 1170<br>VALLEY FORGE PA 19482-1170 | 23,727.1990<br>6.78% |
| CALAMOS SHORT-TERM BOND FUND CLASS I | CALAMOS MARKET NEUTRAL INCOME FUND<br>2020 CALAMOS COURT<br>NAPERVILLE IL 60563-3284 | 35,117,149.8300<br>90.29% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 2,786,566.0740<br>7.16% |

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As of January 31, 2023, the trustees and officers of the Trust as a group owned:

Calamos Dividend Growth Fund — Class I: 1%

Calamos Evolving World Growth Fund — Class I: 6%

Calamos Global Convertible — Class I: 1%

Calamos Global Equity Fund — Class I: 43%

Calamos Global Equity Fund — Class R6: 100%

Calamos Global Opportunities Fund — Class I: 3%

Calamos Growth and Income Fund — Class I: 6%

Calamos Growth Fund — Class I: 49%

Calamos Hedged Equity Fund — Class I: 8%

Calamos High Income Opportunities Fund — Class A: 40%

Calamos High Income Opportunities Fund — Class I: 16%

Calamos International Growth Fund — Class I: 20%

Calamos International Growth Fund — Class R6: 1%

Calamos Phineus Long Short Fund — Class I: 5%

Calamos Select Fund — Class A: 2%

Calamos Select Fund — Class I: 46%

Calamos Short-Term Bond Fund — Class A: 1%

Calamos Timpani Small Cap Growth Fund — Class A: 2%

Calamos Timpani Small Cap Growth Fund — Class I: 3%

Calamos Timpani Small Cap Growth Fund — Class R6: 6%

Calamos Timpani SMID Growth Fund — Class A: 4%

Calamos Timpani SMID Growth Fund — Class I: 71%

Calamos Timpani SMID Growth Fund — Class R6: 3%

Calamos International Small Cap Growth Fund — Class A: 44%

Calamos International Small Cap Growth Fund — Class C: 100%

Calamos International Small Cap Growth Fund — Class I: 72%

Calamos International Small Cap Growth Fund — Class R6: 100%

Calamos Total Return Bond Fund — Class I: 27%

The trustees and officers as a group owned less than 1% of the outstanding shares of each other class of each Fund. Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company, Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these percentages reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

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**CUSTODIAN AND TRANSFER AGENT**

State Street Bank and Trust Company ("State Street"), 200 Clarendon Street, P.O. Box 9130, Boston, Massachusetts 02117-9130, is the custodian for the assets of each Fund. The custodian is responsible for holding all cash and securities of the Funds, directly or through a book entry system, delivering and receiving payment for securities sold by the Funds, receiving and paying for securities purchased by the Funds, collecting income from investments of the Funds and performing other duties, all as directed by authorized persons of the Trust. The custodian does not exercise any supervisory functions in such matters as the purchase and sale of securities by a Fund, payment of dividends or payment of expenses of a Fund.

U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201, serves as transfer agent and dividend paying agent for each Fund.

**Securities Lending**

The Board has approved each Fund's participation in a securities lending program. Under the securities lending program, each Fund has retained its custodian, State Street, to serve as the Funds' securities lending agent. A Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned. The board of trustees periodically reviews information on the Funds' securities lending program.

For the fiscal year ended October 31, 2022, State Street, acting as agent for the Funds, provided the following services to the Funds in connection with the Funds' securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring applicable minimum spread requirements, lending limits and the value of the loaned securities and collateral received; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Funds; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Funds from borrowers; (vii) negotiating the terms of each loan of securities, including, but not limited to, the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the State Street Securities Lending Agreement; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) recordkeeping and accounting servicing; (x) monitoring dividend activity; (xi) material proxy votes relating to loaned securities as well as recall of securities on loan for Fund to vote proxies; (xii) arranging for return of loaned securities to the Fund at loan termination; and (xiii) preparation of and modification to ancillary lending documents.

Lending portfolio securities enables a Fund to earn additional income, but could result in a loss or delay in recovering these securities. The borrower of a Fund's portfolio securities must deposit acceptable collateral with the Fund's custodian in an amount, marked to market daily, at least equal to the market value of the securities loaned, plus accrued interest and dividends. Acceptable collateral is limited to cash, U.S. government securities, including obligations issued or guaranteed by its agencies or instrumentalities, U.S. mortgage backed securities, U.K. government securities, Eurozone government securities and irrevocable letters of credit that meet certain guidelines. A Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned.

A Fund may reinvest any cash collateral in money market investments or other investments subject to guidelines approved by the Adviser and the Board of Trustees. The cash collateral investments are not guaranteed, and may lose money. A Fund retains authority to terminate any of its loans at any time. A Fund may terminate a loan and regain record ownership of loaned securities to exercise ownership rights, such as voting and subscription rights, when regaining such rights is considered to be in the Fund's interest.

In the event of bankruptcy or other default of the borrower, a Fund may be unable to recover the loaned securities or could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while a Fund seeks to enforce its rights thereto, and the Fund could experience subnormal levels of income or lack of access to income during that period. The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

The net securities lending revenue is shared by the lending agent and the Funds. The securities lending revenue "split" between the Funds and the lending agent was determined based on the Adviser's review of competitive industry information. The Adviser and the Board will periodically review the "split" between the lending agent and the Funds.

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For the fiscal year ended October 31, 2022, the income earned by each Fund as well as the fees and/or compensation paid by each Fund (in dollars) pursuant to the Securities Lending Authorization Agreement between the Adviser, on behalf of each Fund, and State Street were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **GROSS INCOME <br>EARNED BY THE<br>FUND FROM <br>SECURITIES<br>LENDING <br>ACTIVITIES<sup>(1)</sup>** | **FEES AND/OR <br>COMPENSATION<br>PAID BY THE <br>FUND FOR <br>SECURITIES<br>LENDING<br>ACTIVITIES AND <br>RELATED<br>SERVICES<sup>(2)</sup>** | **AGGREGATE FEES/<br>COMPENSATION<br>PAID BY THE <br>FUND FOR <br>SECURITIES<br>LENDING <br>ACTIVITIES** | **NET INCOME<br>FROM<br>SECURITIES <br>LENDING<br>ACTIVITIES<sup>(3)</sup>** |
| Market Neutral Income | $1025300 | $153786 | $153786 | $871515 |
| Hedged Equity | $27503 | $4125 | $4125 | $23377 |
| Phineus Long/Short | $79938 | $11989 | $11989 | $67949 |
| Convertible | $1115422 | $167300 | $167300 | $948122 |
| Global Convertible | $122095 | $18312 | $18312 | $103782 |
| Timpani Small Cap Growth | $— | $— | $— | $— |
| Timpani SMID Growth | $— | $— | $— | $— |
| Growth | $78095 | $11705 | $11705 | $66390 |
| Growth and Income | $591495 | $88717 | $88717 | $502778 |
| Dividend Growth | $875 | $131 | $131 | $744 |
| Select | $42 | $6 | $6 | $36 |
| International Growth | $50318 | $7546 | $7546 | $42772 |
| Evolving World Growth | $29407 | $4409 | $4409 | $24998 |
| Global Equity | $7976 | $1196 | $1196 | $6780 |
| Global Opportunities | $38742 | $5808 | $5808 | $32935 |
| International Small Cap Growth | $— | $— | $— | $— |
| Total Return Bond | $5468 | $818 | $818 | $4649 |
| High Income Opportunities | $18272 | $2734 | $2734 | $15537 |
| Short-Term Bond | $33069 | $4953 | $4953 | $28116 |

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(1) Includes income from cash collateral reinvestment, and may also include: negative rebates; loan fees paid by borrowers when collateral is noncash; management fees from a pooled cash collateral reinvestment vehicle that are deducted from the vehicle's assets before income is distributed; and any other income.

(2) Includes fees paid to State Street from a revenue split.

(3) Represents "Gross income earned by the Fund from securities lending activities" minus the values of "Aggregate fees/compensation paid by the Fund for securities lending activities."

**FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT**

The Funds have an agreement with Ernst & Young LLP ("EY") located at 155 N. Wacker Drive, Chicago, IL 60606 to provide certain tax services. The tax services include the following: calculating, tracking and reporting tax adjustments on all assets of the Funds, including but not limited to contingent debt and preferred trust obligations; preparing excise tax and fiscal year distribution schedules; preparing tax information required for financial statement footnotes; preparing state and federal income tax returns; preparing specialized calculations of amortization on convertible securities; preparing year-end dividend disclosure information; providing treaty-based foreign withholding tax reclaim services; providing certain global compliance and reporting services; providing a match service and analysis of the "passive foreign investment company" status of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax impact on the Funds' holdings. For the fiscal years ended October 31, 2022, October 31, 2021, and October 31, 2020, the Funds paid EY $760,529, $728,426, and $604,432, respectively, for tax services.

Under the arrangements with State Street located at One Iron Street, Boston, MA 02111 to provide fund accounting services, State Street provides certain administrative and accounting services including providing daily reconciliation of cash, trades and positions; maintaining general ledger and capital stock accounts; preparing daily trial balance; calculating net asset value; providing selected general ledger reports; preferred share compliance; calculating total returns; and providing monthly distribution analysis to the Funds. For the fiscal years ended October 31, 2022, October 31, 2021, and October 31, 2020, the Funds paid State Street $1,553,416, $1,401,811, and $1,139,563, respectively, for fund accounting services. The Funds have also entered into an agreement with State Street pursuant to which State Street provides certain administration treasury services to the Funds. These services include: monitoring the calculation of expense accrual amounts for the Funds and making any

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necessary modifications; managing the Funds' expenses and expense payment processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain distributions; coordinating the audits for the Funds; preparing financial reporting statements for each Fund; preparing certain regulatory filings; and calculating asset coverage tests for certain Calamos Funds. For the fiscal years ended October 31, 2022, October 31, 2021, and October 31, 2020, the Funds paid State Street $1,500,893, $1,342,414, and $1,266,409, respectively, for administration services.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Deloitte & Touche LLP, an independent registered public accounting firm, is the Trust's independent auditor and is located at 111 South Wacker Drive, Chicago, IL 60606. Deloitte & Touche LLP audits and reports on the Funds' annual financial statements and performs audit, audit-related and other services when approved by the Trust's audit committee.

**GENERAL INFORMATION**

**SHAREHOLDER INFORMATION**

Each Fund is a series of Calamos Investment Trust (formerly named CFS Investment Trust). As of March 18, 1996, all shares of each Fund then outstanding were re-designated as Class A shares of that Fund. Under the terms of the Agreement and Declaration of Trust, the trustees may issue an unlimited number of shares of beneficial interest without par value for each series of shares authorized by the trustees and the trustees may divide the shares of any series into two or more classes of shares of that series. As of the date of this Statement of Additional Information, the Trust has 20 series in operation. All shares issued will be fully paid and non-assessable and will have no preemptive or conversion rights. In the future, the board of trustees may authorize the issuance of shares of additional series and additional classes of shares of any series.

Each Fund's shares of a given class are entitled to participate pro rata in any dividends and other distributions declared by the Fund's board of trustees with respect to shares of the Fund. All shares of the Fund of a given class have equal rights in the event of liquidation of that class.

Under Massachusetts law, the shareholders of the Trust may, under certain circumstances, be held personally liable for the Trust's obligations. However, the Trust's Declaration of Trust disclaims liability of the shareholders, trustees, and officers of the Trust for acts or obligations of the Funds that are binding only on the assets and property of the Fund. The Declaration of Trust requires that notice of such disclaimer be given in each agreement, obligation, or contract entered into or executed by the Trust or the board of trustees. The Declaration of Trust provides for indemnification out of a Fund's assets of all losses and expenses of any Fund shareholder held personally liable for the Fund's obligations. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is remote, because it is limited to circumstances in which the disclaimer is inoperative and the Fund itself is unable to meet its obligations.

**VOTING RIGHTS**

Each share has one vote and fractional shares have fractional votes. Shareholders of the Trust generally will vote together on all matters except when a particular matter affects only shareholders of a particular class or series or when applicable law requires shareholders to vote separately by series or class. As a business trust, the Trust is not required to hold annual shareholder meetings. However, special meetings may be called for purposes such as electing or removing trustees, changing fundamental policies or approving an investment advisory agreement.

**FINANCIAL STATEMENTS**

The Funds' financial statements and financial highlights for the fiscal year ended October 31, 2022, as well as the report of the independent registered public accounting firm, are [incorporated herein by reference from the Funds' annual report to shareholders](https://www.sec.gov/Archives/edgar/data/826732/000110465922130580/tm2228639d1_ncsr.htm). See the front cover of the Funds' statement of additional information or the back cover of the Funds' prospectus for information on how to obtain the Funds' annual report to shareholders.

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**APPENDIX—DESCRIPTION OF RATINGS<sup>1</sup>**

A rating of a rating service represents the service's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. Consequently, Calamos Advisors believes that the quality of debt securities in which a Fund invests should be continuously reviewed. A rating is not a recommendation to purchase, sell or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one service, each rating should be evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the ratings services from other sources that they consider reliable. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

The following is a description of the characteristics of ratings used by Moody's Investors Service ("Moody's") and Standard & Poor's Corporation, a division of The McGraw-Hill Companies ("S&P").

MOODY'S GLOBAL SHORT-TERM RATING SCALE

*<u>P-1</u>:* Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

*<u>P-2</u>:* Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

*<u>P-3</u>:* Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

*<u>NP</u>:* Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

MOODY'S GLOBAL LONG-TERM RATING SCALE

**Aaa**—Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of creditrisk.

**Aa**—Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**—Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**—Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**—Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca**—Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**—Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

S&P SHORT-TERM ISSUE CREDIT RATINGS

*<u>A-1:</u>* A short-term obligation rated 'A-1' is rated in the highest category by **S&P Global Ratings**. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

<sup>1</sup> The ratings indicated herein are believed to be the most recent ratings available at the date of this prospectus for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the rating indicated do not necessarily represent ratings which will be given to these securities on the date of the Funds' fiscal year-end.

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

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*<u>A-2:</u>* A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

*<u>A-3:</u>* A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

*<u>B:</u>* A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

*<u>C:</u>* A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

*<u>D:</u>* A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

S&P LONG-TERM ISSUE CREDIT RATINGS\*

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations:

• The likelihood of payment — the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise we impute; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA**—An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC and C**—Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB**—An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

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**B**—An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**—An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

**CC**—An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C**—An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**—An obligation rated 'D' is in payment default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**NR**—indicates that a rating has not been assigned or is no longer assigned.

**Local Currency and Foreign Currency Ratings**

S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency versus obligations denominated in a foreign currency.

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March 1, 2023

**STATEMENT OF ADDITIONAL INFORMATION**

**CALAMOS<sup>®</sup> FAMILY OF FUNDS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Calamos Global Sustainable Equities Fund | CAGSX | CGCSX | CGSIX | CGSOX |

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**2020 Calamos Court Naperville, Illinois 60563 800.582.6959**

This Statement of Additional Information relates to Calamos Global Sustainable Equities Fund (the "Fund"), which is a series of Calamos Investment Trust (the "Trust"). This is not a prospectus, but provides information that should be read in conjunction with the Calamos Global Sustainable Equities Fund prospectus, dated March 1, 2023 and any supplements thereto, which are incorporated herein by reference. The [Fund's financial statements and financial highlights for the fiscal year ended October 31, 2022](https://www.sec.gov/Archives/edgar/data/826732/000110465922130580/tm2228639d1_ncsr.htm), as well as the report of the independent registered public accounting firm are incorporated by reference. The prospectus and the annual and semi-annual reports of the Fund may be obtained without charge by writing or telephoning the Fund at the address or telephone numbers set forth above.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| THE TRUST AND THE FUND | 1 |
| INVESTMENT OBJECTIVES | 1 |
| INVESTMENT PRACTICES | 1 |
| INVESTMENT RESTRICTIONS | 19 |
| MANAGEMENT | 21 |
| INVESTMENT ADVISORY SERVICES | 31 |
| TEAM APPROACH TO MANAGEMENT | 32 |
| DISTRIBUTION PLAN | 34 |
| DISTRIBUTOR | 35 |
| OTHER COMPENSATION TO INTERMEDIARIES | 36 |
| PORTFOLIO TRANSACTIONS | 37 |
| SHARE CLASSES AND PRICING OF SHARES | 38 |
| TAXATION | 41 |
| CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS | 49 |
| CUSTODIAN AND TRANSFER AGENT | 50 |
| FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT | 51 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 51 |
| GENERAL INFORMATION | 51 |
| FINANCIAL STATEMENTS | 52 |
| APPENDIX—DESCRIPTION OF BOND RATINGS | A-1 |

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**THE TRUST AND THE FUND**

The Trust was organized as a Massachusetts business trust on December 21, 1987. The Fund is an open-end, diversified management investment company.

**INVESTMENT OBJECTIVES**

CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND seeks long-term capital appreciation.

The Fund's investment objective is non-fundamental and may be changed by a vote of the Fund's Board, without shareholder approval.

The Fund has adopted a non-fundamental operating policy that requires at least 80% of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) to be invested, under normal circumstances, in securities of the type suggested by the Fund's name. Although these requirements may be changed by the board of trustees without shareholder approval, the Fund will notify shareholders at least 60 days prior to any change in its 80% policy.

**INVESTMENT PRACTICES**

The prospectus contains information concerning the Fund's investment objective and principal investment strategies and risks. This Statement of Additional Information provides additional information concerning certain securities and strategies used by the Fund and their associated risks.

In pursuing its investment objective, the Fund will invest as described below and in the Fund's prospectus. The table below indicates whether the Fund, directly or indirectly through its investment in the underlying funds, invests in the securities and instruments listed as part of its principal (P) or non-principal (N) investment strategies.

Unless otherwise noted, all investment policies and restrictions described in the Prospectus and Statement of Additional Information are measured at the time of the transaction in the security. If market action affecting fund securities (including, but not limited to, appreciation, depreciation, or a credit rating event) causes the Fund to exceed an investment policy or restriction, Calamos Advisors LLC ("Calamos Advisors") is not required to take immediate action. Under normal market conditions, however, Calamos Advisors will not make any acquisitions that will make the Fund further outside the investment restriction.

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| | |
|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **GLOBAL<br>SUSTAINABLE<br>EQUITIES FUND** |
| Currency Exchange Transactions | N |
| Equity Securities | P |
| Foreign Securities | P |
| Futures Contracts and Options on Futures Contracts | N |
| Illiquid Securities | N |
| Initial Public Offerings | N |
| Lending of Portfolio Securities | N |
| Master Limited Partnerships | N |
| Options on Securities, Indexes and Currencies\* | N |
| Portfolio Turnover | N |
| Real Estate Investment Trusts | N |
| Repurchase Agreements | N |
| Reverse Repurchase Agreements and Other Borrowings | N |
| Rule 144A Securities | N |
| Short Sales | N |
| Stripped Securities | N |
| Swaps, Caps, Floors and Collars | N |
| Synthetic Convertible Instruments | N |
| Synthetic Foreign Money Market Positions | N |
| Temporary Investments | N |
| U.S. Government Obligations | N |
| Warrants\* | N |
| "When-Issued" and Delayed Delivery Securities | N |

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**CURRENCY EXCHANGE TRANSACTIONS**

Currency exchange transactions may be conducted either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or through forward currency exchange contracts ("forward contracts"). Forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and price set at the time of the contract.

Forward contracts are usually entered into with banks, foreign exchange dealers and broker-dealers, are not exchange traded, and are usually for less than one year, but may be renewed.

Forward currency exchange transactions may involve currencies of the different countries in which the Fund may invest and serve as hedges against possible variations in the exchange rate between these currencies. Currency exchange transactions are limited to transaction hedging and portfolio hedging involving either specific transactions or portfolio positions, except to the extent described below under "Synthetic Foreign Money Market Positions." Transaction hedging is the purchase or sale of forward contracts with respect to specific receivables or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or the receipt of dividends or interest thereon. Portfolio hedging is the use of forward contracts with respect to portfolio security positions denominated or quoted in a particular foreign currency. Portfolio hedging allows the Fund to limit or reduce its exposure in a foreign currency by entering into a forward contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) at a future date for a price payable in U.S. dollars so that the value of the foreign denominated portfolio securities can be approximately matched by a foreign denominated liability. The Fund may not engage in portfolio hedging with respect to the currency of a particular country to an extent greater than the aggregate market value (at the time of making such sale) of the securities held in its portfolio denominated or quoted in that particular currency, except that the Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currencies or currency act as an effective proxy for other currencies. In such a case, the Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in the Fund. The Fund may not engage in "speculative" currency exchange transactions. At the maturity of a forward contract to deliver a particular currency, the Fund may either sell the portfolio security related to the contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a forward contract. Accordingly, it may be necessary for the Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver.

If the Fund retains the portfolio security and engages in an offsetting currency transaction, it will incur a gain or a loss to the extent that there has been movement in forward contract prices. If the Fund engages in an offsetting currency transaction, it subsequently may enter into a new forward contract to sell the currency. Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent a loss if the value of the security declines. Hedging transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for the Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to the Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period, and prevailing market conditions. Because currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

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**EQUITY SECURITIES**

Equity securities include common and preferred stocks, warrants, rights, and depository receipts. An investment in the equity securities of a company represents a proportionate ownership interest in that company. Therefore, the Fund participates in the financial success or failure of any company in which it has an equity interest.

Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments. See the prospectus for additional information regarding equity investments and their risks.

**FOREIGN SECURITIES**

A foreign security is a security issued by a foreign government or a company whose country of incorporation is a foreign country. For this purpose, foreign securities include American Depositary Receipts (ADRs) or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) or other securities representing underlying shares of foreign issuers. Positions in those securities are not necessarily denominated in the same currency as the common stocks into which they may be converted. ADRs are receipts typically issued by an American bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts listed on the Luxembourg Stock Exchange evidencing a similar arrangement. GDRs are U.S. dollar-denominated receipts issued by international banks evidencing ownership of foreign securities. Generally, ADRs, in registered form, are designed for the U.S. securities markets and EDRs and GDRs, in bearer form, are designed for use in foreign securities markets. A Fund may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, a Fund is likely to bear its proportionate share of the expenses of the depository and it may have greater difficulty in receiving shareholder communications than it would have with a sponsored ADR.

To the extent positions in portfolio securities are denominated in foreign currencies, the Fund's investment performance is affected by the relative strength or weakness of the U.S. dollar against those currencies. For example, if the dollar falls in value relative to the Japanese yen, the dollar value of a Japanese stock held in the portfolio will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the yen, the dollar value of the Japanese stock will fall. (See discussion of transaction hedging and portfolio hedging under "Currency Exchange Transactions.")

Investors should understand and consider carefully the risks involved in foreign investing. Investing in foreign securities, which are generally denominated in foreign currencies, and utilization of forward foreign currency exchange contracts involve certain considerations comprising both risks and opportunities not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back to the U.S.; less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers, and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the U.S.; greater costs of buying, holding and selling securities, including brokerage, tax and custody costs; and sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial arrangements.

Although the Fund intends to invest in companies and government securities of countries having stable political environments, there is the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these nations.

However, the Fund may invest in the securities of emerging countries (including frontier markets). The securities markets of emerging countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other more developed countries. Disclosure and regulatory standards in many respects are less stringent than in the U.S. and other major markets. There also may be a lower level of monitoring and regulation of emerging markets and the activities of investors in such markets, and enforcement of existing regulations has been extremely limited. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Economies in individual emerging markets may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation,

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currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many emerging market countries have experienced high rates of inflation for many years, which has had and may continue to have very negative effects on the economies and securities markets of those countries. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

A portion of the Fund's investments may be in Russian securities and instruments. The United States and the European Union have imposed sanctions on certain Russian persons and issuers. The United States and other nations or international organizations may impose additional, broader economic sanctions or take other actions that may adversely affect Russian-related issuers in the future. These sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of the Fund's investments. For example, the Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require the Fund to freeze its existing investments in Russian companies, prohibiting the Fund from buying, selling or otherwise transacting in these investments. Russia may undertake countermeasures or retaliatory actions which may further impair the value and liquidity of the Fund's portfolio and potentially disrupt its operations. For these or other reasons, the Fund could seek to suspend redemptions of shares, including in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine its net asset value. During the period that redemptions are affected, shares could trade at a significant premium or discount to their net asset value.

**INVESTMENTS IN CHINA A-SHARES THROUGH STOCK CONNECT.** The Fund may purchase certain listed eligible China A-Shares traded on the Shanghai Stock Exchange ("SSE") through the Shanghai-Hong Kong Stock Connect program as well as traded on the Shenzhen Stock Exchange ("SZSE") through the Shenzhen-Hong Kong Stock Connect program (both programs collectively referred to herein as "Stock Connect"). Stock Connect is a securities trading and clearing program developed by The Stock Exchange of Hong Kong Limited ("SEHK"), SSE, SZSE, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited for the establishment of mutual market access between SEHK, SSE and SZSE. In contrast to certain other regimes for foreign investment in Chinese securities, no individual investment quotas or licensing requirements apply to investors in Stock Connect securities through Stock Connect. In addition, there are no lock-up periods or restrictions on the repatriation of principal and profits.

However, trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns. For example, a primary feature of the Stock Connect program is the application of the home market's laws and rules to investors in a security. Thus, investors in Stock Connect securities are generally subject to Chinese securities regulations and the listing rules of the respective exchange, among other restrictions. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Fund's ability to invest in Stock Connect securities. For example, an investor cannot purchase and sell the same security on the same trading day. Stock Connect also is generally available only on business days when both the respective exchange and the SEHK are open. Trading in the Stock Connect program is subject to trading, clearance and settlement procedures that are untested in China, which could pose risks to the Fund. Additionally, the withholding tax treatment of dividends and capital gains payable to overseas investors currently is unsettled.

Investments in China A-shares may not be covered by the securities investor protection programs of the exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the SSE and the SZSE defaulted, a Fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on Stock Connect in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, a Fund investing through Stock Connect must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The existence of a liquid trading market for China A-shares may depend on whether there is supply of, and demand for, such China A-shares. Market volatility and settlement difficulties in the China A-share markets may also result in significant fluctuations in the prices of the securities traded on such markets.

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China A-shares purchased through Stock Connect are held in nominee name and not the Fund's name as the beneficial owner. It is possible, therefore, that a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a Fund may not be able to participate in corporate actions affecting China A-shares held through Stock Connect due to time constraints or for other operational reasons.

There can be no assurance as to whether or how such developments in the Stock Connect may restrict or affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Stock Connect program, are uncertain, and they may have a detrimental effect on a Fund's investments and returns.

**RISKS RELATED TO INVESTMENT IN CHINA.** Investments in China A-Shares are subject to various risks, including the risks associated with investing in China generally. In particular, the Mainland Chinese exchanges have lower trading volumes, the market capitalizations of companies listed on these exchanges are generally smaller, the securities listed on these exchanges are less liquid and may experience materially greater volatility, and government supervision and regulation of the Chinese securities market are less developed. The Chinese government continues to exercise significant control over China's economy, and any changes to existing policies and new reform-oriented policies and measures, which are often unprecedented or experimental, could negatively impact the Fund's investments in China A-Shares. The Chinese government has implemented, and may implement in the future, various measures to control inflation, which if unsuccessful, may negatively impact the Chinese economy. The Chinese legal system is still developing, and laws, regulations, government policies and political and economic climate in China may change with little or no advance notice. Any such change could adversely affect market conditions.

The tax law and regulations of China are constantly changing, sometimes with retroactive effect, and the interpretation and application thereof are not as consistent and transparent as in more developed nations and may vary from region to region within China. There has been, and continues to be, uncertainty over taxation of SSE equities in the Stock Connect program, and any taxes imposed on the earnings of the Fund will reduce its overall returns.

Some Chinese companies may have less established shareholder governance and disclosure standards. Accounting, auditing, financial and other reporting standards, practices and disclosure requirements applicable to Chinese companies are different, sometimes in fundamental ways, from those applicable to companies in the U.S. and other developed markets.

**FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS**

The Fund may enter into interest rate futures contracts, index futures contracts, volatility index futures contracts and foreign currency futures contracts. An interest rate, index, volatility index or foreign currency futures contract provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or the cash value of an index<sup>1</sup> at a specified price and time. A public market exists in futures contracts covering a number of indexes (including, but not limited to, the S&P 500 Index, the Russell 2000 Index, the Value Line Composite Index, and the New York Stock Exchange Composite Index) as well as financial instruments (including, but not limited to, U.S. Treasury bonds, U.S. Treasury notes, Eurodollar certificates of deposit and foreign currencies). Other index and financial instrument futures contracts are available and it is expected that additional futures contracts will be developed and traded. The Fund may enter into such contract if, in Calamos Advisors' opinion, such contract meets the Fund's investment parameters.

The Fund may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on securities, indexes and foreign currencies (discussed in this Statement of Additional Information). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. The Fund might, for example, use futures contracts to hedge against or gain exposure to fluctuations in the general level of stock prices, anticipated changes in interest rates or currency fluctuations that might adversely affect either the value of the Fund's securities or the price of the securities that the Fund intends to purchase. Although other techniques could be used to reduce or increase the Fund's exposure to stock price, interest rate and currency fluctuations, the Fund may be able to achieve its desired exposure more effectively and perhaps at a lower cost by using futures contracts and futures options.

<sup>1</sup> A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of a securities index is a function of the value of certain specified securities, no physical delivery of those securities is made.

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The Fund will only enter into futures contracts and futures options that are standardized and traded on an exchange, board of trade or similar entity, or quoted on an automated quotation system.

The success of any futures transaction by the Fund depends on Calamos Advisors' correctly predicting changes in the level and direction of stock prices, interest rates, currency exchange rates and other factors. Should those predictions be incorrect, the Fund's return might have been better had the transaction not been attempted; however, in the absence of the ability to use futures contracts, Calamos Advisors might have taken portfolio actions in anticipation of the same market movements with similar investment results, but, presumably, at greater transaction costs.

When the Fund makes a purchase or sale of a futures contract, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of cash or U.S. Government securities or other securities acceptable to the broker ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract, although the Fund's broker may require margin deposits in excess of the minimum required by the exchange. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. The Fund expects to earn interest income on its initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day the Fund pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. This process is known as "marking-to-market." Variation margin paid or received by the Fund does not represent a borrowing or loan by the Fund but is instead settlement between the Fund and the broker of the amount one would owe the other if the futures contract had expired at the close of the previous day. In computing daily net asset value, the Fund will mark-to-market its open futures positions.

The Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund.

Although some futures contracts call for making or taking delivery of the underlying securities, usually these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). If an offsetting purchase price is less than the original sale price, the Fund engaging in the transaction realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund engaging in the transaction realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations.

**RISKS ASSOCIATED WITH FUTURES.** There are several risks associated with the use of futures contracts and futures options. A purchase or sale of a futures contract or option may result in losses in excess of the amount invested in the futures contract or option. In trying to increase or reduce market exposure, there can be no guarantee that there will be a correlation between price movements in the futures contract or option and in the portfolio exposure sought. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given transaction not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as: variations in speculative market demand for futures, futures options and the related securities, including technical influences in futures and futures options trading and differences between the securities markets and the securities underlying the standard contracts available for trading. For example, in the case of index futures contracts, the composition of the index, including the issuers and the weighing of each issue, may differ from the composition of the Fund's portfolio, and, in the case of interest rate futures contracts, the interest rate levels, maturities and creditworthiness of the issues underlying the futures contract may differ from the financial instruments held in the Fund's portfolio. Futures prices are highly volatile at times and are influenced by many external economic, governmental, and world events. The low margin deposits normally required in futures trading permits an extremely high degree of leverage, which can result in the Fund experiencing substantial gains or losses due to relatively small price movements or other factors. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected stock price or interest rate trends.

Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only

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price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses. Stock index futures contracts are not normally subject to such daily price change limitations.

The markets for futures positions may be thinly traded from time to time. In addition, futures positions may become illiquid due to daily price limits taking effect or due to market disruptions. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures or futures option position. The Fund would be exposed to possible loss on the position during the interval of inability to close, and would continue to be required to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

**LIMITATIONS ON OPTIONS AND FUTURES.** If options, futures contracts or futures options of types other than those described herein are traded in the future, the Fund may also use those investment vehicles, provided the board of trustees determines that their use is consistent with the Fund's investment objectives.

The Fund may not maintain open short positions in futures contracts, call options written on futures contracts or call options written on indexes if, in the aggregate, the market value of all such open positions exceeds the current value of the securities in its portfolio, plus or minus unrealized gains and losses on the open positions, adjusted for the historical relative volatility of the relationship between the portfolio and the positions. For this purpose, to the extent the Fund has written call options on specific securities in its portfolio, the value of those securities will be deducted from the current market value of the securities portfolio.

The use of options and futures is subject to applicable regulations of the Securities and Exchange Commission ("SEC"), the several exchanges upon which they are traded and the Commodities Futures Trading Commission ("CFTC"). For example, the CFTC and domestic futures exchanges have established (and continue to evaluate and monitor) speculative position limits ("position limits") on the maximum speculative position which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, starting January 1, 2023, federal position limits will apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with the speculative limits. Thus, even if the Fund does not intend to exceed applicable position limits, it is possible that different clients managed by Calamos Advisors and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of Calamos Advisors may have to be modified and positions held by the Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund's investment strategy.

Calamos Advisors has claimed an exclusion from the definition of commodity pool operator ("CPO"), with respect to the Fund, pursuant to Rule 4.5 under the Commodity Exchange Act ("CEA"). Consequently, Calamos Advisors is not subject to registration or regulation as a commodity pool operator under the CEA.

Under Rule 4.5, if a fund uses commodity interests (such as futures contracts, options on futures contracts and swaps) other than for *bona fide hedging purposes* (as defined by the CFTC) the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money"<sup>2</sup> at the time of purchase) may not exceed 5% of a fund's NAV, or alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions). The Fund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Fund's operation and/or change the competitive landscape. In this regard, any further amendments to the CEA or its related regulations that subject the Fund to additional regulation may have adverse impacts on the Fund's operations and expenses.

<sup>2</sup> A call option is "in-the-money" to the extent, if any, that the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in-the-money" if the exercise price exceeds the value of the futures contract that is the subject of the option.

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In addition, the Fund's ability to use options and futures will be limited by tax considerations. See "Taxation — Options, Futures and Forward Contracts, and Swap Agreements or Derivatives" below.

**ILLIQUID SECURITIES**

The Fund may invest up to 15% of its net assets under regulatory rules, taken at market value, in illiquid investments that are assets, including any securities that are not readily marketable either because they are restricted securities or for other reasons. Restricted securities are securities that are subject to restrictions on resale because they have not been registered for sale under the Securities Act of 1933, as amended ("Securities Act"). A position in restricted securities might adversely affect the liquidity and marketability of a portion of the Fund's portfolio, and the Fund might not be able to sell or dispose of its holdings in such securities promptly or at reasonable prices. In those instances where the Fund is required to have restricted securities held by it registered prior to sale by the Fund and the Fund does not have a contractual commitment from the issuer or seller to pay the costs of such registration, the gross proceeds from the sale of securities would be reduced by the registration costs and underwriting discounts. Any such registration costs are not included in the percentage limitation on the Fund's investment in restricted securities.

**INITIAL PUBLIC OFFERINGS**

The Fund may purchase stock in an initial public offering ("IPO"). An IPO is a company's first offering of stock to the public, typically to raise additional capital. Shares are given a market value reflecting expectations for the company's future growth. The market for these securities may be more volatile and entail greater risk of loss than investments in larger companies due to the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history.

The purchase of IPO shares may involve high transaction costs. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. Calamos Advisors cannot guarantee continued access to IPOs.

**LENDING OF PORTFOLIO SECURITIES**

In seeking to earn additional income, the Fund may lend its portfolio securities to qualified parties (typically broker-dealers and banks) who need to borrow securities in order to cover transactions into which they have entered. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return that may be in the form of a fixed fee or a percentage of income earned on the collateral. The Fund may experience losses as a result of a diminution in value of its cash collateral investments. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund would have the right to call the loan and obtain the securities loaned at any time on notice of not less than five business days. The Fund would not have the right to vote the securities during the existence of the loan; however, the Fund may attempt to call back the loan and vote the proxy if time permits prior to the record date. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent will monitor, and report to Calamos Advisors on, the creditworthiness of the firms to which the Fund lends securities.

**MASTER LIMITED PARTNERSHIPS**

MLPs differ from investments in common stock as a result of limited control and limited rights to vote on matters affecting the MLP. MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. MLPs generally do not pay federal income tax at the partnership level. Rather, each Partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax

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purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund. Although common units of MLPs trade on the NYSE, the NASDAQ and NYSE American, LLC, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when Calamos Advisors desires to do so.

**OPTIONS ON SECURITIES, INDEXES AND CURRENCIES**

The Fund may purchase and sell (write) put options and call options on securities, indexes or foreign currencies. The Fund may purchase agreements, sometimes called cash puts, that may accompany the purchase of a new issue of bonds from a dealer.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. For instance, the Fund's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving the Fund the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price. The Fund's purchase of a call option on a security, financial future, index, currency or other instrument might be intended to protect it against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument.

The Fund may purchase and sell (write) exchange listed options and over-the-counter ("OTC") options. Exchange listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.

With certain exceptions, OCC issued and exchange listed options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options and Eurodollar instruments are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

OTC options are purchased from or sold to sellers or purchasers ("Counterparties") through direct bilateral agreement with the Counterparties. In contrast to exchange listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties. The Fund will only sell (write) OTC options (other than OTC currency options) that are subject to a buy- back provision permitting the Fund to require the Counterparty to sell the option back to the Fund at a formula price within seven days. The Fund generally is expected to enter into OTC options that have cash settlement provisions, although it is not required to do so. The staff of the SEC currently takes the position that OTC options purchased by a fund, and portfolio securities "covering" the amount of a fund's obligation pursuant to an OTC option sold by it (or the amount of assets equal to the formula price for the repurchase of the option, if any, less the amount by which the option is "in the money") are illiquid, and are subject to the Fund's limitation on investing no more than 15% of its net assets in illiquid securities.

The Fund may also purchase and sell (write) options on securities indexes and other financial indexes. Options on securities indexes and other financial indexes are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement, i.e., an option or an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option (except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment, industry or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case with respect to options on securities.

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The Fund will sell (write) call options and put options only if they are "covered." A written option will be considered "covered" to the extent it has entered into an offsetting transaction or otherwise has segregated or earmarked cash or liquid assets equal to its uncovered obligations under the written option. For example, a call option written by the Fund could be covered by purchasing an offsetting call option, by purchasing or holding the underlying reference security or asset (or a security convertible into the underlying reference security or asset), or by segregating or earmarking cash or liquid assets equal to the exercise price of the written option (or such amount as is not otherwise covered by an offsetting transaction). The Fund writing a call option on an index would be considered as holding an offsetting position to the extent the Fund owned portfolio securities substantially correlating with the movement of the underlying reference index.

If an option written by the Fund expires, the Fund realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by the Fund expires, the Fund realizes a capital loss equal to the premium paid.

The Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, the Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security, asset or index in relation to the exercise price of the option, the volatility of the underlying security, asset or index, and the time remaining until the expiration date.

A put or call option purchased by the Fund is an asset of the Fund, valued initially at the premium paid for the option. The premium received for an option written by the Fund is recorded as a deferred credit. The value of an option purchased or written is marked-to-market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked prices.

**RISKS ASSOCIATED WITH OPTIONS.** There are several risks associated with transactions in options. For example, there are significant differences between the securities markets, the currency markets and the options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve Calamos Advisors' objective. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The Fund's ability to utilize options successfully will depend on Calamos Advisors' ability to predict pertinent market investments, which cannot be assured.

The Fund's ability to close out its position as a purchaser or seller (writer) of an OCC or exchange listed put or call option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms. If the Fund were unable to close out an option that it has purchased on a security, it would have to exercise the option in order to realize any profit or the option would expire and become worthless. If the Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security until the option expired. As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. As the writer of a covered call option on a foreign currency, the Fund foregoes, during the option's life, the opportunity to profit from any currency appreciation.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

Unless the parties provide for it, there is no central clearing or guaranty function in an OTC option. As a result, if the Counterparty (as described above under "Options on Securities, Indexes and Currencies") fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with the Fund or fails to make a cash settlement payment due in accordance with the terms of that option, the Fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, Calamos Advisors must assess the creditworthiness of each such

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Counterparty or any guarantor or credit enhancement of the Counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied.

The Fund may purchase and sell (write) call options on securities indexes and currencies. All calls sold by the Fund must be "covered." Even though the Fund will receive the option premium to help protect it against loss, a call sold by the Fund exposes the Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold the security or instrument that it might otherwise have sold. In addition, a loss on a call option sold may be greater than the premium received. The Fund may purchase and sell (write) put options on securities indexes and currencies. In selling (writing) put options, there is a risk that the Fund may be required to buy the underlying index or currency at a disadvantageous price above the market price.

**PORTFOLIO TURNOVER**

Although the Fund does not purchase securities with a view to rapid turnover, there are no limitations on the length of time that a portfolio security must be held. Portfolio turnover can occur for a number of reasons, including calls for redemption, general conditions in the securities markets, more favorable investment opportunities in other securities, or other factors relating to the desirability of holding or changing a portfolio investment. The portfolio turnover rates may vary greatly from year to year. A high rate of portfolio turnover in the Fund would result in increased transaction expense, which must be borne by the Fund. High portfolio turnover may also result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Portfolio turnover for the Fund is shown under "Financial Highlights" in the prospectus. A portfolio turnover rate of 100% would mean that the Fund had sold and purchased securities valued at 100% of its net assets within a one-year period.

**REAL ESTATE INVESTMENT TRUSTS**

Investments in the real estate industry, including real estate investment trusts (REITs), are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. Debt securities of REITs are subject to the risks of debt securities in general. For example, such securities are more sensitive to interest rates than equity securities of REITs. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

**REPURCHASE AGREEMENTS**

As part of its strategy for the temporary investment of cash, the Fund may enter into "repurchase agreements" pertaining to U.S. Government securities with member banks of the Federal Reserve System or primary dealers (as designated by the Federal Reserve Bank of New York) in such securities. The Fund may invest in repurchase agreements, provided that the Fund may not invest more than 15% of its net assets in illiquid securities, including repurchase agreements maturing in more than seven days, and any other illiquid securities. A repurchase agreement arises when the Fund purchases a security and simultaneously agrees to resell it to the vendor at an agreed upon future date. The resale price is greater than the purchase price, reflecting an agreed upon market rate of return that is effective for the period of time the Fund holds the security and that is not related to the coupon rate on the purchased security.

Such agreements generally have maturities of no more than seven days and could be used to permit the Fund to earn interest on assets awaiting long term investment. The Fund requires continuous maintenance by the custodian for the Fund's account in the Federal Reserve/Treasury Book Entry System of collateral in an amount equal to, or in excess of, the market value of the securities that are the subject of a repurchase agreement. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights. In an effort to reduce these risks, Calamos Advisors will monitor the creditworthiness of the firms with which the Fund enters into repurchase agreements.

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**REVERSE REPURCHASE AGREEMENTS AND OTHER BORROWINGS**

The Fund may enter into reverse repurchase agreements, and economically similar transactions to the extent permitted under the leverage limitations of the 1940 Act and the Fund's investment restrictions described below. A reverse repurchase agreement is a repurchase agreement in which the Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. A reverse repurchase agreement enables the Fund to obtain cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without needing to sell portfolio securities, or to earn additional income on portfolio securities, such as Treasury bills or notes. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs.

The Fund also may effect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

**RULE 144A SECURITIES**

The Fund may purchase securities that have been privately placed but that are eligible for purchase and sale by certain qualified institutional buyers, such as the Fund, under Rule 144A ("Rule 144A Securities") under the Securities Act. Calamos Advisors, under the supervision and oversight of the Trust's board of trustees, will consider whether Rule 144A Securities are illiquid and thus subject to the Fund's restriction of investing no more than a specified percentage of its net assets in securities that are illiquid at the time of purchase. A determination of whether a Rule 144A Security is liquid or not is a question of fact. In making this determination, Calamos Advisors will consider the trading markets for the specific security, taking into account the unregistered nature of a Rule 144A Security. In addition, Calamos Advisors may consider the (1) frequency of trades and quotes for the security, as well as equivalent or underlying securities (e.g. the underlying common stock of a convertible security), (2) number of dealers and potential purchasers, (3) dealer undertakings to make a market and (4) nature of the security and of marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer).

The liquidity of Rule 144A Securities will be monitored and, if as a result of changed conditions, it is determined that a Rule 144A Security is no longer liquid, the Fund's holdings of illiquid securities would be reviewed to determine what, if any, steps are required to assure that the Fund does not invest more than 15% of its net assets in illiquid securities. Investing in Rule 144A Securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**SHORT SALES**

The Fund may sell securities short to enhance income and protect against market risk by hedging a portion of the equity risk inherent in the Fund's portfolio. A short sale may be effected when Calamos Advisors believes that the price of a security will decline or underperform the market, and involves the sale of borrowed securities, in the hope of purchasing the same securities at a later date at a lower price. There can be no assurance that the Fund will be able to close out a short position (i.e., purchase the same securities) at any particular time or at an acceptable or advantageous price. To make delivery to the buyer, the Fund must borrow the securities from a broker-dealer through which the short sale is executed, and the broker-dealer delivers the securities, on behalf of the Fund, to the buyer.

The broker-dealer is entitled to retain the proceeds from the short sale until the Fund delivers to it the securities sold short. In addition, the Fund is required to pay to the broker-dealer the amount of any dividends or interest paid on the securities sold short.

The Fund is said to have a short position in the securities sold until it delivers to the broker-dealer the securities sold. The Fund will normally close out a short position by purchasing on the open market and delivering to the broker-dealer an equal amount of the securities sold short.

The Fund will realize a gain if the price of the securities declines between the date of the short sale and the date on which the Fund purchases securities to replace the borrowed securities. On the other hand, the Fund will incur a loss if the price of the securities increases between those dates. The amount of any gain will be decreased and the amount of any loss increased by any premium or interest that the Fund may be required to pay in connection with the short sale. It should be noted that possible losses from short sales differ from those that could arise from a cash investment in a security in that losses from a short sale may

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be limitless, while the losses from a cash investment in a security cannot exceed the total amount of the investment in the security.

There is also a risk that securities borrowed by the Fund and delivered to the buyer of the securities sold short will need to be returned to the broker-dealer on short notice. If the request for the return of securities occurs at a time when other short sellers of the security are receiving similar requests, a "short squeeze" can occur, meaning that the Fund might be compelled, at the most disadvantageous time, to replace the borrowed securities with securities purchased on the open market, possibly at prices significantly in excess of the proceeds received from the short sale.

It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility.

The Fund may also make short sales "against the box," meaning that at all times when a short position is open the Fund owns an equal amount of such securities or securities convertible into or exchangeable, without payment of further consideration, for securities of the same issue as, and in an amount equal to, the securities sold short. A short sale "against the box" would be made in anticipation of a decline in the market price of the securities sold short. Short sales "against the box" result in a "constructive sale" and require the Fund to recognize taxable gain unless an exception to the constructive sale rule applies.

The Fund will not make a short sale of securities (other than a short sale "against the box"), if more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales (other than short sales "against the box").

Short sales also may afford the Fund an opportunity to earn additional current income to the extent it is able to enter into arrangements with broker-dealers through which the short sales are executed to receive income with respect to the proceeds of the short sales during the period the Fund's short positions remain open. Calamos Advisors believes that some broker-dealers may be willing to enter into such arrangements, but there is no assurance that the Fund will be able to enter into such arrangements to the desired degree. Further, in response to market events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) reporting obligations and/or bans on short sales of certain securities, including short positions on such securities acquired through certain derivative instruments.

**SWAPS, CAPS, FLOORS AND COLLARS**

The Fund may enter into interest rate, currency, index, credit default, total return and other swaps and the purchase or sale of related caps, floors and collars. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. The Fund will not sell interest rate caps or floors where it does not own securities or other instruments providing the income stream the Fund may be obligated to pay. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them and an index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indexes. A credit default swap is an agreement to transfer the credit exposure of fixed-income products between parties. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specified benchmark exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified benchmark falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

The Fund will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund will not enter into any swap, cap, floor or collar transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the securities dealers, financial institutions or other parties with whom the Fund has entered into such a transaction ("Counterparties"), combined with any credit enhancements, is rated at least A by S&P Global Ratings, a division of S&P Global ("S&P") or Moody's Investor Services, Inc. ("Moody's") or has an equivalent rating from an NRSRO or is determined to be of equivalent credit quality by Calamos Advisors. If there is a default by the Counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. Although the swap market has grown substantially over the years, increasing liquidity, some swaps, including caps, floors, and collars, may be considered illiquid.

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In addition, some swaps are, and more in the future may be, centrally cleared. Swaps that are centrally-cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, the Fund could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Fund or becomes insolvent or goes into bankruptcy. Also, the Fund will be exposed to the credit risk of the futures commission merchant who acts as the Fund's clearing member on the clearinghouse for a centrally cleared swap. If the Fund's futures commission merchant becomes bankrupt or insolvent, or otherwise defaults on its obligations to the Fund, the Fund may not receive all amounts owed to it in respect of its trading, even if the clearinghouse fully discharges all of its obligations. In the event of bankruptcy of the Fund's futures commission merchant, the Fund may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the futures commission merchant's other customers for the relevant account class, potentially resulting in losses to the Fund.

**SYNTHETIC FOREIGN MONEY MARKET POSITIONS**

The Fund may invest in money market instruments denominated in foreign currencies. In addition to, or in lieu of, such direct investment, the Fund may construct a synthetic foreign money market position by purchasing a money market instrument denominated in one currency, generally U.S. dollars, and concurrently entering into a forward contract to deliver a corresponding amount of that currency in exchange for a different currency on a future date and at a specified rate of exchange. For example, a synthetic money market position in Japanese yen could be constructed by purchasing a U.S. dollar money market instrument, and entering concurrently into a forward contract to deliver a corresponding amount of U.S. dollars in exchange for Japanese yen on a specified date and at a specified rate of exchange. Because of the availability of a variety of highly liquid short-term U.S. dollar money market instruments, a synthetic money market position utilizing such U.S. dollar instruments may offer greater liquidity than direct investment in foreign currency and a concurrent construction of a synthetic position in such foreign currency, in terms of both income yield and gain or loss from changes in currency exchange rates, in general should be similar, but would not be identical because the components of the alternative investments would not be identical.

**TEMPORARY INVESTMENTS**

The Fund may make temporary investments without limitation when Calamos Advisors determines that a defensive position is warranted, or as a reserve for possible cash needs. Such investments may be in money market instruments, consisting of obligations of, or guaranteed as to principal and interest by, the U.S. Government or its agencies or instrumentalities; certificates of deposit, bankers' acceptances and other obligations of domestic banks having total assets of at least $500 million and that are regulated by the U.S. Government, its agencies or instrumentalities; commercial paper rated in the highest category by a recognized rating agency; cash; and repurchase agreements.

**U.S. GOVERNMENT OBLIGATIONS**

U.S. Government Obligations include securities that are issued or guaranteed by the U.S. Treasury or by various U.S. Government agencies and instrumentalities. U.S. Treasury obligations ("U.S. Treasuries") include Treasury bills, Treasury notes, and Treasury bonds. U.S. Treasuries also include the separate principal and interest components of U.S. Treasuries that are traded under the Separate Trading of Registered Interest and Principal of Securities ("STRIPS") program. U.S. Treasury obligations are backed by the full faith and credit of the U.S. Obligations issued or guaranteed by U.S. Government agencies and instrumentalities may be supported by any of the following: (a) the full faith and credit of the U.S., (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) the discretionary authority of the U.S. Treasury to lend to such Government agency or instrumentality, or (d) the credit of the agency or instrumentality.

Government agencies that issue or guarantee securities backed by the full faith and credit of the U.S. include the Government National Mortgage Association ("GNMA") and the Small Business Administration. Government agencies and instrumentalities that issue or guarantee securities not backed by the full faith and credit of the U.S. include the Federal Farm Credit Banks, the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation ("FHLMC"), the Federal National Mortgage Association ("FNMA"), the Federal Land Bank, the Bank for Cooperatives, the Federal Intermediate Credit Bank, the Federal Financing Bank, the Resolution Funding Corporation, the Financing Corporation of America and the Tennessee Valley Authority. In the case of securities not backed by the full faith and credit of the U.S., the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. in the event the agency or instrumentality does not meet its commitment.

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In September 2008, the U.S. Treasury and the Federal Housing Finance Agency ("FHFA") announced that FNMA and FHLMC had been placed in conservatorship. The conservatorship is still in effect as of the date of this SAI and has no specified termination date. There can be no assurance as to when or how the conservatorship will be terminated or whether FNMA or FHLMC will continue to exist following the conservatorship or what their respective business structures will be during or following the conservatorship. Since that time, FNMA and FHLMC have received significant capital support through U.S. Treasury preferred stock purchases, as well as Treasury and Federal Reserve purchases of their mortgage backed securities ("MBS"). The FHFA and the U.S. Treasury (through its agreement to purchase FNMA and FHLMC preferred stock) have imposed strict limits on the size of their mortgage portfolios. The FHFA, as conservator, has the power to repudiate any contract entered into by FNMA or FHLMC prior to its appointment if it determines that performance of the contract is burdensome and repudiation of the contract promotes the orderly administration of FNMA's or FHLMC's affairs. Further, the FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. No assurance can be given that the Federal Reserve or the U.S. Treasury will ensure that FNMA and FHLMC remain successful in meeting their obligations with respect to the debt and mortgage-backed securities that they issue.

In addition, the problems faced by FNMA and FHLMC, resulting in their being placed into federal conservatorship and receiving significant U.S. Government support, have sparked serious debate among federal policy makers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans. In December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act ("TCCA") of 2011 which, among other provisions, requires that FNMA and FHLMC increase their single-family guaranty fees by at least 10 basis points and remit this increase to Treasury with respect to all loans acquired by FNMA and FHLMC on or after April 1, 2012 and before January 1, 2022. Serious discussions among policymakers continue, however, as to whether FNMA and FHLMC should be nationalized, privatized, restructured, or eliminated altogether. FNMA reported in the second quarter of 2014 that there was "significant uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship." FHLMC faces similar uncertainty about its future role. FNMA and FHLMC also are the subject of several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities.

The Fund may invest in securities issued or guaranteed by any of the entities listed above or by any other agency established or sponsored by the U.S. Government, provided that the securities are otherwise permissible investments of the Fund. Certain U.S. Government Obligations that have a variable rate of interest readjusted no less frequently than annually will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

The Fund's yield will fluctuate due to changes in interest rates, economic conditions, quality ratings and other factors. The prepayment experience of the mortgages underlying mortgage-related securities, such as obligations issued by GNMA, may affect the value of, and return on, an investment in such securities.

**WARRANTS**

The Fund may invest in warrants. A warrant is a right to purchase common stock at a specific price (usually at a premium above the market value of the underlying common stock at time of issuance) during a specified period of time. A warrant may have a life ranging from less than a year to 20 years or longer, but a warrant becomes worthless unless it is exercised or sold before expiration. In addition, if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant, the warrant will expire worthless. Warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying common stock.

**"WHEN-ISSUED" AND DELAYED DELIVERY SECURITIES**

The Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. The Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. The Fund may utilize spot and forward foreign currency exchange transactions to reduce the

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risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when-issued or delayed-delivery basis.

The use of this investment strategy, as well as entering into reverse repurchase agreements or engaging in other borrowing as described below, may increase net asset value fluctuation.

**RECENT MARKET CONDITIONS**

Since the 2008 financial crises, financial markets throughout the world have experienced periods of increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. Both domestic and international equity and fixed income markets experienced heightened volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected.

In addition to the recent unprecedented turbulence in financial markets, the reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide. Reduced liquidity in these markets may mean there is less money available to purchase raw materials, goods and services, which may, in turn, bring down the prices of these economic staples. It may also result in some issuers having more difficulty obtaining financing and ultimately may lead to a decline in their stock prices. The values of some sovereign debt and of securities of issuers that hold that sovereign debt have fallen. These events, and the potential for continuing market turbulence, may have an adverse effect on each Fund. In addition, global economies and financial markets have become increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region.

The U.S. federal government and certain foreign central banks have acted to calm credit markets and increase confidence in the U.S. and world economies. Certain of these entities have injected liquidity into the markets and taken other steps in an effort to stabilize the markets and grow the economy. Certain foreign governments and central banks are implementing or discussing so-called negative interest rates (e.g., charging depositors who keep their cash at a bank) to spur economic growth. Further Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including interest rate increases or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

The situation in the financial markets has led to increased regulation, and the need of many financial institutions for government help has given lawmakers and regulators new leverage. The Dodd-Frank Act initiated a dramatic revision of the U.S. financial regulatory framework that continues to unfold. The Dodd-Frank Act covers a broad range of topics, including (among many others) a reorganization of federal financial regulators; a process intended to improve financial systemic stability and the resolution of potentially insolvent financial firms; new rules for derivatives trading; the creation of the Consumer Financial Protection Bureau; the registration and additional regulation of hedge and private equity fund managers; and new federal requirements for residential mortgage loans. Instruments in which the Fund may invest, or the issuers of such instruments, may be affected by the legislation and regulations promulgated thereunder in ways that may be unforeseeable. Because these requirements are relatively new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear.

The statutory provisions of the Dodd-Frank Act significantly change in several respects the ways in which investment products are marketed, sold, settled or terminated. For example, the Dodd-Frank Act mandates the elimination of references to credit ratings in numerous securities laws, including the 1940 Act. In addition, some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared. Clearinghouses and futures commission merchants have broad rights to increase margin requirements for existing cleared transactions or to terminate cleared transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearinghouse may have an effect on the performance of a Fund.

Under rules adopted under the Dodd-Frank Act, certain cleared derivatives contracts are required to be executed through swap execution facilities ("SEFs"). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. Such requirements may make it more difficult and costly for investment funds, such as the Fund, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral over-the-counter trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF rules and additional CFTC regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if the Fund executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as well. The Fund also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on the Fund's behalf, against any losses or costs that may be incurred as a

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result of the Fund's transactions on the SEF. In addition, the Fund may be subject to execution risk if it enters into a derivatives transaction that is required to be cleared, and no clearing member is willing to clear the transaction on the Fund's behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the trade.

The European Union, the United Kingdom and some other countries have implemented similar requirements to the Dodd-Frank Act requirements that will affect a Fund when it enters into derivatives transactions with a counterparty organized in those jurisdictions or otherwise subject to those jurisdictions' derivatives regulations.

New global requirements may also result in increased uncertainty about counterparty credit risk, and they may also limit the flexibility of a Fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the European Union, the United Kingdom and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union or the United Kingdom, the liabilities of such counterparties to the Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

Additionally, U.S. regulators, the European Union, the United Kingdom and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. These regulations may have a material impact on the Fund's use of uncleared derivatives. These rules impose variation (and in some cases, initial) minimum margin requirements on derivatives transactions between the Fund and its swap counterparties and may increase the amount of margin the Fund is required to provide. They impose regulatory requirements on the calculation of margin and the timing of transferring margin.

The CFTC and U.S. futures exchanges have established limits, referred to as "position limits," on the maximum net long or net short positions which any person, or group of persons acting in concert, may own or control in certain futures and options contracts. In addition, starting January 1, 2023, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or elimination of open positions that may be required to avoid exceeding such limits may adversely affect the performance of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund. The fund may also be affected by regimes of the European Union and United Kingdom that impose position limits on its trade of commodity derivative contracts.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which applies to a Fund's use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements). Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments (beyond certain currency and interest rate hedging transactions) in a limited amount is not subject to the full requirements of Rule 18f-4. In connection with compliance with Rule 18f-4, funds are no longer required to comply with the asset segregation framework arising from prior SEC guidance for covering certain derivative instruments and related transactions.

These and other new rules and regulations could, among other things, further restrict a Fund's ability to engage in, or increase the cost to a Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. This may result in changes to a Fund's principal investment strategies and could adversely affect a Fund's performance and its ability to achieve its investment objective.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. As

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a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.

European financial markets are vulnerable to volatility and losses arising from concerns about the potential exit of member countries from the European Union and/or the Eurozone and, in the latter case, the reversion of those countries to their national currencies. Defaults by Economic Monetary Union member countries on sovereign debt, as well as any future discussions about exits from the Eurozone, may negatively affect a Fund's investments in the defaulting or exiting country, in issuers, both private and governmental, with direct exposure to that country, and in European issuers generally. In addition, the United Kingdom left the European Union on January 31, 2020 (commonly referred to as "Brexit"). During an 11 month transition period, ending December 31, 2020, the United Kingdom and the European Union agreed to a Trade and Cooperation Agreement which sets out the agreement for certain parts of the future relationship between the European Union and the United Kingdom from 1 January 2021. The Trade and Cooperation Agreement does not provide the United Kingdom with the same level of rights or access to all goods and services in the European Union as the United Kingdom previously maintained as a member of the European Union and during the transition period. In particular the Trade and Cooperation Agreement does not include an agreement on financial services. Accordingly, uncertainty remains in certain areas as to the future relationship between the United Kingdom and the European Union. The uncertainty caused by the United Kingdom's departure from the European Union could lead to prolonged political, legal, regulatory, tax and economic uncertainty and wider instability and volatility in the financial markets of the United Kingdom and more broadly across Europe. It may also lead to weakening corporate and financial confidence in such markets as the United Kingdom renegotiates the regulation of the provision of financial services within and to persons in the European Union. Brexit could lead to market dislocation, heightened counterparty risk, an adverse effect on the management of market risk and, in particular, asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on the management, operation and investment in each Fund and increased legal, regulatory or compliance burden for each Fund which may have a negative impact on the operations, financial condition, returns or prospects of each Fund. The consequences of the United Kingdom's, or another country's potential, exit from the European Union and/or Eurozone could also threaten the stability of the euro for remaining countries and could negatively affect the financial markets of other countries in the European Union and beyond.

**INTERFUND LENDING**

The SEC has granted an exemptive order to the Fund permitting the Fund to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program").

The Inter-Fund Program is subject to a number of conditions, including, among other things, that the Fund may, to the extent permitted by its investment objective, strategies, and policies, (1) lend uninvested cash to other Calamos Funds in an amount up to 15% of its current net assets at the time of the loan (including lending up to 5% of its net assets to any single Calamos Fund) and (2) borrow money from other Calamos Funds provided that immediately after the borrowing total outstanding borrowings from all sources do not exceed 33 1/3% of its total assets or any lower threshold provided for by a Fund's fundamental restrictions or non-fundamental policies. The Fund may borrow through the InterFund Program on an unsecured basis (i.e., without posting collateral) if its aggregate outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of the Fund's total assets. However, if the Fund's aggregate outstanding borrowings from all sources immediately after the interfund borrowing exceed 10% of the Fund's total assets, the Fund may borrow through the InterFund Program on a secured basis only. The Fund also is required to secure an InterFund Loan on an equal priority basis and with at least an equivalent percentage of collateral to loan value if it has outstanding secured borrowings from other sources, including but not limited to another Calamos Fund, at the time the loan is requested.

Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days.

In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund.

The limitations detailed above and the other conditions of the exemptive order, and related compliance procedures adopted by the board of trustees and implemented by Calamos Advisors are designed to minimize the risks associated with interfund

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lending for both the borrowing Funds and the lending Funds. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one business day's notice or not renewed, in which case the Fund may need to borrow from a bank at higher rates if an InterFund Loan were not available from another Fund. Furthermore, a delay in repayment to a lending Fund could result in a lost investment opportunity or additional lending costs.

The Fund may lend or borrow money in an amount of up to 33 1/3% of the Fund's total assets to meet short-term needs, such as in connection with redemptions. The Fund incurs interest and other expenses when it borrows money. Borrowing creates leverage, which may increase expenses and increase the impact of the Fund's other risks. The use of leverage may exaggerate any increase or decrease in a Fund's net asset value causing the Fund to be more volatile than a fund that does not borrow.

**JOINT CREDIT AGREEMENT**

The Trust, on behalf of the Fund, is party to a $50,000,000 uncommitted credit agreement with State Street Bank and Trust Company (the "Credit Agreement"). The Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase the Fund's net expenses and reduce the Fund's return. In addition, borrowing by the Fund may create leverage by increasing the Fund's investment exposure. This will result in changes in the Fund's net asset value, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by Calamos Advisors and the Board of the Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund.

**INVESTMENT RESTRICTIONS**

The Fund is classified as a diversified, open-end management investment company. Except as noted below, the Fund operates under the following investment restrictions and may not:

(i) make any investment inconsistent with the Fund's classification as a diversified investment company under the 1940 Act if the Fund is classified as a diversified investment company;<sup>3</sup>

(ii) acquire more than 10%, taken at the time of a particular purchase, of the outstanding voting securities of any one issuer;

(iii) act as an underwriter of securities, except insofar as it may be deemed an underwriter for purposes of the Securities Act on disposition of securities acquired subject to legal or contractual restrictions on resale;

(iv) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts, except that the Fund may enter into (a) futures, options and options on futures, (b) forward contracts and (c) other financial transactions not requiring the delivery of physical commodities;

(v) make loans, but this restriction shall not prevent the Fund from (a) investing in debt obligations, (b) investing in repurchase agreements or (c) lending portfolio securities, provided, however, that it may not lend securities if, as a result, the aggregate value of all securities loaned would exceed 33% of its total assets (taken at market value at the time of such loan);<sup>4</sup>

(vi) borrow, except from banks, other affiliated funds and other entities to the extent permitted under the 1940 Act;<sup>5,6</sup>

<sup>3</sup> Currently, under the 1940 Act, for the Fund to be classified as a diversified investment company, at least 75% of the value of the Fund's total assets must be represented by cash and cash items (including receivables), government securities, securities of other investment companies, and securities of other issuers, which for the purposes of this calculation are limited in respect of any one issuer to an amount (valued at the time of investment) not greater in value than 5% of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

<sup>4</sup> This restriction shall not apply to loans made in accordance with the InterFund Program or exemptive relief that may be granted by the SEC to the Fund with regard to interfund lending.

<sup>5</sup> The Fund does not intend to purchase securities when its borrowings exceed 5% of total assets.

<sup>6</sup> The Fund's borrowing practices are limited by the 1940 Act. Currently, under the 1940 Act, the Fund may borrow in an aggregate amount not exceeding 33 1/3% of its total assets, including the proceeds of borrowings, for any purpose, but borrowings from entities other than banks may not exceed 5% of its total assets and may be only as a temporary measure for extraordinary or emergency purposes, unless the Fund has received an exemptive order from the SEC permitting it to borrow from other affiliated funds in excess of 5% of its total assets.

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(vii) invest in a security if more than 25% of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry or group of industries, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

(viii) issue any senior security, except to the extent permitted under the 1940 Act;<sup>7</sup>

The above restrictions are fundamental policies and may not be changed with respect to the Fund without the approval of a "majority" of the outstanding shares of the Fund, which for this purpose means the approval of the lesser of (a) more than 50% of the outstanding voting securities of the Fund or (b) 67% or more of the outstanding shares if the holders of more than 50% of the outstanding shares of the Fund are present or represented at the meeting by proxy.

In addition to the fundamental restrictions listed above, the Fund has adopted the following as non-fundamental policies:

(a) To the extent other Calamos Funds invest in the Fund in reliance on section 12(d)(1)(G), the Fund may not acquire any securities of registered open-end investment companies or unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the 1940 Act;<sup>8</sup>

(b) The Fund may not invest in companies for the purpose of exercising control or management;

(c) The Fund may not purchase securities on margin (except for use of such short-term credits as are necessary for the clearance of transactions, including transactions in options, futures and options on futures), or participate on a joint or a joint and several basis in any trading account in securities, except in connection with transactions in options, futures and options on futures;

(d) The Fund may not make short sales of securities, except that the Fund may make short sales of securities (i) if the Fund owns an equal amount of such securities, or owns securities that are convertible or exchangeable, without payment of further consideration, into an equal amount of such securities, (ii) other than those described in clause (i), provided that no more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales other than those described in clause (i); or

(e) The Fund may not invest more than 15% under regulatory rules of the Fund's net assets (taken at market value at the time of each purchase) in illiquid investments that are assets, including repurchase agreements maturing in more than seven days.

The non-fundamental investment restrictions above may be changed by the board of trustees without shareholder approval. Notwithstanding the foregoing investment restrictions, the Fund may purchase securities pursuant to the exercise of subscription rights, subject to the condition that such purchase will not result in the Fund's ceasing to be a diversified investment company. Far Eastern and European corporations frequently issue additional capital stock by means of subscription rights offerings to existing shareholders at a price substantially below the market price of the shares. The failure to exercise such rights would result in the Fund's interest in the issuing company being diluted. The market for such rights is not well developed in all cases and, accordingly, the Fund may not always realize full value on the sale of rights. The exception applies in cases where the limits set forth in the investment restrictions would otherwise be exceeded by exercising rights or would have already been exceeded as a result of fluctuations in the market value of the Fund's portfolio securities with the result that the Fund would be forced either to sell securities at a time when it might not otherwise have done so, to forego exercising the rights.

<sup>7</sup> Currently, under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where the indebtedness is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

<sup>8</sup> Under Section 12(d)(1)(A) of the 1940 Act, the Fund generally must limit its investment in other investment companies so that, as determined immediately after the Fund invests in another investment company: (i) not more than 3% of the outstanding voting shares of any one investment company will be owned by the Fund; (ii) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; and (iii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group, except as permitted under the 1940 Act, the rules thereunder or SEC exemptive relief. Currently, under the 1940 Act, the rules thereunder and SEC exemptive relief, the Fund may invest in other investment companies in excess of the above limitations if certain requirements are met, including (i) that the Fund complies with Rule 12d1-4 under the 1940 Act or (ii) that any Fund whose shares are acquired by another Fund in accordance with Section 12(d)(1)(G) of the 1940 Act shall not purchase securities of a registered open-end investment company or registered unit investment trust in reliance on either Section 12(d)(1) (F) or Section 12(d)(1)(G) of the 1940 Act. The Fund may also invest without limitation in money market funds, provided the Fund complies with Rule 12d1-1 under the 1940 Act. These limitations do not apply in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company.

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**MANAGEMENT**

**TRUSTEES AND OFFICERS**

The management of the Trust, including general supervision of the duties performed for the Fund under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee's earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years.

The following table sets forth each trustee's name, year of birth, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each trustee oversees each Fund of the Trust.

**TRUSTEES WHO ARE INTERESTED PERSONS OF THE TRUST:**

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| **NAME AND<br>YEAR OF BIRTH** | **POSITION(S) AND<br>LENGTH OF TIME<br>WITH THE TRUST** | **PORTFOLIOS IN<br>FUND COMPLEX^<br>OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST 5 YEARS<br>AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,<br>SKILLS FOR BOARD<br>MEMBERSHIP** |
| John P. Calamos, <br>Sr. (1940)\* | Chairman, Trustee and President (since 1988) | 30 | Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC and its predecessor ("Calamos Advisors") and Calamos Wealth Management LLC ("CWM"); Director, CAM; Global Chief Investment Officer, Calamos Antetokounmpo Asset Management LLC ("CGAM"); and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor ("CFS"), CAM, CILLC, Calamos Advisors, and CWM | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |

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**TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

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| | | | | |
|:---|:---|:---|:---|:---|
| John E. Neal (1950) | Trustee (since 2001); Lead Independent Trustee (since July 2019) | 31<br><sup>^^</sup> | Retired; private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook, Illinois community bank); formerly, Director, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018) | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME AND<br>YEAR OF BIRTH** | **POSITION(S) AND<br>LENGTH OF TIME<br>WITH THE TRUST** | **PORTFOLIOS IN<br>FUND COMPLEX^<br>OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST 5 YEARS<br>AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,<br>SKILLS FOR BOARD<br>MEMBERSHIP** |
| William R. Rybak (1951) | Trustee (since 2002) | 30 | Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series Trust and JNL Investors Series Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series Trust (2018-2020) and JNL Strategic Income Fund LLC (2007-2018), (open-end mutual funds)\*\*; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000) | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| Virginia G. Breen (1964) | Trustee (since 2015) | 30 | Private Investor; Director, Tech and Energy Transition Corporation (blank check company) (since 2021); Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)\*\*\*; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (since 2004); Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)\*\*\*\* | Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| Lloyd A. Wennlund (1957) | Trustee (since 2018) | 30 | Trustee and Chairman, Datum One Series Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME AND<br>YEAR OF BIRTH** | **POSITION(S) AND<br>LENGTH OF TIME<br>WITH THE TRUST** | **PORTFOLIOS IN<br>FUND COMPLEX^<br>OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST 5 YEARS<br>AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,<br>SKILLS FOR BOARD<br>MEMBERSHIP** |
| Karen L. Stuckey (1953) | Trustee (since December 2019) | 30 | Member of Desert Mountain Community Foundation Advisory Board (non-profit organization) (2015-2021); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1975-1990); Member of Executive, Nominating, and Audit Committees and Chair of Finance Committee (1992-2006); Emeritus Trustee (since 2007) of Lehigh University; member, Women's Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of OppenheimerFunds (open-end mutual funds) (2012-2019) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |
| Christopher M. Toub (1959) | Trustee (since December 2019) | 30 | Private investor; formerly Director of Equities, AllianceBernstein LP (until 2012) | More than 25 years of experience in the financial services industry; and earned a Masters of Business Administration degree |

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^ The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos ETF Trust, Calamos Antetokounmpo Sustainable Equities Trust and Calamos Aksia Alternative Credit and Income Fund.

^^ Mr. Neal is the only Trustee of the Trust who oversees Calamos Aksia Alternative Credit and Income Fund.

\* Mr. Calamos, Sr. is an "interested person" of the Trust as defined in the 1940 Act because he is an officer of the Trust and an affiliate of Calamos Advisors and CFS.

\*\* Overseeing 131 portfolios in fund complex.

\*\*\* Overseeing twenty-one portfolios in fund complex.

\*\*\*\* Overseeing three portfolios in fund complex.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

**OFFICERS.** The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee and President of the Trust. The following table sets forth each other officer's name, year of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

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| | | |
|:---|:---|:---|
| **NAME AND YEAR OF BIRTH** | **POSITION(S) WITH TRUST** | **PRINCIPAL OCCUPATION(S)** |
| Robert Behan (1964) | Vice President (since 2013) | Executive Vice President, Chief Distribution Officer (since 2021), CAM, CILLC, Calamos Advisors, and CFS; Vice President (since 2022), CGAM; prior thereto President (2015-2021), Head of Global Distribution (2013-February 2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013), Head of US Intermediary Distribution (2010-2013) |
| Thomas E. Herman (1961) | Vice President (since 2016) and Chief Financial Officer (2016-2017 and since 2019) | Executive Vice President (since 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer (since 2022), CGAM; prior thereto, Chief Financial Officer and Treasurer, Harris Associates (2010-2016) |

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| | | |
|:---|:---|:---|
| **NAME AND YEAR OF BIRTH** | **POSITION(S) WITH TRUST** | **PRINCIPAL OCCUPATION(S)** |
| J. Christopher Jackson (1951) | Vice President and Secretary (since 2010) | Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2010); Chief Legal Officer, CGAM (since 2022); Director, Calamos Global Funds plc (2011-2021) |
| John S. Koudounis (1966) | Vice President (since 2016) | President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); Chairman and Chief Executive Officer (since 2022), CGAM; prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc. |
| Mark J. Mickey (1951) | Chief Compliance Officer (since 2005) | Chief Compliance Officer, Calamos Funds (since 2005) |
| Stephen Atkins (1965) | Treasurer (since 2020) | Senior Vice President, Head of Fund Administration (since 2020), Calamos Advisors; prior thereto Consultant, Fund Accounting and Administration, Vx Capital Partners (2019-2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018) |
| Daniel Dufresne (1974) | Vice President (since 2021) | Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2021); President (since 2022), CGAM; prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020) |
| Susan L. Schoenberger (1963) | Vice President and Assistant Secretary (since September 2022) | Vice President, Associate Counsel, Calamos Advisors (since 2022); prior thereto Vice President, Legal Counsel (2011-2022), Ariel Investments, LLC |

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The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563.

**COMMITTEES OF THE BOARD OF TRUSTEES.** The Trust's board of trustees currently has five standing committees:

**Executive Committee.** Messrs. John Calamos and John E. Neal are members of the executive committee, which has authority during intervals between meetings of the board of trustees to exercise the powers of the board, with certain exceptions. John Calamos is an interested trustee of the Trust.

**Dividend Committee.** Mr. John Calamos serves as the sole member of the dividend committee. The dividend committee is authorized, subject to Board review, to declare distributions on the shares of the Trust's series in accordance with such series' distribution policies, including, but not limited to, regular dividends, special dividends and short- and long-term capital gains distributions.

**Audit Committee.** Messrs. Neal, Rybak (Chair), Toub and Wennlund and Mses. Breen and Stuckey serve on the audit committee. The audit committee operates under a written charter adopted and approved by the board. The audit committee

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selects independent auditors, approves services to be rendered by the auditors, monitors the auditors' performance, reviews the results of the Trust's audit and responds to other matters deemed appropriate by the board. All members of the audit committee are independent trustees of the Trust.

**Valuation Committee.** Messrs. Neal, Rybak, Toub, and Wennlund (Chair) and Mses. Breen and Stuckey serve on the valuation committee. The valuation committee operates under a written charter approved by the board. The valuation committee oversees valuation matters of the Trust delegated to the pricing committee, including the fair valuation determinations and methodologies proposed and utilized by the pricing committee, reviews the Trust's valuation procedures and their application by the pricing committee, reviews pricing errors and procedures for calculation of net asset value of each series of the Trust and responds to other matters deemed appropriate by the board.

**Governance Committee.** Messrs. Neal, Rybak, Toub and Wennlund and Mses. Breen (Chair) and Stuckey serve on the governance committee. The governance committee operates under a written charter adopted and approved by the board. The governance committee oversees the independence and effective functioning of the board of trustees and endeavors to be informed about good practices for mutual fund boards. It also makes recommendations to the board regarding compensation of independent trustees. The governance committee also functions as a nominating committee by making recommendations to the board of trustees regarding candidates for election as non-interested trustees. The governance committee looks to many sources for recommendations of qualified trustees, including current trustees, employees of Calamos Advisors, current shareholders of the Fund, search firms that are compensated for their services and other third party sources. Any such search firm identifies and evaluates potential candidates, conducts screening interviews and provides information to the governance committee with respect to the individual candidates and the market for available candidates. In making trustee recommendations, the governance committee considers a number of factors, including a candidate's background, integrity, knowledge and relevant experience. These factors are set forth in an appendix to the committee's charter. Any prospective candidate is interviewed by the trustees and officers, and references are checked. The governance committee will consider shareholder recommendations regarding potential trustee candidates that are properly submitted to the governance committee for its consideration.

A Fund shareholder who wishes to propose a trustee candidate must submit any such recommendation in writing via regular mail to the attention of the Trust's Secretary, at the address of the Trust's principal executive offices. The shareholder recommendation must include:

• the number and class of all shares of the Trust's series owned beneficially or of record by the nominating shareholder at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially;

• a full listing of the proposed candidate's education, experience (including knowledge of the investment company industry, experience as a director or senior officer of public or private companies, and directorships on other boards of other registered investment companies), current employment, date of birth, business and residence address, and the names and addresses of at least three professional references;

• information as to whether the candidate is, has been or may be an "interested person" (as such term is defined in the 1940 Act) of the Trust, Calamos Advisors or any of its affiliates, and, if believed not to be or have been an "interested person," information regarding the candidate that will be sufficient for the committee to make such determination;

• the written and signed consent of the candidate to be named as a nominee and to serve as a trustee of the Trust, if elected;

• a description of all arrangements or understandings between the nominating shareholder, the candidate and/or any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, and if none, so specify;

• the class or series and number of all shares of the Trust's series owned of record or beneficially by the candidate, as reported by the candidate; and

• such other information that would be helpful to the governance committee in evaluating the candidate.

The governance committee may require the nominating shareholder to furnish other information it may reasonably require or deem necessary to verify any information furnished pursuant to the procedures delineated above or to determine the qualifications and eligibility of the candidate proposed by the nominating shareholder to serve as a trustee. If the nominating shareholder fails to provide such additional information in writing within seven days of receipt of written request from the governance committee, the recommendation of such candidate will be deemed not properly submitted for consideration, and the governance committee is not required to consider such candidate.

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Unless otherwise specified by the governance committee's chairman or by legal counsel to the non-interested trustees, the Trust's Secretary will promptly forward all shareholder recommendations to the governance committee's chairman and the legal counsel to the non-interested trustees, indicating whether the shareholder recommendation has been properly submitted pursuant to the procedures adopted by the governance committee for the consideration of trustee candidates nominated by shareholders.

Recommendations for candidates as trustees will be evaluated, among other things, in light of whether the number of trustees is expected to change and whether the trustees expect any vacancies. During periods when the governance committee is not actively recruiting new trustees, shareholder recommendations will be kept on file until active recruitment is under way. After consideration of a shareholder recommendation, the governance committee may dispose of the shareholder recommendation.

In addition to the above committees, there is a pricing committee, appointed by the board of trustees, comprised of officers of the Trust and employees of Calamos Advisors.

The following table identifies the number of meetings the board and each committee held during the fiscal year ended October 31, 2022.

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| | | |
|:---|:---|:---|
| | **NUMBER OF<br>MEETINGS DURING<br>FISCAL YEAR ENDED<br>OCTOBER 31, 2022** | **NUMBER OF<br>MEETINGS DURING<br>FISCAL YEAR ENDED<br>OCTOBER 31, 2022** |
| Board |  | 6 |
| Executive Committee |  | 0 |
| Audit Committee |  | 4 |
| Governance Committee |  | 4 |
| Dividend Committee |  | 12 |
| Valuation Committee |  | 4 |

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**LEADERSHIP STRUCTURE AND QUALIFICATIONS OF THE BOARD OF TRUSTEES.** The board of trustees is responsible for oversight of the Trust. The Trust has engaged Calamos Advisors to manage the Fund on a day-to-day basis. The board of trustees oversees Calamos Advisors and certain other principal service providers in the operations of the Fund. The board of trustees is currently composed of seven members, six of whom are non-interested trustees. The board of trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, the board may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, the board of trustees has established five standing committees — Audit, Dividend, Executive, Governance and Valuation — and may establish ad hoc committees or working groups from time to time to assist the board of trustees in fulfilling its oversight responsibilities. The non-interested trustees also have engaged independent legal counsel to assist them in fulfilling their responsibilities. Such independent legal counsel also serves as counsel to the Trust.

The chairman of the board of trustees is an "interested person" of the Trust (as such term is defined in the 1940 Act). The non-interested trustees have appointed a lead independent trustee. The lead independent trustee serves as a liaison between Calamos Advisors and the non-interested trustees and leads the non-interested trustees in all aspects of their oversight of the Fund. Among other things, the lead independent trustee reviews and approves, with the chairman, the agenda for each board and committee meeting and facilitates communication among the Trust's non-interested trustees. The trustees believe that the board's leadership structure is appropriate given the characteristics and circumstances of the Trust. The trustees also believe that this structure facilitates the exercise of the board's independent judgment in fulfilling its oversight function and efficiently allocates responsibility among committees.

The board of trustees has concluded that, based on each trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other trustees, each trustee should serve as a member of the board. In making this determination, the board has taken into account the actual service of the trustees during their tenure in concluding that each should continue to serve. The board also has considered each trustee's background and experience. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each trustee that led the board to conclude that he or she should serve as a trustee.

Each of Messrs. Calamos, Neal, and Rybak has served for more than ten years as a trustee of the Trust. In addition, each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, Toub, and Wennlund has more than 25 years of experience in the financial services industry. Each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, and Wennlund has experience serving on boards of other entities, including other investment companies. Each of Ms. Breen and Messrs. Calamos, Neal, Rybak and Toub has earned a Masters of Business Administration degree.

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**RISK OVERSIGHT.** The operation of a mutual fund, including its investment activities, generally involves a variety of risks. As part of its oversight of the Fund, the board of trustees oversees risk through various regular board and committee activities. The board of trustees, directly or through its committees, reviews reports from, among others, Calamos Advisors, the Trust's Compliance Officer, the Trust's independent registered public accounting firm, outside legal counsel, and internal auditors of Calamos Advisors or its affiliates, as appropriate, regarding risks faced by the Fund and the risk management programs of Calamos Advisors and certain service providers. The actual day-to-day risk management with respect to the Fund resides with Calamos Advisors and other service providers to the Fund. Although the risk management policies of Calamos Advisors and the service providers are designed to be effective, there is no guarantee that they will anticipate or mitigate all risks. Not all risks that may affect the Fund can be identified, eliminated or mitigated and some risks simply may not be anticipated or may be beyond the control of the board of trustees or Calamos Advisors, its affiliates or other service providers.

**TRUSTEE AND OFFICER COMPENSATION.** John P. Calamos, Sr., the trustee who is an "interested person" of the Trust, does not receive compensation from the Trust. Although they are compensated, the non-interested trustees do not receive any pension or retirement benefits from the Trust. Mr. Mickey is the only Trust officer who receives compensation from the Trust. The following table sets forth the total compensation (including any amounts deferred, as described below) paid by the Trust during the periods indicated to each of the current trustees and officers compensated by the Trust.

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| | | |
|:---|:---|:---|
| **NAME** | **AGGREGATE<br>COMPENSATION<br>FROM THE FUND<br>11/1/21-10/31/22** | **TOTAL<br>COMPENSATION<br>FROM CALAMOS<br>FUNDS<br>COMPLEX<sup>(2)</sup>11/1/21-10/31/22** |
| John P. Calamos | $0 | $0 |
| Virginia G. Breen | $3090 | $202028 |
| John E. Neal<sup>(1)</sup> | $3322 | $235000 |
| William R. Rybak | $3185 | $215000 |
| Karen L. Stuckey | $3048 | $195000 |
| Christopher M. Toub | $3048 | $195000 |
| Lloyd A. Wennlund | $3116 | $205000 |
| Mark J. Mickey | $1483 | $195770 |

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(1) Includes fees deferred during the relevant period pursuant to a deferred compensation plan. Deferred amounts are treated as though such amounts have been invested and reinvested in shares of one or more of the Funds as selected by the trustee. As of October 31, 2022 the value of the deferred compensation account of Mr. Neal was $2,337,627.

(2) The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos ETF Trust, Calamos Antetokounmpo Sustainable Equities Trust and Calamos Aksia Credit and Income Fund.

The compensation paid to the non-interested trustees of Calamos Funds for their services as such consists of an annual retainer fee in the amount of $185,000, with annual supplemental retainers of $40,000 to the lead independent trustee, $20,000 to the chair of the audit committee and $10,000 to the chair of any other committee. Each non-interested trustee receives a meeting attendance fee of $7,000 for any special board meeting attended in person and $3,500 for any special board meeting attended by telephone.

Compensation paid to the non-interested trustees is allocated among the series of the Calamos Funds in accordance with a procedure determined from time to time by the board.

The Trust has adopted a deferred compensation plan for non-interested trustees (the "Plan"). Under the Plan, a trustee who is not an "interested person" of Calamos Advisors and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his or her compensation from the Trust in order to defer payment of income taxes or for other reasons. The deferred compensation payable to the participating trustee is credited to the trustee's deferred compensation account as of the business day such compensation otherwise would have been paid to the trustee. The value of a trustee's deferred compensation account at any time is equal to what the value would be if the amounts credited to the account had instead been invested in Class I shares of one or more of the Funds as designated by the trustee. Thus, the value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. If a participating trustee retires, the trustee may elect to receive payments under the plan in a lump sum or in equal annual installments over a period of five years. If a participating trustee dies, any amount payable under the Plan will be paid to the trustee's beneficiaries. The Fund's

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obligation to make payments under the Plan is a general obligation of that Fund. No Fund is liable for any other Fund's obligations to make payments under the Plan.

At December 31, 2022, each trustee beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("1934 Act")) shares of the Fund, and of all funds in the Fund Complex, having values within the indicated dollar ranges.\*

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| | | |
|:---|:---|:---|
| | **GLOBAL SUSTAINABLE<br>EQUITIES FUND** | **AGGREGATE <br>DOLLAR<br>RANGE OF SHARES<br>OF ALL FUNDS IN<br>THE FUND COMPLEX** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 | Over $100,000 |
| Virginia G. Breen |  | Over $100,000 |
| John E. Neal |  | Over $100,000 |
| William R. Rybak |  | Over $100,000 |
| Karen L. Stuckey |  | Over $100,000 |
| Christopher M. Toub |  | Over $100,000 |
| Lloyd A. Wennlund |  | Over $100,000 |

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(1) Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

\* Valuation as of December 31, 2022.

None of the independent trustees (those trustees) who are not "interested persons" of the Trust as defined in the 1940 Act) own beneficially or of record, any security of Calamos Advisors, CFS, or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with Calamos Advisors or CFS.

**CODE OF ETHICS.** Employees of Calamos Advisors and Calamos Financial Services LLC ("CFS"), the Fund's distributor, are permitted to make personal securities transactions, including transactions in securities that the Trust may purchase, sell or hold, subject to requirements and restrictions set forth in the Code of Ethics of the Trust, the Code of Ethics of Calamos Advisors and the Code of Ethics of CFS. The Code of Ethics adopted pursuant to Rule 17j-1 under the 1940 Act contains provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities of Calamos Advisors and CFS employees and the interests of investment advisory clients such as the Trust. Among other things, the Code of Ethics prohibits certain types of transactions absent prior approval, imposes time periods during which personal transactions may not be made in certain securities, and requires the submission of duplicate broker confirmations and statements and quarterly reporting of securities transactions. Additional restrictions apply to portfolio managers, traders, research analysts and others involved in the investment advisory process. Exceptions to these and other provisions of the Code of Ethics may be granted in particular circumstances after review by appropriate personnel.

Affiliates of Calamos Advisors and CFS, CAM, CILLC, Calamos Partners LLC ("CPL"), Calamos Family Partners, Inc. ("CFP") and the owners of these affiliates, which include John P. Calamos, Sr. and members of his family ("Calamos Family"), may invest in products managed by Calamos Advisors to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in the Code of Ethics, investments made by CAM, CILLC, CPL, CFP and the Calamos Family in products managed by Calamos Advisors are not subject to restrictions of the Code of Ethics regarding short term or speculative trading. As a result, such entities or individuals may hedge corporate or personal investments in such products. However, these hedging transactions are subject to pre-clearance by the Compliance Department and reporting to the CAM Audit Committee. In addition, the trading execution order must be (1) products or accounts managed by Calamos Advisors (2) CAM, (3) CILLC, (4) and CPL, CFP and/or the Calamos Family. All other provisions of the Code of Ethics are otherwise applicable.

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any customer activity.

**PROXY VOTING PROCEDURES.** The Fund has delegated proxy voting responsibilities to Calamos Advisors, subject to the board of trustees' general oversight. The Fund expects Calamos Advisors to vote proxies related to the Fund's portfolio securities for which the Fund has voting authority consistent with the Fund's best interests. Calamos Advisors has adopted its own Proxy

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Voting Policies and Procedures for Sustainable Investment Strategies (the "Policies"). The Policies address, among other things, conflicts of interest that may arise between the Fund's interests, and the interests of Calamos Advisors and its affiliates. The Policies consider all stakeholders, including the environment, society at large, local communities, and employees. The Policies are oriented to reflect long-term impact.

The following is a summary of the Policies used by Calamos Advisors in voting proxies.

To assist it in voting proxies, Calamos Advisors has established a Proxy Review Committee ("committee") comprised of members of its Portfolio Management (which may include portfolio managers and/or research analysts), Operations, Legal and Compliance Departments. The committee and/or its members will vote proxies using the following guidelines.

In general, if Calamos Advisors believes that a company's management and board have interests sufficiently aligned with the Fund's interest, Calamos Advisors will vote in favor of proposals recommended by the company's board. More specifically, Calamos Advisors seeks to ensure that the board of directors of a company is sufficiently aligned with security holders' interests and provides proper oversight of the company's management. In many cases this may be best accomplished by having a majority of independent board members. Calamos Advisors generally prefers that key committees such as audit, nominating, and compensation committees be comprised of independent directors. Additionally, Calamos Advisors will vote its proxies in an effort to mitigate negative environmental and societal impact and encourage positive environmental and social behavior, which Calamos Advisors believes is beneficial to all stakeholders.

Because of the enormous variety and complexity of transactions that are presented to shareholders, such as mergers, acquisitions, reincorporations, adoptions of anti-takeover measures (including adoption of a shareholder rights plan, requiring supermajority voting on particular issues, adoption of fair price provisions, issuance of blank check preferred stocks and the creation of a separate class of stock with unequal voting rights), changes to capital structures (including authorizing additional shares, repurchasing stock or approving a stock split), executive compensation and option plans, that occur in a variety of industries, companies and market cycles, it is extremely difficult to foresee exactly what would be in the best interests of the Fund in all circumstances. Moreover, voting on such proposals involves considerations unique to each transaction. Accordingly, Calamos Advisors will vote on a case-by-case basis on proposals presenting these transactions. Calamos Advisors will also vote on proposals presenting special interest issues on a case-by-case basis, given that developing a position on such issues involves considering factors such as: (i) the long-term benefit to shareholders of promoting corporate accountability and responsibility on social issues; (ii) management's responsibility with respect to special interest issues; (iii) any economic costs and restrictions on management; and (iv) the responsibility of Calamos Advisors to vote proxies for the greatest long-term shareholder value.

Calamos Advisors has assigned its administrative duties with respect to the proxy analysis and voting decisions to the "Proxy Group" (the Investment team — research analysts and portfolio management), and administrative processing to its Corporate Actions Group within the Operations Department. To assist it in analyzing proxies, Calamos subscribes to Glass Lewis an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and voting recommendations. Glass Lewis facilitates the voting of each proxy by applying Calamos' custom environmental, social and governance proxy voting rules ("proxy voting policy") to the proposal(s). Any proxy proposal that is not covered by the proxy voting guidelines is reviewed and considered by Calamos' proxy group and voted in accordance with that review.

Finally, Calamos Advisors has established procedures to help resolve conflicts of interests that might arise when voting proxies for the Fund. Calamos will generally apply its proxy voting policy to proxy proposals regardless if a conflict has been identified. However, in these situations, the Proxy Group will refer the proxy proposal, along with the recommended course of action, if any, to the Proxy Review Committee, or a subcommittee thereof (each, a "committee"), for evaluation. The committee will independently review the proposals and determine the appropriate action to be taken. The committee will then memorialize the conflict and the procedures used to address the conflict.

The Trust is required to file with the SEC its complete proxy voting record for the 12-month period ending June 30, by no later than August 31 of each year. The Trust's proxy voting record for the most recent 12-month period ending June 30 is available by August 31 of each year (1) on the SEC's website at www.sec.gov, and (2) without charge, upon request, by calling 800-582-6959.

You may obtain a copy of Calamos Advisors' Policies by calling 800.582.6959, by visiting Calamos Advisors' website at www.calamos.com, by writing Calamos Advisors at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the SEC's website at www.sec.gov.

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**DISCLOSURE OF PORTFOLIO HOLDINGS.** The board of trustees, including a majority of the non-interested trustees, has adopted policies and procedures to govern the disclosure of portfolio security holdings. The board of trustees considered the circumstances under which portfolio security holdings may be disclosed to different categories of persons and how to address actual and potential conflicts of interests between the interests of the Fund's shareholders, on the one hand, and those of Calamos Advisors and CFS, on the other. After giving due consideration to such matters and after exercising their fiduciary duties and reasonable business judgment, the board of trustees determined that the Fund has a legitimate business purpose for disclosing portfolio security holdings to the persons described in the policies and procedures, and that the policies and procedures are reasonably designed to ensure that disclosures of portfolio security holdings are not opposed to the best interests of shareholders and appropriately address the potential for material conflicts of interest.

Calamos Advisors and CFS carry out the policies and procedures governing disclosure of portfolio security holdings, and as such have access to information regarding portfolio security holdings on a daily basis and may disclose that information to the Fund's service providers and other third parties only in accordance with the policies and procedures adopted by the board of trustees.

**Disclosure to the Public**

A complete list of portfolio holdings as of the last business day of the preceding calendar month may be disclosed no earlier than 30 days after the end of the previous calendar month.

A subset of the Fund's portfolio security holdings "top ten" list may be disclosed no earlier than 10 days after the end of the previous calendar month.

Portfolio attribution, any information relating to the Fund's portfolio characteristics, such as, but not limited to, industries or sectors within the Fund, income distributions, potential capital gains, beta, average weighted average, current yield, or SEC yield may be disclosed on a ten (10) day lag.

Based on an internal exception process and review of conflicts of interest, the Fund may publicly disclose whether an individual security is, or is not, owned by the Fund if the Fund determines that the disclosure is not opposed to the best interests of shareholders and any conflicts of interest are addressed. Such an exception shall be reported to the Fund's Board of Trustees at the next scheduled meeting.

**NON-PUBLIC DISCLOSURE**

**Disclosure to Rating and Ranking Agencies.** A complete list of portfolio security holdings as of the last business day of the preceding calendar quarter may be disclosed to rating or ranking agencies, such as S&P, Moody's, Morningstar, Inc. ("Morningstar") and Lipper, Inc. ("Lipper"), no earlier than 30 days after the end of such quarter. Any non-public disclosure to rating or ranking agencies shall be made subject to a duty of confidentiality, including a duty not to trade on non-public information. As of December 31, 2022, the following rating or ranking agencies are provided portfolio security holdings information in connection with the above procedures: Standard & Poor's Financial Services, LLC, Bloomberg LP, Refinitiv, Morningstar, Inc., and FactSet Financial Research Systems, Inc.

**Disclosure to Third Parties.** Portfolio security holdings may be disclosed more frequently than described above to third parties, with little or no lag time, when a Fund has a legitimate business purpose for doing so. The frequency and lag time of such disclosure is based upon each party's need for the information. Third parties include, but are not limited to, each Fund's investment adviser, principal underwriter, custodian, transfer agent, administrator, fund accounting agent, financial accounting agent, independent auditors, attorneys or such other selected third parties. As of December 31, 2022, the following parties receive non-public portfolio security holdings disclosure: Calamos Advisors, CFS, State Street Bank and Trust Company, Ernst & Young LLP, U.S. Bank Global Fund Services, Charles River Systems, Inc., Deloitte & Touche LLP, Ropes & Gray LLP, DFIN and Toppan Merrill. The third parties have a duty to keep the Funds' non-public information confidential either through written contractual arrangements with the Funds or Calamos Advisors, or by the nature of their fiduciary duty with respect to the Funds, which includes a duty of confidentiality and a duty to refrain from trading on non-public information. The Funds may be harmed if the service providers breach any non-contractual duty to keep the Funds' non-public information confidential as the Funds may have no contractual remedies or recourse against such breaching parties.

In addition, the Fund, Calamos Advisors, CFS and the Fund's administrator and custodian may, for legitimate business purposes within the scope of their duties and responsibilities, disclose portfolio security holdings (whether a complete list of portfolio security holdings or a subset thereof) and other positions comprising the Fund's assets to one or more broker-dealers or foreign

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custodians during the course of, or in connection with, normal day-to-day securities and derivative transactions with or through such broker-dealers or foreign custodians, subject to such broker-dealer's obligation and/or foreign custodian's fiduciary duty not to disclose or use material, non-public information concerning the Fund's portfolio security holdings without the consent of the Fund or its agents. Any such disclosure must be approved in writing by Calamos Advisors' General Counsel or, in his absence, the Trust's Chief Compliance Officer.

**Disclosures required by Applicable Law.** The Fund, Calamos Advisors and CFS may disclose portfolio security holdings information of the Fund as may be required by applicable law, rule, regulation or court order. Any officer of the Fund, Calamos Advisors or CFS is authorized to disclose portfolio security holdings pursuant to these policies and procedures.

As part of the Fund's compliance program under Rule 38a-1 under the 1940 Act, the Trust's Chief Compliance Officer periodically will review or cause to be reviewed portfolio security holding disclosures in order to seek compliance with these policies and procedures. The board of trustees will oversee disclosures through the reporting of the Chief Compliance Officer.

The Fund, Calamos Advisors and CFS do not receive compensation or other consideration for the disclosure of portfolio security holdings.

**INVESTMENT ADVISORY SERVICES**

Investment management and certain other services are provided to the Trust by Calamos Advisors pursuant to a Management Agreement (the "Management Agreement") dated August 1, 2000, as amended. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For more information, see the prospectus under "Who manages the Fund?"

The Fund pays Calamos Advisors a fee based on its average daily net assets that is accrued daily and paid on a monthly basis. The Fund pays a fee on its average daily net assets at the annual rate of 0.85% on average daily net assets.

Calamos Advisors is a wholly owned subsidiary of Calamos Investments LLC ("CILLC"). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2022, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by Calamos Partners LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners, Inc. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr. In addition, Mr. Koudounis has the option to purchase a controlling interest in CPL upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of CAM and CILLC. John P. Calamos, Sr., is an affiliated person of the Fund and Calamos Advisors by virtue of his position as Chairman, Trustee and President of the Trust and Chairman and Global Chief Investment Officer ("Global CIO") of Calamos Advisors. John S. Koudounis, Robert F. Behan, Thomas E. Herman, J. Christopher Jackson, Stephen Atkins, Susan L. Schoenberger, and Daniel Dufresne are affiliated persons of the Fund and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; Treasurer; Vice President; and Vice President and Assistant Secretary of the Trust; respectively, and as President and Chief Executive Officer; Executive Vice President and Chief Distribution Officer; Executive Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary; Senior Vice President and Head of Fund Administration; Executive Vice President and Chief Operating Officer; and Vice President and Associate Counsel of Calamos Advisors, respectively.

During the periods shown below, the Fund paid total advisory fees and was reimbursed by Calamos Advisors for expenses in excess of applicable expense limitations or due to contractual fee waivers. Payments were as follows:

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| | | | |
|:---|:---|:---|:---|
| **DESCRIPTION OF FUND** | **YEAR ENDED<br>10/31/22** | **YEAR ENDED<br>10/31/21** | **YEAR ENDED<br>10/31/20** |
| **Global Sustainable Equities Fund<sup>(1)</sup>** | **Global Sustainable Equities Fund<sup>(1)</sup>** | **Global Sustainable Equities Fund<sup>(1)</sup>** | **Global Sustainable Equities Fund<sup>(1)</sup>** |
| Advisory fee | $40545 | $— | $— |
| Waiver or reimbursement | $(238975) | $— | $— |
| Net Fee | $(198430) | $— | $— |

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(1) Global Sustainable Equities Fund commenced operations on December 17, 2021.

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The use of the name "Calamos" in the name of the Trust and in the names of the Fund are pursuant to licenses granted by Calamos Investments LLC, and the Trust has agreed to change the names to remove those references if Calamos Advisors ceases to act as investment adviser to the Fund.

**EXPENSES**

Subject to the expense limitations described below, the Fund pays all its own operating expenses that are not specifically assumed by Calamos Advisors, including (i) fees of Calamos Advisors; (ii) interest, taxes and any governmental filing fees; (iii) compensation and expenses of the trustees, other than those who are interested persons of the Trust, Calamos Advisors or CFS; (iv) legal, audit, custodial and transfer agency fees and expenses; (v) fees and expenses related to the Fund's organization and registration and qualification of the Fund and their shares under federal and state securities laws; (vi) expenses of printing and mailing reports, notices and proxy material to shareholders, and expenses incidental to meetings of shareholders; (vii) expenses of preparing prospectuses and of printing and distributing them to existing shareholders; (viii) insurance premiums; (ix) litigation and indemnification expenses and other extraordinary expenses not incurred in the normal course of the business of the Trust; (x) distribution expenses pursuant to the Fund's Distribution Plans; and (xi) brokerage commissions and other transaction-related costs.

Calamos Advisors contractually agreed to limit through March 1, 2025 the annual operating expenses of each class of shares of the Fund in excess of certain limits as reflected in the table below. For purposes of this agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any.

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| | | | |
|:---|:---|:---|:---|
| **FUND** | **CLASS** | **LIMITATION<br>PERIOD** | **EXPENSE<br>LIMITATION** |
| Calamos Global Sustainable Equities Fund | Class A | 3/1/2025 | 1.20% |
|  | Class C | 3/1/2025 | 1.95% |
|  | Class I | 3/1/2025 | 0.95% |
|  | Class R6 | 3/1/2025 | 0.95<br> %<sup>(a)</sup> |

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(a) Class R6 Total Annual Operating Expenses are limited 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).

**APPROACH TO MANAGEMENT**

James Madden and Anthony Tursich, Co-Portfolio Managers, and Beth Williamson, Associate Portfolio Manager are the Fund's portfolio managers. The portfolio managers have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and for reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. The portfolio managers, in collaboration with other members of the Calamos Advisors investment teams, have the responsibility of overseeing the integration of the Fund's ESG investment approach and framework to ensure compliance with the Fund's stated investment approach.

The Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Fund. Information regarding these other accounts as of October 31, 2022 is set forth below.

Other Accounts Managed and Assets by Account Type as of October 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **REGISTERED<br>INVESTMENT COMPANIES** | **REGISTERED<br>INVESTMENT COMPANIES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** |
| James Madden | 1 | 6710658 | 0 |  | 61 | 58878437 |
| Anthony Tursich | 1 | 6710658 | 0 |  | 61 | 58878437 |
| Beth Williamson | 1 | 6710658 | 0 |  | 61 | 58878437 |

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Number of Accounts and Assets for which Advisory Fee is Performance Based as of October 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **REGISTERED<br>INVESTMENT COMPANIES** | **REGISTERED<br>INVESTMENT COMPANIES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER POOLED<br>INVESTMENT VEHICLES** | **OTHER ACCOUNTS** | **OTHER ACCOUNTS** |
| | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** | **ACCOUNTS** | **ASSETS** |
| James Madden | 0 |  | 0 |  | 0 |  |
| Anthony Tursich | 0 |  | 0 |  | 0 |  |
| Beth Williamson | 0 |  | 0 |  | 0 |  |

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The Portfolio Managers may invest for their own benefit in securities held in brokerage and mutual fund accounts. The information shown in the table does not include information about those accounts where the Portfolio Managers or members of his family have a beneficial or pecuniary interest because no advisory relationship exists with Calamos Advisors or any of its affiliates.

The Fund's Portfolio Managers are responsible for managing both the Fund and other accounts, including separate accounts and funds not required to be registered under the 1940 Act.

Other than potential conflicts between investment strategies, the side-by-side management of both the Fund and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between the Fund and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Fund in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given Calamos Advisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a "rotational" method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients.

A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors' head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to Calamos Advisors' Chief Compliance Officer on a monthly basis. Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors may consider subjective elements in attempting to allocate a trade, in which case the Fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

The Portfolio Managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for the Portfolio Manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in the client's account.

As of October 31, 2022, John P. Calamos, Sr., our Global CIO, aside from distributions arising from his ownership from various entities, receives all of his compensation from Calamos Advisors. He has entered into an employment agreement that provides for compensation in the form of an annual base salary and an annual bonus, both components payable in cash. Similarly, Mr. Calamos is eligible for a Long-Term Incentive ("LTI"). The LTI program at Calamos Advisors currently consists of deferred bonus payments, which fluctuate in value over time based upon either: (1) the performance of certain managed investment products for investment professionals ("Mutual Fund Incentive Awards"); or (2) the overall value of the firm for non-investment professionals ("Company Incentive Awards").

As of October 31, 2022, James Madden, Anthony Tursich, and Beth Williamson receive all of their compensation from Calamos Advisors. They receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and are eligible for discretionary deferred bonus payments, which fluctuate in value over time based upon the performance of certain managed investment products for investment professionals.

The amounts paid to the Portfolio Managers, together with the criteria utilized to determine such amounts, are benchmarked against industry specific data provided by third party analytical agencies. This compensation structure considers annually the

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performance of the various strategies managed by the Portfolio Managers, among other factors, including, without limitation, the overall performance of the firm.

In addition to the forms of compensation described above, Mr. Madden, Mr. Tursich and Ms. Williamson are eligible to receive a percentage of the "Net Contribution Margin" which is defined as management fees received with respect to the assets managed by Mr. Madden, Mr. Tursich, and Ms. Williamson minus expenses. The existence of these separate asset or fee-based payments could create a conflict of interest with regard to Mr. Madden's, Mr. Tursich's, and Ms. Williamson's allocation of investment opportunities among the accounts for which they act as portfolio manager. Calamos Advisors maintains policies and procedures reasonably designed to mitigate such conflicts of interest.

As of October 31, 2022, the portfolio managers held the following amounts in the Fund:

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| | |
|:---|:---|
| | **GLOBAL SUSTAINABLE<br>EQUITIES FUND** |
| Anthony Tursich | $50001 — $100000 |
| Beth Williamson | $100001 — $500000 |
| James Madden | $100001 — $500000 |

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**DISTRIBUTION PLAN**

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan"), whereby Class A shares and Class C shares of the Fund pay to CFS service and distribution fees as described in the prospectus. No distribution or service fees are paid with respect to Class I shares or Class R6 shares. For purchases of Class C shares, the distribution fee will be paid to the applicable financial intermediary beginning the 13th month after purchase. CFS may use the amount of such fees to defray the costs of commissions and service fees paid to broker-dealers and other financial intermediaries whose customers invest in shares of the Fund and for other purposes.

The Trust's board of trustees has determined that the Plan could be a significant factor in the growth and retention of Fund assets, resulting in a more advantageous expense ratio and increased investment flexibility, which could benefit each class of Fund shareholders. A cash flow from sales of shares may enable the Fund to meet shareholder redemptions without having to liquidate portfolio securities and to take advantage of buying opportunities without having to make unwarranted liquidations of portfolio securities. The board also considered that continuing growth in the Fund's size would be in the shareholders' best interests because increased size would allow the Fund to realize certain economies of scale in their operations and would likely reduce the proportionate share of expenses borne by each shareholder. Even if the Fund is closed to new investors, the payment of ongoing compensation to a financial intermediary for providing services to its customers based on the value of their Fund shares is likely to provide the shareholders with valuable services and to benefit the Fund by promoting shareholder retention and reduced redemptions. The board of trustees therefore determined that it would benefit the Fund to have monies available for the direct distribution and service activities of CFS, as the Fund's distributor, in promoting the continuous sale of the Fund's shares. The board of trustees, including the non-interested trustees, concluded, in the exercise of their reasonable business judgment and in light of their fiduciary duties, that there is a reasonable likelihood that the Plan will benefit the Fund and their shareholders.

The Plan has been approved by the board of trustees, including all of the trustees who are non-interested persons as defined in the 1940 Act. The substance of the Plan has also been approved by the vote of a majority of the outstanding shares of the Fund. The Plan must be reviewed annually by the board of trustees and may be continued from year to year by vote of the board, including a majority of the trustees who are non-interested persons of the Fund and who have no direct or indirect financial interest in the Plan's operation ("non-interested trustees"), cast in person at a meeting called for that purpose. It is also required that the selection and nomination of non-interested trustees be done by non-interested trustees. The Plan may be terminated at any time, without any penalty, by such trustees, by any act that terminates the distribution agreement between the Trust and CFS, or, as to the Fund, by vote of a majority of the Fund's outstanding shares.

The Plan may not be amended as to any class of shares of the Fund to increase materially the amount spent for distribution or service expenses or in any other material way without approval by a majority of the outstanding shares of the affected class, and all such material amendments to the Plan must also be approved by the non-interested trustees, in person, at a meeting called for the purpose of voting on any such amendment.

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CFS is required to report in writing to the board of trustees at least quarterly on the amounts and purpose of any payments made under the Plan and any distribution or service agreement, as well as to furnish the board with such other information as may reasonably be requested to enable the board to make an informed determination of whether the Plan should be continued.

During the fiscal year ended October 31, 2022, payments to CFS and affiliates and broker-dealers pursuant to the Plan were made as indicated below.

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| | |
|:---|:---|
| | **GLOBAL SUSTAINABLE<br>EQUITIES FUND** |
| **Payments to CFS:<sup>(1)</sup>** | **Payments to CFS:<sup>(1)</sup>** |
| Class A | 12 |
| Class C | 73 |
| **Payments to affiliated broker-dealers:<sup>(1)</sup>** | **Payments to affiliated broker-dealers:<sup>(1)</sup>** |
| Class A | 723 |
| Class C |  |

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(1) 'Payments to CFS' and 'Payments to affiliated broker-dealers' may include prior period true-ups resulting in credit balances.

During the fiscal year ended October 31, 2022, payments were made under the Plan on behalf of the Fund for expenses associated with advertising, printing and mailing of prospectuses to prospective shareholders, and sales personnel compensation as indicated below.

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| | |
|:---|:---|
| **EXPENSES** | **GLOBAL SUSTAINABLE<br>EQUITIES FUND** |
| Class A | Class A |
| Printed Materials | 14 |
| Sales &Marketing | 162110 |
| Total | 162124 |
| Class C | Class C |
| Printed Materials |  |
| Sales &Marketing | 160616 |
| Total | 160616 |

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**DISTRIBUTOR**

CFS, a broker-dealer, serves as principal underwriter and distributor for the Fund, subject to change by a majority of the "non-interested" trustees at any time. CFS is located at 2020 Calamos Court, Naperville, Illinois 60563-1493. CFS is an indirect subsidiary of Calamos Asset Management, Inc. CFS is responsible for all purchases, sales, redemptions and other transfers of shares of the Fund without any charge to the Fund except the fees paid to CFS under the Plan and distribution agreement. CFS is also responsible for all expenses incurred in connection with its performance of services for the Fund, including, but not limited to, personnel, office space and equipment, telephone, postage and stationery expenses. CFS receives commissions from sales of shares of the Fund that are not expenses of the Fund but represent sales commissions added to the net asset value of shares purchased from the Fund. See "How can I buy shares?" in the prospectus. See "Portfolio Transactions." CFS received and retained commissions on the sale of shares of the Fund as shown below during the indicated periods:

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| | | | |
|:---|:---|:---|:---|
| **DESCRIPTION** | **YEAR ENDED<br>10/31/22** | **YEAR ENDED<br>10/31/21** | **YEAR ENDED<br>10/31/20** |
| **Global Sustainable Equities Fund<sup>(1)</sup>** | **Global Sustainable Equities Fund<sup>(1)</sup>** | **Global Sustainable Equities Fund<sup>(1)</sup>** | **Global Sustainable Equities Fund<sup>(1)</sup>** |
| Commissions received | $— | $— | $— |
| Commissions retained | $— | $— | $— |

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(1) Global Sustainable Equities Fund commenced operations on December 17, 2021.

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The sales charges on sales of Class A shares of the Fund (except when waived as described below under "Share Classes and Pricing of Shares — Sales Charge Waiver") and concessions reallowed to dealers at the time of purchase are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** | **SALES CHARGE PAID BY INVESTOR ON PURCHASE OF <br>CLASS A SHARES** |
| | **AS A % OF<br>NET AMOUNT<br>INVESTED** | **AS A % OF<br>OFFERING PRICE** | **% OF OFFERING<br>PRICE<br>RETAINED BY<br>SELLING DEALER** |
| Less than $50,000 | 4.99% | 4.75% | 4.00% |
| $50,000 but less than $100,000 | 4.44 | 4.25 | 3.50 |
| $100,000 but less than $250,000 | 3.63 | 3.50 | 2.75 |
| $250,000 but less than $500,000 | 2.56 | 2.50 | 2.00 |
| $500,000 but less than $1,000,000 | 2.04 | 2.00 | 1.60 |
| $1,000,000 or more\* |  |  |  |

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\* On an investment of $1,000,000 or more: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment, 0.50% on the next $21 million (amounts above $4 million and up to $25 million), and 0.25% on investment amounts in excess of $25 million. On an investment of $1,000,000 or more without a sales charge, you may pay a contingent deferred sales charge of 1.00% on shares that are sold within two years after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

The Fund receives the entire net asset value of all of its shares sold. CFS, the Fund's principal underwriter, retains the sales charge on sales of Class A shares from which it allows discounts from the applicable public offering price to investment dealers. The normal discount to dealers is set forth in the table above. Upon notice to all dealers with whom it has sales agreements, CFS may allow up to the full applicable sales charge, as shown in the above table, during periods and for transactions specified in such notice and such reallowances may be based upon attainment of minimum sales levels. Dealers who receive 90% or more of the sales charge may be deemed to be underwriters under the Securities Act. CFS retains the entire amount of any deferred sales charge on Class C shares redeemed within one year of purchase. CFS may from time to time conduct promotional campaigns in which incentives would be offered to dealers meeting or exceeding stated target sales of shares of a Fund. The cost of any such promotional campaign, including any incentives offered, would be borne entirely by CFS and would have no effect on either the public offering price of Fund shares or the percentage of the public offering price retained by the selling dealer.

CFS has the exclusive right to distribute shares of the Fund through affiliated and unaffiliated dealers on a continuous basis. The obligation of CFS is an agency or "best efforts" arrangement, which does not obligate CFS to sell any stated number of shares.

In connection with the exchange privilege (described in the prospectus under "How can I buy shares? — By exchange"), CFS acts as a service organization for the Fidelity Investments Money Market Treasury Portfolio (the "Fidelity Fund"). CFS receives compensation from the Fidelity Fund, through the Fidelity Fund's 12b-1 Plan, for distribution services provided to the Fidelity Fund.

**OTHER COMPENSATION TO INTERMEDIARIES**

CAL, CFS and their affiliates are currently subject to supplemental compensation payment requests by certain securities broker- dealers, banks or other intermediaries, including third party administrators of qualified plans (each an "Intermediary") whose customers have purchased Fund shares. In their discretion, CAL, CFS or their affiliates may make payments to an Intermediary for various purposes. These payments do not increase the amount paid by you or the Fund, as they are paid from the legitimate profits from these entities in what is generally referred to as "revenue sharing."

Revenue sharing payments are generally a percentage of the account's average annual net assets. CAL and CFS may make these payments to an Intermediary for various purposes, including to help defray costs incurred by the Intermediary to educate financial advisers about the Fund so they can make recommendations and provide services that are suitable and meet shareholder needs, to access the Intermediary's representatives, to provide marketing support and other specified services. To the extent that the Fund does not pay for these costs directly, CAL and CFS may also make payments to certain financial intermediaries for administrative services such as record keeping, sub-accounting for shareholder accounts, client account maintenance support, statement preparation, transaction processing, payment of ticket charges per purchase or exchange order placed by a financial intermediary, payment of networking fees in connection with certain mutual fund trading systems, or one-time payments for services such as setting up the Fund on a intermediary's mutual fund trading system.

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Service costs for sub-transfer agency fees attributable to Class A, Class C and Class I shares are borne solely by those share classes and are allocated pro-rata based upon assets of all Class A, Class C and Class I shares in the aggregate, without regard to fund or class. No sub-transfer agency or client account support payments will be made with respect to Class R6 shares.

In addition, CFS and/or CAL may also share certain marketing expenses with intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. CFS and/or CAL may make payments to participate in intermediary marketing support programs which may provide CFS and/or CAL, as applicable, with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data and data analytics, business planning and strategy sessions with intermediary personnel, information on industry- or platform specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of the Fund and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Fund to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Fund available to their customers.

These payments may provide Intermediaries with an incentive to favor shares of the Fund over sales of shares of other mutual funds or non-mutual fund investments. These payments may influence the Intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your Intermediary's website for more information. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and you should discuss this matter with your Intermediary and its representatives. The Fund may utilize an Intermediary that offers and sells shares of the Fund to execute portfolio transactions for the Fund. The Fund, Calamos Advisors and CFS do not consider sales of shares of the Fund as a factor in the selection of broker-dealers to execute portfolio transactions for the Fund.

**PORTFOLIO TRANSACTIONS**

Calamos Advisors is responsible for decisions to buy and sell securities for the Fund, the selection of brokers and dealers to effect the transactions and the negotiation of prices and any brokerage commissions on such transactions.

Portfolio transactions on behalf of the Fund effected on stock exchanges involve the payment of negotiated brokerage commissions. There is generally no stated commission in the case of securities traded in the OTC markets, but the price the Fund pays usually includes an undisclosed dealer commission or mark-up. For securities purchased in an underwritten offering, the price the Fund pays includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

In executing portfolio transactions, Calamos Advisors uses its best efforts to obtain for the Fund the most favorable combination of price and execution available. In seeking the most favorable combination of price and execution, Calamos Advisors considers all factors it deems relevant, including price, the size of the transaction, the nature of the market for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the execution capability of the broker- dealer and the quality of service rendered by the broker-dealer in other transactions.

In allocating the Fund's portfolio brokerage transactions to unaffiliated broker-dealers, Calamos Advisors may take into consideration the research, analytical, statistical and other information and services provided by the broker-dealer, such as general economic reports and information, reports or analyses of particular companies or industry groups, market timing and technical information, and the availability of the brokerage firm's analysts for consultation. Although Calamos Advisors believes these services have substantial value, they are considered supplemental to Calamos Advisors' own efforts in performing its duties under the Management Agreement.

Calamos Advisors does not guarantee any broker the placement of a predetermined amount of securities transactions in return for the research or brokerage services it provides. Calamos Advisors does, however, have internal procedures for allocating transactions in a manner consistent with its execution policies to brokers that it has identified as providing research, research-related products or services, or execution-related services of a particular benefit to its clients. Calamos Advisors has entered into client commission agreements ("CCAs") with certain broker-dealers under which the broker-dealers may use a portion of their commissions to pay third parties or other broker-dealers that provide Calamos Advisors with research or brokerage services, as permitted under Section 28(e) of the Exchange Act. CCAs allow Calamos Advisors to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third parties

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or other broker-dealers for research or brokerage services. All uses of CCAs by Calamos Advisors are subject to applicable law and their best execution obligations. Brokerage and research products and services furnished by brokers may be used in servicing any or all of the clients of Calamos Advisors and such research may not necessarily be used by Calamos Advisors in connection with the accounts which paid commissions to the broker providing such brokerage and research products and services.

As permitted by Section 28(e) of the 1934 Act, Calamos Advisors may pay a broker-dealer that provides brokerage and research services an amount of commission for effecting a securities transaction for the Fund in excess of the commission that another broker- dealer would have charged for effecting that transaction if Calamos Advisors believes the amount to be reasonable in relation to the value of the overall quality of the brokerage and research services provided. Other clients of Calamos Advisors may indirectly benefit from the availability of these services to Calamos Advisors, and the Fund may indirectly benefit from services available to Calamos Advisors as a result of research services received by Calamos Advisors through transactions for other clients. In addition, Calamos Advisors may execute portfolio transactions for the Fund, to the extent permitted by law, through broker-dealers affiliated with the Fund, Calamos Advisors, CFS, or other broker-dealers distributing shares of the Fund if it reasonably believes that the combination of price and execution is at least as favorable as with unaffiliated broker-dealers, and in such transactions any such broker-dealer would receive brokerage commissions paid by the Fund.

In certain cases, Calamos Advisors may obtain products or services from a broker that have both research and non-research uses. Examples of non-research uses are administrative and marketing functions. These are referred to as "mixed use" products. In each case, Calamos Advisors makes a good faith effort to determine the proportion of such products or services that may be used for research and non-research purposes. That determination is based upon the time spent by Calamos Advisors personnel for research and non-research uses. The portion of the costs of such products or services attributable to research usage may be defrayed by Calamos Advisors through brokerage commissions generated by transactions of its clients, including the Fund. Calamos Advisors pays the provider in cash for the non-research portion of its use of these products or services.

For the periods presented below, Calamos Advisors did not execute trades through CFS, its affiliated broker-dealer. For the periods indicated, the following table shows the amount of aggregate commissions related to those transactions executed through unaffiliated broker-dealers.

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| | |
|:---|:---|
| **DESCRIPTION** | **AGGREGATE<br>COMMISSIONS** |
| **Global Sustainable Equities Fund<sup>(1)</sup>** |  |
| Year Ended 10/31/22 | $5266 |
| Year Ended 10/31/21 | $— |
| Year Ended 10/31/20 | $— |

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(1) Global Sustainable Equities Fund commenced operations on December 17, 2021.

The following table shows the brokerage commissions paid by the Fund to brokers who furnished research services to the Fund or Calamos Advisors, and the aggregate dollar amounts involved in those transactions, during the period indicated.

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| | | |
|:---|:---|:---|
| | **FISCAL YEAR ENDED<br>OCTOBER 31, 2022** | **FISCAL YEAR ENDED<br>OCTOBER 31, 2022** |
| | **COMMISSIONS PAID<br>FOR RESEARCH** | **PERCENTAGE OF<br>AGGREGATE<br>COMMISSIONS** |
| Global Sustainable Equities Fund<sup>(1)</sup> | $3100 | 58.9% |

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(1) Global Sustainable Equities Fund commenced operations on December 17, 2021.

**SHARE CLASSES AND PRICING OF SHARES**

Purchases and redemptions are discussed in the prospectus under the headings "How can I buy shares?" and "How can I sell (redeem) shares?" All of that information is incorporated herein by reference.

**SALES CHARGE WAIVER**

In addition to the sales charge waivers enumerated in the prospectus, dividends and distributions paid on shares of the Fund will be reinvested in shares of the same class of that Fund at net asset value (without the payment of any sales charge) unless you elect to receive dividends and distributions in cash. Additionally, proceeds of Class A shares redeemed from the Fund within the previous 60 days may be reinvested in Class A shares of the Fund at NAV without a sales charge. In order to take advantage of

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this sales charge waiver, you, or your broker-dealer or other sales agent, must submit your intent, in writing, with your purchase. In addition, if the amount of reinvestment is less than the amount of redemption, the sales charge waiver shall be pro-rated accordingly.

**CONTINGENT DEFERRED SALES CHARGE**

The contingent deferred sales charge ("CDSC") is computed on the lesser of the redemption price or purchase price, excluding amounts not subject to the charge. The following example illustrates the operation of the CDSC:

Assume that an individual opens an account and makes a purchase payment of $10,000 for 1,000 Class C shares of the Fund (at $10 per share) and that six months later the value of the investor's account for the Fund has grown through investment performance to $11,000 ($11 per share). If the investor should redeem $2,200 (200 shares), a CDSC would be applied against $2,000 of the redemption (the purchase price of the shares redeemed, because the purchase price is lower than the current net asset value of such shares ($2,200)). At the rate of 1.00%, the Class C CDSC would be $20.

The CDSC for Class A<sup>9</sup> and Class C shares will be waived: (a) in the event of the total disability (as evidenced by a determination by the Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed, (b) in the event of the death of the shareholder (including a registered joint owner), (c) for redemptions made pursuant to a systematic withdrawal plan, including any Individual Retirement Account ("IRA") systematic withdrawal based on the shareholder's life expectancy including, but not limited to, substantially equal periodic payments described in Section 72(t)(2)(iv) of the Internal Revenue Code of 1986, as amended (the "Code") prior to age 59 <sup>1</sup>/<sub>2</sub> (with the maximum annual rate subject to this waiver being 10% of the NAV of the account), and (d) for redemptions to satisfy required minimum distributions after age 73 from an IRA account (with the maximum amount subject to this waiver being based only upon the shareholder's Calamos IRA accounts).

**LETTER OF INTENT**

You may reduce the sales charges you pay on the purchase of Class A shares by making investments pursuant to a Letter of Intent ("LOI"). Under an LOI, you may purchase additional Class A shares of the Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at once. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. In addition, the market value of any current holdings in the Calamos Funds (as described and calculated under "Rights of Accumulation" as further noted in the Fund's prospectus) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the LOI, but the reduced LOI sales charge rate will only apply to purchases made on or after the commencement date of the LOI. The 13-month LOI period commences with your first purchase of shares at the reduced LOI sales charge rate, and this first purchase also acknowledges acceptance of the terms of the LOI. The initial investment must meet the minimum initial purchase requirements. Purchases resulting from the reinvestment of dividends and/or capital gains do not apply towards the fulfillment of the LOI. In all instances, it is the investor's responsibility to notify the Fund, the Fund's transfer agent and/or their financial advisor of any current holdings in the Calamos Funds that should be counted towards the sales charge reduction (and provide account statements, as needed, for verification purposes) and any subsequent purchases that should be counted towards fulfillment of the LOI. During the term of the LOI, shares representing up to 5% of the indicated LOI amount will be held in escrow. Shares held in escrow have full dividend and voting privileges. The escrowed shares will be released when the full amount indicated has been purchased. If the full indicated LOI amount is not purchased during the term of the LOI, you will be required to pay CFS an amount equal to the difference between the dollar amount of the sales charges actually paid and the amount of the sales charges that you would have paid on your aggregate purchases if the total of such purchases had been made at a single time, and CFS reserves the right to redeem escrowed shares from your account if necessary to satisfy this obligation. Any remaining escrowed shares will be released to you. An LOI does not obligate you to buy, or a Fund to sell, the indicated amount of shares. Before submitting and/or signing an LOI, please carefully read and review the LOI provisions found in both the prospectus and this statement of additional information.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section in the Fund's prospectus for more information.

<sup>9</sup> The above waivers apply to Class A shares originally purchased at net asset value pursuant to the $1,000,000 purchase order privilege for two years after the time of purchase (or the $250,000 purchase order privilege for one year after the time of purchase for Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund).

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**PURCHASES OF CLASS I AND R6 SHARES**

Class I and R6 shares are sold at net asset value and are not subject to an initial sales charge or to a contingent deferred sales charge. Please refer to the prospectus for more information.

**REDEMPTION IN KIND**

The Fund has elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which it is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of the Fund during any 90-day period for any one shareholder. Redemptions in excess of these amounts will normally be paid in cash, but may be paid wholly or partly by a distribution in kind of securities.

**PURCHASE IN KIND**

You may, under certain circumstances, purchase shares of the Fund with other securities that you presently own (an "in-kind purchase"). Any in-kind purchase would be subject to approval by the Trust, and would be subject to the Trust's in-kind purchase procedures then in effect. These procedures presently require any consideration used in an in-kind purchase to be comprised of (a) securities that are held in the Fund's portfolio, or (b) securities that are not currently held in the portfolio but that are eligible for purchase by the Fund (consistent with the Fund's investment objectives and restrictions), have been approved for investment by the Fund's portfolio manager and have readily available market quotations. Should the Trust approve your purchase of the Fund's shares with securities, the Trust would follow its in-kind purchase procedures and would value the securities tendered in payment (determined as of the next close of regular session trading on the New York Stock Exchange after receipt of the purchase order) pursuant to the Trust's valuation procedures as then in effect, and you would receive the number of Fund shares having a net asset value on the purchase date equal to the aggregate value of the securities tendered. Such in-kind purchases may result in the recognition of gain or loss for federal income tax purposes on the securities transferred to the Fund.

**CERTAIN REDEMPTIONS AND REINVESTMENTS**

Calamos Advisors and its affiliates have investments in the Fund. From time to time, Calamos Advisors or an affiliate may, for tax purposes, redeem a portion of its Fund holdings, reinvesting in shares of the same Fund shortly thereafter. These transactions are subject to the Fund's excessive trading policies and procedures and will only be consummated if they are determined not to be disruptive to the management of the Fund under those procedures.

**NET ASSET VALUE**

The Fund's share price, or NAV, is determined as of the close of regular session trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern Time) each day that the NYSE is open. The NYSE is regularly closed on New Year's Day, the third Monday in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas.

The NAV per share for each class of Fund shares is calculated in accordance with Rule 22c-1 of the 1940 Act by dividing the pro rata share of the value of all of the securities and other assets of the Fund allocable to that class of Fund shares, less the liabilities allocable to that class, by the number of shares of the class outstanding. When shares are purchased or sold, the order is processed at the next NAV (plus any applicable sales charge) that is calculated on a day when the NYSE is open for trading, after receiving a purchase or sale order. Because the Fund may invest in securities that are primarily listed on foreign exchanges and trade on days when the Fund does not price their shares, the Fund's NAV may change on days when shareholders will not be able to purchase or redeem the Fund's shares. If shares are purchased or sold through a broker-dealer, it is the responsibility of that broker-dealer to transmit those orders to the Fund's transfer agent so such orders will be received in a timely manner. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

A purchase or sale order typically is accepted when the Fund's transfer agent or an intermediary has received a completed application or appropriate instruction along with the intended investment, if applicable, and any other required documentation.

**VALUATION PROCEDURES**

The valuation of the Fund's portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees. Securities for which market quotations are readily available will be valued using the market value of those securities. Securities for which market quotations are not readily available will be fair valued in accordance with

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policies and procedures adopted by and under the ultimate supervision of the board of trustees. The method by which a security may be fair valued will depend on the type of security and the circumstances under which the security is being fair valued.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Fund determines its NAV. Securities traded in the OTC market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV.

When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the OTC market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each OTC option that is not traded through the OCC is valued either by an independent pricing agent or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed-income securities and certain convertible preferred securities are generally traded in the OTC market and are valued by independent pricing services or by dealers who make markets in such securities. Valuations of such fixed income securities and certain convertible preferred securities consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or OTC prices.

Trading on European and Asian exchanges and OTC markets is typically completed at various times before the close of business on each day on which the NYSE is open. Each security trading on these exchanges or OTC markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees. The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

**TAXATION**

The following summarizes certain additional federal income tax considerations generally affecting the Fund and its shareholders. The discussion is for general information only and does not purport to consider all aspects of U.S. federal income taxation that might be relevant to beneficial owners of shares of the Fund. The discussion is based upon current provisions of the Code, existing regulations promulgated thereunder, and administrative and judicial interpretations thereof, all of which are subject to change, which change could be retroactive. The discussion applies only to beneficial owners of Fund shares in whose hands such shares are capital assets within the meaning of Section 1221 of the Code, and may not apply to certain types of beneficial owners of shares (such as insurance companies, financial institutions, tax exempt organizations, broker-dealers, persons investing

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through tax-qualified plans or other tax-advantaged arrangements) who may be subject to special rules. Persons who may be subject to tax in more than one country should consult the provisions of any applicable tax treaty to determine the potential tax consequences to them. Prospective investors should consult their own tax advisers with regard to the federal tax consequences of the purchase, ownership and disposition of Fund shares, as well as the tax consequences arising under the laws of any state, foreign country, or other taxing jurisdiction. The discussion here and in the prospectus is not intended as a substitute for careful tax planning.

Each Fund has elected to be treated as a regulated investment company under the Code and intends each year to qualify and be eligible to be treated as such. To qualify as a regulated investment company, each Fund generally must, among other things, (a) derive in each taxable year at least 90% of its gross income from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and (ii) net income derived from interests in certain "qualified publicly traded partnerships" ("Qualifying Income Test"); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's assets is represented by cash, U.S. Government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other regulated investment companies) of any one issuer, two or more issuers which the Fund controls and which are engaged in the same, similar or related trades or businesses or one or more "qualified publicly traded partnerships" ("Diversification Test"); and (c) distribute with respect to each taxable year at least the sum of (i) 90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains in excess of any net long-term capital losses) and (ii) 90% of its tax exempt income, net of expenses allocable thereto.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from an equity investment in a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the regulated investment company. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" will be treated as qualifying income. A "qualified publicly traded partnership" is one in which the interests are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above. In general, such entities will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). MLPs, if any, in which a Fund invests generally will qualify as qualified publicly traded partnerships. In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above.

The Treasury Department is authorized to promulgate regulations under which gains from foreign currencies (and options, futures, and forward contracts on foreign currency) would constitute qualifying income for purposes of the Qualifying Income Test only if such gains are directly related to investing in securities. To date, such regulations have not been issued.

A regulated investment company generally must look through any of 20% or more voting interest it owns in a corporation, including another regulated investment company, to the underlying assets thereof for purposes of the Diversification Test; special rules potentially providing limited relief from the application of this rule apply where a regulated investment company owns such an interest in an underlying regulated investment company.

If a Fund were to fail to qualify as a regulated investment company accorded special tax treatment for any taxable year, the Fund would be subject to tax on its taxable income at corporate income tax rates (without any deduction for distributions to its shareholders), and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends received deduction in the case of corporate shareholders and reduced rates of taxation on qualified dividend

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income in the case of individuals. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company that is accorded special tax treatment. The remainder of this discussion assumes that each Fund will qualify as a regulated investment company.

As a regulated investment company, a Fund generally will not be subject to U.S. federal income tax on its investment company taxable income and net capital gains (any net long-term capital gains in excess of the sum of net short-term capital losses and capital loss carryovers from prior years) properly reported by the Fund as capital gain dividends, if any, that it distributes to shareholders on a timely basis. Each Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income and any net capital gains. In addition, amounts not distributed by a Fund on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax. To avoid the tax, a Fund must distribute during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (and adjusted for certain ordinary losses) for the twelve month period ending on October 31, and (3) all ordinary income and capital gains for previous years that were not distributed during such years. A distribution will be treated as paid on December 31 of the calendar year if it is declared by a Fund in October, November, or December of that year to shareholders of record on a date in such a month and paid by the Fund during January of the following year. Such distributions will be treated as paid to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. To avoid application of the excise tax, each Fund intends to make its distributions in accordance with the calendar year distribution requirement.

**DISTRIBUTIONS**

Dividends and distributions from the Fund, whether received in shares or cash, generally are taxable to shareholders and must be reported on each shareholder's federal income tax return. Dividends paid out of the Fund's investment company taxable income generally will be taxable to a U.S. shareholder as ordinary income.

A portion of the dividends paid by the Fund may qualify for the dividends received deduction available to corporate shareholders under Section 243 of the Code or the reduced rates of taxation under Section 1(h)(11) of the Code that apply to "qualified dividend income" received by noncorporate shareholders, provided holding period and other requirements are met at both the shareholder and Fund level. Distributions of net capital gains — that is, the excess, if any, of net long-term gain over net short-term loss — properly reported by the Fund as capital gain dividends, generally are taxable to shareholders as long-term capital gains, regardless of how long the shareholder has held the Fund's shares, and are not eligible for the dividends received deduction. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of gains from investments that the Fund owned for one year or less will generally be taxable to shareholders as ordinary income.

Any distributions in excess of the Fund's current and accumulated earnings and profits will be characterized as a return of capital to shareholders to the extent of their basis in their Fund shares and, thereafter, as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Distributions are taxable to shareholders as described herein even if they are paid from income or gains earned by the Fund before a shareholder's investment (and thus effectively were included in the price the shareholder paid). The tax treatment of dividends and distributions will be the same whether a shareholder reinvests them in additional shares or elects to receive them in cash.

Distributions by the Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a regulated investment company from REITs, to the extent such dividends are properly reported as such by the regulated investment company in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying regulated investment company shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so. Subject to future regulatory guidance to the contrary, a distribution of income attributable to qualified publicly traded partnership income from

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the Fund's investment in an MLP will ostensibly not qualify for the deduction that would be available to a non-corporate shareholder were the shareholder to own such MLP directly.

**SALES OF SHARES**

Upon the disposition of shares of the Fund (whether by redemption, sale or exchange), a shareholder may realize a gain or loss. Such gain or loss will be capital gain or loss if the shares are capital assets in the shareholder's hands, and will be long-term or short- term generally depending upon the shareholder's holding period for the shares. Any loss realized on a disposition of Fund shares will be disallowed to the extent the shares disposed of are replaced with substantially identical shares within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received by the shareholder with respect to such shares.

Depending on certain factors relating to the Fund's ownership in an underlying fund both before and after a redemption, the Fund's redemption of shares of such underlying fund may cause the Fund to be treated not as realizing capital gain or loss in the amount by which the redemption proceeds exceed the Fund's tax basis in the shares of the underlying fund, but instead to be treated as receiving a taxable dividend in the full amount of the redemption proceeds. Dividend treatment of a redemption by the Fund would affect the amount and character of income required to be distributed by both the Fund and the underlying fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as a "qualified dividend income"; otherwise, it would be taxable as ordinary income and could cause shareholders of the Fund that invests in underlying funds to recognize higher amounts of ordinary income than if the shareholders had held the shares of the underlying funds directly.

**MEDICARE TAX ON CERTAIN INVESTMENT INCOME**

Certain noncorporate taxpayers are subject to an additional tax of 3.8% with respect to the lesser of (1) their "net investment income" or (2) the excess of their "modified adjusted gross income" over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers). For this purpose, "net investment income" includes interest, dividends (including dividends paid with respect to shares), annuities, royalties, rent, net gain attributable to the disposition of property not held in a trade or business (including net gain from the sale, exchange or other taxable disposition of shares) and certain other income, but will be reduced by any deductions properly allocable to such income or net gain.

**OPTIONS, FUTURES AND FORWARD CONTRACTS, AND SWAP AGREEMENTS OR DERIVATIVES**

The Fund may purchase and sell put and call options. In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of the Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain options, futures contracts, forward contracts, foreign currency positions and swap agreements used by the Funs may be governed by Section 1256 of the Code ("Section 1256 contracts"). Any gains or losses on Section 1256 contracts are generally considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

Generally, the hedging transactions and certain other transactions in options, futures and forward contracts undertaken by the Fund, may trigger the straddle rules contained primarily in Section 1092 of the Code. In some cases, the straddle rules also could apply in connection with swap agreements. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on

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positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. The straddle rules and the rules governing qualified covered calls may affect the character of gains (or losses) realized by the Fund by causing gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be. In addition, losses realized by the Fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which such losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences to the Fund of transactions in options, futures, forward contracts, and swap agreements are not entirely clear.

The Fund may make one or more of the elections available under the Code which are applicable to straddles. If the Fund makes any of the elections, the amount, character and timing of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections operate to accelerate the recognition of gains or losses from the affected straddle positions. Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not engage in such hedging transactions.

In addition, the Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules), which could affect the amount, timing and/or character of distributions to shareholders. The qualifying income and diversification requirements applicable to the Fund's assets may limit the extent to which the Fund will be able to engage in transactions in options, futures contracts, forward contracts, swap agreements, and other derivative instruments.

Rules governing the tax aspects of swap agreements and other derivative instruments are in a developing stage and are not entirely clear in certain respects. Accordingly, while the Fund intends to account for such transactions in a manner it deems to be appropriate, the IRS might not accept such treatment. If it did not, the status of the Fund as a regulated investment company might be affected. Calamos Advisors intends to monitor developments in this area.

An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level tax.

**SHORT SALES**

The Fund may make short sales of securities. Short sales may increase the amount of short-term capital gain realized by the Fund, which is taxed as ordinary income when distributed to shareholders.

**PASSIVE FOREIGN INVESTMENT COMPANIES**

The Fund may invest in the stock of foreign corporations which may be classified under the Code as passive foreign investment companies ("PFICs"). In general, a foreign corporation is classified as a PFIC for a taxable year if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. If the Fund receives a so-called "excess distribution" with respect to PFIC stock, the Fund itself may be subject to tax on a portion of the excess distribution, whether or not the corresponding income is distributed by the Fund to stockholders. In general, under the PFIC rules, an excess distribution is treated as having been realized ratably over the period during which the Fund held the PFIC stock. The Fund itself will be subject to tax on the portion, if any, of an excess distribution that is so allocated to prior taxable years and an interest factor will be added to the tax, as if the tax had been payable in such prior taxable years. Certain distributions from a PFIC as well as gain from the sale of PFIC stock are treated as excess distributions. Excess distributions are characterized as ordinary income even though, absent application of the PFIC rules, certain excess distributions might have been classified as capital gain.

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The Fund may be eligible to elect alternative tax treatment with respect to PFIC stock. Under an election that currently is available in some circumstances, the Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether distributions are received from the PFIC in a given year. If this election were made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply. Alternatively, another election may be available that would involve marking to market the Fund's PFIC shares at the end of each taxable year (and on certain other dates prescribed in the Code), with the result that unrealized gains (and to a limited extent losses) are treated as though they were realized on the last day of the Fund's taxable year and reported as ordinary income or loss. Any mark-to-market losses and any loss from an actual disposition of PFIC shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income with respect to such shares in prior years. If this election were made, tax at the Fund level under the PFIC rules would generally be eliminated, but the Fund could, in limited circumstances, incur nondeductible interest charges. The Fund's intention to qualify annually as a regulated investment company may limit its elections with respect to PFIC shares.

Because the application of the PFIC rules may affect, among other things, the character of gains and the amount of gain or loss and the timing of the recognition of income with respect to PFIC shares, and may subject the Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to shareholders and will be taxed to shareholders as ordinary income or long-term capital gain may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. Dividends paid by PFICs are not eligible to be treated as "qualified dividend income."

**FOREIGN CURRENCY TRANSACTIONS**

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time the Fund accrues income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are treated as ordinary income or loss. These gains and losses, referred to under the Code as "section 988" gains or losses, may increase or decrease the amount of the Fund's investment company taxable income to be distributed to its shareholders as ordinary income, and affect the timing as well as character of distributions.

**FOREIGN TAXATION**

Income, gains and proceeds received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes. In addition, the Fund intends to minimize foreign taxation in cases where it is deemed prudent to do so. If more than 50% of the value of the Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass-through" to the Fund's shareholders the amount of foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his taxable income or to use it (subject to limitations) as a foreign tax credit against his or her U.S. federal income tax liability. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund's taxable year if the foreign taxes paid by the Fund will "pass- through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders. With respect to the Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by the Fund.

**CONSTRUCTIVE SALES**

Certain rules may affect the timing and character of gain if the Fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If the Fund enters into certain transactions (including, but not limited to, short sales) in property while holding substantially identical property, the Fund would be treated as if it had sold and immediately repurchased the property and would be taxed on any gain (but not loss) from the constructive sale. The character of gain from a constructive sale would depend upon the Fund's holding period in the property. Loss from a constructive sale would be

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recognized when the property was subsequently disposed of, and its character would depend on the Fund's holding period and the application of various loss deferral provisions of the Code.

**INVESTMENTS IN MASTER LIMITED PARTNERSHIPS**

The Fund's ability to make direct and indirect investments in MLPs and certain non-U.S. entities is limited by the Fund's intention to qualify as a regulated investment company, and if the Fund does not appropriately limit such investments or if such investments are re-characterized for U.S. federal income tax purposes, the Fund's status as a regulated investment company may be jeopardized. Among other limitations, the Fund is permitted to have no more than 25% of the value of its total assets invested in qualified publicly traded partnerships, including MLPs.

**INVESTMENTS IN OTHER REGULATED INVESTMENT COMPANIES**

The Fund's investments in shares of another mutual fund, ETF or another company that qualifies as a regulated investment company (each, an "investment company") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the investment company, rather than in shares of the investment company. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment company.

A fund that invests in shares of other investment companies will not be able to offset gains realized by one underlying fund in which the Fund invests against losses realized by another underlying fund in which the Fund invests. The Fund's investments in underlying funds could therefore affect the amount, timing and character of distributions to shareholders.

**BACKUP WITHHOLDING**

The Fund may be required to withhold on all taxable distributions payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal tax liability.

**NON-U.S. SHAREHOLDERS**

Withholding of Income Tax on Dividends: Under U.S. federal tax law, dividends paid on shares beneficially held by a person who is not a "U.S. person" within the meaning of the Code (a "foreign person"), are, in general, subject to withholding of U.S. federal income tax at a rate of 30% of the gross dividend, which may, in some cases, be reduced by an applicable tax treaty. However, if a beneficial holder who is a foreign person is eligible for the benefits of a tax treaty and has a permanent establishment in the United States, income effectively connected with the conduct by the beneficial holder of a trade or business in the United States and attributable to such permanent establishment will be subject to U.S. federal income taxation on a net basis at regular income tax rates.

Distributions by the Fund to foreign persons properly reported by the Fund as capital gain dividends, interest- related dividends and short-term capital gain dividends generally will not be subject to withholding of U.S. federal income tax. In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign person, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders.

The exceptions to withholding for capital gain dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign person who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is (or is treated as) effectively connected with the conduct by the foreign person of a trade or business within the United States, including distributions subject to special rules regarding the disposition of U.S. real property interests. The exception to withholding for interest-related dividends does not apply to distributions to a foreign person (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign person is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related

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person of the foreign person and the foreign person is a controlled foreign corporation. If the Fund invests in a RIC that pays capital gain dividends, short-term capital gain dividends or interest-related dividends to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign persons. The Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign persons should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to foreign persons other than capital gain dividends, interest-related dividends and short-term capital gain dividends (e.g. distributions derived from any dividends on corporate stock, ordinary income other than U.S. source interest, foreign currency gains, foreign source interest, and ordinary income from swaps or investments in PFICs) would generally be subject to withholding at a rate of 30% (or lower applicable treaty rate). There can be no assurance as to the amount of distributions that would not be subject to withholding when paid to foreign persons.

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA"), generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. The Fund may be required to withhold 30% of the ordinary dividends it pays to shareholders that fail to meet the prescribed information reporting or certification requirements. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or capital gain dividends the Fund pays. Non-U.S. investors should consult their own tax advisers regarding the impact of these requirements on their investment in the Fund.

Income Tax on Sale of the Fund's Shares: Under U.S. federal tax law, a beneficial holder of shares who is a foreign person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of such shares unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States or (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met.

The availability of reduced U.S. taxation pursuant to any applicable treaties depends upon compliance with established procedures for claiming the benefits thereof and may further, in some circumstances, depend upon making a satisfactory demonstration to U.S. tax authorities that a foreign investor qualifies as a foreign person under U.S. domestic tax law and such treaties.

**OTHER TAXATION**

Distributions also may be subject to additional state, local and foreign taxes, depending on each shareholder's particular situation. Under the laws of various states, distributions of investment company taxable income generally are taxable to shareholders even though all or a substantial portion of such distributions may be derived from interest on certain federal obligations which, if the interest were received directly by a resident of such state, would be exempt from such state's income tax ("qualifying federal obligations"). However, some states may exempt all or a portion of such distributions from income tax to the extent the shareholder is able to establish that the distribution is derived from qualifying federal obligations. Moreover, for state income tax purposes, interest on some federal obligations generally is not exempt from taxation, whether received directly by a shareholder or through distributions of investment company taxable income (for example, interest on FNMA Certificates and GNMA Certificates). The Fund will provide information annually to shareholders indicating the amount and percentage of the Fund's dividend distribution which is attributable to interest on federal obligations, and will indicate to the extent possible from what types of federal obligations such dividends are derived. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

**COST BASIS REPORTING**

The Fund (or its administrative agent) is required to report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares purchased on or after January 1, 2012, and sold on or after that date. For each sale of Fund shares the Fund will permit Fund shareholders to elect from among several IRS-accepted cost basis methods, including average cost. In the absence of an election, the Fund will use the average cost method as a default cost basis method for the Fund's direct shareholders. Shareholders who purchase Fund shares through a broker or other intermediary should contact that broker or intermediary regarding the applicable default method, or other electable method, as these methods may vary. The cost basis method elected

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by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirement applies to them.

**GENERAL CONSIDERATIONS**

The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific federal tax consequences of purchasing, holding, and disposing of shares of the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

The following table shows the only persons known to own beneficially (as determined in accordance with Rule 13d-3 under the 1934 Act) 5% or more of the outstanding shares of any Fund at January 31, 2023.

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| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE<br>PERCENT OF TOTAL SHARES** |
| CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS A | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 57,924.5590<br>98.29% |
| CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS C | CALAMOS INVESTMENTS LLC<br>ATTN CORPORATE ACCOUNTING<br>2020 CALAMOS CT<br>NAPERVILLE IL 60563-2787 | 1,000.0710<br>100.00% |
| CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT 4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995 | 410,466.9030<br>58.91% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901 | 286,257.3140<br>41.09% |
| CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS R6 | CALAMOS INVESTMENTS LLC<br>ATTN CORPORATE ACCOUNTING<br>2020 CALAMOS CT<br>NAPERVILLE IL 60563-2787 | 1,010.5560<br>100.00% |

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As of January 31, 2023, the trustees and officers of the Trust as a group owned:

Calamos Global Sustainable Equities Fund — Class A: 2%

Calamos Global Sustainable Equities Fund — Class C: 100%

Calamos Global Sustainable Equities Fund — Class I: 37%

Calamos Global Sustainable Equities Fund — Class R6: 100%

Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company, Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these percentages reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

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**CUSTODIAN AND TRANSFER AGENT**

State Street Bank and Trust Company ("State Street"), 200 Clarendon Street, P.O. Box 9130, Boston, Massachusetts 02117-9130, is the custodian for the assets of the Fund. The custodian is responsible for holding all cash and securities of the Fund, directly or through a book entry system, delivering and receiving payment for securities sold by the Fund, receiving and paying for securities purchased by the Fund, collecting income from investments of the Fund and performing other duties, all as directed by authorized persons of the Trust. The custodian does not exercise any supervisory functions in such matters as the purchase and sale of securities by the Fund, payment of dividends or payment of expenses of the Fund.

U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201, serves as transfer agent and dividend paying agent for the Fund.

**Securities Lending**

The Board has approved the Fund's participation in a securities lending program. Under the securities lending program, the Fund has retained its custodian, State Street, to serve as the Fund's securities lending agent. The Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned. The board of trustees periodically reviews information on the Fund's securities lending program.

Lending portfolio securities enables the Fund to earn additional income, but could result in a loss or delay in recovering these securities. The borrower of the Fund's portfolio securities must deposit acceptable collateral with the Fund's custodian in an amount, marked to market daily, at least equal to the market value of the securities loaned, plus accrued interest and dividends. Acceptable collateral is limited to cash, U.S. government securities, including obligations issued or guaranteed by its agencies or instrumentalities, U.S. mortgage backed securities, U.K. government securities, Eurozone government securities and irrevocable letters of credit that meet certain guidelines. The Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned.

The Fund may reinvest any cash collateral in money market investments or other investments subject to guidelines approved by the Adviser and the Board of Trustees. The cash collateral investments are not guaranteed, and may lose money. The Fund retains authority to terminate any of its loans at any time. The Fund may terminate a loan and regain record ownership of loaned securities to exercise ownership rights, such as voting and subscription rights, when regaining such rights is considered to be in the Fund's interest.

In the event of bankruptcy or other default of the borrower, the Fund may be unable to recover the loaned securities or could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while the Fund seeks to enforce its rights thereto, and the Fund could experience subnormal levels of income or lack of access to income during that period. The Fund also bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

The net securities lending revenue is shared by the lending agent and the Fund. The securities lending revenue "split" between the Fund and the lending agent was determined based on the Adviser's review of competitive industry information. The Adviser and the Board will periodically review the "split" between the lending agent and the Fund.

For the fiscal year ended October 31, 2022, the income earned by the Fund as well as the fees and/or compensation paid by the Fund (in dollars) pursuant to the Securities Lending Authorization Agreement between the Adviser, on behalf of the Fund, and State Street were as follows:

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|:---|:---|:---|:---|:---|
| | **GROSS INCOME<br>EARNED BY THE<br>FUND FROM<br>SECURITIES<br>LENDING<br>ACTIVITIES<sup>(1)</sup>** | **FEES AND/OR<br>COMPENSATION<br>PAID BY THE<br>FUND FOR<br>SECURITIES<br>LENDING<br>ACTIVITIES AND<br>RELATED<br>SERVICES<sup>(2)</sup>** | **AGGREGATE FEES/<br>COMPENSATION<br>PAID BY THE<br>FUND FOR<br>SECURITIES<br>LENDING<br>ACTIVITIES** | **NET INCOME<br>FROM<br>SECURITIES<br>LENDING<br>ACTIVITIES<sup>(3)</sup>** |
| Global Sustainable Equities | $— | $— | $— | $— |

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(1) Includes income from cash collateral reinvestment, and may also include: negative rebates; loan fees paid by borrowers when collateral is noncash; management fees from a pooled cash collateral reinvestment vehicle that are deducted from the vehicle's assets before income is distributed; and any other income.

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(2) Includes fees paid to State Street from a revenue split.

(3) Represents "Gross income earned by the Fund from securities lending activities" minus the values of "Aggregate fees/compensation paid by the Fund for securities lending activities."

**FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT**

The Fund has an agreement with Ernst & Young LLP ("EY") located at 155 N. Wacker Drive, Chicago, IL 60606 to provide certain tax services. The tax services include the following: calculating, tracking and reporting tax adjustments on all assets of the Fund, including but not limited to contingent debt and preferred trust obligations; preparing excise tax and fiscal year distribution schedules; preparing tax information required for financial statement footnotes; preparing state and federal income tax returns; preparing specialized calculations of amortization on convertible securities; preparing year-end dividend disclosure information; providing treaty-based foreign withholding tax reclaim services; providing certain global compliance and reporting services; providing a match service and analysis of the "passive foreign investment company" status of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax impact on the Fund's holdings. For the fiscal year ended October 31, 2022, the Fund paid EY $24,931 for tax services.

Under the arrangements with State Street located at One Iron Street, Boston, MA 02111 to provide fund accounting services, State Street provides certain administrative and accounting services including providing daily reconciliation of cash, trades and positions; maintaining general ledger and capital stock accounts; preparing daily trial balance; calculating net asset value; providing selected general ledger reports; preferred share compliance; calculating total returns; and providing monthly distribution analysis to the Fund. For the fiscal year ended October 31, 2022, the Fund paid State Street $15,063 for fund accounting services. The Fund has also entered into an agreement with State Street pursuant to which State Street provides certain administration treasury services to the Fund. These services include: monitoring the calculation of expense accrual amounts for the Fund and making any necessary modifications; managing the Fund's expenses and expense payment processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain distributions; coordinating the audits for the Fund; preparing financial reporting statements for the Fund; preparing certain regulatory filings; and calculating asset coverage tests for certain Calamos Funds. For the fiscal year ended October 31, 2022, the Fund paid State Street $268 for administration services.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Deloitte & Touche LLP, an independent registered public accounting firm, is the Trust's independent auditor and is located at 111 S. Wacker Dr., Chicago, IL 60606. Deloitte & Touche LLP audits and reports on the Fund's annual financial statements and performs audit, audit-related and other services when approved by the Trust's audit committee.

**GENERAL INFORMATION**

**SHAREHOLDER INFORMATION**

The Fund is a series of Calamos Investment Trust (formerly named CFS Investment Trust). Under the terms of the Agreement and Declaration of Trust, the trustees may issue an unlimited number of shares of beneficial interest without par value for each series of shares authorized by the trustees and the trustees may divide the shares of any series into two or more classes of shares of that series. As of the date of this Statement of Additional Information, the Trust has 20 series in operation. All shares issued will be fully paid and non-assessable and will have no preemptive or conversion rights. In the future, the board of trustees may authorize the issuance of shares of additional series and additional classes of shares of any series.

The Fund's shares of a given class are entitled to participate pro rata in any dividends and other distributions declared by the Fund's board of trustees with respect to shares of the Fund. All shares of the Fund of a given class have equal rights in the event of liquidation of that class.

Under Massachusetts law, the shareholders of the Trust may, under certain circumstances, be held personally liable for the Trust's obligations. However, the Trust's Declaration of Trust disclaims liability of the shareholders, trustees, and officers of the Trust for acts or obligations of the Fund that are binding only on the assets and property of the Fund. The Declaration of Trust requires that notice of such disclaimer be given in each agreement, obligation, or contract entered into or executed by the Trust or the board of trustees. The Declaration of Trust provides for indemnification out of the Fund's assets of all losses and expenses of any Fund shareholder held personally liable for the Fund's obligations. Thus, the risk of a shareholder incurring financial loss on

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account of shareholder liability is remote, because it is limited to circumstances in which the disclaimer is inoperative and the Fund itself is unable to meet its obligations.

**VOTING RIGHTS**

Each share has one vote and fractional shares have fractional votes. Shareholders of the Trust generally will vote together on all matters except when a particular matter affects only shareholders of a particular class or series or when applicable law requires shareholders to vote separately by series or class. As a business trust, the Trust is not required to hold annual shareholder meetings. However, special meetings may be called for purposes such as electing or removing trustees, changing fundamental policies or approving an investment advisory agreement.

**FINANCIAL STATEMENTS**

The Fund's financial statements and financial highlights for the fiscal year ended October 31, 2022, as well as the report of the independent registered public accounting firm, are [incorporated herein by reference from the Fund's annual report to shareholders](https://www.sec.gov/Archives/edgar/data/826732/000110465922130580/tm2228639d1_ncsr.htm). See the front cover of the Fund's statement of additional information or the back cover of the Fund's prospectus for information on how to obtain the Fund's annual report to shareholders.

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**APPENDIX—DESCRIPTION OF RATINGS<sup>1</sup>**

A rating of a rating service represents the service's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. Consequently, Calamos Advisors believes that the quality of debt securities in which a Fund invests should be continuously reviewed. A rating is not a recommendation to purchase, sell or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one service, each rating should be evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the ratings services from other sources that they consider reliable. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

The following is a description of the characteristics of ratings used by Moody's Investors Service ("Moody's") and Standard & Poor's Corporation, a division of The McGraw-Hill Companies ("S&P").

MOODY'S GLOBAL SHORT-TERM RATING SCALE

*<u>P-1</u>*: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

*<u>P-2</u>*: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

*<u>P-3</u>*: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

*<u>NP</u>*: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

MOODY'S GLOBAL LONG-TERM RATING SCALE

**Aaa**—Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**—Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**—Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**—Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca**—Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**—Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

S&P SHORT-TERM ISSUE CREDIT RATINGS

*<u>A-1</u>*: A short-term obligation rated 'A-1' is rated in the highest category by **S&P Global Ratings**. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

<sup>1</sup> The ratings indicated herein are believed to be the most recent ratings available at the date of this prospectus for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the rating indicated do not necessarily represent ratings which will be given to these securities on the date of the Fund's fiscal year-end.

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

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*<u>A-2</u>*: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

*<u>A-3</u>*: A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

*<u>B</u>*: A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics.

The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

*<u>C</u>*: A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

*<u>D</u>*: A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

S&P LONG-TERM ISSUE CREDIT RATINGS\*

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations:

• The likelihood of payment — the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise we impute; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA**—An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC and C**—Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB**—An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

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**B**—An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**—An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

**CC**—An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C**—An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**—An obligation rated 'D' is in payment default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**NR**—indicates that a rating has not been assigned or is no longer assigned.

**Local Currency and Foreign Currency Ratings**

S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency versus obligations denominated in a foreign currency.

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PART C. OTHER INFORMATION

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| | |
|:---|:---|
| ITEM 28. | EXHIBITS. |
| [(a)(1)](http://www.sec.gov/Archives/edgar/data/826732/000119312513080741/d461323dex99a1.htm) | [Fourth Amended and Restated Agreement and Declaration of Trust, dated May 15, 2012 (incorporated by reference to Exhibit (a)(1) to Post-Effective Amendment No. 78 to Registrant's Registration Statement on Form N-1A, filed on February 27, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513080741/d461323dex99a1.htm) |
| [(a)(2)](http://www.sec.gov/Archives/edgar/data/826732/000119312513080741/d461323dex99a2.htm) | [Amendment No. 1 to Fourth Amended and Restated Agreement and Declaration of Trust, dated February 26, 2013 (incorporated by reference to Exhibit (a)(1) to Post-Effective Amendment No. 78 to Registrant's Registration Statement on Form N-1A, filed on February 27, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513080741/d461323dex99a2.htm) |
| [(a)(3)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99a3.htm) | [Amendment No. 2 to Fourth Amended and Restated Agreement and Declaration of Trust, dated May 24, 2013 (incorporated by reference to Exhibit (a)(3) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99a3.htm) |
| [(a)(4)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99a4.htm) | [Amendment No. 3 to Fourth Amended and Restated Agreement and Declaration of Trust, dated July 19, 2013 (incorporated by reference to Exhibit (a)(4) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99a4.htm) |
| [(a)(5)](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99a5.htm) | [Amendment No. 4 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated November 6, 2013 (incorporated by reference to Exhibit (a)(5) to Post-Effective Amendment No. 88 to Registrant's Registration Statement on Form N-1A, filed on December 20, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99a5.htm) |
| [(a)(6)](http://www.sec.gov/Archives/edgar/data/826732/000119312514070021/d654537dex99a6.htm) | [Amendment No. 5 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated February 14, 2014 (incorporated by reference to Exhibit (a)(6) to Post-Effective Amendment No. 90 to Registrant's Registration Statement on Form N-1A, filed on February 26, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000119312514070021/d654537dex99a6.htm) |
| [(a)(7)](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99a7.htm) | [Amendment No. 6 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated November 4, 2014 (incorporated by reference to Exhibit (a)(7) to Post-Effective Amendment No. 93 to Registrant's Registration Statement on Form N-1A, filed on December 30, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99a7.htm) |
| [(a)(8)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99a8.htm) | [Amendment No. 7 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated November 9, 2015 (incorporated by reference to Exhibit (a)(8) to Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99a8.htm) |
| [(a)(9)](http://www.sec.gov/Archives/edgar/data/826732/000119312517059336/d324593dex99a9.htm) | [Amendment No. 8 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated October 27, 2016 (incorporated by reference to Exhibit (a)(9) to Post-Effective Amendment No. 108 to Registrant's Registration Statement on Form N-1A, filed on February 27, 2017).](http://www.sec.gov/Archives/edgar/data/826732/000119312517059336/d324593dex99a9.htm) |
| [(a)(10)](http://www.sec.gov/Archives/edgar/data/826732/000119312517059336/d324593dex99a10.htm) | [Amendment No. 9 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated February 7, 2017 (incorporated by reference to Exhibit (a)(10) to Post-Effective Amendment No. 108 to Registrant's Registration Statement on Form N-1A, filed on February 27, 2017).](http://www.sec.gov/Archives/edgar/data/826732/000119312517059336/d324593dex99a10.htm) |
| [(a)(11)](http://www.sec.gov/Archives/edgar/data/826732/000119312517225325/d419238dex99a11.htm) | [Amendment No. 10 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated June 23, 2017 (incorporated by reference to Exhibit (a)(11) to Post-Effective Amendment No. 110 to Registrant's Registration Statement on Form N-1A, filed on July 10, 2017).](http://www.sec.gov/Archives/edgar/data/826732/000119312517225325/d419238dex99a11.htm) |
| [(a)(12)](http://www.sec.gov/Archives/edgar/data/826732/000119312518056218/d506020dex99a12.htm) | [Amendment No. 11 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated December 13, 2017 (incorporated by reference to Exhibit (a)(12) to Post-Effective Amendment No. 113 to Registrant's Registration Statement on Form N-1A, filed on February 23, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518056218/d506020dex99a12.htm) |
| [(a)(13)](http://www.sec.gov/Archives/edgar/data/826732/000119312518194672/d581572dex99a13.htm) | [Amendment No. 12 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated May 15, 2018 (incorporated by reference to Exhibit (a)(13) to Post-Effective Amendment No. 115 to Registrant's Registration Statement on Form N-1A, filed on June 15, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518194672/d581572dex99a13.htm) |

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| | |
|:---|:---|
| [(a)(14)](http://www.sec.gov/Archives/edgar/data/826732/000119312518220690/d549540dex99a14.htm) | [Amendment No. 13 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated June 29, 2018 (incorporated by reference to Exhibit (a)(14) to Post-Effective Amendment No. 116 to Registrant's Registration Statement on Form N-1A, filed on July 18, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518220690/d549540dex99a14.htm) |
| [(a)(15)](http://www.sec.gov/Archives/edgar/data/826732/000119312519018460/d693894dex99a15.htm) | [Amendment No. 14 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated January 25, 2019 (incorporated by reference to Exhibit (a)(15) to Post-Effective Amendment No. 121 to Registrant's Registration Statement on Form N-1A, filed on January 28, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519018460/d693894dex99a15.htm) |
| [(a)(16)](http://www.sec.gov/Archives/edgar/data/826732/000119312519125230/d728925dex99a16.htm) | [Amendment No. 15 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated April 24, 2019 (incorporated by reference to Exhibit (a)(16) to Post-Effective Amendment No. 125 to Registrant's Registration Statement on Form N-1A, filed on April 29, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519125230/d728925dex99a16.htm) |
| [(a)(17)](http://www.sec.gov/Archives/edgar/data/826732/000119312520046453/d844316dex99a17.htm) | [Amendment No. 16 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated February 19, 2020 (incorporated by reference to Exhibit (a)(17) to Post-Effective Amendment No. 131 to Registrant's Registration Statement on Form N-1A, filed on February 24, 2020).](http://www.sec.gov/Archives/edgar/data/826732/000119312520046453/d844316dex99a17.htm) |
| [(a)(18)](http://www.sec.gov/Archives/edgar/data/826732/000138713120004101/ex99-a18.htm) | [Amendment No. 17 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated April 20, 2020 (incorporated by reference to Exhibit (a)(18) to Post-Effective Amendment No. 133 to Registrant's Registration Statement on Form N-1A, filed on April 24, 2020).](http://www.sec.gov/Archives/edgar/data/826732/000138713120004101/ex99-a18.htm) |
| [(a)(19)](http://www.sec.gov/Archives/edgar/data/826732/000110465921054804/a21-13612_1ex99da19.htm) | [Amendment No. 18 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated March 26, 2021 (incorporated by reference to Exhibit (a)(19) to Post-Effective Amendment No. 137 to Registrant's Registration Statement on Form N-1A, filed on April 26, 2021).](http://www.sec.gov/Archives/edgar/data/826732/000110465921054804/a21-13612_1ex99da19.htm) |
| [(a)(20)](http://www.sec.gov/Archives/edgar/data/826732/000110465921149538/tm2128215d2_ex99a20.htm) | [Amendment No. 19 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated September 27, 2021 (incorporated by reference to Exhibit (a)(20) to Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A, filed on December 14, 2021).](http://www.sec.gov/Archives/edgar/data/826732/000110465921149538/tm2128215d2_ex99a20.htm) |
| [(a)(21)](http://www.sec.gov/Archives/edgar/data/826732/000110465922004349/tm222576d1_ex99a21.htm) | [Amendment No. 20 to the Fourth Amended and Restated Agreement and Declaration of Trust, dated January 6, 2022 (incorporated by reference to Exhibit (a)(21) to Post-Effective Amendment No. 141 to Registrant's Registration Statement on Form N-1A, filed on January 14, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922004349/tm222576d1_ex99a21.htm) |
| [(b)](http://www.sec.gov/Archives/edgar/data/826732/000119312515370198/d99404dex99b.htm) | [Bylaws, as amended through September 22, 2015 (incorporated by reference to Exhibit (b) to Post-Effective Amendment No. 97 to Registrant's Registration Statement on Form N-1A, filed on November 6, 2015).](http://www.sec.gov/Archives/edgar/data/826732/000119312515370198/d99404dex99b.htm) |
| (c) | See Articles IV and V of Exhibit (a), above. |
| [(d)(1)](tm231455d1_ex99-d1.htm) | [Amended and Restated Management Agreement with Calamos Advisors LLC, dated June 29, 2022 (filed herewith).](tm231455d1_ex99-d1.htm) |
| [(d)(2)](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxdyx2y.txt) | [Amendment, dated August 1, 2006, to Management Agreement, dated December 13, 2004, with Calamos Advisors LLC (incorporated by reference to Exhibit (d)(2) to Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A, filed on February 28, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxdyx2y.txt) |
| [(d)(3)](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxdyx3y.htm) | [Letter Agreement with Calamos Advisors LLC, dated March 7, 2008 (incorporated by reference to Exhibit (d)(3) to Post-Effective Amendment No. 64 to Registrant's Registration Statement on Form N-1A, filed on June 20, 2008).](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxdyx3y.htm) |
| [(d)(4)](http://www.sec.gov/Archives/edgar/data/826732/000095013701505221/c65503a3ex99-d2.txt) | [Form of Notification to Calamos Asset Management, Inc. regarding Establishment of Calamos Opportunistic Value Fund (formerly known as the Calamos Mid Cap Value Fund) (incorporated by reference to Exhibit (d)(2) to Post-Effective Amendment No. 27 to Registrant's Registration Statement on Form N-1A, filed on December 18, 2001).](http://www.sec.gov/Archives/edgar/data/826732/000095013701505221/c65503a3ex99-d2.txt) |

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|:---|:---|
| [(d)(5)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxdyx5y.txt) | [Notification to Calamos Advisors LLC, regarding Establishment of Calamos Multi-Fund Blend, dated March 30, 2006 (incorporated by reference to Exhibit (d)(5) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxdyx5y.txt) |
| [(d)(6)](http://www.sec.gov/Archives/edgar/data/826732/000095013706008289/c06638bpexv99wxdyx6y.txt) | [Form of Notification to Calamos Advisors LLC, regarding Fee Schedule Amendment (incorporated by reference to Exhibit (d) (6) to Post-Effective Amendment No. 47 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706008289/c06638bpexv99wxdyx6y.txt) |
| [(d)(7)](http://www.sec.gov/Archives/edgar/data/826732/000095013704011601/c90740apexv99wdw8.txt) | [Notification to Calamos Advisors LLC, regarding Fee Schedule Amendment (incorporated by reference to Exhibit (d)(8) to Post-Effective Amendment No. 93 to Registrant's Registration Statement on Form N-1A, filed on December 30, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000095013704011601/c90740apexv99wdw8.txt) |
| [(d)(8)](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxdyx8y.txt) | [Notification to Calamos Advisors LLC, regarding Establishment of Global Equity Fund, dated as of March 1, 2007 (incorporated by reference to Exhibit (d)(8) to Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A, filed on February 28, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxdyx8y.txt) |
| [(d)(9)](http://www.sec.gov/Archives/edgar/data/826732/000095013707007656/c12121a2exv99wxdyx9y.txt) | [Notification to Calamos Advisors LLC, regarding Establishment of Government Money Market Fund, dated May 8, 2007 (incorporated by reference to Exhibit (d)(9) to Post-Effective Amendment No. 54 to Registrant's Registration Statement on Form N-1A, filed on May 16, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707007656/c12121a2exv99wxdyx9y.txt) |
| [(d)(10)](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxdyx10y.txt) | [Notification to Calamos Advisors LLC, regarding Establishment of Total Return Bond Fund, dated June 15, 2007 (incorporated by reference to Exhibit (d)(10) to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A, filed on June 26, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxdyx10y.txt) |
| [(d)(11)](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxdyx11y.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of 130/30 Equity Growth Fund and New World Growth Fund, dated March 7, 2008 (incorporated by reference to Exhibit (d)(11) to Post-Effective Amendment No. 64 to Registrant's Registration Statement on Form N-1A, filed on June 20, 2008).](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxdyx11y.htm) |
| [(d)(12)](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99d15.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of Emerging Market Equity Fund (incorporated by reference to Exhibit (d)(15) to Post-Effective Amendment No. 88 to Registrant's Registration Statement on Form N-1A, filed on December 20, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99d15.htm) |
| [(d)(13)](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99d17.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of Global Convertible Fund and Hedged Equity Income Fund (incorporated by reference to Exhibit (d)(17) to Post-Effective Amendment No. 93 to Registrant's Registration Statement on Form N-1A, filed on December 30, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99d17.htm) |
| [(d)(14)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99d19.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of Phineus Long/Short Fund (incorporated by reference to Exhibit (d)(19) to Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99d19.htm) |
| [(d)(15)](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99d18.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of Short-Term Bond Fund (incorporated by reference to Exhibit (d)(18) to Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A, filed on August 28, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99d18.htm) |
| [(d)(16)](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99d16.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of Timpani Small Cap Growth Fund (incorporated by reference to Exhibit (d)(16) to Post-Effective Amendment No. 124 to Registrant's Registration Statement on Form N-1A, filed on April 12, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99d16.htm) |
| [(d)(17)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99d17.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of Timpani SMID Growth Fund (incorporated by reference to Exhibit (d)(17) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99d17.htm) |

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| | |
|:---|:---|
| [(d)(18)](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99d18.htm) | [Notification to Calamos Advisors LLC, regarding Establishment of Global Sustainable Equities Fund (incorporated by reference to Exhibit (d)(18) to Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A, filed on February 23, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99d18.htm) |
| [(d)(19)](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99d19.htm) | [Form of Notification to Calamos Advisors LLC, regarding Establishment of International Small Cap Growth Fund (incorporated by reference to Exhibit (d)(19) to Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A, filed on March 30, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99d19.htm) |
| [(d)(20)](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99d16.htm) | [Letter Agreement with Calamos Advisors LLC, dated December 19, 2013 (incorporated by reference to Exhibit (d)(16) to Post-Effective Amendment No. 88 to Registrant's Registration Statement on Form N-1A, filed on December 20, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99d16.htm) |
| [(d)(21)](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99wdw13.htm) | [Letter Agreement with Calamos Advisors LLC, dated March 26, 2010 (incorporated by reference to Exhibit (d)(13) to Post-Effective Amendment No. 73 to Registrant's Registration Statement on Form N-1A, filed on June 1, 2010).](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99wdw13.htm) |
| [(d)(22)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99d9.htm) | [Letter Agreement with Calamos Advisors LLC, dated December 15, 2015 (incorporated by reference to Exhibit (d)(9) to Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99d9.htm) |
| [(d)(23)](http://www.sec.gov/Archives/edgar/data/826732/000119312517225325/d419238dex99d21.htm) | [Letter Agreement with Calamos Advisors LLC, dated June 21, 2017 (incorporated by reference to Exhibit (d)(21) to Post-Effective Amendment No. 110 to Registrant's Registration Statement on Form N-1A, filed on July 10, 2017).](http://www.sec.gov/Archives/edgar/data/826732/000119312517225325/d419238dex99d21.htm) |
| [(d)(24)](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99d23.htm) | [Letter Agreement with Calamos Advisors LLC, dated June 29, 2018 (incorporated by reference to Exhibit (d)(23) to Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A, filed on August 28, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99d23.htm) |
| [(d)(25)](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99d22.htm) | [Letter Agreement with Calamos Advisors LLC, dated March 12, 2019 (incorporated by reference to Exhibit (d)(22) to Post-Effective Amendment No. 124 to Registrant's Registration Statement on Form N-1A, filed on April 12, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99d22.htm) |
| [(d)(26)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99d24.htm) | [Letter Agreement with Calamos Advisors LLC, dated July 9, 2019 (incorporated by reference to Exhibit (d)(24) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99d24.htm) |
| [(d)(27)](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99d26.htm) | [Letter Agreement with Calamos Advisors LLC, dated December 14, 2021 (incorporated by reference to Exhibit (d)(26) to Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A, filed on February 23, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99d26.htm) |
| [(d)(28)](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99d28.htm) | [Form of Letter Agreement with Calamos Advisors LLC, dated March 23, 2022 (incorporated by reference to Exhibit (d)(28) to Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A, filed March 30, 2022.](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99d28.htm) |
| [(d)(29)](http://www.sec.gov/Archives/edgar/data/826732/000095013705009242/c95524bpexv99wxdyx8y.txt) | [Organizational Expenses Agreement, dated December 13, 2004, relating to International Growth Fund (incorporated by reference to Exhibit (d)(8) to Post-Effective Amendment No. 41 to Registrant's Registration Statement on Form N-1A, filed July 28, 2005).](http://www.sec.gov/Archives/edgar/data/826732/000095013705009242/c95524bpexv99wxdyx8y.txt) |
| [(d)(30)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxdyx8y.txt) | [Organizational Expenses Agreement, dated March 30, 2006, relating to Multi-Fund Equity (incorporated by reference to Exhibit (d)(9) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxdyx8y.txt) |
| [(d)(31)](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxdyx13y.txt) | [Organizational Expenses Agreement, dated as of March 1, 2007, relating to Global Equity Fund (incorporated by reference to Exhibit (d)(13) to Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A, filed on February 28, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxdyx13y.txt) |

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|:---|:---|
| [(d)(32)](http://www.sec.gov/Archives/edgar/data/826732/000095013707007656/c12121a2exv99wxdyx14y.txt) | [Organizational Expenses Agreement, dated May 8, 2007, relating to Government Money Market Fund (incorporated by reference to Exhibit (d) (14) to Post-Effective Amendment No. 54 to Registrant's Registration Statement on Form N-1A, filed on May 16, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707007656/c12121a2exv99wxdyx14y.txt) |
| [(d)(33)](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxdyx16y.txt) | [Organizational Expenses Agreement, dated June 15, 2007, relating to Total Return Bond Fund (incorporated by reference to Exhibit (d)(16) to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A, filed on June 26, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxdyx16y.txt) |
| [(d)(34)](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxdyx18y.htm) | [Organizational Expenses Agreement, dated March 7, 2008, relating to 130/30 Equity Growth Fund and New World Growth Fund (incorporated by reference to Exhibit (d)(18) to Post-Effective Amendment No. 64 to Registrant's Registration Statement on Form N-1A, filed on June 20, 2008).](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxdyx18y.htm) |
| [(d)(35)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99d25.htm) | [Organizational Expenses Agreement, dated June 21, 2013, relating to Dividend Growth Fund (incorporated by reference to Exhibit (d)(25) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99d25.htm) |
| [(d)(36)](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99d28.htm) | [Organizational Expenses Agreement, dated December 19, 2013, relating to Emerging Market Equity Fund (incorporated by reference to Exhibit (d)(28) to Post-Effective Amendment No. 88 to Registrant's Registration Statement on Form N-1A, filed on December 20, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99d28.htm) |
| [(d)(37)](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99d31.htm) | [Organizational Expenses Agreement, dated December 18, 2014, relating to Global Convertible and Hedged Equity Income Fund (incorporated by reference to Exhibit (d)(31) to Post-Effective Amendment No. 93 to Registrant's Registration Statement on Form N-1A, filed on December 30, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99d31.htm) |
| [(d)(38)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99d34.htm) | [Organizational Expenses Agreement, dated December 15, 2015, relating to Phineus Long/Short Fund (incorporated by reference to Exhibit (d)(34) to Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99d34.htm) |
| [(d)(39)](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99d34.htm) | [Organizational Expenses Agreement, dated June 29, 2018, relating to Short-Term Bond Fund (incorporated by reference to Exhibit (d)(34) to Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A, filed on August 28, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99d34.htm) |
| [(d)(40)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99d36.htm) | [Organizational Expenses Agreement, dated July 9, 2019, relating to Timpani SMID Growth Fund (incorporated by refence to Exhibit (d)(36) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99d36.htm) |
| [(e)(1)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99e1.htm) | [Sixteenth Amended and Restated Distribution Agreement with Calamos Financial Services LLC (incorporated by refence to Exhibit (d)(36) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99e1.htm) |
| [(e)(2)](tm231455d1_ex99-e2.htm) | [Eighteenth Amended and Restated Distribution Agreement with Calamos Financial Services LLC (filed herewith).](tm231455d1_ex99-e2.htm) |
| [(e)(3)](http://www.sec.gov/Archives/edgar/data/826732/000095013701502631/c63691bpex99-e2.txt) | [Selling Group Agreement, revised September 2000 (incorporated by reference to Exhibit (e)(2) to Post-Effective Amendment No. 24 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2001).](http://www.sec.gov/Archives/edgar/data/826732/000095013701502631/c63691bpex99-e2.txt) |
| (f) | None. |
| [(g)(1)](http://www.sec.gov/Archives/edgar/data/826732/000095012310018371/c54601bpexv99wgw1.htm) | [Master Custodian Agreement with State Street Bank and Trust Company, dated September 11, 2009 (incorporated by reference to Exhibit (g)(1) to Post-Effective Amendment No. 69 to Registrant's Registration Statement on Form N-1A, filed on February 26, 2010).](http://www.sec.gov/Archives/edgar/data/826732/000095012310018371/c54601bpexv99wgw1.htm) |

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| [(g)(2)](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99wgw2.htm) | [Notification of Additional Funds, dated December 16, 2009, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(2) to Post-Effective Amendment No. 73 to Registrant's Registration Statement on Form N-1A, filed on June 1, 2010).](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99wgw2.htm) |
| [(g)(3)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99g3.htm) | [Notification of Additional Funds, dated March 15, 2013, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(3) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99g3.htm) |
| [(g)(4)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99g4.htm) | [Notification of Additional Funds, dated July 26, 2013, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(4) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99g4.htm) |
| [(g)(5)](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99g5.htm) | [Notification of Additional Funds, dated December 19, 2013, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(5) to Post-Effective Amendment No. 88 to Registrant's Registration Statement on Form N-1A, filed on December 20, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99g5.htm) |
| [(g)(6)](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99g6.htm) | [Notification of Additional Funds, dated December 18, 2014, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(6) to Post-Effective Amendment No. 93 to Registrant's Registration Statement on Form N-1A, filed on December 30, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99g6.htm) |
| [(g)(7)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99g7.htm) | [Notification of Additional Fund, dated January 21, 2016, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(7) to Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99g7.htm) |
| [(g)(8)](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99g8.htm) | [Notification of Additional Fund, dated June 29, 2018, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(8) to Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A, filed on August 28, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99g8.htm) |
| [(g)(9)](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99g9.htm) | [Notification of Additional Fund, dated March 12, 2019, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(9) to Post-Effective Amendment No. 124 to Registrant's Registration Statement on Form N-1A, filed on April 12, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99g9.htm) |
| [(g)(10)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99g10.htm) | [Notification of Additional Fund, dated July 9, 2019, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(10) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99g10.htm) |
| [(g)(11)](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99g-11.htm) | [Notification of Additional Fund, dated December 14, 2021, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(11) to Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A, filed on February 23, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99g-11.htm) |
| [(g)(12)](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99g12.htm) | [Form of Notification of Additional Fund, dated March 23, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(12) to Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A, filed on March 30, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99g12.htm) |
| [(g)(13)](tm231455d1_ex99-g13.htm) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm231455d1_ex99-g13.htm) |
| [(g)(14)](tm231455d1_ex99-g14.htm) | [Notification of Additional Fund, dated December 21, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm231455d1_ex99-g14.htm) |
| [(h)(1)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx1y.txt) | [Master Services Agreement, dated March 15, 2004, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(1) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx1y.txt) |

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| [(h)(2)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx2y.txt) | [Notification of Additional Funds, dated March 31, 2006, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(2) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx2y.txt) |
| [(h)(3)](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxhyx3y.txt) | [Notification of Additional Funds, dated February 28, 2007, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(3) to Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A, filed on February 28, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxhyx3y.txt) |
| [(h)(4)](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx4y.txt) | [Notification of Additional Funds, dated May 8, 2007, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(4) to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A, filed on June 26, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx4y.txt) |
| [(h)(5)](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx5y.txt) | [Notification of Additional Funds, dated June 15, 2007 pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(5) to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A, filed on June 26, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx5y.txt) |
| [(h)(6)](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxhyx6y.htm) | [Notification of Additional Funds, dated March 7, 2008, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(6) to Post-Effective Amendment No. 64 to Registrant's Registration Statement on Form N-1A, filed on June 20, 2008).](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxhyx6y.htm) |
| [(h)(7)](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99whw7.htm) | [Notification of Additional Funds, dated December 16, 2009, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(7) to Post-Effective Amendment No. 73 to Registrant's Registration Statement on Form N-1A, filed on June 1, 2010).](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99whw7.htm) |
| [(h)(8)](http://www.sec.gov/Archives/edgar/data/826732/000119312513243474/d501242dex99h8.htm) | [Notification of Additional Funds, dated March 15, 2013, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(8) to Post-Effective Amendment No. 83 to Registrant's Registration Statement on Form N-1A, filed on May 31, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513243474/d501242dex99h8.htm) |
| [(h)(9)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99h9.htm) | [Notification of Additional Funds, dated June 21, 2013, pursuant to Master Services Agreement dated March 15, 2004 (incorporated by reference to Exhibit (h)(9) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99h9.htm) |
| [(h)(10)](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99h10.htm) | [Notification of Additional Funds, dated December 19, 2013, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(10) to Post-Effective Amendment No. 88 to Registrant's Registration Statement on Form N-1A, filed on December 20, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99h10.htm) |
| [(h)(11)](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99h11.htm) | [Notification of Additional Funds, dated December 18, 2014, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(11) to Post-Effective Amendment No. 93 to Registrant's Registration Statement on Form N-1A, filed on December 30, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99h11.htm) |
| [(h)(12)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99h12.htm) | [Notification of Additional Fund, dated January 21, 2016, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(12) to Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99h12.htm) |
| [(h)(13)](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99h13.htm) | [Notification of Additional Fund, dated June 29, 2018, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(13) to Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A, filed on August 28, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99h13.htm) |
| [(h)(14)](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99h14.htm) | [Notification of Additional Fund, dated March 12, 2019, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(14) to Post-Effective Amendment No. 124 to Registrant's Registration Statement on Form N-1A, filed on April 12, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99h14.htm) |

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|:---|:---|
| [(h)(15)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h15.htm) | [Notification of Additional Fund, dated July 9, 2019, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(15) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h15.htm) |
| [(h)(16)](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99h-16.htm) | [Notification of Additional Fund, dated December 14, 2021, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(16) to Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A, filed on February 23, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922025781/tm224001d1_ex99h-16.htm) |
| [(h)(17)](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99h17.htm) | [Form of Notification of Additional Fund, dated March 23, 2022, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(17) to Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A, filed on March 30, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99h17.htm) |
| [(h)(17)(i)](tm231455d1_ex99-h17i.htm) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm231455d1_ex99-h17i.htm) |
| [(h)(17)(ii)](tm231455d1_ex99-h17ii.htm) | [Notification of Additional Fund, dated December 21, 2022, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm231455d1_ex99-h17ii.htm) |
| [(h)(18)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx3y.txt) | [Letter Agreement, dated March 15, 2004, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(3) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx3y.txt) |
| [(h)(19)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx4y.txt) | [Letter Agreement, dated October 31, 2004, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h) (4) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx4y.txt) |
| [(h)(20)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx5y.txt) | [Letter Agreement, dated March 31, 2006, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(5) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx5y.txt) |
| [(h)(21)](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxhyx8y.txt) | [Letter Agreement, dated February 28, 2007, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h) (8) to Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A, filed on February 28, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxhyx8y.txt) |
| [(h)(22)](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx10y.txt) | [Letter Agreement, dated May 8, 2007, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(10) to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A, filed on June 26, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx10y.txt) |
| [(h)(23)](http://www.sec.gov/Archives/edgar/data/826732/000095012310018371/c54601bpexv99whw12.htm) | [Letter Agreement, dated September 16, 2009, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(12) to Post-Effective Amendment No. 69 to Registrant's Registration Statement on Form N-1A, filed on February 26, 2010).](http://www.sec.gov/Archives/edgar/data/826732/000095012310018371/c54601bpexv99whw12.htm) |
| [(h)(24)](tm231455d1_ex99-h24.htm) | [Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated October 31, 2022 (filed herewith).](tm231455d1_ex99-h24.htm) |
| [(h)(25)](http://www.sec.gov/Archives/edgar/data/826732/000119312518056218/d506020dex99h20.htm) | [Amendment, dated July 5, 2017, to Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated January 1, 2017 (incorporated by reference to Exhibit (h)(20) to Post-Effective Amendment No. 113 to Registrant's Registration Statement on Form N-1A, filed on February 23, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518056218/d506020dex99h20.htm) |
| [(h)(26)](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99h22.htm) | [Amendment, dated June 29, 2018, to Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated January 1, 2017 (incorporated by reference to Exhibit (h)(22) to Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A, filed on August 28, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99h22.htm) |

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|:---|:---|
| [(h)(27)](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99h24.htm) | [Amendment, dated March 12, 2019, to Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated January 1, 2017 (incorporated by reference to Exhibit (h)(24) to Post-Effective Amendment No. 124 to Registrant's Registration Statement on Form N-1A, filed on April 12, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519105284/d693894dex99h24.htm) |
| [(h)(28)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h26.htm) | [Amendment, dated July 9, 2019, to Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated January 1, 2017 (incorporated by reference to Exhibit (h)(26) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h26.htm) |
| [(h)(29)](http://www.sec.gov/Archives/edgar/data/826732/000110465921121180/tm2128215d1_ex99-h27.htm) | [Amendment, dated June 30, 2021, to Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated January 1, 2017 (incorporated by reference to Exhibit (h)(27) to Post-Effective Amendment No. 139 to Registrant's Registration Statement on Form N-1A, filed on September 30, 2021).](http://www.sec.gov/Archives/edgar/data/826732/000110465921121180/tm2128215d1_ex99-h27.htm) |
| [(h)(30)](http://www.sec.gov/Archives/edgar/data/826732/000110465921149538/tm2128215d2_ex99h29.htm) | [Amendment, dated December 14, 2021, to Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated January 1, 2017 (incorporated by reference to Exhibit (h)(29) to Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A, filed on December 14, 2021).](http://www.sec.gov/Archives/edgar/data/826732/000110465921149538/tm2128215d2_ex99h29.htm) |
| [(h)(31)](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99h31.htm) | [Form of Amendment, dated March 23, 2022, to Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated January 1, 2017 (incorporated by reference to Exhibit (h)(31) to Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A, file on March 30, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99h31.htm) |
| [(h)(32)](http://www.sec.gov/Archives/edgar/data/826732/000095013701502631/c63691bpex99-h4.txt) | [Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated herein by reference to Exhibit (h)(4) to Post-Effective Amendment No. 24 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2001).](http://www.sec.gov/Archives/edgar/data/826732/000095013701502631/c63691bpex99-h4.txt) |
| [(h)(33)](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx15y.txt) | [Amendment, dated March 30, 2006, to Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(15) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A, filed on June 13, 2006).](http://www.sec.gov/Archives/edgar/data/826732/000095013706006806/c03298a2exv99wxhyx15y.txt) |
| [(h)(34)](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxhyx17y.txt) | [Amendment, dated as of March 1, 2007, to Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated as of September 21, 2000 (incorporated by reference to Exhibit (h)(17) to Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A, filed on February 28, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxhyx17y.txt) |
| [(h)(35)](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx23y.txt) | [Amendment, dated May 8, 2007, to Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(23) to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A, filed on June 26, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx23y.txt) |
| [(h)(36)](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx24y.txt) | [Amendment, dated June 15, 2007, to Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(24) to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A, filed on June 26, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707009177/c13991bpexv99wxhyx24y.txt) |
| [(h)(37)](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxhyx28y.htm) | [Amendment, dated March 7, 2008, to Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(28) to Post-Effective Amendment No. 64 to Registrant's Registration Statement on Form N-1A, filed on June 20, 2008).](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxhyx28y.htm) |

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|:---|:---|
| [(h)(38)](http://www.sec.gov/Archives/edgar/data/826732/000095012310018371/c54601bpexv99whw30.htm) | [Amendment, dated September 16, 2009, to Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(30) to Post-Effective Amendment No. 69 to Registrant's Registration Statement on Form N-1A, filed on February 26, 2010).](http://www.sec.gov/Archives/edgar/data/826732/000095012310018371/c54601bpexv99whw30.htm) |
| [(h)(39)](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99whw34.htm) | [Amendment, dated December 16, 2009, to Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(34) to Post-Effective Amendment No. 73 to Registrant's Registration Statement on Form N-1A, filed on June 1, 2010).](http://www.sec.gov/Archives/edgar/data/826732/000095012310054841/c55359bpexv99whw34.htm) |
| [(h)(40)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99h41.htm) | [Amendment, dated March 15, 2013, to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(41) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99h41.htm) |
| [(h)(41)](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99h42.htm) | [Amendment, dated June 21, 2013, to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(42) to Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A, filed on August 2, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513316800/d540430dex99h42.htm) |
| [(h)(42)](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99h46.htm) | [Amendment, dated December 19, 2013, to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(46) to Post-Effective Amendment No. 88 to Registrant's Registration Statement on Form N-1A, filed on December 20, 2013).](http://www.sec.gov/Archives/edgar/data/826732/000119312513480695/d640945dex99h46.htm) |
| [(h)(43)](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99h41.htm) | [Amendment, dated December 18, 2014, to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(41) to Post-Effective Amendment No. 93 to Registrant's Registration Statement on Form N-1A, filed on December 30, 2014).](http://www.sec.gov/Archives/edgar/data/826732/000119312514455813/d805386dex99h41.htm) |
| [(h)(44)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99h43.htm) | [Amendment, dated March 21, 2016, to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(43) to Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794dex99h43.htm) |
| [(h)(45)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h40.htm) | [Amendment, dated July 9, 2019, to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(40) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h40.htm) |
| [(h)(45)(i)](tm231455d1_ex99-h45i.htm) | [Amendment, dated November 10, 2022, to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 21, 2000 (filed herewith).](tm231455d1_ex99-h45i.htm) |
| [(h)(46)](http://www.sec.gov/Archives/edgar/data/826732/0000950131-97-004105.txt) | [Use of Name Agreement, dated August 23, 1990 (incorporated herein by reference to Exhibit 9.5 to Post-Effective Amendment No. 18 to Registrant's Registration Statement on Form N-1A, filed on June 24, 1997).](http://www.sec.gov/Archives/edgar/data/826732/0000950131-97-004105.txt) |
| [(h)(47)](http://www.sec.gov/Archives/edgar/data/826732/000119312519048469/d625635dex99h37.htm) | [Administration Agreement, effective November 1, 2018, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(37) to Post-Effective Amendment No. 122 to Registrant's Registration Statement on Form N-1A, filed on February 22, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519048469/d625635dex99h37.htm) |
| [(h)(47)(i)](tm231455d1_ex99-h47i.htm) | [Amendment, dated January 25, 2023, to Administration Agreement, effective November 1, 2018, with State Street Bank and Trust Company (filed herewith).](tm231455d1_ex99-h47i.htm) |
| [(h)(48)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h43.htm) | [Notification of Additional Fund, dated March 12, 2019, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(43) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h43.htm) |
| [(h)(49)](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h44.htm) | [Notification of Additional Fund, dated July 9, 2019, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(44) to Post-Effective Amendment No. 129 to Registrant's Registration Statement on Form N-1A, filed on July 31, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519207705/d728925dex99h44.htm) |
| [(h)(49)(i)](tm231455d1_ex99-h49i.htm) | [Notification of Additional Registrant, dated October 31, 2022, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm231455d1_ex99-h49i.htm) |
| [(h)(49)(ii)](tm231455d1_ex99-h49ii.htm) | [Notification of Additional Registrant, dated December 21, 2022 and effective January 1, 2023, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm231455d1_ex99-h49ii.htm) |

---

---

| | |
|:---|:---|
| [(h)(50)](http://www.sec.gov/Archives/edgar/data/826732/000119312519048469/d625635dex99h38.htm) | [Services Agreement, effective November 1, 2018, with Ernst & Young LLP (incorporated by reference to Exhibit (h)(38) to Post-Effective Amendment No. 122 to Registrant's Registration Statement on Form N-1A, filed on February 22, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519048469/d625635dex99h38.htm) |
| [(h)(50)(i)](tm231455d1_ex99-h50i.htm) | [Amended Master Services Agreement dated April 20, 2022 with Ernst & Young LLP (filed herewith).](tm231455d1_ex99-h50i.htm) |
| [(h)(50)(ii)](tm231455d1_ex99-h50ii.htm) | [Amendment to Amended Master Services Agreement dated October 31, 2022 with Ernst & Young LLP to add CASET (filed herewith).](tm231455d1_ex99-h50ii.htm) |
| [(h)(50)(iii)](tm231455d1_ex99-h50iii.htm) | [Amendment to Amended Master Services Agreement dated November 17, 2022 with Ernst & Young LLP to add Calamos ETF Trust (filed herewith).](tm231455d1_ex99-h50iii.htm) |
| [(h)(51)](tm231455d1_ex99-h51.htm) | [Expense Limitation Agreement, dated June 29, 2022 (filed herewith).](tm231455d1_ex99-h51.htm) |
| [(h)(52)](tm231455d1_ex99-h52.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust (filed herewith).](tm231455d1_ex99-h52.htm) |
| [(h)(53)](tm231455d1_ex99-h53.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust (filed herewith).](tm231455d1_ex99-h53.htm) |
| [(h)(54)](tm231455d1_ex99-h54.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with Vanguard Funds (filed herewith).](tm231455d1_ex99-h54.htm) |
| [(h)(55)](tm231455d1_ex99-h55.htm) | [BlackRock Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust (filed herewith).](tm231455d1_ex99-h55.htm) |
| [(h)(56)](tm231455d1_ex99-h56.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with The Select Sector SPDR Trust (filed herewith).](tm231455d1_ex99-h56.htm) |
| [(h)(57)](tm231455d1_ex99-h57.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with John Hancock Variable Insurance Trust and John Hancock Funds II (filed herewith).](tm231455d1_ex99-h57.htm) |
| [(h)(58)](tm231455d1_ex99-h58.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with Invesco QQQ Trust, Series 1 (filed herewith).](tm231455d1_ex99-h58.htm) |
| [(h)(59)](tm231455d1_ex99-h59.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with MidCap SPDR Trust, Series 1 (filed herewith).](tm231455d1_ex99-h59.htm) |
| [(h)(60)](tm231455d1_ex99-h60.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, lnvesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (filed herewith).](tm231455d1_ex99-h60.htm) |
| [(i)](tm231455d1_ex99-i.htm) | [Opinion and Consent of Ropes & Gray LLP (filed herewith).](tm231455d1_ex99-i.htm) |
| [(j)(1)](tm231455d1_ex99-j1.htm) | [Consent of Independent Registered Public Accounting Firm for Calamos Investment Trust (filed herewith).](tm231455d1_ex99-j1.htm) |
| [(j)(2)](tm231455d1_ex99-j2.htm) | [Consent of Independent Registered Public Accounting Firm for Calamos Global Sustainable Equities Fund (filed herewith)](tm231455d1_ex99-j2.htm) |
| (k) | None. |
| [(l)(1)](http://www.sec.gov/Archives/edgar/data/826732/0000891804-96-000175.txt) | [Subscription Agreement — Calamos Global Convertible Fund, dated June 11, 1996 (incorporated herein by reference to Exhibit 13.5 to Post-Effective Amendment No. 14 to Registrant's Registration Statement on Form N-1A, filed June 24, 1996).](http://www.sec.gov/Archives/edgar/data/826732/0000891804-96-000175.txt) |
| [(l)(2)](http://www.sec.gov/Archives/edgar/data/826732/0000950131-97-004105.txt) | [Subscription Agreement — Calamos Convertible Growth and Income Fund, dated July 5, 1988 (incorporated herein by reference to Exhibit (13.1) to Post-Effective Amendment No. 18 to Registrant's Registration Statement on Form N-1A, filed on June 24, 1997).](http://www.sec.gov/Archives/edgar/data/826732/0000950131-97-004105.txt) |
| [(l)(3)](http://www.sec.gov/Archives/edgar/data/826732/0000950131-97-004105.txt) | [Subscription Agreement — Calamos Market Neutral Fund and Calamos Growth Fund (incorporated herein by reference to Exhibit (13.3) to Post-Effective Amendment No. 18 to Registrant's Registration Statement on Form N-1A, filed on June 24, 1997).](http://www.sec.gov/Archives/edgar/data/826732/0000950131-97-004105.txt) |
| [(l)(4)](http://www.sec.gov/Archives/edgar/data/826732/000095013700003430/ex99-l.txt) | [Subscription Agreement — Calamos Convertible Technology Fund (incorporated herein by reference to Exhibit (l) to Post-Effective Amendment No. 21 to Registrant's Registration Statement on Form N-1A, filed on July 30, 2000).](http://www.sec.gov/Archives/edgar/data/826732/000095013700003430/ex99-l.txt) |
| [(l)(5)](http://www.sec.gov/Archives/edgar/data/826732/000095013702003447/c69593exv99wxlyx7y.txt) | [Subscription Agreement — Calamos Opportunistic Value Fund, dated December 28, 2001 (incorporated herein by reference to Exhibit (l)(6) to Post-Effective Amendment No. 29 to Registrant's Registration Statement on Form N-1A, filed on May 31, 2002).](http://www.sec.gov/Archives/edgar/data/826732/000095013702003447/c69593exv99wxlyx7y.txt) |
| [(l)(6)](http://www.sec.gov/Archives/edgar/data/826732/000095013705009242/c95524bpexv99wxlyx8y.txt) | [Subscription Agreement — Calamos International Growth Fund, dated December 13, 2004, with Calamos Investments LLC (incorporated herein by reference to Exhibit (l)(8) to Post-Effective Amendment No. 41 to Registrant's Registration Statement on Form N-1A, filed July 28, 2005).](http://www.sec.gov/Archives/edgar/data/826732/000095013705009242/c95524bpexv99wxlyx8y.txt) |
| [(l)(7)](http://www.sec.gov/Archives/edgar/data/826732/000095013705009242/c95524bpexv99wxlyx9y.txt) | [Subscription Agreement — Calamos International Growth Fund, dated December 13, 2004, with Calamos Family Partners Inc. (incorporated herein by reference to Exhibit (l)(9) to Post-Effective Amendment No. 41 to Registrant's Registration Statement on Form N-1A, filed July 28, 2005).](http://www.sec.gov/Archives/edgar/data/826732/000095013705009242/c95524bpexv99wxlyx9y.txt) |
| [(l)(8)](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxlyx10y.txt) | [Subscription Agreement — Calamos Global Equity Fund, dated as of March 1, 2007, with Calamos Advisors LLC (incorporated by reference to Exhibit (l)(10) to Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A, filed on February 28, 2007).](http://www.sec.gov/Archives/edgar/data/826732/000095013707003023/c09413bpexv99wxlyx10y.txt) |
| [(l)(9)](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxlyx10y.htm) | [Subscription Agreement — Calamos 130/30 Equity Fund, dated as of June 20, 2008, with Calamos Advisors LLC (incorporated by reference to Exhibit (l)(10) to Post-Effective Amendment No. 64 to Registrant's Registration Statement on Form N-1A, filed on June 20, 2008).](http://www.sec.gov/Archives/edgar/data/826732/000095013708008595/c24944alexv99wxlyx10y.htm) |
| [(l)(10)](http://www.sec.gov/Archives/edgar/data/826732/000095012311018945/c62403bpexv99wlw11.htm) | [Subscription Agreement --- Calamos New World Growth Fund, dated as of August 15, 2008, with Calamos Advisors LLC (incorporated by reference to Exhibit (l)(11) to Post-Effective Amendment No. 74 to Registrant's Registration Statement on Form N-1A, filed on February 25, 2011).](http://www.sec.gov/Archives/edgar/data/826732/000095012311018945/c62403bpexv99wlw11.htm) |

---

---

| | |
|:---|:---|
| [(m)](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99-m.htm) | [Form of Twentieth Amended and Restated Distribution Plan (incorporated by reference to Exhibit (m) to Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A, filed on March 30, 2022).](http://www.sec.gov/Archives/edgar/data/826732/000110465922040148/tm222576d2_ex99-m.htm) |
| [(n)](http://www.sec.gov/Archives/edgar/data/826732/000119312519048469/d625635dex99n.htm) | [Amended and Restated Plan Pursuant to Rule 18f-3(d) under the Investment Company Act of 1940 (incorporated by reference to Exhibit (n) to Post-Effective Amendment No. 122 to Registrant's Registration Statement on Form N-1A, filed on February 22, 2019).](http://www.sec.gov/Archives/edgar/data/826732/000119312519048469/d625635dex99n.htm) |
| (o) | [Item Omitted]. |
| [(p)](tm231455d1_ex99-p.htm) | [Code of Ethics and Insider Trading Policy of Registrant, its investment adviser, distributor and affiliated entities, dated October 31, 2022 (filed herewith).](tm231455d1_ex99-p.htm) |
| [(q)(1)(a)](http://www.sec.gov/Archives/edgar/data/826732/000119312515370198/d99404dex99q.htm) | [Powers of Attorney (incorporated by reference to Exhibit (q) to Post-Effective Amendment No. 97 to Registrant's Registration Statement on Form N-1A, filed on November 6, 2015).](http://www.sec.gov/Archives/edgar/data/826732/000119312515370198/d99404dex99q.htm) |
| [(q)(1)(b)](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99q1b.htm) | [Power of Attorney (incorporated by reference to Exhibit (q)(1)(b) to Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A, filed on August 28, 2018).](http://www.sec.gov/Archives/edgar/data/826732/000119312518260681/d654772dex99q1b.htm) |
| [(q)(1)(c)](http://www.sec.gov/Archives/edgar/data/826732/000119312520046453/d844316dex99q1c.htm) | [Powers of Attorney (incorporated by reference to Exhibit (q)(1)(c) to Post-Effective Amendment No. 131 to Registrant's Registration Statement on Form N-1A, filed on February 24, 2020).](http://www.sec.gov/Archives/edgar/data/826732/000119312520046453/d844316dex99q1c.htm) |
| [(q)(2)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) | [Audited financial statements for the fiscal year ending December 31, 2014 for Phineus Voyager, L.P. (incorporated by reference to Appendix B of the Statement of Additional Information part of the Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) |
| [(q)(3)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) | [Unaudited Schedule of Investments for the fiscal year ending December 31, 2014 for Phineus Voyager, L.P. (incorporated by reference to Appendix B of the Statement of Additional Information part of the Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) |
| [(q)(4)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) | [Unaudited financial statements for the fiscal period ending June 30, 2015 for Phineus Voyager, L.P. (incorporated by reference to Appendix B of the Statement of Additional Information part of the Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) |
| [(q)(5)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) | [Unaudited Schedule of Investments for the fiscal period ending June 30, 2015 for Phineus Voyager, L.P. (incorporated by reference to Appendix B of the Statement of Additional Information part of the Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) |
| [(q)(6)](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) | [Audited financial statements for the fiscal year ending December 31, 2015 for Phineus Voyager, L.P. (incorporated by reference to Appendix B of the Statement of Additional Information part of the Registration Statement on Form N-1A, filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/826732/000119312516527795/d159794d485apos.htm) |

---

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT.

The information in the prospectus, under the caption "Who Manages the Fund?" and in the Statement of Additional Information under the captions "Management" and "Control Persons and Principal Shareholders" is incorporated herein by reference.

ITEM 30. INDEMNIFICATION.

Article VI of the Fourth Amended Agreement and Declaration of Trust of Registrant (Exhibit (a) to this registration statement, which is incorporated herein by reference) provides that the Trust shall indemnify (from the assets of the Sub-Trust or Sub-Trusts in question) each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person")) against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, except with respect to any matter as to which it has been determined, in one of the manners described below, that such Covered Person (i) did not act in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust or (ii) had acted with willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office (either and both of the conduct described in (i) and (ii) being referred to hereafter as "Disabling Conduct").

A determination that a Covered Person is entitled to indemnification despite allegations of Disabling Conduct may be made by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of Disabling Conduct, (ii) dismissal of a court action or an administrative proceeding against a Covered Person for insufficiency of evidence of Disabling Conduct, or (iii) a reasonable determination, based upon a review of the facts, that the indemnitee was not liable by reason of Disabling Conduct by (a) a vote of a majority of a quorum of Trustees who are neither "interested persons" of the Trust as defined in section 2(a)(19) of the Investment Company Act of 1940 nor parties to the proceeding, or (b) an independent legal counsel in a written opinion.

Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time in advance of the final disposition of any such action, suit or proceeding, provided that the Covered Person shall have undertaken to repay the amounts so paid to the Sub-Trust in question if it is ultimately determined that indemnification of such expenses is not authorized under this Article VI and (i) the Covered Person shall have provided security for such undertaking, (ii) the Trust shall be insured against losses arising by reason or any lawful advances, or (iii) a majority of a quorum of the disinterested Trustees who are not a party to the proceeding, or an independent legal counsel in a written opinion, shall have determined, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Covered Party ultimately will be found to be entitled to indemnification.

The registrant, its trustees and officers, its investment adviser, the other investment companies advised by the adviser and certain persons affiliated with them are insured, within the limits and subject to the limitations of the insurance, against certain expenses in connection with the defense of actions, suits or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings. The insurance expressly excludes coverage for any trustee or officer whose personal dishonesty, fraudulent breach of trust, lack of good faith, or intention to deceive or defraud has been finally adjudicated or may be established or who willfully fails to act prudently.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Securities Act") may be permitted to trustees, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

ITEM 31. BUSINESS AND OTHER CONNECTION OF THE INVESTMENT ADVISER.

The information in the Statement of Additional Information under the captions "Management" and "Investment Advisory Services" is incorporated by reference.

ITEM 32. PRINCIPAL UNDERWRITERS.

(a) Calamos
 Financial Services LLC ("CFS") serves as principal underwriter for the Calamos Investment Trust and Calamos Advisors
 Trust.

(b) Information
 on the officers of CFS is set forth below. CFS has no directors. The principal business address for all named individuals is 2020
 Calamos Court, Naperville, Illinois 60563.

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Underwriter** | **Position with Registrant** |
| John S. Koudounis | President and Chief Executive Officer | Vice President |
| Robert F. Behan | Principal Executive Officer and Chief Distribution Officer | Vice President |
| Daniel Dufresne | Executive Vice President, Chief Operating Officer | Vice President |
| Christian A. Helmetag | Principal Financial Officer and Principal Operations Officer | None |
| J. Christopher Jackson | General Counsel and Secretary | Vice President and Secretary |
| Jacqueline E. Sinker | Chief Compliance Officer | None |

---

(c) There
 are no commissions or other compensation received from the Registrant directly or indirectly, by any principal underwriter who is
 not an affiliated person of the Registrant or an affiliated person of an affiliated person.

ITEM 33. LOCATION OF ACCOUNTS AND RECORDS.

All such accounts, books, and other documents are maintained at the offices of the Registrant, at the offices of the Registrant's investment manager, Calamos Advisors LLC, and CFS, the Registrant's principal underwriter, 2020 Calamos Court, Naperville, Illinois 60563, at the offices of the custodian, State Street Bank and Trust Company, 1 Lincoln Street, Boston, Massachusetts, 02111, or at the offices of the transfer agent, U.S. Bank Global Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201.

ITEM 34. MANAGEMENT SERVICES. <br>

None.

ITEM 35. UNDERTAKINGS.

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 144 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Naperville and State of Illinois, on the 24th day of February, 2023.

---

| | |
|:---|:---|
| **CALAMOS INVESTMENT TRUST** | **CALAMOS INVESTMENT TRUST** |
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr.<br> Trustee and President  |

---

Pursuant to the requirements of the 1933 Act, Post-Effective Amendment No. 143 has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ John P. Calamos, Sr. | Trustee and President (principal executive officer) | February 24, 2023 |
| John P. Calamos, Sr. | Trustee and President (principal executive officer) |  |
| /s/ John E. Neal\* | Trustee | February 24, 2023 |
| John E. Neal |  |  |
| /s/ William Rybak\* | Trustee | February 24, 2023 |
| William Rybak |  |  |
| /s/ Virginia G. Breen\* | Trustee | February 24, 2023 |
| Virginia G. Breen |  |  |
| /s/ Lloyd A. Wennlund\* | Trustee | February 24, 2023 |
| Lloyd A. Wennlund |  |  |
| /s/ Karen L. Stuckey\* | Trustee | February 24, 2023 |
| Karen L. Stuckey |  |  |
| /s/ Christopher M. Toub\* | Trustee | February 24, 2023 |
| Christopher M. Toub |  |  |
| /s/ Thomas E. Herman | Vice President and Chief Financial Officer | February 24, 2023 |
| Thomas E. Herman | Vice President and Chief Financial Officer |  |

---

\* John P. Calamos, Sr. signs this document pursuant to powers of attorney filed in Post-Effective Amendment No. 97 to Registrant's Registration Statement on Form N-1A, filed on November 6, 2015; Post-Effective Amendment No. 117 to Registrant's Registration Statement on Form N-1A filed on August 28, 2018; and Post-Effective Amendment No. 131 to Registrant's Registration Statement on Form N-1A, filed on February 24, 2020.

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr. <br> Attorney-in-Fact<br> February 24, 2023 |

---

**CALAMOS INVESTMENT TRUST**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Index<br> No.** | **Description of Exhibit** |
| [(d)(1)](tm231455d1_ex99-d1.htm) | [Amended and Restated Management Agreement with Calamos Advisors LLC, dated June 29, 2022.](tm231455d1_ex99-d1.htm) |
| [(e)(2)](tm231455d1_ex99-e2.htm) | [Eighteenth Amended and Restated Distribution Agreement with Calamos Financial Services LLC.](tm231455d1_ex99-e2.htm) |
| [(g)(13)](tm231455d1_ex99-g13.htm) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm231455d1_ex99-g13.htm) |
| [(g)(14)](tm231455d1_ex99-g14.htm) | [Notification of Additional Fund, dated December 21, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm231455d1_ex99-g14.htm) |
| [(h)(17)(i)](tm231455d1_ex99-h17i.htm) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm231455d1_ex99-h17i.htm) |
| [(h)(17)(ii)](tm231455d1_ex99-h17ii.htm) | [Notification of Additional Fund, dated December 21, 2022, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm231455d1_ex99-h17ii.htm) |
| [(h)(24)](tm231455d1_ex99-h24.htm) | [Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated October 31, 2022.](tm231455d1_ex99-h24.htm) |
| [(h)(45)(i)](tm231455d1_ex99-h45i.htm) | [Amendment, dated November 10, 2022 to Administration Servicing Agreement with U.S. Bancorp Fund Services, LLC, formerly known as Firstar Mutual Fund Services, LLC, dated September 21, 2000.](tm231455d1_ex99-h45i.htm) |
| [(h)(47)(i)](tm231455d1_ex99-h47i.htm) | [Amendment, dated January 25, 2023, to Administration Agreement, effective November 1, 2018, with State Street Bank and Trust Company.](tm231455d1_ex99-h47i.htm) |
| [(h)(49)(i)](tm231455d1_ex99-h49i.htm) | [Notification of Additional Registrant, dated October 31, 2022, pursuant to Administration Agreement, effective November 1, 2018.](tm231455d1_ex99-h49i.htm) |
| [(h)(49)(ii)](tm231455d1_ex99-h49ii.htm) | [Notification of Additional Registrant, dated December 21, 2022 and effective January 1, 2023, pursuant to Administration Agreement, effective November 1, 2018.](tm231455d1_ex99-h49ii.htm) |
| [(h)(50)(i)](tm231455d1_ex99-h50i.htm) | [Amended Master Services Agreement dated April 20, 2022 with Ernst & Young LLP.](tm231455d1_ex99-h50i.htm) |
| [(h)(50)(ii)](tm231455d1_ex99-h50ii.htm) | [Amendment to Amended Master Services Agreement dated October 31, 2022 with Ernst & Young LLP to add CASET.](tm231455d1_ex99-h50ii.htm) |
| [(h)(50)(iii)](tm231455d1_ex99-h50iii.htm) | [Amendment to Amended Master Services Agreement dated November 17, 2022 with Ernst & Young LLP to add Calamos ETF Trust.](tm231455d1_ex99-h50iii.htm) |
| [(h)(51)](tm231455d1_ex99-h51.htm) | [Expense Limitation Agreement, dated June 29, 2022.](tm231455d1_ex99-h51.htm) |
| [(h)(52)](tm231455d1_ex99-h52.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust.](tm231455d1_ex99-h52.htm) |
| [(h)(53)](tm231455d1_ex99-h53.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust.](tm231455d1_ex99-h53.htm) |
| [(h)(54)](tm231455d1_ex99-h54.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with Vanguard Funds.](tm231455d1_ex99-h54.htm) |
| [(h)(55)](tm231455d1_ex99-h55.htm) | [BlackRock Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust.](tm231455d1_ex99-h55.htm) |
| [(h)(56)](tm231455d1_ex99-h56.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with The Select Sector SPDR Trust.](tm231455d1_ex99-h56.htm) |
| [(h)(57)](tm231455d1_ex99-h57.htm) | [Fund of Funds Investment Agreement dated January 19, 2022 with John Hancock Variable Insurance Trust and John Hancock Funds II.](tm231455d1_ex99-h57.htm) |
| [(h)(58)](tm231455d1_ex99-h58.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with Invesco QQQ Trust, Series 1.](tm231455d1_ex99-h58.htm) |
| [(h)(59)](tm231455d1_ex99-h59.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with MidCap SPDR Trust, Series 1.](tm231455d1_ex99-h59.htm) |
| [(h)(60)](tm231455d1_ex99-h60.htm) | [Rule 12d1-4 Fund of Funds Investment Agreement dated January 19, 2022 with Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, lnvesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.](tm231455d1_ex99-h60.htm) |
| [(i)](tm231455d1_ex99-i.htm) | [Opinion and Consent of Ropes & Gray LLP.](tm231455d1_ex99-i.htm) |
| [(j)(1)](tm231455d1_ex99-j1.htm) | [Consent of Independent Registered Public Accounting Firm for Calamos Investment Trust.](tm231455d1_ex99-j1.htm) |
| [(j)(2)](tm231455d1_ex99-j2.htm) | [Consent of Independent Registered Public Accounting Firm for Calamos Global Sustainable Equities Fund.](tm231455d1_ex99-j2.htm) |
| [(p)](tm231455d1_ex99-p.htm) | [Code of Ethics and Insider Trading Policy of Registrant, its investment adviser, distributor and affiliated entities, dated October 31, 2022.](tm231455d1_ex99-p.htm) |

---

EX-101.SCH XBRL Taxonomy Extension Schema Document

EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB XBRL Taxonomy Extension Label Linkbase

EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

## Ex-99.(D)(1)

**Exhibit (d)(1)**

Execution Copy

**AMENDED AND RESTATED**

**MANAGEMENT AGREEMENT**

**THIS AMENDED AND RESTATED MANAGEMENT AGREEMENT** (the "Agreement") is made as of June 29<sup>th</sup>, 2022, between CALAMOS ADVISORS LLC, a Delaware limited liability company having its principal office and place of business in Naperville, Illinois (the "Manager"), and CALAMOS INVESTMENT TRUST, a Massachusetts business trust having its principal office and place of business in Naperville, Illinois (the "Trust") and amends and restates the agreement between the Manager and the Trust, dated December 13, 2004.

WHEREAS, the Trust is engaged in business as an open-end management investment company and is so registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager is engaged principally in the business of rendering investment management services and is so registered under the Investment Advisers Act of 1940, as amended; and

WHEREAS, the Trust is authorized to issue shares of beneficial interest in separate series with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, the Trust is authorized to issue shares in twenty (20) series set forth on Schedule 1 hereto, (such series (the "Initial Funds") together with all other series subsequently established by the Trust with respect to which the Trust desires to retain the Manager to render investment advisory services hereunder and the Manager is willing so to do, being herein collectively referred to as the "Funds"); and

WHEREAS, the Trust and the Manager desire to further amend and restate this Agreement.

THEREFORE, it is agreed between the parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **APPOINTMENT OF MANAGER.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Initial Funds.** The Trust appoints the Manager to act as manager and investment adviser to the Initial Funds for the period and on the terms herein set forth. The Manager accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Additional Funds.** In the event that the Trust establishes one or more series of shares other than the Initial Funds with respect to which it desires to retain the Manager to render management and investment advisory services hereunder, it shall notify the Manager in writing, indicating the advisory fee which will be payable with respect to the additional series of shares. If the Manager is willing to render such services, it shall notify the Trust in writing, whereupon such series of shares shall become a Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **DUTIES OF MANAGER.** 

The Manager, at its own expense, shall furnish the following services and facilities to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Investment Program.** The Manager will (i) furnish continuously an investment program of each Fund, (ii) determine (subject to the overall supervision and review of the Board of Trustees of the Trust (the "Trustees")) what investments shall be purchased, held, sold or exchanged by each Fund and what portion, if any, of the assets of each Fund shall be held uninvested, and (iii) make changes on behalf of the Trust in the investments of each Fund. The Manager will also manage, supervise and conduct the other affairs and business of the Trust and each Fund thereof and matters incidental thereto, subject always to the control of the Trustees and to the provisions of the Fourth Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws (the "By-Laws"), each as may be amended from time to time, and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Office Space and Facilities.** The Manager shall furnish the Trust office space in the offices of the Manager, or in such other place or places as may be agreed upon from time to time, and all necessary office facilities, simple business equipment, supplies, utilities, and telephone service for managing the affairs and investments of the Trust. These services are exclusive of the necessary services and records of any dividend disbursing agent, transfer agent, registrar or custodian, and accounting and bookkeeping services to be provided by the custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Personnel.** The Manager shall provide all necessary executive and clerical personnel for administering the affairs of the Trust and shall compensate the Trustees and all personnel and officers of the Trust if such persons are also employees of the Manager or its affiliates, except as provided in Paragraph 3(f) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Portfolio Transactions.** The Manager shall place all orders for the purchase and sale of portfolio securities for the account of each Fund with brokers or dealers selected by the Manager, although the Trust will pay the actual brokerage commissions on portfolio transactions in accordance with Paragraph 3(c). In executing portfolio transactions and selecting brokers or dealers, the Manager will use its best efforts to seek on behalf of the Trust or any Fund thereof the best overall terms available for any transaction. The Manager shall consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any (for the specific transaction and on a continuing basis). In evaluating the best overall terms available, and in selecting the broker or dealer to execute a particular transaction, the Manager may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended) provided to any Fund and/or other accounts over which the Manager or an affiliate of the Manager exercises investment discretion. Consistent with the Rules of Fair Practice of the Financial Industry Regulatory Authority and subject to seeking the most favorable price and execution available, Manager may consider sales of shares of Trust as a factor in the selection of broker-dealers to execute portfolio transaction for Trust. Manager (or an affiliate of Manager) may act as broker for Trust in connection with the purchase or sale of securities by or to Trust if and to the extent permitted by procedures adopted from time to time by the Trustees. Such brokerage services are not within the scope of the duties of Manager under this Agreement, and, within the limits permitted by law and the Trustees, Manager (or an affiliate of Manager) may receive brokerage commissions, fees or other remuneration from Trust for such services in addition to its fee for services as Manager. Within the limits permitted by law, Manager may receive compensation from Trust for other services performed by it for Trust which are not within the scope of the duties of Manager under this Agreement. The Manager is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for any Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Manager determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of that particular transaction or in terms of all of the accounts over which investment discretion is so exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **ALLOCATION OF EXPENSES.** 

Except for the services and facilities to be provided by the Manager as set forth in Paragraph 2 above, the Trust assumes and shall pay all expenses for all other Trust operations and activities and shall reimburse the Manager for any such expenses incurred by the Manager. The expenses to be borne by the Trust shall include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the charges and expenses of any registrar, stock transfer or dividend disbursing agent, custodian, or depository appointed by the Trust for the safekeeping of its cash, portfolio securities and other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the charges and expenses of auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) brokerage commissions for transactions in the portfolio securities of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all taxes, including issuance and transfer taxes, and corporate fees payable by the Trust to Federal, state or other governmental agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the cost of stock certificates (if any) representing shares of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) expenses involved in registering and maintaining registrations of the Trust and of its shares with the Securities and Exchange Commission and various states and other jurisdictions, including reimbursements of actual expenses incurred by the Manager in performing such functions for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all expenses of shareholders' and Trustees' meetings, including meetings of committees and of preparing, printing and mailing proxy statements, quarterly reports, semi-annual reports, annual reports and other communications to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all expenses of preparing and setting in type prospectuses, and expenses of printing and mailing the same to shareholders (but not expenses of printing and mailing of prospectuses and literature used for promotional purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) compensation and travel expenses of Trustees who are not "interested persons" within the meaning of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the expense of furnishing, or causing to be furnished, to each shareholder a statement of his or her account, including the expense of mailing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) charges and expenses of legal counsel in connection with matters relating to the Trust, including, without limitation, legal services rendered in connection with the Trust's corporate and financial structure and relations with its shareholders, issuance of Trust shares and registration and qualification of securities under Federal, state and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the expenses of attendance at professional meetings of organizations such as the Investment Company Institute, Independent Directors Council, Mutual Fund Directors Forum by the Trustees and officers of the Trust, and the membership or association dues of such organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the cost and expense of maintaining the books and records of the Trust, including general ledger accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the expense of obtaining and maintaining insurance including a fidelity bond as required by Section 17(g) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) interest payable on Trust borrowings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) postage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **ADVISORY FEE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services and facilities described in Paragraph 2 hereof, the Trust shall pay the Manager as soon as practicable after the last day of each calendar month, an investment management fee for each Fund computed by applying the annual rate set forth in Schedule A attached hereto. The fee as computed above shall be computed separately for and charged as an expense of each Fund and, except in the case of a performance fee, based upon the average daily net assets of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of termination of this Agreement with respect to any Fund during any calendar month, the fee with respect to such Fund for that month shall be reduced proportionately based upon the number of calendar days during which it is in effect and, except in the case of a performance fee, the fee shall be computed upon the average net assets of such Fund for the calendar days during which it is so in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **EXPENSE LIMITATION.** 

The Manager agrees that for any fiscal year of the Trust during which the total of all expenses of any series of the Trust (including investment advisory fees under this Agreement, but excluding interest, portfolio brokerage commissions and expenses, taxes and extraordinary items) exceeds the lowest expense limitation imposed in any state in which that series of the Trust is then making sales of its shares or in which its shares are then qualified for sale, the Manager will reimburse that series of the Trust for such expenses not otherwise excluded from reimbursement by this Paragraph 5 to the extent that they exceed such expense limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **TRUST TRANSACTIONS.** 

The Manager agrees that neither it nor any of its officers or directors will take any long or short position in the shares of the Trust; provided, however, that such prohibition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not prevent the Manager from purchasing shares of the Trust if orders to purchase such shares are placed upon the receipt by the Manager of purchase orders for such shares and are not in excess of such purchase orders received by the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not prevent the purchase of shares of the Trust by any of the persons above described for their account and for investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **RELATIONS WITH TRUST.** 

Subject to and in accordance with the Declaration of Trust and By-Laws and the Certificate of Formation and Limited Liability Company Agreement of the Manager, respectively, it is understood that the Trustees, officers, agents and shareholders of the Trust are or may be interested in the Manager (or any successor thereof) as directors, officers, or otherwise, that directors, officers, agents and shareholders of the Manager are or may be interested in the Trust as Trustees, officers, shareholders or otherwise, and that the effect of any such adverse interests shall be governed by said Declaration of Trust, By-Laws, Certificate of Formation and Limited Liability Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **LIABILITY OF MANAGER AND OFFICERS AND TRUSTEES OF THE TRUST.** 

No provision of this Agreement shall be deemed to protect the Manager against any liability to the Trust or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith or gross negligence in the performance of its duties or the reckless disregard of its obligations and duties under this Agreement. Nor shall any provision hereof be deemed to protect any Trustee or officer of the Trust against any such liability to which he or she might otherwise be subject by reason of any willful misfeasance, bad faith, gross negligence or reckless disregard of his or her obligations and duties. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise - the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **DURATION AND TERMINATION OF THIS AGREEMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Duration.** Unless terminated as herein provided, this Agreement shall remain in full force and effect until August 1, 2023 with respect to each Initial Fund and shall continue in full force and effect for periods of one year thereafter with respect to each Fund so long as such continuance with respect to any such Fund is approved at least annually (i) by either the Trustees or by vote of a majority of the outstanding voting shares (as defined in the 1940 Act) of such Fund, and (ii) in either event by the vote of a majority of the Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval.

Any approval of this Agreement by the holders of a majority of the outstanding shares (as defined in the 1940 Act) of any Fund shall be effective to continue this Agreement with respect to any such Fund notwithstanding (i) that this Agreement has not been approved by the holders of a majority of the outstanding shares of any other Fund affected thereby, and (ii) that this Agreement has not been approved by the vote of a majority of the outstanding shares of the Trust, unless such approval shall be required by any other applicable law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Termination.** This Agreement may be terminated at any time, without payment of any penalty, by vote of the Trustees or by vote of a majority of the outstanding shares (as defined in the 1940 Act), or by the Manager on sixty (60) days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Automatic Termination.** This Agreement shall automatically and immediately terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **NAME OF TRUST.** 

It is understood that the name "Calamos", and any logo associated with that name, is the valuable property of the Manager, and that the Trust has the right to include "Calamos" as a part of its name or the name of any Fund only so long as this Agreement shall continue. Upon termination of this Agreement the Trust shall forthwith cease to use the "Calamos" name and logo and shall take such action as is necessary to change the name of any Fund and to amend its Declaration of Trust to change the Trust's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **PRIOR AGREEMENT SUPERSEDED.** 

This Agreement supersedes any prior agreement relating to the subject matter hereof between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **SERVICES NOT EXCLUSIVE.** 

The services of the Manager to the Trust hereunder are not to be deemed exclusive and the Manager shall be free to render similar services to others so long as its services hereunder are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **LIMITATION OF LIABILITY.** 

It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust, personally, but shall bind only the assets and property of the Trust as provided in the Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees and signed by an authorized officer of the Trust, acting as such, and neither such authorization by the Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Trust as provided in its Declaration of Trust.

IN WITNESS WHEREOF, this Agreement has been executed for the Manager and the Trust by their duly authorized officers, as of the date first set forth above.

**CALAMOS ADVISORS LLC**

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |

---

JohnP. Calamos, Sr. <br> Founder, Chairman and Global Chief Investment Officer

Attest:

/s/ J. Christopher Jackson

J. Christopher Jackson,

Senior Vice President,

General Counsel and Secretary

**CALAMOS INVESTMENT TRUST**

---

| | |
|:---|:---|
| By: | /s/ Thomas E. Herman |

---

Thomas E. Herman <br> Vice-President and Chief Financial Officer

Attest:

/s/ J. Christopher Jackson

J. Christopher Jackson,

Vice President and Secretary

**Schedule 1**

**Calamos Investment Trust — "Initial Funds"**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Global Sustainable Equities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos International Small Cap Growth Fund

Calamos Market Neutral Income Fund

Calamos Phineus Long/Short Fund

Calamos Select Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Total Return Bond Fund

**SCHEDULE A**

**ADVISORY FEE SCHEDULE**

---

| | |
|:---|:---|
| **Growth Fund** | |
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 1.00% |
| Above $500 million up to and including $1 billion | 0.90% |
| Above $1 billion up to and including $6 billion | 0.80% |
| Above $6 billion | 0.70% |

---

**Convertible Fund, Growth and Income Fund, Market Neutral Income Fund and Hedged Equity Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.75% |
| Above $500 million up to and including $1 billion | 0.70% |
| Above $1 billion | 0.65% |

---

---

| | |
|:---|:---|
| **High Income Opportunities Fund** |  |
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.60% |
| Above $500 million up to and including $1 billion | 0.55% |
| Above $1 billion | 0.50% |

---

**International Growth Fund<sup>1</sup>, Select Fund, Global Opportunities Fund, Global Equity Fund<sup>1</sup>, and Dividend Growth Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 1.00% |
| Above $500 million up to and including $1 billion | 0.95% |
| Above $1 billion up to and including $6 billion | 0.90% |
| Above $6 billion | 0.80% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Return Bond Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.45% |
| Above $500 million up to and including $1 billion | 0.43% |
| Above $1 billion up to and including $6 billion | 0.41% |
| Above $6 billion | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Evolving World Growth Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 1.10% |
| Above $500 million up to and including $1 billion | 1.05% |
| Above $1 billion up to and including $6 billion | 1.00% |
| Above $6 billion | 0.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Phineus Long/Short Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 1.25% |
| Above $500 million up to and including $1 billion | 1.20% |
| Above $1 billion | 1.15% |

---

<sup>1</sup> Subject to possible adjustment based on the Fund's performance as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Convertible Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.85% |
| Above $500 million up to and including $1 billion | 0.80% |
| Above $1 billion | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Short-Term Bond Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.30% |
| Above $500 million up to and including $1 billion | 0.27% |
| Above $1 billion | 0.25% |

---

**Timpani Small Cap Growth Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.90% |
| Above $500 million up to and including $1 billion | 0.80% |
| Above $1 billion | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Timpani SMID Growth Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.95% |
| Above $500 million up to and including $1 billion | 0.85% |
| Above $1 billion | 0.80% |

---

**Global Sustainable Equities Fund**

Annual fee rate of 0.85% of average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**International Small Cap Growth Fund**

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.95% |
| Above $500 million up to and including $1 billion | 0.90% |
| Above $1 billion | 0.85% |

---

**<u>International Growth Fund Performance Adjustment:</u>**

In addition, for International Growth Fund only, the advisory fee shall equal the base fee (shown above) adjusted by the following performance adjustment, if any:

The base fee shall be either increased or decreased by a performance fee adjustment at the rate of 1/12th of 0.03% of the Fund's average net assets over the preceding rolling Performance Period for each 1% increment amount by which the Fund outperforms or underperforms its benchmark, MSCI EAFE Growth Index ("Index") over such period and rounded to the nearest 0.01%, subject to a maximum increase or decrease of 0.30% of average net assets calculated over such period.

The initial Performance Period is the period commencing on the first full calendar month following Fund's commencement of operations. During the first eleven months of the initial Performance Period, there will be no performance adjustment. Starting with the twelfth month of the period, the performance adjustment will take effect. Following the twelfth month a new month will be added to the Performance Period until the Performance Period equals 36 months. Thereafter, the Performance Period will consist of the current month plus the previous 35 months.

The investment performance of the Fund will be the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the change in the Fund's net asset value ("NAV") per share during the Performance Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the value of the Fund's cash distributions per share accumulated to the end of the Performance Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the value of capital gains taxes per share paid or payable on undistributed realized long-term capital gains accumulated to the end of the Performance Period;

expressed as a percentage of the Fund's NAV per share at the beginning of the Performance Period. For this purpose, the value of distributions per share of realized capital gains, of dividends per share paid from investment income and of capital gains taxes per share paid or payable on undistributed realized long-term capital gains shall be treated as reinvested in shares of the Fund at the NAV in effect at the close of business on the record date for the payment of such distributions and dividends and the date on which provision is made for such taxes, after giving effect to such distributions, dividends and taxes.

The investment record of the Index will be the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the change in the level of the Index during the Performance Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the value, computed consistently with the Index, of cash distributions made by companies whose securities comprise the Index accumulated to the end of the Performance Period; expressed as a percentage of the Index level at the beginning of the Performance Period. For this purpose, cash distributions on the securities which comprise the Index shall be treated as reinvested in the index at least as frequently as the end of each calendar quarter following the payment of the dividend.

**<u>Global Equity Fund Performance Adjustment:</u>**

In addition, for Global Equity Fund only, the advisory fee shall equal the base fee (shown above) adjusted by the performance adjustment fee, if any:

The base fee shall be either increased or decreased by a performance fee adjustment at the rate of 1/12th of 0.03% of the Fund's average net assets over the preceding rolling Performance Period for each 1% increment amount by which the Fund outperforms or underperforms its benchmark, MSCI World Index ($US) ("Index") over such period and rounded to the nearest 0.01%, subject to a maximum increase or decrease of 0.30% of average net assets calculated over such period.

The initial Performance Period is the period commencing on the first day of the first full calendar month following the Fund's commencement of operations. During the first eleven months of the initial Performance Period for the Fund, there will be no performance adjustment. Starting with the twelfth month of the period, the performance adjustment will take effect. Following the twelfth month a new month will be added to the Performance Period until the Performance Period equals 36 months. Thereafter, the Performance Period will consist of the current month plus the previous 35 months.

The investment performance of the Fund will be the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the change in the Fund's net asset value ("NAV") per Class A share during the Performance Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the value of the Fund's cash distributions per Class A share accumulated to the end of the Performance Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the value of capital gains taxes per share paid or payable on undistributed realized long-term capital gains accumulated to the end of the Performance Period;

expressed as a percentage of the Fund's NAV per Class A share at the beginning of the Performance Period. For this purpose, the value of distributions per share of realized capital gains, of dividends per Class A share paid from investment income and of capital gains taxes per share paid or payable on undistributed realized long-term capital gains shall be treated as reinvested in Class A shares of the Fund at the NAV in effect at the close of business on the record date for the payment of such distributions and dividends and the date on which provision is made for such taxes, after giving effect to such distributions, dividends and taxes.

The investment record of the Index will be the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the change in the level of the Index during the Performance Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the value, computed consistently with the Index, of cash distributions made by companies whose securities comprise the Index accumulated to the end of the Performance Period; expressed as a percentage of the Index level at the beginning of the Performance Period. For this purpose, cash distributions on the securities that comprise the Index shall be treated as reinvested in the index at least as frequently as the end of each calendar quarter following the payment of the dividend.

## Ex-99.(E)(2)

**Exhibit 99.(e)(2)**

**CALAMOS INVESTMENT TRUST**

**Eighteenth Amended and Restated**

**Distribution Agreement**

This EIGHTEENTH AMENDED AND RESTATED DISTRIBUTION AGREEMENT (the "Agreement") made as of March 23, 2022, between CALAMOS FINANCIAL SERVICES LLC, a limited liability company organized under the laws of the State of Delaware and having its principal office and place of business in Naperville, Illinois (the "Distributor"), and CALAMOS INVESTMENT TRUST, a Massachusetts business trust having its principal office and place of business in Naperville, Illinois (the "Trust"), which offers shares of beneficial interest in different series representing interests in different portfolios of assets (each series being referred to herein as a "Fund").

WITNESSETH:

In consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, it is agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of Distributor.** The Trust hereby appoints the Distributor as its exclusive agent to sell and distribute Class A Shares, Class B Shares, Class C Shares, Class T Shares, Class I Shares, Class R Shares and Class R6 Shares of each Fund (collectively, the "Shares") at the offering price thereof as from time to time determined in the manner herein provided. The Distributor hereby accepts such appointment and agrees during the term of this Agreement to provide the services and to assume the obligations set forth herein. The Trust agrees that it will not, without the Distributor's consent, sell or agree to sell any Shares otherwise than through the Distributor, except that (a) the Trust may itself sell Shares as an investment to the trustees, officers, directors and bona fide full-time employees of the Trust, the Distributor and the Trust's investment adviser; and (b) the Trust may issue Shares in connection with a merger, consolidation or acquisition of assets on such basis as may be authorized or permitted under the Investment Company Act of 1940, as amended (the "Investment Company Act"); provided that in no event as to any of the foregoing exceptions shall the Shares be issued and sold at less than the net asset value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Basis of Sale of Shares.** The Distributor does not agree to sell any specific number of Shares. Shares will be sold by the Distributor as agent for the Trust only against orders therefore. The Distributor will not purchase Shares from anyone other than the Trust except as agent for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Offering Price.** All Shares offered for sale by the Distributor shall be offered for sale at a price per share (the "Offering Price") equal to (a) the net asset value per share of the Fund (determined in the manner set forth in the Trust's Declaration of Trust) plus (b) in the case of Class A Shares, and Class T Shares, except as set forth in the then current Prospectuses, a sales charge applicable to such Shares, which shall be the percentage of the Offering Price of such Shares as set forth in the Fund's then current effective Prospectuses, and, in the case of the Class B, Class C, Class R Shares and Class T Shares, as set forth below. The Offering Price, if not an exact multiple of one cent, shall be adjusted to the nearest cent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Distribution Fees and Contingent Deferred Sales Charges.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Class A Shares.** In accordance with the Twentieth Amended and Restated Distribution Plan (the "Plan"), the Trust in respect of each Fund shall pay to the Distributor or, at the Distributor's direction, to a third party, monthly in arrears on or prior to the third business day of the following calendar month, a fee (the "Class A Distribution Fee") equal to the average daily net assets of Class A Shares multiplied by that portion of 0.25% that the number of days in the month bears to 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Class B Shares.** In accordance with the Plan, the Trust in respect of each Fund shall pay to the Distributor or, at the Distributor's direction, to a third party, monthly in arrears on or prior to the third business day of the following calendar month, a fee (the "Class B Distribution Fee") equal to the average daily net assets of Class B Shares multiplied by that portion of 0.75% that the number of days in the month bears to 365. The Trust in respect of each Fund agrees to withhold from redemption proceeds of the Class B Shares, any contingent deferred sales charge ("CDSC") payable with respect to the Class B Shares, as provided in such Fund's Prospectus, and to pay the same over to the Distributor or, at the Distributor's direction, to a third party or such party's designee, at the time the redemption proceeds are payable to the holder of such shares redeemed. Payment of these CDSC amounts to the Distributor is not contingent upon the adoption or continuation of any Plan.

The Distributor shall be considered to have performed all services so as to entitle it to the right to the payment of the Class B Distribution Fee so long as the Plan with regard to such Class B Shares continues pursuant to its terms and the right to payment of any CDSC with respect to each Class B Share upon the settlement date of the redemption of such Class B Share.

The provisions set forth in Section 5 of the Plan (in effect on the date hereof) are hereby incorporated by reference into this Section 4(a) with the same force and effect as if set forth herein in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Class C Shares.** In accordance with the Plan, the Trust in respect of each Fund shall pay to the Distributor or, at the Distributor's direction, to a third party, monthly in arrears on or prior to the third business day of the following calendar month, a fee (the "Class C Distribution Fee") equal to the average daily net assets of Class C Shares multiplied by that portion of 0.75% that the number of days in the month bears to 365. The Trust in respect of each Fund agrees to withhold from redemption proceeds of the Class C Shares, any CDSC payable with respect to the Class C Shares, as provided in such Fund's Prospectus, and to pay the same over to the Distributor or, at the Distributor's direction, to a third party or such party's designee, at the time the redemption proceeds are payable to the holder of such shares redeemed. Payment of these CDSC amounts to the Distributor is not contingent upon the adoption or continuation of any Plan.

The Distributor shall be considered to have performed all services so as to entitle it to the right to the payment of the Class C Distribution Fee with respect to the first year following issuance of each Class C Share so long as with respect to the Class C Distribution Fee, the Plan with regard to such Class C Shares continues pursuant to its term and the right to payment of the CDSC with respect to each Class C Share upon the settlement date of the redemption of such Class C Share.

The provisions set forth in Section 5 of the Plan (in effect on the date hereof) are hereby incorporated by reference into this Section 4(b) with the same force and effect as if set forth herein in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Class R Shares.** In accordance with the Plan, the Trust in respect of each Fund shall pay to the Distributor or, at the Distributor's direction, to a third party, monthly in arrears on or prior to the third business day of the following calendar month, a fee (the "Class R Distribution Fee") equal to the average daily net assets of Class R Shares multiplied by that portion of 0.50% that the number of days in the month bears to 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Class T Shares.** In accordance with the Plan, the Trust in respect of each Fund shall pay to the Distributor or, at the Distributor's direction, to a third party, monthly in arrears on or prior to the third business day of the following calendar month, a fee (the "Class T Distribution Fee" and, collectively with the Class A Distribution Fee, Class B Distribution Fee, Class C Distribution Fee, and Class R Distribution Fee, the "Distribution Fees") equal to the average daily net assets of Class T Shares multiplied by that portion of 0.25% that the number of days in the month bears to 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Payments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust will not take any action to waive or change any CDSC in respect to the Class B or C Shares of any Fund, the date of original issuance of which occurs on or prior to the taking of such action, except as provided in the Fund's prospectus or statement of additional information on the date such Class B or Class C Share was issued, without the consent of the Distributor and its assigns, and nothing will terminate the Distributor's right to the CDSCs (including without limitation a Complete Termination, as defined in Section 6(iii) of the Plan) with respect to such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in Section 6(ii) of the Plan, the Fund's obligation to pay the Distribution Fees and CDSCs payable in respect of the Class B or C Shares of any Fund, as applicable, to the Distributor shall be absolute and unconditional and shall not be subject to any dispute, offset, counterclaim or any defense whatsoever, at law or equity, including, without limitation, any of the foregoing based on the insolvency or bankruptcy of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Service Fees.** The Trust in respect of each Fund and Class of shares shall pay to the Distributor, monthly in arrears on or prior to the third business day of the following calendar month, a fee for personal shareholder services or recordkeeping (the "Service Fee") at the rate described in the applicable current prospectus of such Fund and Class at the time of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Manner of Offering.** The Distributor will conform to the securities laws of any jurisdiction in which it sells, directly or indirectly, any Shares. The Distributor also agrees to furnish to the Trust sufficient copies of any agreements, plans or sales literature it intends to use in connection with any sales of Shares in adequate time for the Trust to file and clear them with the proper authorities before they are put in use, and not to use them until so filed and cleared.

The Distributor shall have the right to accept or reject orders for the purchase of Shares. Any consideration that the Distributor may receive in connection with a rejected purchase order will be returned promptly to the prospective purchaser. The Trust or its transfer agent or shareholder servicing agent is authorized to confirm sales of Shares on behalf of the Distributor. The Trust shall register or cause to be registered all Shares sold by the Distributor pursuant to the provisions hereof in such name or names and amounts as the Distributor may request from time to time and the Trust shall issue or cause to be issued certificates evidencing such Shares for delivery to Distributor or pursuant to Distributor's direction if and to the extent that the Trust contemplates the issuance of such share certificates. All Shares, when so issued and paid for, shall be fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Securities Laws.** The Trust has delivered to Distributor a copy of the current Prospectus relating to Shares. The Trust agrees that it will use its best efforts to continue the effectiveness of the Trust's Registration Statement under the Securities Act of 1933, as amended (the "Securities Act"). The Trust further agrees to prepare and file any amendments to its Registration Statement as may be necessary and any supplemental data in order to comply with the Securities Act. The Trust has already registered under the Investment Company Act as an investment company, and it will use its best efforts to maintain such registration and to comply with the requirements of said Act.

At the Distributor's request, the Trust will take such steps as may be necessary and feasible to qualify Shares for sale in states, territories or dependencies of the United States of America, in the District of Columbia and in foreign countries, in accordance with the laws thereof, and to renew or extend any such qualification; provided, however, that the Trust shall not be required to qualify Shares or to maintain the qualification of Shares in any state, territory, dependency, district or country where it shall deem such qualification disadvantageous to the Trust.

The Distributor agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Distributor nor any of it officers will take any long or short position in the Shares, but this provision shall not prevent the Distributor or its officers from acquiring Shares for investment purposes only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall furnish to the Trust any pertinent information required to be inserted with respect to the Distributor as the Distributor within the purview of the Securities Act in any reports or registration required to be filed with any governmental authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will not make any representations inconsistent with the Registration Statement or Prospectus(es) of the Funds filed under the Securities Act, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Allocation of Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust, either directly or through its investment adviser, will be responsible for, and shall pay the expenses incurred in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing all necessary services, including fees and disbursements of counsel, related to the preparation, setting in type, printing and filing of any registration statement and/or prospectus(es) and statement of additional information required under the Securities Act, or under state securities laws, covering its Shares, and all amendments and supplements thereto, the mailing of any such prospectus(es) and statement of additional information to existing shareholders, and preparing, setting in type, printing and mailing periodic reports to existing shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of all registration or qualification fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of preparing temporary and permanent share certificates for Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all the Federal and state (if any) issue and/or transfer taxes payable upon the issue by or transfer from the Trust to the Distributor of any and all Shares distributed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall bear all sales, promotion or distribution expenses in connection with the distribution of Shares and shall be the sole judge of the extent to which sales or promotion expenses shall be incurred. Expenses incurred in complying with laws regulating the issue or sale of securities shall not be deemed to be sales, promotion or distribution expenses. The Distributor agrees that, after the prospectus(es), statement of additional information and periodic reports have been set in type, it will bear the expense of printing and distributing any copies thereof that are to be used in connection with the offering of Shares to investors. The Distributor further agrees that it will bear the expenses of preparing, printing and distributing any other literature used by the Distributor or furnished by it for use in connection with the offering of the Shares for sale to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will be responsible for, and shall pay the expenses of, maintaining shareholder accounts and furnishing or causing to be furnished to each shareholder a statement of his account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **The Distributor is an Independent Contractor.** The Distributor shall be an independent contractor. The Distributor is responsible for its own conduct, for the employment, control and conduct of its agents and employees and for injury to such agents or employees or to others through its agents or employees. The Distributor assumes full responsibility for its agents and employees under applicable statutes and agrees to pay all employer taxes thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Term of Contract.** This Distribution Agreement shall go into effect on the date hereof and shall continue in effect until July 31, 2019, and thereafter for successive periods of one year each if such continuance is approved at least annually thereafter (i) either by an affirmative vote of a majority of the outstanding Shares or by the Trustees, (ii) in either case by a majority of the Trustees who are not interested persons of the Distributor or (otherwise than as Trustees) of the Trust, cast in person at a meeting called for the purpose of voting on such approval. Written notice of discontinuance of this Distribution Agreement may be given by one party hereto to the other upon not less than 60 days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Assignment.** This Distribution Agreement may not be assigned by the Distributor and shall automatically terminate in the event of an attempted assignment by the Distributor; provided, however, that the Distributor may employ or enter into agreements with such other person, persons, corporation, or corporations, as it shall determine in order to assist it in carrying out this Distribution Agreement, and nothing herein shall prohibit the assignment, sale or pledge by the Distributor of its rights to receive Class B Distribution Fees, Class C Distribution Fees, Class R Distribution Fees, Class T Distribution Fees or the CDSC with respect to the Class B Shares or Class C Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Indemnification by Distributor.** The Distributor agrees to indemnify and hold harmless the Trust or any other person who has been, is, or may hereafter be an officer, Trustee or employee of the Trust against any loss, damage or expense reasonably incurred by any of them in connection with any claim or in connection with any action, suit, or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon any untrue statement or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact necessary to make the statements made not misleading, on the part of the Distributor or any agent or employee of the Distributor or any other person for whose acts the Distributor is responsible or is alleged to be responsible, such as any dealer or person through whom sales are made pursuant to an agreement with the Distributor, unless such statement or omission was made in reliance upon written information furnished by the Trust. The term "expenses" for purposes of this and the next paragraph includes attorney's fees and amounts paid in satisfaction of judgments or in settlements that are made with the Distributor's consent. The foregoing rights of indemnification shall be in addition to any other rights to which the Trust or a Trustee may be entitled as a matter of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Indemnification by Trust.** The Trust agrees to indemnify and hold harmless the Distributor and each person who has been, is, or may hereafter be an officer, director, employee or agent of the Distributor against any loss, damage or expense reasonably incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon any untrue or alleged untrue statement of material fact, or the omission or alleged omission to state a material fact necessary to make the statements therein not misleading, contained in a registration statement or prospectus, or any amendment or supplement thereto, unless such statement or omission was made in reliance upon written information furnished by the Distributor. The foregoing rights of indemnification shall be in addition to any other rights to which the Distributor may be entitled as a matter of law. Nothing contained herein shall relieve the Distributor of any liability to the Trust or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Non-exclusive Agreement.** The services of the Distributor to the Trust hereunder shall not be deemed to be exclusive, and the Distributor shall be free to (a) render similar services to, and act as underwriter or distributor in connection with the distribution of shares of, other investment companies, and (b) engage in any other businesses and activities from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Amendment.** This Distribution Agreement may be amended at any time by mutual agreement in writing of the parties hereto, provided that any such amendment is approved by a majority of the Trustees who are not interested persons of the Distributor or by the holders of a majority of the outstanding Shares or Funds affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Illinois.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Limitation of Liability.** It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust, personally, but shall bind only the assets and property of the Trust as provided in the Trust's Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees and shareholders of the Trust and signed by an authorized officer of the Trust, acting as such, and neither such authorization by the Trustees and shareholders nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Trust as provided in its Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Termination of Prior Agreement.** All prior Distribution Agreements between the parties are hereby terminated.

IN WITNESS WHEREOF, this Distribution Agreement has been executed for the Distributor and the Trust by their duly authorized officers, as of the date first set forth above.

---

| | |
|:---|:---|
| CALAMOS FINANCIAL SERVICES LLC | CALAMOS FINANCIAL SERVICES LLC |
| By | /s/ Michael Gallagher |
|  | Name: Michael Gallagher |
|  | Title: Principal Executive Officer |
| ATTEST: | ATTEST: |
|  | /s/ Robert Behan |
|  | Name: Robert Behan |
|  | Title: President, Head of Global Distribution |
| CALAMOS INVESTMENT TRUST | CALAMOS INVESTMENT TRUST |
| By | /s/ J. Christopher Jackson |
|  | Name: J. Christopher Jackson |
|  | Title: Secretary |

---

## Ex-99.(G)(13)

**Exhibit 99.(g)(13)**

![](tm231455d1_ex99-g13img01.jpg)

October 31, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

Re: Calamos Antetokounmpo Sustainable Equities Trnst (the ***"Fund"***)

Ladies and Gentlemen:

Please be advised that the undersigned Trust has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established those new series of shares identified opposite its name on <u>Exhibit A</u> hereto (the ***"Portfolio"***).

In accordance with Section 19.5 and 19.6, the Additional Funds and Additional Portfolios provision, of the Master Custodian Agreement dated as of September 11, 2009, as amended, modified, or supplemented from time to time (the ***"Agreement"***), by and among each registered investment company party thereto, and State Street Bank and Trust Company ***("State Street"),*** the undersigned Fund, on behalf of itself and each Portfolio, hereby requests that State Street act as Custodian for it and its Portfolios under the tenns of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Fund hereby confirms, as of the date hereof, its representations and warranties set forth in Section 19. 7 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** | **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **Calamos Antetokounmpo Sustainable Equities Fund** | **Calamos Antetokounmpo Sustainable Equities Fund** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |

---

Effective Date: 11/14/2022

Information Classification: Limited Access

**EXHIBIT A**

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**To**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered</u> <u>With The Sec And Portfolios Thereof, If Any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth And Income Portfolio | 36-7271106 |
| **Calamos Etf Trust** |  |
| **Calamos Investment Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Fund | 36-3316238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Dividend Growth Fund | 46-2951829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Evolving World Growth Fund | 26-2192228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Convertible Fund | 47-2271491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Equity Fund | 20-8166626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Opportunities Fund | 36-4088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth Fund | 36-3723359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth and Income Fund | 36-3575418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Hedged Equity Fund | 47-2255361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos High Income Opportunities Fund | 36-4307069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Growth Fund | 20-2395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund | 36-3723358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Select Fund | 22-3848966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund | 47-5668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Total Return Bond Fund | 20-8872705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund | 83-0775729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani SMID Growth Fund | 83-4647954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Sustainable Equities Fund | 87-3159402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Small Cap Growth Fund | 87-4563290 |
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Fund | 88-3877464 |
| **Calamos Convertible Opportunities And Income Fund** | 03-0426532 |
| **Calamos Convertible And High Income Fund** | 02-0683363 |
| **Calamos Strategic Total Return Fund** | 04-3785941 |
| **Calamos Global Total Return Fund** | 20-3377281 |
| **Calamos Global Dynamic Income Fund** | 20-8819776 |
| **Calamos Dynamic Convertible And Income Fund** | 47-1549409 |
| **Calamos Long/Short Equity & Dynamic Income Term Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(G)(14)

**Exhibit 99.(g)(14)**

**Calamos ETF Trust**

**2020 Calamos Court**

**Naperville, IL 60563**

December 21, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: Calamos ETF Trust (the "***Trust***")

Ladies and Gentlemen:

Please be advised that the undersigned Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each a "***Portfolio***").

In accordance with Section 19.5 and 19.6, the Additional Funds and Additional Portfolios provision, of the Master Custodian Agreement dated as of September 11, 2009, as amended, modified, or supplemented from time to time (the "***Agreement***"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("***State Street***"), the undersigned Trust, on behalf of itself and each Portfolio, hereby requests that State Street act as a Custodian for it and its Portfolios under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 19.7 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| &nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;on behalf of: |
| **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen M. Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |

---

Effective Date: <u>January 1, 2023</u>

**EXHIBIT A**

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

## Ex-99.(H)(17)(I)

**Exhibit 99.(h)(17)(i)**

![](tm231455d1_ex99-h17iimg01.jpg)

October 31, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

---

| | |
|:---|:---|
| Re: | Calamos Antetokounmpo Sustainable Equities Trust (the ***"Fund"***) |

---

Ladies and Gentlemen:

Please be advised that the undersigned Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established a new series of shares identified opposite its name on <u>Exhibit A</u> hereto (the ***"Portfolio"***)*.*

In accordance with Section 8.5 and 8.6, the Additional Funds and Additional Portfolios provision, of the Master Services Agreement dated as of March 15, 2004, as amended, modified, or supplemented from time to time (the ***"Agreement"***)*,* by and among each registered investment company party thereto, and State Street Bank and Trust Company *(**"State Street"**),* the undersigned Fund, on behalf of itself and each Portfolio, hereby requests that State Street perform certain accounting and fund administration services for it and its Portfolio under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto.

In connection with such request, the undersigned Fund: (i) hereby confirms as of the date hereof, its representations and warranties set forth in Section 4.2 of the Agreement; and (ii) for the avoidance of doubt, acknowledges and confirms to State Street that the letter agreement dated March 31, 2016 *(**"Third Side Letter"**)* by and among the Funds and State Street shall also apply to the Portfolio, and the undersigned Fund agrees to be bound by all the terms and conditions of the Third Side Letter.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Fund.

*[**Signature page follows.**]*

Information Classification: Limited Access

**EXHIBIT A**

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** | **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **Calamos Antetokounmpo Sustainable Equities Fund** | **Calamos Antetokounmpo Sustainable Equities Fund** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | SVP, Duly Authorized |

---

Effective Date: 11/14/2022

Information Classification: Limited Access

**EXHIBIT A**

**Calamos Antetokounmpo Sustainable Equities Trust** 

Calamos Antetokounmpo Sustainable Equities Fund

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**To**

**<u>Master Services Agreement</u>**

<u>Management Investment Companies Registered</u> <u>With The Sec And Portfolios Thereof, If Any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth And Income Portfolio | 36-7271106 |
| **Calamos Etf Trust** |  |
| **Calamos Investment Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Fund | 36-3316238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Dividend Growth Fund | 46-2951829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Evolving World Growth Fund | 26-2192228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Convertible Fund | 47-2271491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Equity Fund | 20-8166626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Opportunities Fund | 36-4088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth Fund | 36-3723359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth and Income Fund | 36-3575418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Hedged Equity Fund | 47-2255361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos High Income Opportunities Fund | 36-4307069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Growth Fund | 20-2395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund | 36-3723358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Select Fund | 22-3848966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund | 47-5668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Total Return Bond Fund | 20-8872705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund | 83-0775729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani SMID Growth Fund | 83-4647954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Sustainable Equities Fund | 87-3159402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Small Cap Growth Fund | 87-4563290 |
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Fund | 88-3877464 |
| **Calamos Convertible Opportunities And Income Fund** | 03-0426532 |
| **Calamos Convertible And High Income Fund** | 02-0683363 |
| **Calamos Strategic Total Return Fund** | 04-3785941 |
| **Calamos Global Total Return Fund** | 20-3377281 |
| **Calamos Global Dynamic Income Fund** | 20-8819776 |
| **Calamos Dynamic Convertible And Income Fund** | 47-1549409 |
| **Calamos Long/Short Equity & Dynamic Income Term Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(17)(Ii)

**Exhibit 99.(h)(17)(ii)**

 

*Execution Version*

**Calamos ETF Trust**

**2020 Calamos Court**

**Naperville, IL 60563**

December 21, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

Re: Calamos ETF Trust <u>(the "***Trust***")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended and has established a new series of shares identified under its name on <u>Exhibit A</u> hereto (each a "***Portfolio***").

In accordance with Section 8.5 and 8.6, the Additional Funds and Additional Portfolios provision, of the Master Services Agreement dated as of March 15, 2004, as amended, modified, or supplemented from time to time (the "***Agreement***"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("***State Street***"), the undersigned Trust hereby requests that State Street perform certain accounting and fund administration services for it and its Portfolio under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4.2 of the Agreement and, for the avoidance of doubt, acknowledges and confirms to State Street that the letter agreement dated March 31, 2006 ("***Third Side Letter***") by and among certain funds in the Calamos Family of Funds and State Street shall also apply to the Portfolio, and the undersigned Trust agrees to be bound by all the terms and conditions of the Third Side Letter.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

***[Signature page follows.]***

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| on behalf of: | on behalf of: |
| **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen M. Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |
| Effective Date: January 1, 2023 | Effective Date: January 1, 2023 |

---

**<u>EXHIBIT A</u>**

Calamos **ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

**<u>EXHIBIT B</u>**

**APPENDIX A**

**TO**

**<u>MASTER SERVICES AGREEMENT</u>**

<u>MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF ANY</u>

---

| | |
|:---|:---|
| **CALAMOS ADVISORS TRUST** | 36-7271106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALAMOS GROWTH AND INCOME PORTFOLIO |  |
| **CALAMOS ETF TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| **CALAMOS INVESTMENT TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Fund | 36-3316238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Dividend Growth Fund | 46-2951829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Evolving World Growth Fund | 26-2192228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Convertible Fund | 47-2271491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Equity Fund | 20-8166626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Opportunities Fund | 36-4088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth Fund | 36-3723359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth and Income Fund | 36-3575418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Hedged Equity Fund | 47-2255361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos High Income Opportunities Fund | 36-4307069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Growth Fund | 20-2395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund | 36-3723358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Select Fund | 22-3848966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund | 47-5668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Total Return Bond Fund | 20-8872705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund | 83-0775729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani SMID Growth Fund | 83-4647954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Sustainable Equities Fund | 87-3159402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Small Cap Growth Fund | 87-4563290 |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Fund | 88-3877464 |
| **CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND** | 03-0426532 |
| **CALAMOS CONVERTIBLE AND HIGH INCOME FUND** | 02-0683363 |
| **CALAMOS STRATEGIC TOTAL RETURN FUND** | 04-3785941 |
| **CALAMOS GLOBAL TOTAL RETVRN FUND** | 20-3377281 |
| **CALAMOS GLOBAL DYNAMIC INCOME FUND** | 20-8819776 |
| **CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND** | 47-1549409 |
| **CALAMOS LONG/SHORT EQUITY** & **DYNAMIC INCOME TRUST** | 82-2860404 |

---

## Ex-99.(H)(24)

**Exhibit 99.(h)(24)**

**SECOND AMENDED AND RESTATED**

**TRANSFER AGENT SERVICING AGREEMENT**

**THIS SECOND AMENDED AND RESTATED AGREEMENT** (the "Agreement") is made and entered into as of the last date in the signature block ("Effective Date"), by and among **CALAMOS INVESTMENT TRUST** ("CIT"), a Massachusetts business trust, **CALAMOS ADVISORS TRUST** ("CAT")**,** a Massachusetts business trust, **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** ("CASET"), a Delaware statutory trust (each a "Trust" and collectively the "Trusts") acting for and on behalf of each series of the Trusts listed on <u>Exhibit A</u> hereto (as amended from time to time) (each a "Fund" and collectively the "Funds") and **U.S. BANCORP FUND SERVICES, LLC**, a Wisconsin limited liability company ("USBFS").

WHEREAS, CIT, CAT and USBFS (the "Parties") entered into a Transfer Agent Servicing Agreement, dated January 1, 2014, which was amended and restated on January 1, 2017 (the "First Amended and Restated Agreement");

WHEREAS, the Parties wish to add CASET as a party to the Agreement;

WHEREAS, this Agreement hereby replaces and supersedes the First Amended and Restated Agreement in its entirety;

WHEREAS, the Trusts are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies, and are authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, USBFS is, among other things, in the business of administering transfer and dividend disbursing agent functions for the benefit of its customers;

WHEREAS, Calamos Financial Services LLC ("CFS"), as distributor for the Trusts, provides certain shareholder/prospective shareholder services on behalf of the Trusts; and

WHEREAS, the Trusts desire to retain USBFS to provide transfer and dividend disbursing agent services to the Funds.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Appointment of USBFS as Transfer Agent** 

The Trusts hereby appoint USBFS as transfer agent of the Trusts on the terms and conditions set forth in this Agreement, and USBFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBFS hereunder.

**2.** **Services and Duties of USBFS** 

USBFS shall provide the following transfer agent and dividend disbursing agent services to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Receive and process all orders for the purchase, exchange, transfer
 and/or redemption of shares in accordance with Rule 22c-1 under the 1940 Act, other
 applicable regulations, and as specified in each Fund's prospectus (the "Prospectus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Process purchase orders with prompt
 delivery, where appropriate, of payment and supporting documentation to the shareholder based
 on the instructions of the shareholder, or the Trusts' custodian, and record the appropriate
 number of shares being held in the appropriate shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process redemption requests received in
 good order and, where relevant, deliver appropriate documentation to the Trusts' custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Pay proceeds upon receipt from the Trusts'
 custodian, where relevant, in accordance with the instructions of redeeming shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Process transfers of shares in accordance with the shareholder's
 instructions, after receipt of appropriate documentation from the shareholder as specified
 in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prepare and transmit payments,
 or apply reinvestments for income dividends and capital gains distributions declared by the
 Trusts with respect to each Fund, after deducting any amount required to be withheld by any
 applicable laws, rules and regulations and in accordance with shareholder instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Serve
 as the Funds' agent in connection with systematic plans including, but not limited
 to, systematic withdrawal plans and systematic exchange plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Make
 changes to shareholder records, including, but not limited to, address and plan changes (e.g.,
 systematic investment and withdrawal, dividend reinvestment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Handle load and multi-class processing,
 including rights of accumulation and purchases by letters of intent in accordance with the
 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Record the issuance of shares of each Fund
 and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Securities Exchange
 Act of 1934, as amended (the "Exchange Act"), a record
of the total number of shares of each Fund which are authorized, issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Prepare ad-hoc reports as necessary at
 prevailing rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Mail shareholder reports and Prospectuses
 to current shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Prepare and file U.S. Treasury Department
 Forms 1099 and other appropriate information returns required with respect to dividends and
 distributions for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Provide shareholder account information upon shareholder or Trusts'
 requests and prepare and mail confirmations and statements of account to shareholders for
 all purchases, redemptions and other confirmable transactions as agreed upon with the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Mail and/or obtain shareholders' certifications under penalties
 of perjury and pay on a timely basis to the appropriate federal or state authorities any
 taxes to be withheld on dividends and distributions paid by the Trusts, all as required by
 applicable federal and state tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Provide the total number of shares of each
 Fund sold in each state to enable the Trusts to monitor such sales for blue sky purposes;
 provided that the Trusts, not USBFS, are responsible for ensuring that shares are not sold
 in violation of any requirement under the securities laws or regulations of any state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Answer correspondence from shareholders, securities brokers and others
 relating to USBFS' duties hereunder within required time periods established by applicable
 regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Reimburse the Funds for all material losses resulting from "as
 of" processing errors for which USBFS is responsible in accordance with the "as
 of" processing guidelines set forth on <u>Exhibit B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. Calculate average assets held in shareholder
 accounts for purposes of paying Rule 12b-1 and/or shareholder servicing fees as directed
 by each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Provide service and support to financial
 intermediaries including but not limited to trade placements, settlements and corrections.

**3.** **Additional Services to be Provided by USBFS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If the Trusts so elect, by including the service they wish to receive
 in their fee schedule, USBFS shall provide the following services that are further described
 and that may be subject to additional terms and conditions specified in their respective
 exhibits, as such may be amended from time to time:

Internet Access, Fan Web, Vision Mutual Fund Gateway (<u>Exhibit C</u>)

Data Warehouse Services (MARS<sup>TM</sup>) (<u>Exhibit D</u>)

The Trusts hereby acknowledge that exhibits are an integral part of this Agreement and, to the extent services included in <u>Exhibit</u> C and/or <u>Exhibit D</u> are selected by the Trusts, such services shall also be subject to the terms and conditions of this Agreement. To the extent the terms and conditions of this Agreement conflict with the terms and conditions included in <u>Exhibit C</u> and/or <u>Exhibit D</u>, the exhibits shall control. The provisions of <u>Exhibit C</u> and/or <u>Exhibit D</u>, as applicable, shall continue in effect for as long as this Agreement remains in effect, unless sooner terminated pursuant to Section 15 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBFS shall allow the Trusts access to various fund data, systems, industry
 information and processes as the parties may agree to from time to time, through Mutual Fund
 eXchange ("MFx"), subject to the terms of this Agreement and the additional terms and conditions contained
in the on-line MFx access agreement to be entered into upon accessing MFx for the first time. USBFS shall enable the Trusts to access
MFx services by supplying the Trusts with necessary software, training, information and connectivity support as mutually agreed upon,
all of which shall constitute confidential knowledge and information of USBFS and shall be used by the Trusts only as necessary to access
MFx services pursuant to this Agreement. The Trusts shall provide for the security of all codes and system access mechanisms relating
to MFx provided to it by USBFS and implement such security procedures and/or devices to ensure the integrity of MFx. The Trusts hereby
understand that USBFS will perform periodic maintenance to the MFx hardware and software being accessed, which may cause temporary service
interruptions. USBFS shall notify the Trusts of all planned outages and, to the extent possible, will perform any necessary maintenance
during non-business hours.

The Trusts hereby acknowledge that all programs, software, manuals and other written information relating to MFx access provided by USBFS pursuant to this Agreement shall remain the exclusive property of USBFS at all times.

The Trusts acknowledge that it is responsible for determining the suitability and accuracy of the information obtained through its access to MFx. USBFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY AND ACCURACY OF FUND DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES ACCESSED THROUGH MFx. However, USBFS will assist the Trusts in verifying the accuracy of any of the information made available to the Trusts through MFx and covered by this Agreement.

In the event of termination of this Agreement, in addition to the requirements set forth in Section 16 hereof, the Trusts shall immediately end their access to MFx and return all codes, system access mechanisms, programs, manuals and other written information to USBFS, and shall destroy or erase all such information on any diskettes or other storage medium, unless such access continues to be permitted pursuant to a separate agreement.

**4.** **Lost Shareholder Due Diligence Searches and Servicing** 

The Trusts hereby acknowledge that USBFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Exchange Act. Costs associated with such searches will be passed through to the Trusts as miscellaneous expenses in accordance with the fee schedule set forth in <u>Exhibit E</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trusts hereby authorize vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder's representative or executor) to conduct a more in-depth search in order to locate the lost shareholder before the shareholder's assets escheat to the applicable state. The Trusts hereby acknowledge that USBFS is not a party to these arrangements and does not receive any revenue sharing or other fees relating to these arrangements. Furthermore, the Trusts hereby acknowledge that a vendor may receive up to 35% of the lost shareholder's assets as compensation for its efforts in locating the lost shareholder.

**5.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs** 

The Trusts acknowledge that they have had an opportunity to review, consider and comment upon the written procedures provided by USBFS describing various tools used by USBFS which are designed to promote the detection and reporting of potential money laundering activity and identify theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer's identity (collectively, the "Procedures"). Further, the Trusts have determined that the Procedures, as part of the Trusts' overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to prevent the Funds from being used for money laundering or the financing of terrorist activities and to achieve compliance with the applicable provisions of the Fair and Accurate Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder.

Based on this determination, the Trusts hereby instruct and direct USBFS to implement the Procedures on the Trusts' behalf, as such may be amended or revised from time to time. It is contemplated that these Procedures will be amended from time to time by the parties as additional regulations are adopted and/or regulatory guidance is provided relating to the Trusts' anti-money laundering and identity theft responsibilities.

USBFS agrees to provide to the Trusts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Prompt written notification of any transaction or combination of transactions
 that USBFS believes, based on the Procedures, evidence money laundering or identity theft
 activities in connection with the Trusts or any shareholder of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Prompt written notification of any customer(s) that USBFS reasonably
 believes, based upon the Procedures, to be engaged in money laundering or identity theft
 activities, provided that the Trusts agree not to communicate this information to the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Any reports received by USBFS from any government agency or applicable
 industry self-regulatory organization pertaining to USBFS' anti-money laundering monitoring
 or the Red Flag Identity Theft Prevention Program on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Prompt written notification of any action taken in response to anti-money
 laundering violations or identity theft activity as described in (A), (B) or (C); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Certified annual and quarterly reports
 of its monitoring and customer identification activities on behalf of the Trusts.

The Trusts hereby direct, and USBFS acknowledges, that USBFS shall (i) permit federal regulators access to such information and records maintained by USBFS and relating to USBFS' implementation of the Procedures, on behalf of the Trusts, as they may request, and (ii) permit such federal regulators to inspect USBFS' implementation of the Procedures on behalf of the Trusts.

**6.** **Compensation** 

Other than for services, if any, to be provided pursuant to Section 3 (A) of this Agreement, USBFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit E</u> hereto (as amended by mutual agreement of the parties from time to time). USBFS shall also be reimbursed for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by USBFS in performing its duties hereunder. USBFS shall also be compensated for any increases in costs reasonably related to the adoption of any new or amended industry, regulatory or other applicable rules. Any such increased compensation shall be limited to $25,000 per annum absent the express written consent of each Trust. The Trusts shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trusts shall notify USBFS in writing within 30 calendar days following receipt of each invoice if the Trusts are disputing any amounts in good faith. The Trusts shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trusts are disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trusts to USBFS shall only be paid out of assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Reimbursement for Advance of Funds of the Trusts' Current Customers** 

In the event that USBFS advances funds as requested by the Trusts on behalf of the Trusts' customer, the Trusts agree to wire, that same business day, an equal amount to USBFS in satisfaction for the Trusts' customer liquidation. The Trusts agree to wire such amount regardless of whether the Trusts' customer has sufficient funds currently in the Trusts' account to cover the reimbursement. This reimbursement requirement shall cover all requested Trusts' customer wires whether due to actions such as a Fund liquidation or the Trusts' customer's shareholder redemption. Any reimbursement sent by the Trusts after trade date will be subject to interest at the rate of prime rate as published in the Wall Street Journal plus two percent.

**8.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of the Trusts hereby represents and warrants to USBFS, which representations
 and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing
 under the laws of the jurisdiction of its organization, with full power to carry on its business
 as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the
 Trust in accordance with all requisite action and constitutes a valid and legally binding
 obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy,
 insolvency, reorganization, moratorium and other laws of general application affecting the
 rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects
 with all applicable laws and regulations, both state and federal, and has obtained all regulatory
 approvals necessary to carry on its business as now conducted; there is no statute, rule,
 regulation, order or judgment binding on it and no provision of its charter, bylaws or any
 contract binding it or affecting its property which would prohibit its execution or performance
 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A registration statement under the 1940 Act and the Securities Act of
 1933, as amended, has been made effective prior to the effective date of this Agreement and
 will remain effective during the term of this Agreement, and appropriate state securities
 law filings have been made prior to the effective date of this Agreement and will continue
 to be made during the term of this Agreement as necessary to enable the Trust to make a continuous
 public offering of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBFS hereby represents and warrants to the Trusts, which representations
 and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing
 under the laws of the jurisdiction of its organization, with full power to carry on its business
 as now conducted, to enter into this Agreement and to perform its obligations hereunder and
 both it and its employees and associated persons are duly licensed to perform its obligations under this Agreement and carry out a transfer
agency business in all of the jurisdictions in which it is conducting such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by USBFS
 in accordance with all requisite action and constitutes a valid and legally binding obligation
 of USBFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of creditors
 and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects
 with all applicable laws and regulations, both state and federal, and has obtained all regulatory
 approvals necessary to carry on its business as now conducted; there is no statute, rule,
 regulation, order or judgment binding on it and no provision of its charter, bylaws or any
 contract binding it or affecting its property which would prohibit its execution or performance
 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) It is a registered transfer agent under
 the Exchange Act.

**9.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS shall exercise reasonable care in the performance of its duties
 under this Agreement. USBFS, its directors, officers, employees and any other controlled
 person shall not be liable for any good faith error of judgment or mistake of law or for
 any loss suffered by the Trusts in connection with their duties under this Agreement, including
 losses, except a loss arising out of or relating to USBFS' refusal or failure to comply
 with the terms of this Agreement or from its bad faith, negligence, or willful misconduct.
 Notwithstanding any other provision of this Agreement, if USBFS has exercised reasonable
 care in the performance of its duties under this Agreement, the Trusts shall indemnify and
 hold harmless USBFS from and against any and all claims, demands, losses, expenses, and liabilities
 of any and every nature (including reasonable attorneys' fees and expenses) that USBFS
 may sustain or incur or that may be asserted against USBFS by any person arising out of any
 action taken or omitted to be taken by it in performing the services hereunder in reliance
 upon any written or oral instruction provided to USBFS by any duly authorized officer of
 the Trusts, as approved by the Board of Trustees of the Trusts (the "Board of Trustees"), except for any and
all claims, demands, losses, expenses, and liabilities arising out of or relating to USBFS' refusal or failure to comply with the
terms of this Agreement or from its bad faith, negligence or willful misconduct. This indemnity shall be a continuing obligation of the
Trusts, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "USBFS"
shall include USBFS' directors, officers, employees and any other controlled person.

Notwithstanding any other provision of this Agreement, if the Trusts have exercised reasonable care in the performance of their duties under this Agreement, USBFS shall indemnify and hold the Trusts, their trustees, officers, employees and any other person controlled by the Trusts, harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees and expenses) that the Trusts may sustain or incur or that may be asserted against the Trusts by any person arising out of any action taken or omitted to be taken by USBFS as a result of USBFS' refusal or failure to comply with the terms of this Agreement, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to the Trusts' refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct. This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trusts" shall include the Trusts' trustees, officers, employees and any other person controlled by the Trusts.

No party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.

Notwithstanding the above, USBFS reserves the right to reprocess and correct administrative errors at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In order that the indemnification provisions contained in this Section 9
 shall apply, it is understood that if in any case the indemnitor may be asked to indemnify
 or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all
 pertinent facts concerning the situation in question, and it is further understood that the
 indemnitee will use all reasonable care to notify the indemnitor promptly concerning any
 situation that presents or appears likely to present the probability of a claim for indemnification.
 The indemnitor shall have the option to defend the indemnitee against any claim that may
 be the subject of this indemnification. In the event that the indemnitor so elects, it will
 so notify the indemnitee and thereupon the indemnitor shall take over complete defense of
 the claim, and the indemnitee shall in such situation initiate no further legal or other
 expenses for which it shall seek indemnification under this Section. The indemnitee shall
 in no case confess any claim or make any compromise in any case in which the indemnitor will
 be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth
 in this Section 9 shall indefinitely survive the termination and/or assignment of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If USBFS is acting in another capacity for the Trusts pursuant to a separate
 agreement, nothing herein shall be deemed to relieve USBFS of any of its obligations in such
 other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Other than for Security Incidents, neither USBFS nor the Trusts shall be
 liable for any failure or delay in performance of its obligations under this Agreement arising
 out of or caused, directly or indirectly, by circumstances beyond its reasonable control,
 including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military
 disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer
 failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of
utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil
or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however,
that in the event of a failure or delay, USBFS: (i) shall not discriminate against a Fund in favor of any other customer of USBFS
in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall
use its best efforts to ameliorate the effects of any such failure or delay.

**10.** **Data Necessary to Perform Services** 

The Trusts or its agents shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

**11.** **Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS agrees on behalf of itself
 and its directors, officers, and employees to treat confidentially and as proprietary information
 of the Trusts, all records and other information relative to the Trusts and prior, present,
 or potential shareholders of the Trusts (and clients of said shareholders) whether received
 from the Trusts, the Trusts' shareholders or their agents ("Confidential Information")
 and not to use such records and information for any purpose other than the performance of
 its responsibilities and duties hereunder, except (i) after prior notification to and
 approval in writing by the Trusts, which approval shall not be unreasonably withheld and
 may not be withheld where USBFS may be exposed to civil or criminal contempt proceedings
 for failure to comply, (ii) when requested to divulge such information by duly constituted
 governmental or regulatory authorities, provided that USBFS must provide written notice of
 such disclosure to the Trusts to the extent USBFS is permitted to do so, or (iii) when
 so requested by the Trusts. Records and other information which have become known to the
 public through no wrongful act of USBFS or any of its employees, agents or representatives,
 and information that was already in the possession of USBFS prior to receipt thereof from
 the Trusts, the Trusts' shareholders, or their agents shall not be subject to this
 paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Further, USBFS will adhere to the privacy policies adopted by the Trusts
 pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time.
 USBFS has implemented and shall maintain appropriate measures relating to the Trusts and
 their shareholders to maintain physical, administrative, technical, and physical safeguards
 reasonably designed to protect the security, confidentiality and integrity of, and to prevent
 unauthorized access to or use of, records and all Confidential Information, protect against
 any reasonably foreseeable threats or hazards to the security or integrity of the Confidential
 Information and to ensure appropriate disposal of Confidential Information (collectively, the "Information
Security Program"). The Information Security Program shall comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS shall respond to the Trusts' reasonable requests for information
 concerning USBFS' Information Security Program, and upon request, will provide a summary
 of its applicable policies and procedures to the Trusts. USBFS shall notify the Trusts of
 any changes to the Information Security Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. USBFS shall protect and maintain the confidentiality,

 on behalf of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Security Incidents. If USBFS learns of or suspects any (i) theft,
 loss, compromise, or unauthorized or unlawful access, acquisition, or use of any Confidential Information in USBFS's possession, custody
or control (a "Security Incident") or (ii) a mechanical breakdown or failure of communication or power supplies, USBFS
shall (i) promptly notify the chief compliance officer of the Trusts, (ii) reasonably cooperate with the Trusts' efforts
to respond to such breakdown or Security Incident, (iii) take all reasonable steps to minimize any service interruptions, (iv) make
every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at USBFS's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. USBFS agrees that it shall, at all times,
 have reasonable contingency plans with appropriate parties, making reasonable provision for
 emergency use of electrical data processing equipment to the extent appropriate equipment
 is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Affiliates and Subcontractors. At all times, USBFS shall remain responsible
 and liable for any act or omission affecting the Trusts' Confidential Information by
 any of its affiliates, agents or subcontractors permitted by the Trusts as if such action
 or omission were performed by USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Upon the Trusts' reasonable request at any time during the term
 of the Agreement, USBFS shall promptly provide the Trusts with information related to USBFS's
 Information Security Program which may include one or more of the following as the Trusts
 may reasonably request: (i) responses to an information security-related questionnaire
 and (ii) making USBFS personnel available for security-related discussions or tests
 with the Trusts.

**12.** **Records** 

USBFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trusts, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBFS agrees that all such records prepared or maintained by USBFS relating to the services to be performed by USBFS hereunder are the property of the Trusts and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trusts or their designee on and in accordance with its request.

**13.** **Compliance with Laws** 

The Trusts have and retain primary responsibility for all compliance matters relating to each Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986 as amended, the Sarbanes-Oxley Act of 2002 as amended, the USA Patriot Act of 2001 as amended and the policies and limitations of each Fund relating to its portfolio investments as set forth in its Prospectus(es) and Statement of Additional Information. USBFS' services hereunder shall not relieve the Trusts of their responsibilities for assuring such compliance or the Board of Trustees' oversight responsibility with respect thereto. USBFS agrees to provide such information, and to make its representatives available, as the Trusts may request.

**14.** **Term of Agreement; Amendment** 

This Agreement shall become effective as of the Effective Date and will continue in effect for a period of three (3) years. This Agreement may be terminated by any party upon giving 180 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless any party provides written notice at least 180 days prior to the end of the then current term that it will not be renewing the Agreement. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by USBFS and the Trusts and authorized or approved by the Board of Trustees. The provisions of this Section 14 shall also apply to <u>Exhibit C</u> and to <u>Exhibit D</u>.

**15.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Trusts elect to terminate this Agreement prior to the end of the three (3) year term provided for in Section 14, the Trusts agree to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all monthly fees through the life of the
 Agreement, including the repayment of any negotiated discounts and conversion costs from
 the prior service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with converting services
 to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all fees associated with any record retention
 and/or tax reporting obligations that may not be eliminated due to the conversion to a successor
 service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all miscellaneous expenses associated with
 a-c above.

**16.** **Duties in the Event of Termination** 

In the event that, in connection with the termination of this Agreement, a successor to any of USBFS' duties or responsibilities hereunder is designated by the Trusts by written notice to USBFS, USBFS will promptly, upon such termination and at the expense of the Trusts, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the Trusts (if such form differs from the form in which USBFS has maintained the same, the Trusts shall pay any reasonable expenses associated with converting data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBFS' personnel in the establishment of books, records, and other data by such successor. The Trusts shall also be responsible for any fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor provider. If no such successor is designated, then such books, records and other data shall be returned to the Trusts.

**17.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trusts without the written consent of USBFS, or by USBFS without the written consent of the Trusts, accompanied by the authorization or approval of the Trusts' Board of Trustees, in either case which consent shall not be unreasonably withheld.

**18.** **Governing Law** 

This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the Securities and Exchange Commission thereunder.

**19.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower any party to act as agent for another party to this Agreement, or to conduct business in the name, or for the account, of any other party to this Agreement.

**20.** **Services Not Exclusive** 

Nothing in this Agreement shall limit or restrict USBFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**21.** **Invalidity** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**22.** **Notices** 

Any notice required or permitted to be given by any party to another shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to USBFS shall be sent to:

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

and notice to the Trusts shall be sent to:

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563-2787

**23.** **Multiple Originals** 

This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**24.** **Entire Agreement** 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, sets forth the sole and complete understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements relating thereto, whether written or oral, between the parties.

**(signatures on the following page)**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of October 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **CALAMOS INVESTMENT TRUST** | **CALAMOS INVESTMENT TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Stephen Atkins | By: | /s/ Gregory Farley |
| Name: | Stephen Atkins | Name: | Gregory Farley |
| Title: | Treasurer | Title: | Sr. Vice President |
|  |  | Date: | 11/14/2022 |
| **CALAMOS ADVISORS TRUST** | **CALAMOS ADVISORS TRUST** |  |  |
| By: | /s/ Stephen Atkins |  |  |
| Name: | Stephen Atkins |  |  |
| Title: | Treasurer |  |  |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** | **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |  |  |
| By: | /s/ Stephen Atkins |  |  |
| Name: | Stephen Atkins |  |  |
| Title: | Treasurer |  |  |

---

**Exhibit A to the Transfer Agent Servicing Agreement**

The Calamos Fund Complex shall mean:

**<u>Calamos Investment Trust</u>**

Calamos Growth Fund

Calamos Select Fund

Calamos Growth and Income Fund

Calamos International Growth Fund

Calamos Global Opportunities Fund

Calamos High Income Opportunities Fund

Calamos Convertible Fund

Calamos Market Neutral Income Fund

Calamos Global Equity Fund

Calamos Total Return Bond Fund

Calamos Evolving World Growth Fund

Calamos Dividend Growth Fund

Calamos Global Convertible Fund

Calamos Hedged Equity Fund

Calamos Phineus Long/Short Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Global Sustainable Equities Fund

Calamos International Small Cap Growth Fund

**<u>Calamos Advisors Trust</u>**

Calamos Growth and Income Portfolio

**<u>Calamos Antetokounmpo Sustainable Equities Trust</u>**

Calamos Antetokounmpo Sustainable Equities Fund

**Exhibit B**

**to the**

**Transfer Agent Servicing Agreement**

**As Of Processing Policy**

USBFS will reimburse each Fund for any Net Material Loss that may exist on the Fund's books and for which USBFS is responsible, at the end of each calendar month. "Net Material Loss" shall be defined as any remaining loss, after netting losses against any gains, which impacts a Fund's net asset value per share by at least ½ cent. Gains and losses will be reflected on the Fund's daily share sheet, and the Fund will be reimbursed for any Net Material Loss on a monthly basis. USBFS will reset the "as of" ledger each calendar month so that any losses which do not exceed the materiality threshold of ½ cent will not be carried forward to the next succeeding month. USBFS will notify the Funds' investment adviser on the daily share sheet of any losses for which such investment adviser may be held accountable.

**Exhibit C**

**to the**

**Transfer Agent Servicing Agreement**

**INTERNET ACCESS SERVICES**

**1.** **Services Covered** 

USBFS shall make the following electronic, interactive and processing services ("Electronic Services") available to the Trusts in accordance with the terms of this <u>Exhibit C</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Fan Web</u> – Shareholder
 internet access by shareholders to their shareholder account information and investment transaction
 capabilities. Internet service is connected directly to the Trust groups' web site(s) through
 a transparent hyperlink. Shareholders can access, among other information, account
information and portfolio listings within the Trusts' Funds, view their transaction history, and purchase additional shares through
the Automated Clearing House ("ACH").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Vision Mutual Fund Gateway</u> – Permits broker/dealers, financial
 planners, and registered investment advisers to use a web-based system to perform order and
 account inquiry, execute trades, print applications, review Prospectuses, and establish new
 accounts.

**2.** **Duties and Responsibilities of USBFS** 

USBFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Make Electronic Services available 24 hours a day, 7 days a week, subject
 to scheduled maintenance and events outside of USBFS's reasonable control. Unless an
 emergency is encountered, no routine maintenance will occur during the hours of 8:00 a.m. to
 3:00 p.m. Central Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide installation services,
 which shall include review and approval of the Trusts' network requirements, recommending
 method of establishing (and, as applicable, cooperate with the Trusts to implement and maintain)
 a hypertext link between the Electronic Services site and the Trusts'
web site(s) and testing the network connectivity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain and support the Electronic Services, which shall include providing
 error corrections, minor enhancements and interim upgrades to the Electronic Services that
 are made generally available to the Electronic Services customers and providing help desk
 support to provide assistance to the Trusts' employees and agents with their use of
 the Electronic Services. Maintenance and support, as used herein, shall not include (i) access
 to or use of any substantial added functionality, new interfaces, new architecture, new platforms,
 new versions or major development efforts, unless made generally available by USBFS to the
 Electronic Services customers, as determined solely by USBFS or (ii) maintenance of
 customized features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Establish systems to guide, assist and permit
 End Users (as defined below) who access the Electronic Services site from the Trusts'
 web site(s) to electronically perform inquiries and create and transmit transaction
 requests to USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Address and mail, at the Trusts' expense, notification and promotional
 mailings and other communications provided by the Trust to shareholders regarding the availability
 of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Issue to each shareholder, financial adviser
 or other person or entity who desires to make inquiries concerning the Trusts or perform
 transactions in accounts with the Trusts using any of the Electronic Services (the "End
User") a unique personal identification number ("PIN") for authentication purposes, which may be changed upon an End
User's reasonable request in accordance with policies to be determined by USBFS and the Trusts. USBFS will require the End User
to provide his/her PIN in order to access the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Prepare and process new account applications received through the Electronic
 Services from shareholders determined by the Trusts to be eligible for such services and
 in connection with such, the Trusts agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to permit the establishment of shareholder bank account information
 over the Internet in order to facilitate purchase activity through ACH; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trusts shall be responsible for any
 resulting gain/loss liability associated with the ACH process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Provide the End User with a transaction confirmation number for each completed
 purchase, redemption, or exchange of the Trusts' shares upon completion of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. In addition to the requirements of Section 11 of the Agreement, utilize
 encryption and secure transport protocols intended to prevent fraud and ensure confidentiality
 of End User accounts and transactions. In no event shall USBFS use encryption weaker than
 128-bit encryption or weaker than any stronger technology industry standard that becomes
 common for use in similar applications. USBFS will take reasonable actions, including periodic
 scans of Internet interfaces and the Electronic Services, to protect the Internet web site
 that provides the Electronic Services and related network, against viruses, worms and other
 data corruption or disabling devices, and unauthorized, fraudulent or illegal use, by using
 appropriate anti-virus and intrusion detection software and by adopting such other security
 procedures as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Inform the Trusts promptly of any malfunctions, problems, errors or service
 interruptions with respect to the Electronic Services of which USBFS becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Exercise reasonable efforts to
 maintain all on-screen disclaimers and copyright, trademark and service mark notifications,
 if any, provided by the Trusts to USBFS in writing from time to time, and all "point
 and click" features of the Electronic Services relating to shareholder acknowledgment
and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Establish and provide to the Trusts
 written procedures, which may be amended from time to time by USBFS with the written consent
 of the Trusts, regarding End User access to the Electronic Services. Such written procedures
 shall establish security standards for the Electronic Services that comply with applicable
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Provide the Trusts with daily reports of transactions listing all purchases
 or transfers made by each End User separately. USBFS shall also furnish the Trusts with monthly
 reports summarizing shareholder inquiry and transaction activity without listing all transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Annually engage a third party to audit its internal controls for the
 Electronic Services and compliance with all guidelines for the Electronic Services included
 herein and provide the Trusts promptly with a copy of the auditor's report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Maintain its systems and perform its duties
 and obligations hereunder in accordance with all applicable laws, rules and regulations.

**3.** **Duties and Responsibilities of the Trusts** 

The Trusts assume exclusive responsibility for the consequences of any instructions they may give to USBFS, for the Trusts' or End Users' failure to properly access the Electronic Services in the manner prescribed by USBFS, and for the Trusts' failure to supply accurate information to USBFS.

Also, the Trusts shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Revise and update the applicable Prospectus(es) and other pertinent
 materials, such as user agreements with End Users, to include the appropriate consents, notices
 and disclosures for Electronic Services, including disclaimers and information reasonably
 requested by USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Be responsible for designing,
 developing and maintaining one or more web sites for the Trusts through which End Users may
 access the Electronic Services, including provision of software necessary for access to the
 Internet, which must be acquired from a third-party vendor. Such web sites shall have the
 functionality necessary to facilitate, implement and maintain the hypertext links to the
 Electronic Services and the various inquiry and transaction web pages. The Trusts shall provide
 USBFS with the name of the host of the Trusts' web site server and shall notify USBFS
 of any change to the Trusts' web site server host.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide
 USBFS with such information and/or access to the Trusts' web site(s) as is necessary
 for USBFS to provide the Electronic Services to End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Promptly
 notify USBFS of any problems or errors with the applicable Electronic Services of which the
 Trusts become aware or any changes in policies or procedures of the Trusts requiring changes
 to the Electronic Services.

**4.** **Additional Representation and Warranty** 

The parties hereby represent and warrant that no party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible on the Electronic Services site or Trusts' web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

**5.** **Proprietary Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each
 party acknowledges and agrees that it obtains no rights in or to any of the software, hardware,
 processes, trade secrets, proprietary information or distribution and communication networks
 of the other hereunder. Any software, interfaces or other programs a party provides to the
 other hereunder shall be used by such receiving party only in accordance with the provisions
 of this <u>Exhibit C</u>. Any interfaces, other software or other programs developed
 by one party shall not be used directly or indirectly by or for the other party or any of
 its affiliates to connect such receiving party or any affiliate to any other person, without
 the first party's prior written approval, which it may give or withhold in its sole
 discretion. Except in the normal course of business and in conformity with Federal copyright
 law or with another party's consent, no party nor any of its affiliates shall disclose,
 use, copy, decompile or reverse engineer any software or other programs provided to such
 party by the other in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Trusts' web site(s) and the Electronic Services site may contain certain intellectual
 property, including, but not limited to, rights in copyrighted works, trademarks and trade
 dress that is the property of the other party. Each party retains all rights in such intellectual
 property that may reside on the other party's web site, not including any intellectual
 property provided by or otherwise obtained from such other party. To the extent the intellectual
 property of one party is cached to expedite communication, such party grants to the other
 a limited, non-exclusive, non-transferable license to such intellectual property for a period
 of time no longer than that reasonably necessary for the communication. To the extent that
 the intellectual property of one party is duplicated within the other party's web site
 to replicate the "look and feel," "trade dress" or other aspect of
 the appearance or functionality of the first site, that party grants to the other a limited,
 non-exclusive, non-transferable license to such intellectual property for the period during
 which this <u>Exhibit C</u> is in effect. This license is limited to the intellectual
 property needed to replicate the appearance of the first site and does not extend to any
 other intellectual property owned by the owner of the first site. Each party warrants that
 it has sufficient right, title and interest in and to its web site and its intellectual property
 to enter into these obligations, and that to its knowledge, the license hereby granted to
 the other party does not and will not infringe on any U.S. patent, copyright or other proprietary
 right of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each
 party agrees that the nonbreaching party would not have an adequate remedy at law in the
 event of the other party's breach or threatened breach of its obligations under this
 Section of this <u>Exhibit C</u> that the nonbreaching party would suffer irreparable
 injury and damage as a result of any such breach. Accordingly, in the event any party breaches
 or threatens to breach the obligations set forth in this Section of this <u>Exhibit C</u> in addition to and not in lieu of any legal or other remedies a party may pursue hereunder
 or under applicable law, each party hereby consents to the granting of equitable relief (including
 the issuance of a temporary restraining order, preliminary injunction or permanent injunction)
 against it by a court of competent jurisdiction, without the necessity of proving actual
 damages or posting any bond or other security therefor, prohibiting any such breach or threatened
 breach. In any proceeding upon a motion for such equitable relief, a party's ability
 to answer in damages shall not be interposed as a defense to the granting of such equitable
 relief. The provisions of this Section relating to equitable relief shall survive termination
 of the provision of services set forth in this <u>Exhibit C</u>.

**6.** **Compensation** 

USBFS shall be compensated for providing the Electronic Services in accordance with the fee schedule set forth in <u>Exhibit E</u> (as amended from time to time).

**7.** **Additional Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject
 to Section 2(A), USBFS CANNOT AND DOES NOT GUARANTEE AVAILABILITY OF THE ELECTRONIC
 SERVICES. Accordingly, USBFS' sole liability to the Trusts or any third party (including
 End Users) for any claims, notwithstanding the form of such claims (e.g., contract, negligence,
 or otherwise), arising out of a delay of or interruption in the Electronic Services to be
 provided by USBFS hereunder, other than a Security Incident, shall be to use its best reasonable
 efforts to commence or resume the Electronic Services as promptly as is reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBFS
 shall, at its sole cost and expense, defend, indemnify, and hold harmless the Trusts and
 their trustees, officers and employees from and against any and all claims, demands, losses,
 expenses and liabilities of any and every nature (including reasonable attorneys' fees
 and expenses) arising out of or relating to (a) any infringement, or claim of infringement,
 of any United States patent, trademark, copyright, trade secret, or other proprietary rights
 based on the use or potential use of the Electronic Services and (b) the provision of
 the Trust Files (as defined below) or Confidential Information (as defined below) to a person
 other than a person to whom such information may be properly disclosed hereunder.

If an injunction is issued against the Trusts' use of the Electronic Services by reason of infringement of a patent, copyright, trademark, or other proprietary rights of a third party, USBFS shall, at its own option and expense, either (i) procure for the Trusts the right to continue to use the Electronic Services on substantially the same terms and conditions as specified hereunder, or (ii) after notification to the Trusts, replace or modify the Electronic Services so that they become non-infringing, provided that, in the Trusts' judgment, such replacement or modification does not materially and adversely affect the performance of the Electronic Services or significantly lessen their utility to the Trusts. If in the Trusts' judgment, such replacement or modification does materially adversely affect the performance of the Electronic Services or significantly lessen their utility to the Trusts, the Trusts may terminate all rights and responsibilities under this <u>Exhibit</u> C immediately on written notice to USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Because
 the ability of USBFS to deliver Electronic Services is dependent upon the Internet and equipment,
 software, systems, data and services provided by various telecommunications carriers, equipment
 manufacturers, firewall providers and encryption system developers and other vendors and
 third parties, USBFS shall not be liable for delays or failures to perform its obligations
 hereunder to the extent that such delays or failures are attributable to circumstances beyond
 its reasonable control which interfere with the delivery of the Electronic Services by means
 of the Internet or any of the equipment, software and services which support the Internet
 provided by such third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. USBFS
 shall not be responsible for the accuracy of input material from End Users nor the resultant
 output derived from inaccurate input. The accuracy of input and output shall be judged as
 received at USBFS' data center as determined by the records maintained by USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Notwithstanding
 anything to the contrary contained herein, USBFS shall not be obligated to ensure or verify
 the accuracy or actual receipt, or the transmission, of any data or information contained
 in any transaction via the Electronic Services or the consummation of any inquiry or transaction
 request not actually reviewed by USBFS.

**8.** **File Security and Retention; Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In
 addition to the requirements of Section 11 of the Agreement, USBFS and its agents will
 provide reasonable security provisions to ensure that unauthorized third parties do not have
 access to the Trusts' data bases, files, and other information provided by the Trusts
 to USBFS for use with the Electronic Services, the names of End Users or End User transaction
 or account data (collectively, "Trust Files"). USBFS represents and warrants
 that its security provisions with respect to the Electronic Services, the Trusts' web
 site(s) and the Trust Files will be no less protected than USBFS' security provisions
 with respect to its own proprietary information. USBFS agrees that any and all Trust Files
 maintained by USBFS for the Trusts hereunder shall be available for inspection by the Trusts'
 regulatory authorities during regular business hours, upon reasonable prior written notice
 to USBFS, and will be maintained and retained in accordance with applicable requirements
 of the 1940 Act and other applicable laws. USBFS will take such actions as are necessary
 to protect the intellectual property contained within the Trusts' web site(s) or
 any software, written materials, or pictorial materials describing or creating the Trusts'
 web site(s), including all interface designs or specifications. USBFS will take such actions
 as are reasonably necessary to protect all rights to the source code and interface of the
 Trusts' web site(s). In addition, USBFS will not use, or permit the use of, names of
 End Users for the purpose of soliciting any business, product, or service whatsoever except
 where the communication is necessary and appropriate for USBFS' delivery of the Electronic
 Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 addition to the requirements of Section 11 of the Agreement, USBFS shall treat as confidential
 and not disclose or otherwise make available any of the Trusts' lists, information,
 trade secrets, processes, proprietary data, information or documentation (collectively, the
 "Confidential Information"), in any form, to any person other than agents, employees
 or consultants of USBFS. USBFS will instruct its agents, employees and consultants who have
 access to the Confidential Information to keep such information confidential by using the
 same care and discretion that USBFS uses with respect to its own confidential property and
 trade secrets. Upon termination of the rights and responsibilities described in this <u>Exhibit C</u> for any reason and upon the Trusts' request, USBFS shall return to the Trusts,
 or destroy and certify that it has destroyed, any and all copies of the Confidential Information
 which are in its possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
 the above, USBFS will not have an obligation of confidentiality under this Section with
 regard to information that (1) was known to it prior to disclosure hereunder, (2) is
 or becomes publicly available other than as a result of a breach hereof, (3) is disclosed
 to it by a third party not subject to a duty of confidentiality, or (4) is required
 to be disclosed under law or by order of court or governmental agency.

**9.** **Warranties** 

EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC SERVICES ARE PROVIDED BY USBFS "AS IS" ON AN "AS-AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND, AND USBFS EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

**10.** **Duties in the Event of Termination** 

In the event of termination of the services provided pursuant to this <u>Exhibit C</u>, (i) End Users will no longer be able to access the Electronic Services and (ii) the Trusts will return all codes, system access mechanisms, programs, manuals and other written information provided to it by USBFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium.

**Exhibit D to the**

**Transfer Agent Servicing Agreement**

**DATA WAREHOUSE SERVICES**

**1.** **Certain Definitions** 

Whenever used in this <u>Exhibit D</u>, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. " <u>MARS System</u> <sup>TM</sup>" means the system made available through Sales Focus Solutions,
 a subsidiary of Phoenix American Incorporated, known as "MARS<sup>TM</sup>" which
 allows for analysis of sales data from the transfer agent or intermediaries which provides
 detail for omnibus account trades, identifies or reports suspicious trading activity and
 manages compliance related activities and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Data Warehouse Services</u> " means the services which are made available to consenting end-users
 ("User," as defined below) whereby certain Electronic Reports (as defined
below) may be searched, viewed, downloaded and printed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>User(s)</u> "
 means the person(s) to whom Electronic Reports are made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>Electronic Reports</u> " means an Electronic Report created with investor transaction data housed
 by DST (the Transfer Agent's record keeping system) and may include but not be limited
 to: 22c-2 Compliance Reports, Omnibus Account Reconciliation, Sales Reporting, Platform Reporting
 and Campaign Management and Tracking.

**2.** **Services Covered** 

USBFS shall allow access to Data Warehouse Services by authorized Users on behalf of the Trusts in accordance with the terms of this <u>Exhibit D</u>.

**3.** **Duties and Responsibilities of USBFS** 

USBFS will provide the following implementation support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Project
 Management Assistance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Setup
 and Testing of System Interfaces

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Conversion
 of Historical Data from the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Assist
 with Sales Channel and Sales Territory Setup

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Assist
 with Clearing/Executing Firm Relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Assist
 with Compliance Rule Setup

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Database
 Setup (User Defined Fields)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Training
 (additional fee)

USBFS will provide the following support services after implementation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assist
 with Project Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Dedicated
 Client Service team

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Weekly
 status calls (if needed)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Setup
 and testing of requests from the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Duplicate
 Data Identification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Assistance
 with System File Imports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Custom
 Report Programming (at Programming rates)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Enhanced support available at a designated fee (such as database query reports, compliance report review and analysis, compliance workflow assistance)

**4.** **Duties and Responsibilities of the Trusts** 

The Trusts shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Assume
 exclusive responsibility for the consequences of any instructions it may give to USBFS, for
 the Trusts' or Users' failure to properly access the Electronic Reports in the
 manner prescribed by USBFS, and for the Trusts' failure to supply accurate information
 to USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Comply
 and instruct Users to comply with all the User enrollment instructions and authorization
 procedures.

**5.** **System Maintenance** 

The Trusts understand that USBFS will have to perform periodic maintenance to the hardware and software used to provide MARS<sup>TM</sup> and Data Warehouse Services, which may cause temporary service interruptions. USBFS shall notify the Trusts of all planned outages of its own hardware and software and, to the extent possible, will perform any necessary maintenance during non-business hours.

**6.** **Additional Representation and Warranty** 

The parties hereby represent and warrant that no party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible on the Trusts' web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

**7.** **Proprietary Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Trusts acknowledge and agree that by virtue of subscribing to MARS<sup>TM</sup>and Data
 Warehouse Services through USBFS, they shall not obtain any rights in or to any of the software,
 templates, screen and file formats, interface protocols, formats and development tools and
 instructions, hardware, processes, trade secrets, instruction manuals, enrollment authorization,
 authentication and other business processes, proprietary information or distribution and
 communication networks used to provide MARS<sup>TM</sup> and Data Warehouse Services owned
 by Sales Focus Solutions and licensed to USBFS. Any interfaces and software provided to the
 Trusts in order to provide connectivity to MARS<sup>TM</sup> and Data Warehouse through USBFS
 shall be used by the Trusts and only for the period during which this <u>Exhibit D</u> is in effect and only in accordance with the terms of this <u>Exhibit D</u>, and shall
 not be used by the Trusts to provide connectivity to or through any other system or person
 without USBFS' prior written approval. The Trusts shall not copy, decompile or reverse
 engineer any software or programs provided to the Trusts hereunder. The Trusts also agree
 not to take any action which would mask, delete or otherwise alter any on-screen disclaimers
 and copyright, trademark and service mark notifications, or any "point and click"
 features relating to User acknowledgment and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 MARS<sup>TM</sup>or Data Warehouse Services site may contain certain intellectual property,
 including, but not limited to, rights in copyrighted works, trademarks and trade dress that
 is the property of the Trusts. The Trusts retain all rights in such intellectual property
 that may reside on the MARS<sup>TM</sup>or Data Warehouse Services site, not including any
 intellectual property provided by or otherwise obtained from USBFS.

**8.** **Compensation** 

The Trusts shall be liable for the fees due to USBFS in exchange for arranging the provision of the services rendered by MARS<sup>TM</sup> and Data Warehouse Services to the Trusts, such amounts to be in accordance with the fee schedule set forth in <u>Exhibit E</u> attached hereto (as amended from time to time).

**9.** **Additional Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS
 CANNOT AND DOES NOT GUARANTEE AVAILABILITY OF MARS<sup>TM</sup>AND DATA WAREHOUSE SERVICES.
 Accordingly, USBFS' sole liability to the Trusts or any third party (including Users)
 for any claims, notwithstanding the form of such claims (e.g., contract, negligence, or otherwise),
 arising out of the delay of or interruption in MARS<sup>TM</sup>or Data Warehouse Services
 to be provided by USBFS, other than a Security Incident, hereunder shall be to use its best
 reasonable efforts to commence or resume MARS<sup>TM</sup>or Data Warehouse Services as
 promptly as is reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBFS
 shall, at its sole cost and expense, defend, indemnify, and hold harmless the Trusts and
 their trustees, officers and employees from and against any and all claims, demands, losses,
 expenses, damages or liabilities of any and every nature, including reasonable attorneys'
 fees, arising out of or relating to (a) any infringement, or claim of infringement,
 of any United States patent, trademark, copyright, trade secret, or other proprietary rights
 based on the use or potential use of MARS<sup>TM</sup>or Data Warehouse Services and (b) the
 provision of the Fund Files (as defined below) or Confidential Information (as defined below)
 to a person other than a person to whom such information may be properly disclosed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If
 an injunction is issued against the Trusts and Users' use of MARS<sup>TM</sup>or Data
 Warehouse Services by reason of infringement of a patent, copyright, trademark, or other
 proprietary rights of a third party, USBFS shall, at its own option and expense, either (i) procure
 for the Trusts and Users the right to continue to use MARS<sup>TM</sup> or Data Warehouse
 Services on substantially the same terms and conditions as specified hereunder, or (ii) after
 notification to the Trusts, replace or modify MARS<sup>TM</sup> or Data Warehouse Services
 so that they become non-infringing, provided that, in the Trusts' judgment, such replacement
 or modification does not materially and adversely affect the performance of MARS<sup>TM</sup>or
 Data Warehouse Services or significantly lessen their utility to the Trusts and Users. If
 in the Trusts' judgment, such replacement or modification does materially adversely
 affect the performance of MARS<sup>TM</sup>or Data Warehouse Services or significantly lessen
 their utility to the Trusts and Users, the Trusts may terminate all rights and responsibilities
 under this <u>Exhibit D</u> immediately on written notice to USBFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Because
 the ability of USBFS to deliver MARS<sup>TM</sup> and Data Warehouse Services is dependent
 upon the Internet and equipment, software, systems, data and services provided by various
 telecommunications carriers, equipment manufacturers, firewall providers and encryption system
 developers and other vendors and third parties, including Sales Focus Solutions, USBFS shall
 not be liable for delays or failures to perform its obligations hereunder to the extent such
 delays or failures are attributable to circumstances beyond its reasonable control which
 interfere with the delivery of MARS<sup>TM</sup> and Data Warehouse Services by means of
 the Internet or any of the equipment, software and services which support the Internet provided
 by such third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. USBFS
 is not responsible for verifying the accuracy and receipt of all data or information made
 available via MARS<sup>TM</sup> and Data Warehouse Services. The Trusts are responsible for
 advising Users of their responsibilities to promptly notify USBFS of any errors or inaccuracies
 relating to data or other information made available via MARS<sup>TM</sup> and Data Warehouse
 Services with respect to the Trusts' shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. USBFS
 shall not be responsible for the accuracy of input material from Users and the Trusts'
 record-keeping systems maintained by third parties nor the resultant output derived from
 inaccurate input. The accuracy of input and output shall be judged as received at USBFS'
 data center as determined by the records maintained by USBFS.

**10.** **File Security and Retention; Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In
 addition to the requirements of Section 11 of the Agreement, USBFS and its agents will
 provide reasonable security provisions to ensure that unauthorized third parties do not have
 access to the Trusts' data bases, files, and other information provided by the Trusts
 to USBFS for use with MARS<sup>TM</sup>and Data Warehouse Services, (collectively, "Fund
 Files"). USBFS' security provisions with respect to MARS<sup>TM</sup>and Data
 Warehouse Services and the Fund Files will be no less protected than USBFS' security
 provisions with respect to its own proprietary information. USBFS agrees that any and all
 Fund Files maintained by USBFS for the Trusts hereunder shall be available for inspection
 by the Trusts' regulatory authorities during regular business hours, upon reasonable
 prior written notice to USBFS, and will be maintained and retained in accordance with applicable
 requirements of the 1940 Act. In addition, USBFS will not use, or permit the use of, names
 of Users for the purpose of soliciting any business, product, or service whatsoever except
 where the communication is necessary and appropriate for USBFS' delivery of MARS<sup>TM
</sup>and Data Warehouse Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 addition to the requirements of Section 11 of the Agreement, USBFS shall treat as confidential
 and not disclose or otherwise make available any of the Trusts' lists, information,
 trade secrets, processes, proprietary data, information or documentation (collectively, the
 "Confidential Information"), in any form, to any person other than agents, employees
 or consultants of USBFS. USBFS will instruct its agents, employees and consultants who have
 access to the Confidential Information to keep such information confidential by using the
 same care and discretion that USBFS uses with respect to its own confidential property and
 trade secrets. Upon termination of the rights and responsibilities described in this <u>Exhibit D</u> for any reason and upon the Trusts' request, USBFS shall return to the Trusts,
 or destroy and certify that it has destroyed, any and all copies of the Confidential Information
 which are in its possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding
 the above, USBFS will not have an obligation of confidentiality under this Section with
 regard to information that (1) was known to it prior to disclosure hereunder, (2) is
 or becomes publicly available other than as a result of a breach hereof, (3) is disclosed
 to it by a third party not subject to a duty of confidentiality, or (4) is required
 to be disclosed under law or by order of court or governmental agency.

**11.** **Warranties** 

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS EXHIBIT, MARS<sup>TM</sup> AND DATA WAREHOUSE SERVICES AND ALL EQUIPMENT, SOFTWARE AND SYSTEMS DESCRIBED IN THIS EXHIBIT ARE PROVIDED "AS IS" ON AN "AS AVAILABLE" BASIS, AND USBFS HEREBY SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, REGARDING MARS<sup>TM</sup> OR DATA WAREHOUSE SERVICES PROVIDED HEREUNDER, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

**12.** **Duties in the Event of Termination** 

In the event of termination of the services provided pursuant to this <u>Exhibit D</u>, (i) the Trusts and Users will immediately end their access to MARS<sup>TM</sup> and Data Warehouse Services and (ii) the Trusts will return all codes, system access mechanisms, programs, manuals, confidential or proprietary information and other written information provided to it by USBFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium.

**Exhibit E to the**

**Transfer Agent Servicing Agreement** - **Fee Schedule (including MARS<sup>TM</sup>)**

**CALAMOS INVESTMENT TRUST, CALAMOS ADVISORS TRUST and**

**CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST**

**As of [__]**

CCO annual support fees: $5,000

Annual Fee Per Shareholder Account

Direct Open Accounts

$14.00 per account – first 50,000 accounts

$13.00 per account – next 50,000 accounts

$11.00 per account – balance of accounts

Direct Closed Accounts

$5.00 per account

Minimum annual fee: **WAIVE**

$28,000 for the first fund or class

$10,000 each additional fund or class

CUSIP fee: **WAIVE**

$2,400 per CUSIP

NSCC Network Level 3 Accounts

$8.00 per account – first 250,000 accounts

$7.00 per account – next 150,000 accounts

$6.00 per account – balance of accounts

NSCC Network Level 3 Closed Accounts

$2.50 per closed account

Plus Fund Group Asset Fee (monthly assets calculated on average daily net assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 basis point per year – First $8.0 billion

.75 basis point per year – Next $5.0 billion

&nbsp;&nbsp;&nbsp;&nbsp;.25 basis point per year – Next $3.0 billion

&nbsp;&nbsp;&nbsp;&nbsp;.15 basis point per year – Balance of fund group assets

- Monthly Assets calculated on Avg. Daily Net Assets

Omnibus Transaction Fees: $.20/transaction

Telephone Calls - $1.00 per call - **waive**

Draft Check Processing - $1.00 per draft - **waive**

Daily Valuation Trades - $6.75 per trade - **waive**

ACH Shareholder Services – **waive**

Plus Miscellaneous Expenses, including but not limited to:

Telephone – toll free lines

Retention of

records Postage

Microfilm/fiche of

records Programming,

Special reports

Stationary/envelopes

Insurance

NSCC

charges

Proxies

Shareholder Verifications

All other miscellaneous expenses

Qualified Plan Fees (Billed to Investors) **WAIVE**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual maintenance fee per account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual maintenance fee per account | $15.00 / account (Cap at $30.00 per SSN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coverdell Education Savings account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coverdell Education Savings account | $15.00 / account (Cap at $30.00 / per SSN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution to participant |  | $25.00 / transaction (Exclusive of SWP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund of excess contribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund of excess contribution | $25.00 / transaction |
| &nbsp;&nbsp;&nbsp;Additional Shareholder Fees (Billed to Investors) | &nbsp;&nbsp;&nbsp;Additional Shareholder Fees (Billed to Investors) | &nbsp;&nbsp;&nbsp;Additional Shareholder Fees (Billed to Investors) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any outgoing wire transfer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any outgoing wire transfer | $15.00 / wire |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone exchange |  | $5.00 / exch. **WAIVE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to successor trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to successor trustee | $25.00 / transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return check fee |  | $25.00 / item |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stop payment |  | $25.00 / stop (Liquidation, dividend, draft check) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research fee |  | $5.00 / item (For requested items of the second |
|  |  | calendar year [or previous] to the request)(Cap at $25.00) |
| &nbsp;&nbsp;&nbsp;**WAIVE** 12b-1 Payments |  | $6,000 per year for all funds |
| &nbsp;&nbsp;&nbsp;AML Fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Base Fee |  | $5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New domestic accounts |  | $1.00 per account |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New foreign accounts |  | $2.00 per account |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WAIVE** File Transfer | $160/month and $.01/record | $160/month and $.01/record |
| &nbsp;&nbsp;&nbsp;Shareholder System Select Request | &nbsp;&nbsp;&nbsp;Shareholder System Select Request | $300.00 / |
| &nbsp;&nbsp;&nbsp;request Systems Development/Programming | &nbsp;&nbsp;&nbsp;request Systems Development/Programming | $200.00/ hour |
| &nbsp;&nbsp;&nbsp;Fund Group Addition |  | $2,000.00 / fund group |
| &nbsp;&nbsp;&nbsp;Fund Additions |  | $1,500.00 / fund or |
| &nbsp;&nbsp;&nbsp;class Lost Shareholder Search (Sovos/ADA) | &nbsp;&nbsp;&nbsp;class Lost Shareholder Search (Sovos/ADA) | $5.00 / search |
| &nbsp;&nbsp;&nbsp;Disaster Recovery Monthly Maintenance Fee | &nbsp;&nbsp;&nbsp;Disaster Recovery Monthly Maintenance Fee | $1,000 / month |

---

Digital Investor

Shareholder account access through the internet. Shareholders can securely access account information, conduct financial transactions, and perform account maintenance activities. Electronic document delivery is also available as an adjunct service. Digital Investor includes user interface which caters to a full range of connected devices, including tablets and smart phones. The standard implementation comes with advanced authentication, eCommerce inspired workflows, and a base package of transaction and maintenance functionality.

■ **Implementation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $17,500.00
 –per fund group, Inquiry only - no transaction capabilities

■ $30,000.00
 per fund group, base transactional and maintenance functionality

■ Three
 year minimum term

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Schedule |
| &nbsp;&nbsp;Annual Fee – Based on Login Volume | &nbsp;&nbsp;Annual Fee – Based on Login Volume |
| &nbsp;&nbsp;Up to 100,000 | &nbsp;&nbsp;$30000 |
| &nbsp;&nbsp;100000 – 999999 | &nbsp;&nbsp;$32000 |
| &nbsp;&nbsp;1,000,000+ | &nbsp;&nbsp;$34000 |
| &nbsp;&nbsp;Activity | &nbsp;&nbsp;Activity |
| &nbsp;&nbsp;Fees | &nbsp;&nbsp;Fees |
| &nbsp;&nbsp;Per Login | &nbsp;&nbsp;$0.008 per event |
| &nbsp;&nbsp;Login Challenge (email or SMS Text) | &nbsp;&nbsp;$0.06 per event |
| &nbsp;&nbsp;Inquiry | &nbsp;&nbsp;$0.15 per event |
| &nbsp;&nbsp;Account Maintenance | &nbsp;&nbsp;$0.25 per event |
| &nbsp;&nbsp;Transaction – financial transactions, duplicate statements requests, etc. | &nbsp;&nbsp;$0.50 per event |
| &nbsp;&nbsp;New Account Set-up | &nbsp;&nbsp;$3.00 per event |
| &nbsp;&nbsp;Bank Verification Attempt | &nbsp;&nbsp;$3.00 per event |

---

Optional features with additional implementation fees and ongoing fees are available. A full feature list and quote is available upon request.

Informa Shareholder Electronic Statement Services

Electronic Confirm Presentation

eCDLY will load shareowner daily confirmations and send notification to consented shareowners of a new document to view.

&nbsp;&nbsp;&nbsp;&nbsp;■ Document
 Loading, Storage, and Access – $0.08 per statement

&nbsp;&nbsp;&nbsp;&nbsp;■ Document
 Consent Processing, Suppression, and Notification – $0.35 per suppressed statement

&nbsp;&nbsp;&nbsp;&nbsp;■ Development &
 Implementation of Electronic Confirm Statements – $12,000 initial setup fee

Electronic Investor Statement Presentation

eStatements will load shareowner investor statements in a PDF format and send notification to the consented shareowners of a new document to view.

&nbsp;&nbsp;&nbsp;&nbsp;■ Document
 Loading, Storage, and Access – $0.08 per statement

&nbsp;&nbsp;&nbsp;&nbsp;■ Document
 Consent Processing, Suppression, and Notification – $0.35 per suppressed statement

&nbsp;&nbsp;&nbsp;&nbsp;■ Development &
 Implementation of Electronic Investor Statements – $5,000 initial setup fee

Electronic Tax Presentation

eTax will load TA2000 tax forms and send notification to the consented shareowners of a new document to view.

&nbsp;&nbsp;&nbsp;&nbsp;■ Document
 Loading, Storage, and Access – $0.08 per statement

&nbsp;&nbsp;&nbsp;&nbsp;■ Document
 Consent Processing, Suppression, and Notification – $0.35 per suppressed statement

&nbsp;&nbsp;&nbsp;&nbsp;■ Development &
 Implementation of Electronic Tax Statements – $5,000 initial setup fee

Electronic Compliance Presentation

eCompliance allows consented users to receive an email containing a link to the respective compliance material for each compliance run.

&nbsp;&nbsp;&nbsp;&nbsp;■ Document
 Consent Processing, Suppression, and Notification – $0.35 per suppressed statement

&nbsp;&nbsp;&nbsp;&nbsp;■ Development &
 Implementation of Electronic Compliance Documents – $5,000 initial setup fee

Related Digital Investor Fees

&nbsp;&nbsp;&nbsp;&nbsp;■ View
 Consent Enrollment – $0.03 per transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ Consent
 Enrollment – $0.13 per transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ View
 Statements – $0.03 per view

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;■ Statements
 presented as PDF documents

&nbsp;&nbsp;&nbsp;&nbsp;■ Statements
 will be loaded for all accounts, regardless of consent

&nbsp;&nbsp;&nbsp;&nbsp;■ Three
 year minimum term

&nbsp;&nbsp;&nbsp;&nbsp;■ Storage
 for two years included in Document Loading, Storage and access fee. Archive fee of $0.015
 per document per year for three years and greater, if desired

Digital Investor customization charges apply.

FAN Mail – WAIVE (Base Fee & Activity Charges)

Financial planner mailbox provides transaction, account and price information to financial planners and small broker/dealers for import into a variety of financial planning software packages.

■ Base
 Fee Per Management Company – file generation and delivery – $6,000 per year

■ Per
 Record Charge

&nbsp;&nbsp;&nbsp;&nbsp;· Rep/Branch/ID
 – $.018

&nbsp;&nbsp;&nbsp;&nbsp;· Dealer
 – $0.012

Price Files – $0.002 per record or $1.75 per user per month, whichever is less

Vision Electronic Statement Services

Online account access for broker/dealers, financial planners, and RIAs.

■ Account
 inquiry

&nbsp;&nbsp;&nbsp;&nbsp;· Inquiry
 - $0.05 per event

· Vision
 ID - $5.00 per month per ID

■ Transaction
 Processing\*

&nbsp;&nbsp;&nbsp;&nbsp;· Implementation
 Fee - $5,000 per Management Company

· Transaction
 – purchase, redeem, and exchange - $0.50 per event

&nbsp;&nbsp;&nbsp;&nbsp;· Monthly
 Minimum Charge - $500 per month

■ Electronic
 Statements\*

&nbsp;&nbsp;&nbsp;&nbsp;· Implementation-
 $5,000 per fund group

· Load
 charges-$0.05 per image

· Archive
 charge (for any image stored beyond 2 years)-$0.015 per document

\*Vision ID and event charges also apply.

&nbsp;&nbsp;&nbsp;&nbsp;· Threatmetrix
 Services:

---

| | | |
|:---|:---|:---|
|  | Monthly | |
| Description | Schedule | Annualized |
| MFA Annual Product Fee |  |  |
| Below 1000 IDs | $125 | $1500 |
| 1000-3450 IDs | $208 | $2500 |
| 3451 IDs and above | $583 | $7000 |

---

Fees and miscellaneous expenses are billed to the fund monthly.

The monthly fee for an open account shall be charged in the month during which an account is opened through the month in which such account is closed. The monthly fee for a closed account shall be charged in the month following the month during which such account is closed.

MARS Sales Reporting & Compliance Services

Standard MARS Version 8i Implementation Cost

■ $35,000
 – $50,000 MARS Sales Reporting Module, CRM Module or 22c-2 Compliance Module (Includes
 up to one year of DST/TA2000 data)

Standard MARS Products & Services (Monthly fees)

■ $5,000
 MARS Sales & Compliance Reporting (Includes 1 Sale & 1 Compliance Users)

■ $3,500 MARS Sales
 Reporting (Includes 1 Sales Users)

■ $3,500 MARS 22c-2
 Compliance (Includes 5 Compliance Users)

Basic support includes file import assistance, database query requests, compliance report monitoring/review/analysis (only with compliance module), and business requirement analysis. Additional Enhanced Services support can be negotiated. Any System Upgrades & Enhancements (quoted separately through a Statement of Work). Base includes initial four dealer interfaces plus DST. Each additional interface requires a setup fee and monthly maintenance fee. Storage allocation includes initial 10GB of data. Each additional 1GB of storage space is $50 per month.

Standard MARS System Setup & Implementation Costs

■ $20,000
 – SalesForce.com Integration (if added after initial MARS implementation)

■ $7,500
 – Custom Data Interface

■ $1,800
 – OmniSERV Setup ($250 Monthly Maintenance Fee)

■ $2,500
 – Standard DCIO Interface Setup ($250 Monthly Maintenance Fee)

■ $2,500
 – Standard Interface Setup ($250 Monthly Maintenance Fee)

■ $1,800
 – Additional OmniSERV Interface ($250 Monthly Maintenance Fee)

Standard MARS Licenses (Monthly Fee Per User)

■ $230
 – Sales Reporting

■ $200
 – 22c-2 Compliance

■ $150
 – CRM

■ $250
 – SFDC

MARS Training (in-person)

■ $2,500
 /day plus travel and out-of-pocket expenses.

**Data scrubbing/Transaction cleaning (daily cleaning of firm, office and rep information):**

Transaction cleaning Fees:

---

| | |
|:---|:---|
| Item Description | Monthly cleaning fees |
| Monthly Transactions 0 – 5K | $650.00 |
| Monthly Transactions 5K – 7.5K | $975.00 |
| Monthly Transactions 7.5K – 10K | $1300.00 |
| Monthly Transactions 10K – 15K | $1625.00 |
| Monthly Transactions 15K - 20k | $1950.00 |
| Monthly Transactions 20k - 40k | $3250.00 |
| Monthly Transactions 40k - 60k | $4550.00 |
| Monthly Transactions 60k - 80k | $5850.00 |
| Monthly Transactions 80k - 100k | $6500.00 |
| Monthly Transactions 100k - 120k | $7150.00 |
| Monthly Transactions 120k - 140k | $7800.00 |
| Monthly Transactions 140k - 160k | $8125.00 |
| Monthly Transactions 160k - 180k | $8450.00 |
| Monthly Transactions 180k - 200k | $8775.00 |
| Monthly Transactions 200k - 220k | $8970.00 |
| Monthly Transactions 220k - 240k | $9165.00 |
| Monthly Transactions 240k - 260k | $9360.00 |
| Monthly Transactions 260k - 280k | $9555.00 |
| Monthly Transactions 280k - 300k | $9750.00 |
| Monthly Transactions 300k-320k | $9945.00 |
| Monthly Transactions 320k-340k | $10140.00 |
| Monthly Transactions 340k-360k | $10335.00 |
| Monthly Transactions 360k-380k | $10530.00 |
| Monthly Transactions 380k-400k | $10725.00 |
| Monthly Transactions 400k-420k | $10920.00 |
| Monthly Transactions 420k-440k | $11115.00 |
| Monthly Transactions 440k-460k | $11310.00 |
| Monthly Transactions 460k-480k | $11505.00 |
| Monthly Transactions 480k-500k | $11700.00 |
| Monthly Transactions 500k-520k | $11895.00 |
| Monthly Transactions 520k-540k | $12090.00 |
| Monthly Transactions 540k-560k | $12285.00 |
| Monthly Transactions 560k-580k | $12480.00 |
| Monthly Transactions 580k-600k | $12675.00 |
| Monthly Transactions 600K-620k | $12870.00 |
| Monthly Transactions 620k-640k | $13065.00 |
| Monthly Transactions 640k-660k | $13260.00 |
| Monthly Transactions 660k-680k | $13455.00 |
| Monthly Transactions 680k-700k | $13650.00 |
| Monthly Transactions 700k-720k | $13845.00 |
| Monthly Transactions 720k-740k | $14040.00 |
| Monthly Transactions 740k-760k | $14235.00 |
| Monthly Transactions 760k-780k | $14365.00 |
| Monthly Transactions 780k-800k | $14560.00 |
| Monthly Transactions 800k-820k | $14755.00 |
| Monthly Transactions 820k-840k | $14950.00 |
| Monthly Transactions 840k-860k | $15145.00 |
| Monthly Transactions 860k-880k | $15340.00 |
| Monthly Transactions 880k-900k | $15535.00 |
| Monthly Transactions 900k-920k | $15665.00 |
| Monthly Transactions 920k-940k | $15860.00 |
| Monthly Transactions940k-960k | $16055.00 |
| Monthly Transactions 960k-980k | $16250.00 |
| Monthly Transactions 980k-1m | $16445.00 |

---

Additional Products & Services (Quoted Separately)

CFG Fulfillment, Customer/Account Module, Document Management, Exact Target, iPad/iPhone, Mapping Integration, Merrill Lynch (Compliance Only), Profiling, Market Metrics, Team Buying Units and RIA Monthly Load.

\*\* The implementation fee will be charged the month following the signed statement of work. Monthly Billing commences once you are live on the MARS system. A project plan will be put in place to clean all historical transactions once live on the MARS system. This will take several months to complete. The system will need one month of testing and report setup after go-live. This statement of work is valid for 60 days from the date requested. Once signed this agreement is binding for two years. MARS pricing does not include any fees imposed by intermediaries such as OmniServ.

MARS Lite Implementation Cost – Eligibility Based on AUM and Transaction Size

■ $10,000
 – MARS Lite Base Sales Reporting Only (Includes up to one year of historical DST/TA2000
 data)

MARS Lite Products & Services (Monthly fees)

■ $2,000
 MARS Sales & Compliance Reporting

■ $1,800
 MARS Sales Reporting Only

■ $1,800
 MARS 22c-2 Compliance Only

Once an AUM of $1,000,000,000 has been reached client must transition to a Standard MARS environment. Additional fees will be negotiated. After an AUM range is surpassed, the monthly services fee would not decrease regardless of negative fluctuations.

Basic support includes file import assistance, database query requests, compliance report monitoring/review/analysis (only with compliance module), and business requirement analysis. Additional Enhanced Services support can be negotiated. Any System Upgrades & Enhancements (quoted separately through a Statement of Work). Base includes initial two dealer interfaces plus DST. Each additional interface requires a setup fee and monthly maintenance fee. Storage allocation includes initial 10GB of data. Each additional 1GB of storage space is $50 per month. No CRM real-time integration.

There is no system access with MARS Lite.

MARS Lite System Setup & Implementation Costs (One-time fee)

■ $7,500
 – Custom Data Interface

■ $1,800
 – Additional OmniSERV Setup ($250 Monthly)

■ $2,500
 – Standard DCIO Interface Setup ($250 Monthly)

■ $2,500
 – Standard Interface Setup ($250 Monthly)

**Data scrubbing/Transaction cleaning (daily cleaning of firm, office and rep information):**

Transaction cleaning Fees:

---

| | |
|:---|:---|
| Item Description | Monthly cleaning fees |
| Monthly Transactions 0 – 5K | $650.00 |
| Monthly Transactions 5K – 7.5K | $975.00 |
| Monthly Transactions 7.5K – 10K | $1300.00 |
| Monthly Transactions 10K – 15K | $1625.00 |
| Monthly Transactions 15K - 20k | $1950.00 |
| Monthly Transactions 20k - 40k | $3250.00 |
| Monthly Transactions 40k - 60k | $4550.00 |
| Monthly Transactions 60k - 80k | $5850.00 |
| Monthly Transactions 80k - 100k | $6500.00 |
| Monthly Transactions 100k - 120k | $7150.00 |
| Monthly Transactions 120k - 140k | $7800.00 |
| Monthly Transactions 140k - 160k | $8125.00 |
| Monthly Transactions 160k - 180k | $8450.00 |
| Monthly Transactions 180k - 200k | $8775.00 |
| Monthly Transactions 200k - 220k | $8970.00 |
| Monthly Transactions 220k - 240k | $9165.00 |
| Monthly Transactions 240k - 260k | $9360.00 |
| Monthly Transactions 260k - 280k | $9555.00 |
| Monthly Transactions 280k - 300k | $9750.00 |
| Monthly Transactions 300k-320k | $9945.00 |
| Monthly Transactions 320k-340k | $10140.00 |
| Monthly Transactions 340k-360k | $10335.00 |
| Monthly Transactions 360k-380k | $10530.00 |
| Monthly Transactions 380k-400k | $10725.00 |
| Monthly Transactions 400k-420k | $10920.00 |
| Monthly Transactions 420k-440k | $11115.00 |
| Monthly Transactions 440k-460k | $11310.00 |
| Monthly Transactions 460k-480k | $11505.00 |
| Monthly Transactions 480k-500k | $11700.00 |
| Monthly Transactions 500k-520k | $11895.00 |
| Monthly Transactions 520k-540k | $12090.00 |
| Monthly Transactions 540k-560k | $12285.00 |
| Monthly Transactions 560k-580k | $12480.00 |
| Monthly Transactions 580k-600k | $12675.00 |
| Monthly Transactions 600K-620k | $12870.00 |
| Monthly Transactions 620k-640k | $13065.00 |
| Monthly Transactions 640k-660k | $13260.00 |
| Monthly Transactions 660k-680k | $13455.00 |
| Monthly Transactions 680k-700k | $13650.00 |
| Monthly Transactions 700k-720k | $13845.00 |
| Monthly Transactions 720k-740k | $14040.00 |
| Monthly Transactions 740k-760k | $14235.00 |
| Monthly Transactions 760k-780k | $14365.00 |
| Monthly Transactions 780k-800k | $14560.00 |
| Monthly Transactions 800k-820k | $14755.00 |
| Monthly Transactions 820k-840k | $14950.00 |
| Monthly Transactions 840k-860k | $15145.00 |
| Monthly Transactions 860k-880k | $15340.00 |
| Monthly Transactions 880k-900k | $15535.00 |
| Monthly Transactions 900k-920k | $15665.00 |
| Monthly Transactions 920k-940k | $15860.00 |
| Monthly Transactions940k-960k | $16055.00 |
| Monthly Transactions 960k-980k | $16250.00 |
| Monthly Transactions 980k-1m | $16445.00 |

---

The implementation fee will be charged the month following the signed statement of work. Monthly Billing commences once you are live on the MARS system. A project plan will be put in place to clean all historical transactions once live on the MARS system. This will take several months to complete. The system will need one month of testing and report setup after go-live. This statement of work is valid for 60 days from the date requested. Once signed this agreement is binding for two years. MARS pricing does not include any fees imposed by intermediaries such as OmniServ. To qualify for MARS Lite a fund's AUM must be under one billion dollars. Once a client has reached and AUM of $1 billion in the MARS Lite environment a separate Work Order will be required to transition to a Standard MARS environment. There may be fees associated with this transition.

## Ex-99.(H)(45)(I)

**Exhibit 99.(h)(45)(i)**

**Calamos Investment Trust and Calamos Antetokounmpo Sustainable Equities Trust**

**Administration Servicing Agreement**

This is an amendment (the "Amendment") to the Administration Servicing Agreement, dated September 21, 2000, by and between Calamos Investment Trust ("CIT") and U.S. Bancorp Fund Services, LLC ("Fund Services"), (as amended, restated, modified or supplemented from time to time, collectively, the "Agreement").

In consideration of the mutual covenants and agreements contained herein, the parties agree to the following amendment to the Agreement:

**1.** CIT and Fund Services desire to add Calamos Antetokounmpo Sustainable Equities Trust ("CASET"), a Delaware statutory trust, as a party to the Agreement. Effective as of the last date on the signature block, CASET and any funds listed for it on Exhibit A become a part of the Agreement.

**2.** The separate series of Calamos Investment Trust and Calamos Antetokounmpo Sustainable Equities Trust set forth on Exhibit A of the Agreement is hereby replaced with the following:

**Calamos Investment Trust**

**N** **ame of Series**

Calamos Growth Fund

Calamos Select Fund

Calamos International Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Equity Fund

Calamos Growth and Income Fund

Calamos Global Opportunities Fund

Calamos Convertible Fund

Calamos Total Return Bond Fund

Calamos High Income Opportunities Fund

Calamos Market Neutral Income Fund

Calamos Dividend Growth Fund

Calamos Global Convertible Fund

Calamos Hedged Equity Fund

Calamos Phineus Long/Short Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos International Small Cap Growth Fund

Calamos Global Sustainable Equities Fund

**Calamos Antetokounmpo Sustainable Equities Trust**

**Name of Series**

Calamos Antetokounmpo Sustainable Equities Fund

All other terms of the Agreement shall remain in full force and effect. If the terms of the Agreement and this Amendment conflict, the terms of this Amendment shall govern.

Each party represents that the undersigned has full power and authority to execute this Amendment and bind such party according to the terms herein.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts.

---

| | | | |
|:---|:---|:---|:---|
| **CALAMOS INVESTMENT TRUST** | **CALAMOS INVESTMENT TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Stephen Atkins | By: | /s/ Jason Hadler |
| Name: Stephen Atkins | Name: Stephen Atkins | Name: | Jason Hadler |
| Title: Treasurer | Title: Treasurer | Title: | Sr. Vice President |
| Date: November 10, 2022 | Date: November 10, 2022 | Date: | 11/14/2022 |

---

---

| | |
|:---|:---|
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** | **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |
| By: | /s/ Stephen Atkins |
| Name: Stephen Atkins | Name: Stephen Atkins |
| Title: Treasurer | Title: Treasurer |
| Date: November 10, 2022 | Date: November 10, 2022 |

---

## Ex-99.(H)(47)(I)

**Exhibit 99.(h)(47)(i)**

**AMENDMENT TO ADMINISTRATION AGREEMENT**

This Amendment to the Administration Agreement is made as of January 25, 2023 (the "Amendment") by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator") and each registered management investment company identified on Schedule A hereto (each, a "Trust"). Capitalized terms used in this Amendment without definition shall have the respective meanings ascribed to such terms in the Agreement (as defined below).

WHEREAS, the Administrator and each Trust, have entered into an Administration Agreement dated as of October 26, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, the parties hereto wish to amend the Agreement as set forth below.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. The Agreement, solely with respect to each Trust and its portfolios (as applicable) listed on Annex 1
to Schedule B2 attached hereto, as may be amended from time to time, is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The third paragraph of Section 7 is hereby amended and restated as follows:

"Each Trust will bear all expenses that are incurred in its operation and not specifically assumed by the Administrator. For the avoidance of doubt, Trust expenses not assumed by the Administrator include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-PORT, Form N-PX, Form N-MFP, Form N-CEN, proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by the Administrator under this Agreement); cost of any services contracted for by the relevant Trust directly from parties other than the Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of the relevant Trust; costs of Preparation, printing, distribution and mailing, as applicable, of the Trust's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of the Trust's tax returns, Form N-1A, Form N-CSR, Form N-PORT, Form N-PX, Form N-MFP and Form N-CEN, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and directors' and officers' ("D&O") and errors and omissions ("E&O") liability insurance; and the cost of independent pricing services used in computing the Fund(s)' net asset value."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Schedule B of the Agreement is hereby deleted in its entirety and replaced with the Schedule B attached hereto in <u>Exhibit 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Schedule B1 of the Agreement is hereby deleted in its entirety and replaced with the Schedule B1 attached hereto in <u>Exhibit 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A new Schedule B2 and Annex I thereto are hereby added to the Agreement as set forth on <u>Exhibit 1</u>.

2. Notwithstanding the first two sentences of Section 13 of the Agreement entitled "Term, Termination
and Amendment", each Trust listed on Annex 1 to Schedule B2 attached hereto, as may be amended from time to time, agrees to be bound
to receive from State Street the Form N-PORT and Form N-CEN Support Services and the other services as described in Schedule
B2 attached hereto for at least twelve (12) months, with such twelve-month period starting on the first day of the first required filing
month for Form N-PORT. The parties further agree that the foregoing commitment will be deemed the "term" for the Form N-PORT
and Form N-CEN Support Services and that following the expiration of such term, the termination provisions of the first two sentences
of Section 13 will apply to the Form N-PORT and Form N-CEN services in the same way as such provisions apply to all other
services under the Agreement.

3. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment, including <u>Exhibit 1</u>, is incorporated in its entirety into the Agreement, and this Amendment
and said Agreement shall be read and interpreted together as the Agreement.

4. This Amendment shall be construed and the provisions thereof interpreted under and in accordance with
the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws provisions.

5. This Amendment may be executed in separate counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original
any signatures received via electronically transmitted form.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

---

| | |
|:---|:---|
| **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO ON BEHALF OF ITSELF OR ITS FUND(S)** | **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO ON BEHALF OF ITSELF OR ITS FUND(S)** |
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen M. Atkins |
| Title: | Treasurer |
| **STATE STREET BANK AND TRUST COMPANY**, as Administrator | **STATE STREET BANK AND TRUST COMPANY**, as Administrator |
| By: | /s/ Scott Shirrell |
| Name: | Scott Shirrell |
| Title: | Vice President |

---

**ADMINISTRATION AGREEMENT**

**SCHEDULE A**

**LIST OF FUNDS**

**<u>OPEN-END FUNDS</u>**

**CALAMOS ADVISORS TRUST**

Calamos Growth and Income Portfolio

**CALAMOS ETF TRUST**

Calamos Antetokounmpo Global Sustainable Equities ETF

**CALAMOS INVESTMENT TRUS**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Select Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Global Sustainable Equities Fund

Calamos International Small Cap Growth Fund

**CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST**

Calamos Antetokounmpo Sustainable Equities Fund

**<u>CLOSED-END FUNDS</u>**

**CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND CALAMOS**

**CONVERTIBLE AND HIGH INCOME FUND**

**CALAMOS STRATEGIC TOTAL RETURN FUND CALAMOS GLOBAL TOTAL RETURN FUND**

**CALAMOS GLOBAL DYNAMIC INCOME FUND**

**CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND**

**CALAMOS LONG/SHORT EQUITY** & **DYNAMIC INCOME TRUST**

**<u>EXHIBIT 1</u>**

**ADMINISTRATION AGREEMENT**

**SCHEDULE B**

**LIST OF SERVICES**

I. Fund Administration Treasury Services
as described in Schedule B1 attached hereto;

II. With respect to each Trust listed on Annex 1 to Schedule B2 attached hereto, as may be amended from time
to time, Fund Administration Form N-PORT and Form N-CEN Support Services as described in Schedule B2 attached hereto.

**Schedule B1**

**<u>Fund Administration Treasury Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare for the review by designated officer(s) of the Trust financial information regarding the
Fund(s) that will be included in the Trust's semi-annual and annual shareholder reports, Form N-Q reports, in each case
as they may be amended from time to time, and other quarterly reports (as mutually agreed upon), including tax footnote disclosures where
applicable;

&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate the audit of the Trust's financial statements by the Trust's independent accountants,
including the preparation of supporting audit workpapers and other schedules, and make such reports and recommendations to the Board of
Trustees of the Trust ("Board") (or the Audit Committee of the Board ("Audit Committee")) concerning the performance
of the independent accountants as the Board or the Audit Committee may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare for the review by designated officer(s) of the Trust financial information required by Form N-1A
(or Form N-2 as mutually agreed upon), proxy statements and such other reports, forms or filings as may be mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;d. Prepare for the review by designated officer(s) of the Trust annual fund expense budgets (with monthly
review), perform accrual analyses and rollforward calculations and recommend changes to fund expense accruals on a periodic basis, arrange
for payment of the Trust's expenses, review calculations of fees paid to the Trust's Adviser, custodian, fund accountant,
distributor and transfer agent, review calculations of other expenses paid by the Trust, and obtain authorization of accrual changes and
expense payments;

&nbsp;&nbsp;&nbsp;&nbsp;e. Provide periodic testing of the Fund(s) with respect to compliance with Section 5(b)(1) of
the 1940 Act (no less than quarterly) and limited periodic testing with respect to Section 18 of the 1940 Act, as mutually agreed
upon;

&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate estimates of income and expenses and prepare annual dividend projections to assist the Trust
with dividend determinations;

&nbsp;&nbsp;&nbsp;&nbsp;g. Prepare and disseminate vendor survey information;

&nbsp;&nbsp;&nbsp;&nbsp;h. Prepare and coordinate the filing of Rule 24f-2 notices, including coordination of payment;

&nbsp;&nbsp;&nbsp;&nbsp;i. Provide the following closed-end fund Services as mutually agreed upon (1) specific compliance and
reporting requirements relating to debt covenants (2) complete schedules for reporting to the Trust and/or its Adviser on closed-end
fund leverage, compliance and activity, (3) prepare periodic financial statements and holding reports; (4) prepare
and furnish financial information for inclusion in prospectuses; (5) closed-end fund dividend calculation schedules and other related
schedules, and (6) other closed-end services;

&nbsp;&nbsp;&nbsp;&nbsp;j. Prepare and furnish Board materials related to the Services, as mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;k. Provide sub-certificates in connection with the certification requirements of the Sarbanes-Oxley Act of
2002 with respect to the services provided by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;l. Maintain certain books and records of the Trust as required under Rule 31a-1(b) of the 1940
Act, as may be mutually agreed upon; and

&nbsp;&nbsp;&nbsp;&nbsp;m. Consult with the Authorized Persons and the Trust's independent accountants, legal counsel, custodian,
fund accountant, distributor, and transfer agent in establishing the accounting policies of the Trust.

**Schedule B2**

**Fund Administration Form N-PORT (the "Form N-PORT Services") and Form N-CEN<br> (the "Form N-CEN Services") Support Services (collectively, the "Form N-PORT and<br> Form N-CEN Support Services") and Quarterly Portfolio of Investments Services<br> (collectively, with the Form N-PORT and Form N-CEN Support Services, and for purposes<br> of this Schedule B2, the "Services")**

(a)  **<u>Standard N-PORT and N-CEN Reporting Solution (Data and Filing)</u>** <u>:</u> 

● Subject to the receipt of all required data, documentation, assumptions, information and assistance from the Trust (including from any third parties with whom the Trust will need to coordinate in order to produce such data, documentation, and information), the Administrator will use required data, documentation, assumptions, information and assistance from the Trust, the Administrator's internal systems and, in the case of Trusts not administered by the Administrator or its affiliates, third party Trust administrators or other data providers, including but not limited to Third Party Data (as defined below) (collectively, the "Required Data") to perform necessary data aggregations (including any applicable aggregation of risk metrics) and calculations and prepare, as applicable: (i) a monthly draft Form N-PORT standard template for review and approval by the Trust and (ii) annual updates of Form N-CEN for review and approval by the Trust.

● The Trust acknowledges and agrees that it will be responsible for reviewing and approving each such draft N-PORT template and N-CEN update.

● Following review and final approval by the Trust of each such draft Form N-PORT template and N-CEN update, and at the direction of and on behalf of each Trust, the Administrator will (i) produce an .XML formatted file of the completed Form N-PORT and Form N-CEN and (ii) electronically submit such filing to the SEC.

The Form N-PORT Services will be provided to each portfolio (the "Portfolio") of the Trust(s) as set forth in the attached Annex 1, which shall be executed by the Administrator and the Trust(s). The Form N-CEN Services will be provided to each Trust as set forth in the attached Annex 1. Annex 1 may be updated from time to time upon the written request of the Trust and by virtue of an updated Annex 1 that is signed by both parties.

(b)  **<u>Quarterly Portfolio of Investments Services:</u>** 

● Subject to the receipt of all Required Data, and as a component of the Form N-PORT and Form N-CEN Support Services, the Administrator will use such Required Data from the Trust, the Administrator's internal systems and other data providers to prepare a draft portfolio of investments (the "Portfolio of Investments"), compliant with generally accepted accounting principles ("GAAP"), as of the Trust's first and third fiscal quarter-ends.

● Following review and final approval by the Trust of each such draft Portfolio of Investments, and at the direction of and on behalf of each Trust, the Administrator will attach each Portfolio of Investments to the first and third fiscal quarter-end N-PORT filing that is submitted electronically to the SEC.

**<u>Trust Duties, Representations and Covenants in Connection with (i) Form N-PORT and Form N-CEN Support Services, and (ii) Quarterly Portfolio of Investments Services</u>**<u>.</u>

The provision of the Services to each Trust by the Administrator is subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties acknowledge and agree on the following matters:

The Services depend, directly or indirectly, on: (i) Required Data and (ii) information concerning the Trust or its affiliates or any Fund, pooled vehicle, security or other investment or portfolio regarding which the Trust or its affiliates provide services or is otherwise associated ("Trust Entities") that is generated or aggregated by the Administrator or its affiliates in connection with services performed on the Trust's behalf or otherwise prepared by the Administrator ("State Street Data," together with Required Data and Third Party Data (as defined below), "Services-Related Data"). The Administrator's obligations, responsibilities and liabilities with respect to any State Street Data used in connection with other services received by the Trust shall be as provided in such respective other agreements between the Administrator or its affiliates and the Trust relating to such other services (e.g., administration and/or custody services, etc.) from which the State Street Data is derived or sourced ("Other Trust Agreements"). Nothing in this Agreement or any service schedule(s) shall limit or modify the Administrator's or its affiliates' obligations to the Trust under the Other Trust Agreements.

In connection with the provision of the Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services by the Administrator, the Trust acknowledges and agrees that it will be responsible for providing the Administrator with any information requested by the Administrator, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Arranging for the regular provision of all Required Data (including State Street Data, where applicable) and related information to the Administrator, in formats compatible with Administrator-provided data templates including, without limitation, Required Data and the information and assumptions required by the Administrator in connection with a Trust reporting profile and onboarding checklist, as it, or the information or assumptions required, may be revised at any time by the Administrator, in its discretion (collectively, the "Onboarding Checklist") and such other forms and templates as may be used by the Administrator for such purposes from time to time, for all Funds receiving services under this Agreement, including but not limited to those to be reported on Form N-PORT and Form N-CEN (as determined by the Trust), including, without limitation, arranging for the provision of data from the Trust, its affiliates, third party administrators, prime brokers, custodians, and other relevant parties. If and to the extent that Required Data is already accessible to the Administrator (or any of its affiliates) in its capacity as administrator to one or more Trusts, the Administrator and the Trust will agree on the scope of the information to be extracted from the Administrator's or any of its affiliate's systems for purposes of the Administrator's provision of Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services, subject to the discretion of the Administrator, and the Administrator is hereby expressly authorized to use any such information as necessary in connection with providing the Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services, hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Providing all required information and assumptions not otherwise included in Trust data and assumptions provided pursuant to Section 1(A) above, including but not limited to the Required Data, as may be required in order for the Administrator to provide the Services.

The following are examples of certain types of information that each Trust is likely to be required to provide pursuant to Sections 1(A) and 1(B) above, and each Trust hereby acknowledges and understands that the following categories of information are merely illustrative examples, are by no means an exhaustive list of all such required information, and are subject to change as a result of any amendments to Form N-PORT and Form N-CEN:

● U.S. Securities and Exchange Commission ("SEC") filing classification of the Trust (i.e., small or large filer);

● Identification of any data sourced from third parties;

● Identification of any securities reported as Miscellaneous; and

● Any Explanatory Notes included in N-PORT Section E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Trust acknowledges that it has provided to the Administrator all material assumptions used by the Trust or that are expected to be used by the Trust in connection with the completion of Form N-PORT and Form N-CEN and Quarterly Portfolio of Investments Services, and that it has approved all material assumptions used by the Administrator in the provision of the Services prior to the first use of the Services. The Trust will also be responsible for promptly notifying the Administrator of any changes in any such material assumptions previously notified to the Administrator by the Trust or otherwise previously approved by the Trust in connection with the Administrator's provision of the Services. The Trust acknowledges that the completion of Form N-PORT and Form N-CEN and Quarterly Portfolio of Investments Services, and the data required thereby, requires the use of material assumptions in connection with many different categories of information and data, and the use and/or reporting thereof, including, but not limited to the following:

● Investment classification of positions;

● Assumptions necessary in converting data extracts;

● General operational and process assumptions used by the Administrator in performing the Services; and

● Assumptions specific to the Trust.

Each Trust hereby acknowledges and understands that the foregoing categories of information that may involve the use of material assumptions are merely illustrative examples of certain subject matter areas in relation to which the Trust (and/or the Administrator on its behalf in connection with the Services) may rely on various material assumptions, and are by no means an exhaustive list of all such subject matter areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Trust acknowledges and agrees on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each Trust has independently reviewed the Services (including, without limitation, the assumptions, market data, securities prices, securities valuations, tests and calculations used in the Services), and the Trust has determined that the Services are suitable for its purposes. None of the Administrator or its affiliates, nor their respective officers, directors, employees, representatives, agents or service providers (collectively, including the Administrator, "State Street Parties") make any express or implied warranties or representations with respect to the Services or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. The Administrator is not providing, and the Services do not constitute, legal, tax, investment, or regulatory advice, or accounting or auditing services advice. Unless otherwise agreed to in writing by the parties to this Agreement, the Services are of general application and the Administrator is not providing any customization, guidance, or recommendations. Where the Trust uses Services to comply with any law, regulation, agreement, or other Trust obligation, the Administrator makes no representation that any Service complies with such law, regulation, agreement, or other obligation, and the Administrator has no obligation of compliance with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each Trust may use the Services and any reports, charts, graphs, data, analyses and other results generated by the Administrator in connection with the Services and provided by the Administrator to the Trust ("Materials") (a) for the internal business purpose of the Trust relating to the applicable Service or (b) for submission to the SEC, as required, of a Form N-PORT template and a Form N-CEN update, including any Portfolio of Investments, if applicable. The Trust may also redistribute the Materials, or an excerpted portion thereof, to its investment managers, investment advisers, agents, clients, investors or participants, as applicable, that have a reasonable interest in the Materials in connection with their relationship with the Trust (each a "Permitted Person"); provided, however, (i) the Trust may not charge a fee, profit, or otherwise benefit from the redistribution of Materials to Permitted Persons, (ii) data provided by third party sources such as but not limited to market or index data ("Third Party Data") contained in the Materials may not be redistributed other than Third Party Data that is embedded in the calculations presented in the Materials and not otherwise identifiable as Third Party Data, except to the extent the Trust has separate license rights with respect to the use of such Third Party Data, or (iii) the Trust may not use the Services or Materials in any way to compete or enable any third party to compete with the Administrator. No Permitted Person shall have any further rights of use or redistribution with respect to, or any ownership rights in, the Materials or any excerpted portion thereof.

Except as expressly provided in this Section 3(C), the Trust, any of its affiliates, or any of their respective officers, directors, employees, investment managers, investment advisers, agents or any other third party, including any client of, or investor or participant in the Trust or any Permitted Persons (collectively, including the Trust, "Trust Parties"), may not directly or indirectly, sell, rent, lease, license or sublicense, transmit, transfer, distribute or redistribute, disclose display, or provide, or otherwise make available or permit access to, all or any part of the Services or the Materials (including any State Street Data or Third Party Data contained therein, except with respect to Third Party Data to the extent the Trust has separate license rights with respect to the use of such Third Party Data). Without limitation, Trust Parties shall not themselves nor permit any other person to in whole or in part (i) modify, enhance, create derivative works, reverse engineer, decompile, decompose or disassemble the Services or the Materials; (ii) make copies of the Services, the Materials or portions thereof; (iii) secure any source code used in the Services, or attempt to use any portions of the Services in any form other than machine readable object code; (iv) commercially exploit or otherwise use the Services or the Materials for the benefit of any third party in a service bureau or software-as-a-service environment (or similar structure), or otherwise use the Services or the Materials to perform services for any third party, including for, to, or with consultants and independent contractors; or (v) attempt any of the foregoing or otherwise use the Services or the Materials for any purpose other than as expressly authorized under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Trust shall limit the access and use of the Services and the Materials by any Trust Parties to a need-to-know basis and, in connection with its obligations under this Agreement, the Trust shall be responsible and liable for all acts and omissions of any Trust Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The Services, the Materials and all confidential information of the Administrator (as confidential information is defined in the Agreement and other than Third Party Data and Required Data), are the sole property of the Administrator. The Trust has no rights or interests with respect to all or any part of the Services, the Materials or the Administrator's confidential information, other than its use and redistribution rights expressly set forth in Section 3(C) herein. The Trust automatically and irrevocably assigns to the Administrator any right, title or interest that it has, or may be deemed to have, in the Services, the Materials or the Administrator's confidential information, including, for the avoidance of doubt and without limitation, any Trust feedback, ideas, concepts, comments, suggestions, techniques or know-how shared with the Administrator (collectively, "Feedback") and the State Street Parties shall be entitled to incorporate any Feedback in the Services or the Materials or to otherwise use such Feedback for its own commercial benefit without obligation to compensate the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Administrator may rely on Services-Related Data used in connection with the Services without independent verification. Services-Related Data used in the Services may not be available or may contain errors, and the Services may not be complete or accurate as a result.

*[Remainder of Page Intentionally Left Blank]*

**<u>ANNEX I</u>**

Further to the Amendment dated as of January 25, 2023, to the Administration Agreement dated October 26, 2018, between each registered management investment company identified on Schedule A attached thereto (each, a "Trust") and State Street Bank and Trust Company ("State Street"), each relevant Trust and State Street agree to update this <u>Annex 1</u> by mutual written agreement of the Parties hereto:

---

| | |
|:---|:---|
| **Form N-PORT Services**<br> **and Quarterly Portfolio of Investments Services<br> (FILING-ONLY)** | **Service Type** |
| **Calamos ETF Trust** | Standard N-PORT Reporting Solution (Data and Filing) |
| Calamos Antetokounmpo Global Sustainable Equities ETF | |

---

---

| | |
|:---|:---|
| **Form N-CEN Services** | **Service Type** |
| **Calamos ETF Trust** | Standard N-CEN Reporting Solution (Data and Filing) |

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex 1</u> as of the last signature date set forth below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** | **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Stephen M. Atkins | /s/ Stephen M. Atkins | By: | /s/ Scott Shirrell | /s/ Scott Shirrell |
|  | Name: | Stephen M. Atkins |  | Name: | Scott Shirrell |
|  | Title: | Treasurer |  | Title: | Vice President |
|  | Address: | 2020 Calamos Court |  | Address: | 1 Iron St |
|  |  | Naperville, IL 60563 |  |  | Boston, MA 02210 |
|  | Date: | January 25, 2023 |  | Date: | January 27, 2023 |

---

## Ex-99.(H)(49)(I)

**Exhibit 99.(h)(49)(i)**

![](tm231455d1_ex99h-45iimg001.jpg)

October 31, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

Re: Calamos Antetokounmpo Sustainable Equities Trnst (the ***"Trust"***)

Ladies and Gentlemen:

Please be advised that the undersigned Trust has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established those new series of shares identified opposite its name on <u>Exhibit A</u> hereto (the ***"Fund''***).

In accordance with Section 1, the Appointment of Administrator provision, of the Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018, as amended, modified, or supplemented from time to time (the ***"Agreement"***), by and among each registered investment company party thereto, and State Street Bank and Trust Company ***("State Street"),*** the undersigned Trust, on behalf of itself and each Fund, hereby requests that State Street act as Administrator for it and each Fund under the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** | **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **Calamos Antetokounmpo Sustainable Equities Fund** | **Calamos Antetokounmpo Sustainable Equities Fund** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | SVP, Duly Authorized |

---

Effective Date: 11/14/2022

Information Classification: Limited Access

**EXHIBIT A**

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund

Information Classification: Limited Access

**EXHIBIT B**

**ADMINISTRATION AGREEMENT**

**Schedule A**

**List of Funds**

**<u>Open-End Funds</u>**

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio

**Calamos Etf Trust**

**Calamos Investment Trust**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Select Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Global Sustainable Equities Fund

Calamos International Small Cap Growth Fund

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund

**<u>Closed-End Funds</u>**

**Calamos Convertible Opportunities and Income Fund**

**Calamos Convertible and High Income Fund**

**Calamos Strategic Total Return Fund**

**Calamos Global Total Return Fund**

**Calamos Global Dynamic Income Fund**

**Calamos Dynamic Convertible and Income Fund**

**Calamos Long/Short Equity** & **Dynamic Income Trust**

Information Classification: Limited Access

## Ex-99.(H)(49)(Ii)

**Exhibit 99.(h)(49)(ii)**

***Execution Version***

**Calamos ETF Trust**

**2020 Calamos Court**

**Naperville, IL 60563**

December 21, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

Re: Calamos ETF Trust (the "***Trust***")

Ladies and Gentlemen:

Please be advised that the undersigned Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each a "***Portfolio***").

In accordance with Section 1, the Appointment and Duties of Administrator provision, of the Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018, as amended, modified, or supplemented from time to time (the "***Agreement***"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("***State Street***"), the undersigned Trust, on behalf of itself and each Portfolio, hereby requests that State Street act as Administrator for it and each Portfolio under the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated as set forth on Exhibit B attached hereto.

In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

Sincerely,

---

| | |
|:---|:---|
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen M. Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |
| Effective Date: January 1, 2023 | Effective Date: January 1, 2023 |

---

**EXHIBIT A**

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

**EXHIBIT B**

**ADMINISTRATION AGREEMENT**

**SCHEDULE A**

**LIST OF FUNDS**

**<u>OPEN-END FUNDS</u>**

**CALAMOS ADVISORS TRUST**

CALAMOS GROWTH AND INCOME PORTFOLIO

**CALAMOS ETF TRUST**

Calamos Antetokounmpo Global Sustainable Equities ETF

**CALAMOS INVESTMENT TRUST**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Select Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Global Sustainable Equities Fund

Calamos International Small Cap Growth Fund

**CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST**

Calamos Antetokounmpo Sustainable Equities Fund

**<u>CLOSED-END FUNDS</u>**

**CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FLND**

**CALAMOS CONVERTIBLE AND HIGH INCOME FUND**

**CALAMOS STRATEGIC TOTAL RETURN FUND**

**CALAMOS GLOBAL TOTAL RETURN FUND**

**CALAMOS GLOBAL DYNAMIC INCOME FUND**

**CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND**

**CALAMOS LONG/SHORT EQUITY** & **DYNAMIC INCOME TRUST**

## Ex-99.(H)(50)(I)

**Exhibit 99.(h)(50)(i)**

![](tm231455d1_ex99h-50iimg001.jpg)

April 20, 2022

Calamos Funds

Attention: Thomas Herman

2020 Calamos Court<br> Naperville, IL 60563

Dear Mr. Herman:

Pursuant to paragraph 39 of the General Terms and Conditions of the Agreement dated October 15, 2018, attached, each of EY and the Client agree to amend and modify Appendix II, a copy of which Appendix II is attached hereto and made part hereof, and to make certain corrections to such Agreement and its Terms and Conditions as is ancillary to the correction to Appendix II, effective as of the date hereof. Capitalized terms used herein shall have the meanings ascribed to them in the Agreement. The parties acknowledge that certain Statements of Work contemplated by and forming part of the Agreement, have previously been modified to include updated listing of the funds subject thereto. Except as otherwise set forth herein, the Agreement and General Terms and Conditions, remain in full force and effect. This amendment may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same amendment.

![](tm231455d1_ex99h-50iiimg003.jpg)

**AGREED:**

Calamos Investment Trust, comprised of the funds which are listed in Appendix II, Calamos Closed-End Funds, comprised of the funds which are listed in Appendix II, and Calamos Advisors Trust, comprised solely of the Calamos Growth and Income Portfolio, listed in Appendix II:

---

| | |
|:---|:---|
| By: | /s/ Thomas E. Herman |
| Date: | 4/20/2022 |

---

---

| | | |
|:---|:---|:---|
| ![](tm231455d1_ex99h-50iimg002.jpg) | Ernst & Young LLP<br> 155 N Wacker Drive<br> Chicago, IL 60606 | Tel: +1 312 879 2000<br> Fax: +1 312 879 4000<br> ey.com |

---

Curtis Holloway October 15, 2018

Principal Financial Officer

Calamos Investment Trust, Calamos Closed-End Funds and Calamos

Advisors Trust

2020 Calamos Court

Naperville, IL 60563

Dear Mr. Holloway

Thank you for choosing Ernst & Young LLP ("we" or "EY") to perform professional services (the "Services") for Calamos Investment Trust, comprised of the funds which are listed in Appendix II, Calamos Closed-End Funds, comprised of the funds which are listed in Appendix II, and Calamos Advisors Trust, comprised solely of the Calamos Growth and Income Portfolio, listed in Appendix II, ("you" or "Client"). We appreciate the opportunity to assist you and look forward to working with you.

For each project that we agree to undertake for you, we will prepare a Statement of Work describing the particular Services (as defined in each such Statement of Work), as well as any advice, presentations, or filings to be made, our fees therefor, and any other project-specific arrangements. All of the Services will be subject to the terms and conditions of this letter, its attachments, including the General Terms and Conditions, and the applicable Statement of Work (together, this "Agreement"). Except for a claim seeking solely injunctive relief, any dispute or claim arising out of or relating to this Agreement, the Services or any other services provided by us or on our behalf to you shall be resolved by mediation and arbitration as set forth in this Agreement.

We may enter into Statements of Work with you for a period of five years following the date of this Agreement, although we may agree with you to extend that period, including by executing additional Statements of Work referencing this Agreement.

Please sign this Agreement in the space provided below to indicate your agreement with these arrangements and return it to Ryan Ross <Ryan.Ross@ey.com> at your earliest convenience. If you have any questions about any of these materials, please do not hesitate to contact Ryan Ross so that we can address any issues you identify before we begin to provide any Services.

Very truly yours,

![](tm231455d1_ex99h-50iiimg004.jpg)

EY LLP Main Agreement US001 072517

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Page 1 of 9

![](tm231455d1_ex99h-50iiimg001.jpg)

Accepted and agreed to by Calamos Investment Trust, Calamos Closed-End Funds, and Calamos Advisors Trust.

---

| | |
|:---|:---|
| By: | /s/ Curtis Holloway |
| Name: Curtis Holloway | Name: Curtis Holloway |
| Title: CFO & Treasurer | Title: CFO & Treasurer |

---

EY LLP Main Agreement US001 072517

CALAMOS INVESTMENT TRUST

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**General Terms and Conditions**

**Our relationship with you**

1. We will perform the Services in accordance with applicable professional
 standards, including those established by the American Institute of Certified Public Accountants **("AICPA")**.

2. We are a member of the global network of Ernst & Young firms **("EY Firms")**, each of which is a separate legal entity.

3. We will provide the Services to you as an independent contractor and not as your employee, agent, partner or joint venture. Neither
you nor we have any right, power or authority to bind the other.

4. We may subcontract portions of the Services to other EY Firms, who may deal with you directly. Nevertheless, we alone will be responsible
to you for the Reports (as defined in Section 11), the performance of the Services, the other EY firms, and our other obligations
under this Agreement. From time to time, non-CPA personnel may perform the Services.

5. We will not assume any of your management responsibilities in connection with the Services. We will not be responsible for the use
or implementation of the output of the Services, although we may otherwise provide advice and recommendations to assist you in your management
functions and making decisions.

**Your responsibilities**

6. You shall assign a qualified person to oversee the Services. You are responsible for all management decisions relating to the Services,
the use or implementation of the output of the Services and for determining whether the Services are appropriate for your purposes.

7. You shall provide (or cause others to provide) to us, promptly, the information, resources and assistance (including access to records,
systems, premises and people) that we reasonably require to perform the Services.

8. To the best of your knowledge, all information provided by you or on your behalf **("Client Information")** will be accurate
and complete in all material respects. The provision of Client Information to us will not infringe any copyright or other third-party
rights.

9. We will rely on Client Information made available to us and, unless we
 expressly agree otherwise, will have no responsibility to evaluate or verify it.

10. You shall be responsible for your personnel's compliance with your obligations under this Agreement.

**Our Reports**

11. Any information, advice, recommendations or other content of any reports, presentations or other communications we provide under this
Agreement **("Reports"),** other than Client Information, are for your internal use only (consistent with the purpose of
the particular Services).

12. You may not disclose a Report (or any portion or summary of a Report) externally (including to your affiliates) or refer to us or
to any other EY Firm in connection with the Services, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to your lawyers (subject to these disclosure restrictions), who may review it only to give you advice relating to the Services,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent, and for the purposes, required by subpoena or similar legal process (of which you will promptly notify us),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to other persons (including your affiliates) with our prior written consent, who have executed an access letter substantially in the form we prescribe, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent it contains Tax Advice, as set forth in Section 13.

If you are permitted to disclose a Report (or a portion thereof) externally, you shall not alter, edit or modify it from the form we provided.

13. You may disclose to anyone a Report (or a portion
 thereof) solely to the extent that it relates to tax matters, including tax advice, tax opinions,
 tax returns, or the tax treatment or tax structure of any transaction to which the Services
 relate **("Tax Advice")**. With the exception of tax authorities, you shall
 inform those to whom you disclose Tax Advice that they may not rely on it for any purpose
 without our prior written consent.

14. You may incorporate into documents that you intend to disclose externally EY summaries, calculations or tables based on Client Information
contained in a Report, but not our recommendations, conclusions or findings. However, you must assume sole responsibility for the contents
of those documents and not refer to us or any other EY Firm in connection with them. This provision does not affect your ability to circulate
Reports internally.

EY LLP Main Agreement US001 072517<br> CALAMOS INVESTMENT TRUST<br> Page 3 of 9

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15. You may not rely on any draft Report. We shall not be required to update any final Report for circumstances of which we become aware,
or events occurring, after its delivery.

**Limitations**

16. Neither you (and any others for whom Services are provided) nor we may recover from the other party, in contract or tort, under statute
or otherwise, any consequential, incidental, indirect, punitive or special damages in connection with claims arising out of this Agreement
or otherwise relating to the Services, including any amount for loss of profit, data or goodwill, whether or not the likelihood of such
loss or damage was contemplated.

17. You (and any others for whom Services are provided) may not recover from us, in contract or tort, under statute or otherwise, aggregate
damages in excess of the fees actually paid for the Services that directly caused the loss in connection with claims arising out of this
Agreement or otherwise relating to the Services. This limitation will not apply to losses caused by our fraud or willful misconduct or
to the extent prohibited by applicable law or professional regulations.

18. You shall make any claim relating to the Services or otherwise under this Agreement no later than two years after you became aware
(or ought reasonably to have become aware) of the facts giving rise to any alleged such claim and in any event, no later than two years
after the completion of the particular Services. This limitation will not apply to the extent prohibited by applicable law or professional
regulations.

19. You may not make a claim or bring proceedings relating to the Services
 or otherwise under this Agreement against any other EY Firm or our or its subcontractors,
 members, shareholders, directors, officers, partners, principals or employees **("EY Persons")**. You shall make any claim or bring proceedings only against us. The provisions
 of Sections 16 through 20 are intended to benefit the other EY Firms and all EY Persons,
 who shall be entitled to enforce them.

**Indemnity**

20. To the fullest extent permitted by applicable law and professional regulations, you shall indemnify us, the other EY Firms and
 the EY Persons against all claims by third parties (including your affiliates and attorneys) and resulting liabilities, losses,
 damages, costs and expenses (including reasonable external and internal legal costs) arising out of the disclosure of any Report (other than Tax Advice) or a third party's use of or reliance
on any Report (including Tax Advice) disclosed to it by you or at your request.

To the fullest extent permitted by applicable law and professional regulations, EY shall indemnify, hold harmless, and defend Client and its officers, directors, employees, agents, affiliates, successors and permitted assigns (collectively, the "Client Indemnified Party") against all claims by third parties and resulting liabilities, losses, damages, costs and expenses (including reasonable legal costs) arising out of (a) any bodily injury to or death of, or any physical damage to tangible property of, any Client Indemnified Parties to the extent that such injury or damage results from the negligent or intentionally wrongful act or omission of EY in connection with the Services, or (b) the infringement by any Report upon any copyright, trademark, trade secret or U.S. patent of a third party, provided that EY shall have no indemnification obligation under clause (b) of this paragraph to the extent that the infringement arises out of or results from Client Information, use of the Reports other than as contemplated in this Agreement and the applicable SOW, any modification to the Reports by anyone other than EY, or EY's compliance with Client's designs, specifications, requests or instructions in the creation of the Reports.

**Intellectual property rights**

21. We may use data, software, designs, utilities, tools, models, systems and other methodologies and know-how that we own or license **("Materials")** in performing the Services. Notwithstanding the delivery of any Reports, we retain all intellectual property
rights in the Materials (including any improvements or knowledge developed while performing the Services), and in any working papers compiled
in connection with the Services (but not Client Information reflected in them).

22. Upon payment for particular Services and subject to the other terms of this Agreement, you may use the Reports relating to those Services,
as well as any Materials owned by us that are included therein, solely to the extent necessary to use the Reports.

EY LLP Main Agreement US001 072517<br> CALAMOS INVESTMENT TRUST<br> Page 4 of 9

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**Confidentiality**

23. Except as otherwise permitted by this Agreement, neither of us may disclose to third parties the contents of this Agreement or any
information (other than Tax Advice) provided by or on behalf of the other that ought reasonably to be treated as confidential and/or proprietary.
Either of us may, however, disclose such information to the extent that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or becomes public other than through a breach of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is subsequently received by the recipient from a third party who, to the recipient's knowledge, owes no obligation of confidentiality to the disclosing party with respect to that information,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was known to the recipient at the time of disclosure or is thereafter created independently,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is disclosed as necessary to enforce the recipient's rights under this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) must be disclosed under applicable law, legal process or professional regulations.

24. Either of us may use electronic media to correspond or transmit information and such use will not in itself constitute a breach of
any confidentiality obligations under this Agreement.

25. Unless prohibited by applicable law, we may provide Client Information
 to other EY Firms (which are listed at <u>www.ey.com)</u> and EY Persons, as well as external third parties providing services on our or their behalf,
 who may collect, use, transfer, store or otherwise process (collectively, "**Process** ")
 it in various jurisdictions in which they operate in order to facilitate performance of the
 Services, to comply with regulatory requirements, to check conflicts, to provide financial
 accounting and other administrative support services or for quality and risk management purposes.
 We shall be responsible to you for maintaining the confidentiality of Client Information,
 regardless of where or by whom such information is processed on our behalf.

26. With respect to any Services, if U.S. Securities and Exchange Commission auditor independence requirements apply to the relationship
between you or any of your associated entities and any EY Firm, you represent, to the best of your knowledge, as of the date of this Agreement
and as of the date of each Statement of Work hereunder, that neither you nor any of your affiliates has agreed, either orally or in writing,
with any other advisor to restrict your ability to disclose to anyone the tax treatment or tax structure of any transaction to which the
Services relate. An agreement of this kind could impair an EY Firm's independence as to your audit or that of any of your affiliates,
or require specific tax disclosures as to those restrictions. Accordingly, you agree that the impact of any such agreement is your responsibility.

**Data protection**

27. If we Process Client Information that can be linked to specific individuals **("Personal Data")**, we will Process it in accordance with Section 25
 of this Agreement, as well as applicable law and professional regulations, including, where
 applicable, the EU-U.S. Privacy Shield Framework and the Swiss-U.S. Privacy Shield Framework,
 each administered by the U.S. Department of Commerce and to which EY has self-certified (collectively,
 the "Privacy Shield Framework"). Further information (including disclosures required
 by the Privacy Shield Framework) is set out at <u>www.ey.com/us/privacyshield .</u> We will require any service provider that Processes Personal Data on our behalf
 to provide at least the same level of protection for such data as is required by the Privacy
 Shield Framework and other legal and regulatory requirements applicable to us. If any Client
 Information is protected health information under the Health Insurance Portability and Accountability
 Act, as amended, this Agreement is deemed to incorporate all of the terms otherwise required
 to be included in a business associate contract relating to such information.

28. You warrant that you have the authority to provide the Personal Data to us in connection with the performance of the Services and
that the Personal Data provided to us has been processed in accordance with applicable law. In order to provide the Services, we may need
to access Personal Data consisting of protected health information, financial account numbers, Social Security or other government-issued
identification numbers, or other data that, if disclosed without authorization, would trigger notification requirements under applicable
law ("Restricted Personal Data"). In the event that we need access to such information, you will consult with us on appropriate
measures (consistent with professional standards applicable to us) to protect the Restricted Personal Data, such as deleting or masking
unnecessary information before it is made available to us, encrypting any data transferred to us, or making the data available for on-site
review at a Client site. You will provide us with Restricted Personal Data only in accordance with mutually agreed protective measures.

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**Fees and expenses generally**

29. You shall pay our professional fees and specific expenses in connection with the Services as detailed in the applicable Statement
of Work. You shall also reimburse us for other reasonable expenses incurred in performing the Services. Our fees are exclusive of taxes
or similar charges, as well as customs, duties or tariffs imposed in respect of the Services, all of which you shall pay (other than taxes
imposed on our income generally). Unless otherwise set forth in the applicable Statement of Work, payment is due within 30 days following
receipt of each of our invoices. We may receive rebates in connection with certain purchases, which we use to reduce charges that we would
otherwise pass on to you.

30. We may charge additional professional fees if events beyond our control (including your acts or omissions) affect our ability to perform
the Services as originally planned or if you ask us to perform additional tasks.

31. If we are required by applicable law, legal process or government action to produce information or personnel as witnesses with respect
to the Services or this Agreement, you shall reimburse us for any professional time and expenses (including reasonable external and internal
legal costs) incurred to respond to the request, unless we are a party to the proceeding or the subject of the investigation.

**Force majeure**

32. Neither you nor we shall be liable for breach of this Agreement
 (other than payment obligations) caused by circumstances beyond your or our reasonable control.

**Term and termination**

33. This Agreement applies to the Services whenever performed (including before the date of this Agreement).

34. This Agreement shall terminate upon the completion of the Services. Either of us may terminate it, or any particular Services, earlier
upon 30 days' prior written notice to the other. In addition, we may terminate this Agreement, or any particular Services, immediately
upon written notice to you if we reasonably determine that we can no longer provide the Services in accordance with applicable law or
professional obligations.

35. You shall pay us for all work-in-progress, Services already performed, and expenses incurred by us up to and including the effective
date of the termination of this Agreement. Payment is due within 30 days following receipt of our invoice for these amounts, unless in
good faith dispute among the parties.

36. The provisions of this Agreement, including
 Section 14 and otherwise with respect to Reports, that give either of us rights or obligations
 beyond its termination shall continue indefinitely following the termination of this Agreement,
 except that our respective confidentiality obligations (other than those relating to Reports
 or under Section 14) shall continue thereafter for three years only.

**Governing law and dispute resolution**

37. This Agreement, and any non-contractual matters or obligations arising out of this Agreement or the Services, including (without limitation)
claims arising in tort, fraud, under statute or otherwise relating to the Services, or questions relating to the scope or enforceability
of this Section 37, shall be governed by, and construed in accordance with, the laws of New York applicable to agreements made, and
fully to be performed, therein by residents thereof. Except as otherwise expressly provided in the Cover Letter, any dispute relating
to this Agreement or the Services shall be resolved as set forth in Appendix 1 to these Terms and Conditions.

**Miscellaneous**

38. This Agreement constitutes the entire agreement between us as to the Services and the other matters it covers, and supersedes all
prior agreements, understandings and representations with respect thereto, including any confidentiality agreements previously delivered.
In addition, any policy, protocol, agreement (other than this Agreement) or other instrument, in whatever form, imposed at any time that
purports to obligate EY, any other EY Firm or any EY Person with respect to the use of Client Information shall be void and of no further
effect, and you shall not seek to enforce any such obligation.

39. Both of us may execute this Agreement (including Statements of Work), as well as any modifications thereto, by electronic means and
each of us may sign a different copy of the same document. Both of us must agree in writing to modify this Agreement or any Statement
of Work hereunder.

40. Each of us represents to the other that each person signing this Agreement or any Statement of Work hereunder on its behalf is expressly
authorized to execute it and to bind such party to its terms. You also represent that this Agreement has, if necessary, been considered
and approved by your Audit Committee. You represent that your affiliates and any others for whom Services are performed shall be bound
by the terms of this Agreement.

41. You agree that we and the other EY Firms may, subject to professional obligations, act for other clients, including your competitors.

42. Neither of us may assign any of our rights, obligations or claims arising out of or related to this Agreement or any Services.

EY LLP Main Agreement US001 072517<br> CALAMOS INVESTMENT TRUST<br> Page 6 of 9

![](tm231455d1_ex99h-50iimg002.jpg)

43. If any provision of this Agreement (in whole or part) is held to be illegal, invalid or otherwise unenforceable, the other provisions
shall remain in full force and effect.

44. If there is any inconsistency between provisions in different parts of this Agreement, those parts shall have precedence as follows
(unless expressly agreed otherwise): (a) the Cover Letter, (b) the applicable Statement of Work and any attachments thereto,
(c) these General Terms and Conditions, and (d) other attachments to this Agreement.

45. Neither of us may use or reference the other's name, logo or trademarks publically without the other's prior written consent, although
we may publically identify you as a client in connection with specific Services or generally.

46. For administrative reasons, you may from time to time ask that fees and expenses for Services performed for your international affiliates
or at international locations be invoiced to you or your designate there, in local currency. You guarantee the timely payment of all those
invoices by your affiliates. In addition, from time to time, an affiliate of ours, providing Services as a subcontractor to us, may bill
you directly for fees incurred for work outside the US, in local currency or otherwise.

EY LLP Main Agreement US001 072517

CALAMOS INVESTMENT TRUST

Page 7 of 9

![](tm231455d1_ex99h-50iimg002.jpg)

**Appendix 1**

**Dispute resolution procedures**

**Mediation**

A party shall submit a dispute to mediation by written notice to the other party or parties. The mediator shall be selected by the parties. If the parties cannot agree on a mediator, the International Institute for Conflict Prevention and Resolution ("CPR") shall designate a mediator at the request of a party. Any mediator must be acceptable to all parties and must confirm in writing that he or she is not, and will not become during the term of the mediation, an employee, partner, executive officer, director, or substantial equity owner of any EY audit client.

The mediator shall conduct the mediation as he/she determines, with the agreement of the parties. The parties shall discuss their differences in good faith and attempt, with the mediator's assistance, to reach an amicable resolution of the dispute. The mediation shall be treated as a settlement discussion and shall therefore be confidential. The mediator may not testify for either party in any later proceeding relating to the dispute. The mediation proceedings shall not be recorded or transcribed.

Each party shall bear its own costs in the mediation. The parties shall share equally the fees and expenses of the mediator.

If the parties have not resolved a dispute within 90 days after written notice beginning mediation (or a longer period, if the parties agree to extend the mediation), the mediation shall terminate and the dispute shall be settled by arbitration. In addition, if a party initiates litigation, arbitration, or other binding dispute resolution process without initiating mediation, or before the mediation process has terminated, an opposing party may deem the mediation requirement to have been waived and may proceed with arbitration.

**Arbitration**

The arbitration will be conducted in accordance with the procedures in this document and the CPR Rules for Non-Administered Arbitration ("Rules") as in effect on the date of the Agreement, or such other rules and procedures as the parties may agree. In the event of a conflict, the provisions of this document will control.

The arbitration will be conducted before a panel of three arbitrators, to be selected in accordance with the screened selection process provided in the Rules. Any issue concerning the extent to which any dispute is subject to arbitration, or concerning the applicability, interpretation, or enforceability of any of these procedures, shall be governed by the Federal Arbitration Act and resolved by the arbitrators. No potential arbitrator may be appointed unless he or she has agreed in writing to these procedures and has confirmed in writing that he or she is not, and will not become during the term of the arbitration, an employee, partner, executive officer, director, or substantial equity owner of EY or any EY audit client.

EY LLP Main Agreement US001 072517<br> CALAMOS INVESTMENT TRUST<br> Page 8 of 9

![](tm231455d1_ex99h-50iimg002.jpg)

The arbitration panel shall have no power to award non-monetary or equitable relief of any sort or to make an award or impose a remedy that (i) is inconsistent with the agreement to which these procedures are attached or any other agreement relevant to the dispute, or (ii) could not be made or imposed by a court deciding the matter in the same jurisdiction. In deciding the dispute, the arbitration panel shall apply the limitations period that would be applied by a court deciding the matter in the same jurisdiction, and shall have no power to decide the dispute in any manner not consistent with such limitations period.

Discovery shall be permitted in connection with the arbitration only to the extent, if any, expressly authorized by the arbitration panel upon a showing of substantial need by the party seeking discovery.

All aspects of the arbitration shall be treated as confidential. The parties and the arbitration panel may disclose the existence, content or results of the arbitration only in accordance with the Rules or applicable professional standards. Before making any such disclosure, a party shall give written notice to all other parties and shall afford them a reasonable opportunity to protect their interests, except to the extent such disclosure is necessary to comply with applicable law, regulatory requirements or professional standards.

The result of the arbitration shall be binding on the parties, and judgment on the arbitration award may be entered in any court having jurisdiction.

EY LLP Main Agreement US001 072517

CALAMOS INVESTMENT TRUST

Page 9 of 9

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**Appendix II**

**Calamos Investment Trust**

Convertible Fund- CCVIX

Growth and Income Fund- CVTRX

Market Neutral Income Fund- CVSIX

Growth Fund- CVGRX

Global Opportunities Fund- CVLOX

High Income Opportunities Fund- CHYDX

Select Fund- CVAAX

International Growth Fund- CIGRX

Global Equity Fund- CAGEX

Total Return Bond Fund- CTRAX

Evolving World Growth Fund- CNWGX

Dividend Growth Fund- CADVX

Global Convertible und- CAGCX

Hedged Equity Fund-CAHEX

Phineus Long/Short Fund- CPLSX

Short-Term Bond Fund- CSTBX

Timpani Small Cap Growth Fund- CTASX

Timpani SMID Growth Fund- CTAGX

Global Sustainable Equities Fund- CAGSX

International Small Cap Growth Fund -CAISX

**Calamos Advisors Trust**

Growth and Income Portfolio- CAT

**Calamos Closed-End Funds**

Convertible Opportunities and Income Fund- CHI

Convertible and High Income Fund- CHY

Strategic Total Return Fund- CSQ

Global Total Return Fund- CGO

Global Dynamic Income Fund- CHW

Dynamic Convertible and Income Fund- CCD

Long/Short Equity & Dynamic Income Trust- CPZ

Global Convertible and Dynamic Income Trust - CVF

## Ex-99.(H)(50)(Ii)

**Exhibit 99.(h)(50)(ii)**

![](tm231455d1_ex99h-50iiimg001.jpg)

October 31, 2022

Calamos Funds

Attention:Thomas E. Herman

2020 Calamos Court

Naperville, IL 60563

Dear Mr. Herman:

We are writing to confirm our agreement to amend our Agreement dated as of October 15, 2018 ("Agreement") with Calamos Investment Trust, Calamos Closed-End Funds, and Calamos Advisors Trust ("Client"). Specifically, Client and Ernst & Young LLP ("EY") agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement will also apply to Calamos Antetokounmpo Sustainable Equities Trust

Definitions of capitalized terms in this amendment shall apply only for purposes of this amendment and shall not otherwise supersede any definitions in the Agreement.

Except as expressly amended in this letter, all provisions, terms and conditions of the Agreement shall be unaltered by this letter and shall continue in full force and effect.

Very truly yours,

![](tm231455d1_ex99h-50iiimg002.jpg)

AGREED:

Calamos Investment Trust, Calamos Closed-End Funds, Calamos Advisors Trust and Calamos Antetokounmpo Sustainable Equities Trust

---

| | |
|:---|:---|
| By: | /s/ Thomas E. Herman |
| Date: | 11/7/2022 |

---

EY LLP Main Agreement - Amendment

Calamos Investment Trust

Page 1 of 1

A member firm of Ernst & Young Global Limited

## Ex-99.(H)(50)(Iii)

**Exhibit 99.(h)(50)(iii)**

![](tm231455d1_ex99h-50iiiimg003.jpg)

November 17, 2022

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

Dear Mr. Herman:

We write to confirm our agreement to amend our Agreement dated as of October 15, 2018 ("Agreement") as amended on October 31, 2022, with Calamos Investment Trust, Calamos Closed-End Funds, Calamos Advisors Trust, and Calamos Antetokounmpo Sustainable Equities Trust ("Client"). Specifically, Client and Ernst & Young LLP ("EY") agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement will also apply to Calamos ETF Trust.

Definitions of capitalized terms in this amendment shall apply only for purposes of this amendment and shall not otherwise supersede any definitions in the Agreement.

Except as expressly amended in this letter, all provisions, terms and conditions of the Agreement shall be unaltered by this letter and shall continue in full force and effect.

Very truly yours,

![](tm231455d1_ex99h-50iiiimg004.jpg)

AGREED:

Calamos Investment Trust, the Calamos Closed- End Funds, Calamos Advisors Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos ETF Trust

---

| | |
|:---|:---|
| By: | /s/ Thomas E. Herman 2/16/2023 |
| Name: | Thomas Herman |
| Title: | CFO |

---

EY LLP Main Agreement - Amendment 022422 D-S

Calamos Advisors LLC

Contract ID 526848

Page 1 of 1

A member firm of Ernst & Young Global Limited

## Ex-99.(H)(51)

**Exhibit (h)(51)**

Calamos Advisors LLC

2020 Calamos Court

Naperville, Illinois 60563-1493

June 29, 2022

Calamos Investment Trust

2020 Calamos Court

Naperville, Illinois 60563-1493

Ladies and Gentlemen:

Calamos Advisors LLC ("Calamos Advisors") hereby undertakes as follows:

In the interest of limiting the expenses of each of the following series of Calamos Investment Trust (each a "Fund"): Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund, Convertible Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth Fund, Growth and Income Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Total Return Bond Fund, High Income Opportunities Fund, Short-Term Bond Fund, Calamos Global Sustainable Equities Fund and Calamos International Small Cap Growth Fund, Calamos Advisors undertakes to reimburse each Fund to the extent, but only to the extent, that the annualized expenses of each of the following classes of all Funds except Calamos Global Sustainable Equities Fund and Calamos International Small Cap Growth Fund, through March 1, 2024, for Calamos Global Sustainable Equities Fund through March 1, 2025, and for Calamos International Small Cap Growth Fund through March 31, 2025, as a percent of the average net assets of such class of shares exceed the applicable percentage for that class of each series, as set forth below . This calculation will exclude taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary charges such as litigation costs, but will include fees paid to Calamos Advisors, including any applicable performance fees.<sup>i</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Market
 Neutral Income Fund and Growth and Income Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** | **R6** |
| Expense limitation | 1.75% | 2.50% | 1.50% | 1.50% less the annual <br> sub-transfer agency ratio\* |

---

\*The annual sub-transfer agency ratio is equal to 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Hedged
 Equity Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 1.25% | 2.00% | 1.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Phineus
 Long/Short Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 2.00% | 2.75% | 1.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Convertible
 Fund and Growth Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 1.75% | 2.50% | 1.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Global
 Convertible Fund and Dividend Growth Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 1.35% | 2.10% | 1.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Timpani
 Small Cap Growth Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** | **R6** |
| Expense limitation | 1.30% | 2.05% | 1.05% | 1.05% less the annual <br> sub-transfer agency ratio\* |

---

\*The annual sub-transfer agency ratio is equal to 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Timpani
 SMID Growth Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **I** | **R6** |
| Expense limitation | 1.35% | 1.10% | 1.10% less the annual <br> sub-transfer agency ratio\* |

---

\*The annual sub-transfer agency ratio is equal to 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Select
 Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 1.15% | 1.90% | 0.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. International
 Growth Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** | **R6** |
| Expense limitation | 1.20% | 1.95% | 0.95% | 0.95% less the annual <br> sub-transfer agency ratio\* |

---

\*The annual sub-transfer agency ratio is equal to 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Evolving
 World Growth Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 1.30% | 2.05% | 1.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Global
 Equity Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** | **R6** |
| Expense limitation | 1.40% | 2.15% | 1.15% | 1.15% less the annual <br> sub-transfer agency ratio\* |

---

\*The annual sub-transfer agency ratio is equal to 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII. Global
 Opportunities Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 1.22% | 1.97% | 0.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIII. Total
 Return Bond Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 0.90% | 1.65% | 0.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIV. High
 Income Opportunities Fund:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** |
| Expense limitation | 1.00% | 1.75% | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XV. Short-Term
 Bond Fund:

---

| | | |
|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **I** |
| Expense limitation | 0.65% | 0.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVI. Global
 Sustainable Equities Fund:\*\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** | **R6** |
| Expense limitation | 1.20% | 1.95% | 0.95% | 0.95% less the annual <br> sub-transfer agency ratio\* |

---

\*The annual sub-transfer agency ratio is equal to 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 expense limitation will be effective through March 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVII. International
 Small Cap Growth Fund\*\*\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** | **<u>Class of Shares</u>** |
|  | **A** | **C** | **I** | **R6** |
| Expense limitation | 1.35% | 2.10% | 1.10% | 1.10% less the annual <br> sub-transfer agency ratio\* |

---

\*The annual sub-transfer agency ratio is equal to 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 expense limitation will be effective through March 31, 2025.

The amount of the expense reimbursement to any Fund (or any offsetting reimbursement by a Fund to Calamos Advisors) shall be computed on an annual basis, accrued daily and paid monthly. 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 shall be binding upon any successors and assigns of Calamos Advisors.

Very truly yours, <br>CALAMOS ADVISORS LLC

---

| | |
|:---|:---|
| By: | /s/ Thomas E. Herman |
| Name: | Thomas E. Herman |
| Title: | EVP, Chief Financial Officer |

---

<sup>i</sup> Accrual of fund expenses and any reimbursement occurs on a daily basis in conjunction with the striking of the NAV. All operating expenses, excluding sub-TA expenses but including the management fee, are calculated based on the total assets of each fund. The sub-TA expenses are calculated on the total assets of each fund excluding Class R6. Class R6 shares have no sub-TA expenses. Any reimbursement is then calculated at the fund level. The fund level expenses, net of any reimbursement, are then allocated to each share class based on class assets. This approach ensures that all operating expenses and reimbursements are applied to all shareholders equally. Class specific 12b-1 fees are then applied to each share class, except for Classes I and R6, which have no 12b-1 fees. The class specific 12b-1 fees, and the sub-TA expenses excluded from Class R6, account for the difference in expense ratios among classes on a daily basis.

## Ex-99.(H)(52)

**Exhibit 99.(h)(52)**

**FUND OF FUNDS INVESTMENT AGREEMENT**

This Fund of Funds Investment Agreement (this "Agreement"), dated as of January 19, 2022 (the "Effective Date"), is made among Calamos Investment Trust and Calamos Long/Short Equity & Dynamic Income Trust, on behalf of itself or its series listed on Schedule A, severally and not jointly (each, the "Acquiring Fund"), and SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust (each, a "Trust"), each on behalf of their series listed on Schedule B, severally and not jointly (each, the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Fund, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Fund and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Fund may invest in the Acquired Fund in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Terms of Investment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on the Acquired Fund by the Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, the Acquiring Fund and the Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Redemptions.* The Acquiring Fund acknowledges and agrees that it is not an Authorized Participant, as defined in Rule 6c-11 under the 1940 Act, and has no ability to directly redeem shares from the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Scale of investment.* Upon a reasonable request by the Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase order is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide the Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The agreements contained in paragraphs 1(a)(ii) and 1(b) apply only with respect to an investment by the Acquiring Fund in the Acquired Fund that exceeds the limits in Section 12(d)(1)(A)(i) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Covenants of the Acquired Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if the Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquired Fund agrees that any information regarding planned purchases or sales of shares of the Acquired Fund provided by the Acquiring Fund pursuant to Section 1 will be treated confidentially, used solely for the purposes of this Agreement, and will not be disclosed to any third party without the prior consent of the Acquiring Fund, except for directors/trustees, officers, employees, accountants, legal counsel, investment advisers and other advisers of the Acquired Fund and its affiliates on a need-to-know basis and solely for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Covenants of the Acquiring Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if the Acquiring Fund fails to comply with the Rule with respect to its investment in the Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any of the provisions of this Agreement notwithstanding, the Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. The Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor the Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquiring Fund shall provide the Acquired Fund with information regarding the amount of the Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything herein to the contrary, to the extent the Acquiring Fund, the investment adviser to the Acquiring Fund or, if applicable, the subadviser to the Acquiring Fund has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, the Acquiring Fund will: (a) not make an investment in the Acquired Fund that causes the Acquiring Fund to hold 5% or more of the Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Notices**

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

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| | |
|:---|:---|
| If to the Acquiring Fund: | If to the Acquired Fund: |
| Calamos Family of Funds<br> c/o Calamos Advisors LLC<br> 2020 Calamos Court<br> Naperville, IL 60563<br> Attn: General Counsel<br> Email: Legalnotices@calamos.com<br>| State Street Global Advisors<br> One Iron Street<br> Boston, MA 02210<br> Attn: Global Funds Management<br> Email: NewFoFRule@SSGA.com |
| <br> With a copy to:<br>Calamos Compliance Department<br> 2020 Calamos Court<br> Naperville, IL 60563<br> Email: Compliancedept@calamos.com | With a copy to:<br>State Street Global Advisors<br> One Iron Street<br> Boston, MA 02210<br> Attn: Legal Department<br> Email: NewFoFRule@SSGA.com |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Term and Termination; Assignment; Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Fund's reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing: (i) by either party upon sixty (60) days' notice to the other party; or (ii) in the event of a material breach of th is Agreement, upon written notice to the breaching party, which may be given in the sole discretion of the non-breaching party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Agreement may not be assigned by either party without the prior written consent of the other. Any purported assignment of rights in violation of this Section is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as provided in Section 7(b), this Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving the Acquiring Fund under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any of the other Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquired Fund under this Agreement, the Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any of the other Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Acquiring Fund and the Acquired Fund may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund (an "Indemnifying Fund"), severally and not jointly, agrees to hold harmless, indemnify and defend each other Fund (an "Indemnitee Fund"), including any principals, directors or trustees, officers, employees and agents ("Agents") of the Indemnitee Fund, against and from any and all losses, costs, expenses and liabilities incurred by or claims or actions ("Claims") asserted against the Indemnitee Fund, including any of its Agents, to the extent such Claims result from a violation of any provision of this Agreement by the Indemnifying Fund or its Agents or result from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnifying Fund or its Agents in the performance of any of its duties or obligations hereunder. Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. Notwithstanding the foregoing, the Indemnifying Fund shall not be responsible for any Claim against the Indemnitee Fund or its Agents to the extent such Claim results from a violation of any provision of this Agreement by the Indemnitee Fund or its Agents or results from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnitee Fund or its Agents in the performance of any of its duties or obligations hereunder. This Section shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any liability pursuant to the forgoing provision shall be several and not joint. In any action involving the parties under this Agreement, the parties agree **to** look solely to the individual Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other Acquiring Fund or Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Additional Funds; Removal of Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any party wishes to include one or more series in addition to those originally set forth on Schedule A or Schedule B (each such series a "New Fund"), such party shall so notify the other party in writing, and, upon written agreement, each New Fund shall hereunder become an Acquiring Fund or an Acquired Fund, as the case may be, and Schedule A or Schedule B, as appropriate, shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a Trust wishes to no longer make the Acquired Fund available under this Agreement, the Trust shall so notify the Acquiring Fund in writing by providing the Acquiring Fund an amended Schedule **B** that does not include the Acquired Fund. Upon the Acquiring Fund's receipt of such amended Schedule B, the amended Schedule B shall be made a part of this Agreement and supersede the prior Schedule B. Except as modified by amended Schedule B, all other terms and conditions of this Agreement shall remain in full force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Severability**

If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of Calamos Investment Trust and the Acquired Fund, a copy of the Declaration of Trust of the applicable Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of Calamos Investment Trust or the Acquired Fund shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of Calamos Investment Trust and the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Consequential** **Damages**

Under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire understanding and agreement of the parties. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between the Acquiring Fund and the Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to permit investments beyond the statutory limits of Section 12(d)(1)(A) and (B) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

**SPDR SERIES TRUST**

**SPDR INDEX SHARES FUNDS**

**SSGA ACTIVE TRUST**

**(each on behalf of their series listed on Schedule B, severally and not jointly)**

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
| Name: | Ann M. Carpenter |
| Title: | Vice President / Deputy Treasurer |

---

*[Remainder of page intentionally left blank; Acquiring Fund signature page follows]*

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| | |
|:---|:---|
| **CALAMOS INVESTMENT TRUST** | **CALAMOS INVESTMENT TRUST** |
| **CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST** | **CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST** |
| **(each on behalf of itself or its series listed on Schedule A, severally and not jointly)** | **(each on behalf of itself or its series listed on Schedule A, severally and not jointly)** |
| By: | /s/ J. Christopher Jackson |
| Name: | J. Christopher Jackson |
| Title: | Vice President & Secretary |

---

**SCHEDULE A**

**List of Acquiring Fund(s) to Which the Agreement Applies**

**<u>Acquiring Funds</u>**

**The following series of Calamos Investment Trust:**

**Calamos Market Neutral Income Fund**

**Calamos Hedged Equity Fund**

**Calamos Phineus Long/Short Fund**

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE** B **(as of 10-1-21)**

**List of Acquired Funds to Which the Agreement Applies**

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| | | |
|:---|:---|:---|
| **Fund Name** | **Ticker** | **Trust** |
| **SPDR** Dow Jones International Real Estate ETF | RWX | SPDR Index Shares Funds |
| SPDR Dow Jones Global Real Estate ETF | RWO | SPDR Index Shares Funds |
| SPDR EURO STOXX 50 ETF | FEZ | SPDR Index Shares Funds |
| SPDR MSCI ACWI ex-US ETF | CWI | SPDR Index Shares Funds |
| SPDR Portfolio MSCI Global Stock Market ETF | SPGM | SPDR Index Shares Funds |
| SPDR MSCI ACWI Low Carbon Target ETF | LOWC | SPDR Index Shares Funds |
| SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | EFAX | SPDR Index Shares Funds |
| SPDR MSCI EAFE Strategic Factors ETF | QEFA | SPDR Index Shares Funds |
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | EEMX | SPDR Index Shares Funds |
| SPDR MSCI Emerging Markets Strategic Factors ETF | QEMM | SPDR Index Shares Funds |
| SPDR MSCI World Strategic Factors ETF | QWLD | SPDR Index Shares Funds |
| SPDR S&P Emerging Asia Pacific ETF | GMF | SPDR Index Shares Funds |
| SPDR S&P North American Natural Resources ETF | NANR | SPDR Index Shares Funds |
| SPDR S&P China ETF | GXC | SPDR Index Shares Funds |
| SPDR Portfolio Developed World ex-US ETF | SPDW | SPDR Index Shares Funds |
| SPDR S&P International Small Cap ETF | GWX | SPDR Index Shares Funds |
| SPDR Portfolio Emerging Markets ETF | SPEM | SPDR Index Shares Funds |
| SPDR S&P Emerging Markets Dividend ETF | EDIV | SPDR Index Shares Funds |
| SPDR S&P Emerging Markets Small Cap ETF | EWX | SPDR Index Shares Funds |
| SPDR S&P Global Dividend ETF | WDIV | SPDR Index Shares Funds |
| SPDR S&P Global Infrastructure ETF | GIl | SPDR Index Shares Funds |
| SPDR S&P Global Natural Resources ETF | GNR | SPDR Index Shares Funds |
| SPDR S&P International Dividend ETF | DWX | SPDR Index Shares Funds |
| SPDR Portfolio Europe ETF | SPEU | SPDR Index Shares Funds |
| SPDR Bloomberg Barclays 1-10 Year TIPS ETF | TIPX | SPDR Series Trust |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | BIL | SPDR Series Trust |
| SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | BWZ | SPDR Series Trust |
| SPDR Portfolio Short Term Treasury ETF | SPTS | SPDR Series Trust |
| SPDR Portfolio Intermediate Term Treasury ETF | SPTI | SPDR Series Trust |
| SPDR Bloomberg Barclays 3-12 Month T-Bill ETF | BILS | SPDR Series Trust |
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | EBND | SPDR Series Trust |
| SPDR Bloomberg Barclays Emerging Markets USD Bond ETF | EMHC | SPDR Series Trust |
| SPDR Bloomberg Barclays International Corporate Bond ETF | IBND | SPDR Series Trust |
| SPDR Bloomberg Barclays International Treasury Bond ETF | BWX | SPDR Series Trust |
| SPDR Bloomberg Barclays High Yield Bond ETF | JNK | SPDR Series Trust |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | SPIB | SPDR Series Trust |
| SPDR Portfolio Long Term Corporate Bond ETF | SPLB | SPDR Series Trust |
| SPDR Portfolio Long Term Treasury ETF | SPTL | SPDR Series Trust |
| SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | SHM | SPDR Series Trust |
| SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | TFI | SPDR Series Trust |
| SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | HYMB | SPDR Series Trust |
| SPDR Portfolio Short Term Corporate Bond ETF | SPSB | SPDR Series Trust |
| SPDR Portfolio Aggregate Bond ETF | SPAB | SPDR Series Trust |
| SPDR Bloomberg Barclays Convertible Securities ETF | CWB | SPDR Series Trust |
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | FLRN | SPDR Series Trust |
| SPDR Portfolio TIPS ETF | SPIP | SPDR Series Trust |
| SPDR Portfolio Mortgage Backed Bond ETF | SPMB | SPDR Series Trust |
| SPDR Portfolio Corporate Bond ETF | SPBO | SPDR Series Trust |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | SJNK | SPDR Series Trust |
| SPDR Bloomberg SASB Corporate Bond ESG Select ETF | RBND | SPDR Series Trust |
| SPDR Dow Jones REIT ETF | RWR | SPDR Series Trust |
| SPDR FactSet Innovative Technology ETF | XITK | SPDR Series Trust |
| SPDR FTSE International Government Inflation-Protected Bond ETF | WIP | SPDR Series Trust |
| SPDR Global Dow ETF | DGT | SPDR Series Trust |
| SPDR Portfolio High Yield Bond ETF | SPHY | SPDR Series Trust |
| SPDR ICE Preferred Securities ETF | PSK | SPDR Series Trust |
| SPDR MSCI USA StrategicFactors ETF | QUS | SPDR Series Trust |
| SPDR NYSE Technology ETF | XNTK | SPDR Series Trust |
| SPDR Russell 1000 Low Volatility Focus ETF | ONEV | SPDR Series Trust |
| SPDR Russell 1000 Momentum Focus ETF | ONEO | SPDR Series Trust |
| SPDR Russell 1000 Yield Focus ETF | ONEY | SPDR Series Trust |
| SPDR S&P 1500 Value Tilt ETF | VLU | SPDR Series Trust |
| SPDR S&P 1500 Momentum Tilt ETF | MMTM | SPDR Series Trust |
| SPDR S&P 500 ESG ETF | EFIV | SPDR Series Trust |
| SPDR S&P 500 Fossil Fuel Reserves Free ETF | SPYX | SPDR Series Trust |
| SPDR Portfolio S&P 500 Growth ETF | SPYG | SPDR Series Trust |
| SPDR Portfolio S&P 500 High Dividend ETF | SPYD | SPDR Series Trust |
| SPDR Portfolio S&P 500 ETF | SPLG | SPDR Series Trust |
| SPDR Portfolio S&P 500 Value ETF | SPYV | SPDR Series Trust |
| SPDR S&P Aerospace & Defense ETF | .R | SPDR Series Trust |
| SPDR S&P Bank ETF | KBE | SPDR Series Trust |
| SPDR S&P Biotech ETF | XBI | SPDR Series Trust |
| SPDR S&P Capital Markets ETF | KCE | SPDR Series Trust |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF | SPTM | SPDR Series Trust |
| SPDR S&P Health Care Equipment ETF | XHE | SPDR Series Trust |
| SPDR S&P Health Care Services ETF | XHS | SPDR Series Trust |
| SPDR S&P Dividend ETF | SDY | SPDR Series Trust |
| SPDR S&P Homebuilders ETF | XHB | SPDR Series Trust |
| SPDR S&P Insurance ETF | KIE | SPDR Series Trust |
| SPDR S&P Internet ETF | XWEB | SPDR Series Trust |
| SPDR S&P Kensho Clean Power ETF | CNRG | SPDR Series Trust |
| SPDR S&P Kensho Final Frontiers ETF | ROKT | SPDR Series Trust |
| SPDR S&P Kensho Future Security ETF | FITE | SPDR Series Trust |
| SPDR S&P Kensho Intelligent Structures ETF | SIMS | SPDR Series Trust |
| SPDR S&P Kensho New Economies Composite ETF | KOMP | SPDR Series Trust |
| SPDR S&P Kensho Smart Mobility ETF | HAIL | SPDR Series Trust |
| SPDR S&P Metals & Mining ETF | XME | SPDR Series Trust |
| SPDR S&P 400 Mid Cap Growth ETF | MDYG | SPDR Series Trust |
| SPDR S&P 400 Mid Cap Value ETF | MDYV | SPDR Series Trust |
| SPDR Portfolio S&P 400 Mid Cap ETF | SPMD | SPDR Series Trust |
| SPDR S&P Oil & Gas Equipment & Services ETF | XES | SPDR Series Trust |
| SPDR S&P Oil & Gas Exploration & Production ETF | XOP | SPDR Series Trust |
| SPDR S&P Pharmaceuticals ETF | XPH | SPDR Series Trust |
| SPDR S&P Regional Banking ETF | KRE | SPDR Series Trust |
| SPDR S&P Retail ETF | XRT | SPDR Series Trust |
| SPDR S&P Semiconductor ETF | XSD | SPDR Series Trust |
| SPDR S&P 600 Small Cap ETF | SLY | SPDR Series Trust |
| SPDR S&P 600 Small Cap Growth ETF | SLYG | SPDR Series Trust |
| SPDR Portfolio S&P 600 Small Cap ETF | SPSM | SPDR Series Trust |
| SPDR S&P 600 Small Cap Value ETF | SLYV | SPDR Series Trust |
| SPDR S&P Software & Services ETF | XSW | SPDR Series Trust |
| SPDR S&P Telecom ETF | XTL | SPDR Series Trust |
| SPDR S&P Transportation ETF | XTN | SPDR Series Trust |
| SPDR SSGA Gender Diversity Index ETF | SHE | SPDR Series Trust |
| SPDR SSGA US Large Cap Low Volatility Index ETF | LGLV | SPDR Series Trust |
| SPDR SSGA US Small Cap Low Volatility Index ETF | SMLV | SPDR Series Trust |
| SPDR Nuveen Municipal Bond ETF | MBND | SSGA Active Trust |
| SPDR Double Line Total Return Tactical ETF | TOTL | SSGA Active Trust |
| SPDR SSGA Ultra Short Term Bond ETF | ULST | SSGA Active Trust |
| SPDR Double Line Emerging Markets Fixed Income ETF | EMTL | SSGA Active Trust |
| SPDR Blackstone Senior Loan ETF | SRLN | SSGA Active Trust |

---

Information Classification: Limited Access

## Ex-99.(H)(53)

**Exhibit 99.(h)(53**)

**FUND OF FUNDS INVESTMENT AGREEMENT**

This Fund of Funds Investment Agreement (this "Agreement"), dated as of January 19, 2022 (the "Effective Date"), is made among Calamos Investment Trust and Calamos Long/Short Equity & Dynamic Income Trust, (each referred to as a "Trust"), on behalf of itself or its series listed on Schedule A, severally and not jointly (each, the "Acquiring Fund"), and SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust, severally and not jointly (each, the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, each Acquired Fund is a unit investment trust that is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, each Acquiring Fund is registered with the SEC as an investment company under the 1940 Act;

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Fund, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Fund and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Fund may invest in the Acquired Fund in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Terms of Investment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to assist the Acquiring Fund ' s investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide the Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The agreement contained in paragraph 1(a) applies only with respect to an investment by the Acquiring Fund in the Acquired Fund that exceeds the limits in Section 12(d)(1)(A)(i) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Covenants of the Acquired Fund**

In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(l)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if the Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Covenants of the Acquiring Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if the Acquiring Fund fails to comply with the Rule with respect to its investment in the Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any of the provisions of this Agreement notwithstanding, the Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. The Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor the Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquiring Fund shall provide the Acquired Fund with information regarding the amount of the Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything herein to the contrary, to the extent the Acquiring Fund, the investment adviser to the Acquiring Fund or, if applicable, the subadviser to the Acquiring Fund has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, the Acquiring Fund will: (a) not make an investment in the Acquired Fund that causes the Acquiring Fund to hold 5% or more of the Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Notices**

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;If to the Acquiring Fund: | &nbsp;&nbsp;If to the Acquired Fund: |
| &nbsp;&nbsp;Calamos Family of Funds | &nbsp;&nbsp;State Street Global Advisors |
| &nbsp;&nbsp;c/o Calamos Advisors LLC | &nbsp;&nbsp;One Iron Street |
| &nbsp;&nbsp;2020 Calamos Court | &nbsp;&nbsp;Boston, MA 02210 |
| &nbsp;&nbsp;Naperville, IL 60563 | &nbsp;&nbsp;Attn: Global Funds Management |
| &nbsp;&nbsp;Attn: General Counsel | &nbsp;&nbsp;Email: NewFoFRule@SSGA.com |
| &nbsp;&nbsp;Email: Legalnotices@calamos.com |  |
| &nbsp;&nbsp;With a copy to: | &nbsp;&nbsp;With a copy to: |
| &nbsp;&nbsp;Calamos Compliance Department | &nbsp;&nbsp;State Street Global Advisors |
| &nbsp;&nbsp;2020 Calamos Court | &nbsp;&nbsp;One Iron Street |
| &nbsp;&nbsp;Naperville, IL 60563 | &nbsp;&nbsp;Boston, MA 02210 |
| &nbsp;&nbsp;Email: Compliancedept@calamos.com | &nbsp;&nbsp;Attn: Legal Department |
|  | &nbsp;&nbsp;Email: NewFoFRule@SSGA.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Term and Termination; Assignment; Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Fund's reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing: (i) by either party upon sixty (60) days' notice to the other party ; or (ii) in the event of a material breach of this Agreement, upon written notice to the breaching party, which may be given in the sole discretion of the non-breaching party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Agreement may not be assigned by either party without the prior written consent of the other. Any purported assignment of rights in violation of this Section is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only by a writing that is signed by each affected patty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving the Acquiring Fund under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any of the other Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquired Fund under this Agreement, the Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any of the other Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Acquiring Fund and the Acquired Fund may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund (an "Indemnifying Fund"), severally and not jointly, agrees to hold harmless, indemnify and defend each other Fund (an "Indemnitee Fund"), including any principals, directors or trustees, officers, employees and agents ("Agents") of the Indemnitee Fund, against and from any and all losses, costs, expenses and liabilities incurred by or claims or actions ("Claims") asserted against the Indemnitee Fund, including any of its Agents, to the extent such Claims result from a violation of any provision of this Agreement by the Indemnifying Fund or its Agents or result from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnifying Fund or its Agents in the performance of any of its duties or obligations hereunder. Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. Notwithstanding the foregoing, the Indemnifying Fund shall not be responsible for any Claim against the Indemnitee Fund or its Agents to the extent such Claim results from a violation of any provision of this Agreement by the Indemnitee Fund or its Agents or results from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnitee Fund or its Agents in the performance of any of its duties or obligations hereunder. This Section shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any liability pursuant to the forgoing provision shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look solely to the individual Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other Acquiring Fund or Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Additional Funds**

In the event that the Trust wishes to include one or more series in addition to those originally set forth on Schedule A (each such series a "New Fund"), the Trust shall so notify the Acquired Fund in writing, and, upon written agreement, each New Fund shall hereunder become an Acquiring Fund and Schedule A shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Severability**

If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of Calamos Investment Trust, a copy of the Declaration of Trust of the Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of Calamos Investment Trust shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of Calamos Investment Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Consequential Damages**

Under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire understanding and agreement of the parties. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between the Acquiring Fund and the Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to permit investments beyond the statutory limits of Section 12(d)(1)(A) and (B) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

**SPDR S&P 500 ETF TRUST**

**SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST**

**(severally and not jointly)**

---

| | |
|:---|:---|
| By: | STATE STREET GLOBAL ADVISORS TRUST COMPANY, not in its general corporate capacity but solely as Trustee of each Acquired Fund |
| By: | /s/ Ellen M Needham |
| Name: | Ellen M Needham |
| Title: | Senior Managing Director |

---

*[Remainder of page intentionally left blank; Acquiring Fund signature page follows]*

**CALAMOS INVESTMENT TRUST**

**CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST**

---

| | |
|:---|:---|
| **(each on behalf of itself or its series listed on Schedule A, severally and not jointly)** | **(each on behalf of itself or its series listed on Schedule A, severally and not jointly)** |
| By: | J. Christopher Jackson |
| Name: | J. Christopher Jackson |
| Title: | Vice President & Secretary |

---

**SCHEDULE A**

**List of Acquiring Fund(s) to Which the Agreement Applies**

**<u>Acquiring Funds</u>**

**The following series of Calamos Investment Trust:**

**Calamos Market Neutral Income Fund**

**Calamos Hedged Equity Fund**

**Calamos Phineus Long/Short Fund**

**Calamos Long/Short Equity & Dynamic Income Trust**

## Ex-99.(H)(54)

**Exhibit 99.(h)(54)**

**RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, dated as of January 19, 2022, among the Calamos Investment Trust, Calamos Long/Short Equity & Dynamic Income Trust, on behalf of themselves and their separate series listed on Schedule A (each, an "Investing Fund"), severally and not jointly, and the investment trusts listed on Schedule A, on behalf of themselves and their respective series also listed on Schedule A, severally and not jointly (each, a "Vanguard Fund" and together with the Investing Funds, the "Funds").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(8) limits the extent to which a registered open-end investment company, its principal underwriter ("Distributor") or registered brokers or dealers ("Brokers") may knowingly sell shares of such registered investment company to other investment companies, and Section 12(d)(1)(C) limits the extent to which an investment company may invest in the shares of a registered closed-end investment company;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits (i) registered investment companies, such as the Investing Funds, to invest in shares of other registered investment companies, such as the Vanguard Funds, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, and (ii) registered investment companies, such as the Vanguard Funds, as well as the Distributor and Brokers, knowingly to sell shares of the Vanguard Funds to the Investing Funds in excess of the limits of Section 12(d)(1)(8) of the 1940 Act, subject to compliance with the conditions of the Rule;

WHEREAS, an Investing Fund may, from time to time, invest in shares of one or more Vanguard Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule; and

WHEREAS, a Vanguard Fund, Distributor, or Broker, from time to time, may knowingly sell shares of one or more Vanguard Funds to an Investing Fund in excess of the limitations of Section 12(d)(1)(8) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Investing Funds and the Vanguard Fund[s] desire to set forth the following terms pursuant to which the Investing Funds may invest in the Vanguard Funds in reliance on the Rule and the Vanguard Funds, Distributor, or Broker may sell shares of the Vanguard Funds to the Investing Funds in reliance on the Rule.

1. <u>Terms of Investment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to investments in Vanguard Funds that operate as exchange-traded funds ("Vanguard ETFs"), the Funds note that each Vanguard ETF is designed to accommodate large investments and redemptions, whether from Investing Funds or other investors. Creation and redemption orders for shares of the Vanguard ETFs can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "Authorized Participants") that have entered into an agreement ("Authorized Participant Agreement") with the Vanguard ETFs' distributor to transact in shares of the Vanguard ETFs. The Vanguard ETFs also have policies and procedures (the "Basket Policies") that have been adopted pursuant to Rule 6c-11 under the 1940 Act, which govern creations and redemptions of the Vanguard ETFs' shares. Any creation or redemption order submitted by an Investing Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Authorized Participant Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Investing Funds will transact in shares in the Vanguard ETFs on the secondary market rather than through direct creation and redemption transactions with the Vanguard ETF. The Funds believe that these material terms regarding an Investing Fund's investment in shares of a Vanguard ETF should assist the Vanguard ETF's investment adviser, the Vanguard Group Inc. ("Vanguard), with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to help reasonably address the risk of undue influence on a Vanguard Fund that operates as a mutual fund ("Vanguard Mutual Fund") by an Investing Fund, and to assist Vanguard with making the required findings under the Rule, each Investing Fund and each Vanguard Mutual Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *In-kind redemptions.* The Investing Fund acknowledges and agrees that, if and to the extent consistent with the Vanguard Mutual Fund's registration statement, as amended from time to time, the Vanguard Mutual Fund may honor any redemption request partially or wholly in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Timing/advance notice of redemptions.* The Investing Fund will use reasonable efforts to spread large redemption requests over multiple days or to provide advance notification of redemption requests to the Vanguard Mutual Fund(s), in each case whenever practicable and consistent with the Investing Fund's best interests. The Vanguard Mutual Funds acknowledge and agree that any notification provided pursuant to the foregoing is not a commitment to redeem and constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Scale of investment.* Upon a reasonable request by a Vanguard Mutual Fund, the Investing Fund will provide summary information regarding the anticipated timeline of its investment in the Vanguard Mutual Fund and the scale of its contemplated investments in the Vanguard Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to assist the Investing Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in a Vanguard Fund, each Vanguard Fund shall provide each Investing Fund with information on the fees and expenses of the Vanguard Fund reasonably requested by the Investing Fund with reference to the Rule.

2. <u>Representations of the Vanguard Funds.</u>

In connection with any investment by an Investing Fund in a Vanguard Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by a Vanguard Fund, Distributor, or Broker to an Investing Fund in excess of the limitations in Section 12(d)(1)(B), the Vanguard Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Vanguard Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Investing Fund if such Vanguard Fund fails to comply with the Rule with respect to an investment by the Investing Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

3. <u>Representations of the Investing Funds.</u>

In connection with any investment by an Investing Fund in a Vanguard Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of Shares by a Vanguard Fund, Distributor, or Broker to an Investing Fund in excess of the limitations in Section 12(d)(1)(B), the Investing Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Investing Funds; (ii) comply with its obligations under this Agreement; (iii) promptly notify the Vanguard Fund when it has invested in the Vanguard Fund in an amount which exceeds the limitations in Section 12(d)(1)(A); and (iv) promptly notify the Vanguard Fund if such Investing Fund fails to comply with the Rule with respect to its investment in such Vanguard Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

4. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investing Fund, severally and not jointly, agrees to hold harmless, indemnify and defend the Vanguard Funds, including any principals, directors or trustees, officers, employees and agents ("Vanguard Agents"), against and from any and all losses, costs, expenses or liabilities incurred by or claims or actions ("Claims") asserted against the Vanguard Funds, including any Vanguard Agents, to the extent such Claims result from (i) a violation or alleged violation by such Investing Fund of any provision of this Agreement or (ii) a violation or alleged violation of the terms and conditions of the Rule, as applicable, in each case by the Investing Fund, its principals, directors or trustees, officers, employees, agents, advisers or if applicable, subadvisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Vanguard Funds, severally and not jointly, agree to hold harmless, indemnify and defend each Investing Fund, including any principals, directors or trustees, officers, employees and agents ("Investing Fund Agents"), against and from any and all Claims asserted against an Investing Fund, including any Investing Fund Agents, to the extent such Claims result from (i) a violation or alleged violation by such Vanguard Fund of any provision of this Agreement or (ii) a violation or alleged violation of the terms and conditions of the Rule, as applicable, in each case by the Vanguard Fund, its principals, directors or trustees, officers, employees, agents or advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. In any action involving the parties under this Agreement, the parties agree to look solely to the individual series of the Investing Funds or the Vanguard Funds that are involved in the matter in controversy and not to any other series.

5. <u>Notices</u>

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to an Investing Fund:<br>Calamos Family of Funds<br> Attn: General Counsel<br> c/o Calamos Advisors LLC<br> 2020 Calamos Court<br> Naperville, IL 60563<br> Email: <u>legalnotices@calamos.com</u><br>With a Copy to<br> Calamos Compliance Department<br> Email: Compliancedept@calamos.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to a Vanguard Fund:<br>**ETF** Counsel<br> The Vanguard Group, Inc.<br> Legal Department, V26<br> 400 Devon Park Drive<br> Wayne, PA 19087<br> Fax: (610) 669-6600<br> Email: 12d1_Notices@vanguard.com |

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6. <u>Term and Termination: Governing Law: Dispute Resolution</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Vanguard Funds' and the Investing Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue, in its entirety or with respect to any particular Investing Fund or Vanguard Fund, until terminated in writing by any party upon 60 days' written notice to the other parties. Upon termination of this Agreement, no Investing Fund may purchase additional shares of a Vanguard Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule. Upon termination of this Agreement with respect to any particular Investing Fund or Vanguard Fund, the parties may not rely on the Rule with respect to any investment by such terminated Investing Fund in shares of Vanguard Funds or investment in shares of such terminated Vanguard Fund by Investing Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement will be governed by Pennsylvania law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any dispute arising out of or related to this Agreement which cannot be resolved through discussions between the parties shall be settled by binding arbitration before a panel of three arbitrators in accordance with and subject to the Commercial Arbitration Rules of the American Arbitration Association then applicable. Unless otherwise agreed upon by the parties, the arbitration hearings will be held in Philadelphia, Pennsylvania.

7. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns this Agreement to a third party as provided in this Section, such third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party. Any assignment in contravention of this Section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly set forth herein, nothing in this Agreement shall confer any rights upon any person or entity other than the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. This Agreement shall become binding when any two or more counterparts thereof, individually or taken together, bear the signatures of both parties hereto. For purposes hereof, a facsimile copy of this Agreement, including the signature pages hereto, shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With the exception of Schedule A, which may be amended via email notification to the contact identified in Section 5 of this Agreement, no amendment, modification, or supplement of any provision of this Agreement will be valid or effective unless made in writing in the manner provided by Section 5 and signed by a duly authorized representative of each party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The effectiveness of this Agreement shall be deemed to constitute the termination as of the date first written above of any and all prior agreements between Investing Funds and Vanguard Funds that relates to the investment by any Investing Funds in any Vanguard Funds in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to achieve compliance with Section 12(d)(1) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of Calamos Investment Trust, a copy of the Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent or shareholder of the Investing Funds shall have any personal liability under this Agreement and that this Agreement is binding only upon the assets and property of the applicable Investing Funds.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| **Vanguard Funds** |  |  |
| Name of Authorized Signer | Print | Signature |
| Title: Assistant Secretary | Michael Drayo | /s/ Michael Drayo |

---

**Calamos Investment Trust**

**Calamos Long/Short Equity & Dynamic Income Trust**

---

| | | |
|:---|:---|:---|
| Name of Authorized Signer | Print | Signature |
| Title: Vice President & Secretary | J. Christopher Jackson | /s/ J. Christopher Jackson |

---

SCHEDULE A

List of Funds to Which the Agreement Applies

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investing Funds | &nbsp;&nbsp;Vanguard Funds |
| &nbsp;&nbsp;The following series of Calamos Investment Trust: |  |
| &nbsp;&nbsp;Calamos Market Neutral Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; **Vanguard Index Funds**<br> &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF (VOO) |
| &nbsp;&nbsp;Calamos Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; **Vanguard Index Funds**<br> &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF (VOO) |
| &nbsp;&nbsp;Calamos Phineus Long/Short Fund | &nbsp;&nbsp;&nbsp;&nbsp; **Vanguard Index Funds**<br> &nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF (VOO)<br> **Vanguard International Equity Index Funds**<br> &nbsp;&nbsp;&nbsp;&nbsp;Vanguard FTSE Europe ETF (VGK)<br> **Vanguard Specialized Funds**<br> &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Real Estate ETF (VNQ) |
| &nbsp;&nbsp;Calamos Long/Short Equity & Dynamic Income Trust | &nbsp;&nbsp;&nbsp;&nbsp; **Vanguard Index Funds**<br> Vanguard S&P 500 ETF (VOO)<br> **Vanguard International Equity Index Funds**<br> Vanguard FTSE Europe ETF (VGK)<br> **Vanguard Specialized Funds**<br> Vanguard Real Estate ETF (VNQ) |

---

## Ex-99.(H)(55)

**Exhibit 99.(h)(55)**

**BLACKROCK RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS FUND OF FUNDS INVESTMENT AGREEMENT (the "Agreement"), dated as of January 19, 2022 (the "Effective Date"), is made by and between each registered open-end investment company (each, a "Registrant"), on behalf of each portfolio series of each such Registrant listed on Schedule A or Schedule B hereto, or if the relevant Registrant has no portfolio series, then the relevant Registrant (as applicable, each an "Acquiring Fund" or "Acquired Fund" pursuant to the applicable schedule), each severally and not jointly.

WHEREAS, each Registrant is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and certain additional terms of investment as provided below.

1. Terms of Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, each Acquiring Fund and each Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *In-kind redemptions.* The Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's
registration statement, as amended from time to time, the Acquired Fund may honor any redemption request partially or wholly in-kind in
the sole discretion of the Acquired Fund (which discretion of the Acquired Fund shall include the selection of portfolio securities to
distribute in-kind), even where such Acquired Fund does not ordinarily satisfy redemption requests in-kind (particularly in the case of
Acquired Funds that are not exchange-traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Timing/advance notice of redemptions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to Enumerated Funds (as defined on Schedule B), the Acquiring Fund will use reasonable efforts to provide the required
advanced notification specified in the 12d1-4 List (as defined below). Such notice shall be provided to the Acquired Fund(s) whenever
practicable and consistent with the Acquiring Fund's best interests. This provision shall only apply in connection with any investment
made by an Acquiring Fund in an Acquired Fund in excess of the limits in Section 12(d)(1)(A)(i) of the 1940 Act. For the avoidance
of doubt, in the instance where the Acquired Fund is an exchange-traded fund, the requirements of this paragraph (1) shall not apply
to transactions in which an Acquiring Fund did not know or have reason to know that such transaction would result in a redemption transaction
with the Acquired Fund (such as where an Acquiring Fund sells shares in the secondary market).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to redeem and
constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Scale of investment.* Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

3. Representations of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Acquiring Fund shall promptly notify an Acquired Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. of any purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 3% or more of such Acquired Fund's
total outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. of any purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 5% or more of such Acquired Fund's
total outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. where an Acquiring Fund and its Advisory Group (as defined in the Rule), individually or in the aggregate, hold more than 25% of such
Acquired Fund's total outstanding voting securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. if at any time an Acquiring Fund no longer holds voting securities of an Acquired Fund in excess of an amount noted in (i), (ii),
or (iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, any Acquiring Fund that has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, will: (a) not make an investment in an Acquired Fund that causes such Acquiring Fund to hold 5% or more of such Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The requirements set forth in Sections 3(b)(i), 3(b)(ii), and 3(c) shall not apply where the Acquiring Fund's full portfolio is sub-advised by any affiliate of BlackRock, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Acquiring Fund shall provide an Acquired Fund with information regarding the amount of such Acquiring Fund's investments in the Acquired Fund, and information regarding affiliates of the Acquiring Fund, upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Acquiring Fund acknowledges that it may not rely on this Agreement to invest in the Ineligible Funds (as defined in Schedule B) and that the Enumerated Funds are subject to certain additional conditions described on the list of Ineligible Funds and Enumerated Funds (the "12d1-4 List"). Each Acquiring Fund acknowledges that the 12d1-4 List is available as described in Schedule B, and further acknowledges that it is an Acquiring Fund's obligation to review the 12d1-4 List on an ongoing basis for any changes which may occur from time to time.

4. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund agrees to hold harmless and indemnify each Acquired Fund, including any of its principals, directors or trustees,
officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or claims or actions ("Claims")
asserted against the Acquired Fund, including any of their principals, directors or trustees, officers, employees and agents, to the extent
such Claims result from a violation or alleged violation by such Acquiring Fund of any provision of this Agreement, such indemnification
to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims; provided that
no Acquiring Fund shall be liable for indemnifying any Acquired Fund for any Claims resulting from violations that occur directly as a
result of incomplete or inaccurate information provided by the Acquired Fund to such Acquiring Fund pursuant to terms and conditions of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees to hold harmless and indemnify an Acquiring Fund, including any of its principals, directors or trustees,
officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or Claims asserted against the
Acquiring Fund, including any of its principals, directors or trustees, officers, employees and agents, to the extent such Claims result
from a violation or alleged violation by such Acquired Fund of any provision of this Agreement, such indemnification to include any reasonable
counsel fees and expenses incurred in connection with investigating and/or defending such Claims; provided that no Acquired Fund shall
be liable for indemnifying any Acquiring Fund for any Claims resulting from violations that occur directly as a result of incomplete or
inaccurate information provided by the Acquiring Fund to such Acquired Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any liability pursuant to the forgoing provisions shall be several and not joint. In any action involving the parties under this Agreement,
the parties agree to look solely to the individual series of the Acquiring Fund(s) or Acquired Fund(s) that is/are involved
in the matter in controversy and not to any other series.

5. Use of Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent an Acquiring Fund refers to one or more Acquired
Funds in any prospectus, statement of additional information or otherwise (but not in the financial statements of the Acquiring Fund
when the Acquired Fund is listed as a holding), each Acquiring Fund agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Refer to such Acquired Fund by its legal name, for example, the "iShares® [Index Provider (when required)] [Exposure] ETF"
(e.g., iShares U.S. Financial Services ETF or iShares Core S&P 500 ETF or iShares MSCI ACWI ETF) upon first reference to such Acquired
Fund, and by its legal name or its ticker symbol for subsequent references; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Include the following notice within reasonable proximity to the first reference to such Acquired Fund,
as applicable:

iShares® is a registered trademark of BlackRock, Inc. or its subsidiaries ("BlackRock"). Neither BlackRock nor the iShares® Funds make any representations regarding the advisability of investing in [Name of Acquiring Fund].

BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries ("BlackRock"). Neither BlackRock nor the BlackRock Funds make any representations regarding the advisability of investing in [Name of Acquiring Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Acquiring Fund shall use the name or any tradename, trademark, service mark, symbol or any abbreviation, contraction or simulation thereof of the Acquired Fund, BlackRock or any of their affiliates in its shareholder communications, advertising, sales literature and similar communications (other than a prospectus, statement of additional information, fact sheet or similar disclosure document, or shareholder report) unless it first receives prior written approval (including approval through written electronic communications) of the Acquired Fund or BlackRock. Additionally, no Acquiring Fund shall use any logo of the Acquired Fund or of BlackRock without entering into a separate trademark license agreement with BlackRock.

6. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below. Either party may notify the other in writing of any changes to these notice provisions. For the avoidance of doubt, it is acknowledged and agreed that no notice is required hereunder to update, supplement or otherwise amend the 12d1-4 List.

---

| | |
|:---|:---|
| If to the Acquiring Funds: | If to the Acquired Funds: |
| As set forth on Schedule C | **iShares ETFs:** |
|  | Email: Groupl2d14@blackrock.com |
|  | **BlackRock Mutual Funds and Active ETFs:** |
|  | Email: <u>GroupOfficeofRegisteredFunds@blackrock.com</u> |

---

7. Additional Acquiring Funds.

In the event that an Acquiring Fund wishes to include one or more series in addition to those originally set forth on Schedule A, the Acquiring Fund shall so notify the Acquired Fund in writing, and if the Acquired Fund agrees in writing, such series shall hereunder become an Acquiring Fund, and Schedule A shall be amended accordingly.

8. Governing Law; Counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will be governed by Delaware law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. An electronic copy of a signature received in Portable Document Format (PDF) or a copy of a signature
received via a fax machine shall be deemed to be of the same force and effect as an original signature on an original executed document.

9. Term and Termination; Assignment; Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds' reliance on the Rule, as interpreted
or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds
made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect
until terminated pursuant to Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 30 days' notice to the other party. Upon termination
of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits
in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in Sections 6 and 7 above, this Agreement may be amended only by a writing that
is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of any Acquiring Fund or Acquired Fund organized as a Massachusetts business trust (each,
a "Massachusetts Trust"), a copy of the Declaration of Trust of each Massachusetts Trust is on file with the Secretary of The
Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of a Massachusetts
Trust shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of
the applicable series of each Massachusetts Trust. For the avoidance of doubt, no director, trustee, officer, employee, agent, employee
or shareholder of any other Registrant shall have any personal liability under this Agreement, and that this Agreement is binding only
upon the assets and property of the applicable series of each such Registrant.

10. Termination of Prior Agreements. The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between an Acquiring Fund and an Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to achieve compliance with Section 12(d)(1) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

*[Remainder of page intentionally left blank; signature pages follow]*

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**EACH ACQUIRING FUND REGISTRANT LISTED ON SCHEDULE A HERETO, ON BEHALF OF ITS APPLICABLE SERIES**

---

| | |
|:---|:---|
| By: | /s/ J. Christopher Jackson |
| Name: |  |
| Title: |  |

---

*[Remainder of page intentionally left blank; Acquired Fund signature page follows]*

**THE FOLLOWING ACQUIRED FUND REGISTRANTS LISTED ON SCHEDULE B HERETO, EACH ON BEHALF OF ITS APPLICABLE SERIES**

**BlackRock ETF Trust**

**BlackRock ETF Trust II**

---

| | |
|:---|:---|
| By: | /s/ Jennifer McGovern |
| Name: | Jennifer McGovern |
| Title: | Vice President |

---

**THE FOLLOWING ACQUIRED FUND REGISTRANTS LISTED ON SCHEDULE B HERETO, EACH ON BEHALF OF ITS APPLICABLE SERIES**

**iShares Trust**

**iShares, Inc.**

**iShares U.S. ETF Trust**

---

| | |
|:---|:---|
| By: | /s/ Paul C. Lohrey |
| Name: | Paul C. Lohrey |
| Title: | Assistant Secretary |

---

**Schedule A: Acquiring Funds**

Registrant: **Calamos Investment Trust**

Series: Calamos Market Neutral Income Fund<br> Calamos Hedged Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund

**Calamos Long/Short Equity & Dynamic Income Trust**

**Schedule B: Acquired Funds**

**<u>Exchange-Traded Funds:</u>**

BlackRock ETF Trust

All Series

BlackRock ETF Trust II

All Series

iShares Trust

All Series

iShares, Inc.

All Series

iShares U.S. ETF Trust

All Series

This Schedule B is amended to exclude any Acquired Fund that is at the time included on the list of funds that are not permissible as Acquired Funds (the "Ineligible Funds") and is supplemented to include Acquired Funds that are subject to certain additional terms of investment as set forth in the Agreement (the "Enumerated Funds"), along with related requirements (the "12d1-4 List"), all such additional terms and requirements being deemed incorporated by reference into the Agreement, which is maintained at <u>https://www.ishares.com/us/literature/shareholder-letters/blackrock-12d1-4-list.pdf</u>, as such site is amended, supplemented or revised and in effect from time to time.

**Schedule C: Notice for Acquiring Funds [Calamos to provide desired contact information for receipt of Notice.]**

Calamos Family of Funds

c/o Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

Email: Legalnotices@calamos.com

With a copy to:

Calamos Advisors LLC

Attn: Compliance Department

2020 Calamos Court

Naperville, IL 60563

Email: Compliancedept@calamos.com

## Ex-99.(H)(56)

**Exhibit 99.(h)(56)**

FUND OF FUNDS INVESTMENT AGREEMENT

This Fund of Funds Investment Agreement (this "Agreement"), dated as of January 19, 2022 (the "Effective Date"), is made among Calamos Investment Trust and Calamos Long/Short Equity & Dynamic Income Trust, on behalf of its or its series listed on Schedule A, severally and not jointly (each, the "Acquiring Fund"), and The Select Sector SPDR Trust, on behalf of each of its series listed on Schedule B, severally and not jointly (each, the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Fund, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Fund and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Fund may invest in the Acquired Fund in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Terms of Investment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on the Acquired Fund by the Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, the Acquiring Fund and the Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Redemptions.* The Acquiring Fund acknowledges and agrees that it is not an Authorized Participant, as defined in Rule 6c-11 under the 1940 Act, and has no ability to directly redeem shares from the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Scale of investment.* Upon a reasonable request by the Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase order is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide the Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The agreements contained in paragraphs 1(a)(ii) and 1(b) apply only with respect to an investment by the Acquiring Fund in the Acquired Fund that exceeds the limits in Section 12(d)(1)(A)(i) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Covenants of the Acquired Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if the Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquired Fund agrees that any information regarding planned purchases or sales of shares of the Acquired Fund provided by the Acquiring Fund pursuant to Section 1 will be treated confidentially, used solely for the purposes of this Agreement, and will not be disclosed to any third party without the prior consent of the Acquiring Fund, except for directors/trustees, officers, employees, accountants, legal counsel, investment advisers and other advisers of the Acquired Fund and its affiliates on a need-to-know basis and solely for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Covenants of the Acquiring Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if the Acquiring Fund fails to comply with the Rule with respect to its investment in the Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any of the provisions of this Agreement notwithstanding, the Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. The Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor the Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquiring Fund shall provide the Acquired Fund with information regarding the amount of the Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything herein to the contrary, to the extent the Acquiring Fund, the investment adviser to the Acquiring Fund or, if applicable, the subadviser to the Acquiring Fund has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, the Acquiring Fund will: (a) not make an investment in the Acquired Fund that causes the Acquiring Fund to hold 5% or more of the Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Notices**

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| If to the Acquiring Fund: | If to the Acquired Fund: |
| Calamos Family of Funds | State Street Global Advisors |
| c/o Calamos Advisors LLC | One Iron Street |
| 2020 Calamos Court | Boston, MA 02210 |
| Naperville, IL 60563 | Attn: Global Funds Management |
| Attn: General Counsel | Email: NewFoFRule@SSGA.com |
| Email: Legalnotices@calamos.com |  |
| With a copy to: | With a copy to: |
| Calamos Compliance Department | State Street Global Advisors |
| 2020 Calamos Court | One Iron Street |
| Naperville, IL 60563 | Boston, MA 02210 |
| Email: <u>Compliancedept@calamos.com</u> | Attn: Legal Department |
|  | Email: NewFoFRule@SSGA.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Term and Termination; Assignment; Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Fund's reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing: (i) by either party upon sixty (60) days' notice to the other party; or (ii) in the event of a material breach of this Agreement, upon written notice to the breaching party, which may be given in the sole discretion of the non-breaching party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Agreement may not be assigned by either party without the prior written consent of the other. Any purported assignment of rights in violation of this Section is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving the Acquiring Fund under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any of the other Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquired Fund under this Agreement, the Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any of the other Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Acquiring Fund and the Acquired Fund may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund (an "Indemnifying Fund"), severally and not jointly, agrees to hold harmless, indemnify and defend each other Fund (an "Indemnitee Fund"), including any principals, directors or trustees, officers, employees and agents ("Agents") of the Indemnitee Fund, against and from any and all losses, costs, expenses and liabilities incurred by or claims or actions ("Claims") asserted against the Indemnitee Fund, including any of its Agents, to the extent such Claims result from a violation of any provision of this Agreement by the Indemnifying Fund or its Agents or result from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnifying Fund or its Agents in the performance of any of its duties or obligations hereunder. Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. Notwithstanding the foregoing, the Indemnifying Fund shall not be responsible for any Claim against the Indemnitee Fund or its Agents to the extent such Claim results from a violation of any provision of this Agreement by the Indemnitee Fund or its Agents or results from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnitee Fund or its Agents in the performance of any of its duties or obligations hereunder. This Section shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any liability pursuant to the forgoing provision shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look solely to the individual Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other Acquiring Fund or Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Additional Funds**

In the event that any party wishes to include one or more series in addition to those originally setforth on Schedule A or Schedule B (each such series a "New Fund"), such party shall so notify the other party in writing, and, upon written agreement, each New Fund shall hereunder become an Acquiring Fund or an Acquired Fund, as the case may be, and Schedule A or Schedule B, as appropriate, shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Severability**

If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of Calamos Investment Trust and the Acquired Fund, a copy of the Declaration of Trust of the applicable Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of Calamos Investment Trust or the Acquired Fund shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of Calamos Investment Trust and the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Consequential Damages**

Under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire understanding and agreement of the parties. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between the Acquiring Fund and the Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to permit investments beyond the statutory limits of Section 12(d)(1)(A) and (B) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

**THE SELECT SECTOR SPDR TRUST**

**(on behalf each of its series listed on Schedule B, severally and not jointly)**

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
| Name: | Ann M. Carpenter |
| Title: | Deputy Treasurer |

---

*[Remainder of page intentionally left blank; Acquiring Fund signature page follows]*

**CALAMOS INVESTMENT TRUST**

**CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST**

**(each on behalf of itself or its series listed on Schedule A, severally and not jointly)**

---

| | |
|:---|:---|
| By: | /s/ J. Christopher Jackson |
| Name: | J. Christopher Jackson |
| Title: | Vice President & Secretary |

---

**SCHEDULE A**

**List of Acquiring Fund(s) to Which the Agreement Applies**

**<u>Acquiring Funds</u>**

**The following series of Calamos Investment Trust:**

**Calamos Market Neutral Income Fund**

**Calamos Hedged Equity Fund**

**Calamos Phineus Long/Short Fund**

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE B**

**List of Acquired Funds to Which the Agreement Applies**

**<u>Acquired Funds</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Ticker** | &nbsp;&nbsp;**Trust Name** |
| &nbsp;&nbsp;The Communication Services Select Sector SPDR Fund | &nbsp;&nbsp;XLC | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp;XLY | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp;XLP | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Energy Select Sector SPDR Fund | &nbsp;&nbsp;XLE | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Financial Select Sector SPDR Fund | &nbsp;&nbsp;XLF | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Health Care Select Sector SPDR Fund | &nbsp;&nbsp;XLV | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Industrial Select Sector SPDR Fund | &nbsp;&nbsp;XLI | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Materials Select Sector SPDR Fund | &nbsp;&nbsp;XLB | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Real Estate Select Sector SPDR Fund | &nbsp;&nbsp;XLRE | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Technology Select Sector SPDR Fund | &nbsp;&nbsp;XLK | &nbsp;&nbsp;The Select Sector SPDR Trust |
| &nbsp;&nbsp;The Utilities Select Sector SPDR Fund | &nbsp;&nbsp;XLU | &nbsp;&nbsp;The Select Sector SPDR Trust |

---

## Ex-99.(H)(57)

#### Exhibit 99.(h)(57)
&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img001.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img002.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img003.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img004.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img005.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img006.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img007.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img008.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img009.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h57img010.jpg)<br>

## Ex-99.(H)(58)

**Exhibit 99.(h)(58)**

**RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS FUND OF FUNDS INVESTMENT AGREEMENT (the **"Agreement"**), dated as of January 19, 2022 ("Effective Date"), is made among Calamos Investment Trust and Calamos Long/Short Equity & Dynamic Income Trust, on behalf of itself or certain of its series listed in Schedule A, as may be amended from time to time, severally and not jointly (each, an **"Acquiring Fund"** and collectively and as applicable, the **"Acquiring Funds"**) and The Bank of New York Mellon, solely in its capacity as Trustee and on behalf of the **Invesco QQQ Trust, Series 1** (the **"Acquired Fund"** and together with the Acquiring Funds, the **"Funds"**).

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission (**"SEC"**) as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**"); and

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter (**"Distributor"**) or any brokers or dealers registered under the Securities Exchange Act of 1934 (**"Brokers"**) may knowingly sell shares of such registered investment company to other investment companies; and

WHEREAS, Rule 12d1-4 under the 1940 Act (the **"Rule"**) permits (i) registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, and (ii) registered open-end investment companies, such as the Acquired Fund, as well as the Distributor and Brokers, knowingly to sell shares of the Acquired Fund to the Acquiring Funds in excess of the limits of Section 12(d)(1)(B) of the 1940 Act, subject to compliance with the conditions of, and in reliance on, the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of the Acquired Fund in excess of the limitations of Section 12(d)(1)(A), in reliance on the Rule; and

WHEREAS, an Acquired Fund, Distributor, or Broker, from time to time, may knowingly sell Shares of the Acquired Fund to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule; and

WHEREAS, to date such investments have been governed by a Purchasing Fund Agreement made in reliance on SEC exemptive relief that will be rescinded on the Effective Date;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Fund in reliance on the Rule and the Acquired Fund, Distributor, or Broker may sell shares of the Acquired Fund to the Acquiring Funds in reliance on the Rule.

1. Terms of Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds note that the Acquired Fund operates as an exchange-traded fund and is designed to accommodate large investments and redemptions, whether from Acquiring Funds or other investors. Creation and redemption orders for shares of the Acquired Fund can only be submitted by Brokers or other participants of a registered clearing agency (collectively, **"Authorized Participants"**) that have entered into an agreement (**"Participation Agreement"**) with the Acquired Fund's distributor to transact in shares of the Acquired Fund. The Acquired Fund also has policies and procedures (the **"Basket Policies"**) that govern creations and redemptions of the Acquired Fund's shares. Any creation or redemption order submitted by an Acquiring Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Participation Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Acquiring Funds will transact in shares in the Acquired Fund on the secondary market rather than through direct creation and redemption transactions with the Acquired Fund. The Funds believe that these material terms regarding an Acquiring Fund's investment in shares of an Acquired Fund should assist the Acquired Fund's investment adviser with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, the Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule.

2. Representations
of the Acquired Fund.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

3. Representations
and Warranties of the Acquiring Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of Shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to the Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

Any of the provisions of this Agreement notwithstanding, the Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. The Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor the Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder. The Acquiring Fund shall provide the Acquired Fund with information regarding the amount of the Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

4. Termination of Purchasing Fund Agreement.

The parties hereby mutually agree to terminate the Purchasing Fund Agreement as of the Effective Date of this Fund of Funds Investment Agreement and waive any notice requirement for termination as may be set forth in such Purchasing Fund Agreement.

5. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered overnight mail, facsimile, or electronic mail to the address for each party specified below.

If to the Acquiring Fund:

Calamos Family of Funds

c/o Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

Attn: General Counsel

Email: <u>Legalnotices@calamos.com</u>

With a copy to:

Calamos Compliance Department

Email: Compliancedept@calamos.com

If to the Acquired Fund:

Invesco QQQ Trust, Series 1

c/o BNY Mellon as Trustee

240 Greenwich Street – 8th Floor

New York, NY 10286

Attn: Patrick Griffin

Email: Patrick.griffin@bnymellon.com

6. Term and Termination; Assignment; Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended, including the addition of Acquiring Funds to Schedule A, only in writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving the Acquiring Funds under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund(s) that are involved in the matter in controversy and not to any other series of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of Calamos Investment Trust, a copy of the Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent or shareholder of Calamos Investment Trust shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of Calamos Investment Trust.

7. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Entire Agreement.</u> This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts.</u> This Agreement may be executed in two or more counterparts, each of which is deemed an original but all of which together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability.</u> If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event and under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement or any third-party beneficiary, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

*Signatures appear on the following page.*

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**CALAMOS INVESTMENT TRUST**

**CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**J. Christopher Jackson** | **J. Christopher Jackson** | **/s/ J. Christopher Jackson** |
| Name of Authorized Signer <br> Title: VP & Secretary | Print | Signature |

---

**INVESCO QQQ Trust, Series 1**

---

| | |
|:---|:---|
| **By:** | **The Bank of New York Mellon,** |
|  | **solely in its capacity as Trustee** |
|  | **for the Invesco QQQ Trust, Series 1** |

---

---

| | | |
|:---|:---|:---|
| Gerard Connors | Gerard Connors | /s/ Gerard Connors |
| Name of Authorized Signer | Print | Signature |
| Title: Vice President |  |  |

---

**SCHEDULE** A

Applicable Funds

**<u>Acquiring Funds</u>**

**The following series of Calamos Investment Trust:**

**Calamos Market Neutral Income Fund**

**Calamos hedged Equity Fund**

**Calamos Phineus Long/Short Fund**

**Calamos Long/Short Equity & Dynamic Income Trust**

## Ex-99.(H)(59)

#### Exhibit 99.(h)(59)
&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h59img001.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h59img002.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h59img003.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h59img004.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h59img005.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm231455d1_ex99-h59img006.jpg)<br>

## Ex-99.(H)(60)

**Exhibit 99.(h)(60)**

![](tm231455d1_ex99-h60img001.jpg)

**RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS FUND OF FUNDS INVESTMENT AGREEMENT (the "**Agreement**"), dated as of January 19, 2022 ("Effective Date"), is made among Calamos Investment Trust and Calamos Long/Short Equity & Dynamic Income Trust, on behalf of itself or certain of its series listed in Schedule A, as may be amended from time to time, severally and not jointly (each, an "**Acquiring Fund**") and the Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, on behalf of each of their series (except such series listed on Schedule B, as may be amended from time to time), severally and not jointly (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**"); and

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter ("**Distributor**") or any brokers or dealers registered under the Securities Exchange Act of 1934, as amended ("**Brokers**"), may knowingly sell shares of such registered investment company to other investment companies; and

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits (i) registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, and (ii) registered open-end investment companies, such as the Acquired Funds, as well as the Distributor and Brokers, knowingly to sell shares of the Acquired Funds to the Acquiring Funds in excess of the limits of Section 12(d)(1)(B) of the 1940 Act, subject to compliance with the conditions of, and in reliance on, the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A), in reliance on the Rule; and

WHEREAS, an Acquired Fund, Distributor, or Broker, from time to time, may knowingly sell shares of one or more Acquired Funds to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule; and

WHEREAS, to date such investments have been governed by a Purchasing Fund Agreement made in reliance on SEC exemptive relief that will be rescinded on the Effective Date;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and the Acquired Funds, Distributor, or Broker may sell shares of the Acquired Funds to the Acquiring Funds in reliance on the Rule.

1. Terms of Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds note that each Acquired Fund operates as an exchange-traded fund and is designed to accommodate large investments and redemptions, whether from Acquiring Funds or other investors. Creation and redemption orders for shares of the Acquired Funds can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "**Authorized Participants**") that have entered into an agreement ("**Participation Agreement**") with the Acquired Funds' Distributor to transact in shares of the Acquired Funds. The Acquired Funds also have policies and procedures (the "**Basket Policies**") that govern creations and redemptions of the Acquired Funds' shares. Any creation or redemption order submitted by an Acquiring Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Participation Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Acquiring Funds will transact in shares in the Acquired Funds on the secondary market rather than through direct creation and redemption transactions with the Acquired Fund. The Funds believe that these material terms regarding an Acquiring Fund's investment in shares of an Acquired Fund should assist the Acquired Fund's investment adviser with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule.

2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

3. Representations of the Acquiring Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of Shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

Each Acquiring Fund acknowledges that it may not rely on this Agreement to invest in Ineligible Funds (as defined in Schedule B).

4. Termination of Purchasing Fund Agreement.

The parties hereby mutually agree to terminate the Purchasing Fund Agreement as of the Effective Date of this Agreement and waive any notice requirement for termination as may be set forth in such Purchasing Fund Agreement.

5. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| If to the Acquiring Fund: | If to the Acquired Fund: |
| Calamos Family of Funds | Invesco ETFs |
| c/o Calamos Advisors LLC, 2020 Calamos Court | 3500 Lacey Road, Suite 700 |
| Naperville, IL 60563 | Downers Grove, IL 60515 |
| Attn: General Counsel | Attn: General Counsel |
| Email: Legalnotices@calamos.com | Email: 12d-lrequest@invesco.com |
| With a copy to:Calamos Compliance Department | With a copy to: Client Contracts |
| Email: Compliancedept@calamos.com | Email: dealersupport@invesco.com |

---

6. Term and Termination; Assignment; Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended, including the addition of Acquiring Funds to Schedule A, only in writing that is signed by each party, except that Schedule B to this Agreement may be amended by the Acquired Funds, in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring Fund(s) that are involved in the matter in controversy and not to any other series of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Fund(s) that are involved in the matter in controversy and not to any other series of the Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the case of Calamos Investment Trust, a copy of the Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent or shareholder of the Investing Funds shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the applicable Investing Funds.

7. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which is deemed an original but all of which together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable law.

*Signatures appear on the following page.*

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**CALAMOS INVESTMENT TRUST**

**CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST**

---

| | | |
|:---|:---|:---|
| **J. Christopher Jackson** | **J. Christopher Jackson** | **/s/ J. Christopher Jackson** |
| Name of Authorized Signer | Print | Signature |
| Title: VP & Secretary |  |  |

---

**INVESCO EXCHANGE-TRADED FUND TRUST**

**INVESCO EXCHANGE-TRADED FUND TRUST II**

**INVESCO INDIA EXCHANGE-TRADED FUND TRUST**

**INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST**

**INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST**

**INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST**

---

| | | |
|:---|:---|:---|
| **Adam Henkel** | **Adam Henkel** | |
| Name of Authorized Signer | Print | Signature |
| Title: Secretary |  |  |

---

**SCHEDULE A**

Applicable Funds

**<u>Acquiring Funds</u>**

**The following series of Calamos Investment Trust:**

**Calamos Market Neutral Income Fund**

**Calamos Hedged Equity Fund**

**Calamos Phineus Long/Short Fund**

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE B**

**Ineligible Funds**

**Effective January 19, 2022**

This Schedule B includes Funds that are not permissible for investment by the Acquiring Funds in reliance on this Agreement (the "Ineligible Funds").

This Schedule B may be amended, supplemented, or revised at any time. Upon written notice by Acquired Funds to Acquiring Funds this Schedule B may be maintained on <u>www.invesco.com</u>.

**Ineligible Funds under Exchange-Traded Fund Trust**

Invesco Global Listed Private Equity ETF (PSP)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

Invesco Zacks Mid-Cap ETF (CZA)

Invesco Zacks Multi-Asset Income ETF (CVY)

Invesco Raymond James SB-1 Equity ETF (RYJ)

Invesco S&P Spin-Off ETF (CSD)

**Ineligible Funds under Exchange-Traded Fund Trust II**

Invesco CEF Income Composite ETF (PCEF)

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

**Ineligible Funds under Invesco Actively Managed Exchange-Traded Fund Trust**

Invesco Balanced Multi-Asset Allocation ETF (PSMB)

Invesco Conservative Multi-Asset Allocation ETF (PSMC)

Invesco Growth Multi-Asset Allocation ETF (PSMG)

lnvesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)

Invesco Ultra Short Duration ETF (GSY)

Invesco Total Return Bond ETF (GTO)

**Ineligible Funds under Invesco Actively Managed Exchange-Traded Commodity Fund Trust**

Invesco Optimum Yield Diversified Commodity Strategy No K-1 (PDBC)

**Ineligible Funds under Invesco Exchange-Traded Self-Indexed Fund Trust**

Invesco Defensive Equity ETF (DEF)

## Ex-99.(I)

**Exhibit (i)**

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| | |
|:---|:---|
| ![](tm231455d1_exiimg001.jpg) | ROPES & GRAY LLP<br> 191 NORTH WACKER DRIVE<br> 32nd FLOOR<br> CHICAGO, ILLINOIS 60606-4302<br> WWW.ROPESGRAY.COM |

---

February 24, 2023

Calamos Investment Trust<br> 2020 Calamos Court<br> Naperville, Illinois 60563 <br>

Ladies and Gentlemen:

We are furnishing this opinion in connection with the filing of Post-Effective Amendment No. 144 under the Securities Act of 1933, as amended (the "Securities Act"), and Amendment No. 146 under the Investment Company Act of 1940, as amended (the "Investment Company Act") to the Registration Statement on Form N-1A (the "Post-Effective Amendment") of Calamos Investment Trust (the "Trust") to update certain disclosures with regard to Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Global Sustainable Equities Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund, each a series of the Trust, as described in said Registration Statement (each a "Series"). Each Series has previously registered an indefinite number of shares of beneficial interest ("Shares"). Each Series offers three classes of Shares, designated Class A, Class C and Class I, except for: (i) Calamos Market Neutral Income Fund, Calamos Timpani Small Cap Growth Fund, Calamos Growth and Income Fund, Calamos International Growth Fund, Calamos Global Equity Fund, Calamos Global Sustainable Equities Fund and Calamos International Small Cap Growth Fund, which offer four classes of Shares, designated Class A, Class C, Class I and Class R6; (ii) Calamos Timpani SMID Growth Fund, which offers three classes of shares, designated Class A, Class I and Class R6; and (iii) Calamos Short-Term Bond Fund, which offers two classes of Shares, designated Class A and Class I.

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act.

In connection with this opinion, we have examined the Trust's Fourth Amended and Restated Agreement and Declaration of Trust, as amended ("Agreement and Declaration of Trust") (as on file in the office of the Secretary of the Commonwealth of Massachusetts and the Clerk of the City of Boston), its By-Laws, as amended, and such other documents as we have deemed necessary for the purpose of this opinion.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

We are familiar with the actions taken by the Trustees of the Trust to authorize the issuance of the Shares. We assume that appropriate action has been taken to register or qualify the sale of the Shares of the Series under any applicable state and federal laws regulating offerings and sales of securities. We also have assumed that the Shares of the Fund will be sold for the consideration described in the Registration Statement of the Trust on Form N-1A, as amended to the date of such sale, and that such consideration will in each event be at least equal to the net asset value per Share of such Shares.

We have not examined independently the question of what law would govern the interpretation or enforcement of any provision of the Agreement and Declaration of Trust. For purposes of this opinion, we have relied solely on a certificate of good standing received from the Secretary of the Commonwealth of Massachusetts with respect to the Trust's standing as a duly established and validly existing unincorporated voluntary association with transferable shares under Massachusetts law (commonly known as a "Massachusetts business trust") and for purposes of this opinion have assumed that the interpretation and enforcement of each provision of the Agreement and Declaration of Trust will be governed by the laws of the Commonwealth of Massachusetts. Our opinion is limited accordingly.

We have made such examination of Massachusetts law as we have deemed relevant for purposes of this opinion. We express no opinion as to the effect of laws, rules, and regulations of any state or jurisdiction other than the Commonwealth of Massachusetts.

The opinion expressed herein is limited to matters governed by the Securities Act and the Investment Company Act, and the rules and regulations promulgated thereunder (together, the "federal securities laws"), and the laws of the Commonwealth of Massachusetts. In particular, we express no opinion with respect to any matter governed by the securities or blue sky laws of the various states of the United States of America. To the extent that any opinion herein relates to matters governed by any laws other than the federal securities laws and/or the laws of the Commonwealth of Massachusetts, we have assumed that such laws are the same as the federal securities laws and/or the laws of the Commonwealth of Massachusetts in all relevant respects.

Based upon and subject to the foregoing, we are of the opinion that (i) the issue and sale of the authorized but unissued Class A, Class C, Class I and Class R6 Shares of each Series (as applicable) have been duly authorized under Massachusetts law and (ii) upon the original issue and sale of your authorized but unissued Class A, Class C, Class I and Class R6 Shares of each Series (as applicable) and upon receipt of the authorized consideration therefor in an amount not less than the net asset value of the Shares of the Series established and in force at the time of their sale (plus any applicable sales charge), the Class A, Class C, Class I and Class R6 Shares of the Series (as applicable) issued will be validly issued, fully paid and non-assessable by the Trust.

The opinion expressed herein is solely for your benefit in connection with the Post-Effective Amendment and may not be relied on in any manner or for any purpose by any other person, nor may copies be furnished to any other person without our prior written consent, except that you may furnish copies hereof: (a) to your independent auditor and legal counsel; (b) to any federal or state authority having regulatory jurisdiction over you; (c) pursuant to order or legal process of any court or governmental agency; and (d) in connection with any legal action arising out of the offering of Fund shares as described in the Registration Statement. The opinion expressed in this letter is limited to the matter set forth in this letter, and no other opinion should be inferred beyond the matter expressly stated. The opinion expressed herein is given only as of the date hereof, and we undertake no responsibility to update or supplement this opinion letter after the date hereof for any reason.

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Agreement and Declaration of Trust disclaims shareholder liability for payment under any credit, contract, or claim against the Trust or any series of the Trust. The Agreement and Declaration of Trust provides for indemnification by the Trust of any shareholder or former shareholder held liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason. Thus, the risk of a shareholder's incurring financial loss on account of shareholder liability should be limited to circumstances in which the Trust itself would be unable to meet its obligations.

We consent to the filing of this opinion as an exhibit to the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Ropes & Gray LLP |
| Ropes & Gray LLP |

---

## Ex-99.(J)(1)

**Exhibit 99.(j)(1**)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 33-19228 on Form N-1A of our report dated December 19, 2022, relating to the financial statements and financial highlights of the Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund, each a series of Calamos Investment Trust, appearing in the Annual Report on Form N-CSR of Calamos Investment Trust for the year ended October 31, 2022, and to the references to us under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Disclosure of Portfolio Holdings" in the Statement of Additional Information, which are part of such Registration Statement.

/S/Deloitte & Touche LLP

Chicago, Illinois

February 22, 2023

## Ex-99.(J)(2)

**Exhibit 99.(j)(2)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 33-19228 on Form N-1A of our report dated December 19, 2022, relating to the financial statements and financial highlights of the Calamos Global Sustainable Equities Fund, a series of Calamos Investment Trust, appearing in the Annual Report on Form N-CSR of Calamos Investment Trust for the year ended October 31, 2022, and to the references to us under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Disclosure of Portfolio Holdings" in the Statement of Additional Information, which are part of such Registration Statement.

/S/Deloitte & Touche LLP

Chicago, Illinois

February 22, 2023

## Ex-99.(P)

**Exhibit (p)**

Column B - Policies and Procedures for Calamos ETF Trust

![](tm231455d1_expimg001.jpg)

Column B - Policies and Procedures for Calamos ETF Trust

**Table of Contents**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| **UNDERSTANDING AND APPLYING THE CODE** | **3** |
| 1. Understanding the Terms | 3 |
| 2. Purpose of the Code of Ethics and Insider Trading Policy | 8 |
| 3. Scope | 8 |
| 4. Reporting Violations of the Code | 9 |
| **CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** | **9** |
| **RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL** | **9** |
| 1. Insider Trading and Tipping | 9 |
| 2. General Prohibitions | 10 |
| 3. Material Nonpublic Information about Other Companies | 10 |
| 4. Public Disclosure of Information about Calamos, its Closed-End Funds | 11 |
| 5. Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations | 12 |
| **REPORTING REQUIREMENTS** | **12** |
| 1. Initial Disclosure of Accounts and Covered Securities | 12 |
| 2. Confirmations and Statements for all Brokerage and Investment Accounts | 13 |
| 3. Quarterly Transactions Reports (Quarterly Account Statements) | 13 |
| 4. Annual Holdings Reports | 14 |
| 5. Certification of Compliance | 14 |
| 6. Report to Fund Board | 14 |
| **THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** | **15** |
| 1. Pre-Clearance of Covered Securities Transactions | 15 |
| 2. Holding Period Requirement | 16 |
| 3. Trading Restrictions | 17 |
| 4. Trading Calamos Closed-End Funds | 18 |
| 5. Private Securities Transactions | 19 |
| 6. Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions | 19 |
| **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** | **21** |
| 1. No Transactions with Clients | 21 |
| 2. No Conflicting Transactions | 21 |
| 3. Section 16 Reporting and Prohibitions | 22 |
| **OTHER REGULATORY REQUIREMENTS** | **23** |
| 1. Outside Employment or Outside Business Activity | 23 |

---

Column B - Policies and Procedures for Calamos ETF Trust

---

| | |
|:---|:---|
| 2. Service as a Director or Officer | 23 |
| 3. Gifts and Entertainment | 23 |
| 4. Identifying and Reporting Conflicts of Interest and Other Ethical Concerns | 24 |
| **RECORD RETENTION** | **26** |
| **APPENDIX A: IN-SCOPE ENTITIES** | **27** |
| **APPENDIX B: SECTION 16 INDIVIDUALS** | **28** |
| **APPENDIX C: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **29** |

---

Column B - Policies and Procedures for Calamos ETF Trust

**UNDERSTANDING AND APPLYING THE CODE**

**1.**  **<u>Understanding the Terms</u>** 

Capitalized terms used in this Code have special meanings defined below. It is important for you to read and become familiar with each definition used in the Code.

**"Access Person"**

Access Persons means any director, officer, employee of Calamos or an investment company advised or sub-advised by Calamos with the exception of Outside Trustees, Unaffiliated Trustees or Outside Directors or as otherwise provided under this Code. Access Persons includes consultants and agents to Calamos who have access to Material Nonpublic Information. **All** employees of Calamos and investment companies managed by Calamos are also Access Persons.

**"Automatic Investment Plan"**

Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership Interest"**

Beneficial Ownership Interest shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is a beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act of 1934 and Section 30(h) of the Investment Company Act of 1940 ("the 1940 Act") and the rules and regulations thereunder. As a general matter, you have Beneficial Ownership Interest in a Covered Security, defined below, if you have or share a direct or indirect Pecuniary Interest (as defined below) in the security, including through any contract, arrangement, understanding, relationship or otherwise. Although this list is not exhaustive, you generally would be the beneficial owner of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held with another in joint tenancy, as tenants in common, or in other joint ownership
 arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held by a bank or broker as a nominee or custodian on your behalf or pledged as collateral
 for a loan; and

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 owned by a corporation which is directly or indirectly Controlled by, or under common
 Control with, you.

(See also the definitions of Immediate Family and Related Persons)

**"Broad-based Security"**

A Broad-based Security generally refers to any security index that would not be classified as a narrow-based security index under the definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include but are not limited to; the S&P 500, NASDAQ-100, Wilshire 5000, Russell 3000, AMEX Major Market and the Value Line Composite indices.

Column B - Policies and Procedures for Calamos ETF Trust

**"Control"**

Control means the power to exercise a controlling influence, which is intended to include situations where there is less than absolute and complete domination and includes not only the active exercise of power, but also the latent existence of power (e.g., the ability to exercise power). Anyone who beneficially owns, either directly or through one or more controlled entities, more than 25% of the voting securities of an entity is presumed to control that entity. In interpreting "Control," the CCO will interpret the term consistent with Section 2(a)(9) of the 1940 Act.

**"Corporate Account"**

Corporate Account means any account maintained by any Calamos entity for the investment in Covered Securities, including Calamos-sponsored registered investment companies.

**"Covered Security"**

Covered Security means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos is the adviser or subadviser, exchange traded funds, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: options on securities, indexes, and currencies; limited partnership interests; interests in a foreign unit trust or foreign mutual fund; municipal securities; interests in a private investment fund, hedge fund, or investment club; or any right to acquire any security such as a warrant or convertible. In addition, purchase and sale transactions of Covered Securities in any 401(k) plan (excluding the Calamos 401k plan and excluding percentage allocation changes or payroll deduction percentages) are considered transactions in Covered Securities.

The term Covered Security does not include direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or subadvised by Calamos or units in 529 College Savings Plans.

**"Fund"**

Fund means an investment company, or series of investment companies, advised or sub-advised by Calamos.

**"Immediate Family"**

Immediate Family means family members sharing the same household, which could include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or equivalent domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. (See also the definition of Beneficial Ownership Interest and Related Persons).

Column B - Policies and Procedures for Calamos ETF Trust

**"Investment Person"**

Investment Person means each person who makes, or participates in making, investment decisions or recommendations for Calamos clients, or who, in connection with his or her regular functions or duties with Calamos, makes, participates in, or obtains information regarding the purchase or sale of securities by a client. Investment Person includes each Calamos portfolio manager, each research analyst, each support staff member working directly with portfolio managers and analysts, and each trader. This definition also includes outside consultants, contractors or agents hired by Calamos to perform investment related activities; as well as IT or systems' consultants who have access to trading or investment systems.

**"Material Information"**

Information should be regarded as material if it could be important to decisions to buy, sell or hold a company's securities. Any information that could reasonably be expected to affect the price of company securities should be considered material. Material information can be positive or negative, and can relate to historical facts, projections, or future events. Material information can pertain to a company as a whole, or to divisions or subsidiaries of a company.

During the course of their employment, Calamos personnel might learn material information about many companies. Information dealing with the following subjects is likely to be found material in particular situations:

**Financial Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;• Financial
 results

&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in earnings forecasts

&nbsp;&nbsp;&nbsp;&nbsp;• Unusual
 significant gains, losses or charges

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 write-downs in assets

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 changes in revenues

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 liquidity issues

&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in dividends

&nbsp;&nbsp;&nbsp;&nbsp;• Stock
 splits

&nbsp;&nbsp;&nbsp;&nbsp;• Stock
 repurchases

&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 new equity or debt offerings

**Corporate Developments:**

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals,
 plans or agreements, even if preliminary in nature, involving significant mergers, acquisitions,
 divestitures, recapitalizations, or strategic alliances

&nbsp;&nbsp;&nbsp;&nbsp;• Major
 changes in directors or executive officers

**Product Related Subjects:** 

&nbsp;&nbsp;&nbsp;&nbsp;• Important
 new product offerings

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 developments related to a company's product offerings

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 developments related to a company's distribution relationships

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 developments related to intellectual property

**Other Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;• Developments
 regarding significant litigation

&nbsp;&nbsp;&nbsp;&nbsp;• Developments
 regarding government agency actions

&nbsp;&nbsp;&nbsp;&nbsp;• Execution
 or termination of significant contracts

Column B - Policies and Procedures for Calamos ETF Trust

This list is only illustrative, and certainly is not all-encompassing. Many other types of information may be considered material. *When in doubt about whether particular information about another company is material, exercise caution and consult with the CCO or the General Counsel.*

**"Material Nonpublic Information"**

Material Nonpublic Information is information that is not known to the general public, that, if known to the public, could reasonably be expected to affect the price of a company's securities, or be considered important in deciding whether to buy, sell or hold a security. It is often referred to as "inside information."

An Access Person who receives Material Nonpublic Information may not act on it nor share it. The information must be kept confidential. The Access Person should inform the Global Head Trader (or his designess in his absence) of the security so it may be added to the Restricted List until such time as the information is publicly released.

**"Nonpublic Information"**

Information about a company is considered nonpublic if it is not available to the general public. In order for information to be considered available to the general public, it must have been widely disseminated in a manner designed to reach investors. This is generally done by the company issuing a national press release or making a publicly-available filing with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination.

**"Outside Directors"**

Outside Directors means those directors of Calamos Asset Management, Inc. ("CAM") who are not officers or employees of CAM.

**"Outside Trustees"**

Outside Trustees means those trustees of a fund who are not "interested persons" of the Fund, as that term is defined in Section 2(a)(19) of the 1940 Act.

**"Pecuniary Interest"**

Pecuniary Interest in a security means the opportunity, directly or indirectly, to profit or share in any profit or fees derived from a transaction in the security. An indirect Pecuniary Interest includes:

&nbsp;&nbsp;&nbsp;&nbsp;• Covered
 Securities held by a member of an Access Person's "Immediate Family".
 For example, you would be presumed to have an indirect Pecuniary Interest in Covered
 Securities held by your minor child who lives with you but not in Covered Securities
 held by your adult child who does not live with you. You may request that a member of
 your Immediate Family be excluded from the Code's reach by contacting the CCO and
 demonstrating why it would be appropriate. For example, it may be appropriate to exclude
 your adult uncle who lives with you from the Code's reach.

Column B - Policies and Procedures for Calamos ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;• A
 general partner's proportionate interest in the portfolio's Covered Securities
 held by a general or limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 person's right to dividends that are separated or separable from the Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 beneficiary's pecuniary interest in Covered Securities holdings of a trust and
 any pecuniary interest of any Immediate Family member of such beneficiary (such Pecuniary
 Interest being to the extent of the person's pro rata interest in the trust).

○ Remainder interests do not create a pecuniary interest unless the person with such interest has the power, directly or indirectly, to exercise or share investment Control over the trust.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 settlor or grantor of a trust (i.e., you establish the trust) if you reserve the right
 to revoke the trust without the consent of another person, unless you do not exercise
 or share investment Control over the Covered Securities.

A shareholder will not be deemed to have a Pecuniary Interest in the portfolio Covered Securities held by a corporation or similar entity in which the person owns Covered Securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment Control over the entity's portfolio.

**"Related Person"**

Related Person includes your spouse or equivalent domestic partner, minor children, relative living in your home, and certain trusts under which you or a related party is a beneficiary or held under other arrangements, including a sharing of financial interest. **Calamos personnel are responsible for ensuring that their Related Persons comply with the personal trading and reporting provisions of the Code.**

(See also definitions for Beneficial Ownership Interest and Immediate Family.)

**"Supervised Person"**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of Calamos. It may also include other persons who provide investment advice on behalf of Calamos and are subject to Calamos' supervision and control. For purposes of this Code, all Supervised Persons are considered Access Persons.

**"Tipping"**

Tipping is the disclosure of Material Nonpublic Information to another person in breach of a fiduciary or other obligation for the purpose of enabling the recipient (the tipee) to engage in insider trading or other improper activity. Tipping can result in liability for both the tipper and tipee.

**"Unaffiliated Trustees"**

Unaffiliated Trustees means those Trustees of a Fund who are not affiliated persons of Calamos but are not Outside Trustees.

Column B - Policies and Procedures for Calamos ETF Trust

**2.**  **<u>Purpose of the Code of Ethics and Insider Trading Policy</u>** 

The financial services industry is highly regulated and is subject to many laws and regulations designed to protect investors. Rule 17j-1 of the 1940 Act, as amended and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") require that funds and advisers adopt a Code of Ethics that set forth standards of conduct and require compliance with federal securities laws.

Rule 17j-1 makes it unlawful for investment company personnel and other "Access Persons" to engage in fraudulent, deceptive or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by an investment company. The Rule also requires every investment company, the investment company's investment adviser, and, in certain cases, the investment company's principal underwriter to adopt a Code of Ethics containing provisions "reasonably necessary to prevent" such prohibited practices.

Calamos and its subsidiaries and affiliated companies are primarily involved in the investment management, registered investment companies, consisting of open-end mutual funds and closed-end funds (the "Funds"), and financial services industries. Therefore, the Firm is adopting this Code of Ethics and Insider Trading Policy (the "Code").

The Code outlines the fiduciary principles governing an investment adviser's fiduciary obligations to clients and personal trading by Access Persons of funds and investment advisers. These principles reflect:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 duty of Access Persons to place the interests of shareholders and clients ahead of their
 own interests;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 requirement that Access Persons comply with applicable Federal Securities Laws and to
 report any violations of the Code promptly to the Chief Compliance Officer ("CCO")
 of Calamos;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 requirement that all Access Persons of a fund or investment adviser engage in personal
 securities transactions in accordance with the Code and in such a manner as to avoid
 any actual or potential conflict of interest or any abuse of an individual's position
 of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;• The
 fundamental standard that Access Persons should not take inappropriate advantage of their
 positions.

The Code supplements the Code of Business Conduct and Ethics and the Calamos Employee Handbook.

**3.**  **<u>Scope</u>** 

The Code applies to all directors, officers, employees and other Access Persons of Calamos. The Code also applies to any outsiders, including agents and consultants that have access through Calamos to Material Nonpublic Information. Supervised Persons are considered Access Persons under this Code.

Questions regarding the Code or its application to specific transactions should be directed to the CCO or General Counsel of Calamos.

Column B - Policies and Procedures for Calamos ETF Trust

**4.**  **<u>Reporting Violations of the Code</u>** 

Access Persons must promptly report any known or suspected violations of the Code to the CCO or General Counsel of Calamos.

A Supervised Person's reporting obligations do not prevent him or her from (i) initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any governmental or regulatory body regarding a possible violation of any applicable law, rule, or regulation; (ii) responding to any inquiry from any such governmental or regulatory body; or (iii) testifying, participating in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule, or regulation. A Supervised Person is not required to notify Calamos of any such communications, cooperation, assistance, responses to inquiries, testimony, or participation.

**CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE**

Compliance with the provisions of the Code is a condition of employment of Calamos. Taking into consideration all relevant circumstances, the CCO and management of Calamos will determine what action is appropriate for any breach of the provisions of the Code. Possible actions include disgorgement of profits, monetary fines, letters of sanction, suspension of trading privileges, and suspension or termination of employment.

The Board of Trustees of any investment company for which Calamos Advisors LLC ("CAL") is the investment adviser or subadviser will determine what action is appropriate for any breach of the provisions of the Code by an Outside Trustee or Unaffiliated Trustee, which may include removal from the Board. The Board of Directors of CAM will determine what action is appropriate for any breach of the provisions of the Code by an Outside Director, which may include removal from the Board.

***It is the responsibility of each Access Person to make sure that a transaction in any Covered Security by any Related Person complies with the provisions of the Code.***

**RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL**

**1.**  **<u>Insider Trading and Tipping</u>** 

Calamos Access Persons may not act on Material Nonpublic Information. Calamos Access Persons may not share Material Nonpublic Information, except in accordance with the provisions of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations."

Legal penalties for trading on or tipping Material Nonpublic Information are severe. They include criminal fines, civil fines of several times the profits gained or losses avoided, imprisonment and private party damages. The penalties also may apply to anyone who directly or indirectly controlled the person who committed the violation, including the employer and its management and supervisory personnel. Significant penalties have been imposed even when the disclosing person did not profit from the trading.

Column B - Policies and Procedures for Calamos ETF Trust

In addition to these possible outside sanctions, Calamos Access Persons who violate prohibitions on insider trading or tipping will face additional action from Calamos itself, up to and including termination of employment.

**2.**  **<u>General Prohibitions</u>** 

Material Nonpublic Information is an important type of confidential information, but it is only one type of confidential information. Our clients and suppliers entrust Calamos with important information relating to their personal and business matters. The nature of these relationships requires Calamos' strict confidentiality and trust. In safeguarding the information received, Calamos earns the respect and further trust of our clients and suppliers. All employees, agents and consultants will be required to sign a Confidentiality Agreement at the time they are hired and this agreement carries an obligation to maintain strict confidentiality of confidential information, even after an Access Person's employment is terminated.

Any violation of confidentiality seriously injures Calamos' reputation and effectiveness. Therefore, except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations," personnel are not to discuss confidential Calamos business with anyone who does not work for Calamos, and should never discuss business transactions with another Calamos employee who does not have a direct association with the transaction. Even casual remarks can be misinterpreted and repeated; therefore, employees should develop the personal discipline necessary to maintain confidentiality. If an employee becomes aware of anyone breaking this trust, they should report the incident immediately to the CCO or General Counsel.

If someone outside Calamos or the employee's department asks questions regarding confidential matters, you are not required to answer, and you *should not* answer except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Instead, you should refer the request to the department supervisor or a member of senior management which includes the Chairman, CEO, General Counsel, Head of Human Resources, Chief Financial Officer and the CCO of Calamos (collectively, "Senior Management"). Inquiries to Calamos from Regulators should be immediately referred to the CCO or General Counsel.

No one is permitted to remove or make copies of any Calamos records, reports or documents without prior approval from management.

**3.**  **<u>Material Nonpublic Information about Other Companies</u>** 

Calamos personnel may become aware of confidential information concerning another company. This information may be Material Nonpublic Information and, as noted above, trading of securities, including futures or options of the company, based on this information is a violation of federal securities law.

Even after public disclosure of material information regarding a company, an insider with prior knowledge of the information must wait a period of one full trading day after the publication for the information to be absorbed before that person can treat the information as public.

For purposes of the Code, a full trading day means from the opening of trading on NASDAQ to the closing of trading on NASDAQ on that day. Accordingly, and by way of example, if an announcement is made before the commencement of trading on a Tuesday, an employee in possession of such information may trade in the company securities starting on Wednesday of that week (subject to any applicable blackout period and assuming the employee is not aware of other Material Nonpublic Information at that time), because one full trading day would have elapsed by then (all of Tuesday). If the announcement is made on Tuesday after trading has begun on NASDAQ, an employee in possession of the information may not trade in the company securities until Thursday of that week. If the announcement is made on Friday after trading begins, an employee may not trade in the company securities until Tuesday of the following week. NASDAQ holidays do not count as trading days and will impact this schedule.

Column B - Policies and Procedures for Calamos ETF Trust

**4.**  **<u>Public Disclosure of Information about Calamos, its Closed-End Funds</u>** 

In the event any director, officer, employee, agent, or consultant of Calamos receives any inquiry from outside the company, such as from the media, a stock analyst or investors, for information that may be Nonpublic Information (particularly financial results or projections), the inquiry must be referred to the Director of Marketing other than where the communications are within the scope of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Since Calamos' closed-end funds are also publicly traded, the same restrictions apply to disclosure of information about those products. The Head of Marketing is responsible for coordinating and overseeing the release of such information to the media, investing public, analysts and others in compliance with applicable laws and regulations, including Regulation FD<sup>1</sup>.

In communicating with the general public, Calamos will observe the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;• Communications
 to the general public regarding Calamos should be made only by the Chairman, the Chief
 Executive Officer, the Chief Financial Officer, or the Head of Marketing.

&nbsp;&nbsp;&nbsp;&nbsp;• Calamos
 will not issue projections of, or comment on, future investment performance of itself
 or any of its products.

&nbsp;&nbsp;&nbsp;&nbsp;• All
 disclosure of material information made by Calamos about the closed-end funds will be
 broadly disseminated to the public.

Ordinary communications of material information by and about Calamos generally will be through press release, through regular channels. The Firm will not issue materials regarding itself "for broker-dealer use only" or with similar restrictions; instead, any such materials will be distributed as press releases. If conference telephone calls to discuss material information are scheduled by Calamos with analysts, Calamos will provide adequate notice of the calls, and permit investors to listen in by telephone or internet web casting.

If any Calamos Access Person inadvertently discloses Material Nonpublic Information to analysts or other market professionals about the closed-end funds, open-end funds, Calamos is obligated to provide that information to the general public no later than 24 hours after the statement is made, or the commencement of the next day's trading on NASDAQ. The Head of Marketing and the Legal Department must be notified immediately of any such inadvertent disclosure that comes to the attention of any Calamos personnel. The same obligation applies if the disclosure is intentional.

<sup>1</sup> Reg FD – Regulation Fair Disclosure, promulgated by the SEC, mandates that all publicly traded companies must disclose material information to all investors at the same time.

Column B - Policies and Procedures for Calamos ETF Trust

**5.**  **<u>Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</u>** 

The Code does not prohibit or restrict any person from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission ("SEC"), the Equal Employment Opportunity Commission, Financial Industry Regulatory Authority ("FINRA"), and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.

**REPORTING REQUIREMENTS**

As part of its obligations under the securities laws, Calamos is required to obtain and maintain information about the trading activity of its Access Persons. Access Persons and their Related Persons are required to have personal trading accounts at brokers, dealers or banks with which Calamos has an electronic connection established so that information about account transactions is systematically sent to Calamos (eliminates paper statements). The Compliance Department maintains a current list of available firms, which is attached hereto as Appendix C. Access Persons and their Related Persons must transfer existing accounts to one of the available firms within one calendar quarter of the date of employment unless otherwise approved in writing by the CCO or General Counsel.

**1.**  **<u>Initial Disclosure of Accounts and Covered Securities</u>** 

When an Access Person *begins employment* with Calamos, the Access Person must, within 10 days, provide a holdings report regarding all investment or brokerage accounts with Covered Securities in which he or she has a Beneficial Ownership Interest. The information required should be input into the Firm's compliance monitoring system. This report must contain the following information which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 issuer name and type of security, and as applicable, the exchange ticker symbol or CUSIP
 number, number of shares and principal amount of each Covered Security in which the Access
 Person had any direct or indirect Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of any broker, dealer or bank with whom the Access Person maintained an account
 in which any Covered Securities were held for the Access Person's direct or indirect
 benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;• The
 date that the Access Person submits the report. (This will be the date the report is
 submitted into the Firm's compliance monitoring system.)

In addition, a current Access Person must notify the Compliance Department via the "Brokerage Account Pre-Approval" form within the Firm's compliance monitoring system and wait for approval from Compliance *BEFORE* opening a new investment or brokerage account in which the Access Person will have a Beneficial Ownership Interest. The Compliance Department will issue an approval for account opening letter to the brokerage firm and request that the account be added to the electronic feed. Once the account is open the Access Person must disclose the details of the account by completing a "Brokerage Account Disclosure" form in the Firm's compliance monitoring system within 10 days.

Column B - Policies and Procedures for Calamos ETF Trust

**2.**  **<u>Confirmations and Statements for all Brokerage and Investment Accounts</u>** 

Until the electronic feed is set up, each Access Person is required to direct brokers, dealers or banks to supply to the Compliance Department, on a timely basis, duplicate copies of all confirmations of personal securities transactions and copies of periodic statements for all Covered Securities accounts in which he or she has a Beneficial Ownership Interest.

**You are responsible for ensuring initially that the Compliance Department receives these confirmations and statements and for following up subsequently if Compliance notifies you that they are not being received. The Compliance Department will direct you to close an account if it is not on an electronic feed.<sup>2</sup>**

**3.**  **<u>Quarterly Transaction Reports (Quarterly Account Statements)</u>** 

Each Access Person shall report all personal transactions in Covered Securities in which he or she has a Beneficial Ownership Interest during a quarter to the CCO no later than 30 days after the end of the calendar quarter. Quarterly transaction reports shall include the following information for each individual transaction:

&nbsp;&nbsp;&nbsp;&nbsp;• the
 date of the transaction, issuer name, and as applicable the exchange ticker symbol or
 CUSIP number, interest rate and maturity date, and number of shares and principal amount
 of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 nature of the transaction (i.e., purchase, sale, exchange, gift, or other type of acquisition
 or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;• the
 price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 name of the broker, dealer or bank with or through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 account number; and

&nbsp;&nbsp;&nbsp;&nbsp;• the
 date that the Access Person submits the report.

In addition, each quarter an Access Person must review the list of accounts and certify its accuracy. If a new account was opened in the previous quarter, the Access Person must ensure the applicable information including the date the account was established and the name of the broker, dealer or bank with whom the account has been established has been entered into the Firm's compliance monitoring system and is included on the list for which they are certifying.

In addition, quarterly transaction reports are not required to include transactions in Covered Securities made pursuant to an Automatic Investment Plan and reported in broker trade confirmations or account statements received by the Compliance Department.

Note that although all Access Persons must complete the quarterly affirmation, specific information (quarterly transaction report) relating to trading activity need not be submitted under this section if it would duplicate information contained in electronic feeds.

<sup>2</sup> An exception may be made if the account is managed by a financial advisor and is held on a discretionary basis.

Column B - Policies and Procedures for Calamos ETF Trust

**4.**  **<u>Annual Holdings Reports</u>** 

On an annual basis, Access Persons are required to provide an annual holdings report to the CCO that contains certain information which must be current as of a date no more than 45 days before the report is submitted. Annual holdings reports shall be delivered to the Compliance Department between January 2 and January 30 of each year. This report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;• the
 issuer name and type of security, and as applicable the exchange ticker symbol or CUSIP
 number, number of shares and principal amount of each Covered Security in which the Access
 Person had any direct or indirect Beneficial Ownership Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;• the
 name of any broker, dealer or bank with which the Access Person maintained an account
 in which any securities were held for the Access Person's direct or indirect benefit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;• the
 date that the Access Person submits the report.

This report will be distributed to Access Persons annually via the Firm's compliance monitoring system in which they are responsible for reviewing and affirming to the accuracy of the information.

Note that although all Access Persons must complete the annual affirmation, the annual holding report need not be submitted if it would duplicate information contained in the electronic feeds to the Firm's compliance monitoring system.

The CCO's accounts and reports are approved and reviewed by General Counsel.

**5.**  **<u>Certification of Compliance</u>** 

The CCO shall annually distribute a copy of the Code and any amendment, and require certification by all Access Persons as described below. The CCO shall be responsible for ensuring that all personnel comply with the certification requirement. Each Access Person is required to certify annually that: (i) he or she has read and understands the Code; (ii) recognizes that he or she is subject to the Code; (iii) he or she has complied with the requirements of the Code; and (iv) he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.

Any Access Person who has not engaged in any personal securities transaction during the preceding year for which a report was required to be filed pursuant to the Code shall include a certification to that effect in his or her annual certification.

**6.**  **<u>Report to Fund Board</u>** 

The CCO of the Calamos Funds shall provide an annual written report to the Board of Trustees of the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• summarizes
 existing procedures concerning personal investing and any changes in those procedures
 during the past year;

Column B - Policies and Procedures for Calamos ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes
 issues that arose during the previous year under the Code or related procedures concerning
 personal investing, including but not limited to information about material violations
 of the Code and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies
 to the board that the Fund has adopted procedures reasonably necessary to prevent its
 Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies
 any recommended changes in existing restrictions or procedures based upon experience
 under the Code, evolving industry practices, or developments in applicable laws or regulations.

In addition, the Fund CCO shall report to the Board of the Fund on a quarterly basis any material violations of the Code.

**THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL**

Persons involved in the financial services industry are subject to restrictions on the way in which they can buy and sell securities for their own accounts. These restrictions are imposed by the SEC and other regulators on the assumption that industry employees have a greater opportunity for access to Material Nonpublic Information than do employees in other types of businesses and have a fiduciary obligation with respect to trading vis-à-vis client accounts. All personal trading must be done in a manner consistent with the provisions of this Code.

**1.**  **<u>Pre-Clearance of Covered Securities Transactions</u>** 

EACH transaction in a Covered Security must be pre-cleared by the employee and approved by the Compliance Department via the Compliance monitoring system.

Access Persons and Related Persons must obtain approval from the Compliance Department before acquiring a Beneficial Ownership Interest in any Covered Securities, unless the transaction is subject to one of the exclusions below. If the transaction is not approved, the Access Person or Related Person shall not participate in the transaction in any manner, whether directly or indirectly.

For Investment Personnel certain of their trades (e.g. securities in their sector) may require approval by their team's CIO or his designee prior to the Investment Personnel's pre-clearance request via the compliance monitoring system. The written approval by the CIO should be attached to the pre-clearance request.

A pre-clearance request is submitted via the Firm's compliance monitoring system and reviewed by the Compliance Department, which will either approve or deny the request. If approved, the transaction may *<u>not</u>* be placed for a share amount greater than that which was pre-cleared. Generally any approved trade must be executed prior to the NASDAQ close the same business day when pre-clearance was approved.

When an Access Person *begins employment* with Calamos, the Access Person will be given a 10 business day grace period to sell their security positions in which the Firm is continuously trading. These trade exceptions must be pre-cleared via the Firm's compliance monitoring system and when denied, they will be approved by the CCO. The Access Person must receive the approval from the Compliance monitoring system prior to making his/her transaction in his/her brokerage account.

Column B - Policies and Procedures for Calamos ETF Trust

**Exceptions to the Pre-Clearance Requirement:**

The provisions of this Code are intended to limit the personal investment activities of Access Persons only to the extent necessary to accomplish the purposes of the Code. Therefore, the pre-clearance provisions of the Code *shall not apply to*:

&nbsp;&nbsp;&nbsp;&nbsp;• *Purchases* of shares of open-end mutual funds advised or subadvised by Calamos (sales must be
 precleared)<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 or sales effected in any account over which Access Persons or Related Persons have no
 direct or indirect influence or control, including discretionary accounts and managed
 account programs. See "Exceptions and Exemptions to Trading Policies, Procedures
 and Restrictions" below for further discussion of the policies, procedures and
 restrictions relating to discretionary and managed accounts;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 or sales that are non-volitional on the part of either the Access Person or Related Person(including
 transactions pursuant to preexisting Rule 10b5-1 plans, discussed below) such as assignment
 of options or an exercise of an option at expiration, This exemption does *not* apply to margin calls satisfied by the broker selling securities in your account;

&nbsp;&nbsp;&nbsp;&nbsp;• Automatic
 dividend reinvestment plan purchases;

&nbsp;&nbsp;&nbsp;&nbsp;• Reoccurring
 automatic investment plan purchases (*<u>excluding</u> the initial purchase* of the covered security);

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 affected upon the exercise of rights issued by an issuer pro rata to all holders of a
 class of securities to the extent such rights were acquired from such issuer, and sales
 of such rights so acquired.

**2.**  **<u>Holding Period Requirement</u>** 

The Code requires each Access Person to *avoid excessive, short-term and speculative trading* in their Covered Account(s) that may cause undue financial risk or reduce their effectiveness in carrying out responsibilities at Calamos. It is important to note that market fluctuation in leveraged securities may require you to liquidate within a relatively short window of time. Access Persons are further prohibited from conducting transactions for the purpose of market timing in any Covered Security.

To avoid instances of excessive, short-term and speculative trading, **a minimum holding period of 60 calendar days** is required from the time of purchase. For purpose of counting the 60 calendar days, the beginning of the holding period for all transactions starts with the most recent transaction or LIFO ("last-in-first-out").This prohibition includes short sales and applies without regard to tax lot considerations and without regard to profitability. The 60 day holding period may be waived by Compliance if the security is trading at a significant loss (20% or greater) from where the Access Person purchased the security. The 60 calendar day holding period also applies to Calamos advised or subadvised open-end mutual funds.

<sup>3</sup> Sales of shares of Calamos Funds or subadvised funds are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period. This excludes changes within your 401(k).

Column B - Policies and Procedures for Calamos ETF Trust

If a long call option is exercised after being held for 60 days, the holding period for the equity shares resulting from the exercised option will be satisfied.<sup>4</sup> Please note these transactions must be precleared and meet the other requirements of the Code.

**3.**  **<u>Trading Restrictions</u>** 

The trading limitations described below are designed to prevent violations of the federal securities laws, as well as to avoid even the appearance of impropriety in trading by Calamos Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **No Transactions with Clients** 

No Access Person shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **No Conflicting Transactions** 

No Access Person, nor any Related Person shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or subadvised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered": (a) when a recommendation to purchase or sell has been made for the client and is pending; or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

A personal securities transaction of the same *(or equivalent<sup>5</sup>)* securities (excluding a Broad-based Security<sup>6</sup>) shall not be executed until the ***sixth business day*** following the completion of any transaction for a client.

The purchase and redemption of shares of any Calamos advised or subadvised open-end fund by an Investment Person, Access Person, Outside Trustee or Outside Director shall not be viewed as a conflicting transaction for the purpose of this section.

<sup>4</sup> The Firm's compliance monitoring system does not recognize the new shares resulting from the exercised option as an equivalent security. The system restarts the holding period when the shares are created. Therefore, if the Access Person wishes to sell the shares, the Access Person must contact the Compliance Department for approval of the "sell" request (All other trading rules apply).

<sup>5</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

<sup>6</sup> Trades in Broad-based Securities require pre-clearance approval subject to the 60 day holding period.

Column B - Policies and Procedures for Calamos ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Restricted List** 

When Calamos has access to Material Nonpublic Information on a security, the security will be placed on the Restricted List. NO personal trading is allowed in the security until it is removed from the Restricted List. The trading and compliance departments are not required to answer your questions about what is on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Event Specific Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on specified securities and on groups of its directors, officers, employees, consultants, Related Persons or the entire firm when, in the judgment of the General Counsel, restrictions are warranted. Calamos will notify those affected by such trading restriction, when it begins and when it ends. Those affected should not disclose to others the fact of such trading suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Other Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on types of securities, specified securities and on individual Access Persons, groups of its directors, officers, employees, consultants, Related Persons or the entire firm when the CCO, General Counsel, Chairman, or CEO believe it is warranted for any reason. These may be short-term or permanent restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **No Initial Public Offerings or Initial Coin Offerings** 

No Access Person or Related Person, and as provided by FINRA Rule 5130, no director, officer, or registered representative of CFS, shall acquire a Beneficial Ownership Interest in any security in an Initial Public Offering ("IPO") or Initial Coin Offering ("ICO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Margin Accounts** 

Although margining and pledging securities as collateral is not prohibited, ***it is strongly discouraged.*** In any margin or loan account, the securities used as collateral may be sold without your consent to meet a margin call or to satisfy a loan. If such a sale occurs when a security is on the restricted list, during a black out period or when you have access to Material Nonpublic Information, it may raise questions of whether unlawful insider trading and/or violations to the provisions of Section 16 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") have occurred.

If you are unable to meet a margin call, you must contact the CCO in advance of the call date to discuss plausible exit strategies.

**4.**  **<u>Trading Calamos Closed-End Funds</u>** 

**Closed-end Funds are Covered Securities and therefore require employees to obtain pre-clearance within the Firm's Compliance Monitoring System to purchase or sell shares of these funds.** In addition, those persons identified as Section 16 individuals (Appendix B) must consult and obtain approval from an attorney in the Legal Department, prior to engaging in such transactions and must notify the Legal Department on the day such transaction was effected so the appropriate filing can be made with the SEC. This excludes dividend or capital gain reinvestments pursuant to a dividend or capital gain reinvestment plans. Such notification is required to meet reporting obligations under Section 16 of the Exchange Act and the rules thereunder. See *the Policy and Procedures for Filings under the Exchange Act Sections 13 and 16 for more information.*

Column B - Policies and Procedures for Calamos ETF Trust

**<u>Private Securities Transactions</u>**

No Access Person shall acquire a Beneficial Ownership Interest in any security in a private securities transaction without the *express written prior approval* of the Chairman or CEO of Calamos (FINRA Rule 3280). Access persons must notify the Compliance Department via the Firm's compliance monitoring system and await receipt of the written approval before engaging in any private securities transaction.

Private securities transactions are any non-publicly-traded securities transactions outside the regular course or scope of your employment with Calamos including, but not limited to, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.

In deciding whether that approval should be granted, consideration will be given to whether the investment opportunity should be reserved for clients and whether the opportunity has been offered because of the person's relationship with Calamos or its clients.

An Investment Person who holds a private security must disclose that investment to a Co-Chief Investment Officer *and* the CCO if he or she later participates in consideration of an investment in that issuer for a client's account. Any investment decision for the client relating to that security must be made by *other* Investment Persons.

**5.**  **<u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Discretionary and Managed Account Exemptions** 

Security transactions in an account in which an Access Person or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code *if* the Access Person or a Related Person **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis) and the Access Person or Related Person does not have knowledge of the transaction until after it has been executed and provided the Access Person has previously identified the account to the Compliance Department via the Firm's compliance monitoring system.

Discretionary Accounts must be requested within the Compliance monitoring system and approved by Compliance. In order for an account to be deemed discretionary, supporting documentation must be provided, from the financial adviser of the discretionary or managed account as well as a copy of the most recent account statement.

Column B - Policies and Procedures for Calamos ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***De Minimis* Exceptions** 

Purchases or sales in an amount of no more than $10,000<sup>7</sup> in a Covered Security<sup>8</sup> of an issuer (other than shares of mutual funds) that has a market capitalization of at least $100 billion are exempt from the prohibitions with respect to whether Calamos is trading the same or equivalent security for the accounts of its clients, however pre-clearance is still required. Further, trades falling within this *de minimis* exception still must be reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Hardships or other Exceptions** 

Under unusual circumstances, such as a personal financial emergency, or when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption from certain restrictions on trading (but not pre-clearance or reporting requirements) under this Code may be made to the CCO, which application may be denied or granted in the CCO's discretion. To request consideration of an exemption, submit a written request containing details on your circumstances and the reason(s) for the exception requested.

The CCO may approve such exceptions from the Code applicable to an individual, based on the unique circumstances of such individual and based on a determination that the exceptions can be granted (i) consistent with the individual's fiduciary obligations to clients and (ii) pursuant to procedures that are reasonably designed to avoid a conflict of interest for the individual.

In addition, the CCO may exempt from Access Person status any individual or class of individual employee that is not required under Rule 204A-1 or Rule 17j-1 to be covered by the Code in circumstances that are deemed likely to not raise any conflicts with Calamos clients.

Any such exceptions shall be subject to such additional procedures, reviews and reporting as determined appropriate by the CCO in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Corporate Accounts Hedging Transactions** 

CAM, Calamos Investments LLC ("CILLC"), Calamos Family Partners, Inc. ("CFP") and its owners ("Calamos Family") may invest in and hedge<sup>9</sup> investments made by them in products managed by Calamos to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in this Code, investments, and the corresponding hedging transactions, made by CAM, CILLC, CFP and the Calamos Family in Calamos products (excluding Closed-End Funds) are not subject to the substantive restrictions in this Code, such as the short term trading ban. However, the hedging transactions are subject to pre-clearance by the Corporate Investment Committee. The Adviser's CCO and Funds' CCO are copied in the approval process. In addition, these entities do not receive preferential treatment over clients (They may, however, be traded together with discretionary client transactions).

<sup>7</sup> May not exceed an aggregate of $10,000 within 30 calendar days. In calculating the value of options for purposes of the *de minimis* exception, the calculation is based on the market value of the shares underlying the option contract (notional value), and not the value of the option contract itself.

<sup>8</sup> This excludes trades in Broad-based Securities which require pre-clearance approval subject to the 60 day holding period.

<sup>9</sup> For purposes of the Code, hedging transactions, or a series of hedging transactions, are defined as instruments used to reduce the overall risk and volatility of investments made in Calamos products only. The instruments used to complete the hedging transactions must be Broad-based Securities which can be long and/or short instruments that may include, but not limited to, indices, ETFs, and futures as well as options on these instruments. Hedging transactions may also include index collars which are commonly employed in order to add downside protection while making a trade-off and limiting upside profit potential by writing calls to help finance the cost of the puts.

Column B - Policies and Procedures for Calamos ETF Trust

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any client activity.

**TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS**

Although an Outside Trustee, or an Unaffiliated Trustee, or Outside Director are generally exempt from certain reporting requirements, they are required to file quarterly transaction reports under certain circumstances. They shall report in writing to the CCO of the Calamos Funds, within 30 days after the end of a calendar quarter, any transaction by him or her or a Related Person in a Covered Security if, at the time of the transaction he or she knew, or in the ordinary course of fulfilling his or her duties as a Trustee or Director should have known, that on the day of the transaction or within 15 days before or after that day a purchase or sale of that Covered Security was made by or considered for a Fund. Such reporting, if required, shall contain the same information required for Access Persons (as described above in the Section entitled: "Reporting Requirements").

An Outside Trustee or Unaffiliated Trustee or Related Persons shall also report in writing to the Fund CCO and the Calamos Legal Department , for the filing of Form 3 and Form 4, **<u>within one business day</u>**, any personal securities transaction by him or her or a Related Person of any of him or her in shares of Calamos Closed-End Funds. Such reporting is required to meet obligations under Section 16 of the Exchange Act and the rules thereunder.

**1.**  **<u>No Transactions with Clients</u>** 

No Outside Trustee or Related Persons shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

**2.**  **<u>No Conflicting Transactions</u>** 

No Outside Director, Outside Trustee, Unaffiliated Trustee nor any Related Person of any of them, shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or subadvised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered" (a) when a recommendation to purchase or sell has been made for the client and is pending or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

Column B - Policies and Procedures for Calamos ETF Trust

Absent extraordinary circumstances, a personal securities transaction of the same (*or equivalent<sup>10</sup>*) securities (excluding a Broad-based Security) shall not be executed until the ***<u>sixth business day</u>*** following the completion of any transaction for a client.

The purchase and sale of shares of any open-end fund advised or subadvised by Calamos by an Investment Person, Outside Trustee, Outside Director or Related Persons shall not be viewed as a conflicting transaction for the purpose of this section.

A purchase or sale of securities in an account in which an Outside Trustee or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code if the Outside Trustee or a Related Person of the Outside Trustee **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis by someone other than the Outside Trustee or the Related Person, and the Outside Trustee or Related Person does not have knowledge of the transaction until after it has been executed).

**3.**  **<u>Section 16 Reporting and Prohibitions</u>** 

Under the requirements of Section 16 of the Exchange Act and the rules thereunder, certain parties are required to report any transactions in the Calamos Advised Closed-End Funds or other than acquisitions resulting from the reinvestment of dividends or interest pursuant to a dividend or interest reinvestment plan.

These persons include:

&nbsp;&nbsp;&nbsp;&nbsp;• CEO

&nbsp;&nbsp;&nbsp;&nbsp;• Funds
 principal financial officer or principal accounting officer

&nbsp;&nbsp;&nbsp;&nbsp;• Any
 trustee of the Funds, including Outside Trustees

&nbsp;&nbsp;&nbsp;&nbsp;• Any
 directors of CAM, including Outside Directors

&nbsp;&nbsp;&nbsp;&nbsp;• Any
 vice-president of Calamos in charge of a principal business unit, division or function
 (such as sales, administration or finance)

&nbsp;&nbsp;&nbsp;&nbsp;• Any
 other officer or person of Calamos who performs a policy-making function

Individuals subject to this requirement are listed in Appendix B, which may be amended from time to time.

Directors, officers and principal shareholders of the Funds are subject to the "short swing" trading provisions of Section 16. Subject to certain exceptions, an officer, director or principal shareholder who engages in any combination of purchase and sale, or sale and purchase, of the Funds within any period of less than six months must turn over to the Funds any profit realized or loss avoided by such a combination of transactions. ***This is an absolute penalty imposed by law, and it is imposed regardless of any intention on the part of the director, officer or owner.***

Transactions of Immediate Family members of the persons listed above are generally subject to the reporting requirements, on the theory that such persons will financially benefit from these transactions.

<sup>10</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

Column B - Policies and Procedures for Calamos ETF Trust

These persons must also file an Initial Statement of Beneficial Ownership of Securities (known as "Form 3") to report share ownership, or when becoming a reporting party, and Statement of Changes of Beneficial Ownership of Securities (known as "Form 4") for subsequent reports of transactions. Although the Legal Department is prepared to assist these persons in preparing such filings, *the responsibility for such filings*, including notifying the Legal Department of the transaction and obtaining prior approval, as stated above, *is that of the individual*.

**OTHER REGULATORY REQUIREMENTS**

Certain other restrictions are imposed upon Calamos personnel, other than Outside Trustees, Unaffiliated Trustees and Outside Directors, as a result of being in a highly regulated industry.

**1.**  **<u>Outside Employment or Outside Business Activity</u>** 

What employees do outside the office on their own time is their business as long as it does not reflect negatively on or otherwise conflict with the company and its activities. However, for full-time employees of Calamos, it is expected that their position with the company is their primary employment. Any outside activity must not interfere with an employee's ability to properly perform his or her job responsibilities.

Personnel contemplating a second job or other outside activity must notify their supervisor immediately. The supervisor will thoroughly discuss this opportunity with the employee to ensure it will not interfere with job performance at Calamos, nor pose a conflict of interest. All outside business activities must be preapproved by your supervisor and reported to the CCO via the Firm's compliance monitoring system *before* you engage in the activity.

**2.**  **<u>Service as a Director or Officer</u>** 

No Access Person may serve as a member of the board of directors or trustees, or as an officer, of any publicly-held company without the prior written approval of the Chairman, CEO, President or the CCO, based on a determination that the board service would not be inconsistent with the interests of Calamos clients. If an Investment Person is serving as a board member, that Investment Person shall not participate in making investment decisions relating to the securities of the company on whose board he or she sits. Because of the potential for real or apparent conflicts of interests, such service is strongly discouraged.

**3.**  **<u>Gifts and Entertainment</u>** 

Conflicts of interest may arise when employees are presented with gifts or entertainment from persons doing business with Calamos or hoping to do business with same. The Advisers Act as well as the 1940 Act require that Firms address these potential conflicts by adopting policies and procedures pertaining to Gifts and Entertainment. If a conflict does arise, the burden of proof falls on Calamos to prove they acted in the best interest of the client(s). So if ever there is a doubt regarding if a conflict exists, an employee should assume a conflict does exist, and therefore, he or she should not give or accept a gift or entertainment.

Regulations require Calamos to monitor gifts and entertainment. See also the separate policy on Gifts and Entertainment.

Column B - Policies and Procedures for Calamos ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts** 

Employees may not give or receive a gift with a value greater than $100 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $100 per year.

Cash or cash equivalents are not allowed to be given or accepted. This includes a gift card that may be converted into cash. Any gift accepted must only be accepted by an employee who is certain that there is no conflict of interest, or appearance of same, raised by the acceptance of such gift. No gifts in poor taste may be given or accepted.

Pre-approval is required when giving gifts. An employee should enter the gift via the Firm's compliance monitoring system providing the recipient name, title, and company, as well as a description of the gift and its actual or estimated value. The employee must await approval from the Compliance Department *before* giving the gift.

Gifts *received* must be reported upon occurrence to the Compliance Department via the Firm's compliance monitoring system. The reporting should include the name of the giver, with title and company name as well as a description of the gift and its' actual or estimated value. The CCO reserves the right to require the employee to return any gift if it determines such return is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment** 

Entertainment provided or accepted must be appropriate and reasonable. The employee must consider any conflicts or potential conflicts prior to providing or participating in entertainment.

Employees may obtain Calamos owned tickets to, for example, a sporting event. When the tickets are used by an employee with a client or vendor, it is considered entertainment. If the employee gives the tickets to a client (or vendor, etc.) and does not attend the event himself, the tickets are considered a gift and the $100 limit applies. The same is true if a Calamos employee accepts tickets from a client or vendor and attends the event without that client or vendor, this is a gift and it should be pre-approved by the Compliance Department.

An employee should not provide or accept entertainment to or from the same client (or vendor, etc.) on a frequent basis. Invitations for excessive or extravagant entertainment must be declined. If such entertainment is accepted inadvertently, it must be reported to the Compliance Department via the Firm's compliance monitoring system.

**4.**  **<u>Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</u>** 

Calamos believes that the interests of Calamos and its clients can and should be aligned, despite the potential for conflicts of interest in the investment adviser/client relationship. In addition to being in the best interests of our clients to avoid conflicts of interest, it is in the best interest of Calamos itself to avoid actual and even, if possible, potential conflicts of interest.

In a company of our size and complexity, it can become difficult to identify conflicts of interest and other potential problems. But identification is the first and most necessary step in resolving those issues. Calamos believes that those dealing with the details of running its business operations are in just as good a position – often a better one – as Calamos management to identify potential problems.

Column B - Policies and Procedures for Calamos ETF Trust

All Calamos employees have an interest in identifying and solving potential problems. Each employee should feel free to raise questions and analyze what he or she is doing. In the end, Calamos is paying all of us to think and use our best judgment, and that includes raising questions and joining the discussion that shapes our business policies and practices. If any person subject to the Code is concerned about an apparent conflict of interest, or any other legal or ethical question involving our businesses, that person should raise their concerns with the CCO or General Counsel.

An employee may report concerns directly to his or her manager or to Senior Management". Calamos encourages open-door, in-person reporting of concerns but also recognizes that some individuals may feel uncomfortable raising issues, especially if they question the propriety of something that is occurring. Thus, as an alternative to direct reporting, a person may report concerns via EthicsPoint, which is an independent third-party service provider contracted to facilitate anonymous reporting of concerns. Ethics Point is described more completely on the Calamos intranet site and also is accessible through <u>https://secure.ethicspoint.com/domain/media/en/gui/6143/index.html</u>.

Calamos will not tolerate retaliation in any form against employees, contractors or agents who in good faith report actual or suspected concerns under this policy or against individuals who assist in the investigation of reported illegal or unethical conduct. Any act of retaliation should be reported immediately. Unless the employee, contractor or agent was involved in the illegal or unethical conduct, Calamos will not take adverse action against such person for good faith reporting or investigation assistance.

This policy should be read in conjunction with the "Calamos Internal Whistleblower Policy", accessible on the Calamos intranet site.

This policy is intended to encourage persons subject to the Code to raise any concerns regarding illegal or unethical conduct. However, consistent with SEC Rule 21F-17, nothing in this policy or any other policy or agreement, limits an individual from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the SEC, the Department of Justice, FINRA., any other self-regulatory organization or any other governmental, law enforcement, or regulatory authority, in connection with any reporting of, investigation into, or proceeding regarding suspected violations of law, and no individual is required to advise or seek permission before engaging in any such activity. In connection with such activity, individuals should identify any information that is confidential and ask the government agency for confidential treatment of such information. Despite the foregoing, individuals are not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory authority, information that is protected from disclosure by any applicable confidentiality provisions or privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges. Calamos does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other confidential or privileged information. Additionally, an individual's ability to disclose information may be limited or prohibited by applicable law and Calamos does not consent to disclosures that would violate applicable law. Applicable laws include, without limitation, laws and regulations restricting disclosure of confidential supervisory information or disclosures subject to the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or contemplated filing of a suspicious activity report. Confidential supervisory information includes any information or materials relating to the examination and supervision of Calamos by applicable regulatory agencies, materials responding to or referencing non-public information relating to examinations or supervision by regulatory agencies and correspondence to or from applicable regulators.

Column B - Policies and Procedures for Calamos ETF Trust

**RECORD RETENTION**

The Compliance Department shall maintain the records listed below for a period of five years in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;• a
copy of each Code that has been adopted or been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of any violation of the Code and any action taken as a result of such violation
 for five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of all written acknowledgements of receipt of the Code and amendments for each
 person who is currently, or within the past five years was, a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of each holdings and transaction report made pursuant to the Code, including any
 brokerage confirmation and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of any decision and supporting reasons for approving the acquisition of securities
 in limited offerings for at least five years after the end of the fiscal year in which
 approval was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of each SEC Form 3, Form 4, and Annual Statement of Beneficial Ownership of Securities.

Column B - Policies and Procedures for Calamos ETF Trust

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables (collectively referred herein as "Calamos" or "the Firm").

Companies

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Company name** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Calamos Asset Management, Inc. | &nbsp;&nbsp;Holding company |
| &nbsp;&nbsp;Calamos Investments LLC | &nbsp;&nbsp;Consolidated company managed by CAM |
| &nbsp;&nbsp;Calamos Advisors LLC | &nbsp;&nbsp;U.S. Investment Advisor |
| &nbsp;&nbsp;Calamos Wealth Management LLC | &nbsp;&nbsp;U.S. Investment Advisor |
| &nbsp;&nbsp;Calamos Financial Services LLC | &nbsp;&nbsp; U.S. Distributor |

---

*Table 1 - List of In-Scope Companies*

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Convertible Opportunities and Income Fund |
| &nbsp;&nbsp;Calamos Convertible and High Income Fund |
| &nbsp;&nbsp;Calamos Strategic Total Return Fund |
| &nbsp;&nbsp;Calamos Global Total Return Fund |
| &nbsp;&nbsp;Calamos Global Dynamic Income Fund |
| &nbsp;&nbsp;Calamos Dynamic Convertible and Income Fund |
| &nbsp;&nbsp;Calamos Long/Short Equity & Dynamic Income Trust |
| &nbsp;&nbsp;Calamos Global Convertible and Dynamic Income Trust |

---

*Table 2 - List of In-Scope U.S. Funds*

Funds for non-U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**UCIT Name** |
| &nbsp;&nbsp;Calamos Global Convertible Fund |

---

*Table 3 - List of In-Scope E.U. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adopted: June 30, 2005 |
| &nbsp;&nbsp;Revised: March 17, 2009 |
| &nbsp;&nbsp;Revised: December 04, 2013 |
| &nbsp;&nbsp;Revised: June 23, 2014 |
| &nbsp;&nbsp;Revised: September 25, 2014 |
| &nbsp;&nbsp;Revised: July 1, 2016 effective August 1, 2016 |
| &nbsp;&nbsp;Revised: November 1, 2016 |
| &nbsp;&nbsp;Revised: January 24, 2017 |
| &nbsp;&nbsp;Revised: December 12, 2017 |
| &nbsp;&nbsp;Revised: October 12, 2018 |
| &nbsp;&nbsp;Revised: July 9, 2019 |
| &nbsp;&nbsp;Revised: September 25, 2019 |
| &nbsp;&nbsp;Revised: June 30, 2020 |
| &nbsp;&nbsp;Revised: March 24, 2021 |
| &nbsp;&nbsp;Revised: June 30, 2021 |
| &nbsp;&nbsp;Revised: October 31, 2022 |

---

*Table 4 – List of Revision Dates for Policy*

Column B - Policies and Procedures for Calamos ETF Trust

**<u>APPENDIX B</u>**

<u>SECTION 16 INDIVIDUALS</u>

(Dated 6/30/21)

John P. Calamos, Sr., Chairman, Trustee and President, Calamos Funds

John S. Koudounis, Vice President, Calamos Funds

J. Christopher Jackson, Vice President and Secretary, Calamos Funds

Robert Behan, Vice President, Calamos Funds

Thomas E. Herman, Vice President and Chief Financial Officer, Calamos Funds

Daniel L. Dufresne, Vice President, Calamos Funds

Mark J. Mickey, Chief Compliance Officer, Calamos Funds

Stephen Atkins, Treasurer, Calamos Funds

John E. Neal, Trustee

William R. Rybak, Trustee

Virginia G. Breen, Trustee

Lloyd A. Wennlund, Trustee

Karen L. Stuckey, Trustee

Christopher M. Toub, Trustee

Column B - Policies and Procedures for Calamos ETF Trust

**<u>APPENDIX C</u>**

<u>FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM</u>

(Dated 4/07/2022)

Ameriprise

Charles Schwab

Chase Investment Services

Citigroup Global Markets Inc.

Edward Jones

E\*Trade

Fidelity

Interactive Brokers

JP Morgan

Merrill Lynch

Morgan Stanley Smith Barney

Raymond James & Associates

RBC Wealth Management

TD Ameritrade

T. Rowe Price

UBS

U S Bank

Vanguard

Wells Fargo