# EDGAR Filing Document

**Accession Number:** 0001943291
**File Stem:** 0001104659-26-043718
**Filing Date:** 2026-4
**Character Count:** 693224
**Document Hash:** d0ca8fddf86a918dd77b58f04bdf94a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-043718.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001104659-26-043718

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 44

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260415

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Antetokounmpo Sustainable Equities Trust
- **CENTRAL INDEX KEY:** 0001943291

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23822
- **FILM NUMBER:** 26863621

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER
- **STREET 2:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 630-245-7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Antetokounmpo Sustainable Equities Trust
- **CENTRAL INDEX KEY:** 0001943291

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267049
- **FILM NUMBER:** 26863620

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER
- **STREET 2:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 630-245-7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

## Series and Classes Contracts Data

### Calamos Antetokounmpo Sustainable Equities Fund (Series ID: S000078028)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238766 | Class R6     |  |
| C000238767 | Class A      |  |
| C000238768 | Class I      |  |
| C000238769 | Class C      |  |

?xml version='1.0' encoding='ASCII'?

**As filed with the U.S. Securities and Exchange Commission on April 15, 2026**

**Securities Act File No. 333-267049 Investment Company Act File No. 811-23822**

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

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**FORM N-1A REGISTRATION STATEMENT**

***UNDER***

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| ***THE SECURITIES ACT OF 1933*** | ☐ |

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| **Pre-Effective Amendment No.** | ☐ |

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| **Post-Effective Amendment No. 4** | ☒ |

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**and/or**

**REGISTRATION STATEMENT**

***UNDER***

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| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☐ |

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| **Amendment No. 6** | ☒ |

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**(Check appropriate box or boxes)**

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**Calamos Antetokounmpo Sustainable Equities Trust**

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

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

**60563 (Zip Code)**

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

**Erik D. Ojala**

**2020 Calamos Court**

**Naperville, Illinois 60563**

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

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***With Copies to:***

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

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**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:

☐ immediately upon filing pursuant to paragraph (b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ on May 1, 2026, pursuant to paragraph (b)

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

☐ on [ ] pursuant to paragraph (a)(1)

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

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

If appropriate, check the following box:

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

CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST

CONTENTS OF POST EFFECTIVE AMENDMENT

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| |
|:---|
| This Registration Statement consists of the following papers and documents: |
| Cover Sheet |
| Part A – Prospectus |
| Part B – Statement of Additional Information |
| Part C – Other Information |
| Signature Page |
| Exhibit Index |

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Calamos Antetokounmpo Sustainable

Equities Fund

 <u> CLASS A</u> <u> CLASS C</u> <u> CLASS I</u> <u> CLASS R6</u> <br> Calamos Antetokounmpo Sustainable Equities Fund SROAX SROCX SROIX SRORX

Prospectus May 1, 2026

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.

• Calamos Antetokounmpo Asset Management LLC ("CGAM") serves as the adviser ("Adviser") to the Calamos Antetokounmpo Sustainable Equities Fund (the "Fund"). CGAM is jointly owned by Calamos Advisors LLC and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo.

• Mr. Antetokounmpo serves on the Adviser's Board of Directors and has indirect control of half of the Adviser's Board.

• Mr. Antetokounmpo is not a portfolio manager of the Fund and is not involved in the day-to-day management of the Fund's investments, and neither Original C nor Mr. Antetokounmpo provide any "investment advice" to the Fund. Mr. Antetokounmpo provided input in selecting the initial strategy for the Fund.

• Mr. Antetokounmpo is involved with marketing efforts on behalf of the Adviser.

• If Mr. Antetokounmpo is no longer involved with the Fund or the Adviser then "Antetokounmpo" will be removed from the name of the Fund and the Adviser. Further, shareholders would be notified of any change in the name of the Fund or its strategy.

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**Table of Contents**

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| | |
|:---|:---|
| [Calamos Antetokounmpo <br>Sustainable Equities Fund](#CalamosAntetokounmpoSustainableEquitiesFund-2) | 1 |
| [Other Important Information <br>Regarding Fund Shares](#OtherImportantInformationRegardingFundShares-2) | 7 |
| [Additional Information About <br>Investment Strategies and Related <br>Risks](#additional-2) | 9 |
| [Fund Facts](#FundFacts-2) | 14 |
| [Who manages the Fund?](#WhomanagestheFund-2) | 14 |
| [What classes of shares does the Fund <br>offer?](#WhatclassesofsharesdoestheFundoffer-2) | 15 |
| [How can I buy shares?](#HowcanIbuyshares-2) | 22 |
| [How can I sell (redeem) shares?](#HowcanIsellredeemshares-2) | 26 |
| [Transaction information](#Transactioninformation-2) | 31 |
| [Distributions and taxes](#Distributionsandtaxes-2) | 36 |
| [Other Information](#Otherinformation-2) | 37 |
| [Financial Highlights](#FinancialHighlights-2) | 40 |
| [Appendix](#Appendix-2) | 44 |
| [For More Information](#Ifyouwouldlikemoreinformation-2) | back cover |

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Calamos Antetokounmpo Sustainable Equities Fund

Investment Objective

Calamos Antetokounmpo 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**. 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 discounts is available from your financial professional and under "Fund Facts — What classes of shares does the Fund offer?" on page 15 of the Fund's prospectus, in the Appendix to the prospectus and "Share Classes and Pricing of Shares" on page 31 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 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 Fee | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 4.70% | 4.70% | 4.70% | 4.69% |
| Total annual Fund operating expenses | 5.80% | 6.55% | 5.55% | 5.54% |
| Fee waiver and expense reimbursements<sup>1</sup> | (4.45)% | (4.45)% | (4.45)% | (4.45)% |
| Net Annual Fund Operating Expenses | 1.35% | 2.10% | 1.10% | 1.09% |

---

1 The Fund's investment advisor has contractually agreed to reimburse Fund expenses through May 1, 2027 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 May 1, 2027 for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, foreign tax reclaim expenses, and extraordinary expenses, if any. Calamos Antetokounmpo Asset Management LLC may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CGAM and any of its successors and assigns. This agreement is not terminable by either party.

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 May 1, 2027 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 |  | 1,741 |  | 2,859 |  | 5,577 |
| Class C |  | 313 |  | 1,539 |  | 2,826 |  | 5,871 |
| Class I |  | 112 |  | 1,258 |  | 2,392 |  | 5,175 |
| Class R6 |  | 111 |  | 1,255 |  | 2,388 |  | 5,167 |

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PROSPECTUS \| May 1, 2026

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Calamos Antetokounmpo Sustainable Equities 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 |  | 1,741 |  | 2,859 |  | 5,577 |
| Class C |  | 213 |  | 1,539 |  | 2,826 |  | 5,871 |
| Class I |  | 112 |  | 1,258 |  | 2,392 |  | 5,175 |
| Class R6 |  | 111 |  | 1,255 |  | 2,388 |  | 5,167 |

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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 31% of the average value of its portfolio.

Principal Investment Strategies

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of issuers domiciled in the U.S. that, in the view of Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser") have above average growth potential and meet the sustainable investment criteria set out below. The Fund may invest up to 20% of its net assets in American Depositary Receipts ("ADRs"), which are securities representing equity ownership in foreign issuers. The Fund may invest in companies of any size and seeks diversification by economic sector.

The Subadviser's investment team (the "Team") employs an integrated, fundamental, and proprietary sustainable investment research process to evaluate and select what the Team deems are high-quality growth opportunities. The Team believes a portfolio of equities issued by high-quality growth companies characterized by a history of producing consistent returns above the cost of capital with sustainable competitive advantages is the best way to achieve steady, strong, enduring relative returns. The Team believes that companies with strong sustainability characteristics (as further described below) are better equipped to adapt to change, to evolve, and to avoid unnecessary liabilities (which could include, for example, litigation costs), which means that investment in such companies has the potential to contribute to investor return and risk reduction. The Team believes that integrating this sustainability analysis alongside traditional financial analysis produces better financial and societal results.

The Team utilizes a proprietary sustainable investment research process, considering both quantitative and qualitative sustainability factors, to identify responsible, engaged companies (companies that demonstrate awareness and action surrounding the material ESG issues facing their businesses and industries). The Team believes that a company's understanding of these principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value for a company. 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. The Team conducts fundamental research to find companies with attractive financial and sustainability attributes. In conducting fundamental research, the Team combines traditional investment information with its proprietary three-tiered investment research process to identify companies which it believes represent leaders in sustainable business practies.

The Team believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging sustainability risks and opportunities. The three-tiered sustainable investment research process consists of: 1) exclusionary screens; 2) materiality assessments and 3) environmental and social impact scoring, each of which is described in turn below.

1. Exclusionary Screens: This process results in identifying certain industries and business activities that, in the Team's belief, are too environmentally risky or present social outcomes that are too unattractive to warrant investment consideration,

CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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Calamos Antetokounmpo Sustainable Equities Fund

which are thus avoided by the Team. The Team will generally exclude an issuer from investment consideration where the issuer derives revenue or profits that exceed 5% from one or more of the below-listed industries/business activities, namely:

• agricultural biotechnology,

• alcohol,

• animal testing\*,

• fossil fuels,

• gambling,

• metals & mining,

• nuclear energy,

• tobacco, and

• weapons.

\* A company's activities involving animal testing are considered on a case-by-case basis depending on purpose and methods.

2. Materiality Assessment: The Team then applies third-party materiality mapping tools combined with its own insights and emphasis on environmental and social leadership to develop materiality theses, which enable the Team to identify and analyze the key ESG risks/opportunities for a particular Industry.

3. Environmental and Social Scoring: Overlaying these top-down and bottom-up approaches, the Team then utilizes a proprietary sustainable investment scoring system, which considers both quantitative and qualitative factors, to identify investments for the Fund. The scoring system also considers a company's position in respect of various environmental and social characteristics, including: product contribution to a sustainable economy; product lifecycle innovation; operational efficiencies; inclusive finance; ensuring health and providing basic services, as well as a company's corporate governance practices. These qualitative metrics are considered alongside quantitative factors produced by research, and together, a score is determined, applied, and monitored going forward. The abovementioned score is just one part of the process. While required as a minimum, a "good" environmental and/or social score, one higher than 3 (out of 5), does not automatically mean that the Fund will invest in an investee company.

The Team utilizes a range of data sources as part of its proprietary sustainability ratings system. These data sources may include: corporate disclosures, third party research providers (e.g., ISS ESG, MSCI ESG, Bloomberg, etc.), non-governmental organizations ("NGOs") and non-profits (e.g., Greenpeace, Friends of Earth, etc.), academic publications, news services and memberships. While the Team may utilize the underlying data which supports a third party's ESG rating of an issuer, the Team does not rely on any ESG ratings of third-party research providers. The Team employs its proprietary sustainability ratings system for both initial company recommendations and ongoing monitoring of investments.

The Team may sell an investment in cases of valuation adjustments, availability of more attractive alternatives, or breakdowns in financial fundamentals or sustainability performance.

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. You should not consider investing in the Fund if your investment objective differs from the Funds' investment objective of long-term capital appreciation or if you are not willing to accept the principal risks associated with an investment in the Fund. 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

PROSPECTUS \| May 1, 2026

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Calamos Antetokounmpo Sustainable Equities Fund

order of importance, with the most significant risks appearing first. 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.

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

**•** 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.

**•** 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.

• 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 sustainability policy or integration procedures could cause it to perform differently compared to similar funds that do not have such a policy. The application of the sustainability 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 has developed a proprietary sustainability rating system that relies in part on data provided by third parties. There is no assurance that third-party sustainability data sources will always be available or that such data will be accurate.

• Key-Person Dependence Risk — The Adviser is jointly owned and controlled by Calamos Advisors LLC and, indirectly, by Giannis Sina Ugo Antetokounmpo, a well-known professional athlete. Unanticipated events, including, without limitation, death, adverse reputational events or business disputes, could result in Mr. Antetokounmpo no longer being associated or involved with the Adviser. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses.

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 ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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Calamos Antetokounmpo Sustainable Equities Fund

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

![](j2691172_ba001.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarterly Return: | 10.11 | % (6.30.25) | Lowest Quarterly Return: | -4.62 | % (3.31.25) |

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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 12.31.25

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, 2025 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 \| May 1, 2026

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Calamos Antetokounmpo Sustainable Equities Fund

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| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** | **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** | **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** | **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** |
| | **INCEPTION<br>DATE OF CLASS** | **ONE YEAR** | **SINCE <br>INCEPTION\*** |
| **Class A** | 2.3.23 |  |  |
| *Load Adjusted Return before taxes* |  | 6.92% | 12.65% |
| **Class C** | 2.3.23 |  |  |
| *Load Adjusted Return before taxes* |  | 10.46% | 11.79% |
| **Class I** | 2.3.23 |  |  |
| *Return before taxes* |  | 12.54% | 12.92% |
| *Return after taxes on distributions* |  | 11.57% | 12.51% |
| *Return after taxes on distributions and sale of Fund shares* |  | 8.08% | 10.08% |
| **Class R6** | 2.3.23 |  |  |
| *Return before taxes* |  | 12.55% | 12.93% |
| **S&P 500 Total Return Index<sup>1</sup>** |  | 17.88% | 20.19% |

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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.

1 Index returns include the reinvestment of dividends, coupons, and/or distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. The S&P 500 Index is generally considered representative of the U.S. stock market.

Investment Adviser

Calamos Antetokounmpo Asset Management LLC ("CGAM")

Subadviser

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 SUBADVISER** |
| James Madden | since Fund's inception | SVP, Co-Portfolio Manager |
| Anthony Tursich | since Fund's inception | SVP, Co-Portfolio Manager |
| Beth Williamson | since Fund's inception | VP, 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 7 of the prospectus.

CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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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 Fund 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:

Calamos Family of Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

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 shares may not be available for purchase directly from the Fund. These classes are generally available through specified benefit plans. 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.

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Other Important Information Regarding Fund Shares

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the 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.

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Additional Information About Investment Strategies and Related Risks

What are the investment objective and principal strategies for the Fund?

The Fund's investment objective is long-term capital appreciation.

Principal Investment Strategies

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of issuers domiciled in the U.S. that, in the view of Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser"), have above average growth potential and meet the sustainable investment criteria set out below. The Fund may invest up to 20% of its net assets in American Depositary Receipts ("ADRs"), which are securities representing equity ownership in foreign issuers. The Fund may invest in companies of any size and seeks diversification by economic sector.

The Subadviser's investment team (the "Team") employs an integrated, fundamental, and proprietary sustainable investment research process to evaluate and select what the Team deems are high-quality growth opportunities. The Team believes a portfolio of equities issued by high-quality growth companies characterized by a history of producing consistent returns above the cost of capital with sustainable competitive advantages is the best way to achieve steady, strong, enduring relative returns. The Team believes that companies with strong sustainability characteristics (as further described below) are better equipped to adapt to change, to evolve, and to avoid unnecessary liabilities (which could include, for example, litigation costs), which means that investment in such companies has the potential to contribute to investor return and risk reduction. The Team believes that integrating this sustainability analysis alongside traditional financial analysis produces better financial and societal results.

The Team utilizes a proprietary sustainable investment research process, considering both quantitative and qualitative sustainability factors, to identify responsible, engaged companies (companies that demonstrate awareness and action surrounding the material ESG issues facing their businesses and industries). The Team believes that a company's understanding of these principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value for a company. 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. The Team conducts fundamental research to find companies with attractive financial and sustainability attributes. In conducting fundamental research, the Team combines traditional investment information with its proprietary three-tiered investment research process to identify companies which it believes represent leaders in sustainable business practies.

The Team believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging sustainability risks and opportunities. The three-tiered sustainable investment research process consists of: 1) exclusionary screens; 2) materiality assessments and 3) environmental and social impact scoring, each of which is described in turn below.

1. Exclusionary Screens: This process results in identifying certain industries and business activities that, in the Team's belief, are too environmentally risky or present social outcomes that are too unattractive to warrant investment consideration, which are thus avoided by the Team. The Team will generally exclude an issuer from investment consideration where the issuer derives revenue or profits that exceed 5% from one or more of the below-listed industries/business activities, namely:

• agricultural biotechnology,

• alcohol,

• animal testing\*,

• fossil fuels,

• gambling,

• metals & mining,

• nuclear energy,

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Additional Information About Investment Strategies and Related Risks

• tobacco, and

• weapons.

\* A company's activities involving animal testing are considered on a case-by-case basis depending on purpose and methods.

2. Materiality Assessment: The Team then applies third-party materiality mapping tools combined with its own insights and emphasis on environmental and social leadership to develop materiality theses, which enable the Team to identify and analyze the key ESG risks/opportunities for a particular Industry.

3. Environmental and Social Scoring: Overlaying these top-down and bottom-up approaches, the Team then utilizes a proprietary sustainable investment scoring system, which considers both quantitative and qualitative factors, to identify investments for the Fund. The scoring system also considers a company's position in respect of various environmental and social characteristics, including: product contribution to a sustainable economy; product lifecycle innovation; operational efficiencies; inclusive finance; ensuring health and providing basic services, as well as a company's corporate governance practices. These qualitative metrics are considered alongside quantitative factors produced by research, and together, a score is determined, applied, and monitored going forward. The abovementioned score is just one part of the process. While required as a minimum, a "good" environmental and/or social score, one higher than 3 (out of 5), does not automatically mean that the Fund will invest in an investee company.

The Team utilizes a range of data sources as part of its proprietary sustainability ratings system. These data sources may include: corporate disclosures, third party research providers (e.g., ISS ESG, MSCI ESG, Bloomberg, etc.), non-governmental organizations ("NGOs") and non-profits (e.g., Greenpeace, Friends of Earth, etc.), academic publications, news services and memberships. While the Team may utilize the underlying data which supports a third party's ESG rating of an issuer, the Team does not rely on any ESG ratings of third-party research providers. The Team employs its proprietary sustainability ratings system for both initial company recommendations and ongoing monitoring of investments.

The Team may sell an investment in cases of valuation adjustments, availability of more attractive alternatives, or breakdowns in financial fundamentals or sustainability performance.

Changes in 80% policy

The Fund has adopted a non-fundamental operating policy that requires it, under normal circumstances, to invest at least 80% of the Fund's net assets (plus borrowings for investment purposes, if any) in equity securities of issuers domiciled in the U.S. that, in the view of the Team, have above average growth potential and meet the sustainable investment criteria set out below. Although this requirement may be changed by the board of trustees without shareholder approval, the Fund will notify shareholders in writing at least 60 days prior to any change in its 80% policy.

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.

In response to market, economic, political, or other conditions, the Fund may temporarily invest for defensive purposes that are inconsistent with the Fund's principal investment strategies. If the Fund does so, different factors could affect the Fund's performance, and the Fund may not 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.

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Additional Information About Investment Strategies and Related Risks

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

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. 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.

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.

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 the 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 the Fund's performance. It is possible that the 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 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 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. 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 sustainability policy or integration procedures could cause it to perform differently compared to similar funds that do not have such a policy. The application of the sustainability 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. 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 the Fund's investment strategy, Calamos Advisors has developed a proprietary sustainability rating system that relies in part on data provided by third parties. There is no assurance that third-party sustainability data sources will always be available or that such data will be accurate.

Key-Person Dependence Risk. The Adviser is jointly owned and controlled by Calamos Advisors LLC and, indirectly, by Giannis Sina Ugo Antetokounmpo, a well-known professional athlete. Unanticipated events, including, without limitation, death, adverse reputational events or business disputes, could result in Mr. Antetokounmpo no longer being associated or involved with the Adviser. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses.

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Additional Information About Investment Strategies and Related Risks

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 CGAM, 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 the 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 the Fund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the 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.

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.

Large Transactions Risk. To the extent a large proportion of Fund shares are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Subadviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Subadviser. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). Large shareholder transactions could adversely affect the Fund's ability to conduct its investment program. For example, they could require the Fund to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs and/or accelerate the realization of taxable income and/or gains to shareholders. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains, such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a taxable account. In addition, the Fund may be required to sell its more liquid portfolio investments to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

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. Calamos Advisors cannot predict the effect of similar events in the future on the U.S. or foreign economies. 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 market, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests.

Recent Market Events. Since the 2008 financial crisis, financial markets throughout the world have experienced increased periods of 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 (such as wars, terror attacks, natural or environmental disasters, country instability, and public health emergencies), trade disputes, tariffs and other restrictions on trade or economic sanctions, measures to address budget deficits, downgrading

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Additional Information About Investment Strategies and Related Risks

of sovereign debt, significant changes 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.

Russia's military invasion of Ukraine has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. In addition, the Iranian conflict that commenced in February 2026 may result in similar, and potentially more severe, disruptions. Escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts are impossible to predict but could continue to be significant.

The full extent of the political, economic and legal consequences of Brexit are not yet fully known, and the long-term impact of Brexit on the UK, the EU and the broader global economy may be significant. As a result of the political divisions within the UK and between the UK and the EU that the referendum vote has highlighted and the uncertain consequences of Brexit, the UK and European economies and the broader global economy could be significantly impacted, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits, or the abandonment of the Euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

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 and pandemics, 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.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of the Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

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 statement of additional information.

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Fund Facts

Who manages the Fund?

Investment Adviser

Calamos Antetokounmpo Asset Management LLC ("CGAM"), an investment adviser registered with the SEC under the Investment Advisers Act of 1940, serves as the Fund's adviser ("Adviser"). CGAM is jointly owned by Calamos Advisors LLC and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo.

Subject to the overall authority of the board of trustees, CGAM provides continuous investment supervision and management to the Fund under a management agreement. For these services, the Fund pays CGAM a fee based on its average daily net assets at the annual rate of 0.85%, which is accrued daily and paid on a monthly basis.

CGAM has contractually agreed to limit the annual ordinary operating expenses of the Fund as a percentage of the average net assets of each class of shares to 1.35% for Class A shares, 2.10% for Class C shares, and 1.10% for Class I shares. CGAM 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, foreign tax reclaim expenses, and extraordinary expenses, if any. This expense limitation agreement is binding on CGAM through May 1, 2027. CGAM may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CGAM and any of its successors and assigns. This agreement is not terminable by either party.

At a meeting held on June 24, 2025, the board of trustees 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 Form N-CSR filing for the period ended June 30, 2025.

Subadviser

The Fund is subadvised by Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser"), 2020 Calamos Court, Naperville, Illinois 60563. Calamos Advisors, an investment adviser registered with the SEC effective May 29, 1987, is a wholly owned subsidiary of CALAMOS INVESTMENTS LLC ("CILLC"). CILLC's assets under management as of December 31, 2025, were $47 billion ($44 billion of which represented Calamos Advisors' assets under management). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2025, 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 Calamos Equity Partners LLC. 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 disablility of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chef Executve Officer of CAM and CILLC.

Calamos Advisors has full investment discretion and makes all determinations with respect to the investment of the Fund's assets, subject to the general supervision of the Adviser and the board of trustees. Calamos Advisors also furnishes office space, equipment and management personnel to the Calamos Antetokounmpo Sustainable Equities Trust (the "Trust").

Pursuant to an investment subadvisory agreement between CGAM, Calamos Advisors and the Trust, on behalf of the Fund (the "Subadvisory Agreement"), CGAM has agreed to pay a monthly sub-advisory fee at an annual rate to Calamos Advisors in an amount based on the Fund's average daily net assets. CGAM is responsible for paying the entirety of Calamos Advisors's subadvisory fee. The Fund does not directly pay Calamos Advisors.

At a meeting held on June 24, 2025, the board of trustees approved the Subadvisory Agreement for the Fund. A discussion regarding the basis for the approval by the board of trustees of the Subadvisory Agreement for the Fund is included in the June 30, 2025 Form N-CSR filing for the Fund.

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Fund Facts

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.

The Fund's statement of additional information provides additional information about each portfolio manager, including other accounts they manage, their ownership in the Fund 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 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 and investment strategies. 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 sustainable investment approach and framework to ensure compliance with the Fund's principal investment strategies.

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.

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Fund Facts

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.

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 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 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

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Fund Facts

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.

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 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);

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(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; or

(k) accounts at any intermediary who have entered into an agreement with CFS to offer shares to self-directed account.

Proceeds of Class A shares redeemed from the Fund within the previous 90 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 Fund. 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 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.

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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 the 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.

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.

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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 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, CGAM, 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

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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"). Additionally, at the Fund's sole discretion, Class R6 shares may be available to banks, trust institutions or trust companies ("banks and trust companies") investing on behalf of their customers through omnibus accounts identifiable on the books of the Fund's transfer agent as belonging to such bank or trust company. Class R6 shares are not available to retail or institutional investors that are not specified benefit plans (or certain banks and trust companies). Specifically, 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 Fund's prior knowledge and/or further consent to such accounts, as the Fund's 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 Fund.

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.

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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.

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

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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 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.

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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: Calamos Family of Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252. 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.

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 Funds' transfer agent, in writing along with a voided check or savings account deposit slip, at Calamos Family of Funds, c/o U.S. Bank Global Fund Services, PO Box 219252, Kansas City, MO 64121-9252.

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.

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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 your completed account application to the transfer agent at Calamos Family of Funds, c/o U.S. Bank Global Fund Services, PO Box 219252, Kansas City, MO 64121-9252 or deliver your completed account application to the transfer agent by overnight mail at Calamos Family of Funds, c/o U.S. Bank Global Fund Services, 801 Pennsylvania Ave., Suite 219252, Kansas City, MO 64105-1307. 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.

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.

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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, PO Box 219252, Kansas City, MO 64121-9252. 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.

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 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.

By writing to the Fund's 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: Calamos Family of Funds, c/o U.S. Bank Global Fund Services, PO Box 219252, Kansas City, MO 64121-9252. 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 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.

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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 deposit slip to have proceeds deposited directly into your bank account to Calamos Family of Funds, U.S. Bank Global Fund Services, PO Box 219252, Kansas City, MO 64121-9252.

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.

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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 Fund's 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 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.

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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 Calamos Advisors reasonably believes that a cash redemption would negatively affect the 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 the 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, the Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the net assets of the Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the 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.

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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 (the "1940 Act"), 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 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

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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 the board of trustees. The board of trustees has designated CGAM as "valuation designee" for the Fund. The valuation designee is responsible for determining the value of the Fund's investments under oversight 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 counterparty to such option under the ultimate supervision of the board of trustees.

If the valuation designee 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 valuation designee, 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, 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 valuation designee, 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

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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.

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 any 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.

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Fund Facts

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.

Calamos Financial Services LLC ("CFS") has an Incentive Plan (the "Plan") covering its Intermediary Sales Department. Generally, CFS markets and sells shares of the Calamos Family of Funds to financial advisors, who in turn may recommend that investors purchase shares of a Fund. The Plan is an incentive program that combines discretionary quarterly bonuses with a potential discretionary annual bonus based on sales performance and other non-sales metrics. Incentive compensation may differ for each Fund and is subject to change depending on certain criteria considered by CFS. The Plan creates a potential conflict of interest in that it creates an incentive for the Intermediary Sales Department members to sell one Fund over another. CFS' Compliance Department monitors sales and other activity in an effort to detect unusual activity in the context of the compensation structure under the Plan.

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.

CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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Fund Facts

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 create taxable gains to remaining Fund shareholders and may increase Fund expenses, which may negatively impact investment returns for remaining shareholders.

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 32 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.

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Fund Facts

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 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 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 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."

CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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Fund Facts

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.

The Fund's 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.

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).

Summary of Certain Provisions of the Declaration of Trust

The summary below is a synopsis of certain provisions contained in the Trust's Declaration of Trust. Shareholders should refer to the Declaration of Trust for further information. Defined terms have the meanings contained in the Declaration of Trust.

Derivative Actions

The Amended and Restated Declaration of Trust (the "Declaration of Trust") requires, within Section 8.9, that before bringing any derivative action on behalf of the Fund, Shareholders must have made a written demand to the board of trustees requesting that they cause the Trust or affected Series or Class, as applicable, to file the action itself.

In order to warrant consideration, any such written demand must include at least the following:

(1) a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made;

(2) a statement to the effect that the complaining Shareholders believe that they will fairly and adequately represent the interests of similarly situated Shareholders in enforcing the right of the Trust or the affected Series or Class, as applicable and an explanation of why the complaining Shareholders believe that to be the case;

(3) a certification that the following requirements have been met, as well as information reasonably designed to allow the trustees to verify that certification:

(a) each complaining Shareholder was a Shareholder of the Trust or the affected Series or Class, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a Person who was a Shareholder at that time; and

PROSPECTUS \| May 1, 2026

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Fund Facts

(b) each complaining Shareholder was a Shareholder of the Trust or the affected Series or Class, as applicable, as of the time the demand required by Section 8.9 was made; and

(4) a certification that each complaining Shareholder will be a Shareholder of the Trust or the affected Series or Class, as applicable as of the commencement of the derivative action.

The Declaration of Trust further provides that at least 10% of the Shareholders of the Trust or the affected Series or Class, as applicable, must join in bringing the derivative action. This provision does not apply to claims brought under the federal securities laws.

The Declaration of Trust also provides that a copy of the derivative complaint must be served on the Trust, assuming the requirements described above have already been met and the derivative action has not been barred as further described in the Declaration of Trust.

Forum and Waiver of Jury Trial

Section 8.11 of the Declaration of Trust outlines which shareholder actions must be brought in state court and which must be brought in federal court. This section states in particular that, unless the Trust consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under any federal securities law. This provision may increase costs for a shareholder to bring a claim or may limit a shareholder's ability to bring a claim in a judicial forum that they find more convenient or favorable. While the enforceability of the exclusive forum provisions may be challenged, this section also provides that if any provisions of Section 8.11 shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining portions will still apply.

Section 8.11 of the Declaration of Trust also states that shareholders and all other such persons bringing any such suit, action, or proceeding in the Superior Court in the State of Delaware waive the right to a trial by jury to the fullest extent permitted by law.

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 annual and semi-annual 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, PO Box 219252, Kansas City, MO 64121-9252 if you want to receive individual copies of these documents. The Fund will begin sending you individual copies within 30 days of your request.

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 ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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Financial Highlights

The financial highlights table is intended to help you understand the Fund's financial performance for the periods indicated below. 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). This information has been audited by Deloitte & Touche LLP, whose report, along with the Fund's financial statements, are included in the SAI, which is available upon request.

Calamos Antetokounmpo Sustainable Equities Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
| | **2025** | **2024** | **2023** |
| Net asset value, beginning of year | $12.54 | $10.97 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.02)(b) | 0.02 | 0.03 |
| Net realized and unrealized gain (loss) | 1.56 | 1.57 | 0.97 |
| Total from investment operations | 1.54 | 1.59 | 1.00 |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.02) | (0.03) |
| Dividends from net realized gains | (0.49) |  |  |
| Total distributions\*\* | (0.49) | (0.02) | (0.03) |
| Net asset value, end of year | $13.59 | $12.54 | $10.97 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 12.30% | 14.45% | 10.03% |
| Net assets, end of year (000) | $163 | $184 | $157 |
| Ratio of net expenses to average net assets | 1.35% | 1.35% | 1.35<br> %(d) |
| Ratio of gross expenses to average net assets prior to expense reductions | 5.78% | 6.11% | 10.24<br> %(d) |
| Ratio of net investment income (loss) to average net assets | (0.14<br> %) | 0.15% | 0.37<br> %(d) |
|  | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
|  | **2025** | **2024** | **2023** |
| Portfolio turnover rate(e) | 31% | 20% | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution, if any, 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) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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Calamos Antetokounmpo Sustainable Equities Fund

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| | | | |
|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
| | **2025** | **2024** | **2023** |
| Net asset value, beginning of year | $12.42 | $10.93 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11)(b) | (0.07)(b) | (0.03)(b) |
| Net realized and unrealized gain (loss) | 1.52 | 1.56 | 0.96 |
| Total from investment operations | 1.41 | 1.49 | 0.93 |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |
| Dividends from net realized gains | (0.49) |  |  |
| Total distributions\*\* | (0.49) |  |  |
| Net asset value, end of year | $13.34 | $12.42 | $10.93 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 11.46% | 13.54% | 9.30% |
| Net assets, end of year (000) | $138 | $124 | $109 |
| Ratio of net expenses to average net assets | 2.10% | 2.10% | 2.10<br> %(d) |
| Ratio of gross expenses to average net assets prior to expense reductions | 6.55% | 6.86% | 10.99<br> %(d) |
| Ratio of net investment income (loss) to average net assets | (0.88<br> %) | (0.60<br> %) | (0.38<br> %)(d) |
|  | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
|  | **2025** | **2024** | **2023** |
| Portfolio turnover rate(e) | 31% | 20% | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution, if any, 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) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

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Calamos Antetokounmpo Sustainable Equities Fund

**FINANCIAL HIGHLIGHTS**

**Selected data for a share outstanding throughout each year were as follows:**

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
| | **2025** | **2024** | **2023** |
| Net asset value, beginning of year | $12.55 | $10.97 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) | 1.55 | 1.58 | 0.96 |
| Total from investment operations | 1.57 | 1.63 | 1.02 |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.01) | (0.05) | (0.05) |
| Dividends from net realized gains | (0.49) |  |  |
| Total distributions\*\* | (0.50) | (0.05) | (0.05) |
| Net asset value, end of year | $13.62 | $12.55 | $10.97 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 12.54% | 14.81% | 10.21% |
| Net assets, end of year (000) | $4678 | $4146 | $3148 |
| Ratio of net expenses to average net assets | 1.10% | 1.10% | 1.10<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 5.56% | 5.86% | 9.99<br> %(c) |
| Ratio of net investment income (loss) to average net assets | 0.12% | 0.38% | 0.63<br> %(c) |
|  | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
|  | **2025** | **2024** | **2023** |
| Portfolio turnover rate(d) | 31% | 20% | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution, if any, 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.

CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND

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Calamos Antetokounmpo Sustainable Equities Fund

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| | | | |
|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
| | **2025** | **2024** | **2023** |
| Net asset value, beginning of year | $12.55 | $10.97 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) | 1.55 | 1.58 | 0.96 |
| Total from investment operations | 1.57 | 1.63 | 1.02 |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.01) | (0.05) | (0.05) |
| Dividends from net realized gains | (0.49) |  |  |
| Total distributions\*\* | (0.50) | (0.05) | (0.05) |
| Net asset value, end of year | $13.62 | $12.55 | $10.97 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 12.55% | 14.84% | 10.22% |
| Net assets, end of year (000) | $142 | $127 | $110 |
| Ratio of net expenses to average net assets | 1.09% | 1.07% | 1.09<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 5.54% | 5.86% | 9.98<br> %(c) |
| Ratio of net investment income (loss) to average net assets | 0.13% | 0.42% | 0.63<br> %(c) |
|  | Year Ended December 31, | Year Ended December 31, | February 3, <br>2023• through <br>December 31, |
|  | **2025** | **2024** | **2023** |
| Portfolio turnover rate(d) | 31% | 20% | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;• Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Distribution, if any, 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 \| May 1, 2026

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**Appendix**

Ameriprise Prospectus Disclosure

**Sales Charge Reductions and Waivers Available from Certain Financial Intermediaries**

The availability of certain sales charge reductions and waivers will depend on whether you purchase fund shares directly from the fund or through a financial intermediary. Financial intermediaries may have different policies and procedures regarding the availability of front-end sales load reductions or waivers or CDSC waivers, which are described below. In all instances, it is the investor's responsibility to notify the fund or the investor's financial intermediary at the time of purchase of any relationship or other facts qualifying the investor for sales charge reductions or waivers. For reductions or waivers not available through a particular financial intermediary, investors will have to purchase fund shares directly from the fund or through another financial intermediary to receive these reductions or waivers.

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

• *Transaction size breakpoints*, as described in this prospectus or the SAI.

• *Rights of accumulation (ROA)*, as described in this prospectus or the SAI.

• *Letter of intent*, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

• shares purchased by 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 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 seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

• shares purchased by 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.

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• 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).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

• redemptions due to death or disability of the shareholder

• shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

• redemptions made in connection with a return of excess contributions from an IRA account

• shares purchased through a Right of Reinstatement (as defined above)

• redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

Edward D. Jones & Co., L.P. ("Edward Jones") Prospectus Disclosure

Policies Regarding Transactions Through Edward Jones

*The following information has been provided by Edward Jones:*

**The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Calamos Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.**

**Breakpoints**

• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

**Rights of Accumulation ("ROA")**

• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Calamos Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

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• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")**

• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers**

Sales charges are waived for the following shareholders and in the following situations:

• Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

• Shares purchased in an Edward Jones fee-based program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

o The redemption and repurchase occur in the same account.

o The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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**Contingent Deferred Sales Charge ("CDSC") Waivers**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

• The death or disability of the shareholder.

• Systematic withdrawals with up to 10% per year of the account value.

• Return of excess contributions from an Individual Retirement Account (IRA).

• Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

• Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

• Shares exchanged in an Edward Jones fee-based program.

• Shares acquired through NAV reinstatement.

• Shares redeemed at the discretion of Edward Jones for Minimums Balances, as described below.

**<u>Other Important Information Regarding Transactions Through Edward Jones</u>**

**Minimum Purchase Amounts**

• Initial purchase minimum: $250

• Subsequent purchase minimum: none

Minimum Balances

• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

o A fee-based account held on an Edward Jones platform

o A 529 account held on an Edward Jones platform

o An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

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.

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• 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."

J.P. Morgan Securities LLC Prospectus Disclosure

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

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**Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC**

• Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

• Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

• Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

• Shares purchased through rights of reinstatement.

• 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 J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A share conversion**

• A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC**

• 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 retirement accounts pursuant to the Internal Revenue Code.

• Shares acquired through a right of reinstatement.

**Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent**

• Breakpoints as described in the 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 within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

• Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

Merrill Lynch Prospectus Disclosure

Purchases or sales of front-end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

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It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers Available at Merrill**<br>

Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

Shares purchased through a Merrill investment advisory program

Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

Shares purchased through the Merrill Edge Self-Directed platform

Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement)

Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees)

Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill**<br>

Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3))

Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

Shares sold due to 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 investor reaching the qualified age based on applicable IRS regulation

Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

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**Front-end Load Discounts Available at Merrill:<br>Breakpoints, Rights of Accumulation & Letters of Intent**

Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement

Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement.

Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement.

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.

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**<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

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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 shares of the same fund

• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird

• Shares purchased within 90 days following a redemption from a Calamos Fund, provided (1) the redemption and purchase occur within the purchaser's Baird household and (2) the redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

• A shareholder in the Fund's Investor C Shares will have their shares 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 Calamos assets held by accounts within the purchaser's household at Baird. Eligible Calamos 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

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• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Calamos through Baird, over a 13-month period of time

Stifel, Nicolaus & Company, Incorporated Prospectus Disclosure

**<u>Stifel, Nicolaus & Company, Incorporated (Stifel) and its broker dealer affiliates</u>**

Effective February 28, 2025, shareholders purchasing or holding Calamos Family of Funds shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**Class A shares**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Calamos Family of Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

Sales charges may be waived for the following shareholders and in the following situations:

• Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

• Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

• Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Calamos Family of Funds.

• Shares purchased from the proceeds of redeemed shares of Calamos Family of Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

• Shares from rollovers into Stifel from retirement plans to IRAs.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

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• Purchases of Class 529-A shares through a rollover from another 529 plan.

• Purchases of Class 529-A shares made for reinvestment of refunded amounts.

• 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.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

• Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

• Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

• 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 acquired through a right of reinstatement.

• Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

• Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

• Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors") Prospectus Disclosure

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

• Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

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**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

• Shares purchased through a rollover from another 529 plan.

• Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

• Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

• Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

• Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts.

• For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

• Gift of shares will not be considered when determining breakpoint discounts

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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 is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. The annual report contains a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

The Fund's Statement of Additional Information, incorporated by reference into this prospectus, provides more detailed information about the Fund's policies and operation.

Copies of the reports to shareholders, Form N-CSR 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 to shareholders, Form N-CSR 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 Antetokounmpo Asset Management LLC

2020 Calamos Court

Naperville, IL 60563

SUBADVISER

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

Calamos Antetokounmpo Sustainable

Equities Fund

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959 www.calamos.com

811-23822

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May 1, 2026

**STATEMENT OF ADDITIONAL INFORMATION**

**CALAMOS<sup>®</sup> FAMILY OF FUNDS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Class<br> C** | **Class<br> I** | **Class<br> R6** |
| Calamos Antetokounmpo Sustainable Equities Fund | SROAX | SROCX | SROIX | SRORX |

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**2020 Calamos Court Naperville, Illinois 60563 800.582-6959**

This Statement of Additional Information relates to Calamos Antetokounmpo Sustainable Equities Fund (the "Fund"), which is a series of Calamos Antetokounmpo Sustainable Equities Trust (the "Trust"). This is not a prospectus, but provides information that should be read in conjunction with the Fund's prospectus, dated May 1, 2026 and any supplements thereto, which are incorporated herein by reference. The Fund's financial statements and financial highlights for the fiscal year ended December 31, 2025, 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.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [THE TRUST AND THE FUND](#sai_001) | [3](#sai_001) |
| [INVESTMENT OBJECTIVE](#sai_002) | [3](#sai_002) |
| [INVESTMENT PRACTICES](#sai_003) | [3](#sai_003) |
| [INVESTMENT RESTRICTIONS](#sai_004) | [10](#sai_004) |
| [MANAGEMENT](#sai_005) | [11](#sai_005) |
| [INVESTMENT ADVISORY SERVICES](#sai_006) | [23](#sai_006) |
| [DISTRIBUTION PLAN](#sai_007) | [26](#sai_007) |
| [DISTRIBUTOR](#sai_008) | [28](#sai_008) |
| [OTHER COMPENSATION TO INTERMEDIARIES](#sai_009) | [28](#sai_009) |
| [PORTFOLIO TRANSACTIONS](#sai_010) | [29](#sai_010) |
| [SHARE CLASSES AND PRICING OF SHARES](#sai_011) | [31](#sai_011) |
| [TAXATION](#sai_012) | [33](#sai_012) |
| [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#sai_013) | [39](#sai_013) |
| [CUSTODIAN AND TRANSFER AGENT](#sai_014) | [40](#sai_014) |
| [FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT](#sai_015) | [41](#sai_015) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sai_016) | [41](#sai_016) |
| [GENERAL INFORMATION](#sai_017) | [41](#sai_017) |
| [FINANCIAL STATEMENTS](#sai_018) | [42](#sai_018) |

---

**THE TRUST AND THE FUND**

The Trust was organized as a statutory trust under the laws of the State of Delaware on August 15, 2022. The Fund is an open-end, diversified management investment company.

**INVESTMENT OBJECTIVE**

CALAMOS ANTETOKOUNMPO 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 of trustees, without shareholder approval.

The Fund has adopted a non-fundamental operating policy that requires it, under normal circumstances, to invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of issuers domiciled in the U.S. that, in the view of Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser") have above average growth potential and meet the sustainable investment criteria of Calamos Advisors. Although these requirements may be changed by the board of trustees without shareholder approval, the Fund will notify shareholders in writing 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, neither Calamos Antetokounmpo Asset Management LLC ("CGAM" or the "Adviser") or Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser") is 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.

The Adviser 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, the Adviser is not subject to registration or regulation as a CPO under the CEA. Under Rule 4.5, if the Fund has exposure to commodity interests (such as futures contracts, options on futures contracts and swaps) other than for *bona fide hedging purposes* (as defined by the Commodity Futures Trading Commission ("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>1</sup> at the time of purchase) may not exceed 5% of the Fund's net asset value ("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 it 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>1</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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| | |
|:---|:---|
| **INVESTMENTS AND INVESTMENT-RELATED PRACTICES** | **CALAMOS<br> ANTETOKOUNMPO<br> SUSTAINABLE<br> EQUITIES FUND** |
| Equity Securities | P |
| American Depository Receipts | P |
| Illiquid Securities | N |
| Initial Public Offerings | N |
| Master Limited Partnerships | N |
| Portfolio Turnover | N |
| Repurchase Agreements | N |
| Reverse Repurchase Agreements and Other Borrowings | N |
| Rule 144A Securities | N |
| Temporary Investments | N |
| U.S. Government Obligations | N |
| Warrants | N |
| "When-Issued" and Delayed Delivery Securities | N |

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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.

**AMERICAN DEPOSITORY RECEIPTS (ADRs)**

ADRs are receipts typically issued by an American bank or trust company evidencing ownership of shares of a non-U.S. issuer. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. Generally, ADRs, in registered form, are designed for the U.S. securities markets. The Fund may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, the 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.

**DERIVATIVES RELATED REGULATORY MATTERS**

Under rules adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), some types of derivatives (including futures, 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 the Fund. Under additonal rules adopted under the Dodd-Frank Act, certain cleared derivatives contracts are also 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 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 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 the Fund when it enters into derivatives transactions with a counterparty organized in those jurisdictions or otherwise subject to those jurisdictions' derivatives regulations.

Global requirements may also result in increased uncertainty about counterparty credit risk, and they may also limit the flexibility of the 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.

Rule 18f-4 under the 1940 Act applies to the 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 the Fund's ability to engage in, or increase the cost to the 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 the Fund's principal investment strategies and could adversely affect the Fund's performance and its ability to achieve its investment objective.

**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.

**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 Calamos Advisors desires to do so.

**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. 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.

**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. 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.

The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required in the middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

**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 SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required in the middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

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.

**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.

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 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**

In the past decade, financial markets throughout the world have experienced 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, and new monetary programs.

Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or affect the issuers of such instruments, in ways that are unforeseeable. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Fund or the ability of the Fund to continue to implement its investment strategies. The U.S. government has enacted and is continuing to implement legislation that provides for regulation of the derivatives market, including clearing, margin, reporting and registration requirements. The CFTC, SEC, and other federal regulators have adopted and continue to develop rules and regulations enacting the provisions of the Dodd-Frank Act. The Dodd-Frank Act has and will continue to change the way in which the U.S. financial system is supervised and regulated.

Governments or their regulatory agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such ownership or disposition may have positive or negative effects on the liquidity, valuation and performance of the Fund's portfolio holdings.

Following financial crises, such as the global financial crisis fueled by the COVID-19 pandemic, the Federal Reserve generally attempted to stabilize the U.S. economy and support the U.S. economic recovery by keeping the federal funds rate low. Following such periods, the Federal Reserve terminated certain of its market support activities and raised interest rates. With continued economic recovery and the cessation of certain market support activities, the Fund may face a heightened level of interest rate risk as a result of a rise or increased volatility in interest rates. These policy changes may reduce liquidity for certain of the Fund's investments, causing the value of the Fund's investments and share price to decline.

As economies and financial markets throughout the world are increasingly interconnected, the likelihood increases that geopolitical conflicts in one country or region will adversely impact markets or issuers in other countries or regions, including in ways that are difficult to predict or foresee. Economic, financial or political events, trade disputes, tariffs and other restrictions on trade or economic sanctions, 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. The impacts of these conflicts or events can be exacerbated by failures of governments and societies to respond adequately to a geopolitical conflict and subsequent emerging events or threats. As 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.

Trade disputes may affect investor and consumer confidence and adversely affect financial markets and the broader economy, perhaps suddenly and to a significant degree. The U.S. government has indicated its intent to alter its approach to international trade policy and, in some cases, to renegotiate or potentially terminate certain existing bilateral or multilateral trade agreements and treaties with foreign countries and has made proposals and taken actions related thereto. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Other countries, including Mexico, have threatened retaliatory tariffs on certain U.S. products. Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Fund and its investments. U.S. trade policy has changed rapidly in the past, and may do so in the future, and it may be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other adverse effects on international markets, international trade agreements, and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the sectors or industries in which the Fund invests and other adverse impacts on the Fund's overall performance.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**REFLOW LIQUIDITY PROGRAM**

The Fund 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 Fund are not subject to the Fund's Excessive Trading Policies and Procedures described in the Fund's prospectus. By participating in such a program, there is no assurance that ReFlow will have sufficient funds available to meet the Fund's needs.

**INTERFUND LENDING**

The SEC has granted an exemptive order that permits 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 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.

**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>1</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>2</sup>

(vi) borrow, except from banks, other affiliated funds and other entities to the extent permitted under the 1940 Act;<sup>3,4</sup>

<sup>1</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>2</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 Fund with regard to interfund lending.

<sup>3</sup> The Fund does not intend to purchase securities when its borrowings exceed 5% of total assets.

<sup>4</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.

(vii) invest in a security if more than 25% of the Fund's 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>5</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>6</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);

(e) The Fund will invest no more than 15% of its net assets in illiquid securities. Illiquid securities means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

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.

**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 CGAM and the subadvisory agreement between the Trust, CGAM 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.

<sup>5</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>6</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.

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 the series of the Trust.

**TRUSTEES WHO ARE INTERESTED PERSONS OF THE TRUST:**

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|:---|:---|:---|:---|:---|
| **NAME AND<br> YEAR OF<br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF<br> TIME<br> WITH THE<br> TRUST** | **PORTFOLIOS IN<br> FUND<br> 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.<br> (1940)\* | Chairman, Trustee and President (since inception) | 70 | Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC ("Calamos Advisors") and its predecessor and Calamos Wealth Management LLC ("CWM"); Global Chief Investment Officer, CGAM; Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC ("CFS") and its predecessor; Director, CAM, CILLC, Calamos Advisors, and CWM. | 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 |
| John S. Koudounis (1966)\* | Trustee (since September 2025) and Vice President (since inception) | 73^^ | President (since February 2021) and Chief Executive Officer, Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors, Calamos Wealth Management LLC, and Calamos Financial Services LLC (since 2016); Chairman and Chief Executive Officer (since 2022), Calamos Antetokounmpo Asset Management LLC; prior thereto, Director, Calamos Asset Management, Inc. (since 2016); prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc. | 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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**TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:**

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|:---|:---|:---|:---|:---|
| **NAME AND<br> YEAR OF<br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF<br> TIME<br> WITH THE<br> TRUST** | **PORTFOLIOS IN<br> FUND<br> 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** |
| Hugh P. Armstrong<br> (1961) | Trustee (since September 2025) | 70 | Partner (1997-2021) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1988-1997); Chair of the Board of Trustees of Escuela De Guadalupe School (since 2024 and Trustee 2014-2017 and since 2021); FormerTrustee and Treasurer of Denver Ballet Guild Endowment Trust (2021-2025); Director of the Friends of Queen's University of Belfast, (since 2024); Former Chair of the Board and Trustee of St. Mary's Academy (2004-2012); Former Chair and President of the Learning Source (1999-2004) | More than 25 years of experience in the financial services industry |
| Virginia G. Breen<br> (1964) | Trustee (since inception) | 70 | Private investor; Trustee, UBS NY Fund Cluster (open-end funds) (since 2023)\*\*\*; Director, Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)\*\*\*\*; Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)\*\*\*\*\*; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (2004-2023); Director, Tech and Energy Transition Corporation (blank check company) (2021-2023) | 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 |
| Jeffrey S. Phlegar<br> (1966) | Trustee (since September 2025) | 70 | Advisory Member, Mawer Investment Management Ltd. (since 2025); Chairman and CEO of MacKay Shields (2011-2024); EVP and Chief Investment Officer AllianceBernstein (1988-2011); former Senior member of the Management and M&A Committees of New York Life Investment Management, LLC (2018-Q1/2024); Chairman of the Plainview Funds (Irish QIAF) Board of Directors (2013-Q1/2024); Advisory Committee Member – Brewer Lane Ventures Fund I & II (2020-Present); Advisory Member, Mawer Investment Management (2025-Present) | 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<br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF<br> TIME<br> WITH THE<br> TRUST** | **PORTFOLIOS IN<br> FUND<br> 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 <br> (1951) | Trustee (since inception) | 70 | Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, Jackson Credit Opportunities Fund (since 2023), Jackson Real Assets Fund (since 2024) (interval fund), 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)\*\*; formerly Trustee, Lewis University (2012-2024); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000) | 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 |
| Karen L. Stuckey <br> (1953) | Trustee (since inception) | 70 | 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 Trustees (since 2007) of Lehigh University; formerly, Trustee, Denver Board of Oppenheimer Funds (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<br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF<br> TIME<br> WITH THE<br> TRUST** | **PORTFOLIOS IN<br> FUND<br> 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 <br> (1959) | Trustee (since inception) | 73^^ | 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 |
| Lloyd A. Wennlund <br> (1957) | Trustee (since inception) | 70 | Board Member, Mutual Fund Directors Forum (2023-present); 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 | 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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^ 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, Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund.

^^ Messrs. Koudounis and Toub are the only Trustees of the Trust who oversee Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund.

\* Messrs. Calamos, Sr. and Koudounis are each an "interested person" of the Trust as defined in the 1940 Act because they are each an officer of the Trust and an affiliate of CGAM, Calamos Advisors and CFS.

\*\* Overseeing 124 portfolios in fund complex.

\*\*\* Overseeing thirty-three portfolios in fund complex.

\*\*\*\* Overseeing sixteen portfolios in fund complex.

\*\*\*\*\* Overseeing three portfolios in fund complex.

\*\*\*\*\*\* Overseeing twelve 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., Trustee and President of the Trust and John S. Koudounis, Trustee and Vice 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 <br> YEAR OF <br> BIRTH** | **POSITION(S) WITH <br> TRUST** | **PRINCIPAL OCCUPATION(S)** |
| Thomas P. Kiley III <br> (1968) | Vice President (since 2024) | Senior Vice President, Chief Distribution Officer (since 2024), CAM, CILLC, and Calamos Advisors; Principal Executive Officer and Chief Distribution Officer (since 2024), CFS; Vice President (since 2024), CGAM; prior thereto Managing Director, RIA Eastern Divisional Sales Manager, Blackrock Investments, Inc. (2017-2024) |
| Thomas E. Herman <br> (1961) | Vice President and Chief Financial Officer (since inception) | 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<br> YEAR OF<br> BIRTH** | **POSITION(S) WITH <br> TRUST** | **PRINCIPAL OCCUPATION(S)** |
| Erik D. Ojala <br> (1975) | Vice President and Secretary (since September 2023) | Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM (since 2023); Chief Legal Officer, CGAM (since 2023); General Counsel and Secretary, CFS (since 2023); prior thereto, Executive Vice President and General Counsel (2017-2023), Secretary (2010-2023) and Chief Compliance Officer (2022-2023), Harbor Capital Advisors, Inc.; Director and Secretary (2019-2023) and Chief Compliance Officer (2022-2023), Harbor Trust Company, Inc.; Director, Executive Vice President (2017-2023) and Chief Compliance Officer (2017-2021, 2022-2023), Harbor Funds Distributors, Inc.; Director (2017-2023), Assistant Secretary (2014-2023) and Chief Compliance Officer (2022-2023), Harbor Services Group, Inc.; Chief Compliance Officer, Harbor ETF Trust (2021-2023); and Chief Compliance Officer of Harbor Funds (2017-2023) |
| Walter M. Kelly (1970) | Chief Compliance Officer (since 2025) | Chief Compliance Officer, Calamos Funds (since 2025) |
| Stephen M. Atkins <br> (1965) | Treasurer (since inception) | 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 <br> (1974) | Vice President (since inception) | 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) |

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**COMMITTEES OF THE BOARD OF TRUSTEES.** The Trust's board of trustees currently has five standing committees:

**Executive Committee.** Messrs. Calamos and Toub 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 P. Calamos Sr. is an interested trustee of the Trust.

**Dividend Committee.** Mr. John P. Calamos Sr. serves as the sole member of the dividend committee. The dividend committee is authorized, subject to review by the board of trustees, 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. Armstrong, Phlegar, 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. Armstrong, Phlegar, 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 valuation designee, including the fair valuation determinations and methodologies proposed and utilized by the valuation designee, reviews the Trust's valuation procedures and their application by the valuation designee, 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. Armstrong, Phlegar, 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.

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.

The following table identifies the number of meetings the board and each committee held during the fiscal year ended December 31, 2025.

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| | | |
|:---|:---|:---|
|  | **NUMBER OF<br> MEETINGS DURING<br> FISCAL YEAR ENDED<br> DECEMBER 31, 2025** | **NUMBER OF<br> MEETINGS DURING<br> FISCAL YEAR ENDED<br> DECEMBER 31, 2025** |
| Board |  | 6 |
| Executive Committee |  | 0 |
| Audit Committee |  | 4 |
| Governance Committee |  | 3 |
| 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 their respective Funds. The board of trustees is composed of ten members, eight of whom will be non-interested trustees. The board of trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, the board of trustees 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 Trusts. Among other things, the lead independent trustee reviews and approves, with the chairman, the agenda the board and committee meeting and facilitates communication among the Trust's non-interested trustees. The trustees believe that the board of trustees' leadership structure is appropriate given the characteristics and circumstances of the Trust, including but not limited to, the asset size of the funds, comprising the Trust overseen by the board, the nature and number of funds overseen by the board, the total number of trustees, the range of experience represented on the board and the board's responsibilities. The trustees also believe that this structure facilitates the exercise of the board of trustees' independent judgment in fulfilling its oversight function and efficiently allocates responsibility among committees.

The board of trustees, including the independent trustees, has unanimously 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 of trustees has taken into account the actual service of the current trustees during their tenure in concluding that each should continue to serve or be nominated to serve. The board of trustees 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 of trustees to conclude that he or she should serve as a trustee.

Each of Mses. Breen and Stuckey and Messrs. Calamos, Rybak, Toub and Wennlund has served for multiple years as a trustee of the Trust. In addition, each of Mses. Breen and Stuckey and Messrs. Armstrong, Calamos, Koudounis, Phlegar, 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, Koudounis, Phlegar, Rybak, Toub, and Wennlund has experience serving on boards of other entities, including other investment companies. Each of Ms. Breen and Messrs. Calamos, Phlegar, Rybak, Toub, and Wennlund 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 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, CGAM and Calamos Advisors, the Trust's Compliance Officer, the Trust's independent registered public accounting firm, outside legal counsel, and internal auditors of CGAM and Calamos Advisors or its affiliates, as appropriate, regarding risks faced by the Fund and the risk management programs of CGAM and 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 CGAM and 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 CGAM and Calamos Advisors, its affiliates or other service providers.

**TRUSTEE AND OFFICER COMPENSATION.** John P. Calamos, Sr., and John S. Koudounis, the trustees who are "interested persons" of the Trust, do 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. Kelly 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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| | | |
|:---|:---|:---|
| <br>**Name** | **Aggregate**<br>**Compensation**<br>**from the Trust**<br>**1/1/2025-12/31/2025** | **Total Compensation**<br>**from Calamos**<br>**Funds Complex<sup>(1)</sup>**<br>**1/1/2025-12/31/2025** |
| John P. Calamos, Sr. | $- | $- |
| John S. Koudounis<sup>(2)</sup> | $- | $- |
| Hugh P. Armstrong<sup>(2)</sup> | $262 | $69620 |
| Virginia G. Breen | $917 | $230500 |
| Jeffrey S. Phlegar<sup>(2)</sup> | $262 | $69620 |
| William R. Rybak | $959 | $240500 |
| Karen L. Stuckey | $876 | $220500 |
| Christopher M. Toub | $876 | $236940<sup>(3)</sup> |
| Lloyd A. Wennlund | $917 | $230500 |
| Walter M. Kelly | $1172 | $304010 |

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(1) As of December 31, 2025, 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, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund.

(2) Messrs. Armstrong, Koudounis, and Phlegar were elected to the Board effective September 1, 2025.

(3) Includes compensation received from the Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund in the amount of $16,440. Such compensation is subject to a different compensation schedule and allocation.

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 $230,000 (increased on January 1, 2026 from $210,000), 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 shares of one or more of the Calamos 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. A Calamos 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, 2025, 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 all funds in the Fund Complex, in the aggregate, having values within the indicated dollar ranges.\*

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| | | |
|:---|:---|:---|
| **NAME OF TRUSTEE** | **DOLLAR RANGE<br> OF EQUITY<br> SECURITIES<br> BENEFICIALLY<br> OWNED IN <br> THE FUND** | **AGGREGATE DOLLAR RANGE<br> OF EQUITY SECURITIES<br> BENEFICIALLY OWNED IN ALL<br> REGISTERED INVESTMENT<br> COMPANIES OVERSEEN BY<br> TRUSTEE IN THE<br> CALAMOS FUND COMPLEX<sup>(2)</sup>** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 | Over $100,000 |
| John S. Koudounis |  | Over $100,000 |
| Virginia G. Breen |  | 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 |
| Hugh P. Armstrong |  | Over $100,000 |
| Jeffrey S. Phlegar |  | Over $100,000 |

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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, Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia
 Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund.

\* Valuation as of December 31, 2025.

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 (the "Distributor"), or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with Calamos Advisors, CFS, or CGAM.

**CODE OF ETHICS.** Personnel of CGAM, 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 CGAM and the Code of Ethics of the Trust, Calamos Advisors and CFS. The Codes of Ethics adopted pursuant to Rule 17j-1 under the 1940 Act contain provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities of CGAM, Calamos Advisors and CFS personnel and the interests of investment advisory clients such as the Trust. Among other things, the Codes of Ethics prohibit certain types of transactions absent prior approval, impose time periods during which personal transactions may not be made in certain securities, and require 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 Codes of Ethics may be granted in particular circumstances after review by appropriate personnel. For purposes of the Code of Ethics of CGAM, CGAM's Board of Directors and its Chief Compliance Officer have determined that Giannis Antetokounmpo, a Director of CGAM, is not an "Access Person" of CGAM as that term is defined in the CGAM Code of Ethics. However, Mr. Antetokounmpo is subject to certain conditions, restrictions and requirements contained in the Code of Ethics related to personal securities transactions and confidential information. The CGAM Code of Ethics provides for periodic review of this exclusion.

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 and hedge investments made by them 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 and corresponding hedging transactions made by Calamos Advisors, CFS, CAM, CILLC, CPL, CFP and the Calamos Family in Calamos products (excluding Closed-End Funds and ETFs) are not subject to restrictions of the Code of Ethics, such as the short-term trading ban. 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 Corporate Investment Committee. Calamos Advisors' Chief Compliance Officer ("CCO") and the Fund's 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.

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 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 representatives of its Portfolio Management (which may include portfolio managers and/or research analysts), Operations, and advisory, non-voting members from the 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 management, including, but not by way of limitation, management's recommendations on the election of directors but will consider both meeting attendance and number of boards each board member sits on when determining its vote.

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 ("Sustainable Strategies") proxy voting rules, and non-Sustainable Strategies proxy voting rules.

Finally, Calamos Advisors has established procedures to help identify and resolve conflicts of interest that might arise when voting proxies for the Fund. Calamos will generally apply its proxy voting policy to proxy proposals regardless of whether 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 Legal and Compliance for evaluation. The committee will independently review the proposals and determine the appropriate action to be taken. The Corporate Actions Group will then memorialize the conflict(s) and the procedures used to address the conflict.

The Trust is required to file with the SEC on Form N-PX 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 will be available by August 31 of each year (1) on the SEC's website at www.sec.gov, (2) on the Calamos Funds' website at www.calamos.com, and (3) without charge, upon request, by calling (800) 582-6959 or emailing <u>caminfo@calamos.com</u>.

You may obtain a copy of Calamos Advisors' Policies by calling (800) 582-6959, by emailing caminfo@calamos.com, or 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 the Fund's 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 CGAM, 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.

CGAM, 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 last business day of the previous calendar month.

A subset of the Fund's portfolio security holdings "top ten" list may be disclosed as of the last business day of the preceeding month and may be disclosed to any person the day after the subset is posted on the website, www.calamos.com.

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 for any time period, after the last business day of such time period.

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.

The Fund's most current public portfolio holdings information may be found at www.calamos.com.

**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, 2025, 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, LSEG, 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 the 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, CGAM, Calamos Advisors, the 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, 2025, the following parties receive non-public portfolio security holdings disclosure: CGAM, 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, and Toppan Merrill. The third parties have a duty to keep the Fund's non-public information confidential either through written contractual arrangements with the Fund or Calamos Advisors, or by the nature of their fiduciary duty with respect to the Fund, which includes a duty of confidentiality and a duty to refrain from trading on non-public information. The Fund may be harmed if the service providers breach any non-contractual duty to keep the Fund's nonpublic information confidential as the Fund 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 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, CGAM, 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, CGAM, 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, CGAM, Calamos Advisors and CFS do not receive compensation or other consideration for the disclosure of portfolio security holdings.

**INVESTMENT ADVISORY SERVICES**

**Investment Adviser**

Investment management and certain other services are provided to the Trust by CGAM, pursuant to a Management Agreement (the "Management Agreement") dated January 12, 2023, as amended. CGAM is an investment adviser registered with the SEC under the Investment Advisers Act of 1940.

The Fund pays CGAM 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.

When a fund in the Calamos Family of Funds (an "Acquiring Fund") invests in shares of another fund in the Calamos Family of Funds (an "Acquired Fund"), the portion of the Acquiring Fund's advisory fee equal to the advisory fee payable to the Acquired Fund (based on average daily net assets invested) is waived.

During the periods shown below, the Fund paid total advisory fees and was reimbursed by CGAM for expenses in excess of applicable expense limitations or due to contractual fee waivers. Payments were as follows:

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| | | | |
|:---|:---|:---|:---|
| <br>**Calamos Antetokounmpo Sustainable Equities Fund** | **Year Ended**<br>**12/31/25** | **Year Ended**<br>**12/31/24** | **Year Ended**<br>**12/31/23** |
| Advisory fee | $39233 | $34032 | 22016 |
| Waiver or reimbursement | (205624) | (190510) | (233987) |
| Net Fee | (166391) | (156478) | (211971) |

---

Calamos Antetokounmpo Asset Management LLC is jointly owned by Calamos Advisors LLC and Original C Fund, LLC ("Original C"), an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo. Original C provides a number of support services to CGAM, including: branding, sales and marketing assistance; ongoing annual marketing support; fund launch marketing support; board meeting support; governance support; and compliance support.

The use of the name "Antetokounmpo" in the name of the Trust and in the name of the Fund are pursuant to licenses granted by Original C, and the Trust has agreed to change the names to remove those references if Original C ceases to be a member of CGAM.

**Subadviser**

Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser") serves as subadviser to the Fund pursuant to a Subadvisory Agreement (the "Subadvisory Agreement) dated January 12, 2023, as amended. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For more information, see the prospectus under "Fund Facts".

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, 2025, 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, Thomas P. Kiley III, Thomas E. Herman, Erik D. Ojala, Stephen Atkins, 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; and Vice President of the Trust; respectively, and as President and Chief Executive Officer; Senior 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; and Executive Vice President and Chief Operating Officer, respectively.

The use of the name "Calamos" in the name of the Trust and in the name 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 CGAM, including (i) fees of CGAM; (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 or CGAM; (iv) legal, audit, custodial and transfer agency fees and expenses; (v) expenses of printing and mailing reports, notices and proxy material to shareholders, and expenses incidental to meetings of shareholders; (vi) expenses of preparing prospectuses and of printing and distributing them to existing shareholders; (vii) insurance premiums; (viii) litigation and indemnification expenses and other extraordinary expenses not incurred in the normal course of the business of the Trust; (ix) distribution expenses pursuant to the Fund's Distribution Plans; and (x) brokerage commissions and other transaction-related costs.

Fees and expenses related to the Fund's organization and registration and qualification of the Fund and its shares under federal and state securities laws will be borne by CGAM.

CGAM contractually agreed to limit through May 1, 2027 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, foreign tax reclaim expenses, and extraordinary expenses, if any.

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| | | | |
|:---|:---|:---|:---|
| **CLASS** | **LIMITATION <br> PERIOD** | **EXPENSE <br> LIMITATION** |  |
| Class A | May 1, 2027 | 1.35 | % |
| Class C | May 1, 2027 | 2.10 | % |
| Class I | May 1, 2027 | 1.10 | % |
| Class R6 | May 1, 2027 | 1.10 | %\* |

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\* Class R6 Total Annual Operating Expenses are limited 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).

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 December 31, 2025 is set forth below.

Other Accounts Managed and Assets by Account Type as of December 31, 2025

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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 | 2 | 21972112 | 1 | 4795855 | 38 | 73858553 |
| Anthony Tursich | 2 | 21972112 | 1 | 4795855 | 38 | 73858553 |
| Beth Williamson | 2 | 21972112 | 1 | 4795855 | 38 | 73858553 |

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Number of Accounts and Assets for which Advisory Fee is Performance Based as of December 31, 2025

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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 their family have a beneficial or pecuniary interest because no advisory relationship exists with CGAM or 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.

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.

As of December 31, 2025, Messrs. Madden and Tursich and Ms. 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 Calamos Advisors' Long-Term Incentive ("LTI") program, which is an incentive award vesting over time that reflects appreciation and depreciation in the value of both the funds managed by such professional and the company generally. LTI awards granted in 2025 vest on a three-year schedule (25% on or about the first anniversary of the award grant, 25% on or about the second anniversary of the award grant, and 50% on or about the third anniversary of the award grant). Each investment team LTI award will be allocated as follows: (i) 33.3% to track the value of the associate's managed strategies, (ii) 33.3% to track the Calamos strategy of the associate's choice, and (iii) 33.3% to track the value of the firm; all over the vesting period.

In addition to the forms of compensation described above, Messrs. Madden, Tursich, and Ms. Williamson each receive additional payments. Also, Messrs. Madden, 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 Messrs. Madden, 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.

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 December 31, 2025, the portfolio managers held the following amounts in the Fund:

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| | |
|:---|:---|
|  | **CALAMOS<br> ANTETOKOUNMPO<br> SUSTAINABLE EQUITIES <br> 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 of the Fund, 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 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\* |  |  |  |

---

\* On an investment of $1,000,000 to $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 investments between $4 million and $25 million, and 0.25% on investments greater than $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 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 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 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 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 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 period ended December 31, 2025, payments to CFS and affiliates and broker-dealers pursuant to the Plan were made as indicated below.

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| | |
|:---|:---|
|  | **Antetokounmpo<br> Sustainable<br> Equities Fund** |
| **Payments to CFS** |  |
| Class A | $(210) |
| Class C | 1255 |
| **Payments to affiliated broker-dealers:** | **Payments to affiliated broker-dealers:** |
| Class A | 653 |
| Class C | 43 |

---

'Payments to CFS' and 'Payments to affiliated broker-dealers' may include prior period true-ups resulting in credit balances.

During the fiscal period ended December 31, 2025, 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:** |  |
| Class A |  |
| Printed Materials |  |
| Sales & Marketing | 156428 |
| Total | 156428 |
| Class C |  |
| Printed Materials |  |
| Sales & Marketing | 156388 |
| Total | 156388 |

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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 a subsidiary of Calamos Investments LLC. 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 also "Portfolio Transactions" below.

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 received and retained commissions on the sale of shares of the Fund as shown below during the indicated period:

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| | | | |
|:---|:---|:---|:---|
| *Description* | *Year Ended<br> 12/31/25* | *Year Ended<br> 12/31/24* | *Year Ended<br> 12/31/23* |
| Calamos Antetokounmpo Sustainable Equities Fund (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Commissions received | $28 | $31 | $313 |
| &nbsp;&nbsp;&nbsp;Commissions retained | 28 | 31 | 313 |

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(1) Calamos Antetokounmpo Sustainable Equities Fund commenced operations on February 3, 2023.

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**

Calamos Advisors, 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, Calamos Advisors, 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. Calamos Advisors 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, Calamos Advisors 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.

Service costs for sub-transfer agency fees attributable to Class A, Class C and Class I shares 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 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.

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.

Calamos Financial Services LLC ("CFS") has an Incentive Plan (the "Plan") covering its Intermediary Sales Department. Generally, CFS markets and sells shares of the Calamos Family of Funds to financial advisors, who in turn may recommend that investors purchase shares of a Fund. The Plan is an incentive program that combines discretionary quarterly bonuses with a discretionary annual bonus sales performance and other discretionary factors. Incentive compensation may differ for each Fund and is subject to change depending on certain criteria considered by CFS. The Plan creates a potential conflict of interest in that it creates an incentive for the Intermediary Sales Department members to sell one Fund over another. CFS' Compliance Department monitors sales and other activity in an effort to detect unusual activity in the context of the compensation structure under the Plan.

**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 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** |
| **Calamos Antetokounmpo Sustainable Equities Fund** |  |
| Year Ended 12/31/25 | $353 |
| Year Ended 12/31/24 | $290 |
| Period Ended 12/31/23**<sup>(1)</sup>** | $240 |

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(1) Calamos Antetokounmpo Sustainable Equities Fund commenced operations on February 3, 2023.

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.

---

| | | |
|:---|:---|:---|
|  | **FISCAL YEAR ENDED<br> DECEMBER 31, 2025** | **FISCAL YEAR ENDED<br> DECEMBER 31, 2025** |
|  | **COMMISSIONS PAID<br> FOR RESEARCH** | **PERCENTAGE OF<br> AGGREGATE<br> COMMISSIONS** |
| Calamos Antetokounmpo Sustainable Equities Fund | $225 | 63.8% |

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**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 90 days may be reinvested in Class A shares of the 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>7</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 1/2 (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.

<sup>7</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.

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.

**PURCHASES OF CLASS I SHARES AND CLASS R6 SHARES**

Class I shares and Class 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, Juneteenth, 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. 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, an alternative method may be used 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 Trust's board of trustees, including a majority of the trustees who are not "interested persons" of the Trust, have designated CGAM to perform fair valuation determinations related to all Fund investments under the oversight of the board of trustees. As "valuation designee" CGAM has adopted procedures to guide the determination of the net asset value ("NAV") on any day on which a Fund's NAVs are determined. The valuation of a Fund's investments is in accordance with these procedures. Fund 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 approved by the board of trustees or based on a quotation provided by the counterparty to such option.

OTC market trading is typically completed at various times before the close of business on each day on which the NYSE is open. Each security trading on over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by CGAM as "valuation designee" for the Fund. 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.

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 valuation designee, 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, 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 valuation designee, 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. CGAM may obtain the assistance of third parties, including Calamos Advisors and valuation experts, pricing vendors or service providers in carrying out its fair valuation responsibilities.

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. There can be no assurance that the Fund could purchase or sell a security at the price used to calculate the Fund's NAV.

**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 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.

The 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, the 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 and cash items (including receivables), 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 the 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 the Fund were to fail to qualify as a regulated investment company accorded special tax treatment for any taxable year, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any 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 the Fund will qualify as a regulated investment company.

As a regulated investment company, the 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. The 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 the 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, the 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 the 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, the 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. In general, a dividend is not treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date); (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property; (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest; or (4) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States), or (b) treated as a passive foreign investment company.

A dividend received by the Fund will not be treated as a dividend eligible for the dividends-received deduction (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends received deduction may otherwise be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)).

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 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.

**NET INVESTMENT INCOME 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, redemption, 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.

**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 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**

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.

**REPORTABLE TRANSACTIONS**

Treasury regulations provide that if a shareholder recognizes a loss with respect to shares of the Fund of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder, or at least $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**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 person of the foreign person and the foreign person is a controlled foreign corporation. Subject to certain qualifications, if the Fund invests in a Regulated Investment Company ("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 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. 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 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 March 31, 2026.

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE<br> BALANCE <br> PERCENT OF <br> TOTAL SHRS** |
| CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND CLASS A | NATIONAL FINANCIAL SERVICES LLC | 10405.625 |
|  | FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS |  |
|  | ATTN MUTUAL FUNDS DEPT 4TH FL | 85.43% |
|  | 499 WASHINGTON BLVD |  |
|  | JERSEY CITY NJ 07310-1995 |  |
|  | CHARLES SCHWAB & CO INC | 962.408 |
|  | SPECIAL CUSTODY A/C FBO CUSTOMERS |  |
|  | ATTN MUTUAL FUNDS | 7.90% |
|  | 211 MAIN ST |  |
|  | SAN FRANCISCO CA 94105-1901 |  |
|  | ADAM C WEGE & | 759.903 |
|  | WHITNEY W WEGE JTWROS TOD |  |
|  | 2020 CALAMOS COURT | 6.24% |
|  | NAPERVILLE IL 60563-3284 |  |
| CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND CLASS C | CALAMOS INVESTMENTS LLC | 10368.511 |
|  | ATTN CORPORATE ACCOUNTING |  |
|  | 2020 CALAMOS CT | 100.00% |
|  | NAPERVILLE IL 60563-2787 |  |
| CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND CLASS I | NATIONAL FINANCIAL SERVICES LLC | 236223.619 |
|  | FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS |  |
|  | ATTN MUTUAL FUNDS DEPT 4TH FL | 69.03% |
|  | 499 WASHINGTON BLVD |  |
|  | JERSEY CITY NJ 07310-1995 |  |
|  | PERSHING LLC | 62519.758 |
|  | 1 PERSHING PLZ |  |
|  | JERSEY CITY NJ 07399-0001 | 18.27% |
|  | CHARLES SCHWAB & CO INC | 29743.562 |
|  | SPECIAL CUSTODY A/C FBO CUSTOMERS |  |
|  | ATTN MUTUAL FUNDS | 8.69% |
|  | 211 MAIN ST |  |
|  | SAN FRANCISCO CA 94105-1901 |  |
| CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES FUND CLASS R6 | CALAMOS INVESTMENTS LLC | 10459.733 |
|  | ATTN CORPORATE ACCOUNTING |  |
|  | 2020 CALAMOS CT | 100.00% |
|  | NAPERVILLE IL 60563-2787 |  |

---

As of March 31, 2026, the trustees and officers of the Trust as a group owned:

Calamos Antetokounmpo Sustainable Equities Fund, Class A: 85%

Calamos Antetokounmpo Sustainable Equities Fund, Class C: 100%

Calamos Antetokounmpo Sustainable Equities Fund, Class I: 68%

Calamos Antetokounmpo 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.

**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.

**FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT**

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 years ended December 31, 2025, December 31, 2024 and for the period from February 3, 2023 (commencement of operations) through December 31, 2023, the Fund paid State Street $8,152, $7,915 and $7,475, respectively, 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, as applicable. For the fiscal years ended December 31, 2025, December 31, 2024 and for the period from February 3, 2023 (commencement of operations) through December 31, 2023, the Fund paid State Street $271, $161 and $245, respectively, for administration services.

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 years ended December 31, 2025, December 31, 2024 and for the period from February 3, 2023 (commencement of operations) through December 31, 2023, the Fund paid EY $898, $735 and $26,042, respectively, for tax 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 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 Antetokounmpo Sustainable Equities Trust. Under the terms of the Amended and Restated 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 one series. 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.

**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. 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 December 31, 2025, as well as the report of the independent registered public accounting firm, are [incorporated herein by reference from the Fund's Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001943291/000110465926016042/tm262408d3_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.

**APPENDIX A—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 the 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").

<u>MOODY'S GLOBAL SHORT-TERM RATING SCALE</u>

*<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.

<u>MOODY'S GLOBAL LONG-TERM RATING SCALE</u>

**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.\*

<u>S&P SHORT-TERM ISSUE CREDIT RATINGS</u>

*<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.

*<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.

<u>S&P LONG-TERM ISSUE CREDIT RATINGS\*</u>

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.

**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.

**PART C**

**OTHER INFORMATION**

Item 28. Exhibits.

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| | |
|:---|:---|
| (a)(i) | [Certificate of Trust of the Registrant, dated as of August 15, 2022 (incorporated by reference to Exhibit (a)(i) to Registrant's Registration Statement on Form N-1A filed on August 24, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922094062/tm2223398d2_ex99-ai.htm) |
| (a)(ii) | [Amended and Restated Agreement and Declaration of Trust of the Registrant, dated as of January 10, 2023 (incorporated by reference to Exhibit (a)(ii) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-aii.htm) |
| (b) | [Bylaws of the Registrant (incorporated by reference to Exhibit (b) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xb.htm) |
| (c) | [Instruments Defining Rights of Security Holder (see Articles III and V of Exhibit (a)(ii) above).](http://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-aii.htm) |
| (d)(i) | [Investment Advisory Contract (incorporated by reference to Exhibit (d)(i) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-di.htm) |
| (d)(ii) | [Subadvisory Contract (incorporated by reference to Exhibit (d)(ii) to Post-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on January 25, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-dii.htm) |
| (e) | [Distribution Agreement with Calamos Financial Services LLC, dated October 31, 2022 (incorporated by reference to Exhibit (e) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-e.htm) |
| (f) | None. |
| (g)(i) | [Master Custodian Agreement with State Street Bank and Trust Company, dated September 11, 2009 (incorporated by reference to Exhibit (g)(i) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-gi.htm) |
| (g)(ii) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(ii) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-gii.htm) |
| (g)(iii) | [Notification of Additional Funds, dated December 12, 2023, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(iii) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xgxiii.htm) |
| (g)(iv) | [Notification of Additional Funds, dated April 24, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(iv) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xgxiv.htm) |
| (g)(v) | [Notification of Additional Funds, dated May 29, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(v) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xgxv.htm) |
| (g)(vi) | [Notification of Additional Funds, dated July 1, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(vi) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xgxvi.htm) |
| (g)(vii) | [Notification of Additional Funds, dated August 26, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(vii) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xgxvii.htm) |
| (g)(viii) | [Notification of Additional Funds, dated September 25, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(viii) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xgxviii.htm) |
| (g)(ix) | [Notification of Additional Funds, dated November 6, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(ix) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xgxix.htm) |
| (g)(x) | [Notification of Additional Funds, dated January 24, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(x) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xgxx.htm) |
| (g)(xi) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm269117d1_ex99-xgxxi.htm) |

---

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| | |
|:---|:---|
| (g)(xii) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm269117d1_ex99-xgxxii.htm) |
| (g)(xiii) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm269117d1_ex99-xgxxiii.htm) |
| (h)(i) | [Administration Agreement, effective November 1, 2018 with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(ii) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-hii.htm) |
| (h)(ii) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(ii) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hii.htm) |
| (h)(iii) | [Notification of Additional Funds, dated January 4, 2024, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(iii) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xhxiii.htm) |
| (h)(iv) | [Notification of Additional Funds, dated April 24, 2024, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(iv) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxiv.htm) |
| (h)(v) | [Notification of Additional Funds, dated May 29, 2024, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(v) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxv.htm) |
| (h)(vi) | [Notification of Additional Funds, dated July 1, 2024, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(vi) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxvi.htm) |
| (h)(vii) | [Notification of Additional Funds, dated August 26, 2024, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(vii) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxvii.htm) |
| (h)(viii) | [Notification of Additional Funds, dated September 25, 2024, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(viii) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxviii.htm) |
| (h)(ix) | [Notification of Additional Funds, dated November 6, 2024, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(ix) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxix.htm) |
| (h)(x) | [Notification of Additional Funds, dated January 24, 2025, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(x) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxx.htm) |
| (h)(xi) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm269117d1_ex99-xhxxi.htm) |
| (h)(xii) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm269117d1_ex99-xhxxii.htm) |
| (h)(xiii) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm269117d1_ex99-xhxxiii.htm) |
| (h)(xiv) | [Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust, Registrant, and U.S. Bank Global Fund Services, dated October 31, 2022 (incorporated by reference to Exhibit (h)(iii) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hiii.htm) |
| (h)(xv) | [First Amendment to the Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust, Calamos Antetokounmpo Sustainable Equities Trust and U.S. Bancorp Fund Services, LLC, dated September 28, 2023 (incorporated by reference to Exhibit (h)(v) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xhxv.htm) |
| (h)(xvi) | [Expense Limitation Agreement dated October 31, 2022 (incorporated by reference to Exhibit (h)(iv) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hiv.htm) |
| (h)(xvii) | [Master Services Agreement, effective as of October 16, 2023, with Ernst & Young LLP (incorporated by reference to Exhibit (h)(vii) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xhxvii.htm) |

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| | |
|:---|:---|
| (h)(xviii) | [Amendment, dated October 31, 2022, to Services Agreement with Ernst & Young LLP (incorporated by reference to Exhibit (h)(vi) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hvi.htm) |
| (h)(xix) | [Master Services Agreement, dated March 15, 2004, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(vii) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-hvii.htm) |
| (h)(xx) | [Notification of Additional Funds, dated October 31, 2022, pursuant to Master Services Agreement, dated March 15, 2004 (incorporated by reference to Exhibit (h)(viii) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hviii.htm) |
| (h)(xxi) | [Notification of Additional Funds, dated December 12, 2023, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xi) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xhxxi.htm) |
| (h)(xxii) | [Notification of Additional Funds, dated April 24, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xix) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxxix.htm) |
| (h)(xxiii) | [Notification of Additional Funds, dated May 29, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xx) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxxx.htm) |
| (h)(xxiv) | [Notification of Additional Funds, dated July 1, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xxi) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxxxi.htm). |
| (h)(xxv) | [Notification of Additional Funds, dated August 26, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xxii) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxxxii.htm). |
| (h)(xxvi) | [Notification of Additional Funds, dated September 25, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xxiii) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxxxiii.htm) |
| (h)(xxvii) | [Notification of Additional Funds, dated November 6, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xxiv) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025).](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxxxiv.htm) |
| (h)(xxviii) | [Notification of Additional Funds, dated January 24, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (incorporated by reference to Exhibit (h)(xxv) to Post-Effective Amendment No. 3 to Registrant's Registration on Form N-1A, filed on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1943291/000110465925034988/tm2510461d1_ex99-xhxxxv.htm). |
| (h)(xxix) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm269117d1_ex99-xhxxxix.htm) |
| (h)(xxx) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm269117d1_ex99-xhxxxx.htm) |
| (h)(xxxi) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm269117d1_ex99-xhxxxxi.htm) |
| (h)(xxxii) | [Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(ix) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hix.htm) |
| (h)(xxxiii) | [Amendment, dated October 31, 2022, to Administration Servicing Agreement with U.S. Bank Global Fund Services, formerly known as Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(x) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hx.htm) |
| (h)(xxxiv) | [Notification of Additional Funds, dated October 3, 2023, pursuant to Administration Agreement (incorporated by reference to Exhibit (h)(xiv) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xhxxiv.htm) |
| (i) | [Legal Opinion and Consent (filed herewith).](tm269117d1_ex99-xi.htm) |
| (j) | [Consent of independent registered public accounting firm (filed herewith).](tm269117d1_ex99-xj.htm) |
| (k) | None. |
| (l) | [Initial Capital Agreement, dated October 18, 2022 (incorporated by reference to Exhibit (l) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-l.htm) |

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| | |
|:---|:---|
| (m) | [Rule 12b-1 Distribution Plan (incorporated by reference to Exhibit (m) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-m.htm) |
| (n) | [Multiple Class Plan Pursuant to Rule 18f-3 (incorporated by reference to Exhibit (n) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-n.htm) |
| (o) | Reserved. |
| (p)(i) | [Code of Ethics of Adviser, CGAM, dated June 21, 2023 (incorporated by reference to Exhibit (p)(i) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xpxi.htm) |
| (p)(ii) | [Code of Ethics of the Registrant, Subadvisor, Distributor and affiliated entities, dated April 8, 2026 (filed herewith).](tm269117d1_ex99-xpxii.htm) |
| (q)(i) | [Powers of Attorney (incorporated by reference to Exhibit (q) to Post-Effective Amendment No. 2 to Registrant's Registration on Form N-1A, filed on April 15, 2024.).](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xq.htm) |
| (q)(ii) | [Powers of Attorney for Messrs. Koudounis, Armstrong, and Phlegar (filed herewith).](tm269117d1_ex99-xqxii.htm) |

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Item 29. Control Persons.

No person is directly or indirectly controlled by or under common control with the registrant.

Item 30. Indemnification.

Article VII of the Amended and Restated Declaration of Trust of registrant (the "Declaration of Trust") (Exhibit (a)(ii) to this registration statement) provides that, subject to certain exceptions and limitations, every person who is, or has been, a trustee or an officer or employee of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof. To the extent required under the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person: (i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; or (ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those trustees who are neither interested persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

The Declaration of Trust also provides that if any shareholder or former shareholder of any series is held personally 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, the shareholder or former shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the assets belonging to the applicable series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected series, shall, upon request by such shareholder or former shareholder, assume the defense of any claim made against him or her for any act or obligation of the series and satisfy any judgment thereon from the assets belonging to the series. Neither the Trust nor the applicable series shall be responsible for satisfying any obligation arising from such a claim that has been settled by the shareholder without the prior written notice to, and consent of, the Trust. Except as otherwise specifically provided in this Declaration of Trust or in the Bylaws, the Trust shall have no obligation to indemnify or hold harmless any shareholder against any loss or expense arising under any circumstances whether in connection with a proceeding of any kind or otherwise.

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 Connections of Investment Adviser.

With regard to directors and officers of Calamos Antetokounmpo Asset Management LLC ("CGAM"), and Calamos Advisors LLC ("CAL") that serve as trustees and officers of the registrant, information in the Statement of Additional Information under the captions "Management" and "Investment Advisory Services" is incorporated by reference. With regard to directors and officers of CGAM and CAL that do not serve in such capacity, see below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Positions<sup>1</sup>** |
| &nbsp;&nbsp;John H. "Yanni" Sianis | &nbsp;&nbsp;Director of CGAM; Chief of Staff of CAL |
| &nbsp;&nbsp;Giannis Sina Ugo Antetokounmpo | &nbsp;&nbsp;Director of CGAM; Professional athlete, Milwaukee Bucks, National Basketball Association<sup>2</sup> |
| &nbsp;&nbsp;Dylan Wondra | &nbsp;&nbsp;Director of CGAM; President and CEO of Ante, Inc.<sup>3</sup> |
| &nbsp;&nbsp;Christian Helmetag | &nbsp;&nbsp;Vice President of CGAM; Senior Vice President, Corporate Controller of CAL; Principal Financial Officer & Principal Operations Officer of Calamos Financial Services LLC |
| &nbsp;&nbsp;Constance S. Palas | &nbsp;&nbsp;Chief Compliance Officer of CGAM; Vice President, Managing Counsel of CAL |
| &nbsp;&nbsp;Christopher Russell | &nbsp;&nbsp;Secretary of CGAM; Senior Vice President, Head of Strategic Planning and Analysis |
| &nbsp;&nbsp;William J. Takahashi | &nbsp;&nbsp;Vice President of CGAM; Senior Vice President, Head of Human Resources of CAL; Senior Vice President, Head of Human Resources of Calamos Financial Services LLC |
| &nbsp;&nbsp;Joe Mariano | &nbsp;&nbsp;Head of Trading, Co-Head of Risk of CGAM; Senior Vice President, Global Head of Trading and Co-Head of Risk of CAL |
| &nbsp;&nbsp;Derek Olsen | &nbsp;&nbsp;Head of Investment Operations and Information Technology, Co-Head of Risk of CGAM; Senior Vice President, Head of Investment Operations and Information Technology, Co-Head of Risk Management of CAL |
| &nbsp;&nbsp;Anthony Tursich | &nbsp;&nbsp;Senior Vice President, Co-Portfolio Manager of CGAM; Senior Vice President, Co-Portfolio Manager of CAL |
| &nbsp;&nbsp;James Madden | &nbsp;&nbsp;Senior Vice President, Co-Portfolio Manager of CGAM; Senior Vice President, Co-Portfolio Manager of CAL |
| &nbsp;&nbsp;Beth Williamson | &nbsp;&nbsp;Vice President, Head of Sustainable Equity Research and Associate Portfolio Manager of CGAM; Vice President, Head of Sustainable Equity Research and Associate Portfolio Manager of CAL |

---

<sup>1</sup> The principal business address for all named individuals with respect to their positions with CGAM, CAL and Calamos Financial Services LLC is: 2020 Calamos Court, Naperville, Illinois 60563.

<sup>2</sup> The principal business address for Mr. Antetokounmpo with respect to his position with the Milwaukee Bucks is: 1543 North 2<sup>nd</sup> Street, 6<sup>th</sup> Floor, Milwaukee, Wisconsin 53212.

<sup>3</sup> The principal business address for Mr. Wondra with respect to his position with Ante, Inc. is his personal home address. For the purposes of this registration statement, the business address is c/o CGAM, 2020 Calamos Court, Naperville, IL 60563.

Item 32. Principal Underwriter.

(a) Calamos Financial Services LLC ("CFS") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: Calamos Investment Trust, Calamos Advisors Trust, Calamos Antetokounmpo Sustainable Equities Trust, Calamos ETF Trust, Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund.

(b) Information on the officers of CFS is set forth below. CFS does not have any directors. The principal business address for all named individuals, except Messrs. Kiley and Ojala, is 2020 Calamos Court, Naperville, Illinois 60563. The principal business address for Mr. Kiley is 50 Rockefeller Plaza, Suite 1600, New York, NY 10020, and the principal business address for Mr. Ojala is 215 North Peoria Street, Chicago, Illinois 60607.

---

| | | |
|:---|:---|:---|
| Name | Position with<br> Underwriter | Position with Registrant |
| John S. Koudounis | President and Chief Executive Officer | Trustee and Vice President |
| Thomas P. Kiley III | 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 |
| Erik D. Ojala | 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, the registrant's Adviser, Calamos Antetokounmpo Asset Management LLC, the registrant's Subadviser, 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.

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 the effectiveness of this registration statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 4 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Naperville and State of Illinois on the 15<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| **Calamos Antetokounmpo Sustainable Equities Trust** | **Calamos Antetokounmpo Sustainable Equities Trust** |
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr. |
|  | Trustee and President |

---

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No. 4 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ John P. Calamos, Sr. | Trustee and President (principal executive officer) | April 15, 2026 |
| John P. Calamos, Sr. | Trustee and President (principal executive officer) |  |
| /s/ John S. Koudounis\*\* | Trustee and Vice President | April 15, 2026 |
| John S. Koudounis | Trustee and Vice President |  |
| /s/ Hugh Armstrong\*\* | Trustee | April 15, 2026 |
| Hugh Armstrong |  |  |
| /s/ Virginia G. Breen\* | Trustee | April 15, 2026 |
| Virginia G. Breen |  |  |
| /s/ Jeffrey S. Phlegar\*\* | Trustee | April 15, 2026 |
| Jeffrey S. Phlegar |  |  |
| /s/ William Rybak\* | Trustee | April 15, 2026 |
| William Rybak |  |  |
| /s/ Karen L. Stuckey\* | Trustee | April 15, 2026 |
| Karen L. Stuckey |  |  |
| /s/ Christopher M. Toub\* | Trustee | April 15, 2026 |
| Christopher M. Toub |  |  |
| /s/ Lloyd A. Wennlund\* | Trustee | April 15, 2026 |
| Lloyd A. Wennlund |  |  |
| /s/ Thomas E. Herman | Vice President and Chief Financial Officer | April 15, 2026 |
| Thomas E. Herman | Vice President and Chief Financial Officer |  |

---

\* An original power of attorney authorizing John P. Calamos, Sr. to execute this Registration Statement, and amendments thereto, for Messrs. Rybak, Toub, Wennlund and Mses. Breen and Stuckey, each a trustee of the Registrant on whose behalf this Registration Statement is filed, was previously executed, and [previously filed](https://www.sec.gov/Archives/edgar/data/1943291/000110465924047171/tm249745d1_ex99-xq.htm) as an exhibit.

\*\* An original power of attorney authorizing John P. Calamos, Sr. to execute this Registration Statement, and amendments thereto, for Messrs. Koudounis, Armstrong, and Phlegar, each a trustee of the Registrant on whose behalf this Registration Statement is filed, was previously executed, and is [filed herewith](tm269117d1_ex99-xqxii.htm) as an exhibit.

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr. |
|  | Attorney-in-Fact |
|  | April 15, 2026 |

---

**Exhibit Index**

---

| | |
|:---|:---|
| [(g)(xi)](tm269117d1_ex99-xgxxi.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated June 18, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm269117d1_ex99-xgxxi.htm) |
| [(g)(xii)](tm269117d1_ex99-xgxxii.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated September 19, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm269117d1_ex99-xgxxii.htm) |
| [(g)(xiii)](tm269117d1_ex99-xgxxiii.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated October 23, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm269117d1_ex99-xgxxiii.htm) |
| [(h)(xi)](tm269117d1_ex99-xhxxi.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated June 18, 2025, pursuant to Administration Agreement, effective November 1, 2018.](tm269117d1_ex99-xhxxi.htm) |
| [(h)(xii)](tm269117d1_ex99-xhxxii.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated September 19, 2025, pursuant to Administration Agreement, effective November 1, 2018.](tm269117d1_ex99-xhxxii.htm) |
| [(h)(xiii)](tm269117d1_ex99-xhxxiii.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated October 23, 2025, pursuant to Administration Agreement, effective November 1, 2018.](tm269117d1_ex99-xhxxiii.htm) |
| [(h)(xxix)](tm269117d1_ex99-xhxxxix.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated June 18, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm269117d1_ex99-xhxxxix.htm) |
| [(h)(xxx)](tm269117d1_ex99-xhxxxx.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated September 19, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm269117d1_ex99-xhxxxx.htm) |
| [(h)(xxxi)](tm269117d1_ex99-xhxxxxi.htm) | &nbsp;&nbsp;[Notification of Additional Funds, dated October 23, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm269117d1_ex99-xhxxxxi.htm) |
| [(i)](tm269117d1_ex99-xi.htm) | &nbsp;&nbsp;[Legal Opinion and Consent.](tm269117d1_ex99-xi.htm) |
| [(j)](tm269117d1_ex99-xj.htm) | &nbsp;&nbsp;[Consent of independent registered public accounting firm.](tm269117d1_ex99-xj.htm) |
| [(p)(ii)](tm269117d1_ex99-xpxii.htm) | &nbsp;&nbsp;[Code of Ethics of the Registrant, Subadvisor, Distributor and affiliated entities, dated April 8, 2026.](tm269117d1_ex99-xpxii.htm) |
| [(q)(ii)](tm269117d1_ex99-xqxii.htm) | &nbsp;&nbsp;[Powers of Attorney for Messrs. Koudounis, Armstrong, and Phlegar.](tm269117d1_ex99-xqxii.htm) |

---

## Ex-99.(G)(Xi)

**Exhibit 99.(g)(xi)**

![](tm269000d1_ex99g10img02.jpg)

June 18, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF 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 such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 19.6, the 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 its respective Portfolios, hereby requests that State Street act as Custodian for the 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, each 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 Fund.

Sincerely,

CALAMOS ETF TRUST

on behalf of:

**Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April** 

**Calamos Bitcoin Structured Alt Protection ETF® – April** 

**Calamos Bitcoin Structured Alt Protection ETF – April Sub 1** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Sub 1** 

**Calamos Autocallable Income ETF** 

**Calamos Autocallable Income ETF – Sub 1** 

**Calamos Bitcoin Structured Alt Protection ETF® – July** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July** 

**Calamos Bitcoin Structured Alt Protection ETF – July Sub 1** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1** 

**Calamos Bitcoin Structured Alt Protection ETF® – October** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October**

Information Classification: Limited Access

---

| | |
|:---|:---|
| By: | /s/ Stephen M. 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/ Scott Shirrell |
| Name: | Scott F. Shirrell |
| Title: | Managing Director, Duly Authorized |
| Effective Date: June 20, 2025 | Effective Date: June 20, 2025 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Calamos ETF Trust**

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF® – April

Calamos Bitcoin Structured Alt Protection ETF – April Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Sub 1

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**To**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC And Portfolios thereof, if any</u>

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio 36-7271106

**Calamos ETF Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | 93-1403228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | 93-4047483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – May | 99-1891857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – July | 99-2036587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – August | 99-2010412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – June | 99-2246961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – July | 99-3084638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – September | 99-2264630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – September | 99-2059476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered S&P 500® Structured Alt Protection ETF® | 99-4100530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – October | 99-4151647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – October | 99-3099426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – December | 99-2309567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – November | 99-4183246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – March | 99-2360298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – January | 99-3170084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® - December | 99-4213949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – April | 99-4289511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – June | 99-4312375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – January | 99-4237715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – February | 99-4254967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – March | 99-4278288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – April | 99-3193460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – January | 33-2314879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January | 33-2217288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January | 33-2187566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF | 33-5015390 |

---

Information Classification: Limited Access

**EXHIBIT B**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |

---

**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 International Small Cap Growth Fund | 87-4563290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Merger Arbitrage Fund | 93-1422103 |

---

**Calamos Antetokounmpo Sustainable Equities Trust**

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 Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(G)(Xii)

**Exhibit 99.(g)(xii)**

![](tm269000d1_ex99g11img01.jpg)

September 19, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF 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 such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 19.6, the 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 its respective Portfolios, hereby requests that State Street act as Custodian for the 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, each 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 Fund.

Sincerely,

CALAMOS ETF TRUST

on behalf of:

**Calamos Laddered Bitcoin Structured Alt Protection ETF®** 

**Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®** 

**Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®** 

**Calamos Bitcoin Structured Alt Protection ETF - October Sub 1** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1**

---

| | |
|:---|:---|
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

Information Classification: Limited Access

**EXHIBIT B**

**Agreed and Accepted:** 

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: September 19, 2025 | Effective Date: September 19, 2025 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Calamos ETF Trust**

Calamos Laddered Bitcoin Structured Alt Protection ETF®

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®

Calamos Bitcoin Structured Alt Protection ETF - October Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**To**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC And Portfolios thereof, if any</u>

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio 36-7271106

**Calamos ETF Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | 93-1403228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq Equity & Income ETF | 93-4047483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – July | 99-2036587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection ETF – September | 99-2264630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection ETF – December | 99-2309567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – April | 99-4289511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub | 1 98-1829852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub | 1 98-1830164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |

---

Information Classification: Limited Access

**EXHIBIT B**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF | 33-5015390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub | 1 98-1883173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub | 1 98-1882286 |

---

**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 International Small Cap Growth Fund | 87-4563290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Merger Arbitrage Fund | 93-1422103 |

---

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund 88-3877464

Information Classification: Limited Access

---

| | |
|:---|:---|
| **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 Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(G)(Xiii)

**Exhibit 99.(g)(xiii)**

![](tm269000d1_ex99-xgx12img001.jpg)

October 23, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Suzanne M. Hinckley, SVP

Re: Calamos ETF 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 such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 19.6, the 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 its respective Portfolios, hereby requests that State Street act as Custodian for the 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, each 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 Fund.

Sincerely,

CALAMOS ETF TRUST

on behalf of:

---

| | |
|:---|:---|
| **Calamos Nasdaq Autocallable Income ETF** | **Calamos Nasdaq Autocallable Income ETF** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **Calamos Nasdaq Autocallable Income ETF – Sub 1** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: October 23, 2025 | Effective Date: October 23, 2025 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Calamos ETF Trust**

**Calamos Nasdaq Autocallable Income ETF**

**Calamos Nasdaq Autocallable Income ETF – Sub 1**

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos** **ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Alternative Nasdaq & Bond ETF | 93-4047483 |
| Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| Calamos S&P 500 Structured Alt Protection ETF – July | 99-2036587 |
| Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – September | 99-2264630 |
| Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – December | 99-2309567 |
| Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| Calamos S&P 500 Structured Alt Protection ETF – April | 99-4289511 |
| Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |

---

Information Classification: Limited Access

**EXHIBIT B**

---

| | |
|:---|:---|
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | 98-1883173 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | 98-1882286 |
| **Calamos Nasdaq Autocallable Income ETF** | **39-4204450** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **98-1829554** |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| 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 Trust | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(Xi)

**Exhibit 99.(h)(xi)**

**AMENDMENT TO ADMINISTRATION AGREEMENT**

This Amendment to the Administration Agreement is made as of June 18, 2025 (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 <u>Schedule A</u> 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 entered into an Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, each Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and certain Trusts have established series of shares identified under their names on <u>Schedule A</u> hereto (each, a "Fund"); 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 is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In accordance with Section 1, the Appointment and Duties of Administrator provision of the Agreement,
each Trust, on behalf of itself and its respective Fund(s), hereby requests that the Administrator act as Administrator for its Fund(s) under
the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated in its entirety as set forth on
the <u>Schedule A</u> attached hereto. In connection with such request, each Trust hereby confirms, as of the date hereof, its representations
and warranties set forth in Section 4 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annex I</u> of <u>Schedule B2</u> to the Agreement is hereby deleted in its entirety and replaced with
the <u>Annex I</u> attached hereto.

2. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment is incorporated in its entirety into the Agreement, and this Amendment and said Agreement shall
be read and interpreted together as the Agreement.

3. 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.

4. 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 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: | Managing Director |

---

**<u>Administration Agreement</u>**

**<u>Schedule A</u>**

**<u>List of Funds</u>**

**<u>Open-End Funds</u>**

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

Calamos Convertible Equity Alternative ETF

Calamos CEF Income & Arbitrage ETF

Calamos Nasdaq® Equity & Income ETF

Calamos S&P 500® Structured Alt Protection ETF® – May

Calamos S&P 500® Structured Alt Protection ETF® – July

Calamos S&P 500® Structured Alt Protection ETF® – August

Calamos Nasdaq-100® Structured Alt Protection ETF® – June

Calamos Russell 2000® Structured Alt Protection ETF® – July

Calamos Nasdaq-100® Structured Alt Protection ETF® – September

Calamos S&P 500® Structured Alt Protection ETF® – September

Calamos Laddered S&P 500® Structured Alt Protection ETF®

Calamos S&P 500® Structured Alt Protection ETF® – October

Calamos Russell 2000® Structured Alt Protection ETF® – October

Calamos Nasdaq-100® Structured Alt Protection ETF® – December

Calamos S&P 500® Structured Alt Protection ETF® - November

Calamos Nasdaq-100® Structured Alt Protection ETF® – March

Calamos Russell 2000® Structured Alt Protection ETF® – January

Calamos S&P 500® Structured Alt Protection ETF® - December

Calamos S&P 500® Structured Alt Protection ETF® - April

Calamos S&P 500® Structured Alt Protection ETF® – June

Calamos S&P 500® Structured Alt Protection ETF® - January

Calamos S&P 500® Structured Alt Protection ETF® - February

Calamos S&P 500® Structured Alt Protection ETF® - March

Calamos Russell 2000® Structured Alt Protection ETF® – April

Calamos Bitcoin Structured Alt Protection ETF® – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January

Calamos Bitcoin Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF® – April

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Information Classification: Limited Access

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

**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 International Small Cap Growth Fund

Calamos Merger Arbitrage 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

 **<u>ANNEX I</u>**

Further to the Amendment to the Administration Agreement dated as of June 18, 2025 between each registered management investment company identified on Schedule A thereto (each, a "Trust") and State Street Bank and Trust Company (the "Administrator"), each Trust and the Administrator mutually agree to update this <u>Annex I</u> by adding Funds as applicable:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Form N-PORT Services<br> and Quarterly Portfolio of Investments <br> Services<br> (FILING ONLY)** | &nbsp;&nbsp; <br> **Service Type**<br>|
| &nbsp;&nbsp; <br> **Calamos ETF Trust** | &nbsp;&nbsp; <br> Standard N-PORT Reporting Solution (Data and Filing)<br>|
| &nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable <br> Equities ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Income & Arbitrage ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – May | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – August | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt <br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt <br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt <br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered S&P 500® Structured Alt<br> Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt <br> Protection ETF® – December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - November | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt <br> Protection ETF® – March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - February | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt <br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF® – April** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF® - April** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin Structured Alt <br> Protection ETF**® **– April** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Autocallable Income ETF** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin Structured Alt <br> Protection ETF**® **– July** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF**® **– July** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF**® **– July** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin Structured Alt <br> Protection ETF**® **– October** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF**® **– October** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF**® **– October** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form N-CEN Services** | &nbsp;&nbsp;**Service Type** |
| &nbsp;&nbsp;**Calamos ETF Trust** | &nbsp;&nbsp;Standard N-CEN Reporting Solution (Data and Filing) |

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex I</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| **CALAMOS ETF TRUST** | **STATE STREET BANK AND TRUST COMPANY** |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Stephen M. Atkins | /s/ Scott Shirrell |
|  | Name: Stephen Atkins | Name: Scott F. Shirrell |
|  | Title: Treasurer | Title: Managing Director |
|  | Address: 2020 Calamos Court Naperville, IL 60563 | Address:1 Iron Street Boston, MA 02210 |
|  | Date: June 18, 2025 | Date: June 20, 2025 |

---

Information Classification: Limited Access

## Ex-99.(H)(Xii)

**Exhibit 99.(h)(xii)**

**AMENDMENT TO ADMINISTRATION AGREEMENT**

This Amendment to the Administration Agreement is made as of September 19, 2025 (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 <u>Schedule A</u> 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 entered into an Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, each Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and certain Trusts have established series of shares identified under their names on <u>Schedule A</u> hereto (each, a "Fund"); 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 is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In accordance with Section 1, the Appointment and Duties of Administrator provision of the Agreement,
each Trust, on behalf of itself and its respective Fund(s), hereby requests that the Administrator act as Administrator for its Fund(s) under
the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated in its entirety as set forth on
the <u>Schedule A</u> attached hereto. In connection with such request, each Trust hereby confirms, as of the date hereof, its representations
and warranties set forth in Section 4 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annex I</u> of <u>Schedule B2</u> to the Agreement is hereby deleted in its entirety and replaced with
the <u>Annex I</u> attached hereto.

2. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment is incorporated in its entirety into the Agreement, and this Amendment and said Agreement shall
be read and interpreted together as the Agreement.

3. 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.

4. 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 Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer |
| **STATE STREET BANK AND TRUST COMPANY**, as Administrator | **STATE STREET BANK AND TRUST COMPANY**, as Administrator |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |

---

**<u>Administration Agreement</u>**

**<u>Schedule A</u>**

**<u>List of Funds</u>**

**<u>Open-End Funds</u>**

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

Calamos Convertible Equity Alternative ETF

Calamos CEF Income & Arbitrage ETF

Calamos Nasdaq Equity & Income ETF

Calamos S&P 500 Structured Alt Protection ETF – May

Calamos S&P 500 Structured Alt Protection ETF – July

Calamos S&P 500 Structured Alt Protection ETF – August

Calamos Nasdaq-100 Structured Alt Protection ETF – June

Calamos Russell 2000 Structured Alt Protection ETF – July

Calamos Nasdaq-100 Structured Alt Protection ETF – September

Calamos S&P 500 Structured Alt Protection ETF – September

Calamos Laddered S&P 500 Structured Alt Protection ETF

Calamos S&P 500 Structured Alt Protection ETF – October

Calamos Russell 2000 Structured Alt Protection ETF – October

Calamos Nasdaq 100 Structured Alt Protection ETF – December

Calamos S&P 500 Structured Alt Protection ETF - November

Calamos Nasdaq 100 Structured Alt Protection – March

Calamos Russell 2000 Structured Alt Protection ETF – January

Calamos S&P 500 Structured Alt Protection ETF - December

Calamos S&P 500 Structured Alt Protection ETF - April

Calamos S&P 500 Structured Alt Protection ETF – June

Calamos S&P 500 Structured Alt Protection ETF - January

Calamos S&P 500 Structured Alt Protection ETF - February

Calamos S&P 500 Structured Alt Protection ETF - March

Calamos Russell 2000 Structured Alt Protection ETF – April

Calamos Bitcoin Structured Alt Protection ETF – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January

Calamos Bitcoin Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF – April

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Information Classification: Limited Access

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

**Calamos Laddered Bitcoin Structured Alt Protection ETF®**

**Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®**

**Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®**

**Calamos Bitcoin Structured Alt Protection ETF - October Sub 1**

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1**

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1**

**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 International Small Cap Growth Fund

Calamos Merger Arbitrage 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

**<u>ANNEX I</u>**

Further to the Amendment to the Administration Agreement dated as of September 19, 2025 between each registered management investment company identified on Schedule A thereto (each, a "Trust") and State Street Bank and Trust Company (the "Administrator"), each Trust and the Administrator mutually agree to update this <u>Annex I</u> by adding Funds as applicable:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Form N-PORT Services**<br> **and Quarterly Portfolio of Investments Services**<br> **(FILING ONLY)** | &nbsp;&nbsp; <br> **Service Type**<br>|
| &nbsp;&nbsp; <br> **Calamos ETF Trust** | &nbsp;&nbsp; <br> Standard N-PORT Reporting Solution (Data and Filing)<br>|
| &nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable<br> Equities ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Income & Arbitrage ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – May | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – August | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered S&P 500® Structured Alt<br> Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - November | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - February | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection<br> ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt <br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Autocallable Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection<br> ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection<br> ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Laddered Bitcoin Structured Alt <br> Protection ETF®** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Laddered Bitcoin 90 Series<br> Structured Alt Protection ETF®** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Laddered Bitcoin 80 Series<br> Structured Alt Protection ETF®** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **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 I</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| **CALAMOS ETF TRUST** | **STATE STREET BANK AND TRUST COMPANY** |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Stephen Atkins | /s/ Suzanne M. Hinckley |
|  | Name: Stephen Atkins | Name: Suzanne M. Hinckley |
|  | Title: Treasurer | Title: SVP |
|  | Address: 2020 Calamos Court Naperville, IL 60563 | Address:1 Iron Street Boston, MA 02210 |
|  | Date: September 19, 2025 | Date: September 19, 2025 |

---

Information Classification: Limited Access

## Ex-99.(H)(Xiii)

**Exhibit 99.(h)(xiii)**

**AMENDMENT TO ADMINISTRATION AGREEMENT**

This Amendment to the Administration Agreement is made as of October 23, 2025 (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 <u>Schedule A</u> 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 entered into an Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, each Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and certain Trusts have established series of shares identified under their names on <u>Schedule A</u> hereto (each, a "Fund"); 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 is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In accordance with Section 1, the Appointment and Duties of Administrator provision of the Agreement,
each Trust, on behalf of itself and its respective Fund(s), hereby requests that the Administrator act as Administrator for its Fund(s) under
the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated in its entirety as set forth on
the <u>Schedule A</u> attached hereto. In connection with such request, each Trust hereby confirms, as of the date hereof, its representations
and warranties set forth in Section 4 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annex I</u> of <u>Schedule B2</u> to the Agreement is hereby deleted in its entirety and replaced with
the <u>Annex I</u> attached hereto.

2. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment is incorporated in its entirety into the Agreement, and this Amendment and said Agreement shall
be read and interpreted together as the Agreement.

3. 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.

4. 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 Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer |
| **STATE STREET BANK AND TRUST COMPANY**, as Administrator | **STATE STREET BANK AND TRUST COMPANY**, as Administrator |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |

---

**<u>Administration Agreement</u>**

**<u>Schedule A</u>**

**<u>List of Funds</u>**

**<u>Open-End Funds</u>**

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

Calamos Convertible Equity Alternative ETF

Calamos CEF Income & Arbitrage ETF

Calamos Alternative Nasdaq & Bond ETF

Calamos S&P 500 Structured Alt Protection ETF – May

Calamos S&P 500 Structured Alt Protection ETF – July

Calamos S&P 500 Structured Alt Protection ETF – August

Calamos Nasdaq-100 Structured Alt Protection ETF – June

Calamos Russell 2000 Structured Alt Protection ETF – July

Calamos Nasdaq-100 Structured Alt Protection ETF – September

Calamos S&P 500 Structured Alt Protection ETF – September

Calamos Laddered S&P 500 Structured Alt Protection ETF

Calamos S&P 500 Structured Alt Protection ETF – October

Calamos Russell 2000 Structured Alt Protection ETF – October

Calamos Nasdaq 100 Structured Alt Protection ETF – December

Calamos S&P 500 Structured Alt Protection ETF - November

Calamos Nasdaq 100 Structured Alt Protection – March

Calamos Russell 2000 Structured Alt Protection ETF – January

Calamos S&P 500 Structured Alt Protection ETF - December

Calamos S&P 500 Structured Alt Protection ETF - April

Calamos S&P 500 Structured Alt Protection ETF – June

Calamos S&P 500 Structured Alt Protection ETF - January

Calamos S&P 500 Structured Alt Protection ETF - February

Calamos S&P 500 Structured Alt Protection ETF - March

Calamos Russell 2000 Structured Alt Protection ETF – April

Calamos Bitcoin Structured Alt Protection ETF – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January

Calamos Bitcoin Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF – April

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Information Classification: Limited Access

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

Calamos Laddered Bitcoin Structured Alt Protection ETF®

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®

Calamos Bitcoin Structured Alt Protection ETF - October Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1

**Calamos Nasdaq Autocallable Income ETF\**

**Calamos Nasdaq Autocallable Income ETF – Sub 1**

**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 International Small Cap Growth Fund

Calamos Merger Arbitrage 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

**<u>ANNEX I</u>**

Further to the Amendment to the Administration Agreement dated as of October 15 2025 between each registered management investment company identified on Schedule A thereto (each, a "Trust") and State Street Bank and Trust Company (the "Administrator"), each Trust and the Administrator mutually agree to update this <u>Annex I</u> by adding Funds as applicable:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Form N-PORT Services**<br> **and Quarterly Portfolio of Investments Services**<br> **(FILING ONLY)** | &nbsp;&nbsp; <br> **Service Type**<br>|
| &nbsp;&nbsp; <br> **Calamos ETF Trust** | &nbsp;&nbsp; <br> Standard N-PORT Reporting Solution (Data and Filing)<br>|
| &nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Income & Arbitrage ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – May | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – August | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection<br> ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Laddered S&P 500® Structured Alt<br> Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - November | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - February | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Autocallable Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered Bitcoin Structured Alt Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Nasdaq Autocallable Income ETF** | &nbsp;&nbsp;**Standard N-PORT Reporting Solution (Data and Filing)** |
| &nbsp;&nbsp;**Calamos Nasdaq Autocallable Income ETF – Sub 1** | &nbsp;&nbsp;**Standard N-PORT Reporting Solution (Data and Filing)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form N-CEN Services** | &nbsp;&nbsp;**Service Type** |
| &nbsp;&nbsp;**Calamos ETF Trust** | &nbsp;&nbsp;Standard N-CEN Reporting Solution (Data and Filing) |

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex I</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** |
| By: | /**s**/ Stephen Atkins | /**s**/ Stephen Atkins | By: /**s**/ Suzanne M. Hinckley | By: /**s**/ Suzanne M. Hinckley |
|  | Name: Stephen Atkins | Name: Stephen Atkins | Name: Suzanne M. Hinckley | Name: Suzanne M. Hinckley |
|  | Title: Treasurer | Title: Treasurer | Title: SVP | Title: SVP |
|  | Address: | 2020 Calamos Court | Address: | 1 Iron Street |
|  |  | Naperville, IL 60563 |  | Boston, MA 02210 |
|  | Date: October 23, 2025 | Date: October 23, 2025 | Date: October 23, 2025 | Date: October 23, 2025 |

---

Information Classification: Limited Access

## Ex-99.(H)(Xxix)

**Exhibit 99.(h)(xxix)**

June 18, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF Trust ("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 such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 8.6, the 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 its respective Portfolios, hereby requests that State Street perform certain accounting and fund administration services for 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 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 each 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.

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| |
|:---|
| Sincerely, |
| **CALAMOS ETF TRUST** |
| on behalf of: |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April** |
| **Calamos Bitcoin Structured Alt Protection ETF® – April** |
| **Calamos Bitcoin Structured Alt Protection ETF – April Sub 1** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Sub 1** |
| **Calamos Autocallable Income ETF** |
| **Calamos Autocallable Income ETF – Sub 1** |
| **Calamos Bitcoin Structured Alt Protection ETF® – July** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July** |
| **Calamos Bitcoin Structured Alt Protection ETF – July Sub 1** |

---

Information Classification: Limited Access

---

| |
|:---|
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1** |
| **Calamos Bitcoin Structured Alt Protection ETF® – October** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October** |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized, Duly Authorized |
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Scott Shirrell |
| Name: | Scott F. Shirrell |
| Title: | Managing Director, Duly Authorized |
| Effective Date: June 20, 2025 | Effective Date: June 20, 2025 |

---

Information Classification: Limited Access

---

| |
|:---|
| **EXHIBIT A** |
| **Calamos ETF Trust** |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April |
| Calamos Bitcoin Structured Alt Protection ETF® – April |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 |
| Calamos Autocallable Income ETF |
| Calamos Autocallable Income ETF – Sub 1 |
| Calamos Bitcoin Structured Alt Protection ETF® – July |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 |
| Calamos Bitcoin Structured Alt Protection ETF® – October |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October |

---

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Services Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos** **ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Nasdaq® Equity & Income ETF | 93-4047483 |
| Calamos S&P 500® Structured Alt Protection ETF® – May | 99-1891857 |
| Calamos S&P 500® Structured Alt Protection ETF® – July | 99-2036587 |
| Calamos S&P 500® Structured Alt Protection ETF® – August | 99-2010412 |
| Calamos Nasdaq-100® Structured Alt Protection ETF® – June | 99-2246961 |
| Calamos Russell 2000® Structured Alt Protection ETF® – July | 99-3084638 |
| Calamos Nasdaq-100® Structured Alt Protection ETF® – September | 99-2264630 |
| Calamos S&P 500® Structured Alt Protection ETF® – September | 99-2059476 |
| Calamos Laddered S&P 500® Structured Alt Protection ETF® | 99-4100530 |
| Calamos S&P 500® Structured Alt Protection ETF® – October | 99-4151647 |
| Calamos Russell 2000® Structured Alt Protection ETF® – October | 99-3099426 |
| Calamos Nasdaq-100® Structured Alt Protection ETF® – December | 99-2309567 |
| Calamos S&P 500® Structured Alt Protection ETF® – November | 99-4183246 |
| Calamos Nasdaq-100® Structured Alt Protection® – March | 99-2360298 |
| Calamos Russell 2000® Structured Alt Protection ETF® – January | 99-3170084 |
| Calamos S&P 500® Structured Alt Protection ETF® - December | 99-4213949 |
| Calamos S&P 500® Structured Alt Protection ETF® - April | 99-4289511 |
| Calamos S&P 500® Structured Alt Protection ETF® – June | 99-4312375 |
| Calamos S&P 500® Structured Alt Protection ETF® – January | 99-4237715 |
| Calamos S&P 500® Structured Alt Protection ETF® – February | 99-4254967 |
| Calamos S&P 500® Structured Alt Protection ETF® – March | 99-4278288 |
| Calamos Russell 2000® Structured Alt Protection ETF® – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF® – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January | 33-2187566 |
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| 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 Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(Xxx)

**Exhibit 99.(h)(xxx)**

September 19, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF Trust ("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 such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 8.6, the 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 its respective Portfolios, hereby requests that State Street perform certain accounting and fund administration services for 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 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 each 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.

---

| |
|:---|
| Sincerely, |
| **CALAMOS ETF TRUST** |
| on behalf of: |
| **Calamos Laddered Bitcoin Structured Alt Protection ETF®** |
| **Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®** |
| **Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®** |
| **Calamos Bitcoin Structured Alt Protection ETF - October Sub 1** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1** |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized, Duly Authorized |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: September 19, 2025 | Effective Date: September 19, 2025 |

---

Information Classification: Limited Access

---

| |
|:---|
| **EXHIBIT A** |
| **Calamos ETF Trust** |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Services Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Nasdaq Equity & Income ETF | 93-4047483 |
| Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| Calamos S&P 500 Structured Alt Protection ETF – July | 99-2036587 |
| Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – September | 99-2264630 |
| Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| Calamos Nasdaq 100 Structured Alt Protection ETF – December | 99-2309567 |
| Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| Calamos S&P 500 Structured Alt Protection ETF - April | 99-4289511 |
| Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | 98-1883173 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | 98-1882286 |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| 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 Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(Xxxi)

**Exhibit 99.(h)(xxxi)**

October 23, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Suzanne M. Hinckley, SVP

Re: Calamos ETF Trust ("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 such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 8.6, the 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 its respective Portfolios, hereby requests that State Street perform certain accounting and fund administration services for 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 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 each 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.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| on behalf of: | on behalf of: |
| **Calamos Nasdaq Autocallable Income ETF** | **Calamos Nasdaq Autocallable Income ETF** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **Calamos Nasdaq Autocallable Income ETF – Sub 1** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized, Duly Authorized |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: October 23, 2025 | Effective Date: October 23, 2025 |

---

Information Classification: Limited Access

**EXHIBIT A**

**Calamos ETF Trust**

**Calamos Nasdaq Autocallable Income ETF**

**Calamos Nasdaq Autocallable Income ETF – Sub 1**

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Services Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Alternative Nasdaq & Bond ETF | 93-4047483 |
| Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| Calamos S&P 500 Structured Alt Protection ETF – July 99-2036587 |  |
| Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – September 99-2264630 |  |
| Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| Calamos Nasdaq 100 Structured Alt Protection ETF – December | 99-2309567 |
| Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| Calamos S&P 500 Structured Alt Protection ETF - April | 99-4289511 |
| Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | 98-1883173 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | 98-1882286 |
| **Calamos Nasdaq Autocallable Income ETF** | **39-4204450** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **98-1829554** |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| 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 Trust | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(I)

**Exhibit 99.(i)**

 **M** **orris,** Nichols, Arsht & Tunnell llp**<br>1201 North Market Street<br>P.O. Box 1347<br>Wilmington, Delaware 19899-1347<br> ______<br>(302) 658-9200<br>(302) 658-3989 FAX<br>

April 15, 2026

Calamos Antetokounmpo Sustainable Equities Trust

2020 Calamos Court

Naperville, IL 60563

Re: <u>Calamos Antetokounmpo Sustainable Equities Trust</u>

Ladies and Gentlemen:

We have acted as special Delaware counsel to Calamos Antetokounmpo Sustainable Equities Trust, a Delaware statutory trust (the "Trust"), in connection with certain matters relating to the formation of the Trust and the issuance of Shares of Class A, Class C, Class I and Class R6 (each, a "Class" and collectively, the "Classes") of Calamos Antetokounmpo Sustainable Equities Fund, a Series of the Trust (the "Fund" and such Shares, the "Registered Shares"). Capitalized terms used herein and not otherwise herein defined are used as defined in the Amended and Restated Agreement and Declaration of Trust of the Trust dated as of January 10, 2023 (the "Governing Instrument").

In rendering this opinion, we have examined and relied on copies of the following documents, each in the form provided to us: Post-Effective Amendment No. 4 to Registration Statement No. 333-267049 under the Securities Act of 1933 and Amendment No. 6 to Registration Statement No. 811-23822 under the Investment Company Act of 1940 on Form N-1A of the Trust to be filed with the Securities and Exchange Commission on or about the day hereof (the "Registration Statement"); the Certificate of Trust of the Trust as filed in the Office of the Secretary of State of the State of Delaware (the "State Office") on August 15, 2022 (the "Certificate"); the Declaration of Trust of the Trust dated as of August 15, 2022 (the "Initial Governing Instrument"); the Governing Instrument; the Bylaws of the Trust adopted as of October 31, 2022 (the "Bylaws"); resolutions of the Board of Trustees of the Trust prepared for adoption at meetings held on October 31, 2022 and December 17, 2025 (the "Resolutions" and, together with the Registration Statement, the Governing Instrument and Bylaws, the "Governing Documents"); and a certification of good standing of the Trust obtained as of a recent date from the State Office. In such examinations, we have assumed the genuineness of all signatures, the conformity to original documents of all documents submitted to us as copies or drafts of documents to be executed, and the legal capacity of natural persons to complete the execution of documents. We have further assumed for purposes of this opinion: (i) except to the extent address by our opinion in paragraph 1 below, the due formation or organization, valid existence and good standing of each entity that is a signatory to any of the documents reviewed by us under the laws of the jurisdiction of its respective formation or organization; (ii) the due adoption, authorization, execution and delivery, as applicable, by or on behalf of each of the parties thereto of the above-referenced agreements, instruments, certificates and other documents (including the Resolutions), and of all documents contemplated by the Governing Documents to be executed by investors desiring to become Shareholders; (iii) that the required consideration for the Shares is paid in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents and that the Shares are otherwise issued in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents and the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>.<u> </u>§§ 3801 <u>et seq</u>. (the "Delaware Act"); (iv) that appropriate notation of the names and addresses of, the number of Shares held by, and the consideration paid by, Shareholders will be maintained in the appropriate registers and other books and records of the Trust in connection with the issuance or transfer of Shares; (v) that no event has occurred that would cause a termination or dissolution of the Trust under Section 10 of the Initial Governing Instrument or Section 8.2 of Article VIII of the Governing Instrument, as applicable; (vi) that no event has occurred that would cause a termination or dissolution of the Fund or any Class under Section 8.2 of Article VIII of the Governing Instrument; (vii) that the activities of the Trust have been and will be conducted in accordance with the terms of the Governing Instrument and the Delaware Act; (viii) that the Trust became, prior to or within 180 days following the first issuance of beneficial interests therein, a registered investment company under the Investment Company Act of 1940, as amended; (ix) that the Registered Shares constitute the Shares covered by the Registration Statement; and (x) that each of the documents examined by us is in full force and effect and has not been amended, supplemented or otherwise modified, except as herein referenced. We have not reviewed any documents other than those identified above in connection with this opinion, and we have assumed that there are no documents, facts or circumstances that are contrary to, or inconsistent with the opinions expressed herein. No opinion is expressed herein with respect to the requirements of, or compliance with, federal or state securities or blue sky laws. Further, we express no opinion on the sufficiency or accuracy of any registration or offering documentation relating to the Trust, the Fund, the Classes or the Shares. As to any facts material to our opinion, other than those assumed, we have relied without independent investigation on the above-referenced documents and on the accuracy, as of the date hereof, of the matters therein contained.

Calamos Antetokounmpo Sustainable Equities Trust <br> April 15, 2026 <br> Page 2

Based on and subject to the foregoing, and limited in all respects to matters of Delaware law, it is our opinion that:

&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 Trust is a duly formed and validly existing statutory trust in good standing under the laws of the State of Delaware. The Fund is a validly existing Series of the Trust and each Class is a validly existing Class of the 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;2. The Registered Shares, when issued to Shareholders in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents, will be validly issued, fully paid and non-assessable Shares.

Calamos Antetokounmpo Sustainable Equities Trust <br> April 15, 2026 <br> Page 3

We hereby consent to the filing of a copy of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder. This opinion speaks only as of the date hereof and is based on our understandings and assumptions as to present facts, and on the application of Delaware law as the same exist on the date hereof, and we undertake no obligation to update or supplement this opinion after the date hereof for the benefit of any person or entity (including any Shareholder) with respect to any facts or circumstances that may hereafter come to our attention or any changes in facts or law that may hereafter occur or take effect. This opinion is intended solely for the benefit of the Trust and the Shareholders in connection with the matters contemplated hereby and may not be relied upon by any other person or entity, or for any other purpose, without our prior written consent.

---

| |
|:---|
| Sincerely, |
| MORRIS, NICHOLS, ARSHT & TUNNELL LLP |
| /s/ Sara A. Gelsinger |
| Sara A. Gelsinger |

---

## Ex-99.(J)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 333-267049 on Form N-1A of our report dated February 10, 2026, relating to the financial statements and financial highlights of Calamos Antetokounmpo Sustainable Equities Fund, a series of Calamos Antetokounmpo Sustainable Equities Trust, appearing in Form N-CSR of Calamos Antetokounmpo Sustainable Equities Trust for the year ended December 31, 2025, and to the references to us under the headings "Financial Highlights" and "Independent Registered Public Accounting Firm" in the Prospectus and "Independent Registered Public Accounting Firm" and "Non-Public Disclosure" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

April 13, 2026

## Ex-99.(P)(Ii)

**Exhibit 99.(p)(ii)**

![](tm269117d1_ex99-xpxiiimg001.jpg)

**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 | 9 |
| 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** | **10** |
| 1. Insider Trading and Tipping | 10 |
| 2. General Prohibitions | 10 |
| 3. Material Nonpublic Information about Other Companies | 11 |
| 4. Information about Calamos Exchange Traded Funds ("ETFs") | 11 |
| 5. Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs | 11 |
| 6. Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations | 12 |
| **REPORTING REQUIREMENTS** | **13** |
| 1. Initial Disclosure of Accounts and Covered Securities | 13 |
| 2. Confirmations and Statements for all Brokerage and Investment Accounts | 13 |
| 3. Quarterly Transactions Reports (Quarterly Account Statements) | 14 |
| 4. Annual Holdings Reports | 14 |
| 5. Certification of Compliance | 15 |
| 6. Report to Fund Board | 15 |
| **THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** | **16** |
| 1. Pre-Clearance of Covered Securities Transactions | 16 |
| 2. Holding Period Requirement | 17 |
| 3. Trading Restrictions | 18 |
| 4. Trading Calamos Closed-End Funds and Exchange Traded ETFs | 20 |
| 5. Private Securities Transactions | 20 |
| 6. Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions | 20 |
| **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** | **22** |
| 1. No Transactions with Clients | 22 |
| 2. No Conflicting Transactions | 22 |
| 3. Section 16 Reporting and Prohibitions | 23 |
| **OTHER REGULATORY REQUIREMENTS** | **24** |

---

---

| | |
|:---|:---|
| 1. Outside Employment or Outside Business Activity | 24 |
| 2. Service as a Director or Officer | 24 |
| 3. Gifts and Entertainment | 24 |
| 4. Identifying and Reporting Conflicts of Interest and Other Ethical Concerns | 25 |
| **RECORD RETENTION** | **27** |
| **APPENDIX A: IN-SCOPE ENTITIES** | **28** |
| **APPENDIX B: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **30** |

---

**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, Related Persons)

**"Broad-based Security Index"**

A Broad-based Security Index 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.

**"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 sub adviser, exchange traded funds or products, 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. Digital (tokenized) securities that are traditional financial instruments represented as crypto assets with ownership recorded on crypto networks are Covered Securities. In addition, purchase and sale transactions of **Covered Securities in any 401(k) plan** are considered transactions in Covered Securities.

The term Covered Security **does not include** commodities including Bitcoin and other digital commodities (assets whose value derives from a functional crypto system and market dynamics)<sup>1</sup>, 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 sub advised 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.

<sup>1</sup> The following are also NOT considered securities: Digital collectibles (assets designed primarily for collection or use (e.g., NFTs)); digital tools that have practical utility (e.g., credentials); and stablecoins issued under the GENIUS Act by permitted users. Protocol mining, protocol staking and wrapping of non-security crypto assets are also not considered securities.

**"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).

**"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 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. See below:

**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

This list is only illustrative and certainly is not all-encompassing. Many other types of information may be considered material.

**"Material Nonpublic Information"**

Material Nonpublic Information ("MNPI") 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"

*When in doubt about whether particular information about another company is material, exercise caution and consult with the CCO or the General Counsel.*

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 designee in his absence) of the security so it may be added to the Restricted List until such time as the information is publicly released.

*It is illegal to trade using MNPI; it is also illegal to share MNPI.*

**"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.

&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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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.

**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.

**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.

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.

**4.**  **<u>Information about Calamos Exchange Traded Funds ("ETFs")</u>** 

Calamos has erected a "firewall" between Calamos Advisors LLC on the one hand, and Calamos Financial Services LLC ("CFS"), an affiliated broker-dealer, on the other, with respect to access to information regarding the portfolio composition of Calamos ETFs, or changes thereto, for which Calamos Advisors LLC is the investment adviser prior to when this information is published on the Funds' website. No partner, officer, director, or other employee or agents and consultants of Calamos Advisors LLC may communicate with or provide information about the portfolio composition of Calamos ETFs, or changes thereto, with any partner, officer, director, or other employee of CFS.

The Code addresses the use of Material Nonpublic Information by any director, officer, or partner of Calamos Advisors LLC, or any supervised person of Calamos Advisors LLC regarding the portfolio composition of Calamos ETFs, or changes thereto. Such director, officer, partner, or Supervised Person who has Material Nonpublic Information regarding the portfolio composition of any Calamos ETF, or changes thereto, is prohibited from purchasing, selling, or recommending the purchase or sale of that ETF, and from purchasing, selling, or recommending the purchase or sale of any securities that are a part of the Calamos ETF's portfolio. In addition, such director, officer, partner, or Supervised Person may not disclose ("tip") Material Nonpublic Information about the portfolio composition of a Calamos ETF, or any changes thereto, to any persons, including any Related Persons, not authorized by Calamos to have such information.

**5.**  **<u>Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs</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 and ETFs 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>2</sup>.

<sup>2</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.

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 and ETFs 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, or the ETFs managed by Calamos, 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, NYSE and CBOE. 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.

**6.**  **<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 B. 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 an 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.

**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>3</sup>**

<sup>3</sup> An exception may be made if the account is managed by a financial advisor and is held on a discretionary basis.

**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.

**4.**  **<u>Annual Holdings Reports</u>** 

On an annual basis, Access Persons are required to provide a 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 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 will 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

&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.

Single stock ETFs will be reviewed against the underlying issuer/stock holding to determine approval. You should indicate that the ETF is for a single stock when pre-clearing. If the Firm is trading in the issuer on behalf of its clients, your preclearance will likely not be approved unless your trade fits within the de minimis exception. See **Section 5. <u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** to learn more about the de minimis exception. See also **<u>Section 3. Trading Restrictions</u>** for additional information on Conflicting Transactions for additional information.

For Investment Personnel certain of their trades (e.g., securities in their sector) may require approval by their team's CIO or 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 on which the 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.

**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 sub-advised by Calamos (redemptions/sales must
 be precleared)<sup>4</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales of shares of certain ETFs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ETFs advised
 by Calamos;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Broad-based
 Security Index ETFs (e.g., SPY);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Commodity-based
 ETFs (e.g., GLD);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Crypto-based
 ETFs (e.g., IBIT);

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales made 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); or

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases made 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 sub-advised open-end mutual funds.

<sup>4</sup> Redemptions/Sales of shares of Calamos Funds or sub-advised funds are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period.

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>5</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 sub advised 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>6</sup>**)* securities 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 sub advised 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>5</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>6</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.

&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;· **Other 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;· **Prediction Markets are Prohibited** 

Calamos continuously evaluates the risks associated with prediction markets and event contracts available through platforms<sup>7</sup> such as Polymarket and Kalshi. At this time, activity in connection with individual securities or issuers (e.g., portfolio-company-related outcomes), securities indices, financial markets, currency spreads, or other similar financial indices on these platforms is prohibited until such time as there is regulatory clarity and the technology necessary to monitor activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Initial Public 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"),

&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.

<sup>7</sup> Please note that prediction market activity and event contracts in connection with individual securities or issuers (e.g., portfolio-company-related outcomes), securities indices, financial markets, currency spreads, or other similar financial indices are prohibited regardless of the platform; e.g., making such trades through traditional sports books gambling platforms.

**4.**  **<u>Trading Calamos Closed-End Funds and Exchange Traded Funds</u>** 

**Closed-end Funds and** **ETFs 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 with the exception of the types of ETFs listed under #3 above.**

In addition, those persons identified as Section 16 individuals must consult with an attorney in the Legal Department, prior to engaging in Calamos Closed-End Fund<sup>8</sup> transactions to ensure the security is not on the restricted list, and must notify the Legal Department on the day such transaction was made 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 as well as the list of Section 16 Persons.*

**<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 including, 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.

<sup>8</sup> ETFs generally are not subject to Section 16 reporting unless there is a material deviation between each ETF's secondary market price and the NAV. Should there be such a deviation, Legal and Compliance will inform Section 16 individuals of their obligations.

Discretionary Accounts must be requested within the Compliance monitoring system and approved by Compliance. 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.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***De Minimis* Exceptions** 

Purchases or sales in an amount of no more than $10,000<sup>9</sup> in a Covered Security 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;· **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;· **Corporate Accounts Hedging Transactions** 

Certain affiliates of Calamos and its owners ("Calamos Family") may invest in and hedge<sup>10</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 certain Calamos affiliates and the Calamos Family in Calamos products (excluding Closed-End Funds and ETFs) 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>9</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>10</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 Security Indexes which can be long and/or short instruments that may include, but not limited to, indexes, 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.

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact on 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 (includes the Interval 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 sub advised 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.

Absent extraordinary circumstances, a personal securities transaction of the same *(or equivalent**<sup>11</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 sub advised 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 Closed-End Funds<sup>12</sup> 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 Policy & Procedures for Filings under Exchange Act Sections 13 and 16, 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.***

<sup>11</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>12</sup> ETFs generally are not subject to Section 16 reporting unless there is a material deviation between each ETF's secondary market price and the NAV. Should there be such a deviation, Legal and Compliance will inform Section 16 individuals of their obligations.

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.

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</u>**  **<u>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.

&nbsp;&nbsp;&nbsp;&nbsp;· **Gifts** 

Employees may not give or receive a gift with a value greater than $300 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $300 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's 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 report 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.

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 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.

**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 holding 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<sup>13</sup> of each SEC Form 3,
Form 4, and Annual Statement of Beneficial Ownership of Securities.

<sup>13</sup> The Legal Department maintains copies of these records.

**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

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| | |
|:---|:---|
| &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 |

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*Table 1 - List of In-Scope Companies*

Funds for U.S. Investors

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| |
|:---|
| &nbsp;&nbsp;**Open-End Fund Name** |
| &nbsp;&nbsp;Calamos Investment Trust |
| &nbsp;&nbsp;Calamos Advisors Trust |
| &nbsp;&nbsp;Calamos ETF Trust (excluding the Calamos Antetokounmpo Global Sustainable Equities ETF series) |
| &nbsp;&nbsp;**Closed-End Fund Name<sup>14</sup>** |
| &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 Aksia Alternative Credit and Income Fund |
| &nbsp;&nbsp;Calamos Aksia Private Equity and Alternatives Fund |
| &nbsp;&nbsp;Calamos Aksia Hedged Strategies Fund |

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*Table 2 - List of In-Scope U.S. Funds*

Funds for non-U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**S** |
| &nbsp;&nbsp;Calamos Global Convertible Fund |
| &nbsp;&nbsp;Calamos Growth and Income Fund |
| &nbsp;&nbsp;Calamos Antetokounmpo US Sustainable Equities Fund |
| &nbsp;&nbsp;Calamos Autocallable Income UCITS ETF |

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*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 |
| &nbsp;&nbsp;Revised: January 26, 2023 |

---

---

| |
|:---|
| &nbsp;&nbsp;Revised: September 26, 2023 |
| &nbsp;&nbsp;Revised: December 12, 2023 |
| &nbsp;&nbsp;Revised: March 28, 2024 |
| &nbsp;&nbsp;Revised: April 10, 2025 |
| &nbsp;&nbsp;Revised: October 9, 2025 |
| &nbsp;&nbsp;Revised: April 8, 2026 |

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*Table 4 – List of Revision Dates for Policy*

**<u>APPENDIX B</u>**

<u>FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM</u>

(Updated 9/19/2025)

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

Vanguard

Wells Fargo

William Blair

## Ex-99.(Q)(Ii)

**Exhibit 99.(q)(ii)**

**POWER OF ATTORNEY**

The person whose signature appears below hereby appoints John P. Calamos, Sr., Erik D. Ojala, J. Christopher Jackson, and Susan L. Schoenberger and each of them, any of whom may act without the joinder of the others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of securities of Calamos Antetokounmpo Sustainable Equities Trust.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Hugh Armstrong | Trustee | September 1, 2025 |
| Hugh Armstrong |  |  |

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**POWER OF ATTORNEY**

The person whose signature appears below hereby appoints John P. Calamos, Sr., Erik D. Ojala, J. Christopher Jackson, and Susan L. Schoenberger and each of them, any of whom may act without the joinder of the others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of securities of Calamos Antetokounmpo Sustainable Equities Trust.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/Jeffrey S. Phlegar | Trustee | September 1, 2025 |
| Jeffrey S. Phlegar |  |  |

---

**POWER OF ATTORNEY**

The person whose signature appears below hereby appoints John P. Calamos, Sr., Erik D. Ojala, J. Christopher Jackson, and Susan L. Schoenberger and each of them, any of whom may act without the joinder of the others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of securities of Calamos Antetokounmpo Sustainable Equities Trust.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ John S. Koudounis | Trustee | September 1, 2025 |
| John S. Koudounis |  |  |

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