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ALTERNATIVE DATA AS OF 6/30/21

Calamos Market Neutral Income Fund

MORNINGSTAR OVERALL RATING™* Diversify Beyond Bonds. Capitalize on Equity Market Volatility. As of April 30, 2021, Morningstar Seek Long-term Outperformance. assigned Calamos Market Neutral Income Fund to a new category, Relative Value . This category is not assigned a Stubbornly low interest rates have created challenges for traditional fixed-income strategies, and elevated star rating by Morningstar due to its small equity volatility underscores the value of diversification. The fund is designed to address these challenges. peer set. » In a coupon-clipping , the fund may offer outperformance over fixed-income payments by capitalizing on equity market volatility.

The Morningstar Bronze Rating* is a » During periods of interest rate uncertainty when bonds may disappoint, the fund can provide forward-looking qualitative analyst rating based on an evaluation of five diversification and greater stability as part of a fixed-income allocation. key factors—process, performance, people, parent and price—that the analysts believe “lead to funds that are more likely to outperform over the long DATA AS OF 6/30/21 term on a risk-adjusted basis.” SINCE I SINCE A SINCE R6 SHARE SHARE SHARE OVERVIEW AVERAGE ANNUAL RETURNS (%) 1-YEAR 3-YEAR 5-YEAR 10-YEAR INCEPTION INCEPTION INCEPTION The fund combines two Calamos Market Neutral Income Fund complementary strategies with different responses to volatility: I Shares - at NAV (I nception—5/10/00) 7.08 4.74 4.86 4.25 4.60 N/A N/A seeks and A Shares - at NAV (Inception—9/4/90) 6.81 4.50 4.60 3.99 N/A 6.10 N/A uncorrelated returns, while hedged A Shares Load adjusted 4.42 3.71 3.60 3.48 N/A 5.93 N/A equity provides income from options R6 Shares - at NAV (Inception—6/23/20) 7.21 N/A N/A N/A N/A N/A 7.15 writing and upside participation. BBgBarc US Govt/Credit Bond Index -0.39 5.95 3.31 3.71 5.14 5.96 -0.39 Bloomberg Barclays Treasury 1-3 Month Index 0.07 1.28 1.12 0.59 1.56 2.61 0.07 KEY FEATURES Morningstar Relative Value Arbitrage Category 12.52 6.54 5.66 4.27 3.76 5.70 12.22 » Generates returns not dependent The Bloomberg Barclays U.S. Government/Credit Index and Short Treasury 1-3 Month Index returns“Since A share Inception” start date is 8/31/90. The on interest rates, a key Bloomberg Barclays U.S. Government/Credit Index, Short Treasury 1-3 Month Index, and Morningstar Category returns “Since I share Inception” start differentiator from traditional bond date is 4/30/00. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be strategies. lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not » Employs an absolute-return include the Fund’s maximum front-end sales load of 2.75%. Had it been included, the Fund’s return would have been strategy with historically lower lower. You can obtain performance data current to the most recent month end by visiting www.calamos.com. to fixed-income and equity markets as well as lower volatility and limited drawdowns. CALENDAR YEAR RETURNS (%) » As one of the first alternative YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 mutual funds, capitalizes on more Calamos Market Neutral Income Fund I Shares - at NAV than four decades of experience in the convertible space. 2.71 5.35 6.73 1.80 4.75 5.04 1.30 2.21 6.17 6.05 Calamos Market Neutral Income Fund A Shares - at NAV PORTFOLIO FIT 2.55 5.18 6.38 1.54 4.58 4.72 1.03 2.00 5.85 5.81 The fund may provide potential diversification, particularly in a low BBgBarc US Govt/Credit Bond Index interest-rate environment. -1.96 8.92 9.71 -0.42 4.00 3.05 0.15 6.01 -2.35 4.82 Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified. Average FUND TICKER SYMBOLS annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All A Shares C Shares performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C Shares, the performance of which may vary. In calculating net investment income, all applicable fees and expense are deducted from the returns. CVSIX CVSCX Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 I Shares R6 Shares plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be CMNIX CVSOX offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances. *The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five- pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk- adjusted basis. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and re- evaluated at least every 14 months. NOT FDIC INSURED | MAY LOSE VALUE There can be no assurance that the Fund will achieve its investment objective. NO BANK GUARANTEE DATA AS OF 6/30/21 Calamos Market Neutral Income Fund

FUND FACTS FUND BBGBARC US RISK STATISTICS GOVT/CREDIT CREDIT QUALITY Number of Holdings 1,053 (I SHARES) FUND BOND INDEX ALLOCATION OF BONDS FUND % Total Net Assets $14,297.5 M Annualized Standard 2.79% 3.88% AAA 0.0 Deviation (5-Year) Portfolio Turnover AA 0.0 66.5% Beta (5-Year) 0.10 1.00 (12 months) A 1.6 30-Day SEC Yield (I shares) 0.19% BBB 7.1 Unsubsidized 30-Day SEC Yield STRATEGY ALLOCATION % BB 7.9 0.19% (I shares) Convertible Arbitrage 46.2 B 0.9 Hedged Equity 49.7 CCC and below 0.0 Unrated Securities 82.5 SPAC Arbitrage 3.1 Bond credit quality allocation reflects the higher of the ratings of Merger Arbitrage 1.0 Standard & Poor’s Corporation or Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of qual- ity, represent the opinions of the independent, Nationally Rec- ognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standard & Poor’s scale shown. Ratings are measured using a FUND INFORMATION A SHARES C SHARES I SHARES R6 SHARES scale that typically ranges from AAA (highest) to D (lowest). The se- curity’s credit rating does not eliminate risk. The table excludes eq- Inception Date 9/4/90 2/16/00 5/10/00 6/23/20 uity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Addi- Ticker Symbol CVSIX CVSCX CMNIX CVSOX tional Information at www.calamos.com. Additional information on CUSIP Number 128119203 128119849 128119880 128120342 ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com. Minimum Initial/ $2,500/$50 $2,500/$50 $1,000,000/$0 None Subsequent Investment IRA Initial Investment $500 $500 N/A N/A Sales Load/Maximum Sales Front-End/2.75% Level-Load/1.00% N/A None Charge Total Expense Ratio* 1.23%† 1.98%† 0.98%† 0.90%† Distribution Quarterly dividends; annual capital gains Objective High current income with stability of principal

*The Adjusted Expense Ratio, which reflects the total expense ratio excluding the dividend and interest expense on short sales, is as follows: Class A: 1.08%, Class C: 1.83%, Class I: 0.83%, Class R6: 0.75%. “Dividend and Interest Expense on Short Sales” reflect interest expense and dividends paid on borrowed securities. Interest expenses result from the Fund’s use of arrangements to execute short sales. Dividends paid on borrowed securities are an expense of short sales. Such expenses are required to be treated as a Fund expense for accounting purposes and are not payable to Calamos Advisors LLC. Any interest expense amount or dividends paid on securities sold short will vary based on the Fund’s use of those investments as an investment strategy best suited to seek the objective of the Fund. †As of prospectus dated 3/1/21.

Portfolios are managed according to their respective CUSIP identifiers have been provided by CUSIP Global Services, additional risk due to potential for greater economic and political strategies which may differ significantly in terms of managed on behalf of the American Bankers Association by S&P instability in less developed countries. holdings, industry weightings, and asset allocation from those Global Market Intelligence LLC, and are not for use or Before investing carefully consider the fund’s of the benchmark(s). Portfolio performance, characteristics dissemination in a manner that would serve as a substitute for investment objectives, risks, charges and expenses. and volatility may differ from the benchmark(s) shown. Please any CUSIP service. The CUSIP Database, © 2011 American Please see the prospectus and summary prospectus refer to Important Risk Information. Bankers Association. “CUSIP” is a registered trademark of the containing this and other information which can be NOTES American Bankers Association. obtained by calling 1-800-582-6959. Read it carefully Annualized standard deviation is a statistical measure of the Unmanaged index returns assume reinvestment of any and all before investing. historical volatility of a or portfolio. Beta is a distributions and, unlike fund returns, do not reflect fees, historic measure of a portfolio’s relative volatility, which is one expenses or sales charges. Investors cannot invest directly in an of the measures of risk; a beta of 0.5 reflects half the market’s index. volatility as represented by the strategy’s primary benchmark, Important Risk Information. An investment in the Fund(s) is while a beta of 2 reflects twice the volatility. Portfolio turnover subject to risks, and you could lose money on your investment in is the percentage of assets in a portfolio that changed over a the Fund(s). There can be no assurance that the Fund(s) will certain period, often a year; higher turnover indicates greater achieve its investment objective. Your investment in the Fund(s) buying and selling activity. 30-Day SEC yield reflects the is not a deposit in a bank and is not insured or guaranteed by dividends and interest earned by the Fund during the 30-day the Federal Deposit Corporation (FDIC) or any other period ended as of the date stated after deducting the Fund’s government agency. The risks associated with an investment in expenses for that same period. the Fund(s) can increase during times of significant market The Bloomberg Barclays US Government/Credit Index volatility. The Fund(s) also has specific principal risks, which are comprises long-term government and investment grade described below. More detailed information regarding these corporate debt securities and is generally considered risks can be found in the Fund’s prospectus. representative of the performance of the broad U.S. bond The principal risks of investing in the Market Neutral Income market. Unlike convertible bonds, U.S. Treasury bills are backed Fund include: equity securities risk consisting of market prices by the full faith and credit of the U.S. government and offer a declining in general, convertible securities risk consisting of the guarantee as to the timely repayment of principal and interest. potential for a decline in value during periods of rising interest The Bloomberg Barclays Short Treasury 1-3 Month Index is rates and the risk of the borrower to miss payments, synthetic generally considered representative of the performance of short- convertible instruments risk, convertible hedging risk, covered term investments and is provided to show how call writing risk, options risk, short sale risk, interest rate risk, the Fund’s performance compares to public obligations of the credit risk, high-yield risk, liquidity risk, portfolio selection risk, U.S. Treasury with maturities of 1-3 months. The Morningstar and portfolio turnover risk. Relative Value Arbitrage Category is comprised of funds that Calamos Financial Services LLC, Distributor seek out pricing discrepancies between pairs or combinations of As a result of political or economic instability in foreign 2020 Calamos Court | Naperville, IL 60563-2787 securities regardless of asset class. The S&P 500 Index is countries, there can be special risks associated with investing in 800.582.6959 | www.calamos.com | [email protected] generally considered representative of the U.S. . foreign securities, including fluctuations in currency exchange © 2021 Calamos Investments LLC. All Rights Reserved. rates, increased price volatility and difficulty obtaining Calamos® and Calamos Investments® are registered trademarks of information. In addition, emerging markets may present Calamos Investments LLC. MNFCT 603 0621Q R