Calamos Calamos Investment Trust CIT Prospectus [Funds] 033-19228 03-01-2022 ED [AUX]

March 1, 2022

STATEMENT OF ADDITIONAL INFORMATION

CALAMOS® FAMILY OF FUNDS

Fund

 

Class A

 

Class C

 

Class I

 

Class R6

 

Calamos Market Neutral Income Fund

 

CVSIX

 

CVSCX

 

CMNIX

 

CVSOX

 

Calamos Hedged Equity Fund

 

CAHEX

 

CCHEX

 

CIHEX

     

Calamos Phineus Long/Short Fund

  CPLSX   CPCLX   CPLIX      

Calamos Convertible Fund

 

CCVIX

 

CCVCX

 

CICVX

     

Calamos Global Convertible Fund

 

CAGCX

 

CCGCX

 

CXGCX

     

Calamos Timpani Small Cap Growth Fund

 

CTASX

 

CTCSX

 

CTSIX

 

CTSOX

 

Calamos Timpani SMID Growth Fund

 

CTAGX

     

CTIGX

 

CTOGX

 

Calamos Growth Fund

 

CVGRX

 

CVGCX

 

CGRIX

     

Calamos Growth and Income Fund

 

CVTRX

 

CVTCX

 

CGIIX

 

CGIOX

 

Calamos Dividend Growth Fund

  CADVX  

CCDVX

 

CIDVX

     

Calamos Select Fund

 

CVAAX

 

CVACX

 

CVAIX

     

Calamos International Growth Fund

 

CIGRX

 

CIGCX

 

CIGIX

 

CIGOX

 

Calamos Evolving World Growth Fund

 

CNWGX

 

CNWDX

 

CNWIX

     

Calamos Global Equity Fund

 

CAGEX

 

CCGEX

 

CIGEX

 

CGEOX

 
Calamos Global Opportunities Fund
(formerly, Calamos Global Growth and
Income Fund)
 

CVLOX

 

CVLCX

 

CGCIX

     

Calamos Global Sustainable Equities Fund

 

CAGSX

 

CGCSX

 

CGSIX

 

CGSOX

 

Calamos Total Return Bond Fund

 

CTRAX

 

CTRCX

 

CTRIX

     

Calamos High Income Opportunities Fund

 

CHYDX

 

CCHYX

 

CIHYX

     

Calamos Short-Term Bond Fund

 

CSTBX

     

CSTIX

     

2020 Calamos Court
Naperville, Illinois 60563
800.582.6959

This Statement of Additional Information relates to Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos Global Sustainable Equities Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund (the "Funds"), each of which is a series of Calamos Investment Trust (the "Trust"). This is not a prospectus, but provides information that should be read in conjunction with the Calamos Family of Funds prospectus, dated March 1, 2022 and any supplements thereto, which are incorporated herein by reference. The Funds' financial statements and financial highlights for the fiscal year ended October 31, 2021, as well as the report of the independent registered public accounting firm are incorporated by reference. The prospectus and the annual and semi-annual reports of the Funds may be obtained without charge by writing or telephoning the Funds at the address or telephone numbers set forth above.


TABLE OF CONTENTS

   

Page

 

THE TRUST AND THE FUNDS

   

3

   

INVESTMENT OBJECTIVES

   

3

   

INVESTMENT PRACTICES

   

3

   

INVESTMENT RESTRICTIONS

   

33

   

MANAGEMENT

   

36

   

INVESTMENT ADVISORY SERVICES

   

47

   

TEAM APPROACH TO MANAGEMENT

   

53

   

DISTRIBUTION PLAN

   

58

   

DISTRIBUTOR

   

61

   

OTHER COMPENSATION TO INTERMEDIARIES

   

63

   

PORTFOLIO TRANSACTIONS

   

64

   

SHARE CLASSES AND PRICING OF SHARES

   

67

   

TAXATION

   

71

   

CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS

   

80

   

CUSTODIAN AND TRANSFER AGENT

   

108

   

FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT

   

109

   

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

   

110

   

GENERAL INFORMATION

   

110

   

FINANCIAL STATEMENTS

   

110

   

APPENDIX—DESCRIPTION OF BOND RATINGS

   

A-1

   

THE TRUST AND THE FUNDS

The Trust was organized as a Massachusetts business trust on December 21, 1987. Each Fund is an open-end, diversified management investment company. Prior to April 1, 2021, Global Opportunities Fund was named "Global Growth and Income Fund". Prior to February 28, 2020, Select Fund was named "Opportunistic Value Fund". Prior to June 23, 2017, High Income Opportunities Fund was known as "High Income Fund". Prior to March 1, 2019, Hedged Equity Fund was known as "Hedged Equity Income Fund".

INVESTMENT OBJECTIVES

Each Fund's investment objectives are shown below:

MARKET NEUTRAL INCOME FUND seeks high current income consistent with stability of principal.

HEDGED EQUITY FUND seeks total return with lower volatility than equity markets.

PHINEUS LONG/SHORT FUND seeks strong, risk-adjusted and absolute returns in the context of prevailing market conditions across the global equity universe.

CONVERTIBLE FUND seeks current income, with growth as its secondary objective.

GLOBAL CONVERTIBLE FUND seeks total return through capital appreciation and current income.

TIMPANI SMALL CAP GROWTH FUND seeks capital appreciation.

TIMPANI SMID GROWTH FUND seeks capital appreciation.

GROWTH FUND seeks long-term capital growth.

GROWTH AND INCOME FUND seeks high long-term total return through growth and current income.

DIVIDEND GROWTH FUND seeks income and capital appreciation primarily through investments in dividend paying equities.

SELECT FUND seeks long-term capital growth.

INTERNATIONAL GROWTH FUND seeks long-term capital growth.

EVOLVING WORLD GROWTH FUND seeks long-term capital growth.

GLOBAL EQUITY FUND seeks long-term capital growth.

GLOBAL OPPORTUNITIES FUND seeks high long-term total return through capital appreciation and current income.

GLOBAL SUSTAINABLE EQUITIES FUND seeks long-term capital appreciation.

TOTAL RETURN BOND FUND seeks total return, consistent with preservation of capital and prudent investment management.

HIGH INCOME OPPORTUNITIES FUND seeks the highest level of current income obtainable with reasonable risk. Its secondary objective is capital gain, where consistent with the Fund's primary objective.

SHORT-TERM BOND FUND seeks a high level of current income consistent with preservation of principal.

The investment objectives of each Fund other than Global Sustainable Equities Fund may not be changed without the approval of a "majority of the outstanding" shares of that Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Each of Hedged Equity Fund, Convertible Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Global Equity Fund, Total Return Bond Fund, and Short-Term Bond Fund, respectively, will notify shareholders at least 60 days prior to any change in its 80% policy. The investment objective of Global Sustainable Equities Fund is non-fundamental and may be changed by a vote of the Fund's Board, without shareholder approval.

INVESTMENT PRACTICES

The prospectus contains information concerning each Fund's investment objectives and principal investment strategies and risks. This Statement of Additional Information provides additional information concerning certain securities and strategies used by the Funds and their associated risks.


3


In pursuing its investment objectives, each Fund will invest as described below and in the Funds' prospectus. The table below indicates whether each Fund, directly or indirectly through its investment in the underlying funds, invests in the securities and instruments listed as part of its principal (P) or non-principal (N) investment strategies.

Unless otherwise noted, all investment policies and restrictions described in the Prospectus and Statement of Additional Information are measured at the time of the transaction in the security. If market action affecting fund securities (including, but not limited to, appreciation, depreciation, or a credit rating event) causes a Fund to exceed an investment policy or restriction, Calamos Advisors LLC ("Calamos Advisors") is not required to take immediate action. Under normal market conditions, however, Calamos Advisors will not make any acquisitions that will make the Fund further outside the investment restriction.

Investments and Investment-Related Practices

  Market
Neutral
Income
Fund
  Hedged
Equity
Fund
  Phineus
Long/
Short
Fund
  Convertible
Fund
  Global
Convertible
Fund
 

Asset Swapped Convertible Option Transactions

   

N

     

N

     

N

     

N

     

N

   

Calculations of Dollar Weighted Average Portfolio Maturity

   

N

     

N

     

N

     

N

     

N

   

Convertible Securities

   

P

     

P

     

N

     

P

     

P

   

Currency Exchange Transactions

   

N

     

P

     

P

     

P

     

P

   

Debt Securities (including High Yield Fixed-Income Securities)

   

P

     

P

     

N

     

P

     

P

   

Distressed Securities

   

N

     

N

     

N

     

N

     

N

   

Equity Securities

   

N

     

P

     

P

     

P

     

P

   

Foreign Securities

   

P

     

P

     

P

     

P

     

P

   

Futures Contracts and Options on Futures Contracts

   

N

     

P

     

P

     

N

     

P

   

Illiquid Securities

   

P

     

N

     

N

     

N

     

N

   

Inflation-indexed Bonds

   

N

     

N

     

N

     

N

     

N

   

Initial Public Offerings

   

N

     

N

     

N

     

N

     

N

   

Lending of Portfolio Securities

   

N

     

N

     

N

     

N

     

P

   

Loan Participations and Assignments

   

N

     

N

     

N

     

N

     

N

   

Master Limited Partnerships

   

N

     

N

     

N

     

N

     

N

   

Mortgage-related and Other Asset-backed Securities

   

N

     

N

     

N

     

N

     

N

   

Municipal Bonds

   

N

     

N

     

N

     

N

     

N

   

Municipal Lease Obligations

   

N

     

N

     

N

     

N

     

N

   

Options on Securities, Indexes and Currencies*

   

P

     

P

     

P

     

P

     

P

   

Portfolio Turnover

   

P

     

P

     

P

     

N

     

P

   

Real Estate Investment Trusts

   

N

     

N

     

N

     

N

     

N

   

Repurchase Agreements

   

N

     

N

     

N

     

N

     

N

   

Reverse Repurchase Agreements and Other Borrowings

   

N

     

N

     

N

     

N

     

N

   

Rule 144A Securities

   

P

     

P

     

N

     

P

     

P

   

Short Sales

   

P

     

N

     

P

     

N

     

N

   

Special Purpose Acquisition Companies

   

N

     

N

     

N

     

N

     

N

   

Stripped Securities

   

N

     

N

     

N

     

N

     

N

   

Structured Products

   

N

     

N

     

N

     

N

     

N

   

Swaps, Caps, Floors and Collars

   

P

     

N

     

N

     

N

     

N

   

Synthetic Convertible Instruments

   

P

     

N

     

N

     

P

     

P

   

Synthetic Foreign Money Market Positions

   

N

     

N

     

N

     

N

     

N

   

Temporary Investments

   

N

     

N

     

N

     

N

     

N

   

U.S. Government Obligations

   

N

     

N

     

N

     

N

     

N

   

Warrants*

   

N

     

P

     

N

     

N

     

N

   

"When-Issued" and Delayed Delivery Securities

   

N

     

N

     

N

     

N

     

P

   

Investments and Investment-Related Practices

  Timpani
Small
Cap
Growth
Fund
  Timpani
SMID
Growth
Fund
  Growth
Fund
  Growth
and
Income
Fund
  Dividend
Growth
Fund
  Select
Fund
 

Asset Swapped Convertible Option Transactions

   

N

     

N

     

N

     

N

     

N

     

N

   

Calculations of Dollar Weighted Average Portfolio Maturity

   

N

     

N

     

N

     

N

     

N

     

N

   

Convertible Securities

   

N

     

N

     

N

     

P

     

N

     

N

   

Currency Exchange Transactions

   

N

     

N

     

P

     

P

     

P

     

N

   


4


Investments and Investment-Related Practices

  Timpani
Small
Cap
Growth
Fund
  Timpani
SMID
Growth
Fund
  Growth
Fund
  Growth
and
Income
Fund
  Dividend
Growth
Fund
  Select
Fund
 

Debt Securities (including High Yield Fixed-Income Securities)

   

N

     

N

     

N

     

P

     

N

     

N

   

Distressed Securities

   

N

     

N

     

N

     

N

     

N

     

N

   

Equity Securities

   

P

     

P

     

P

     

P

     

P

     

P

   

Foreign Securities

   

P

     

P

     

P

     

P

     

P

     

P

   

Futures Contracts and Options on Futures Contracts

   

N

     

N

     

N

     

N

     

P

     

N

   

Illiquid Securities

   

N

     

N

     

N

     

N

     

P

     

N

   

Inflation-indexed Bonds

   

N

     

N

     

N

     

N

     

N

     

N

   

Initial Public Offerings

   

N

     

N

     

N

     

N

     

N

     

N

   

Lending of Portfolio Securities

   

N

     

N

     

N

     

N

     

N

     

N

   

Loan Participations and Assignments

   

N

     

N

     

N

     

N

     

N

     

N

   

Master Limited Partnerships

   

N

     

N

     

N

     

N

     

P

     

N

   

Mortgage-related and Other Asset-backed Securities

   

N

     

N

     

N

     

N

     

N

     

N

   

Municipal Bonds

   

N

     

N

     

N

     

N

     

N

     

N

   

Municipal Lease Obligations

   

N

     

N

     

N

     

N

     

N

     

N

   

Options on Securities, Indexes and Currencies*

   

N

     

N

     

P

     

P

     

P

     

P

   

Portfolio Turnover

   

P

     

P

     

P

     

N

     

N

     

P

   

Real Estate Investment Trusts

   

N

     

N

     

N

     

N

     

N

     

N

   

Repurchase Agreements

   

N

     

N

     

N

     

N

     

N

     

N

   

Reverse Repurchase Agreements and Other Borrowings

   

N

     

N

     

N

     

N

     

N

     

N

   

Rule 144A Securities

   

N

     

N

     

N

     

P

     

P

     

N

   

Short Sales

   

N

     

N

     

N

     

N

     

N

     

N

   

Special Purpose Acquisition Companies

   

N

     

N

     

N

     

N

     

N

     

N

   

Stripped Securities

   

N

     

N

     

N

     

N

     

N

     

N

   

Structured Products

   

N

     

N

     

N

     

N

     

N

     

N

   

Swaps, Caps, Floors and Collars

   

N

     

N

     

N

     

N

     

N

     

N

   

Synthetic Convertible Instruments

   

N

     

N

     

N

     

P

     

N

     

N

   

Synthetic Foreign Money Market Positions

   

N

     

N

     

N

     

N

     

N

     

N

   

Temporary Investments

   

N

     

N

     

N

     

N

     

N

     

N

   

U.S. Government Obligations

   

N

     

N

     

N

     

N

     

N

     

N

   

Warrants*

   

N

     

N

     

N

     

N

     

N

     

N

   

"When-Issued" and Delayed Delivery Securities

   

N

     

N

     

N

     

N

     

N

     

N

   

Investments and Investment-Related Practices

  International
Growth Fund
  Evolving
World
Growth
Fund
  Global
Equity
Fund
  Global
Opportunities
Fund
 

Asset Swapped Convertible Option Transactions

   

N

     

N

     

N

     

N

   

Calculations of Dollar Weighted Average Portfolio Maturity

   

N

     

N

     

N

     

N

   

Convertible Securities

   

N

     

P

     

N

     

P

   

Currency Exchange Transactions

   

P

     

P

     

P

     

N

   

Debt Securities (including High Yield Fixed-Income Securities)

   

N

     

P

     

N

     

P

   

Distressed Securities

   

N

     

N

     

N

     

N

   

Equity Securities

   

P

     

P

     

P

     

P

   

Foreign Securities

   

P

     

P

     

P

     

P

   

Futures Contracts and Options on Futures Contracts

   

N

     

N

     

N

     

N

   

Illiquid Securities

   

N

     

N

     

N

     

N

   

Inflation-indexed Bonds

   

N

     

N

     

N

     

N

   

Initial Public Offerings

   

N

     

N

     

N

     

N

   

Lending of Portfolio Securities

   

N

     

N

     

N

     

N

   

Loan Participations and Assignments

   

N

     

N

     

N

     

N

   

Master Limited Partnerships

   

N

     

N

     

N

     

N

   

Mortgage-related and Other Asset-backed Securities

   

N

     

N

     

N

     

N

   

Municipal Bonds

   

N

     

N

     

N

     

N

   

Municipal Lease Obligations

   

N

     

N

     

N

     

N

   

Options on Securities, Indexes and Currencies*

   

N

     

N

     

N

     

P

   

Portfolio Turnover

   

N

     

P

     

N

     

P

   


5


Investments and Investment-Related Practices

  International
Growth Fund
  Evolving
World
Growth
Fund
  Global
Equity
Fund
  Global
Opportunities
Fund
 

Real Estate Investment Trusts

   

N

     

N

     

N

     

N

   

Repurchase Agreements

   

N

     

N

     

N

     

N

   

Reverse Repurchase Agreements and Other Borrowings

   

N

     

N

     

N

     

N

   

Rule 144A Securities

   

N

     

N

     

N

     

P

   

Short Sales

   

N

     

N

     

N

     

N

   

Special Purpose Acquisition Companies

   

N

     

N

     

N

     

N

   

Stripped Securities

   

N

     

N

     

N

     

N

   

Structured Products

   

N

     

N

     

N

     

N

   

Swaps, Caps, Floors and Collars

   

N

     

N

     

N

     

N

   

Synthetic Convertible Instruments

   

N

     

P

     

N

     

P

   

Synthetic Foreign Money Market Positions

   

N

     

N

     

N

     

N

   

Temporary Investments

   

N

     

N

     

N

     

N

   

U.S. Government Obligations

   

N

     

N

     

N

     

N

   

Warrants*

   

N

     

N

     

N

     

N

   

"When-Issued" and Delayed Delivery Securities

   

N

     

N

     

N

     

N

   

Investments and Investment-Related Practices

  Total
Return
Bond
Fund
  Global
Sustainable
Equities
Fund
  High
Income
Opportunities
Fund
  Short-Term
Bond
Fund
 

Asset Swapped Convertible Option Transactions

   

N

     

N

     

N

     

N

   

Calculations of Dollar Weighted Average Portfolio Maturity

   

N

     

N

     

N

     

P

   

Convertible Securities

   

P

     

N

     

P

     

P

   

Currency Exchange Transactions

   

P

     

N

     

N

     

N

   

Debt Securities (including High Yield Fixed-Income Securities)

   

P

     

N

     

P

     

P

   

Distressed Securities

   

N

     

N

     

N

     

N

   

Equity Securities

   

N

     

P

     

P

     

N

   

Foreign Securities

   

P

     

P

     

P

     

P

   

Futures Contracts and Options on Futures Contracts

   

P

     

N

     

P

     

P

   

Illiquid Securities

   

P

     

N

     

P

     

P

   

Inflation-indexed Bonds

   

P

     

N

     

P

     

P

   

Initial Public Offerings

   

N

     

N

     

N

     

N

   

Lending of Portfolio Securities

   

P

     

N

     

P

     

P

   

Loan Participations and Assignments

   

P

     

N

     

P

     

P

   

Master Limited Partnerships

   

P

     

N

     

P

     

N

   

Mortgage-related and Other Asset-backed Securities

   

P

     

N

     

P

     

P

   

Municipal Bonds

   

P

     

N

     

P

     

P

   

Municipal Lease Obligations

   

N

     

N

     

N

     

N

   

Options on Securities, Indexes and Currencies*

   

P

     

N

     

P

     

N

   

Portfolio Turnover

   

N

     

N

     

P

     

N

   

Real Estate Investment Trusts

   

N

     

N

     

N

     

N

   

Repurchase Agreements

   

P

     

N

     

P

     

P

   

Reverse Repurchase Agreements and Other Borrowings

   

N

     

N

     

N

     

N

   

Rule 144A Securities

   

P

     

N

     

P

     

P

   

Short Sales

   

N

     

N

     

N

     

N

   

Special Purpose Acquisition Companies

   

N

     

N

     

N

     

N

   

Stripped Securities

   

P

     

N

     

P

     

P

   

Structured Products

   

P

     

N

     

P

     

P

   

Swaps, Caps, Floors and Collars

   

P

     

N

     

P

     

P

   

Synthetic Convertible Instruments

   

P

     

N

     

P

     

P

   

Synthetic Foreign Money Market Positions

   

N

     

N

     

N

     

N

   

Temporary Investments

   

N

     

N

     

N

     

N

   

U.S. Government Obligations

   

P

     

N

     

P

     

P

   

Warrants*

   

N

     

N

     

N

     

N

   

"When-Issued" and Delayed Delivery Securities

   

P

     

N

     

P

     

P

   

*  Not including those acquired in connection with investments in synthetic convertible instruments.


6


ASSET SWAPPED CONVERTIBLE OPTION TRANSACTIONS

Market Neutral Income Fund may invest up to 5% of its total assets in asset swapped convertible option transactions (each an "ASCOT"). An ASCOT is a structure in which an option on a convertible bond is used to separate a convertible bond into its two components (i.e., the bond with its regular coupon payments and the equity option that functions as a call option). An ASCOT provides exposure to the equity component of a convertible without the credit and interest rate exposure represented by the bond.

CONVERTIBLE SECURITIES

Convertible securities include any corporate debt security or preferred stock that may be converted into underlying shares of common stock. The common stock underlying convertible securities may be issued by a different entity than the issuer of the convertible securities. Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the dividend preference on a preferred stock until such time as the convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the case if the security were a non-convertible obligation.

The value of convertible securities is influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock. A convertible security's value viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its "investment value." A convertible security's investment value typically will fluctuate inversely with changes in prevailing interest rates. However, at the same time, the convertible security will be influenced by its "conversion value," which is the market value of the underlying common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the underlying common stock.

If, because of a low price of the common stock, a convertible security's conversion value is substantially below its investment value, the convertible security's price is governed principally by its investment value. If a convertible security's conversion value increases to a point that approximates or exceeds its investment value, the convertible security's value will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Holders of convertible securities have a claim on the issuer's assets prior to the common stockholders, but may be subordinated to holders of similar non-convertible securities of the same issuer.

CURRENCY EXCHANGE TRANSACTIONS

Currency exchange transactions may be conducted either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or through forward currency exchange contracts ("forward contracts"). Forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and price set at the time of the contract.

Forward contracts are usually entered into with banks, foreign exchange dealers and broker-dealers, are not exchange traded, and are usually for less than one year, but may be renewed.

Forward currency exchange transactions may involve currencies of the different countries in which the Funds may invest and serve as hedges against possible variations in the exchange rate between these currencies. Currency exchange transactions are limited to transaction hedging and portfolio hedging involving either specific transactions or portfolio positions, except to the extent described below under "Synthetic Foreign Money Market Positions." Transaction hedging is the purchase or sale of forward contracts with respect to specific receivables or payables of a Fund accruing in connection with the purchase and sale of its portfolio securities or the receipt of dividends or interest thereon. Portfolio hedging is the use of forward contracts with respect to portfolio security positions denominated or quoted in a particular foreign currency. Portfolio hedging allows a Fund to limit or reduce its exposure in a foreign currency by entering into a forward contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) at a future date for a price payable in U.S. dollars so that the value of the foreign denominated portfolio securities can be approximately matched by a foreign denominated liability. A Fund may not engage in portfolio hedging with respect to the currency of a particular country to an extent greater than the aggregate market value (at the time of making such sale) of the securities held in its portfolio denominated or quoted in that particular currency, except that the Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currencies or currency act as an effective proxy for other currencies. In such a case, the Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket


7


hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in the Fund. No Fund may engage in "speculative" currency exchange transactions.

If a Fund enters into a forward contract, its custodian will segregate liquid assets of the Fund having a value equal to the Fund's commitment under such forward contract from day to day, except to the extent that the Fund's forward contract obligation is covered by liquid portfolio securities denominated in, or whose value is tied to, the currency underlying the forward contract. At the maturity of the forward contract to deliver a particular currency, the Fund may either sell the portfolio security related to the contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a forward contract. Accordingly, it may be necessary for a Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver.

If a Fund retains the portfolio security and engages in an offsetting currency transaction, it will incur a gain or a loss to the extent that there has been movement in forward contract prices. If the Fund engages in an offsetting currency transaction, it subsequently may enter into a new forward contract to sell the currency. Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent a loss if the value of the security declines. Hedging transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for a Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to a Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period, and prevailing market conditions. Because currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

DEBT SECURITIES (INCLUDING HIGH YIELD FIXED-INCOME SECURITIES)

In pursuing its investment objectives, a Fund may invest in convertible and non-convertible debt securities, including high yield fixed-income securities (i.e., securities rated BB or lower by S&P Global Ratings, a division of S&P Global ("S&P"), or Ba or lower by Moody's Investor Services, Inc. ("Moody's")) and securities that are not rated but are considered by Calamos Advisors, the Funds' investment adviser, to be of similar quality. There are no restrictions as to the ratings of debt securities that may be acquired by a Fund or the portion of a Fund's assets that may be invested in debt securities in a particular rating category, except that Total Return Bond Fund may not invest more than 25% of its net assets and Global Convertible Fund, Timpani Small Cap Growth Fund, and Timpani SMID Growth Fund may not invest more than 20% of its net assets in high yield fixed-income securities, and none of Total Return Bond Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, nor Timpani SMID Growth Fund may acquire a security rated lower than C.

Securities rated BBB or Baa are considered to be medium grade and to have speculative characteristics. High yield fixed-income securities are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Investment in medium- or lower-quality debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market for such securities and adversely affect the value of such securities. In addition, lower-quality bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. During a period of adverse economic changes, including a period of rising interest rates, issuers of such bonds may experience difficulty in servicing their principal and interest payment obligations.


8


Achievement by a Fund of its investment objectives will be more dependent on Calamos Advisors' credit analysis than would be the case if the Fund were investing in higher-quality debt securities. Because the ratings of rating services (which evaluate the safety of principal and interest payments, not market risks) are used only as preliminary indicators of investment quality, Calamos Advisors employs its own credit research and analysis. These analyses may take into consideration such quantitative factors as an issuer's present and potential liquidity, profitability, internal capability to generate funds, debt/equity ratio and debt servicing capabilities, and such qualitative factors as an assessment of management, industry characteristics, accounting methodology, and foreign business exposure.

Medium- and lower-quality debt securities may be less marketable than higher-quality debt securities because the market for them is less broad. The market for unrated debt securities is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly, and a Fund may have greater difficulty selling its portfolio securities. The market value of these securities and their liquidity may be affected by adverse publicity and investor perceptions.

CALCULATIONS OF DOLLAR WEIGHTED AVERAGE PORTFOLIO MATURITY

Dollar weighted average portfolio maturity is derived by multiplying the value of each debt security by the number of days remaining to its maturity, adding these calculations, and then dividing the total by the value of Short-Term Bond Fund's debt securities. An obligation's maturity typically is determined on a stated final maturity basis, although there are some exceptions to this rule.

With respect to obligations held by Short-Term Bond Fund, if it is probable that the issuer of a security will take advantage of a maturity-shortening device, such as a call, refunding, or redemption provision, the date on which the security will probably be called, refunded, or redeemed may be considered to be its maturity date. Also, the maturities of mortgage-backed securities, some asset-backed securities and securities subject to sinking fund arrangements are determined on a weighted average life basis, which is the average time for principal to be repaid. For mortgage-backed securities and some asset-backed securities, this average time is calculated by assuming prepayment rates of the underlying loans. These prepayment rates can vary depending upon the level and volatility of interest rates. This, in turn, can affect the weighted average life of the security. The weighted average lives of these securities will be shorter than their stated final maturities. In addition, for purposes of Short-Term Bond Fund's investment policies, a security will be treated as having a maturity earlier than its stated maturity date if the security has technical features such as puts or demand features that, in the judgment of the Calamos Advisors, will result in the security being valued in the market as though it has the earlier maturity.

Finally, for purposes of calculating the dollar weighted average portfolio maturity of Short-Term Bond Fund, the maturity of a debt security with a periodic interest reset date will be deemed to be the next reset date, rather than the remaining stated maturity of the security if, in the judgment of Calamos Advisors, the periodic interest reset features will result in the security being valued in the market as though it has the earlier maturity.

DISTRESSED SECURITIES

High Income Opportunities Fund may, but currently does not intend to, and Short-Term Bond Fund may invest up to 5% of its net assets in distressed securities, including corporate loans, which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Fund or are rated in the lower rating categories (Ca or lower by Moody's or CC or lower by S&P) or which are unrated investments considered by Calamos Advisors to be of comparable quality. Investment in distressed securities is speculative and involves significant risk of loss.

Distressed securities frequently do not produce income while they are outstanding and may require a Fund to bear certain extraordinary expenses in order to protect and recover its investment. Therefore, to the extent a Fund seeks capital appreciation through investment in distressed securities, the Fund's ability to achieve current income for its shareholders may be diminished. A Fund also will be subject to significant uncertainty as to when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the distressed securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or a plan of reorganization is adopted with respect to distressed securities held by a Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a


9


result of a Fund's participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed securities, the Fund may be restricted from disposing of such securities.

EQUITY SECURITIES

Equity securities include common and preferred stocks, warrants, rights, and depository receipts. An investment in the equity securities of a company represents a proportionate ownership interest in that company. Therefore, a Fund participates in the financial success or failure of any company in which it has an equity interest.

Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments. See the prospectus for additional information regarding equity investments and their risks.

FOREIGN SECURITIES

Phineus Long/Short Fund, Global Convertible Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund and Global Sustainable Equities Fund may invest all of their net assets, Total Return Bond Fund may invest up to 35% of its net assets, and each other Fund may invest up to 25% of its net assets, in securities of foreign issuers. A foreign security is a security issued by a foreign government or a company whose country of incorporation is a foreign country. For this purpose, foreign securities include American Depositary Receipts (ADRs) or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) or other securities representing underlying shares of foreign issuers. Positions in those securities are not necessarily denominated in the same currency as the common stocks into which they may be converted. ADRs are receipts typically issued by an American bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts listed on the Luxembourg Stock Exchange evidencing a similar arrangement. GDRs are U.S. dollar-denominated receipts issued by international banks evidencing ownership of foreign securities. Generally, ADRs, in registered form, are designed for the U.S. securities markets and EDRs and GDRs, in bearer form, are designed for use in foreign securities markets. A Fund may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, a Fund is likely to bear its proportionate share of the expenses of the depository and it may have greater difficulty in receiving shareholder communications than it would have with a sponsored ADR.

To the extent positions in portfolio securities are denominated in foreign currencies, a Fund's investment performance is affected by the relative strength or weakness of the U.S. dollar against those currencies. For example, if the dollar falls in value relative to the Japanese yen, the dollar value of a Japanese stock held in the portfolio will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the yen, the dollar value of the Japanese stock will fall. (See discussion of transaction hedging and portfolio hedging below under "Currency Exchange Transactions.")

Investors should understand and consider carefully the risks involved in foreign investing. Investing in foreign securities, which are generally denominated in foreign currencies, and utilization of forward foreign currency exchange contracts involve certain considerations comprising both risks and opportunities not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back to the U.S.; less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers, and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the U.S.; greater costs of buying, holding and selling securities, including brokerage, tax and custody costs; and sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial arrangements.

Although each Fund that invests in foreign securities intends to invest in companies and government securities of countries having stable political environments, there is the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these nations.

However, each Fund that invests in foreign securities may invest in the securities of emerging countries (including, in the case of the Global Sustainable Equities Fund, frontier markets). The securities markets of emerging countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other more developed countries. Disclosure and


10


regulatory standards in many respects are less stringent than in the U.S. and other major markets. There also may be a lower level of monitoring and regulation of emerging markets and the activities of investors in such markets, and enforcement of existing regulations has been extremely limited. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Economies in individual emerging markets may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many emerging market countries have experienced high rates of inflation for many years, which has had and may continue to have very negative effects on the economies and securities markets of those countries. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

A portion of a Fund's investments may be in Russian securities and instruments. The United States and the European Union have imposed sanctions on certain Russian persons and issuers. The United States and other nations or international organizations may impose additional, broader economic sanctions or take other actions that may adversely affect Russian-related issuers in the future. These sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of a Fund's investments. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require a Fund to freeze its existing investments in Russian companies, prohibiting a Fund from buying, selling or otherwise transacting in these investments. Russia may undertake countermeasures or retaliatory actions which may further impair the value and liquidity of a Fund's portfolio and potentially disrupt its operations. For these or other reasons, a Fund could seek to suspend redemptions of shares, including in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine its net asset value. During the period that redemptions are affected, shares could trade at a significant premium or discount to their net asset value.

INVESTMENTS IN CHINA A-SHARES THROUGH STOCK CONNECT. Global Convertible Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund and Global Sustainable Equities Fund may purchase certain listed eligible China A-Shares traded on the Shanghai Stock Exchange ("SSE") through the Shanghai-Hong Kong Stock Connect program as well as traded on the Shenzhen Stock Exchange ("SZSE") through the Shenzhen-Hong Kong Stock Connect program (both programs collectively referred to herein as "Stock Connect"). Stock Connect is a securities trading and clearing program developed by The Stock Exchange of Hong Kong Limited ("SEHK"), SSE, SZSE, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited for the establishment of mutual market access between SEHK, SSE and SZSE. In contrast to certain other regimes for foreign investment in Chinese securities, no individual investment quotas or licensing requirements apply to investors in Stock Connect securities through Stock Connect. In addition, there are no lock-up periods or restrictions on the repatriation of principal and profits.

However, trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns. For example, a primary feature of the Stock Connect program is the application of the home market's laws and rules to investors in a security. Thus, investors in Stock Connect securities are generally subject to Chinese securities regulations and the listing rules of the respective exchange, among other restrictions. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Fund's ability to invest in Stock Connect securities. For example, an investor cannot purchase and sell the same security on the same trading day. Stock Connect also is generally available only on business days when both the respective exchange and the SEHK are open. Trading in the Stock Connect program is subject to trading, clearance and settlement procedures that are untested in China, which could pose risks to the Fund. Additionally, the withholding tax treatment of dividends and capital gains payable to overseas investors currently is unsettled.


11


Investments in China A-shares may not be covered by the securities investor protection programs of the exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the SSE and the SZSE defaulted, a Fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on Stock Connect in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, a Fund investing through Stock Connect must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The existence of a liquid trading market for China A-shares may depend on whether there is supply of, and demand for, such China A-shares. Market volatility and settlement difficulties in the China A-share markets may also result in significant fluctuations in the prices of the securities traded on such markets.

China A-shares purchased through Stock Connect are held in nominee name and not the Fund's name as the beneficial owner. It is possible, therefore, that a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a Fund may not be able to participate in corporate actions affecting China A- shares held through Stock Connect due to time constraints or for other operational reasons.

There can be no assurance as to whether or how such developments in the Stock Connect may restrict or affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Stock Connect program, are uncertain, and they may have a detrimental effect on a Fund's investments and returns.

RISKS RELATED TO INVESTMENT IN CHINA. Investments in China A-Shares are subject to various risks, including the risks associated with investing in China generally. In particular, the Mainland Chinese exchanges have lower trading volumes, the market capitalizations of companies listed on these exchanges are generally smaller, the securities listed on these exchanges are less liquid and may experience materially greater volatility, and government supervision and regulation of the Chinese securities market are less developed. The Chinese government continues to exercise significant control over China's economy, and any changes to existing policies and new reform-oriented policies and measures, which are often unprecedented or experimental, could negatively impact the Funds' investments in China A-Shares. The Chinese government has implemented, and may implement in the future, various measures to control inflation, which if unsuccessful, may negatively impact the Chinese economy. The Chinese legal system is still developing, and laws, regulations, government policies and political and economic climate in China may change with little or no advance notice. Any such change could adversely affect market conditions.

The tax law and regulations of China are constantly changing, sometimes with retroactive effect, and the interpretation and application thereof are not as consistent and transparent as in more developed nations and may vary from region to region within China. There has been, and continues to be, uncertainty over taxation of SSE equities in the Stock Connect program, and any taxes imposed on the earnings of the Fund will reduce its overall returns.

Some Chinese companies may have less established shareholder governance and disclosure standards. Accounting, auditing, financial and other reporting standards, practices and disclosure requirements applicable to Chinese companies are different, sometimes in fundamental ways, from those applicable to companies in the U.S. and other developed markets.

FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS

A Fund may enter into interest rate futures contracts, index futures contracts, volatility index futures contracts and foreign currency futures contracts. An interest rate, index, volatility index or foreign currency futures contract provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or the cash value of an index1 at a specified price and time. A public market exists in futures contracts covering a number of indexes (including, but not limited to, the S&P 500 Index, the Russell 2000 Index, the Value Line Composite Index, and the New York Stock Exchange Composite Index) as well as financial instruments (including, but not limited to, U.S. Treasury bonds, U.S. Treasury notes, Eurodollar certificates of deposit and foreign currencies). Other index and financial instrument futures contracts are available and it is expected that additional futures contracts will be developed and traded. A Fund may enter into such contract if, in Calamos Advisors' opinion, such contract meets the Fund's investment parameters.

1  A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of a securities index is a function of the value of certain specified securities, no physical delivery of those securities is made.


12


A Fund may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on securities, indexes and foreign currencies (discussed in this Statement of Additional Information). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. A Fund might, for example, use futures contracts to hedge against or gain exposure to fluctuations in the general level of stock prices, anticipated changes in interest rates or currency fluctuations that might adversely affect either the value of a Fund's securities or the price of the securities that the Fund intends to purchase. Although other techniques could be used to reduce or increase a Fund's exposure to stock price, interest rate and currency fluctuations, a Fund may be able to achieve its desired exposure more effectively and perhaps at a lower cost by using futures contracts and futures options.

A Fund will only enter into futures contracts and futures options that are standardized and traded on an exchange, board of trade or similar entity, or quoted on an automated quotation system.

The success of any futures transaction by a Fund depends on Calamos Advisors' correctly predicting changes in the level and direction of stock prices, interest rates, currency exchange rates and other factors. Should those predictions be incorrect, the Fund's return might have been better had the transaction not been attempted; however, in the absence of the ability to use futures contracts, Calamos Advisors might have taken portfolio actions in anticipation of the same market movements with similar investment results, but, presumably, at greater transaction costs.

When a Fund makes a purchase or sale of a futures contract, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of cash or U.S. Government securities or other securities acceptable to the broker ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract, although the Fund's broker may require margin deposits in excess of the minimum required by the exchange. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. The Fund expects to earn interest income on its initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day the Fund pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. This process is known as "marking-to-market." Variation margin paid or received by the Fund does not represent a borrowing or loan by the Fund but is instead settlement between the Fund and the broker of the amount one would owe the other if the futures contract had expired at the close of the previous day. In computing daily net asset value, the Fund will mark-to-market its open futures positions.

A Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund.

Although some futures contracts call for making or taking delivery of the underlying securities, usually these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). If an offsetting purchase price is less than the original sale price, the Fund engaging in the transaction realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund engaging in the transaction realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations.

RISKS ASSOCIATED WITH FUTURES. There are several risks associated with the use of futures contracts and futures options. A purchase or sale of a futures contract or option may result in losses in excess of the amount invested in the futures contract or option. In trying to increase or reduce market exposure, there can be no guarantee that there will be a correlation between price movements in the futures contract or option and in the portfolio exposure sought. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given transaction not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as: variations in speculative market demand for futures, futures options and the related securities, including technical influences in futures and futures options trading and differences between the securities markets and the securities underlying the standard contracts available for trading. For example, in the case of index futures contracts, the composition of the index, including the issuers and the weighing of each issue, may differ from the composition of the Fund's portfolio, and, in the case of interest rate futures contracts, the interest rate levels, maturities and creditworthiness of the issues underlying the futures contract may differ from the financial instruments held in the Fund's portfolio. Futures prices are highly volatile at times and are influenced by many external economic, governmental, and world events. The low margin deposits normally required in futures trading permits an


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extremely high degree of leverage, which can result in a Fund experiencing substantial gains or losses due to relatively small price movements or other factors. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected stock price or interest rate trends.

Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses. Stock index futures contracts are not normally subject to such daily price change limitations.

The markets for futures positions may be thinly traded from time to time. In addition, futures positions may become illiquid due to daily price limits taking effect or due to market disruptions. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures or futures option position. The Fund would be exposed to possible loss on the position during the interval of inability to close, and would continue to be required to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

LIMITATIONS ON OPTIONS AND FUTURES. If options, futures contracts or futures options of types other than those described herein are traded in the future, a Fund may also use those investment vehicles, provided the board of trustees determines that their use is consistent with the Fund's investment objectives.

When purchasing a futures contract or writing a put option on a futures contract, a Fund must maintain with its custodian (or futures commission merchant, if legally permitted) cash or cash equivalents (including any margin) equal to the market value of such contract. When writing a call option on a futures contract, a Fund similarly will maintain with its custodian (or futures commission merchant) cash or cash equivalents (including any margin) equal to the amount by which such option is in-the-money until the option expires or is closed by the Fund.

A Fund may not maintain open short positions in futures contracts, call options written on futures contracts or call options written on indexes if, in the aggregate, the market value of all such open positions exceeds the current value of the securities in its portfolio, plus or minus unrealized gains and losses on the open positions, adjusted for the historical relative volatility of the relationship between the portfolio and the positions. For this purpose, to the extent a Fund has written call options on specific securities in its portfolio, the value of those securities will be deducted from the current market value of the securities portfolio.

The use of options and futures is subject to applicable regulations of the Securities and Exchange Commission ("SEC"), the several exchanges upon which they are traded and the Commodities Futures Trading Commission ("CFTC"). For example, the CFTC and domestic futures exchanges have established (and continue to evaluate and monitor) speculative position limits ("position limits") on the maximum speculative position which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, starting January 1, 2023, federal position limits will apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

Calamos Advisors has claimed an exclusion from the definition of commodity pool operator ("CPO"), with respect to each Fund, pursuant to Rule 4.5 under the Commodity Exchange Act ("CEA"). Consequently, Calamos Advisors is not subject to registration or regulation as a commodity pool operator under the CEA.

Under Rule 4.5, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and swaps) other than for bona fide hedging purposes (as defined by the CFTC) the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount


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by which options that are "in-the-money"2 at the time of purchase) may not exceed 5% of a fund's NAV, or alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions). Each Fund is subject to the risk that a change in U.S. law and related regulations will impact the way a Fund operates, increase the particular costs of a Fund's operation and/or change the competitive landscape. In this regard, any further amendments to the CEA or its related regulations that subject a Fund to additional regulation may have adverse impacts on a Fund's operations and expenses.

In addition, a Fund's ability to use options and futures will be limited by tax considerations. See "Taxation — Options, Futures and Forward Contracts, and Swap Agreements or Derivatives" below.

ILLIQUID SECURITIES

Each of Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund may invest up to 15% of its net assets under regulatory rules, and each other Fund may invest up to 10% of its net assets, taken at market value, in illiquid investments that are assets, including any securities that are not readily marketable either because they are restricted securities or for other reasons. Restricted securities are securities that are subject to restrictions on resale because they have not been registered for sale under the Securities Act of 1933, as amended ("Securities Act"). A position in restricted securities might adversely affect the liquidity and marketability of a portion of a Fund's portfolio, and a Fund might not be able to sell or dispose of its holdings in such securities promptly or at reasonable prices. In those instances where a Fund is required to have restricted securities held by it registered prior to sale by the Fund and the Fund does not have a contractual commitment from the issuer or seller to pay the costs of such registration, the gross proceeds from the sale of securities would be reduced by the registration costs and underwriting discounts. Any such registration costs are not included in the percentage limitation on a Fund's investment in restricted securities.

INFLATION-INDEXED BONDS

Inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, which are more fully described below) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income to the Fund in the year in which it occurs, even though the Fund does not receive any principal payment in cash until maturity.

INITIAL PUBLIC OFFERINGS

A Fund may purchase stock in an initial public offering ("IPO"). An IPO is a company's first offering of stock to the public, typically to raise additional capital. Shares are given a market value reflecting expectations for the company's future growth. The market for these securities may be more volatile and entail greater risk of loss than investments in larger companies due to the

2  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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absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history.

The purchase of IPO shares may involve high transaction costs. Because of the price volatility of IPO shares, a Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of a Fund's portfolio and may lead to increased expenses to a Fund, such as commissions and transaction costs. Calamos Advisers cannot guarantee continued access to IPOs.

LENDING OF PORTFOLIO SECURITIES

In seeking to earn additional income, a Fund may lend its portfolio securities to qualified parties (typically broker-dealers and banks) who need to borrow securities in order to cover transactions into which they have entered. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return that may be in the form of a fixed fee or a percentage of income earned on the collateral. The Fund may experience losses as a result of a diminution in value of its cash collateral investments. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund would have the right to call the loan and obtain the securities loaned at any time on notice of not less than five business days. The Fund would not have the right to vote the securities during the existence of the loan; however, the Fund may attempt to call back the loan and vote the proxy if time permits prior to the record date. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent will monitor, and report to Calamos Advisors on, the creditworthiness of the firms to which the Fund lends securities.

LOAN PARTICIPATIONS AND ASSIGNMENTS

Phineus Long/Short Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Total Return Bond Fund, High Income Opportunities Fund and Short-Term Bond Fund may each invest all of their total assets in fixed- and floating-rate loans, which investments generally will be in the form of loan participations and assignments of portions of such loans. Participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the participating lender, and may assume the credit risk of both the lender and the borrower. Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks. For example, if a loan is foreclosed, a Fund could benefit from becoming part owner of any collateral, however, a fund would bear the costs and liabilities associated with owning and disposing of the collateral.

A Fund may have difficulty disposing of assignments and participations. In the event no liquid market for one of these obligations exists, a Fund anticipates that such obligation could be sold only to a limited number of institutional investors. The lack of a liquid secondary market could have an adverse effect on a Fund's ability to dispose of particular assignments or participations when necessary to meet a Fund's liquidity needs or in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for assignments and participations may also make it more difficult for a Fund to assign a value to those securities for purposes of valuing a Fund's portfolio and calculating its net asset value. Additionally, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements.

Many financial instruments (such as loan participations and assignments of portions of loans) use or may use a floating rate based on LIBOR.

In 2017, the United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and


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how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern.

Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.

MASTER LIMITED PARTNERSHIPS

MLPs differ from investments in common stock as a result of limited control and limited rights to vote on matters affecting the MLP. MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. MLPs generally do not pay federal income tax at the partnership level. Rather, each Partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund. Although common units of MLPs trade on the NYSE, the NASDAQ and NYSE American, LLC, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when the Adviser desires to do so.

MORTGAGE-RELATED AND OTHER ASSET-BACKED SECURITIES

A Fund may invest in mortgage- or other asset-backed securities. Mortgage-related securities include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, SMBSs and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property.

The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If unanticipated rates of prepayment on underlying mortgages accelerate the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or "IO" class), while the other class will receive all of the principal (the principal-only, or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities.

Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Total Return Bond Fund and Short-Term Bond Fund may invest, without limitations, in any combination of mortgage-related and other asset-backed IO and PO securities. A Fund may invest in


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collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. A Fund may invest in other asset-backed securities that have been offered to investors.

MUNICIPAL BONDS

Municipal bonds are generally issued by states and local governments and their agencies, authorities and other instrumentalities. Municipal bonds are subject to interest rate, credit and market risk. The ability of an issuer to make payments could be affected by litigation, legislation or other political events or the bankruptcy of the issuer. Lower rated municipal bonds are subject to greater credit and market risk than higher quality municipal bonds. The types of municipal bonds in which a Fund may invest include municipal lease obligations. A Fund may also invest in securities issued by entities whose underlying assets are municipal bonds. Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, and Total Return Bond Fund may invest, without limitation, in residual interest bonds, which are created by depositing municipal securities in a trust and dividing the income stream of an underlying municipal bond in two parts, one, a variable rate security and the other, a residual interest bond. The interest rate for the variable rate security is determined by an index or an auction process held approximately every seven to 35 days, while the residual interest bond holder receives the balance of the income from the underlying municipal bond less an auction fee. The market prices of residual interest bonds may be highly sensitive to changes in market rates and may decrease significantly when market rates increase. Since February 2008, a significant number of auction rate municipal bonds have failed to attract buyers, resulting in "failed auctions" and a resetting of the periodic rates to rates in excess of that which would otherwise prevail in the short-term market. The auction failures have affected municipal issuers throughout the nation. Failed auctions generally do not reflect the credit strength of individual issuers, but reflect concerns relating to bond insurers that have insured these auction rate bonds as well as changes in the operation of the auction rate market itself. As an outcome of these failed auctions, governmental issuers have experienced significantly higher service costs on auction rate bonds, and bondholders may experience significantly less liquidity than has been anticipated.

MUNICIPAL LEASE OBLIGATIONS

Short-Term Bond Fund may invest in municipal lease obligations, which are installment purchase contract obligations, and certificates of participation in such obligations (collectively, "lease obligations"). Lease obligations do not constitute general obligations of a municipality for which the municipality's taxing power is pledged, although a lease obligation is ordinarily backed by a municipality's covenant to budget for the payments due under the lease obligation.

Certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease obligation payments in future years unless money is appropriated for such purpose on a yearly basis. Although "non-appropriation" lease obligations are secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. In evaluating a potential investment in such a lease obligation, Calamos Advisors will consider: (1) the credit quality of the obligor; (2) whether the underlying property is essential to a governmental function; and (3) whether the lease obligation contains covenants prohibiting the obligor from substituting similar property if the obligor fails to make appropriations for the lease obligation.

OPTIONS ON SECURITIES, INDEXES AND CURRENCIES

A Fund may purchase and sell (write) put options and call options on securities, indexes or foreign currencies. A Fund may purchase agreements, sometimes called cash puts, that may accompany the purchase of a new issue of bonds from a dealer.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. For instance, a Fund's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving such Fund the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price. A Fund's purchase of a call option on a security, financial future, index, currency or other instrument might be intended to protect it against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument.


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A Fund may purchase and sell (write) exchange listed options and over-the-counter ("OTC") options. Exchange listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.

With certain exceptions, OCC issued and exchange listed options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options and Eurodollar instruments are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

OTC options are purchased from or sold to sellers or purchasers ("Counterparties") through direct bilateral agreement with the Counterparties. In contrast to exchange listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties. A Fund will only sell (write) OTC options (other than OTC currency options) that are subject to a buy-back provision permitting the Fund to require the Counterparty to sell the option back to the Fund at a formula price within seven days. A Fund generally is expected to enter into OTC options that have cash settlement provisions, although it is not required to do so. The staff of the SEC currently takes the position that OTC options purchased by a fund, and portfolio securities "covering" the amount of a fund's obligation pursuant to an OTC option sold by it (or the amount of assets equal to the formula price for the repurchase of the option, if any, less the amount by which the option is "in the money") are illiquid, and are subject to a fund's limitation on investing no more than 10% of its net assets (or 15% in the case of Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund) in illiquid securities.

A Fund may also purchase and sell (write) options on securities indexes and other financial indexes. Options on securities indexes and other financial indexes are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement, i.e., an option or an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option (except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making upon the market, market segment, industry or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case with respect to options on securities.

A Fund will sell (write) call options and put options only if they are "covered." A written option will be considered "covered" to the extent it has entered into an offsetting transaction or otherwise has segregated or earmarked cash or liquid assets equal to its uncovered obligations under the written option. For example, a call option written by a Fund could be covered by purchasing an offsetting call option, by purchasing or holding the underlying reference security or asset (or a security convertible into the underlying reference security or asset), or by segregating or earmarking cash or liquid assets equal to the exercise price of the written option (or such amount as is not otherwise covered by an offsetting transaction). A Fund writing a call option on an index would be considered as holding an offsetting position to the extent such Fund owned portfolio securities substantially correlating with the movement of the underlying reference index.

If an option written by a Fund expires, the Fund realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by a Fund expires, the Fund realizes a capital loss equal to the premium paid.

A Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, such Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, a Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security or index in relation to the exercise price of the option, the volatility of the underlying security or index, and the time remaining until the expiration date.


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A put or call option purchased by a Fund is an asset of the Fund, valued initially at the premium paid for the option. The premium received for an option written by a Fund is recorded as a deferred credit. The value of an option purchased or written is marked-to-market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked prices.

RISKS ASSOCIATED WITH OPTIONS. There are several risks associated with transactions in options. For example, there are significant differences between the securities markets, the currency markets and the options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve Calamos Advisors' objective. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. A Fund's ability to utilize options successfully will depend on Calamos Advisors' ability to predict pertinent market investments, which cannot be assured.

A Fund's ability to close out its position as a purchaser or seller (writer) of an OCC or exchange listed put or call option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms. If a Fund were unable to close out an option that it has purchased on a security, it would have to exercise the option in order to realize any profit or the option would expire and become worthless. If a Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security until the option expired. As the writer of a covered call option on a security, a Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. As the writer of a covered call option on a foreign currency, a Fund foregoes, during the option's life, the opportunity to profit from any currency appreciation.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

Unless the parties provide for it, there is no central clearing or guaranty function in an OTC option. As a result, if the Counterparty (as described above under "Options on Securities, Indexes and Currencies") fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with a Fund or fails to make a cash settlement payment due in accordance with the terms of that option, a Fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, Calamos Advisors must assess the creditworthiness of each such Counterparty or any guarantor or credit enhancement of the Counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied.

A Fund may purchase and sell (write) call options on securities indexes and currencies. All calls sold by a Fund must be "covered." Even though a Fund will receive the option premium to help protect it against loss, a call sold by a Fund exposes such Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold the security or instrument that it might otherwise have sold. A Fund may purchase and sell (write) put options on securities indexes and currencies. In selling (writing) put options, there is a risk that the Fund may be required to buy the underlying index or currency at a disadvantageous price above the market price.

PORTFOLIO TURNOVER

Although the Funds do not purchase securities with a view to rapid turnover, there are no limitations on the length of time that a portfolio security must be held. Portfolio turnover can occur for a number of reasons, including calls for redemption, general conditions in the securities markets, more favorable investment opportunities in other securities, or other factors relating to the desirability of holding or changing a portfolio investment. The portfolio turnover rates may vary greatly from year to year. A high rate of portfolio turnover in a Fund would result in increased transaction expense, which must be borne by the Fund. High portfolio turnover may also result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Portfolio turnover for


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each Fund is shown under "Financial Highlights" in the prospectus. A portfolio turnover rate of 100% would mean that the Fund had sold and purchased securities valued at 100% of its net assets within a one-year period.

The portfolio turnover rate for Calamos Phineus Long/Short Fund increased from the fiscal year ending 10/31/2020 to the fiscal year ending 10/31/2021. Market conditions and volatility will affect the amount of turnover from year to year, as the Fund opportunistically rebalances its positioning. Rotations in market leadership increased substantially during the 2021 fiscal year, and as such the Fund sought to opportunistically rebalance in light of macroeconomic and market conditions. Portfolio turnover for the 2021 fiscal year is similar to the range of portfolio turnover experienced for the last five fiscal year end calculations. The Fund's portfolio turnover has fluctuated in the past and the Fund anticipates variations in portfolio turnover in the future.

The portfolio turnover rate for Calamos Timpani SMID Growth Fund did not significantly vary from the fiscal year ending 10/31/2020 to the fiscal year ending 10/31/2021, but increased relative to the period 8/1/2019 (commencement of operations) to 10/31/2019. which was not a 12-month period. Market conditions and volatility will affect the amount of turnover from year to year, as the Fund opportunistically rebalances its positioning. Market volatility increased substantially during the 2020 fiscal year, and as such the Fund sought to opportunistically rebalance in light of macroeconomic and market conditions. The Fund's portfolio turnover has fluctuated in the past and the Fund anticipates variations in portfolio turnover in the future.

The portfolio turnover rate for Calamos Growth Fund decreased from the fiscal year ending 10/31/2020 to the fiscal year ending 10/31/2021. Market conditions and volatility will affect the amount of turnover from year to year, as the Fund opportunistically rebalances its positioning. Market volatility decreased substantially during the 2021 fiscal year after the pronounced volatility in the prior fiscal year. Portfolio turnover for the 2021 fiscal year is lower than the range of portfolio turnover experienced for the last five fiscal year end calculations, as many companies considered growth stalwarts continued to exhibit leadership. The Fund's portfolio turnover has fluctuated in the past and the Fund anticipates variations in portfolio turnover in the future.

The portfolio turnover rate for Calamos Select Fund decreased from the fiscal year ending 10/31/2020 to the fiscal year ending 10/31/2021. Market conditions and volatility will affect the amount of turnover from year to year, as the Fund opportunistically rebalances its positioning. Market volatility decreased substantially during the 2021 fiscal year after the pronounced volatility in the prior fiscal year. Portfolio turnover for the 2021 fiscal year is lower than the range of portfolio turnover experienced for the last five fiscal year end calculations. The Fund's portfolio turnover has fluctuated in the past and the Fund anticipates variations in portfolio turnover in the future.

The portfolio turnover rate for Calamos Global Opportunities Fund decreased from the fiscal year ending 10/31/2020 to the fiscal year ending 10/31/2021. Market conditions and volatility will affect the amount of turnover from year to year, as the Fund opportunistically rebalances its positioning. Market volatility decreased substantially during the 2021 fiscal year after the pronounced volatility in the prior fiscal year. Portfolio turnover for the 2021 fiscal year is within the range of portfolio turnover experienced for the last five fiscal year end calculations. The Fund's portfolio turnover has fluctuated in the past and the Fund anticipates variations in portfolio turnover in the future.

REAL ESTATE INVESTMENT TRUSTS

Investments in the real estate industry, including real estate investment trusts (REITs), are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. Debt securities of REITs are subject to the risks of debt securities in general. For example, such securities are more sensitive to interest rates than equity securities of REITs. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. A Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

REPURCHASE AGREEMENTS

As part of its strategy for the temporary investment of cash, a Fund may enter into "repurchase agreements" pertaining to U.S. Government securities with member banks of the Federal Reserve System or primary dealers (as designated by the Federal Reserve Bank of New York) in such securities. Each Fund may invest in repurchase agreements, provided that Hedged Equity Fund,


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Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund may not invest more than 15%, and each other Fund may not invest more than 10%, of its net assets in illiquid securities, including repurchase agreements maturing in more than seven days, and any other illiquid securities. A repurchase agreement arises when a Fund purchases a security and simultaneously agrees to resell it to the vendor at an agreed upon future date. The resale price is greater than the purchase price, reflecting an agreed upon market rate of return that is effective for the period of time the Fund holds the security and that is not related to the coupon rate on the purchased security.

Such agreements generally have maturities of no more than seven days and could be used to permit a Fund to earn interest on assets awaiting long term investment. A Fund requires continuous maintenance by the custodian for the Fund's account in the Federal Reserve/Treasury Book Entry System of collateral in an amount equal to, or in excess of, the market value of the securities that are the subject of a repurchase agreement. In the event of a bankruptcy or other default of a seller of a repurchase agreement, a Fund could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights. In an effort to reduce these risks, Calamos Advisors will monitor the creditworthiness of the firms with which a Fund enters into repurchase agreements.

REVERSE REPURCHASE AGREEMENTS AND OTHER BORROWINGS

A Fund may enter into reverse repurchase agreements, mortgage dollar rolls, and economically similar transactions to the extent permitted under the leverage limitations of the 1940 Act and the Fund's investment restrictions described below. A reverse repurchase agreement is a repurchase agreement in which the Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. A reverse repurchase agreement enables the Fund to obtain cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without needing to sell portfolio securities, or to earn additional income on portfolio securities, such as Treasury bills or notes. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs.

A "mortgage dollar roll" is similar to a reverse repurchase agreement in certain respects. In a "dollar roll" transaction a Fund sells a mortgage-related security, such as a security issued by GNMA, to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A "dollar roll" can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which a Fund pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which a Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are "substantially identical." To be considered "substantially identical," the securities returned to a Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 0.01% of the initial amount delivered.

A Fund's obligations under a dollar roll agreement must be covered by segregated or "earmarked" liquid assets equal in value to the securities subject to repurchase by the Fund. As with reverse repurchase agreements, to the extent that positions in dollar roll agreements are not covered by segregated or "earmarked" liquid assets at least equal to the amount of any forward purchase commitment, such transactions would be subject to the Funds' restrictions on borrowings. Furthermore, because dollar roll transactions may be for terms ranging between one and six months, dollar roll transactions may be deemed "illiquid" and subject to a Fund's overall limitations on investments in illiquid securities.

A Fund also may effect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security. A Fund's obligations under a sale-buyback typically would be covered by segregated liquid assets equal in value to the amount of the Fund's forward commitment to repurchase the subject security.


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RULE 144A SECURITIES

A Fund may purchase securities that have been privately placed but that are eligible for purchase and sale by certain qualified institutional buyers, such as the Funds, under Rule 144A ("Rule 144A Securities") under the Securities Act. Calamos Advisors, under the supervision and oversight of the Trust's board of trustees, will consider whether Rule 144A Securities are illiquid and thus subject to a Fund's restriction of investing no more than a specified percentage of its net assets in securities that are illiquid at the time of purchase. A determination of whether a Rule 144A Security is liquid or not is a question of fact. In making this determination, Calamos Advisors will consider the trading markets for the specific security, taking into account the unregistered nature of a Rule 144A Security. In addition, Calamos Advisors may consider the (1) frequency of trades and quotes for the security, as well as equivalent or underlying securities (e.g. the underlying common stock of a convertible security), (2) number of dealers and potential purchasers, (3) dealer undertakings to make a market and (4) nature of the security and of marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer).

The liquidity of Rule 144A Securities will be monitored and, if as a result of changed conditions, it is determined that a Rule 144A Security is no longer liquid, a Fund's holdings of illiquid securities would be reviewed to determine what, if any, steps are required to assure that the Fund does not invest more than 10% (or 15% in the case of Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund) of its net assets in illiquid securities. Investing in Rule 144A Securities could have the effect of increasing the amount of a Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

SHORT SALES

A Fund may sell securities short to enhance income and protect against market risk by hedging a portion of the equity risk inherent in the Fund's portfolio. A short sale may be effected when Calamos Advisors believes that the price of a security will decline or underperform the market, and involves the sale of borrowed securities, in the hope of purchasing the same securities at a later date at a lower price. There can be no assurance that a Fund will be able to close out a short position (i.e., purchase the same securities) at any particular time or at an acceptable or advantageous price. To make delivery to the buyer, a Fund must borrow the securities from a broker-dealer through which the short sale is executed, and the broker-dealer delivers the securities, on behalf of the Fund, to the buyer.

The broker-dealer is entitled to retain the proceeds from the short sale until the Fund delivers to it the securities sold short. In addition, a Fund is required to pay to the broker-dealer the amount of any dividends or interest paid on the securities sold short.

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities that are marked to market daily with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

A Fund is said to have a short position in the securities sold until it delivers to the broker-dealer the securities sold, at which time the Fund receives the proceeds of the short sale. A Fund will normally close out a short position by purchasing on the open market and delivering to the broker-dealer an equal amount of the securities sold short.

A Fund will realize a gain if the price of the securities declines between the date of the short sale and the date on which the Fund purchases securities to replace the borrowed securities. On the other hand, the Fund will incur a loss if the price of the securities increases between those dates. The amount of any gain will be decreased and the amount of any loss increased by any premium or interest that the Fund may be required to pay in connection with the short sale. It should be noted that possible losses from short sales differ from those that could arise from a cash investment in a security in that losses from a short sale may be limitless, while the losses from a cash investment in a security cannot exceed the total amount of the investment in the security.

There is also a risk that securities borrowed by a Fund and delivered to the buyer of the securities sold short will need to be returned to the broker-dealer on short notice. If the request for the return of securities occurs at a time when other short sellers of the security are receiving similar requests, a "short squeeze" can occur, meaning that the Fund might be compelled, at the most


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disadvantageous time, to replace the borrowed securities with securities purchased on the open market, possibly at prices significantly in excess of the proceeds received from the short sale.

It is possible that the market value of the securities a Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility.

A Fund may also make short sales "against the box," meaning that at all times when a short position is open the Fund owns an equal amount of such securities or securities convertible into or exchangeable, without payment of further consideration, for securities of the same issue as, and in an amount equal to, the securities sold short. A short sale "against the box" would be made in anticipation of a decline in the market price of the securities sold short. Short sales "against the box" result in a "constructive sale" and require the Fund to recognize taxable gain unless an exception to the constructive sale rule applies.

A Fund will not make a short sale of securities (other than a short sale "against the box"), if more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales (other than short sales "against the box").

Short sales also may afford a Fund an opportunity to earn additional current income to the extent it is able to enter into arrangements with broker-dealers through which the short sales are executed to receive income with respect to the proceeds of the short sales during the period the Fund's short positions remain open. Calamos Advisors believes that some broker-dealers may be willing to enter into such arrangements, but there is no assurance that a Fund will be able to enter into such arrangements to the desired degree. Further, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) bans on short sales of certain securities in response to market events.

SPECIAL PURPOSE ACQUISITION COMPANIES

Market Neutral Income Fund may invest up to 10% of its total assets in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, "SPACs"). A SPAC is a publicly traded company that raises investment capital in the form of a blind pool via an initial public offering ("IPO") for the purpose of acquiring an existing company. The typical SPAC IPO involves the sale of units consisting of one share of common stock combined with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after consummation of the acquisition. Shortly after the SPAC's IPO, such units typically are split into publicly listed common stock and warrants (and rights, if applicable) which are each listed and traded separately. The proceeds from the IPO are placed in trust until such time that the SPAC identifies and consummates the acquisition. A SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. If the SPAC does not complete the acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the entity's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, the Fund may obtain certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"), which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO.

SPACs are "blank check" companies with no operating history and, at the time that the Fund invests in a SPAC, the SPAC typically has not conducted any discussions or made any plans, arrangements or understandings with any prospective transaction candidates. Accordingly, there is a limited basis, if any, on which to evaluate the SPAC's ability to achieve its business objective, and the value of its securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. While certain SPACs are formed to make transactions in specified market sectors, others are complete "blank check" companies, and the management of the SPAC may have limited experience or knowledge of the market sector in which the transaction is made. Accordingly, at the time that the Fund invests in a SPAC, there may be little or no basis for the Fund to evaluate the possible merits or risks of the particular industry in which the SPAC may ultimately operate or the target business which the SPAC may ultimately acquire. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. While a SPAC is seeking a transaction target, its stock may be thinly traded and/or illiquid. There can be no assurance that a market will develop.

The proceeds of a SPAC IPO that are placed in trust are subject to risks, including the risk of insolvency of the custodian of the funds, fraud by the trustee, interest rate risk and credit and liquidity risk relating to the securities and money market funds in which the proceeds are invested.


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STRIPPED SECURITIES

Stripped securities include Treasury receipts, securities of government-sponsored enterprises ("GSEs"), stripped mortgage-backed securities ("SMBS"), and other "stripped" securities that evidence ownership in either the future interest payments or the future principal payments on U.S. Government, mortgage and other obligations. The stripped securities purchased are issued by the U.S. Government (or a U.S. Government agency or instrumentality) or by private issuers such as banks, corporations and other institutions at a discount to their face value. These securities generally are structured to make a lump-sum payment at maturity and do not make periodic payments of principal or interest. Hence, the duration of these securities tends to be longer and they are therefore more sensitive to interest rate fluctuations than similar securities that offer periodic payments over time. The Funds will not purchase stripped securities that are subject to direct prepayment or extension risk, although in the case of SMBS, their underlying securities may be subject to such risks. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS that are structured to receive interest only are extremely sensitive to changes in the prevailing interest rates as well as the rate of principal payments (including prepayments) on the related underlying mortgage assets, and are therefore much more volatile than SMBS that receive principal only.

Stripped securities may also include participations in trusts that hold U.S. Treasury securities such as Treasury Investors Growth Receipts ("TIGRs") and Certificates of Accrual on Treasury Securities ("CATS") or other obligations where the trust participations evidence ownership in either the future interest payments or the future principal payments on the obligations. These participations are normally issued at a discount to their "face value," and can exhibit greater price volatility than ordinary debt securities because of the way in which their principal and interest are returned to investors.

STRUCTURED PRODUCTS

A Fund may invest in interests in entities organized and operated for the purpose of restructuring the investment characteristics of certain other investments. This type of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments and the issuance by that entity of one or more classes of securities ("structured products") backed by, or representing interests in, the underlying instruments. The term "structured products" as used herein excludes synthetic convertibles. See "Investment Practices — Synthetic Convertible Securities." The cash flow on the underlying instruments may be apportioned among the newly issued structured products to create securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to structured products is dependent on the extent of the cash flow on the underlying instruments. A Fund may invest in structured products, which represent derived investment positions based on relationships among different markets or asset classes.

A Fund may also invest in other types of structured products, including, among others, baskets of credit default swaps referencing a portfolio of high-yield securities. A structured product may be considered to be leveraged to the extent its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate. Because they are linked to their underlying markets or securities, investments in structured products generally are subject to greater volatility than an investment directly in the underlying market or security. Total return on the structured product is derived by linking return to one or more characteristics of the underlying instrument. Because certain structured products of the type in which a Fund may invest may involve no credit enhancement, the credit risk of those structured products generally would be equivalent to that of the underlying instruments. A Fund may invest in a class of structured products that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured products typically have higher yields and present greater risks than unsubordinated structured products. Although a Fund's purchase of subordinated structured products would have similar economic effect to that of borrowing against the underlying securities, the purchase will not be deemed to be leverage for purposes of the Fund's limitations related to borrowing and leverage.

Certain issuers of structured products may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investments in these structured products may be limited by the restrictions contained in the 1940 Act. Structured products are typically sold in private placement transactions, and there may not be an active trading market for structured products. As a result, certain structured products in which the Fund invests may be deemed illiquid.

SWAPS, CAPS, FLOORS AND COLLARS

A Fund may enter into interest rate, currency, index, credit default, total return and other swaps and the purchase or sale of related caps, floors and collars. A Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, as a duration management


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technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund will not sell interest rate caps or floors where it does not own securities or other instruments providing the income stream the Fund may be obligated to pay. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them and an index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indexes. A credit default swap is an agreement to transfer the credit exposure of fixed-income products between parties. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

A Fund will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Inasmuch as a Fund will segregate assets (or enter into offsetting positions) to cover its obligations under swaps, Calamos Advisors believes such obligations do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to its borrowing restrictions. A Fund will not enter into any swap, cap, floor or collar transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the securities dealers, financial institutions or other parties with whom the Fund has entered into such a transaction ("Counterparties"), combined with any credit enhancements, is rated at least A by S&P or Moody's or has an equivalent rating from an NRSRO or is determined to be of equivalent credit quality by Calamos Advisors. If there is a default by the Counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid, however, some swaps may be considered illiquid. Caps, floors and collars are more recent innovations for which standardized documentation has not yet been fully developed and, accordingly, they are less liquid than swaps.

In addition, some swaps are, and more in the future will be, centrally cleared. Swaps that are centrally-cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, a swap investment by a Fund could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Fund or becomes insolvent or goes into bankruptcy. Also, the Fund will be exposed to the credit risk of the futures commission merchant who acts as the Fund's clearing member on the clearinghouse for a centrally cleared swap. If the Fund's futures commission merchant becomes bankrupt or insolvent, or otherwise defaults on its obligations to the Fund, the Fund may not receive all amounts owed to it in respect of its trading, even if the clearinghouse fully discharges all of its obligations. In the event of bankruptcy of the Fund's futures commission merchant, the Fund may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the futures commission merchant's other customers, potentially resulting in losses to the Fund.

SYNTHETIC CONVERTIBLE INSTRUMENTS

A Fund may establish a "synthetic" convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, a Fund may pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

More flexibility is possible in the assembly of a synthetic convertible instrument than in the purchase of a convertible security. Although synthetic convertible instruments may be selected where the two components are issued by a single issuer, the character of a synthetic convertible instrument allows the combination of components representing distinct issuers, when management believes that such a combination would better promote a Fund's investment objectives. A synthetic convertible instrument also is a more flexible investment in that its two components may be purchased separately. For example, a Fund may purchase a warrant for inclusion in a synthetic convertible instrument but temporarily hold short-term investments while postponing the purchase of a corresponding bond pending development of more favorable market conditions. Convertible Fund's and Global Convertible Fund's holdings of synthetic convertible instruments are considered


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convertible securities for purposes of the Funds' policy to invest at least 80% of their net assets (plus any borrowings) in convertible securities.

A holder of a synthetic convertible instrument faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the call option or warrant purchased to create the synthetic convertible instrument. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible instrument includes the fixed-income component as well, the holder of a synthetic convertible instrument also faces the risk that interest rates will rise, causing a decline in the value of the fixed-income instrument.

A Fund may also purchase synthetic convertible instruments manufactured by other parties, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity, and are typically issued by investment banks. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible.

SYNTHETIC FOREIGN MONEY MARKET POSITIONS

A Fund may invest in money market instruments denominated in foreign currencies. In addition to, or in lieu of, such direct investment, a Fund may construct a synthetic foreign money market position by purchasing a money market instrument denominated in one currency, generally U.S. dollars, and concurrently entering into a forward contract to deliver a corresponding amount of that currency in exchange for a different currency on a future date and at a specified rate of exchange. For example, a synthetic money market position in Japanese yen could be constructed by purchasing a U.S. dollar money market instrument, and entering concurrently into a forward contract to deliver a corresponding amount of U.S. dollars in exchange for Japanese yen on a specified date and at a specified rate of exchange. Because of the availability of a variety of highly liquid short-term U.S. dollar money market instruments, a synthetic money market position utilizing such U.S. dollar instruments may offer greater liquidity than direct investment in foreign currency and a concurrent construction of a synthetic position in such foreign currency, in terms of both income yield and gain or loss from changes in currency exchange rates, in general should be similar, but would not be identical because the components of the alternative investments would not be identical.

TEMPORARY INVESTMENTS

A Fund may make temporary investments without limitation when Calamos Advisors determines that a defensive position is warranted, or as a reserve for possible cash needs. Such investments may be in money market instruments, consisting of obligations of, or guaranteed as to principal and interest by, the U.S. Government or its agencies or instrumentalities; certificates of deposit, bankers' acceptances and other obligations of domestic banks having total assets of at least $500 million and that are regulated by the U.S. Government, its agencies or instrumentalities; commercial paper rated in the highest category by a recognized rating agency; cash; and repurchase agreements.

U.S. GOVERNMENT OBLIGATIONS

U.S. Government Obligations include securities that are issued or guaranteed by the U.S. Treasury or by various U.S. Government agencies and instrumentalities. U.S. Treasury obligations ("U.S. Treasuries") include Treasury bills, Treasury notes, and Treasury bonds. U.S. Treasuries also include the separate principal and interest components of U.S. Treasuries that are traded under the Separate Trading of Registered Interest and Principal of Securities ("STRIPS") program. U.S. Treasury obligations are backed by the full faith and credit of the U.S.

Obligations issued or guaranteed by U.S. Government agencies and instrumentalities may be supported by any of the following: (a) the full faith and credit of the U.S., (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) the discretionary authority of the U.S. Treasury to lend to such Government agency or instrumentality, or (d) the credit of the agency or instrumentality.

Government agencies that issue or guarantee securities backed by the full faith and credit of the U.S. include the 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


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("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.

A Fund may invest in securities issued or guaranteed by any of the entities listed above or by any other agency established or sponsored by the U.S. Government, provided that the securities are otherwise permissible investments of the Fund. Certain U.S. Government Obligations that have a variable rate of interest readjusted no less frequently than annually will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

A Fund's yield will fluctuate due to changes in interest rates, economic conditions, quality ratings and other factors. The prepayment experience of the mortgages underlying mortgage-related securities, such as obligations issued by GNMA, may affect the value of, and return on, an investment in such securities.

WARRANTS

A Fund may invest in warrants. A warrant is a right to purchase common stock at a specific price (usually at a premium above the market value of the underlying common stock at time of issuance) during a specified period of time. A warrant may have a life ranging from less than a year to 20 years or longer, but a warrant becomes worthless unless it is exercised or sold before expiration. In addition, if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant, the warrant will expire worthless. Warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying common stock.


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"WHEN-ISSUED" AND DELAYED DELIVERY SECURITIES

A Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. A Fund may utilize spot and forward foreign currency exchange transactions to reduce the risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when-issued or delayed-delivery basis.

At the time when a Fund enters into a binding obligation to purchase securities on a when-issued basis, liquid assets (cash, U.S. Government securities or other "high-grade" debt obligations) of the Fund having a value at least as great as the purchase price of the securities to be purchased will be segregated on the books of the Fund and held by the custodian throughout the period of the obligation. The use of this investment strategy, as well as entering into reverse repurchase agreements or engaging in other borrowing as described below, may increase net asset value fluctuation.

RECENT MARKET CONDITIONS

Since the 2008 financial crises, financial markets throughout the world have experienced periods of increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. Both domestic and international equity and fixed income markets experienced heightened volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected.

In addition to the recent unprecedented turbulence in financial markets, the reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide. Reduced liquidity in these markets may mean there is less money available to purchase raw materials, goods and services, which may, in turn, bring down the prices of these economic staples. It may also result in some issuers having more difficulty obtaining financing and ultimately may lead to a decline in their stock prices. The values of some sovereign debt and of securities of issuers that hold that sovereign debt have fallen. These events, and the potential for continuing market turbulence, may have an adverse effect on each Fund. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region.

The U.S. federal government and certain foreign central banks have acted to calm credit markets and increase confidence in the U.S. and world economies. Certain of these entities have injected liquidity into the markets and taken other steps in an effort to stabilize the markets and grow the economy. Certain foreign governments and central banks are implementing or discussing so-called negative interest rates (e.g., charging depositors who keep their cash at a bank) to spur economic growth. Further Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including interest rate increases or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.

The situation in the financial markets has led to increased regulation, and the need of many financial institutions for government help has given lawmakers and regulators new leverage. The Dodd-Frank Act initiated a dramatic revision of the U.S. financial regulatory framework that continues to unfold. The Dodd-Frank Act covers a broad range of topics, including (among many others) a reorganization of federal financial regulators; a process intended to improve financial systemic stability and the resolution of potentially insolvent financial firms; new rules for derivatives trading; the creation of the Consumer Financial Protection Bureau; the registration and additional regulation of hedge and private equity fund managers; and new federal requirements for residential mortgage loans. Instruments in which the Funds may invest, or the issuers of such instruments, may be affected by the new legislation and regulation in ways that may be unforeseeable. Because these requirements are relatively new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear.

The statutory provisions of the Dodd-Frank Act significantly change in several respects the ways in which investment products are marketed, sold, settled or terminated. For example, the Dodd-Frank Act mandates the elimination of references to credit ratings in numerous securities laws, including the 1940 Act. In addition, some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared. Clearinghouses and futures commission merchants have broad rights to increase margin requirements for existing cleared transactions or to terminate cleared transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearinghouse may have an effect on the performance of a Fund.


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Under rules adopted under the Dodd-Frank Act, certain cleared derivatives contracts are required to be executed through swap execution facilities ("SEFs"). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. Such requirements may make it more difficult and costly for investment funds, such as the Funds, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral over-the-counter trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and CFTC rules and 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 a Fund when it enters into derivatives transactions with a counterparty organized in those jurisdictions or otherwise subject to those jurisdictions' derivatives regulations.

New global requirements may also result in increased uncertainty about counterparty credit risk, and they may also limit the flexibility of a Fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the European Union, the United Kingdom and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union or the United Kingdom, the liabilities of such counterparties to the Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

Additionally, U.S. regulators, the European Union, the United Kingdom and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. These regulations may have a material impact on the Fund's use of uncleared derivatives. These rules impose minimum margin requirements on derivatives transactions between the Fund and its swap counterparties and may increase the amount of margin the Fund is required to provide. They impose regulatory requirements on the calculation of margin and the timing of transferring margin. The Fund is subject to variation margin requirements under such rules and the Fund may become subject to initial margin requirements.

The CFTC and U.S. futures exchanges have established limits, referred to as "position limits," on the maximum net long or net short positions which any person, or group of persons acting in concert, may own or control in certain futures and options contracts. In addition, starting January 1, 2023, federal position limits will apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or elimination of open positions that may be required to avoid exceeding such limits may adversely affect the performance of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund. The fund may also be affected by regimes of the European Union and United Kingdom that impose position limits on its trade of commodity derivative contracts.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which will apply to a Fund's use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements). Among other things, Rule 18f-4 will require 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 will not be subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 will not be required until August 2022. In connection with compliance with Rule 18f-4, funds will no longer be required to comply with the asset segregation framework arising from prior SEC guidance for covering certain derivative instruments and related transactions. As a Fund comes into compliance, the approach to asset segregation and coverage requirements described in this SAI will be impacted.


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These and other new rules and regulations could, among other things, further restrict a Fund's ability to engage in, or increase the cost to a Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. This may result in changes to a Fund's principal investment strategies and could adversely affect a Fund's performance and its ability to achieve its investment objective.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. As a result, whether or not the Funds invest in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Funds' investments may be negatively affected.

European financial markets are vulnerable to volatility and losses arising from concerns about the potential exit of member countries from the European Union and/or the Eurozone and, in the latter case, the reversion of those countries to their national currencies. Defaults by Economic Monetary Union member countries on sovereign debt, as well as any future discussions about exits from the Eurozone, may negatively affect a Fund's investments in the defaulting or exiting country, in issuers, both private and governmental, with direct exposure to that country, and in European issuers generally. In addition, the United Kingdom left the European Union on January 31, 2020 (commonly referred to as "Brexit"). During an 11 month transition period, ending December 31, 2020, the United Kingdom and the European Union agreed to a Trade and Cooperation Agreement which sets out the agreement for certain parts of the future relationship between the European Union and the United Kingdom from 1 January 2021. The Trade and Cooperation Agreement does not provide the United Kingdom with the same level of rights or access to all goods and services in the European Union as the United Kingdom previously maintained as a member of the European Union and during the transition period. In particular the Trade and Cooperation Agreement does not include an agreement on financial services. Accordingly, uncertainty remains in certain areas as to the future relationship between the United Kingdom and the European Union. The uncertainty caused by the United Kingdom's departure from the European Union could lead to prolonged political, legal, regulatory, tax and economic uncertainty and wider instability and volatility in the financial markets of the United Kingdom and more broadly across Europe. It may also lead to weakening corporate and financial confidence in such markets as the United Kingdom renegotiates the regulation of the provision of financial services within and to persons in the European Union. Brexit could lead to market dislocation, heightened counterparty risk, an adverse effect on the management of market risk and, in particular, asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on the management, operation and investment in each Fund and increased legal, regulatory or compliance burden for each Fund which may have a negative impact on the operations, financial condition, returns or prospects of each Fund. The consequences of the United Kingdom's, or another country's potential, exit from the European Union and/or Eurozone could also threaten the stability of the euro for remaining countries and could negatively affect the financial markets of other countries in the European Union and beyond.

REFLOW LIQUIDITY PROGRAM

Certain Funds may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by the other shareholders that are to settle the next business day. After purchasing fund shares, Reflow then redeems those shares when the Fund next experiences net sales, at the end of ReFlow's maximum holding period, or at other times at ReFlow's discretion. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.15% of the value of the Fund shares purchased by ReFlow. The fee is allocated among the Fund's share classes based on relative net assets. ReFlow's purchases of Fund shares are made on an investment-blind basis without regard to the Fund's investment objective, policies or anticipated performance. ReFlow may purchase various shares of the Fund and will not be subject to any investment minimum applicable to such shares. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow's investments in the Funds are not subject to the Funds' Excessive Trading Policies and Procedures described in the Funds' prospectus. By participating in such a program, there is no assurance that ReFlow will have sufficient funds available to meet the Funds' needs.


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INTERFUND LENDING

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program").

The InterFund Program is subject to a number of conditions, including, among other things, that each Fund may, to the extent permitted by its investment objective, strategies, and policies, (1) lend uninvested cash to other Calamos Funds in an amount up to 15% of its current net assets at the time of the loan (including lending up to 5% of its net assets to any single Calamos Fund) and (2) borrow money from other Calamos Funds provided that immediately after the borrowing total outstanding borrowings 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. Each Fund may borrow through the InterFund Program on an unsecured basis (i.e., without posting collateral) if its aggregate outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of the Fund's total assets. However, if the Fund's aggregate outstanding borrowings from all sources immediately after the interfund borrowing exceed 10% of the Fund's total assets, the Fund may borrow through the InterFund Program on a secured basis only. Each Fund also is required to secure an InterFund Loan on an equal priority basis and with at least an equivalent percentage of collateral to loan value if it has outstanding secured borrowings from other sources, including but not limited to another Calamos Fund, at the time the loan is requested.

Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days.. In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund.

The limitations detailed above and the other conditions of the exemptive order, and related compliance procedures adopted by the board of trustees and implemented by the Adviser are designed to minimize the risks associated with interfund lending for both the borrowing Funds and the lending Funds. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one business day's notice or not renewed, in which case the Fund may need to borrow from a bank at higher rates if an InterFund Loan were not available from another Fund. Furthermore, a delay in repayment to a lending Fund could result in a lost investment opportunity or additional lending costs. Each Fund may lend or borrow money in an amount of up to 33 1/3% of the Fund's total assets to meet short-term needs, such as in connection with redemptions.

Each Fund incurs interest and other expenses when it borrows money. Borrowing creates leverage, which may increase expenses and increase the impact of the Fund's other risks. The use of leverage may exaggerate any increase or decrease in a Fund's net asset value causing the Fund to be more volatile than a fund that does not borrow.

JOINT CREDIT AGREEMENT

The Trust, on behalf of the Funds, is party to a $50,000,000 uncommitted credit agreement with State Street Bank and Trust Company (the "Credit Agreement"). Each Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase the Fund's net expenses and reduce the Fund's return. In addition, borrowing by the Fund may create leverage by increasing the Fund's investment exposure. This will result in changes in the Fund's net asset value, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by the Adviser and the Board of each Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund.


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INVESTMENT RESTRICTIONS

Each Fund is classified as a diversified, open-end management investment company. Except as noted below, each Fund operates under the following investment restrictions and may not:

(i)  (for Hedged Equity Fund, Global Convertible Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund, and High Income Opportunities Fund only) make any investment inconsistent with the Fund's classification as a diversified investment company under the 1940 Act if the Fund is classified as a diversified investment company;3

(for Market Neutral Income Fund, Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth Fund, Growth and Income Fund, and Short-Term Bond Fund only) as to 75% of its assets, invest more than 5% of its total assets, taken at market value at the time of a particular purchase, in the securities of any one issuer, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

(ii)  (for each fund, except Phineus Long/Short Fund) acquire more than 10%, taken at the time of a particular purchase, of the outstanding voting securities of any one issuer;

(iii)  act as an underwriter of securities, except insofar as it may be deemed an underwriter for purposes of the Securities Act on disposition of securities acquired subject to legal or contractual restrictions on resale;

(iv)  (for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) invest more than 10% of the Fund's net assets (taken at market value at the time of each purchase) in illiquid securities, including repurchase agreements maturing in more than seven days;

(v)  (for Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund and High Income Opportunities Fund only) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts, except that a Fund may enter into (a) futures, options and options on futures, (b) forward contracts and (c) other financial transactions not requiring the delivery of physical commodities;

(for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts;

(for Short-Term Bond Fund only) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts, except that the Fund may enter into (a) futures, options and options on futures, (b) forward contracts, (c) swaps and (d) other financial transactions not requiring the delivery of physical commodities;

(vi)  make loans, but this restriction shall not prevent the Fund from (a) investing in debt obligations, (b) investing in repurchase agreements or (c) lending portfolio securities, provided, however, that it may not lend securities if, as a result, the aggregate value of all securities loaned would exceed 33% of its total assets (taken at market value at the time of such loan);4

3  Currently, under the 1940 Act, for a Fund to be classified as a diversified investment company, at least 75% of the value of the Fund's total assets must be represented by cash and cash items (including receivables), government securities, securities of other investment companies, and securities of other issuers, which for the purposes of this calculation are limited in respect of any one issuer to an amount (valued at the time of investment) not greater in value than 5% of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

4  This restriction shall not apply to loans made in accordance with the InterFund Program or other exemptive relief that may be granted by the SEC to the Funds with regard to interfund lending.


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(vii)  (for Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund only) borrow, except from banks, other affiliated funds and other entities to the extent permitted under the 1940 Act;5,6

(for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) borrow, except that the Fund may (a) borrow up to 10% of its total assets, taken at market value at the time of such borrowing, as a temporary measure for extraordinary or emergency purposes, but not to increase portfolio income (the total of reverse repurchase agreements and such borrowings will not exceed 10% of total assets, and the Fund will not purchase securities when its borrowings exceed 5% of total assets) and (b) enter into transactions in options;6

(viii)  (for each Fund except Short-Term Bond Fund) invest in a security if more than 25% of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

(for Short-Term Bond Fund only) invest in a security if more than 25% of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry. For purposes of this limitation, the Fund will not invest more than 25% of its total assets in each of the following sectors (each sector measured separately): commercial (non-agency) mortgage-backed securities, residential (non-agency) mortgage-backed securities or asset-backed securities. This restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities; or

(ix)  (for Hedged Equity Fund, Phineus Long/Short Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Global Sustainable Equities Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund only) issue any senior security, except to the extent permitted under the 1940 Act;7

(for Market Neutral Income Fund, Convertible Fund, Growth Fund, and Growth and Income Fund only) issue any senior security, except that the Market Neutral Income Fund may sell securities short.7

The Phineus Long/Short Fund was previously classified as a non-diversified investment company. Pursuant to current positions of the SEC staff, the Phineus Long/Short Fund's classification has changed from non-diversified to diversified, and the Phineus Long/Short Fund will not be able to become non-diversified unless it seeks and obtains the approval of shareholders. Accordingly, the Phineus Long/Short Fund may not make any investment inconsistent with its classification as a diversified company under the 1940 Act.3

The above restrictions are fundamental policies and may not be changed with respect to a Fund without the approval of a "majority" of the outstanding shares of that Fund, which for this purpose means the approval of the lesser of (a) more than 50% of the outstanding voting securities of that Fund or (b) 67% or more of the outstanding shares if the holders of more than 50% of the outstanding shares of that Fund are present or represented at the meeting by proxy.

3  Currently, under the 1940 Act, for a Fund to be classified as a diversified investment company, at least 75% of the value of the Fund's total assets must be represented by cash and cash items (including receivables), government securities, securities of other investment companies, and securities of other issuers, which for the purposes of this calculation are limited in respect of any one issuer to an amount (valued at the time of investment) not greater in value than 5% of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

5  None of these Funds, other than Phineus Long/Short Fund, intends to purchase securities when its borrowings exceed 5% of total assets.

6  Each Fund's borrowing practices are limited by the 1940 Act. Currently, under the 1940 Act, a Fund may borrow in an aggregate amount not exceeding 33 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.

7  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.


34


With regard to all Funds other than Phineus Long/Short Fund and except as noted below, in addition to the fundamental restrictions listed above, and as a non-fundamental policy:

(a)  (for each Fund except Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, and Short-Term Bond Fund) no Fund may invest in shares of other open-end investment companies, except as permitted by the 1940 Act;8

(for Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Global Sustainable Equities Fund and Short-Term Bond Fund) To the extent other Calamos Funds invest in the Fund in reliance on section 12(d)(1)(G), the Fund may not acquire any securities of registered open-end investment companies or unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the 1940 Act;8

(b)  no Fund may invest in companies for the purpose of exercising control or management;

(c)  no Fund may purchase securities on margin (except for use of such short-term credits as are necessary for the clearance of transactions, including transactions in options, futures and options on futures), or participate on a joint or a joint and several basis in any trading account in securities, except in connection with transactions in options, futures and options on futures;

(d)  no Fund may make short sales of securities, except that the Fund may make short sales of securities (i) if the Fund owns an equal amount of such securities, or owns securities that are convertible or exchangeable, without payment of further consideration, into an equal amount of such securities, (ii) other than those described in clause (i), provided that no more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales other than those described in clause (i);

(e)  (for each Fund except Short-Term Bond Fund) no Fund may invest more than 25% of its net assets (valued at time of purchase) in securities of foreign issuers (other than securities represented by ADRs and securities guaranteed by a U.S. person), except that Total Return Bond Fund may invest up to 35% of its net assets in securities of foreign issuers, and each of Global Convertible Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund and Global Sustainable Equities Fund may invest up to all of its net assets in securities of foreign issuers;

(f)  (for Hedged Equity Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Dividend Growth Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund) no Fund may invest more than 15% under regulatory rules (or 10% in the case of each other Fund) of the Fund's net assets (taken at market value at the time of each purchase) in illiquid investments that are assets, including repurchase agreements maturing in more than seven days;

(g)  (for Hedged Equity Fund, Convertible Fund, Global Convertible Fund, Growth and Income Fund, and Global Opportunities Fund) Consistent with the Fund's investment objective and principal investment strategies the Fund's investment adviser views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles;

(h)  (for Market Neutral Income Fund) Consistent with the Fund's investment objective and principal investment strategies may engage in a long/short equity investment strategy and total return swaps to reduce exposure to broader market risk and volatility; or

(i)  (for Short-Term Bond Fund) The Fund may not invest more than 20% of its net assets (valued at the time of purchase) in non-U.S. debt securities, including non-dollar denominated debt securities and emerging markets securities.

8  Under Section 12(d)(1)(A) of the 1940 Act, each Fund generally must limit its investment in other investment companies so that, as determined immediately after a Fund invests in another investment company: (i) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (ii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies; and (iii) not more than 3% of the outstanding voting shares of any one investment company will be owned by the Fund, except as permitted under the 1940 Act, the rules thereunder or SEC exemptive relief. Currently, under the 1940 Act, the rules thereunder and SEC exemptive relief, a Fund may invest in other investment companies in excess of the above limitations if certain requirements are met, including (i) that the Fund complies with Rule 12d1-4 under the 1940 Act or (ii) that any Fund whose shares are acquired by another Fund in accordance with Section 12(d)(1)(G) of the 1940 Act shall not purchase securities of a registered open-end investment company or registered unit investment trust in reliance on either Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act. Each Fund may also invest without limitation in money market funds, provided that the Fund complies with Rule 12d1-1 under the 1940 Act. These limitations do not apply in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company.


35


In addition to the fundamental restrictions listed above, and as a non-fundamental policy Phineus Long/ Short Fund may not:

(a)  invest in shares of other investment companies, except as permitted by the 1940 Act;8

(b)  invest in companies for the purpose of exercising control or management;

(c)  under regulatory rules, invest more than 15% of its net assets (taken at market value at the time of each purchase) in illiquid investments that are assets, including repurchase agreements maturing in more than seven days; or

(d)  exceed the following maximum percentages, as applicable, for naked option positions on single issuer securities (excluding ETF and index hedges), judged as notional exposure of naked option position:

(i)  5% notional exposure for the aggregate naked puts on single issuer securities;

(ii)  3% notional exposure for the aggregate naked calls on single issuer securities;

(iii)  10% aggregate exposure for all naked calls on single issuer securities in the portfolio; and

(iv)  10% aggregate exposure for all naked puts on single issuer securities in the portfolio.

The non-fundamental investment restrictions above may be changed by the board of trustees without shareholder approval. Notwithstanding the foregoing investment restrictions, a Fund may purchase securities pursuant to the exercise of subscription rights, subject to the condition that such purchase will not result in the Fund's ceasing to be a diversified investment company. Far Eastern and European corporations frequently issue additional capital stock by means of subscription rights offerings to existing shareholders at a price substantially below the market price of the shares. The failure to exercise such rights would result in the Fund's interest in the issuing company being diluted. The market for such rights is not well developed in all cases and, accordingly, the Fund may not always realize full value on the sale of rights. The exception applies in cases where the limits set forth in the investment restrictions would otherwise be exceeded by exercising rights or would have already been exceeded as a result of fluctuations in the market value of the Fund's portfolio securities with the result that the Fund would be forced either to sell securities at a time when it might not otherwise have done so, to forego exercising the rights.

MANAGEMENT

TRUSTEES AND OFFICERS

The management of the Trust, including general supervision of the duties performed for each Fund under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee's earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years.

The following table sets forth each trustee's name, year of birth, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each trustee oversees each Fund of the Trust.


36


TRUSTEES WHO ARE INTERESTED PERSONS OF THE TRUST:

Name and
Year of Birth
  Position(s) and
Length of Time
with the Trust
  Portfolios in
Fund Complex^
Overseen
  Principal Occupation(s)
During the Past 5 Years
and Other Directorships
  Experience,
Qualifications,
Attributes,
Skills for Board
Membership
 
John P. Calamos, Sr.
(1940)*
 

Chairman, Trustee and President (since 1988)

 

27

 

Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC and its predecessor ("Calamos Advisors") and Calamos Wealth Management LLC ("CWM"); Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor ("CFS"), CAM, CILLC, Calamos Advisors, and CWM

 

Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree

 

TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:

Name and
Year of Birth
  Position(s) and
Length of Time
with the Trust
  Portfolios in
Fund Complex^
Overseen
  Principal Occupation(s)
During the Past 5 Years
and Other Directorships
  Experience,
Qualifications,
Attributes,
Skills for Board
Membership
 
John E. Neal
(1950)
 

Trustee (since 2001); Lead Independent Trustee (since July 2019)

 

28

 

Retired; private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook, Illinois community bank); formerly, Director, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018)

 

Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree

 

William R. Rybak (1951)

 

Trustee (since 2002)

 

27

 

Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series Trust and JNL Investors Series Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series Trust (2018-2020) and JNL Strategic Income Fund LLC (2007-2018), (open-end mutual funds)**; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000)

 

Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree

 


37


Name and
Year of Birth
  Position(s) and
Length of Time
with the Trust
  Portfolios in
Fund Complex^
Overseen
  Principal Occupation(s)
During the Past 5 Years
and Other Directorships
  Experience,
Qualifications,
Attributes,
Skills for Board
Membership
 

Virginia G. Breen (1964)

 

Trustee (since 2015)

 

27

 

Private Investor; Director, Tech and Energy Transition Corporation (blank check company) (since 2021); Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)***; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (since 2004); Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)****

 

Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree

 

Lloyd A. Wennlund (1957)

 

Trustee (since 2018)

 

27

 

Trustee and Chairman, Datum One Series Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019)

 

More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies

 


38


Name and
Year of Birth
  Position(s) and
Length of Time
with the Trust
  Portfolios in
Fund Complex^
Overseen
  Principal Occupation(s)
During the Past 5 Years
and Other Directorships
  Experience,
Qualifications,
Attributes,
Skills for Board
Membership
 

Karen L. Stuckey (1953)

 

Trustee (since December 2019)

 

27

 

Member of Desert Mountain Community Foundation Advisory Board (non-profit organization) (2015-2021); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1975-1990); Member of Executive, Nominating, and Audit Committees and Chair of Finance Committee (1992-2006); Emeritus Trustee (since 2007) of Lehigh University; member, Women's Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of OppenheimerFunds (open-end mutual funds) (2012-2019)

 

More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies

 

Christopher M. Toub (1959)

 

Trustee (since December 2019)

 

27

 

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

 

^  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 and Calamos-Avenue Opportunities Fund.

*  Mr. Calamos, Sr. is an "interested person" of the Trust as defined in the 1940 Act because he is an officer of the Trust and an affiliate of Calamos Advisors and CFS.

**  Overseeing 131 portfolios in fund complex.

***  Overseeing twenty-one portfolios in fund complex.

****  Overseeing three portfolios in fund complex.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

OFFICERS. The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee and President of the Trust. The following table sets forth each other officer's name, year of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

Name and Year of Birth

 

Position(s) with Trust

 

Principal Occupation(s)

 

Robert Behan (1964)

 

Vice President (since 2013)

 

Executive Vice President, Chief Distribution Officer (since 2021), CAM, CILLC, Calamos Advisors, and CFS; prior thereto President (2015-2021), Head of Global Distribution (2013-February 2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013), Head of US Intermediary Distribution (2010-2013)

 

Thomas E. Herman (1961)

 

Vice President (since 2016) and Chief Financial Officer (2016-2017 and since 2019)

 

Executive Vice President (since 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); prior thereto Chief Financial Officer and Treasurer, Harris Associates (2010-2016)

 

J. Christopher Jackson (1951)

 

Vice President and Secretary (since 2010)

 

Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2010); Director, Calamos Global Funds plc (since 2011)

 


39


Name and Year of Birth

 

Position(s) with Trust

 

Principal Occupation(s)

 

John S. Koudounis (1966)

 

Vice President (since 2016)

 

President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.

 

Mark J. Mickey (1951)

 

Chief Compliance Officer (since 2005)

 

Chief Compliance Officer, Calamos Funds (since 2005)

 

Stephen Atkins (1965)

 

Treasurer (since 2020)

 

Senior Vice President, Head of Fund Administration (since 2020), Calamos Advisors; prior thereto Consultant, Fund Accounting and Administration, Vx Capital Partners (2019-2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018)

 

Daniel Dufresne (1974)

 

Vice President (since June 30, 2021)

 

Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2021); 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)

 

The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563.

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

Executive Committee. Messrs. John Calamos and John E. Neal are members of the executive committee, which has authority during intervals between meetings of the board of trustees to exercise the powers of the board, with certain exceptions. John Calamos is an interested trustee of the Trust.

Dividend Committee. Mr. John Calamos serves as the sole member of the dividend committee. The dividend committee is authorized, subject to Board review, to declare distributions on the shares of the Trust's series in accordance with such series' distribution policies, including, but not limited to, regular dividends, special dividends and short- and long-term capital gains distributions.

Audit Committee. Messrs. Neal, Rybak (Chair), Toub and Wennlund and Mses. Breen and Stuckey serve on the audit committee. The audit committee operates under a written charter adopted and approved by the board. The audit committee selects independent auditors, approves services to be rendered by the auditors, monitors the auditors' performance, reviews the results of the Trust's audit and responds to other matters deemed appropriate by the board. All members of the audit committee are independent trustees of the Trust.

Valuation Committee. Messrs. Neal, Rybak, Toub, and Wennlund (Chair) and Mses. Breen and Stuckey serve on the valuation committee. The valuation committee operates under a written charter approved by the board. The valuation committee oversees valuation matters of the Trust delegated to the pricing committee, including the fair valuation determinations and methodologies proposed and utilized by the pricing committee, reviews the Trust's valuation procedures and their application by the pricing committee, reviews pricing errors and procedures for calculation of net asset value of each series of the Trust and responds to other matters deemed appropriate by the board.

Governance Committee. Messrs. Neal, Rybak, Toub and Wennlund and Mses. Breen (Chair) and Stuckey serve on the governance committee. The governance committee operates under a written charter adopted and approved by the board. The governance committee oversees the independence and effective functioning of the board of trustees and endeavors to be informed about good practices for mutual fund boards. It also makes recommendations to the board regarding compensation of independent trustees. The governance committee also functions as a nominating committee by making recommendations to the board of trustees regarding candidates for election as non-interested trustees. The governance committee looks to many sources for


40


recommendations of qualified trustees, including current trustees, employees of Calamos Advisors, current shareholders of the Funds, search firms that are compensated for their services and other third party sources. Any such search firm identifies and evaluates potential candidates, conducts screening interviews and provides information to the governance committee with respect to the individual candidates and the market for available candidates. In making trustee recommendations, the governance committee considers a number of factors, including a candidate's background, integrity, knowledge and relevant experience. These factors are set forth in an appendix to the committee's charter. Any prospective candidate is interviewed by the trustees and officers, and references are checked. The governance committee will consider shareholder recommendations regarding potential trustee candidates that are properly submitted to the governance committee for its consideration.

A Fund shareholder who wishes to propose a trustee candidate must submit any such recommendation in writing via regular mail to the attention of the Trust's Secretary, at the address of the Trust's principal executive offices. The shareholder recommendation must include:

•  the number and class of all shares of the Trust's series owned beneficially or of record by the nominating shareholder at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially;

•  a full listing of the proposed candidate's education, experience (including knowledge of the investment company industry, experience as a director or senior officer of public or private companies, and directorships on other boards of other registered investment companies), current employment, date of birth, business and residence address, and the names and addresses of at least three professional references;

•  information as to whether the candidate is, has been or may be an "interested person" (as such term is defined in the 1940 Act) of the Trust, Calamos Advisors or any of its affiliates, and, if believed not to be or have been an "interested person," information regarding the candidate that will be sufficient for the committee to make such determination;

•  the written and signed consent of the candidate to be named as a nominee and to serve as a trustee of the Trust, if elected;

•  a description of all arrangements or understandings between the nominating shareholder, the candidate and/or any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, and if none, so specify;

•  the class or series and number of all shares of the Trust's series owned of record or beneficially by the candidate, as reported by the candidate; and

•  such other information that would be helpful to the governance committee in evaluating the candidate.

The governance committee may require the nominating shareholder to furnish other information it may reasonably require or deem necessary to verify any information furnished pursuant to the procedures delineated above or to determine the qualifications and eligibility of the candidate proposed by the nominating shareholder to serve as a trustee. If the nominating shareholder fails to provide such additional information in writing within seven days of receipt of written request from the governance committee, the recommendation of such candidate will be deemed not properly submitted for consideration, and the governance committee is not required to consider such candidate.

Unless otherwise specified by the governance committee's chairman or by legal counsel to the non-interested trustees, the Trust's Secretary will promptly forward all shareholder recommendations to the governance committee's chairman and the legal counsel to the non-interested trustees, indicating whether the shareholder recommendation has been properly submitted pursuant to the procedures adopted by the governance committee for the consideration of trustee candidates nominated by shareholders.

Recommendations for candidates as trustees will be evaluated, among other things, in light of whether the number of trustees is expected to change and whether the trustees expect any vacancies. During periods when the governance committee is not actively recruiting new trustees, shareholder recommendations will be kept on file until active recruitment is under way. After consideration of a shareholder recommendation, the governance committee may dispose of the shareholder recommendation.

In addition to the above committees, there is a pricing committee, appointed by the board of trustees, comprised of officers of the Trust and employees of Calamos Advisors.


41


The following table identifies the number of meetings the board and each committee held during the fiscal year ended October 31, 2021.

    Number of
Meetings During
Fiscal Year Ended
October 31, 2021
 

Board

   

6

   

Executive Committee

   

0

   

Audit Committee

   

4

   

Governance Committee

   

2

   

Dividend Committee

   

12

   

Valuation Committee

   

4

   

LEADERSHIP STRUCTURE AND QUALIFICATIONS OF THE BOARD OF TRUSTEES. The board of trustees is responsible for oversight of the Trust. The Trust has engaged Calamos Advisors to manage the Funds on a day-to-day basis. The board of trustees oversees Calamos Advisors and certain other principal service providers in the operations of the Funds. The board of trustees is currently composed of seven members, six of whom are non-interested trustees. The board of trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, the board may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, the board of trustees has established five standing committees — Audit, Dividend, Executive, Governance and Valuation — and may establish ad hoc committees or working groups from time to time to assist the board of trustees in fulfilling its oversight responsibilities. The non-interested trustees also have engaged independent legal counsel to assist them in fulfilling their responsibilities. Such independent legal counsel also serves as counsel to the Trust.

The chairman of the board of trustees is an "interested person" of the Trust (as such term is defined in the 1940 Act). The non-interested trustees have appointed a lead independent trustee. The lead independent trustee serves as a liaison between Calamos Advisors and the non-interested trustees and leads the non-interested trustees in all aspects of their oversight of the Funds. Among other things, the lead independent trustee reviews and approves, with the chairman, the agenda for each board and committee meeting and facilitates communication among the Trust's non-interested trustees. The trustees believe that the board's leadership structure is appropriate given the characteristics and circumstances of the Trust. The trustees also believe that this structure facilitates the exercise of the board's independent judgment in fulfilling its oversight function and efficiently allocates responsibility among committees.

The board of trustees has concluded that, based on each trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other trustees, each trustee should serve as a member of the board. In making this determination, the board has taken into account the actual service of the trustees during their tenure in concluding that each should continue to serve. The board also has considered each trustee's background and experience. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each trustee that led the board to conclude that he or she should serve as a trustee.

Each of Messrs. Calamos, Neal, and Rybak has served for more than ten years as a trustee of the Trust. In addition, each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, Toub, and Wennlund has more than 25 years of experience in the financial services industry. Each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, and Wennlund has experience serving on boards of other entities, including other investment companies. Each of Ms. Breen and Messrs. Calamos, Neal, Rybak and Toub has earned a Masters of Business Administration degree.

RISK OVERSIGHT. The operation of a mutual fund, including its investment activities, generally involves a variety of risks. As part of its oversight of the Funds, the board of trustees oversees risk through various regular board and committee activities. The board of trustees, directly or through its committees, reviews reports from, among others, Calamos Advisors, the Trust's Compliance Officer, the Trust's independent registered public accounting firm, outside legal counsel, and internal auditors of Calamos Advisors or its affiliates, as appropriate, regarding risks faced by the Funds and the risk management programs of Calamos Advisors and certain service providers. The actual day-to-day risk management with respect to the Funds resides with Calamos Advisors and other service providers to the Funds. Although the risk management policies of Calamos Advisors and the service providers are designed to be effective, there is no guarantee that they will anticipate or mitigate all risks. Not all risks that may affect the Funds can be identified, eliminated or mitigated and some risks simply may not be anticipated or may be beyond the control of the board of trustees or Calamos Advisors, its affiliates or other service providers.


42


TRUSTEE AND OFFICER COMPENSATION. John P. Calamos, Sr., the trustee who is an "interested person" of the Trust, does not receive compensation from the Trust. Although they are compensated, the non-interested trustees do not receive any pension or retirement benefits from the Trust. Mr. Mickey is the only Trust officer who receives compensation from the Trust. The following table sets forth the total compensation (including any amounts deferred, as described below) paid by the Trust during the periods indicated to each of the current trustees and officers compensated by the Trust.

Name

  Aggregate
Compensation
from the Trust
11/1/20-10/31/21
  Total
Compensation
from Calamos
Funds
Complex(2)
11/1/20-10/31/21
 

John P. Calamos

 

$

0

   

$

0

   

Virginia G. Breen

 

$

118,906

   

$

175,000

   

John E. Neal(1)

 

$

139,711

   

$

220,000

   

William R. Rybak

 

$

125,841

   

$

185,000

   

Karen L. Stuckey

 

$

111,971

   

$

165,000

   

Christopher M. Toub

 

$

111,971

   

$

165,000

   

Lloyd A. Wennlund

 

$

118,906

   

$

175,000

   

Mark J. Mickey

 

$

134,765

   

$

194,211

   

(1)  Includes fees deferred during the relevant period pursuant to a deferred compensation plan. Deferred amounts are treated as though such amounts have been invested and reinvested in shares of one or more of the Funds as selected by the trustee. As of October 31, 2021 the value of the deferred compensation account of Mr. Neal was $3,022,849.

(2)  The Fund Complex consists of the 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 and Calamos-Avenue Opportunities Fund.

The compensation paid to the non-interested trustees of Calamos Funds for their services as such consists of an annual retainer fee in the amount of $120,000, 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 regular or special board meeting attended in person, $3,500 for any regular or special board meeting attended by telephone, $3,000 for any committee meeting attended in person or by telephone, and $1,500 per ad-hoc committee meeting to the ad-hoc committee chair.

Compensation paid to the non-interested trustees is allocated among the series of the Calamos Funds in accordance with a procedure determined from time to time by the board.

The Trust has adopted a deferred compensation plan for non-interested trustees (the "Plan"). Under the Plan, a trustee who is not an "interested person" of Calamos Advisors and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his or her compensation from the Trust in order to defer payment of income taxes or for other reasons. The deferred compensation payable to the participating trustee is credited to the trustee's deferred compensation account as of the business day such compensation otherwise would have been paid to the trustee. The value of a trustee's deferred compensation account at any time is equal to what the value would be if the amounts credited to the account had instead been invested in Class I shares of one or more of the Funds as designated by the trustee. Thus, the value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. If a participating trustee retires, the trustee may elect to receive payments under the plan in a lump sum or in equal annual installments over a period of five years. If a participating trustee dies, any amount payable under the Plan will be paid to the trustee's beneficiaries. Each Fund's obligation to make payments under the Plan is a general obligation of that Fund. No Fund is liable for any other Fund's obligations to make payments under the Plan.


43


At December 31, 2021, each trustee beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("1934 Act")) shares of the respective Funds, and of all funds in the Fund Complex having values within the indicated dollar ranges.*


  Market Neutral
Income Fund
  Hedged
Equity Fund
  Phineus
Long/Short Fund
 

Convertible Fund

 

John P. Calamos, Sr.(1)

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Virginia G. Breen

 

None

 

None

 

Over $100,000

 

None

 

John E. Neal

 

Over $100,000

 

None

 

Over $100,000

 

None

 

William R. Rybak

  $10,001 — $50,000  

None

 

None

  $50,001 — $100,000  

Karen L. Stuckey

 

Over $100,000

 

None

 

None

 

Over $100,000

 

Christopher M. Toub

 

None

 

Over $100,000

  $10,001 — $50,000  

None

 

Lloyd A. Wennlund

  $10,001 — $50,000  

None

  $10,001 — $50,000   $10,001 — $50,000  

  Global Convertible
Fund
  Timpani Small
Cap Growth Fund
  Timpani SMID
Growth Fund
 

Growth Fund

 

John P. Calamos, Sr.(1)

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Virginia G. Breen

 

None

 

None

 

None

 

None

 

John E. Neal

 

None

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

William R. Rybak

 

None

 

None

 

None

 

Over $100,000

 

Karen L. Stuckey

 

None

 

None

 

None

 

None

 

Christopher M. Toub

  $10,001 — $50,000   $10,001 — $50,000  

None

 

None

 

Lloyd A. Wennlund

 

None

  $10,001 — $50,000   $10,001 — $50,000  

None

 

  Growth and Income
Fund
  Dividend Growth
Fund
 

Select Fund

  International
Growth Fund
 

John P. Calamos, Sr.(1)

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Virginia G. Breen

 

None

 

None

 

None

 

None

 

John E. Neal

 

Over $100,000

 

None

 

Over $100,000

 

Over $100,000

 

William R. Rybak

  $50,001 — $100,000  

None

  $50,001 — $100,000  

None

 

Karen L. Stuckey

 

None

 

None

 

None

 

None

 

Christopher M. Toub

 

None

 

None

 

None

 

None

 

Lloyd A. Wennlund

 

None

 

None

  $10,001 — $50,000  

None

 

  Evolving World
Growth Fund
  Global Equity
Fund
  Global
Opportunities
Fund
  Total Return
Bond Fund
 

John P. Calamos, Sr.(1)

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Virginia G. Breen

 

None

 

None

 

None

 

None

 

John E. Neal

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

William R. Rybak

 

None

 

None

  $50,001 — $100,000  

None

 

Karen L. Stuckey

 

None

 

None

 

None

 

None

 

Christopher M. Toub

 

None

 

None

 

None

 

None

 

Lloyd A. Wennlund

 

None

 

None

 

None

 

None

 

  High Income
Opportunities
Fund
  Short-Term
Bond Fund
  Global Sustainable
Equities Fund
  Aggregate Dollar
Range of Shares
of All Funds in
the Fund Complex
 

John P. Calamos, Sr.(1)

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Over $100,000

 

Virginia G. Breen

 

None

 

None

 

None

 

Over $100,000

 

John E. Neal

 

Over $100,000

 

None

 

None

 

Over $100,000

 

William R. Rybak

  $50,001 — $100,000  

None

 

None

 

Over $100,000

 

Karen L. Stuckey

 

None

 

None

 

None

 

Over $100,000

 

Christopher M. Toub

 

None

 

None

 

None

 

Over $100,000

 

Lloyd A. Wennlund

 

None

 

None

 

None

 

Over $100,000

 

(1)  Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

*  Valuation as of December 31, 2021.


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None of the independent trustees (those trustees) who are not "interested persons" of the Trust as defined in the 1940 Act) own beneficially or of record, any security of Calamos Advisors, CFS, or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with Calamos Advisors or CFS.

CODE OF ETHICS. Employees of Calamos Advisors and Calamos Financial Services LLC ("CFS"), the Funds' distributor, are permitted to make personal securities transactions, including transactions in securities that the Trust may purchase, sell or hold, subject to requirements and restrictions set forth in the Code of Ethics of the Trust, Calamos Advisors and CFS. The Code of Ethics adopted pursuant to Rule 17j-1 under the 1940 Act contains provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities of Calamos Advisors and CFS employees and the interests of investment advisory clients such as the Trust. Among other things, the Code of Ethics prohibits certain types of transactions absent prior approval, imposes time periods during which personal transactions may not be made in certain securities, and requires the submission of duplicate broker confirmations and statements and quarterly reporting of securities transactions. Additional restrictions apply to portfolio managers, traders, research analysts and others involved in the investment advisory process. Exceptions to these and other provisions of the Code of Ethics may be granted in particular circumstances after review by appropriate personnel.

Affiliates of Calamos Advisors and CFS, CAM, CILLC, Calamos Partners LLC ("CPL"), Calamos Family Partners, Inc. ("CFP") and the owners of these affiliates, which include John P. Calamos, Sr. and members of his family ("Calamos Family"), may invest in products managed by Calamos Advisors to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in the Code of Ethics, investments made by CAM, CILLC, CPL, CFP and the Calamos Family in products managed by Calamos Advisors are not subject to restrictions of the Code of Ethics regarding short term or speculative trading. As a result, such entities or individuals may hedge corporate or personal investments in such products. However, these hedging transactions are subject to pre-clearance by the Compliance Department and reporting to the CAM Audit Committee. In addition, the trading execution order must be (1) products or accounts managed by Calamos Advisors (2) CAM, (3) CILLC, (4) and CPL, CFP and/or the Calamos Family. All other provisions of the Code of Ethics are otherwise applicable.

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any customer activity.

PROXY VOTING PROCEDURES. Each Fund has delegated proxy voting responsibilities to Calamos Advisors, subject to the board of trustees' general oversight. Each Fund expects Calamos Advisors to vote proxies related to that Fund's portfolio securities for which the Fund has voting authority consistent with the Fund's best interests. Calamos Advisors has adopted its own Proxy Voting Policies and Procedures, one for sustainable investment strategies (the "Sustainable Investment Proxy Policies") and one for all other strategies (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 Sustainable Investment Proxy Policies consider all stakeholders, including the environment, society at large, local communities, and employees, and are oriented to reflect long-term impact.

The following is a summary of the Policies used by Calamos Advisors in voting proxies.

To assist it in voting proxies, Calamos Advisors has established a Proxy Review Committee ("committee") comprised of members of its Portfolio Management (which may include portfolio managers and/or research analysts), Operations, Legal and Compliance Departments. The committee and/or its members will vote proxies using the following guidelines.

In general, if Calamos Advisors believes that a company's management and board have interests sufficiently aligned with the Fund's interest, Calamos Advisors will vote in favor of proposals recommended by the company's board. More specifically, Calamos Advisors seeks to ensure that the board of directors of a company is sufficiently aligned with security holders' interests and provides proper oversight of the company's management. In many cases this may be best accomplished by having a majority of independent board members. Calamos generally prefers that key committees such as audit, nominating, and compensation committees be comprised of independent directors. Additionally, under the Sustainable Investment Proxy Policies, Calamos Advisors will vote its proxies in an effort to mitigate negative environmental and societal impact and encourage positive environmental and social behavior, which Calamos Advisors believes is beneficial to all stakeholders.

Because of the enormous variety and complexity of transactions that are presented to shareholders, such as mergers, acquisitions, reincorporations, adoptions of anti-takeover measures (including adoption of a shareholder rights plan, requiring supermajority voting on particular issues, adoption of fair price provisions, issuance of blank check preferred stocks and the creation of a separate class of stock with unequal voting rights), changes to capital structures (including authorizing additional shares,


45


repurchasing stock or approving a stock split), executive compensation and option plans, that occur in a variety of industries, companies and market cycles, it is extremely difficult to foresee exactly what would be in the best interests of a Fund in all circumstances. Moreover, voting on such proposals involves considerations unique to each transaction. Accordingly, Calamos Advisors will vote on a case-by-case basis on proposals presenting these transactions. Under the Sustainable Investment Proxy Policies, Calamos Advisors will also vote on proposals presenting special interest issues on a case-by-case basis, given that developing a position on such issues involves considering factors such as: (i) the long-term benefit to shareholders of promoting corporate accountability and responsibility on social issues; (ii) management's responsibility with respect to special interest issues; (iii) any economic costs and restrictions on management; and (iv) the responsibility of Calamos Advisors to vote proxies for the greatest long-term shareholder value.

Calamos Advisors has assigned its administrative duties with respect to the proxy analysis and voting decisions to the "Proxy Group" (the Investment team — research analysts and portfolio management), and administrative processing to its Corporate Actions Group within the Operations Department. To assist it in analyzing proxies, Calamos subscribes to Glass Lewis an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas, and voting recommendations. Glass Lewis facilitates the voting of each proxy by applying Calamos' custom proxy voting rules ("proxy voting policy") to the proposal(s). Any proxy proposal that is not covered by the proxy voting guidelines is reviewed and considered by Calamos' proxy group and voted in accordance with that review. Calamos has two sets of custom proxy voting rules: environmental, social and governance ("ESG") proxy voting rules, and non-ESG proxy voting rules.

Finally, Calamos Advisors has established procedures to help resolve conflicts of interests that might arise when voting proxies for the Funds. Calamos will generally apply its proxy voting policy to proxy proposals regardless if a conflict has been identified. However, in these situations, the Proxy Group will refer the proxy proposal, along with the recommended course of action, if any, to the Proxy Review Committee or a subcommittee thereof (each, "committee") for evaluation. The committee will independently review the proposals and determine the appropriate action to be taken. The committee will then memorialize the conflict and the procedures used to address the conflict.

The Trust is required to file with the SEC its complete proxy voting record for the 12-month period ending June 30, by no later than August 31 of each year. The Trust's proxy voting record for the most recent 12-month period ending June 30 is available by August 31 of each year (1) on the SEC's website at www.sec.gov, and (2) without charge, upon request, by calling 800-582-6959.

You may obtain a copy of Calamos Advisors' Policies by calling 800.582.6959, by visiting Calamos Advisors' website at www.calamos.com, by writing Calamos Advisors at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the SEC's website at www.sec.gov.

DISCLOSURE OF PORTFOLIO HOLDINGS. The board of trustees, including a majority of the non-interested trustees, has adopted policies and procedures to govern the disclosure of portfolio security holdings. The board of trustees considered the circumstances under which portfolio security holdings may be disclosed to different categories of persons and how to address actual and potential conflicts of interests between the interests of the Funds' shareholders, on the one hand, and those of Calamos Advisors and CFS, on the other. After giving due consideration to such matters and after exercising their fiduciary duties and reasonable business judgment, the board of trustees determined that the Funds have a legitimate business purpose for disclosing portfolio security holdings to the persons described in the policies and procedures, and that the policies and procedures are reasonably designed to ensure that disclosures of portfolio security holdings are not opposed to the best interests of shareholders and appropriately address the potential for material conflicts of interest.

Calamos Advisors and CFS carry out the policies and procedures governing disclosure of portfolio security holdings, and as such have access to information regarding portfolio security holdings on a daily basis and may disclose that information to the Funds' service providers and other third parties only in accordance with the policies and procedures adopted by the board of trustees.

Disclosure to the Public

A complete list of portfolio holdings as of the last business day of the preceding calendar month may be disclosed no earlier than 30 days after the end of the previous calendar month.

A subset of each Fund's portfolio security holdings "top ten" list may be disclosed no earlier than 10 days after the end of the previous calendar month.


46


Portfolio attribution, any information relating to a Fund's portfolio characteristics, such as, but not limited to, industries or sectors within a Fund, income distributions, potential capital gains, beta, average weighted average, current yield, or SEC yield may be disclosed on a ten (10) day lag.

Based on an internal exception process and review of conflicts of interest, the Funds may publicly disclose whether an individual security is, or is not, owned by a Fund if the Funds determine that the disclosure is not opposed to the best interests of shareholders and any conflicts of interest are addressed. Such an exception shall be reported to the Funds' Board of Trustees at the next scheduled meeting.

The Funds' 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, 2021, the following rating or ranking agencies are provided portfolio security holdings information in connection with the above procedures: Standard & Poor's Financial Services, LLC, Bloomberg LP, Refinitiv, Morningstar, Inc., and FactSet Financial Research Systems, Inc.

Disclosure to Third Parties. Portfolio security holdings may be disclosed more frequently than described above to third parties, with little or no lag time, when a Fund has a legitimate business purpose for doing so. The frequency and lag time of such disclosure is based upon each party's need for the information. Third parties include, but are not limited to, each Fund's investment adviser, principal underwriter, custodian, transfer agent, administrator, fund accounting agent, financial accounting agent, independent auditors, attorneys or such other selected third parties. As of December 31, 2021, the following parties receive non-public portfolio security holdings disclosure: Calamos Advisors, CFS, State Street Bank and Trust Company, Ernst & Young LLP, U.S. Bank Global Fund Services, Deloitte & Touche LLP, Ropes & Gray LLP, DFIN and Toppan Merrill. The third parties have a duty to keep the Funds' non-public information confidential either through written contractual arrangements with the Funds or Calamos Advisors, or by the nature of their fiduciary duty with respect to the Funds, which includes a duty of confidentiality and a duty to refrain from trading on non-public information. The Funds may be harmed if the service providers breach any non-contractual duty to keep the Funds' non-public information confidential as the Funds may have no contractual remedies or recourse against such breaching parties.

In addition, the Funds, Calamos Advisors, CFS and the Funds' administrator and custodian may, for legitimate business purposes within the scope of their duties and responsibilities, disclose portfolio security holdings (whether a complete list of portfolio security holdings or a subset thereof) and other positions comprising the Funds' assets to one or more broker-dealers or foreign custodians during the course of, or in connection with, normal day-to-day securities and derivative transactions with or through such broker-dealers or foreign custodians, subject to such broker-dealer's obligation and/or foreign custodian's fiduciary duty not to disclose or use material, non-public information concerning the Funds' portfolio security holdings without the consent of the Funds or their agents. Any such disclosure must be approved in writing by Calamos Advisors' General Counsel or, in his absence, the Trust's Chief Compliance Officer.

Disclosures required by Applicable Law. The Funds, Calamos Advisors and CFS may disclose portfolio security holdings information of the Funds as may be required by applicable law, rule, regulation or court order. Any officer of the Funds, Calamos Advisors or CFS is authorized to disclose portfolio security holdings pursuant to these policies and procedures.

As part of the Funds' compliance program under Rule 38a-1 under the 1940 Act, the Trust's Chief Compliance Officer periodically will review or cause to be reviewed portfolio security holding disclosures in order to seek compliance with these policies and procedures. The board of trustees will oversee disclosures through the reporting of the Chief Compliance Officer.

The Funds, Calamos Advisors and CFS do not receive compensation or other consideration for the disclosure of portfolio security holdings.

INVESTMENT ADVISORY SERVICES

Investment management and certain other services are provided to the Trust by Calamos Advisors pursuant to a Management Agreement (the "Management Agreement") dated August 1, 2000, as amended. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For more information, see the prospectus under "Who manages the Funds?"


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Each Fund pays Calamos Advisors a fee based on its average daily net assets that is accrued daily and paid on a monthly basis.

Each of Market Neutral Income Fund, Hedged Equity Fund, Convertible Fund, and Growth and Income Fund pays a fee on its average daily net assets at the annual rate of 0.75% on the first $500 million, 0.70% on the next $500 million, and 0.65% on average daily net assets in excess of $1 billion.

Phineus Long/Short Fund pays a fee on its average daily net assets at the annual rate of 1.25% on the first $500 million, 1.20% on the next $500 million and 1.15% on average daily net assets in excess of $1 billion.

Global Convertible Fund pays a fee on its average daily net assets at the annual rate of 0.85% on the first $500 million, 0.80% on the next $500 million, and 0.75% on average daily net assets in excess of $1 billion.

Timpani Small Cap Growth Fund pays a fee on its average daily net assets at the annual rate of 0.90% on the first $500 million, 0.80% on the next $500 million, and 0.75% on average daily net assets in excess of $1 billion.

With respect to each Fund in the Calamos Family of Funds (each an "Acquiring Fund") that invests in shares of Timpani Small Cap Growth Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to Timpani Small Cap Growth Fund that is attributable to the Acquiring Fund's investment in Timpani Small Cap Growth Fund, based on daily net assets.

Timpani SMID Growth Fund pays a fee on its average daily net assets at the annual rate of 0.95% on the first $500 million, 0.85% on the next $500 million, and 0.80% on average daily net assets in excess of $1 billion.

With respect to each Acquiring Fund that invests in shares of Timpani SMID Growth Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to Timpani SMID Growth Fund that is attributable to the Acquiring Fund's investment in Timpani SMID Growth Fund, based on daily net assets.

Growth Fund pays a fee on its average daily net assets at the annual rate of 1.00% on the first $500 million, 0.90% on the next $500 million, 0.80% on the next $5 billion (over $1 billion to $6 billion), and 0.70% on average daily net assets in excess of $6 billion.

Each of Dividend Growth Fund, Select Fund, and Global Opportunities Fund pays a fee on its average daily net assets at the annual rate of 1.00%on the first $500 million, 0.95% on the next $500 million, 0.90% on the next $5 billion (over $1 billion to $6 billion), and 0.80% on average daily net assets in excess of $6 billion.

Global Sustainable Equities Fund pays a fee based on its average daily net assets at the annual rate of 0.85%.

Evolving World Growth Fund pays a fee on its average daily net assets at the annual rate of 1.10% on the first $500 million, 1.05% on the next $500 million, 1.00% on the next $5 billion (over $1 billion to $6 billion), and 0.90% on average daily net assets in excess of $6 billion.

Total Return Bond Fund pays a fee on its average daily net assets at the annual rate of 0.45% on the first $500 million, 0.43% on the next $500 million, 0.41% on the next $5 billion (over $1 billion to $6 billion), and 0.35% on average daily net assets in excess of $6 billion.

High Income Opportunities Fund pays a fee on its average daily net assets at the annual rate of 0.60% on the first $500 million, 0.55% on the next $500 million, and 0.50% on average daily net assets in excess of $1 billion.

Short-Term Bond Fund pays a fee on its average daily net assets at the annual rate of 0.30% on the first $500 million, 0.27% on the next $500 million, and 0.25% on average daily net assets in excess of $1 billion.

With respect to each Acquiring Fund that invests in shares of Short-Term Bond Fund, Calamos Advisors agrees to waive an amount equal to the portion of the advisory fee payable to Short-Term Bond Fund that is attributable to the Acquiring Fund's investment in Short-Term Bond Fund, based on daily net assets.

Each of International Growth Fund and Global Equity Fund pays a base fee, subject to possible adjustment based on the Fund's performance, as described in the prospectus. The base fee is at the annual rate of 1.00% on the first $500 million, 0.95% on the next $500 million, 0.90% on the next $5 billion (over $1 billion to $6 billion), and 0.80% on average daily net assets in excess of $6 billion. For International Growth Fund, the performance adjustment equally increases or decreases the fee, on a monthly basis, by 1/12 of 0.03% of the Fund's average daily net assets over the performance measurement period for each full 1% increment amount by which the Fund outperforms or underperforms the MSCI EAFE Growth Index (the "Growth Index") over the performance measurement period on an annualized basis, respectively. For Global Equity Fund, the performance adjustment equally


48


increases or decreases the fee, on a monthly basis, by 1/12 of 0.03% of the Fund's average daily net assets over the performance measurement period for each full 1% increment amount by which the Fund outperforms or underperforms the MSCI World Index (the "World Index") over the performance measurement period on an annualized basis, respectively.

It is possible that the Funds' contractual expense reimbursement agreement with Calamos Advisors may have the effect of increasing the outperformance adjustment to the base fee paid to Calamos Advisors, or decreasing the underperformance adjustment to the base fee paid to Calamos Advisors. The payment and calculation of the performance adjustment is subject to the ultimate supervision of the board of trustees, and the board of trustees has the authority to terminate the contractual expense reimbursement agreement at any time. If the board of trustees determines that another index is appropriate for International Growth Fund or Global Equity Fund, it may designate a successor index to be substituted, subject to approval by shareholders.

The performance measurement period for International Growth Fund began at the start of the first full month of operation (April 1, 2005) and includes the trailing 36 months. The performance measurement period for Global Equity Fund began at the start of the first full month of operation (March 1, 2007) and includes the trailing 36 months. Prior to February 1, 2008, only the base fee was payable, and there was no performance adjustment. Commencing in February 2008, the base fee was subject to adjustment based on the performance of the Fund's Class A shares relative to that of the World Index over the 12 calendar months ended February 29, 2008. For each succeeding month through February 2010, the performance measurement period increased by one month, and thereafter the performance measurement period became the trailing 36 months.

The performance comparison is made at the end of each month. The maximum annualized performance adjustment rate for each of International Growth Fund and Global Equity Fund is +/-0.30% of such Fund's average daily net assets over the performance measurement period. The performance adjustment rate is divided by 12 and multiplied by the Fund's average daily net assets over the performance measurement period, and the resulting dollar amount is then added to or subtracted from the base fee. Calamos Advisors may receive a positive performance adjustment even if the Fund has a negative return over a performance measurement period if it otherwise outperforms its respective Index during that period.

The investment performance of each of International Growth Fund and Global Equity Fund will be the sum of: (1) the change in such Fund's net asset value ("NAV") per Class A share during the performance measurement period; plus (2) the value of such Fund's cash distributions per share accumulated to the end of the performance measurement period; plus (3) the value of capital gains taxes per share paid or payable on undistributed realized long-term capital gains accumulated to the end of the performance measurement period; expressed as a percentage of such Fund's NAV per Class A share at the beginning of the performance measurement period. For this purpose, the value of distributions per share of realized capital gains, of dividends per share paid from investment income and of capital gains taxes per share paid or payable on undistributed realized long-term capital gains shall be treated as reinvested in shares of the Fund at the NAV in effect at the close of business on the record date for the payment of such distributions and dividends and the date on which provision is made for such taxes, after giving effect to such distributions, dividends and taxes.

The investment record of each Index will be the sum of: (1) the change in the level of the Index during the performance measurement period; plus (2) the value, computed consistently with the Index, of cash distributions made by companies whose securities comprise the Index accumulated to the end of the performance management period; expressed as a percentage of the Index level at the beginning of the performance measurement period. For this purpose, cash distributions on the securities which comprise the Index shall be treated as reinvested in the index at least as frequently as the end of each calendar quarter following the payment of the dividend.

Calamos Advisors is a wholly owned subsidiary of Calamos Investments LLC ("CILLC"). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2021, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by Calamos Partners LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners, Inc. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr. In addition, Mr. Koudounis has the option to purchase a controlling interest in CPL upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of CAM and CILLC. John P. Calamos, Sr., is an affiliated person of the Funds and Calamos Advisors by virtue of his position as Chairman, Trustee and President of the Trust and Chairman and Global Chief Investment Officer ("Global CIO") of Calamos Advisors. John S. Koudounis, Robert F. Behan, Thomas E. Herman, J. Christopher Jackson, Stephen Atkins, and Daniel Dufresne are affiliated persons of the Funds and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; Treasurer; and Vice President of the Trust; respectively, and as President and Chief Executive Officer; Executive Vice President and Chief Distribution Officer; Executive Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary;


49


Senior Vice President and Head of Fund Administration; and Executive Vice President and Chief Operating Officer of Calamos Advisors, respectively.

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

Description of Fund

  Year Ended
10/31/21
  Year Ended
10/31/20
  Year Ended
10/31/19
 

Market Neutral Income Fund

 

Advisory fee

 

$

86,674,597

   

$

60,958,107

   

$

50,520,367

   

Waiver or reimbursement

   

(461,836

)*

   

(454,831

)*

   

(292,334

)*

 

Net Fee

   

86,212,761

     

60,503,276

     

50,228,033

   

Hedged Equity Fund

 

Advisory fee

 

$

3,407,532

   

$

2,272,801

   

$

1,295,083

   

Waiver or reimbursement

   

0

     

(147,761

)

   

0

   

Net Fee

   

3,407,532

     

2,125,040

     

1,295,083

   

Phineus Long/Short Fund

 

Advisory fee

 

$

6,508,825

   

$

7,216,452

   

$

11,560,808

   

Waiver or reimbursement

   

0

     

(44,052

)*

   

(105,456

)*

 

Net Fee

   

6,508,825

     

7,172,400

     

11,455,352

   

Convertible Fund

 

Advisory fee

 

$

10,533,093

   

$

6,456,598

   

$

5,018,471

   

Waiver or reimbursement

   

0

     

0

     

0

   

Net Fee

   

10,533,093

     

6,456,598

     

5,018,471

   

Global Convertible Fund

 

Advisory fee

 

$

2,249,547

   

$

1,339,785

   

$

1,116,719

   

Waiver or reimbursement

   

0

     

(17,096

)

   

0

   

Net Fee

   

2,249,547

     

1,322,689

     

1,116,719

   

Timpani Small Cap Growth Fund(1)

 

Advisory fee

 

$

2,685,552

   

$

863,634

   

$

304,424

   

Waiver or reimbursement

   

(189,360

)

   

(102,634

)

   

(21,294

)

 

Net Fee

   

2,496,192

     

761,000

     

283,130

   

Timpani SMID Growth Fund(2)

 

Advisory fee

 

$

220,851

   

$

122,614

   

$

23,036

   

Waiver or reimbursement

   

(103,916

)

   

(147,920

)

   

(50,102

)

 

Net Fee

   

116,935

     

(25,306

)

   

(27,066

)

 

Growth Fund

 

Advisory fee

 

$

15,055,081

   

$

12,691,104

   

$

12,874,387

   

Waiver or reimbursement

   

0

     

(9,348

)*

   

(16,726

)*

 

Net Fee

   

15,055,081

     

12,681,756

     

12,857,661

   

Growth and Income Fund

 

Advisory fee

 

$

17,411,853

   

$

13,868,740

   

$

13,552,355

   

Waiver or reimbursement

   

0

     

0

     

0

   

Net Fee

   

17,411,853

     

13,868,740

     

13,552,355

   

Dividend Growth Fund

 

Advisory fee

 

$

161,765

   

$

148,917

   

$

192,802

   

Waiver or reimbursement

   

(112,225

)

   

(116,576

)

   

(110,815

)

 

Net Fee

   

49,540

     

32,341

     

81,987

   

Select Fund

 

Advisory fee

 

$

483,920

   

$

468,043

   

$

454,337

   

Waiver or reimbursement

   

(204,517

)

   

(228,813

)

   

(209,608

)

 

Net Fee

   

279,403

     

239,230

     

244,729

   


50


Description of Fund

  Year Ended
10/31/21
  Year Ended
10/31/20
  Year Ended
10/31/19
 

International Growth Fund

 

Advisory fee

 

$

2,809,601

   

$

2,058,664

   

$

2,102,311

   

Performance fee

   

279,283

     

29,461

     

(108,854

)

 

Waiver or reimbursement

   

(1,283,136

)

   

(869,660

)

   

(804,880

)

 

Net Fee

   

1,805,748

     

1,218,465

     

1,188,577

   

Evolving World Growth Fund

 

Advisory fee

 

$

6,276,427

   

$

1,821,594

   

$

2,010,919

   

Waiver or reimbursement

   

(1,744,036

)

   

(141,077

)

   

0

   

Net Fee

   

4,532,391

     

1,680,517

     

2,010,919

   

Global Equity Fund

 

Advisory fee

 

$

1,261,431

   

$

837,010

   

$

886,619

   

Performance fee

   

127,174

     

59,928

     

(36,608

)

 

Waiver or reimbursement

   

(224,393

)

   

(210,082

)

   

(102,614

)

 

Net Fee

   

1,164,212

     

686,856

     

747,397

   

Global Opportunities Fund

 

Advisory fee

 

$

2,360,240

   

$

1,476,557

   

$

1,634,494

   

Waiver or reimbursement

   

(350,259

)

   

0

     

0

   

Net Fee

   

2,009,981

     

1,476,557

     

1,634,494

   

Global Sustainable Equities Fund(3)

 

Advisory fee

 

$

0

   

$

0

   

$

0

   

Waiver or reimbursement

   

0

     

0

     

0

   

Net Fee

   

0

     

0

     

0

   

Total Return Bond Fund

 

Advisory fee

 

$

341,349

   

$

323,430

   

$

236,799

   

Waiver or reimbursement

   

(80,345

)

   

(85,658

)

   

(99,462

)

 

Net Fee

   

261,004

     

237,772

     

137,337

   

High Income Opportunities Fund

 

Advisory fee

 

$

256,440

   

$

238,441

   

$

274,635

   

Waiver or reimbursement

   

(140,229

)

   

(146,227

)

   

(108,907

)

 

Net Fee

   

116,211

     

92,214

     

165,728

   

Short-Term Bond Fund

 

Advisory fee

 

$

562,884

   

$

583,811

   

$

476,920

   

Waiver or reimbursement

   

(11,056

)

   

(35,134

)

   

(113,630

)

 

Net Fee

   

551,828

     

548,677

     

363,290

   

*  Fees waived pursuant to Calamos Advisors's agreement to waive an amount equal to the portion of the advisory fee payable to Short-Term Bond Fund that is attributable to the Fund's investment in Short-Term Bond Fund, based on daily net assets.

(1)  Timpani Small Cap Growth Fund commenced operations on May 31, 2019.

(2)  Timpani SMID Growth Fund commenced operations on July 31, 2019.

(3)  Global Sustainable Equities Fund commenced operations on December 17, 2021.

The use of the name "Calamos" in the name of the Trust and in the names of the Funds are pursuant to licenses granted by Calamos Investments LLC, and the Trust has agreed to change the names to remove those references if Calamos Advisors ceases to act as investment adviser to the Funds.

EXPENSES

Subject to the expense limitations described below, the Funds pay all their own operating expenses that are not specifically assumed by Calamos Advisors, including (i) fees of Calamos Advisors; (ii) interest, taxes and any governmental filing fees; (iii) compensation and expenses of the trustees, other than those who are interested persons of the Trust, Calamos Advisors or CFS; (iv) legal, audit, custodial and transfer agency fees and expenses; (v) fees and expenses related to the Funds' organization and registration and qualification of the Funds and their shares under federal and state securities laws; (vi) expenses of printing and mailing reports, notices and proxy material to shareholders, and expenses incidental to meetings of shareholders; (vii) expenses of preparing prospectuses and of printing and distributing them to existing shareholders; (viii) insurance premiums; (ix) litigation and indemnification expenses and other extraordinary expenses not incurred in the normal course of the business of the Trust; (x) distribution expenses pursuant to the Funds' Distribution Plans; and (xi) brokerage commissions and other transaction-related costs.


51


Calamos Advisors contractually agreed to limit the annual operating expenses of each class of shares of each Fund in excess of certain limits as reflected in the table below through March 1, 2023 for each Fund other than Global Sustainable Equities Fund and through March 1, 2025 for Global Sustainable Equities Fund. For purposes of this agreement, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any.

Fund

 

Class

  Limitation
Period
  Expense
Limitation
 

Calamos Market Neutral Income Fund

 

Class A

 

3/1/2023

   

1.75

%

 
   

Class C

 

3/1/2023

   

2.50

%

 
   

Class I

 

3/1/2023

   

1.50

%

 
   

Class R6

 

3/1/2023

   

1.50

%(a)

 

Calamos Hedged Equity Fund

 

Class A

 

3/1/2023

   

1.25

%

 
   

Class C

 

3/1/2023

   

2.00

%

 
   

Class I

 

3/1/2023

   

1.00

%

 

Calamos Phineus Long/Short Fund

 

Class A

 

3/1/2023

   

2.00

%

 
   

Class C

 

3/1/2023

   

2.75

%

 
   

Class I

 

3/1/2023

   

1.75

%

 

Calamos Convertible Fund

 

Class A

 

3/1/2023

   

1.75

%

 
   

Class C

 

3/1/2023

   

2.50

%

 
   

Class I

 

3/1/2023

   

1.50

%

 

Calamos Global Convertible Fund

 

Class A

 

3/1/2023

   

1.35

%

 
   

Class C

 

3/1/2023

   

2.10

%

 
   

Class I

 

3/1/2023

   

1.10

%

 

Calamos Timpani Small Cap Growth Fund

 

Class A

 

3/1/2023

   

1.30

%

 
   

Class C

 

3/1/2023

   

2.05

%

 
   

Class I

 

3/1/2023

   

1.05

%

 
   

Class R6

 

3/1/2023

   

1.05

%(b)

 

Calamos Timpani SMID Growth Fund

 

Class A

 

3/1/2023

   

1.35

%

 
   

Class I

 

3/1/2023

   

1.10

%

 
   

Class R6

 

3/1/2023

   

1.10

%(c)

 

Calamos Growth Fund

 

Class A

 

3/1/2023

   

1.75

%

 
   

Class C

 

3/1/2023

   

2.50

%

 
   

Class I

 

3/1/2023

   

1.50

%

 

Calamos Growth and Income Fund

 

Class A

 

3/1/2023

   

1.75

%

 
   

Class C

 

3/1/2023

   

2.50

%

 
   

Class I

 

3/1/2023

   

1.50

%

 
   

Class R6

 

3/1/2023

   

1.50

%(d)

 

Calamos Dividend Growth Fund

 

Class A

 

3/1/2023

   

1.35

%

 
   

Class C

 

3/1/2023

   

2.10

%

 
   

Class I

 

3/1/2023

   

1.10

%

 

Calamos Select Fund

 

Class A

 

3/1/2023

   

1.15

%

 
   

Class C

 

3/1/2023

   

1.90

%

 
   

Class I

 

3/1/2023

   

0.90

%

 

Calamos International Growth Fund

 

Class A

 

3/1/2023

   

1.10

%

 
   

Class C

 

3/1/2023

   

1.85

%

 
   

Class I

 

3/1/2023

   

0.85

%

 
   

Class R6

 

3/1/2023

   

0.85

%(e)

 

Calamos Evolving World Growth Fund

 

Class A

 

3/1/2023

   

1.30

%

 
   

Class C

 

3/1/2023

   

2.05

%

 
   

Class I

 

3/1/2023

   

1.05

%

 

Calamos Global Equity Fund

 

Class A

 

3/1/2023

   

1.40

%

 
   

Class C

 

3/1/2023

   

2.15

%

 
   

Class I

 

3/1/2023

   

1.15

%

 
   

Class R6

 

3/1/2023

   

1.15

%(f)

 

Calamos Global Opportunities Fund

 

Class A

 

3/1/2023

   

1.22

%

 
   

Class C

 

3/1/2023

   

1.97

%

 
   

Class I

 

3/1/2023

   

0.97

%

 


52


Fund

 

Class

  Limitation
Period
  Expense
Limitation
 

Calamos Global Sustainable Equities Fund

 

Class A

 

3/1/2025

   

1.20

%

 

 

Class C

 

3/1/2025

   

1.95

%

 

 

Class I

 

3/1/2025

   

0.95

%

 

 

Class R6

 

3/1/2025

   

0.95

%(g)

 

Calamos Total Return Bond Fund

 

Class A

 

3/1/2023

   

0.90

%

 
   

Class C

 

3/1/2023

   

1.65

%

 
   

Class I

 

3/1/2023

   

0.65

%

 

Calamos High Income Opportunities Fund

 

Class A

 

3/1/2023

   

1.00

%

 
   

Class C

 

3/1/2023

   

1.75

%

 
   

Class I

 

3/1/2023

   

0.75

%

 

Calamos Short-Term Bond Fund

 

Class A

 

3/1/2023

   

0.65

%

 
   

Class I

 

3/1/2023

   

0.40

%

 

(a)  Class R6 Total Annual Operating Expenses are limited to 1.50% less Market Neutral Income Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Market Neutral Income Fund's other share classes divided by the aggregate average annual net assets of the Market Neutral Income Fund's other share classes).

(b)  Class R6 Total Annual Operating Expenses are limited to 1.05% less Timpani Small Cap Growth Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Timpani Small Cap Growth Fund's other share classes divided by the aggregate average annual net assets of the Timpani Small Cap Growth Fund's other share classes).

(c)  Class R6 Total Annual Operating Expenses are limited to 1.10% less Timpani SMID Growth Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Timpani SMID Growth Fund's other share classes divided by the aggregate average annual net assets of the Timpani SMID Growth Fund's other share classes).

(d)  Class R6 Total Annual Operating Expenses are limited to 1.50% less Growth and Income Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Growth and Income Fund's other share classes divided by the aggregate average annual net assets of the Growth and Income Fund's other share classes).

(e)  Class R6 Total Annual Operating Expenses are limited to 0.85% less International Growth Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the International Growth Fund's other share classes divided by the aggregate average annual net assets of the International Growth Fund's other share classes).

(f)  Class R6 Total Annual Operating Expenses are limited to 1.15% less Global Equity Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Global Equity Fund's other share classes divided by the aggregate average annual net assets of the Global Equity Fund's other share classes).

(g)  Class R6 Total Annual Operating Expenses are limited to 0.95% less Global Sustainable Equities Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Global Sustainable Equities Fund's other share classes divided by the aggregate average annual net assets of the Global Sustainable Equities Fund's other share classes).

For all Funds, except Growth Fund:

TEAM APPROACH TO MANAGEMENT

Calamos Advisors employs a "team of teams" approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers and Associate Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO's team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our Team of Teams approach.

This team of teams approach is further reflected in the composition of Calamos Advisors' Investment Committee, made up of the Global CIO, the Co-CIO team, and the Global Head of Trading. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate.

The structure and composition of the Investment Committee results in a number of benefits, as it:

•  Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;

•  Promotes collaboration between teams; and

•  Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.

The objectives of the Investment Committee are to:

•  Form the firm's top-down macro view, market direction, asset allocation, and sector/country positioning.

•  Establish firm-wide secular and cyclical themes for review.


53


•  Review firm-wide and portfolio risk metrics, recommending changes where appropriate.

•  Review firm-wide, portfolio and individual security liquidity constraints.

•  Evaluate firm-wide and portfolio investment performance.

•  Evaluate firm-wide and portfolio hedging policies and execution.

•  Evaluate enhancements to the overall investment process.

John P. Calamos, Sr., Founder, Chairman and Global CIO, is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew Freund, Michael Grant, John Hillenbrand, Nick Niziolek, Eli Pars, Dennis Cogan, Brandon Nelson, Jon Vacko, and Joe Wysocki, are each Sr. Co-Portfolio Managers; Jason Hill, David O'Donohue, Christian Brobst, Chuck Carmody, Ryan Isherwood, John Saf, and Jimmy Young are each Co-Portfolio Managers; and Brad Jackson, Michael Kassab, and Bill Rubin are each Associate Portfolio Managers for the Funds for which each has been so designated. Sr. Co-Portfolio Managers, Co-Portfolio Managers, and Associate Portfolio Managers are collectively referred to within this registration statement as "Portfolio Managers".

For Growth Fund only:

John P. Calamos, Sr., R. Matthew Freund, and Michael Grant are the lead portfolio managers for the Fund. As lead portfolio managers, Messrs. Calamos, Freund, and Grant have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. Messrs. Calamos, Freund, and Grant also have access to members of the investment team, each of whom may be at certain times, at the discretion of the lead portfolio managers, allocated a specified portion of the portfolio over which he or she has independent responsibility for research, security selection, and portfolio construction.

For Global Sustainable Equities Fund only:

James Madden and Anthony Tursich are the lead portfolio managers for the Fund. As lead portfolio managers, Messrs. Madden and Tursich have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. Messrs. Madden and Tursich also have access to members of the investment team, each of whom may be at certain times, at the discretion of the lead portfolio managers, allocated a specified portion of the portfolio over which he or she has independent responsibility for research, security selection, and portfolio construction.

For all Funds:

The Global CIO, and Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Funds. Information regarding these other accounts as of October 31, 2021 is set forth below.

Other Accounts Managed and Assets by Account Type as of October 31, 2021

  Registered
Investment Companies
  Other Pooled
Investment Vehicles
 

Other Accounts

 

 

Accounts

 

Assets

 

Accounts

 

Assets

 

Accounts

 

Assets

 

John P. Calamos Sr.

   

23

     

35,543,246,637

     

4

     

987,434,150

     

4,689

     

4,287,109,269

   

R. Matthew Freund

   

16

     

17,722,374,975

     

1

     

746,338,157

     

4,361

     

4,219,787,050

   

Michael Grant

   

3

     

2,959,503,775

     

0

     

     

130

     

147,231,064

   

John Hillenbrand

   

18

     

16,103,438,276

     

4

     

987,434,150

     

3,672

     

3,557,454,942

   

Nick Niziolek

   

10

     

10,231,059,157

     

3

     

241,095,993

     

3,216

     

2,340,661,582

   

Eli Pars

   

18

     

33,035,297,173

     

4

     

987,434,150

     

3,616

     

3,448,962,320

   

Dennis Cogan

   

10

     

10,231,059,157

     

3

     

241,095,993

     

3,216

     

2,340,661,582

   

Brandon Nelson

   

2

     

481,161,110

     

2

     

141,182,266

     

4

     

173,613,248

   

Jon Vacko

   

19

     

16,645,921,003

     

4

     

987,434,150

     

3,635

     

3,490,201,173

   

Joe Wysocki

   

12

     

15,443,544,058

     

3

     

984,130,104

     

3,058

     

2,645,300,637

   

Chuck Carmody

   

4

     

963,208,900

     

0

     

     

265

     

707,469,721

   

Jason Hill

   

2

     

17,003,070,938

     

0

     

     

0

     

   

James Madden

   

0

     

     

0

     

     

20

     

59,044,484

   


54


  Registered
Investment Companies
  Other Pooled
Investment Vehicles
 

Other Accounts

 

 

Accounts

 

Assets

 

Accounts

 

Assets

 

Accounts

 

Assets

 

David O'Donohue

   

2

     

17,003,070,938

     

0

     

     

0

     

   

Anthony Tursich

   

0

     

     

0

     

     

20

     

59,044,484

   

Jimmy Young

   

2

     

17,003,070,938

     

0

     

     

0

     

   

Christian Brobst

   

3

     

4,488,688,948

     

0

     

     

0

     

   

Ryan Isherwood

   

1

     

26,453,343

     

2

     

141,182,266

     

7

     

154,530,972

   

John Saf

   

1

     

309,059,641

     

0

     

     

59

     

130,163,237

   

Brad Jackson

   

1

     

53,682,833

     

0

     

     

0

     

   

Michael Kassab

   

1

     

53,682,833

     

0

     

     

0

     

   

Bill Rubin

   

1

     

53,682,833

     

0

     

     

0

     

   

Number of Accounts and Assets for which Advisory Fee is Performance Based as of October 31, 2021

  Registered
Investment Companies
  Other Pooled
Investment Vehicles
 

Other Accounts

 

 

Accounts

 

Assets

 

Accounts

 

Assets

 

Accounts

 

Assets

 

John P. Calamos Sr.

   

2

     

439,526,949

     

0

     

     

0

     

   

R. Matthew Freund

   

0

     

     

0

     

     

0

     

   

Michael Grant

   

0

     

     

0

     

     

0

     

   

John Hillenbrand

   

2

     

439,526,949

     

0

     

     

0

     

   

Nick Niziolek

   

2

     

439,526,949

     

0

     

     

0

     

   

Eli Pars

   

2

     

439,526,949

     

0

     

     

0

     

   

Dennis Cogan

   

2

     

439,526,949

     

0

     

     

0

     

   

Brandon Nelson

   

0

     

     

0

     

     

1

     

21,644,053

   

Jon Vacko

   

2

     

439,526,949

     

0

     

     

0

     

   

Joe Wysocki

   

0

     

     

0

     

     

0

     

   

Chuck Carmody

   

0

     

     

0

     

     

0

     

   

Jason Hill

   

0

     

     

0

     

     

0

     

   

James Madden

   

0

     

     

0

     

     

0

     

   

David O'Donohue

   

0

     

     

0

     

     

0

     

   

Anthony Tursich

   

0

     

     

0

     

     

0

     

   

Jimmy Young

   

0

     

     

0

     

     

0

     

   

Christian Brobst

   

0

     

     

0

     

     

0

     

   

Ryan Isherwood

   

0

     

     

0

     

     

4

     

2,561,777

   

John Saf

   

0

     

     

0

     

     

0

     

   

Brad Jackson

   

0

     

     

0

     

     

0

     

   

Michael Kassab

   

0

     

     

0

     

     

0

     

   

Bill Rubin

   

0

     

     

0

     

     

0

     

   

Each Co-Portfolio Manager may invest for his own benefit in securities held in brokerage and mutual fund accounts. The information shown in the table does not include information about those accounts where the Co-Portfolio Manager or members of his family have a beneficial or pecuniary interest because no advisory relationship exists with Calamos Advisors or any of its affiliates.

The Funds' Portfolio Managers are responsible for managing both the Funds and other accounts, including separate accounts and funds not required to be registered under the 1940 Act.

Other than potential conflicts between investment strategies, the side-by-side management of both the Funds and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between a Fund and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Funds in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other


55


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 a Fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

The Portfolio Managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a Co-Portfolio Manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in the client's account.

As of October 31, 2021, John P. Calamos, Sr., our Global CIO, aside from distributions arising from his ownership from various entities, receives all of his compensation from Calamos Advisors. He has entered into an employment agreement that provides for compensation in the form of an annual base salary and an annual bonus, both components payable in cash. Similarly, Mr. Calamos is eligible for a Long-Term Incentive ("LTI"). The LTI program at Calamos Advisors currently consists of deferred bonus payments, which fluctuate in value over time based upon either: (1) the performance of certain managed investment products for investment professionals ("Mutual Fund Incentive Awards"); or (2) the overall value of the firm for non-investment professionals ("Company Incentive Awards").

As of October 31, 2021, R. Matthew Freund, Michael Grant, John Hillenbrand, Nick Niziolek, Eli Pars, Dennis Cogan, Brandon Nelson, Jon Vacko, Joe Wysocki, Jason Hill, David O'Donohue, Christian Brobst, Chuck Carmody, Ryan Isherwood, John Saf, Jimmy Young, Brad Jackson, Michael Kassab, James Madden, Anthony Tursich and Bill Rubin receive all of their compensation from Calamos Advisors. These individuals each receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and are eligible for discretionary Mutual Fund Incentive Awards. This compensation structure considers annually the performance of the various strategies managed by the Portfolio Managers, among other factors, including, without limitation, the overall performance of the firm.

In addition to the forms of compensation described above, Mr. Grant, Mr. Nelson, Mr. Madden and Mr. Tursich receive additional payments. Mr. Grant is eligible to receive certain amounts to be determined based on asset levels within the Calamos Phineus Long/Short Fund (a separate open-end fund managed by the Adviser), subject to various conditions.

Mr. Nelson is eligible to receive certain "Timpani Team Revenue Share" payments, which are defined as a percentage of management fees received with respect to assets managed by him over certain thresholds. Finally, Mr. Madden and Mr. Tursich are eligible to receive a percentage of the "Net Contribution Margin" which is defined as management fees received with respect to the assets managed by Mr. Madden and Mr. Tursich minus expenses.

The existence of these separate asset or fee based payments could create a conflict of interest with regard to Mr. Grant's, Mr. Nelson's, Mr. Madden's and Mr. Tursich'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.


56


As of October 31, 2021, the portfolio managers held the following amounts in the Funds:

  Market Neutral
Income Fund
  Hedged Equity
Fund
  Phineus
Long/Short
Fund
  Convertible
Fund
  Global Convertible
Fund
 
John P.
Calamos, Sr.
(1) 
 

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

  $100,001$500,000  

Bill Rubin

 

None

 

None

 

None

 

None

 

None

 

Brad Jackson

 

None

 

None

 

None

 

None

 

None

 
Brandon
Nelson
 

None

 

None

 

None

 

None

 

None

 
Christian
Brobst
 

None

 

None

 

None

 

None

 

None

 
Chuck
Carmody
 

None

 

None

 

None

 

None

 

None

 
David
O'Donohue
  $500,001$1,000,000  

Over $1,000,000

  $50,001$100,000  

Over $1,000,000

  $100,001$500,000  
Dennis
Cogan
 

None

 

None

 

None

 

None

 

None

 

Eli Pars

 

Over $1,000,000

  $500,001$1,000,000  

None

  $50,001$100,000   $100,001$500,000  

Jason Hill

  $10,001$50,000   $100,001$500,000   $100,001$500,000  

None

  $50,001$100,000  

Jimmy Young

  $100,001$500,000  

Over $1,000,000

 

None

 

None

 

None

 

Joe Wysocki

 

None

 

None

 

None

 

Over $1,000,000

  $100,001$500,000  
John
Hillenbrand
 

None

 

None

 

None

  $100,001$500,000  

None

 

John Saf

 

None

 

None

 

None

 

None

 

None

 

Jon Vacko

 

None

 

None

 

None

  $100,001$500,000  

None

 

Michael Grant

 

None

 

None

 

100,001—$500,000

 

None

 

None

 

Michale Kassab

 

None

 

None

 

None

 

None

 

None

 

Nick Niziolek

 

None

 

None

 

None

 

None

 

None

 
R. Matthew
Freund
 

None

 

None

 

None

 

None

 

None

 
Ryan
Isherwood
 

None

 

None

 

None

 

None

 

None

 

  Timpani Small
Cap Growth Fund
  Timpani Smid
Growth Fund
 

Growth Fund

  Growth and
Income Fund
  Dividend Growth
Fund
 
John P.
Calamos, Sr.
(1) 
 

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

 

None

 

Bill Rubin

 

None

 

None

 

None

 

None

 

None

 

Bradley Jackson

 

None

 

None

  $100,001$500,000  

None

 

None

 

Brandon Nelson

 

Over $1,000,000

 

Over $1,000,000

 

None

 

None

 

None

 

Christian Brobst

 

None

 

None

 

None

 

None

 

None

 

Chuck Carmody

 

None

 

None

 

None

 

None

 

None

 
David
O'Donohue
  $10,001$50,000  

None

 

None

 

None

 

None

 

Dennis Cogan

 

None

 

None

 

None

 

None

 

None

 

Eli Pars

 

None

 

None

 

None

 

None

 

None

 

Jason Hill

  $50,001$100,00  

None

 

None

 

None

 

None

 

Jimmy Young

 

None

 

None

 

None

 

None

 

None

 

Joe Wysocki

 

None

 

None

 

None

  $500,001$1,000,000  

None

 
John
Hillenbrand
 

None

 

None

 

None

  $100,001$500,000  

None

 

John Saf

 

None

 

None

 

None

 

None

 

None

 

Jon Vacko

 

None

 

None

 

None

  $100,001$500,000  

None

 

Michael Grant

 

None

 

None

 

None

 

None

 

None

 

Michale Kassab

 

None

 

None

 

None

 

None

 

None

 

Nick Niziolek

 

None

 

None

 

None

 

None

 

None

 
R. Matthew
Freund
 

None

 

None

  $10,001$50,000  

None

 

None

 
Ryan
Isherwood
  $100,001$500,000   $100,001$500,000  

None

 

None

 

None

 


57


 

Select Fund

  International
Growth Fund
  Evolving World
Growth Fund
  Global
Equity Fund
 
John P. Calamos, Sr.(1)   

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

 

Bill Rubin

   

None

     

None

     

None

     

None

   

Brad Jackson

   

None

     

None

     

None

     

None

   

Brandon Nelson

   

None

     

None

     

None

     

None

   

Christian Brobst

   

None

     

None

     

None

     

None

   

Chuck Carmody

   

None

     

None

     

None

     

None

   

David O'Donohue

   

None

     

None

     

None

     

None

   

Dennis Cogan

   

None

   

$

100,001

$500,000  

$

100,001

$500,000  

$

100,001

$500,000  

Eli Pars

   

None

     

None

     

None

     

None

   

Jason Hill

   

None

     

None

     

None

     

None

   

Jimmy Young

   

None

     

None

     

None

     

None

   

Joe Wysocki

   

None

   

$

10,001

$50,000  

$

500,001

$1,000,000  

$

100,001

$500,000  

John Hillenbrand

   

None

   

$

100,001

$500,000  

$

100,001

$500,000  

$

50,001

$100,000  

John Saf

   

None

     

None

     

None

     

None

   

Jon Vacko

 

$

10,001

$50,000  

$

100,001

$500,000  

$

100,001

$500,000    

None

   

Michael Grant

   

None

     

None

     

None

     

None

   

Michael Kassab

   

None

     

None

     

None

     

None

   

Nick Niziolek

   

None

   

$

100,001

$500,000  

$

100,001

$500,000  

$

100,001

$500,000  

R. Matthew Freund

   

None

     

None

     

None

     

None

   

Ryan Isherwood

   

None

     

None

     

None

     

None

   

  Global
Opportunities
Fund
  Total Return
Bond Fund
  High Income
Opportunities
Fund
  Short-Term
Bond Fund
 

John P. Calamos, Sr.(1)

 

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

 

Over $1,000,000

 

Bill Rubin

   

None

     

None

     

None

     

None

   

Brad Jackson

   

None

     

None

     

None

     

None

   

Brandon Nelson

   

None

     

None

     

None

     

None

   

Christian Brobst

   

None

     

None

     

None

     

None

   

Chuck Carmody

   

None

   

$

100,001

$500,000  

$

500,001

$1,000,000  

$

100,001

$500,000  

David O'Donohue

   

None

     

None

     

None

     

None

   

Dennis Cogan

 

$

100,001

$500,000    

None

     

None

     

None

   

Eli Pars

 

$

10,001

$50,000    

None

     

None

     

None

   

Jason Hill

   

None

     

None

     

None

     

None

   

Jimmy Young

   

None

     

None

     

None

     

None

   

Joe Wysocki

 

$

10,001

$50,000    

None

     

None

     

None

   

John Hillenbrand

 

$

100,001

$500,000    

None

     

None

     

None

   

John Saf

   

None

     

None

     

None

     

None

   

Jon Vacko

 

$

500,001

$1,000,000    

None

     

None

     

None

   

Michael Grant

   

None

     

None

     

None

     

None

   

Michael Kassab

   

None

     

None

     

None

     

None

   

Nick Niziolek

 

Over $1,000,000

   

None

     

None

     

None

   

R. Matthew Freund

   

None

   

$

500,001

$1,000,000  

$

500,001

$1,000,000  

Over $1,000,000

 

Ryan Isherwood

   

None

     

None

     

None

     

None

   

(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.

DISTRIBUTION PLAN

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan"), whereby Class A shares and Class C shares of each Fund pay to CFS service and distribution fees as described in the prospectus. No distribution or service fees are paid with respect to Class I shares or Class R6 shares. For purchases of Class A shares of Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, where a commission is paid by CFS under the $250,000 breakpoint and for purchases of Class C shares of all Funds, the distribution fee will be paid to the applicable financial intermediary beginning the 13th month after purchase. CFS may use the amount of such fees to


58


defray the costs of commissions and service fees paid to broker-dealers and other financial intermediaries whose customers invest in shares of the Funds and for other purposes.

The Trust's board of trustees has determined that the Plan could be a significant factor in the growth and retention of Fund assets, resulting in a more advantageous expense ratio and increased investment flexibility, which could benefit each class of Fund shareholders. A cash flow from sales of shares may enable a Fund to meet shareholder redemptions without having to liquidate portfolio securities and to take advantage of buying opportunities without having to make unwarranted liquidations of portfolio securities. The board also considered that continuing growth in the Funds' size would be in the shareholders' best interests because increased size would allow the Funds to realize certain economies of scale in their operations and would likely reduce the proportionate share of expenses borne by each shareholder. Even in the case of a Fund that is closed to new investors, the payment of ongoing compensation to a financial intermediary for providing services to its customers based on the value of their Fund shares is likely to provide the shareholders with valuable services and to benefit the Fund by promoting shareholder retention and reduced redemptions. The board of trustees therefore determined that it would benefit the Fund to have monies available for the direct distribution and service activities of CFS, as the Funds' distributor, in promoting the continuous sale of the Funds' shares. The board of trustees, including the non-interested trustees, concluded, in the exercise of their reasonable business judgment and in light of their fiduciary duties, that there is a reasonable likelihood that the Plan will benefit the Funds and their shareholders.

The Plan has been approved by the board of trustees, including all of the trustees who are non-interested persons as defined in the 1940 Act. The substance of the Plan has also been approved by the vote of a majority of the outstanding shares of each Fund. The Plan must be reviewed annually by the board of trustees and may be continued from year to year by vote of the board, including a majority of the trustees who are non-interested persons of the Funds and who have no direct or indirect financial interest in the Plan's operation ("non-interested trustees"), cast in person at a meeting called for that purpose. It is also required that the selection and nomination of non-interested trustees be done by non-interested trustees. The Plan may be terminated at any time, without any penalty, by such trustees, by any act that terminates the distribution agreement between the Trust and CFS, or, as to the Fund, by vote of a majority of the Fund's outstanding shares.

The Plan may not be amended as to any class of shares of any Fund to increase materially the amount spent for distribution or service expenses or in any other material way without approval by a majority of the outstanding shares of the affected class, and all such material amendments to the Plan must also be approved by the non-interested trustees, in person, at a meeting called for the purpose of voting on any such amendment.

CFS is required to report in writing to the board of trustees at least quarterly on the amounts and purpose of any payments made under the Plan and any distribution or service agreement, as well as to furnish the board with such other information as may reasonably be requested to enable the board to make an informed determination of whether the Plan should be continued.

During the fiscal year ended October 31, 2021, payments to CFS and affiliates and broker-dealers pursuant to the Plan were made as indicated below.

    Market
Neutral
Income
Fund
  Hedged
Equity
Fund
  Phineus
Long/Short
Fund
  Convertible
Fund
  Global
Convertible
Fund
  Timpani
Small Cap
Growth
Fund
  Timpani
SMID
Growth
Fund
  Growth
Fund
  Growth &
Income
Fund
  Dividend
Growth
Fund
 

Payments to CFS:(1)

 

Class A

   

287,465

     

146

     

(2,624

)

   

126,631

     

5,871

     

1,517

     

56

     

115,438

     

55,879

     

(912

)

 

Class C

   

870,757

     

21,777

     

22,018

     

152,058

     

12,976

     

4,929

     

     

22,624

     

196,626

     

7,397

   

Payments to affiliated broker-dealers:(1)

 

Class A

   

2,374,993

     

62,636

     

128,607

     

881,964

     

34,142

     

54,678

     

621

     

3,163,109

     

3,464,616

     

11,945

   

Class C

   

1,998,198

     

26,594

     

269,620

     

535,958

     

41,732

     

40

     

     

278,876

     

774,716

     

7,429

   


59


    Select
Fund
  International
Growth
Fund
  Evolving
World
Growth
Fund
  Global
Equity
Fund
  Global
Opportunities
Fund
  Global
Sustainable
Equities
Fund
  Total
Return
Bond
Fund
  High
Income
Opportunities
Fund
  Short-Term
Bond
Fund
 

Total

 

Payments to CFS:(1)

 

Class A

   

2,173

     

8,144

     

1,707

     

1,556

     

7,417

     

     

10,680

     

2,366

     

487

     

623,997

   

Class C

   

(26

)

   

6,183

     

61,179

     

977

     

24,061

     

     

537

     

1,131

     

     

1,405,204

   

Payments to affiliated broker-dealers:(1)

 

Class A

   

29,838

     

181,105

     

144,787

     

71,522

     

270,195

     

     

49,212

     

81,325

     

7,627

     

11,012,922

   

Class C

   

9,909

     

44,021

     

115,274

     

27,889

     

65,129

     

     

11,101

     

6,889

     

     

4,213,375

   

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

During the fiscal year ended October 31, 2021, payments were made under the Plan on behalf of the indicated Funds for expenses associated with advertising, printing and mailing of prospectuses to prospective shareholders, and sales personnel compensation as indicated below.

    Market
Neutral
Income
Fund
  Hedged
Equity
Fund
  Phineus
Long/Short
Fund
  Convertible
Fund
  Global
Convertible
Fund
  Timpani
Small Cap
Growth
Fund
  Timpani
SMID
Growth
Fund
  Growth
Fund
  Growth &
Income
Fund
  Dividend
Growth
Fund
 

Expenses:

 

Class A

 
Printed
Materials
   

9,721

     

335

     

200

     

1,246

     

94

     

325

     

4

     

4,589

     

3,890

     

41

   
Sales &
Marketing
   

1,675,904

     

242,964

     

214,510

     

358,966

     

213,125

     

249,509

     

194,998

     

340,343

     

441,383

     

196,551

   

Total

   

1,685,625

     

243,299

     

214,710

     

360,212

     

213,219

     

249,834

     

195,002

     

344,932

     

445,273

     

196,592

   
    Market
Neutral
Income
Fund
  Hedged
Equity
Fund
  Phineus
Long/Short
Fund
  Convertible
Fund
  Global
Convertible
Fund
  Timpani
Small Cap
Growth
Fund
  Timpani
SMID
Growth
Fund
  Growth
Fund
  Growth &
Income
Fund
  Dividend
Growth
Fund
 

Class C

 
Printed
Materials
   

2,154

     

70

     

91

     

267

     

38

     

     

     

282

     

702

     

21

   
Sales &
Marketing
   

490,073

     

202,372

     

204,353

     

230,085

     

197,066

     

     

     

203,349

     

263,270

     

197,252

   

Total

   

492,227

     

202,442

     

204,444

     

230,352

     

197,104

     

     

     

203,631

     

263,972

     

197,273

   

  Select
Fund
  International
Growth
Fund
  Evolving
World
Growth
Fund
  Global
Equity
Fund
  Global
Opportunities
Fund
  Global
Sustainable
Equities
Fund
  Total
Return
Bond
Fund
  High
Income
Opportunities
Fund
  Short-Term
Bond
Fund
 

Total

 

Expenses:

 

Class A

 
Printed
Materials
   

194

     

543

     

605

     

206

     

657

     

     

157

     

241

     

23

     

23,071

   
Sales &
Marketing
   

198,847

     

228,615

     

319,353

     

205,624

     

234,377

     

     

206,889

     

206,508

     

197,946

     

5,926,412

   

Total

   

199,041

     

229,158

     

319,958

     

205,830

     

235,034

     

     

207,046

     

206,749

     

197,969

     

5,949,483

   

Class C

 
Printed
Materials
   

29

     

69

     

139

     

48

     

132

     

     

37

     

25

     

66

     

4,170

   
Sales &
Marketing
   

194,975

     

197,930

     

219,261

     

195,783

     

205,490

     

     

195,234

     

195,171

     

93,096

     

3,484,760

   

Total

   

195,004

     

197,999

     

219,400

     

195,831

     

205,622

     

     

195,271

     

195,196

     

93,162

     

3,488,930

   


60


DISTRIBUTOR

CFS, a broker-dealer, serves as principal underwriter and distributor for the Funds, subject to change by a majority of the "non-interested" trustees at any time. CFS is located at 2020 Calamos Court, Naperville, Illinois 60563-1493. CFS is an indirect subsidiary of Calamos Asset Management, Inc. CFS is responsible for all purchases, sales, redemptions and other transfers of shares of the Funds without any charge to the Funds except the fees paid to CFS under the Plan and distribution agreement. CFS is also responsible for all expenses incurred in connection with its performance of services for the Funds, including, but not limited to, personnel, office space and equipment, telephone, postage and stationery expenses. CFS receives commissions from sales of shares of the Funds that are not expenses of the Funds but represent sales commissions added to the net asset value of shares purchased from the Funds. See "How can I buy shares?" in the prospectus. See "Portfolio Transactions." CFS received and retained commissions on the sale of shares of each of the Funds as shown below during the indicated periods:

Description

  Year Ended
10/31/21
  Year Ended
10/31/20
  Year Ended
10/31/19
 

Market Neutral Income Fund

 

Commissions received

 

$

3,982,603

   

$

1,277,137

   

$

1,125,284

   

Commissions retained

 

$

101,277

   

$

46,749

   

$

41,975

   

Hedged Equity Fund

 

Commissions received

 

$

180,084

   

$

90,658

   

$

40,670

   

Commissions retained

 

$

21,216

   

$

13,917

   

$

7,822

   

Phineus Long/Short Fund

 

Commissions received

 

$

67,526

   

$

41,493

   

$

175,374

   

Commissions retained

 

$

7,842

   

$

7,376

   

$

28,880

   

Convertible Fund

 

Commissions received

 

$

482,656

   

$

431,669

   

$

228,442

   

Commissions retained

 

$

23,248

   

$

17,788

   

$

14,540

   

Global Convertible Fund

 

Commissions received

 

$

40,812

   

$

17,483

   

$

8,097

   

Commissions retained

 

$

1,189

   

$

694

   

$

311

   

Timpani Small Cap Growth Fund(1)

 

Commissions received

 

$

191,260

   

$

16,020

   

$

20,822

   

Commissions retained

 

$

29,370

   

$

2,943

   

$

3,886

   

Timpani SMID Growth Fund(2)

 

Commissions received

 

$

339

   

$

82

   

$

   

Commissions received

 

$

54

   

$

14

   

$

   

Growth Fund

 

Commissions received

 

$

184,147

   

$

179,402

   

$

146,963

   

Commissions retained

 

$

44,760

   

$

42,977

   

$

35,395

   

Growth and Income Fund

 

Commissions received

 

$

1,022,622

   

$

600,693

   

$

529,351

   

Commissions retained

 

$

182,806

   

$

108,535

   

$

89,746

   

Dividend Growth

 

Commissions received

 

$

6,660

   

$

3,724

   

$

5,539

   

Commissions retained

 

$

1,137

   

$

759

   

$

1,221

   

Select Fund

 

Commissions received

 

$

3,667

   

$

3,378

   

$

5,676

   

Commissions retained

 

$

836

   

$

762

   

$

1,206

   

International Growth Fund

 

Commissions received

 

$

16,655

   

$

3,618

   

$

6,100

   

Commissions retained

 

$

3,069

   

$

720

   

$

1,375

   

Evolving World Growth Fund

 

Commissions received

 

$

142,643

   

$

26,253

   

$

6,723

   

Commissions retained

 

$

19,106

   

$

4,922

   

$

1,345

   

Global Equity Fund

 

Commissions received

 

$

13,185

   

$

4,735

   

$

4,359

   

Commissions retained

 

$

2,501

   

$

903

   

$

879

   

Global Opportunities Fund

 

Commissions received

 

$

95,046

   

$

17,449

   

$

23,685

   

Commissions retained

 

$

14,863

   

$

3,995

   

$

4,614

   


61


Description

  Year Ended
10/31/21
  Year Ended
10/31/20
  Year Ended
10/31/19
 

Global Sustainable Equities Fund(3)

 

Commissions received

 

$

   

$

   

$

   

Commissions retained

 

$

   

$

   

$

   

Total Return Bond Fund

 

Commissions received

 

$

22,319

   

$

36,704

   

$

18,011

   

Commissions retained

 

$

230

   

$

614

   

$

350

   

High Income Opportunities Fund

 

Commissions received

 

$

10,027

   

$

3,051

   

$

4,972

   

Commissions retained

 

$

225

   

$

444

   

$

365

   

Short-Term Bond Fund

 

Commissions retained

 

$

656

   

$

   

$

   

Commissions retained

 

$

73

   

$

   

$

   

(1)  Timpani Small Cap Growth Fund commenced operations on May 31, 2019.

(2)  Timpani SMID Growth Fund commenced operations on July 31, 2019.

(3)  Global Sustainable Equities Fund commenced operations on December 17, 2021.

The sales charges on sales of Class A shares of each Fund other than Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (except when waived as described below under "Share Classes and Pricing of Shares — Sales Charge Waiver") and concessions reallowed to dealers at the time of purchase are as follows:

    Sales Charge Paid by Investor on
Purchase of Class A Shares
 
    as a % of
Net Amount Invested
  as a % of
Offering Price
  % of Offering
Price
Retained by
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*    

None

     

None

     

None

   

*  On an investment of $1,000,000 or more: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment, 0.50% on the next $21 million (amounts above $4 million and up to $25 million), and 0.25% on investment amounts in excess of $25 million. On an investment of $1,000,000 or more without a sales charge, you may pay a contingent deferred sales charge of 1.00% on shares that are sold within two years after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

The sales charges on sales of Class A shares of Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (except when waived as described below under "Share Classes and Pricing of Shares — Sales Charge Waiver") and concessions reallowed to dealers at the time of purchase are as follows:

    Sales Charge Paid by Investor on
Purchase of Class A Shares
 
    as a % of
Net Amount Invested
  as a % of
Offering Price
  % of Offering
Price
Retained by
Selling Dealer
 

Less than $100,000

   

2.30

%

   

2.25

%

   

2.00

%

 

$100,000 but less than $250,000

   

1.78

     

1.75

     

1.50

   
$250,000 or more*    

None

     

None

     

None

   

*  On an investment of $250,000 or more for Convertible Fund, Global Convertible Fund, Total Return Bond Fund, and High Income Opportunities Fund: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment, 0.50% on the next $21 million (amounts above $4 million and up to $25 million), and 0.25% on investment amounts in excess of $25 million. On an investment of $250,000 or more without a sales charge, you may pay a contingent deferred sales charge of 1.00% on shares that are sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

*  On an investment of $250,000 or more for Short-Term Bond Fund: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 0.55% of the amount of the investment, 0.40% on the next $21 million (amounts above $4 million and up to $25 million), and 0.20% on investment amounts in excess of $25 million. On an investment of $250,000 or more without a sales charge, you may pay a contingent deferred sales charge of 0.55% on shares that are sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.


62


The sales charges on sales of Class A shares of Market Neutral Income Fund (except when waived as described below under "Share Classes and Pricing of Shares — Sales Charge Waiver") and concessions reallowed to dealers at the time of purchase are as follows:

    Sales Charge Paid by Investor on
Purchase of Class A Shares
 
    as a % of
Net Amount Invested
  as a % of
Offering Price
  % of Offering
Price
Retained by
Selling Dealer
 

Less than $50,000

   

2.83

%

   

2.75

%

   

2.25

%

 

$50,000 but less than $100,000

   

2.30

     

2.25

     

2.00

   

$100,000 but less than $250,000

   

1.78

     

1.75

     

1.50

   
$250,000 or more*    

None

     

None

     

None

   

*  On an investment of $250,000 or more for Market Neutral Income Fund: on the first $4 million, CFS from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment, 0.50% on the next $21 million (amounts above $4 million and up to $25 million), and 0.25% on investment amounts in excess of $25 million. On an investment of $250,000 or more without a sales charge, you may pay a contingent deferred sales charge of 1.00% on shares that are sold within one year after purchase, excluding shares purchased from the reinvestment of dividends or capital gains distributions.

Each Fund receives the entire net asset value of all of its shares sold. CFS, the Funds' principal underwriter, retains the sales charge on sales of Class A shares from which it allows discounts from the applicable public offering price to investment dealers. The normal discount to dealers is set forth in the table above. Upon notice to all dealers with whom it has sales agreements, CFS may allow up to the full applicable sales charge, as shown in the above table, during periods and for transactions specified in such notice and such reallowances may be based upon attainment of minimum sales levels. Dealers who receive 90% or more of the sales charge may be deemed to be underwriters under the Securities Act. CFS retains the entire amount of any deferred sales charge on Class C shares redeemed within one year of purchase. CFS may from time to time conduct promotional campaigns in which incentives would be offered to dealers meeting or exceeding stated target sales of shares of a Fund. The cost of any such promotional campaign, including any incentives offered, would be borne entirely by CFS and would have no effect on either the public offering price of Fund shares or the percentage of the public offering price retained by the selling dealer.

CFS has the exclusive right to distribute shares of the Funds through affiliated and unaffiliated dealers on a continuous basis. The obligation of CFS is an agency or "best efforts" arrangement, which does not obligate CFS to sell any stated number of shares.

In connection with the exchange privilege (described in the prospectus under "How can I buy shares? — By exchange"), CFS acts as a service organization for the Fidelity Investments Money Market Treasury Portfolio (the "Fidelity Fund"). CFS receives compensation from the Fidelity Fund, through the Fidelity Fund's 12b-1 Plan, for distribution services provided to the Fidelity Fund.

OTHER COMPENSATION TO INTERMEDIARIES

CAL, CFS and their affiliates are currently subject to supplemental compensation payment requests by certain securities broker-dealers, banks or other intermediaries, including third party administrators of qualified plans (each an "Intermediary") whose customers have purchased Fund shares. In their discretion, CAL, CFS or their affiliates may make payments to an Intermediary for various purposes. These payments do not increase the amount paid by you or the Funds, as they are paid from the legitimate profits from these entities in what is generally referred to as "revenue sharing."

Revenue sharing payments are generally a percentage of the account's average annual net assets. CAL and CFS may make these payments to an Intermediary for various purposes, including to help defray costs incurred by the Intermediary to educate financial advisers about the Funds so they can make recommendations and provide services that are suitable and meet shareholder needs, to access the Intermediary's representatives, to provide marketing support and other specified services. To the extent that the Funds do not pay for these costs directly, CAL and CFS may also make payments to certain financial intermediaries for administrative services such as record keeping, sub-accounting for shareholder accounts, client account maintenance support, statement preparation, transaction processing, payment of ticket charges per purchase or exchange order placed by a financial intermediary, payment of networking fees in connection with certain mutual fund trading systems, or one-time payments for services such as setting up the Funds on a intermediary's mutual fund trading system.

Service costs for sub-transfer agency fees attributable to Class A, Class C and Class I shares are borne solely by those share classes and are allocated pro-rata based upon assets of all Class A, Class C and Class I shares in the aggregate, without regard to fund or class. No sub-transfer agency or client account support payments will be made with respect to Class R6 shares.


63


In addition, CFS and/or CAL may also share certain marketing expenses with intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Funds. CFS and/or CAL may make payments to participate in intermediary marketing support programs which may provide CFS and/or CAL, as applicable, with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data and data analytics, business planning and strategy sessions with intermediary personnel, information on industry- or platform specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of the Funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Funds available to their customers.

These payments may provide Intermediaries with an incentive to favor shares of the Funds over sales of shares of other mutual funds or non-mutual fund investments. These payments may influence the Intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your Intermediary's website for more information. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and you should discuss this matter with your Intermediary and its representatives. The Funds may utilize an Intermediary that offers and sells shares of the Funds to execute portfolio transactions for the Funds. The Funds, Calamos Advisors and CFS do not consider sales of shares of the Funds as a factor in the selection of broker-dealers to execute portfolio transactions for the Funds.

PORTFOLIO TRANSACTIONS

Calamos Advisors is responsible for decisions to buy and sell securities for the Funds, the selection of brokers and dealers to effect the transactions and the negotiation of prices and any brokerage commissions on such transactions.

Portfolio transactions on behalf of the Funds effected on stock exchanges involve the payment of negotiated brokerage commissions. There is generally no stated commission in the case of securities traded in the OTC markets, but the price the Funds pay usually includes an undisclosed dealer commission or mark-up. For securities purchased in an underwritten offering, the price the Funds pay includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

In executing portfolio transactions, Calamos Advisors uses its best efforts to obtain for the Funds the most favorable combination of price and execution available. In seeking the most favorable combination of price and execution, Calamos Advisors considers all factors it deems relevant, including price, the size of the transaction, the nature of the market for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the execution capability of the broker-dealer and the quality of service rendered by the broker-dealer in other transactions.

In allocating the Funds' portfolio brokerage transactions to unaffiliated broker-dealers, Calamos Advisors may take into consideration the research, analytical, statistical and other information and services provided by the broker-dealer, such as general economic reports and information, reports or analyses of particular companies or industry groups, market timing and technical information, and the availability of the brokerage firm's analysts for consultation. Although Calamos Advisors believes these services have substantial value, they are considered supplemental to Calamos Advisors' own efforts in performing its duties under the Management Agreement.

Calamos Advisors does not guarantee any broker the placement of a predetermined amount of securities transactions in return for the research or brokerage services it provides. Calamos Advisors does, however, have internal procedures for allocating transactions in a manner consistent with its execution policies to brokers that it has identified as providing research, research-related products or services, or execution-related services of a particular benefit to its clients. Calamos Advisors has entered into client commission agreements ("CCAs") with certain broker-dealers under which the broker-dealers may use a portion of their commissions to pay third parties or other broker-dealers that provide Calamos Advisors with research or brokerage services, as 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


64


broker-dealers for research or brokerage services. All uses of CCAs by Calamos Advisors are subject to applicable law and their best execution obligations. Brokerage and research products and services furnished by brokers may be used in servicing any or all of the clients of Calamos Advisors and such research may not necessarily be used by Calamos Advisors in connection with the accounts which paid commissions to the broker providing such brokerage and research products and services.

As permitted by Section 28(e) of the 1934 Act, Calamos Advisors may pay a broker-dealer that provides brokerage and research services an amount of commission for effecting a securities transaction for a Fund in excess of the commission that another broker-dealer would have charged for effecting that transaction if Calamos Advisors believes the amount to be reasonable in relation to the value of the overall quality of the brokerage and research services provided. Other clients of Calamos Advisors may indirectly benefit from the availability of these services to Calamos Advisors, and the Funds may indirectly benefit from services available to Calamos Advisors as a result of research services received by Calamos Advisors through transactions for other clients. In addition, Calamos Advisors may execute portfolio transactions for the Funds, to the extent permitted by law, through broker-dealers affiliated with the Funds, Calamos Advisors, CFS, or other broker-dealers distributing shares of the Funds if it reasonably believes that the combination of price and execution is at least as favorable as with unaffiliated broker-dealers, and in such transactions any such broker-dealer would receive brokerage commissions paid by the Funds.

In certain cases, Calamos Advisors may obtain products or services from a broker that have both research and non-research uses. Examples of non-research uses are administrative and marketing functions. These are referred to as "mixed use" products. In each case, Calamos Advisors makes a good faith effort to determine the proportion of such products or services that may be used for research and non-research purposes. That determination is based upon the time spent by Calamos Advisors personnel for research and non-research uses. The portion of the costs of such products or services attributable to research usage may be defrayed by Calamos Advisors through brokerage commissions generated by transactions of its clients, including the Funds. Calamos Advisors pays the provider in cash for the non-research portion of its use of these products or services.

For the periods presented below, Calamos Advisors did not execute trades through CFS, its affiliated broker-dealer. For the periods indicated, the following table shows the amount of aggregate commissions related to those transactions executed through unaffiliated broker-dealers.

Description

  Aggregate
Commissions
 

Market Neutral Income Fund

         

Year Ended 10/31/21

 

$

3,977,282

   

Year Ended 10/31/20

 

$

4,307,662

   

Year Ended 10/31/19

 

$

4,733,924

   

Hedged Equity Fund

         

Year Ended 10/31/21

 

$

93,685

   

Year Ended 10/31/20

 

$

149,942

   

Year Ended 10/31/19

 

$

129,497

   

Phineus Long/Short Fund

         

Year Ended 10/31/21

 

$

3,711,001

   

Year Ended 10/31/20

 

$

4,242,667

   

Year Ended 10/31/19

 

$

3,584,319

   

Convertible Fund

         

Year Ended 10/31/21

 

$

104,768

   

Year Ended 10/31/20

 

$

86,177

   

Year Ended 10/31/19

 

$

90,421

   

Global Convertible Fund

         

Year Ended 10/31/21

 

$

1,593

   

Year Ended 10/31/20

 

$

8,873

   

Year Ended 10/31/19

 

$

17,216

   

Timpani Small Cap Growth Fund(1)

         

Year Ended 10/31/21

 

$

793,119

   

Year Ended 10/31/20

 

$

323,463

   

Year Ended 10/31/19

 

$

117,910

   

Timpani SMID Growth Fund(2)

         

Year Ended 10/31/21

 

$

47,423

   

Year Ended 10/31/20

 

$

32,782

   

Year Ended 10/31/19

 

$

13,454

   


65


Description

  Aggregate
Commissions
 

Growth Fund

         

Year Ended 10/31/21

 

$

637,403

   

Year Ended 10/31/20

 

$

1,615,668

   

Year Ended 10/31/19

 

$

1,609,488

   

Growth and Income Fund

         

Year Ended 10/31/21

 

$

1,089,811

   

Year Ended 10/31/20

 

$

1,210,202

   

Year Ended 10/31/19

 

$

724,966

   

Dividend Growth Fund

         

Year Ended 10/31/21

 

$

1,614

   

Year Ended 10/31/20

 

$

3,421

   

Year Ended 10/31/19

 

$

5,887

   

Select Fund

         

Year Ended 10/31/21

 

$

6,731

   

Year Ended 10/31/20

 

$

46,459

   

Year Ended 10/31/19

 

$

42,723

   

International Growth Fund

         

Year Ended 10/31/21

 

$

631,424

   

Year Ended 10/31/20

 

$

533,549

   

Year Ended 10/31/19

 

$

544,830

   

Evolving World Growth Fund

         

Year Ended 10/31/21

 

$

3,232,879

   

Year Ended 10/31/20

 

$

835,454

   

Year Ended 10/31/19

 

$

564,880

   

Global Equity Fund

         

Year Ended 10/31/21

 

$

122,098

   

Year Ended 10/31/20

 

$

116,282

   

Year Ended 10/31/19

 

$

144,956

   

Global Opportunities Fund

         

Year Ended 10/31/21

 

$

197,114

   

Year Ended 10/31/20

 

$

218,680

   

Year Ended 10/31/19

 

$

174,124

   

Global Sustainable Equities Fund(3)

         

Year Ended 10/31/21

 

$

   

Year Ended 10/31/20

 

$

   

Year Ended 10/31/19

 

$

   

Total Return Bond Fund

         

Year Ended 10/31/21

 

$

   

Year Ended 10/31/20

 

$

217

   

Year Ended 10/31/19

 

$

   

High Income Opportunities Fund

         

Year Ended 10/31/21

 

$

1,528

   

Year Ended 10/31/20

 

$

156

   

Year Ended 10/31/19

 

$

1,120

   

Short-Term Bond Fund

         

Year Ended 10/31/21

 

$

   

Year Ended 10/31/20

 

$

   

Year Ended 10/31/19

 

$

   

(1)  Timpani Small Cap Growth Fund commenced operations on May 31, 2019.

(2)  Timpani SMID Growth Fund commenced operations on July 31, 2019.

(3)  Global Sustainable Equities Fund commenced operations on December 17, 2021.


66


The following table shows the brokerage commissions paid by each Fund to brokers who furnished research services to the Fund or Calamos Advisors, and the aggregate dollar amounts involved in those transactions, during the period indicated.

    Fiscal Year Ended
October 31, 2021
 
    Commissions Paid
for Research
  Percentage of
Aggregate
Commissions
 

Market Neutral Income Fund

 

$

1,568,604

     

39.4

%

 

Hedged Equity Fund

 

$

18,408

     

19.6

%

 

Phineus Long/Short Fund

 

$

570,606

     

15.4

%

 

Convertible Fund

 

$

23,026

     

22.0

%

 

Global Convertible Fund

 

$

201

     

12.6

%

 

Timpani Small Cap Growth Fund

 

$

256,076

     

32.3

%

 

Timpani SMID Growth Fund

 

$

13,371

     

28.2

%

 

Growth Fund

 

$

96,459

     

15.1

%

 

Growth and Income Fund

 

$

61,627

     

5.7

%

 

Dividend Growth Fund

 

$

829

     

51.4

%

 

Select Fund

 

$

3,107

     

46.2

%

 

International Growth Fund

 

$

243,621

     

38.6

%

 

Evolving World Growth Fund

 

$

865,221

     

26.8

%

 

Global Equity Fund

 

$

44,336

     

36.3

%

 

Global Opportunities Fund

 

$

42,164

     

21.4

%

 

Global Sustainable Equities Fund

 

$

     

0.0

%

 

Total Return Bond Fund

 

$

     

0.0

%

 

High Income Opportunities Fund

 

$

497

     

32.5

%

 

Short-Term Bond Fund

 

$

     

0.0

%

 

SHARE CLASSES AND PRICING OF SHARES

Purchases and redemptions are discussed in the prospectus under the headings "How can I buy shares?" and "How can I sell (redeem) shares?" All of that information is incorporated herein by reference.

SALES CHARGE WAIVER

In addition to the sales charge waivers enumerated in the prospectus, dividends and distributions paid on shares of a Fund will be reinvested in shares of the same class of that Fund at net asset value (without the payment of any sales charge) unless you elect to receive dividends and distributions in cash. Additionally, proceeds of Class A shares redeemed from a Fund within the previous 60 days may be reinvested in Class A shares of that Fund at NAV without a sales charge. In order to take advantage of this sales charge waiver, you, or your broker-dealer or other sales agent, must submit your intent, in writing, with your purchase. In addition, if the amount of reinvestment is less than the amount of redemption, the sales charge waiver shall be pro-rated accordingly.

CONTINGENT DEFERRED SALES CHARGE

The contingent deferred sales charge ("CDSC") is computed on the lesser of the redemption price or purchase price, excluding amounts not subject to the charge. The following example illustrates the operation of the CDSC:

Assume that an individual opens an account and makes a purchase payment of $10,000 for 1,000 Class C shares of a Fund (at $10 per share) and that six months later the value of the investor's account for that Fund has grown through investment performance to $11,000 ($11 per share). If the investor should redeem $2,200 (200 shares), a CDSC would be applied against $2,000 of the redemption (the purchase price of the shares redeemed, because the purchase price is lower than the current net asset value of such shares ($2,200)). At the rate of 1.00%, the Class C CDSC would be $20.

The CDSC for Class A9 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

9  The above waivers apply to Class A shares originally purchased at net asset value pursuant to the $1,000,000 purchase order privilege for two years after the time of purchase (or the $250,000 purchase order privilege for one year after the time of purchase for Market Neutral Income Fund, Convertible Fund, Global Convertible Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund).


67


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 72 from an IRA account (with the maximum amount subject to this waiver being based only upon the shareholder's Calamos IRA accounts).

LETTER OF INTENT

You may reduce the sales charges you pay on the purchase of Class A shares by making investments pursuant to a Letter of Intent ("LOI"). Under an LOI, you may purchase additional Class A shares of any Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at once. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. In addition, the market value of any current holdings in the Calamos Funds (as described and calculated under "Rights of Accumulation" as further noted in the Funds' prospectus) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the LOI, but the reduced LOI sales charge rate will only apply to purchases made on or after the commencement date of the LOI. The 13-month LOI period commences with your first purchase of shares at the reduced LOI sales charge rate, and this first purchase also acknowledges acceptance of the terms of the LOI. The initial investment must meet the minimum initial purchase requirements. Purchases resulting from the reinvestment of dividends and/or capital gains do not apply towards the fulfillment of the LOI. In all instances, it is the investor's responsibility to notify the Funds, the Funds' transfer agent and/or their financial advisor of any current holdings in the Calamos Funds that should be counted towards the sales charge reduction (and provide account statements, as needed, for verification purposes) and any subsequent purchases that should be counted towards fulfillment of the LOI. During the term of the LOI, shares representing up to 5% of the indicated LOI amount will be held in escrow. Shares held in escrow have full dividend and voting privileges. The escrowed shares will be released when the full amount indicated has been purchased. If the full indicated LOI amount is not purchased during the term of the LOI, you will be required to pay CFS an amount equal to the difference between the dollar amount of the sales charges actually paid and the amount of the sales charges that you would have paid on your aggregate purchases if the total of such purchases had been made at a single time, and CFS reserves the right to redeem escrowed shares from your account if necessary to satisfy this obligation. Any remaining escrowed shares will be released to you. An LOI does not obligate you to buy, or a Fund to sell, the indicated amount of shares. Before submitting and/or signing an LOI, please carefully read and review the LOI provisions found in both the prospectus and this statement of additional information.

If purchasing shares through a financial intermediary, please also see the "Reduced sales charges available through certain financial intermediaries" section in the Funds' prospectus for more information.

PURCHASES OF CLASS I AND R6 SHARES

Class I and R6 shares are sold at net asset value and are not subject to an initial sales charge or to a contingent deferred sales charge. Please refer to the prospectus for more information.

REDEMPTION IN KIND

The Funds have elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which they are obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of a Fund during any 90-day period for any one shareholder. Redemptions in excess of these amounts will normally be paid in cash, but may be paid wholly or partly by a distribution in kind of securities.

PURCHASE IN KIND

You may, under certain circumstances, purchase shares of a Fund with other securities that you presently own (an "in-kind purchase"). Any in-kind purchase would be subject to approval by the Trust, and would be subject to the Trust's in-kind purchase procedures then in effect. These procedures presently require any consideration used in an in-kind purchase to be comprised of (a) securities that are held in the Fund's portfolio, or (b) securities that are not currently held in the portfolio but that are eligible for purchase by the Fund (consistent with the Fund's investment objectives and restrictions), have been approved for investment by the Fund's portfolio manager and have readily available market quotations. Should the Trust approve your purchase of a Fund's shares with securities, the Trust would follow its in-kind purchase procedures and would value the securities tendered in payment (determined as of the next close of regular session trading on the New York Stock Exchange


68


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.

REDEMPTION FEES

High Income Opportunities Fund has a 1% redemption fee that may apply if a shareholder redeems shares within 60 days of purchase by selling or by exchanging to another fund. For purposes of determining this fee, shares are considered sold on a first-in, first-out basis. The fee is withheld from redemption proceeds and retained by High Income Opportunities Fund. Shares held for more than 60 days are not subject to the 1% fee. For purposes of determining the 60-day period, Day 1 will be the day following the trade date of a purchase into High Income Opportunities Fund (and Day 1 will be the day following the exchange in trade date for an exchange into High Income Opportunities Fund from another Calamos Fund) and will be tracked using calendar days. The following transactions will be exempt from the redemption fee:

•  Redemptions of shares previously acquired through the reinvestment of the Fund's dividend and/or capital gains distributions

•  In the event of the death of the shareholder (including a registered joint owner)

•  In the event of the total disability (as evidenced by a determination by the Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed

•  Shareholder divorce

•  Shareholder hardship

•  Mandatory distributions to satisfy required minimum distributions after age 72 from an IRA or other Retirement Plan account (with the maximum amount subject to this waiver being based only upon the shareholder's Calamos accounts)

•  Redemptions made pursuant to a systematic withdrawal plan, including any Individual Retirement Account ("IRA") systematic withdrawal based on the shareholder's life expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(2)(iv) prior to age 59 ? (with the maximum annual rate subject to this waiver being 10% of the NAV of the account)

•  Redemptions due to automatic rebalancing of an account

•  Retirement Plan account terminations

•  Retirement Plan account involuntary redemptions

•  Retirement Plan account forfeitures

•  Return of excess contributions within IRA's and Retirement Plan accounts

•  Redemptions of shares through a fund of funds

•  Redemptions of shares through a fee-based advisory or wrap account (both discretionary and non-discretionary)

•  Redemptions of shares to correct or adjust a prior transaction processed in error by a financial intermediary

•  Redemptions of shares to pay for involuntary fees (maintenance, low balance, fiduciary, etc.) assessed against an account (for both qualified and non-qualified accounts), except for fees related to contingent deferred sales charges

High Income Opportunities Fund may waive the redemption fee at its sole discretion.

High Income Opportunities Fund reserves the right to modify or eliminate the redemption fee at any time.

CERTAIN REDEMPTIONS AND REINVESTMENTS

Calamos Advisors and its affiliates have investments in certain of the Funds. From time to time, Calamos Advisors or an affiliate may, for tax purposes, redeem a portion of its Fund holdings, reinvesting in shares of the same Fund shortly thereafter. These


69


transactions are subject to the Funds' excessive trading policies and procedures and will only be consummated if they are determined not to be disruptive to the management of the Fund under those procedures.

NET ASSET VALUE

Each Fund's share price, or NAV, is determined as of the close of regular session trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern Time) each day that the NYSE is open. The NYSE is regularly closed on New Year's Day, the third Monday in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas.

The NAV per share for each class of Fund shares is calculated in accordance with Rule 22c-1 of the 1940 Act by dividing the pro rata share of the value of all of the securities and other assets of the Fund allocable to that class of Fund shares, less the liabilities allocable to that class, by the number of shares of the class outstanding. When shares are purchased or sold, the order is processed at the next NAV (plus any applicable sales charge) that is calculated on a day when the NYSE is open for trading, after receiving a purchase or sale order. Because the Funds may invest in securities that are primarily listed on foreign exchanges and trade on days when the Funds do not price their shares, a Fund's NAV may change on days when shareholders will not be able to purchase or redeem the Fund's shares. If shares are purchased or sold through a broker-dealer, it is the responsibility of that broker-dealer to transmit those orders to the Funds' transfer agent so such orders will be received in a timely manner. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

A purchase or sale order typically is accepted when the Fund's transfer agent or an intermediary has received a completed application or appropriate instruction along with the intended investment, if applicable, and any other required documentation.

VALUATION PROCEDURES

The valuation of the Funds' portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees. Securities for which market quotations are readily available will be valued using the market value of those securities. Securities for which market quotations are not readily available will be fair valued in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees. The method by which a security may be fair valued will depend on the type of security and the circumstances under which the security is being fair valued.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Fund determines its NAV. Securities traded in the OTC market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV.

When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the OTC market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each OTC option that is not traded through the OCC is valued either by an independent pricing agent or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed-income securities and certain convertible preferred securities are generally traded in the OTC market and are valued by independent pricing services or by dealers who make markets in such securities. Valuations of such fixed income securities and certain convertible preferred securities consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or OTC prices.

Trading on European and Asian exchanges and OTC markets is typically completed at various times before the close of business on each day on which the NYSE is open. Each security trading on these exchanges or OTC markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of


70


the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees. Each Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

TAXATION

The following summarizes certain additional federal income tax considerations generally affecting the Funds and their shareholders. The discussion is for general information only and does not purport to consider all aspects of U.S. federal income taxation that might be relevant to beneficial owners of shares of the Funds. The discussion is based upon current provisions of the Code, existing regulations promulgated thereunder, and administrative and judicial interpretations thereof, all of which are subject to change, which change could be retroactive. The Biden Administration has announced that it is contemplating legislation that may result in significant changes to the Code, which could potentially have retroactive effect. These changes may significantly alter the after-tax return of the Fund's shareholders. The discussion applies only to beneficial owners of Fund shares in whose hands such shares are capital assets within the meaning of Section 1221 of the Code, and may not apply to certain types of beneficial owners of shares (such as insurance companies, financial institutions, tax exempt organizations, broker-dealers, persons investing through tax-qualified plans or other tax-advantaged arrangements) who may be subject to special rules. Persons who may be subject to tax in more than one country should consult the provisions of any applicable tax treaty to determine the potential tax consequences to them. Prospective investors should consult their own tax advisers with regard to the federal tax consequences of the purchase, ownership and disposition of Fund shares, as well as the tax consequences arising under the laws of any state, foreign country, or other taxing jurisdiction. The discussion here and in the prospectus is not intended as a substitute for careful tax planning.

Each Fund has elected to be treated as a regulated investment company under the Code and intends each year to qualify and be eligible to be treated as such. To qualify as a regulated investment company, each Fund generally must, among other things, (a) derive in each taxable year at least 90% of its gross income from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and (ii) net income derived from interests in certain "qualified publicly traded partnerships" ("Qualifying Income Test"); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's assets is represented by cash, U.S. Government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other regulated investment companies) of any one issuer, two or more issuers which the Fund controls and which are engaged in the same, similar or related trades or businesses or one or more "qualified publicly traded partnerships" ("Diversification Test"); and (c) distribute with respect to each taxable year at least the sum of (i) 90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains in excess of any net long-term capital losses) and (ii) 90% of its tax exempt income, net of expenses allocable thereto.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from an equity investment in a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of


71


the partnership which would be qualifying income if realized directly by the regulated investment company. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" will be treated as qualifying income. A "qualified publicly traded partnership" is one in which the interests are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above. In general, such entities will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). MLPs, if any, in which a Fund invests generally will qualify as qualified publicly traded partnerships. In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above.

The Treasury Department is authorized to promulgate regulations under which gains from foreign currencies (and options, futures, and forward contracts on foreign currency) would constitute qualifying income for purposes of the Qualifying Income Test only if such gains are directly related to investing in securities. To date, such regulations have not been issued.

A regulated investment company generally must look through any of 20% or more voting interest it owns in a corporation, including another regulated investment company, to the underlying assets thereof for purposes of the Diversification Test; special rules potentially providing limited relief from the application of this rule apply where a regulated investment company owns such an interest in an underlying regulated investment company.

If a Fund were to fail to qualify as a regulated investment company accorded special tax treatment for any taxable year, the Fund would be subject to tax on its taxable income at corporate income tax rates (without any deduction for distributions to its shareholders), and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends received deduction in the case of corporate shareholders and reduced rates of taxation on qualified dividend income in the case of individuals. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company that is accorded special tax treatment. The remainder of this discussion assumes that each Fund will qualify as a regulated investment company.

As a regulated investment company, a Fund generally will not be subject to U.S. federal income tax on its investment company taxable income and net capital gains (any net long-term capital gains in excess of the sum of net short-term capital losses and capital loss carryovers from prior years) properly reported by the Fund as capital gain dividends, if any, that it distributes to shareholders on a timely basis. Each Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income and any net capital gains. In addition, amounts not distributed by a Fund on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax. To avoid the tax, a Fund must distribute during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (and adjusted for certain ordinary losses) for the twelve month period ending on October 31, and (3) all ordinary income and capital gains for previous years that were not distributed during such years. A distribution will be treated as paid on December 31 of the calendar year if it is declared by a Fund in October, November, or December of that year to shareholders of record on a date in such a month and paid by the Fund during January of the following year. Such distributions will be treated as paid to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. To avoid application of the excise tax, each Fund intends to make its distributions in accordance with the calendar year distribution requirement.

DISTRIBUTIONS

Dividends and distributions from a Fund, whether received in shares or cash, generally are taxable to shareholders and must be reported on each shareholder's federal income tax return. Dividends paid out of a Fund's investment company taxable income generally will be taxable to a U.S. shareholder as ordinary income.


72


A portion of the dividends paid by certain Funds may qualify for the dividends received deduction available to corporate shareholders under Section 243 of the Code or the reduced rates of taxation under Section 1(h)(11) of the Code that apply to "qualified dividend income" received by noncorporate shareholders, provided holding period and other requirements are met at both the shareholder and Fund level. Distributions of net capital gains — that is, the excess, if any, of net long-term gain over net short-term loss — properly reported by a Fund as capital gain dividends, generally are taxable to shareholders as long-term capital gains, regardless of how long the shareholder has held a Fund's shares, and are not eligible for the dividends received deduction. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of gains from investments that a Fund owned for one year or less will generally be taxable to shareholders as ordinary income.

Any distributions in excess of a Fund's current and accumulated earnings and profits will be characterized as a return of capital to shareholders to the extent of their basis in their Fund shares and, thereafter, as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Distributions are taxable to shareholders as described herein even if they are paid from income or gains earned by a Fund before a shareholder's investment (and thus effectively were included in the price the shareholder paid). The tax treatment of dividends and distributions will be the same whether a shareholder reinvests them in additional shares or elects to receive them in cash.

Distributions by a Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a regulated investment company from REITs, to the extent such dividends are properly reported as such by the regulated investment company in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying regulated investment company shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so. Subject to future regulatory guidance to the contrary, a distribution of income attributable to qualified publicly traded partnership income from a Fund's investment in an MLP will ostensibly not qualify for the deduction that would be available to a non-corporate shareholder were the shareholder to own such MLP directly.

SALES OF SHARES

Upon the disposition of shares of a Fund (whether by redemption, sale or exchange), a shareholder may realize a gain or loss. Such gain or loss will be capital gain or loss if the shares are capital assets in the shareholder's hands, and will be long-term or short-term generally depending upon the shareholder's holding period for the shares. Any loss realized on a disposition of Fund shares will be disallowed to the extent the shares disposed of are replaced with substantially identical shares within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received by the shareholder with respect to such shares.

Depending on certain factors relating to a Fund's ownership in an underlying fund both before and after a redemption, a Fund's redemption of shares of such underlying fund may cause the Fund to be treated not as realizing capital gain or loss in the amount by which the redemption proceeds exceed the Fund's tax basis in the shares of the underlying fund, but instead to be treated as receiving a taxable dividend in the full amount of the redemption proceeds. Dividend treatment of a redemption by a Fund would affect the amount and character of income required to be distributed by both the Fund and the underlying fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as a "qualified dividend income"; otherwise, it would be taxable as ordinary income and could cause shareholders of a Fund that invests in underlying funds to recognize higher amounts of ordinary income than if the shareholders had held the shares of the underlying funds directly.

MEDICARE TAX ON CERTAIN INVESTMENT INCOME

Certain noncorporate taxpayers are subject to an additional tax of 3.8% with respect to the lesser of (1) their "net investment income" or (2) the excess of their "modified adjusted gross income" over a threshold amount ($250,000 for married persons filing


73


jointly and $200,000 for single taxpayers). For this purpose, "net investment income" includes interest, dividends (including dividends paid with respect to shares), annuities, royalties, rent, net gain attributable to the disposition of property not held in a trade or business (including net gain from the sale, exchange or other taxable disposition of shares) and certain other income, but will be reduced by any deductions properly allocable to such income or net gain.

OPTIONS, FUTURES AND FORWARD CONTRACTS, AND SWAP AGREEMENTS OR DERIVATIVES

A Fund may purchase and sell put and call options. In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of a Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain options, futures contracts, forward contracts, foreign currency positions and swap agreements used by the Funds may be governed by Section 1256 of the Code ("Section 1256 contracts"). Any gains or losses on Section 1256 contracts are generally considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

Generally, the hedging transactions and certain other transactions in options, futures and forward contracts undertaken by a Fund, may trigger the straddle rules contained primarily in Section 1092 of the Code. In some cases, the straddle rules also could apply in connection with swap agreements. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. The straddle rules and the rules governing qualified covered calls may affect the character of gains (or losses) realized by a Fund by causing gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be. In addition, losses realized by a Fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which such losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences to a Fund of transactions in options, futures, forward contracts, and swap agreements are not entirely clear.

A Fund may make one or more of the elections available under the Code which are applicable to straddles. If a Fund makes any of the elections, the amount, character and timing of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections operate to accelerate the recognition of gains or losses from the affected straddle positions. Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not engage in such hedging transactions.


74


In addition, a Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules), which could affect the amount, timing and/or character of distributions to shareholders. The qualifying income and diversification requirements applicable to a Fund's assets may limit the extent to which the Fund will be able to engage in transactions in options, futures contracts, forward contracts, swap agreements, and other derivative instruments.

Rules governing the tax aspects of swap agreements and other derivative instruments are in a developing stage and are not entirely clear in certain respects. Accordingly, while the Funds intend to account for such transactions in a manner they deem to be appropriate, the IRS might not accept such treatment. If it did not, the status of a Fund as a regulated investment company might be affected. Calamos Advisors intends to monitor developments in this area.

An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level tax.

SHORT SALES

Certain Funds may make short sales of securities. Short sales may increase the amount of short-term capital gain realized by a Fund, which is taxed as ordinary income when distributed to shareholders.

PASSIVE FOREIGN INVESTMENT COMPANIES

Certain Funds may invest in the stock of foreign corporations which may be classified under the Code as passive foreign investment companies ("PFICs"). In general, a foreign corporation is classified as a PFIC for a taxable year if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. If a Fund receives a so-called "excess distribution" with respect to PFIC stock, the Fund itself may be subject to tax on a portion of the excess distribution, whether or not the corresponding income is distributed by the Fund to stockholders. In general, under the PFIC rules, an excess distribution is treated as having been realized ratably over the period during which the Fund held the PFIC stock. A Fund itself will be subject to tax on the portion, if any, of an excess distribution that is so allocated to prior taxable years and an interest factor will be added to the tax, as if the tax had been payable in such prior taxable years. Certain distributions from a PFIC as well as gain from the sale of PFIC stock are treated as excess distributions. Excess distributions are characterized as ordinary income even though, absent application of the PFIC rules, certain excess distributions might have been classified as capital gain.

A Fund may be eligible to elect alternative tax treatment with respect to PFIC stock. Under an election that currently is available in some circumstances, a Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether distributions are received from the PFIC in a given year. If this election were made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply. Alternatively, another election may be available that would involve marking to market a Fund's PFIC shares at the end of each taxable year (and on certain other dates prescribed in the Code), with the result that unrealized gains (and to a limited extent losses) are treated as though they were realized on the last day of the Fund's taxable year and reported as ordinary income or loss. Any mark-to-market losses and any loss from an actual disposition of PFIC shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income with respect to such shares in prior years. If this election were made, tax at the Fund level under the PFIC rules would generally be eliminated, but the Fund could, in limited circumstances, incur nondeductible interest charges. A Fund's intention to qualify annually as a regulated investment company may limit its elections with respect to PFIC shares.

Because the application of the PFIC rules may affect, among other things, the character of gains and the amount of gain or loss and the timing of the recognition of income with respect to PFIC shares, and may subject a Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to shareholders and will be taxed to shareholders as ordinary income or long-term capital gain may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. Dividends paid by PFICs are not eligible to be treated as "qualified dividend income."

FOREIGN CURRENCY TRANSACTIONS

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a Fund accrues income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are treated as ordinary income or loss. Similarly, on disposition of


75


debt securities denominated in a foreign currency and on disposition of certain other instruments, gains or losses attributable to fluctuations in the value of the foreign currency between the date of acquisition of the security or contract and the date of disposition also are treated as ordinary gain or loss. These gains and losses, referred to under the Code as "section 988" gains or losses, may increase or decrease the amount of a Fund's investment company taxable income to be distributed to its shareholders as ordinary income, and affect the timing as well as character of distributions.

FOREIGN TAXATION

Income, gains and proceeds received by the Funds from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes. In addition, the Funds intend to minimize foreign taxation in cases where it is deemed prudent to do so. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, such Fund will be eligible to elect to "pass-through" to the Fund's shareholders the amount of foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his taxable income or to use it (subject to limitations) as a foreign tax credit against his or her U.S. federal income tax liability. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund's taxable year if the foreign taxes paid by the Fund will "pass-through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders. With respect to such Funds, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by the Fund.

ORIGINAL ISSUE DISCOUNT AND MARKET DISCOUNT

Some of the debt securities with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) that may be acquired by a Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in the Fund's income and required to be distributed by the Fund over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities may be treated as a dividend for federal income tax purposes.

Some of the debt securities with a fixed maturity date of more than one year from the date of issuance that may be acquired by a Fund in the secondary market may be treated as having "market discount". Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with original issue discount, its "revised issue price") over the purchase price of such obligation. Subject to the discussion below regarding Section 451 of the Code, (i) generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security, (ii) alternatively, a Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security, and (iii) the rate at which the market discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects. Notwithstanding the foregoing, effective for taxable years beginning after 2017, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross income no later than the time at which such items are taken into account as revenue in the taxpayer's financial statements. The IRS and the Department of Treasury have issued final regulations providing that this rule does not apply to the accrual of market discount. If this rule were to apply to the accrual of market discount, the Fund would be required to include in income any market discount as it takes the same into account on its financial statements even if a Fund does not otherwise elect to accrue market discount currently for federal income tax purposes.


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Some debt securities with a fixed maturity date of one year or less from the date of issuance that may be acquired by a Fund may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). Generally, the Fund will be required to include the OID or acquisition discount in income over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends received deduction to the extent attributable to the deemed dividend portion of such OID. A Fund generally will be required to distribute dividends to shareholders representing discount on debt securities that is currently includable in income, even though cash representing such income may not have been received by the Fund. Cash to pay such dividends may be obtained from sales proceeds of securities held by the Fund.

Investments in debt obligations that are at risk of or in default present special tax issues for a Fund. Tax rules are not entirely clear about issues such as whether or to what extent a Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

CONSTRUCTIVE SALES

Certain rules may affect the timing and character of gain if a Fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If a Fund enters into certain transactions (including, but not limited to, short sales) in property while holding substantially identical property, the Fund would be treated as if it had sold and immediately repurchased the property and would be taxed on any gain (but not loss) from the constructive sale. The character of gain from a constructive sale would depend upon the Fund's holding period in the property. Loss from a constructive sale would be recognized when the property was subsequently disposed of, and its character would depend on the Fund's holding period and the application of various loss deferral provisions of the Code.

INVESTMENTS IN MASTER LIMITED PARTNERSHIPS

A Fund's ability to make direct and indirect investments in MLPs and certain non-U.S. entities is limited by the Fund's intention to qualify as a regulated investment company, and if the Fund does not appropriately limit such investments or if such investments are re-characterized for U.S. federal income tax purposes, the Fund's status as a regulated investment company may be jeopardized. Among other limitations, the Fund is permitted to have no more than 25% of the value of its total assets invested in qualified publicly traded partnerships, including MLPs.

INVESTMENTS IN OTHER REGULATED INVESTMENT COMPANIES.

A Fund's investments in shares of another mutual fund, ETF or another company that qualifies as a regulated investment company (each, an "investment company") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the investment company, rather than in shares of the investment company. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment company.

A Fund that invests in shares of other investment companies will not be able to offset gains realized by one underlying fund in which the Fund invests against losses realized by another underlying fund in which the Fund invests. A Fund's investments in underlying funds could therefore affect the amount, timing and character of distributions to shareholders.


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BACKUP WITHHOLDING

A Fund may be required to withhold on all taxable distributions payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal tax liability.

NON-U.S. SHAREHOLDERS

Withholding of Income Tax on Dividends: Under U.S. federal tax law, dividends paid on shares beneficially held by a person who is not a "U.S. person" within the meaning of the Code (a "foreign person"), are, in general, subject to withholding of U.S. federal income tax at a rate of 30% of the gross dividend, which may, in some cases, be reduced by an applicable tax treaty. However, if a beneficial holder who is a foreign person is eligible for the benefits of a tax treaty and has a permanent establishment in the United States, income effectively connected with the conduct by the beneficial holder of a trade or business in the United States and attributable to such permanent establishment will be subject to U.S. federal income taxation on a net basis at regular income tax rates.

Distributions by a Fund to foreign persons properly reported by the Fund as capital gain dividends, interest-related dividends and short-term capital gain dividends generally will not be subject to withholding of U.S. federal income tax. In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign person, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders.

The exceptions to withholding for capital gain dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign person who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is (or is treated as) effectively connected with the conduct by the foreign person of a trade or business within the United States, including distributions subject to special rules regarding the disposition of U.S. real property interests. The exception to withholding for interest-related dividends does not apply to distributions to a foreign person (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign person is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign person and the foreign person is a controlled foreign corporation. If a Fund invests in a RIC that pays capital gain dividends, short-term capital gain dividends or interest-related dividends to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign persons. A Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign persons should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by a Fund to foreign persons other than capital gain dividends, interest-related dividends and short-term capital gain dividends (e.g. distributions derived from any dividends on corporate stock, ordinary income other than U.S. source interest, foreign currency gains, foreign source interest, and ordinary income from swaps or investments in PFICs) would generally be subject to withholding at a rate of 30% (or lower applicable treaty rate). There can be no assurance as to the amount of distributions that would not be subject to withholding when paid to foreign persons.

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA"), generally require each Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. Each Fund may be required to withhold 30% of the ordinary dividends it pays to shareholders that fail to meet the prescribed information reporting or certification requirements. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or capital gain dividends the Fund pays. Non-U.S. investors should consult their own tax advisers regarding the impact of these requirements on their investment in the Fund.


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Income Tax on Sale of a Fund's Shares: Under U.S. federal tax law, a beneficial holder of shares who is a foreign person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of such shares unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States or (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met.

The availability of reduced U.S. taxation pursuant to any applicable treaties depends upon compliance with established procedures for claiming the benefits thereof and may further, in some circumstances, depend upon making a satisfactory demonstration to U.S. tax authorities that a foreign investor qualifies as a foreign person under U.S. domestic tax law and such treaties.

OTHER TAXATION

Distributions also may be subject to additional state, local and foreign taxes, depending on each shareholder's particular situation. Under the laws of various states, distributions of investment company taxable income generally are taxable to shareholders even though all or a substantial portion of such distributions may be derived from interest on certain federal obligations which, if the interest were received directly by a resident of such state, would be exempt from such state's income tax ("qualifying federal obligations"). However, some states may exempt all or a portion of such distributions from income tax to the extent the shareholder is able to establish that the distribution is derived from qualifying federal obligations. Moreover, for state income tax purposes, interest on some federal obligations generally is not exempt from taxation, whether received directly by a shareholder or through distributions of investment company taxable income (for example, interest on FNMA Certificates and GNMA Certificates). Each Fund will provide information annually to shareholders indicating the amount and percentage of a Fund's dividend distribution which is attributable to interest on federal obligations, and will indicate to the extent possible from what types of federal obligations such dividends are derived. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund.

COST BASIS REPORTING

Each Fund (or its administrative agent) is required to report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares purchased on or after January 1, 2012, and sold on or after that date. For each sale of Fund shares the Fund will permit Fund shareholders to elect from among several IRS-accepted cost basis methods, including average cost. In the absence of an election, the Fund will use the average cost method as a default cost basis method for the Fund's direct shareholders. Shareholders who purchase Fund shares through a broker or other intermediary should contact that broker or intermediary regarding the applicable default method, or other electable method, as these methods may vary. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirement applies to them.

GENERAL CONSIDERATIONS

The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific federal tax consequences of purchasing, holding, and disposing of shares of a Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.


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CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS

The following table shows the only persons known to own beneficially (as determined in accordance with Rule 13d-3 under the 1934 Act) 5% or more of the outstanding shares of any Fund at January 31, 2022.

Fund   Registration   Account Share Balance
Percent of Total Shares
 

CALAMOS MARKET NEUTRAL INCOME CLASS A

  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS
CUSTOMERS ATTN FUND ADMIN-97HC6
4800 DEER LAKE DR E 2ND FLOOR
JACKSONVILLE FL 32246-6484
  20,871,219.9340
20.89%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  18,211,410.9830
18.23%
 
  CHARLES SCHWAB CO
REINVEST ACCOUNT
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  17,015,391.0470
17.03%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  8,279,878.5940
8.29%
 
  TD AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS
PO BOX 2226
OMAHA NE 68103-2226
  6,137,922.4870
6.14%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  5,817,222.7960
5.82%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  5,031,477.3470
5.04%
 

CALAMOS MARKET NEUTRAL INCOME CLASS C

  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS
CUSTOMERS ATTN FUND ADMIN- 97KS6
4800 DEER LAKE DR E 2ND FLOOR
JACKSONVILLE FL 32246-6484
  5,157,035.1260
22.40%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  4,112,801.3120
17.86%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  4,016,848.3270
17.44%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  2,459,802.0900
10.68%
 


80


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  1,779,817.7810
7.73%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  1,459,209.0790
6.34%
 

CALAMOS MARKET NEUTRAL INCOME CLASS I

  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  221,905,689.3630
19.18%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  159,211,559.9510
13.76%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS
CUSTOMERS ATTN FUND ADMIN-97HC6
4800 DEER LAKE DR E 2ND FLOOR
JACKSONVILLE FL 32246-6484
  148,357,005.5960
12.82%
 
  CHARLES SCHWAB CO
REINVEST ACCOUNT
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  110,244,025.3210
9.53%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  74,797,208.4230
6.47%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  73,122,578.7140
6.32%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  70,069,921.0330
6.06%
 

CALAMOS MARKET NEUTRAL INCOME FUND CLASS R6

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  9,143,783.7320
85.00%
 
  MAILCODE BD1N — ATTN MF
C/O RELIANCE TRUST COMPANY WI
MARIL & CO FBO 47
4900 W BROWN DEER ROAD
MILWAUKEE WI 53223-2422
  1,285,031.4160
11.95%
 

CALAMOS HEDGED EQUITY FUND CLASS A

  TD AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS
PO BOX 2226
OMAHA NE 68103-2226
  841,904.7520
31.82%
 


81


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  523,699.2880
19.79%
 
  CHARLES SCHWAB CO
REINVEST ACCOUNT
211 MAIN ST
SAN FRANCISCO CA 94105-1901
  399,567.4740
15.10%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  259,526.3420
9.81%
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST STE # P08
MINNEAPOLIS MN 55402-4413
  212,717.5380
8.04%
 

CALAMOS HEDGED EQUITY FUND CLASS C

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  137,091.9770
25.76%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  133,082.8110
25.01%
 
  STIFEL NICOLAUS & CO INC
EXCLUSIVE BENEFIT OF CUSTOMERS
501 NORTH BROADWAY
ST LOUIS MO 63102-2188
  94,470.5580
17.75%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  78,570.9950
14.76%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  45,659.5840
8.58%
 

CALAMOS HEDGED EQUITY FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  13,463,555.5430
33.66%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  8,704,850.3080
21.77%
 


82


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  3,695,247.3730
9.24%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  3,430,895.7200
8.58%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
  3,037,388.1140
7.59%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  2,598,755.4360
6.50%
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST STE 700 STE P08
MINNEAPOLIS MN 55402-4413
  2,297,685.6590
5.75%
 

CALAMOS PHINEUS LONG/SHORT FUND — CLASS A

  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  675,746.5130
20.25%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  471,930.9360
14.14%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  469,112.7740
14.06%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  356,449.4180
10.68%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-2052
  324,612.0840
9.73%
 
  TD AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS
PO BOX 2226
OMAHA NE 68103-2226
  323,884.2100
9.71%
 


83


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  217,928.6360
6.53%
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST STE 700 # P08
MINNEAPOLIS MN 55402-4413
  177,850.1930
5.33%
 

CALAMOS PHINEUS LONG/SHORT FUND — CLASS C

  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  402,957.7190
20.51%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  365,474.3320
18.60%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  323,524.7510
16.46%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-2052
  321,112.8280
16.34%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  302,284.3860
15.38%
 

CALAMOS PHINEUS LONG/SHORT FUND — CLASS I

  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  10,135,952.0370
31.08%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  4,999,124.1860
15.33%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  3,982,110.4120
12.21%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  3,673,320.0100
11.27%
 


84


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  2,984,250.4960
9.15%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-2052
  2,429,017.8570
7.45%
 

CALAMOS CONVERTIBLE FUND CLASS A

  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  3,715,408.6450
21.70%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  2,200,596.7020
12.85%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  1,952,550.7730
11.40%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS
CUSTOMERS ATTN FUND ADMIN-97HC5
4800 DEER LAKE DR E FL 2
JACKSONVILLE FL 32246-6484
  1,418,014.6160
8.28%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  1,174,275.7610
6.86%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  1,161,476.3400
6.78%
 
  CHARLES SCHWAB CO
REINVEST ACCOUNT
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  918,656.2640
5.36%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  865,560.9990
5.05%
 

CALAMOS CONVERTIBLE FUND CLASS C

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  606,945.3200
20.88%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  555,626.5270
19.12%
 


85


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  417,904.9120
14.38%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  318,246.4100
10.95%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  263,497.5650
9.07%
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST STE 700 # P08
MINNEAPOLIS MN 55402-4413
  252,102.0920
8.67%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  163,112.7570
5.61%
 

CALAMOS CONVERTIBLE FUND CLASS I

  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  10,975,978.2350
21.58%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  6,030,469.9080
11.86%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  5,913,913.9770
11.63%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  5,692,937.1740
11.20%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  4,646,498.2640
9.14%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  4,571,547.8040
8.99%
 


86


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  3,435,638.8600
6.76%
 

CALAMOS GLOBAL CONVERTIBLE FUND CLASS A

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  410,327.6860
30.61%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  243,706.0150
18.18%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  152,857.1820
11.40%
 
  CHARLES SCHWAB CO
REINVEST ACCOUNT
211 MAIN ST
SAN FRANCISCO CA 94105-1901
  142,845.8330
10.66%
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST STE 700 # P08
MINNEAPOLIS MN 55402-4413
  127,695.8630
9.53%
 

CALAMOS GLOBAL CONVERTIBLE FUND CLASS C

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  201,768.5780
48.20%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  84,585.6190
20.21%
 
  STIFEL NICOLAUS & CO INC
EXCLUSIVE BENEFIT OF CUSTOMERS
501 NORTH BROADWAY
ST LOUIS MO 63102-2188
  50,924.4780
12.17%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  39,002.7450
9.32%
 

CALAMOS GLOBAL CONVERTIBLE FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  11,089,456.0760
61.26%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  1,996,947.9270
11.03%
 


87


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  1,213,457.6420
6.70%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  1,165,401.5090
6.44%
 

CALAMOS TIMPANI SMALL CAP GROWTH FUND CLASS A

  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  277,037.1970
30.48%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  264,322.5360
29.08%
 
  TD AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS
PO BOX 2226
OMAHA NE 68103-2226
  92,688.2560
10.20%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  69,371.2150
7.63%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  63,293.5660
6.96%
 

CALAMOS TIMPANI SMALL CAP GROWTH FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  4,248,262.6340
38.02%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  1,481,459.2850
13.26%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  1,110,484.0950
9.94%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  1,069,192.7990
9.57%
 


88


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST # P08
MINNEAPOLIS MN 55402-4413
  627,509.6270
5.62%
 

CALAMOS TIMPANI SMALL CAP GROWTH FUND CLASS C

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  40,898.0700
30.38%
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST # P08
MINNEAPOLIS MN 55402-4413
  33,010.6490
24.52%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  28,295.1760
21.02%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  21,901.0110
16.27%
 

CALAMOS TIMPANI SMALL CAP GROWTH FUND CLASS R6

  JOHN HANCOCK TRUST COMPANY LLC
690 CANTON ST STE 100
WESTWOOD MA 02090-2324
  233,442.2090
28.82%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  138,268.7620
17.07%
 
  RELIANCE TRUST CO FBO
SALEM TRUST EB R/R
PO BOX 78446
ATLANTA GA 30357-2446
  124,706.9110
15.39%
 
  GREAT WEST TRUST COMPANY LLC
PLANS OF GREAT WEST FINANCIAL
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO 80111-5002
  76,589.7520
9.45%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  48,708.0490
6.01%
 
  STATE STREET BANK TRUSTEE
AND/OR CUSTODIAN
FBO ADP ACCESS PRODUCT
1 LINCOLN ST
BOSTON MA 02111-2901
  45,931.9520
5.67%
 


89


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 

CALAMOS TIMPANI SMID GROWTH FUND CLASS A

  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  8,165.3230
72.76%
 
  CALAMOS INVESTMENTS LLC
ATTN CORPORATE ACCOUNTING
2020 CALAMOS COURT
NAPERVILLE IL 60563-2787
  1,127.0110
10.04%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  851.2550
7.59%
 
  JACQUELINE M ROBINSON
2020 CALAMOS COURT
NAPERVILLE IL 60563-2787
  561.4010
5.00%
 

CALAMOS TIMPANI SMID GROWTH FUND CLASS I

  CALAMOS FAMILY PARTNERS INC
ATTN CFP ACCOUNTING
2020 CALAMOS COURT
NAPERVILLE IL 60563-2796
  1,126,081.9920
72.33%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  298,876.3720
19.20%
 
  BRANDON M NELSON &
JENNIFER A NELSON JTWROS TOD
2020 CALAMOS COURT
NAPERVILLE IL 60563-2787
  78,108.1790
5.02%
 

CALAMOS TIMPANI SMID GROWTH FUND CLASS R6

  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  29,600.0630
96.34%
 

CALAMOS GROWTH FUND CLASS A

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  4,033,113.7100
11.77%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  3,770,573.1240
11.01%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  3,539,342.1610
10.33%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  3,147,902.8690
9.19%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 97HC3
JACKSONVILLE FL 32246-6484
  2,448,800.2240
7.15%
 


90


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 

CALAMOS GROWTH FUND CLASS C

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  259,676.1940
17.58%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  175,189.0730
11.86%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  147,279.0530
9.97%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  110,374.1130
7.47%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  107,119.6230
7.25%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  79,939.3840
5.41%
 

CALAMOS GROWTH FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  1,395,893.8500
22.97%
 
  JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
3 CHASE METROTECH CENTER
3RD FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN NY 11245-0001
  1,019,937.5650
16.78%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  858,073.1760
14.12%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  663,825.2010
10.92%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  612,354.6180
10.08%
 


91


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 

CALAMOS GROWTH & INCOME FUND CLASS A

  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  3,863,723.0680
11.75%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  3,507,055.0540
10.67%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS
CUSTOMERS ATTN FUND ADMIN-97HC4
4800 DEER LAKE DR E 2ND FLOOR
JACKSONVILLE FL 32246-6484
  3,074,649.4600
9.35%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  2,979,489.2270
9.06%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  2,503,152.6130
7.61%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  2,008,401.3750
6.11%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  1,801,903.1220
5.48%
 

CALAMOS GROWTH & INCOME FUND CLASS C

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  526,332.6720
24.32%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  341,352.5390
15.77%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  219,660.5110
10.15%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  208,354.8800
9.63%
 


92


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  203,863.4240
9.42%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  176,073.0700
8.13%
 

CALAMOS GROWTH & INCOME FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  4,125,138.6010
14.76%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  3,302,546.2320
11.82%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  3,170,448.1770
11.34%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  2,914,176.6290
10.43%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  2,815,789.0610
10.08%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  2,451,005.1100
8.77%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  2,126,929.7360
7.61%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  1,432,759.4940
5.13%
 

CALAMOS GROWTH & INCOME FUND — CLASS R6

  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  163,898.8850
58.81%
 


93


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  MATRIX TRUST COMPANY CUST FBO
W G CLARK CONSTRUCTION COMPANY
RETIREMENT PLANS
PO BOX 52129
PHOENIX AZ 85072-2129
  83,904.4850
30.11%
 
  MID ATLANTIC TRUST COMPANY FBO
RITCHEY MANAGEMENT II LLC
1251 WATERFRONT PLACE SUITE 525
PITTSBURGH PA 15222-4228
  18,150.7140
6.51%
 

CALAMOS DIVIDEND GROWTH FUND CLASS A

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  94,477.1080
27.47%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  92,350.6510
26.85%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  53,695.6740
15.61%
 
  RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
ATTN MUTUAL FUND OPS MANAGER
60 S 6TH ST STE 700 # P08
MINNEAPOLIS MN 55402-4413
  41,495.6590
12.06%
 

CALAMOS DIVIDEND GROWTH FUND CLASS C

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  76,881.8950
61.76%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  27,896.4510
22.41%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  8,196.5220
6.58%
 

CALAMOS DIVIDEND GROWTH FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  562,070.3460
81.54%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  87,219.0720
12.65%
 


94


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 

CALAMOS SELECT FUND CLASS A

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  107,893.9310
14.64%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  79,755.7200
10.82%
 
  EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
  64,432.7780
8.74%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  51,632.5140
7.01%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  50,338.9380
6.83%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  47,906.2960
6.50%
 

CALAMOS SELECT FUND CLASS C

  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  9,621.0490
22.19%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  8,928.5590
20.59%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  8,776.1990
20.24%
 
  US BANK NA CUST
ROBERT F SHADEL SEP IRA
2020 CALAMOS COURT
NAPERVILLE IL 60563-3284
  4,926.4870
11.36%
 
  VANGUARD BROKERAGE SERVICES
A/C 4538-2287
PO BOX 1170
VALLEY FORGE PA 19482-1170
  3,336.5650
7.70%
 

CALAMOS SELECT FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  1,159,033.9540
62.48%
 


95


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
3 CHASE METROTECH CENTER
3RD FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN NY 11245-0001
  566,706.1960
30.55%
 

CALAMOS INTERNATIONAL GROWTH FUND CLASS A

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  302,701.4910
9.75%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 97HC3
JACKSONVILLE FL 32246-6484
  292,068.1580
9.41%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  256,320.5350
8.26%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  220,304.7480
7.10%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  177,325.5220
5.71%
 
  MATRIX TRUST CO AS AGENT FOR
CRS & CO CUSOTDIAN FBO
RENAISSANCE TECHNOLOGIES LLC 401(K)
PO BOX 5508
DENVER CO 80217-5508
  175,853.2270
5.67%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  170,258.5700
5.49%
 

CALAMOS INTERNATIONAL GROWTH FUND CLASS C

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  46,384.2290
25.56%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  34,768.4100
19.16%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  32,817.6290
18.09%
 


96


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  15,657.0740
8.63%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  10,305.1820
5.68%
 

CALAMOS INTERNATIONAL GROWTH FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  1,678,759.1420
21.17%
 
  JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
3 CHASE METROTECH CENTER
3RD FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN NY 11245-0001
  1,254,953.7460
15.82%
 
  PIMS/PRUDENTIAL RETIREMENT
AS NOMINEE FOR THE TTEE/CUST PL 765
FRESENIUS KABI USA, LLC SAVINGS
THREE CORPORATE DRIVE
LAKE ZURICH IL 60047-8930
  1,142,192.5170
14.40%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  594,701.9270
7.50%
 

CALAMOS INTERNATIONAL GROWTH FUND — CLASS R6

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  32,548.9580
49.99%
 
  TIAA FSB CUST/TTEE FBO
RETIREMENT PLANS FOR WHICH
TIAA ACTS AS ARECORDKEEPER
ATTN TRUST OPERATIONS
211 N BROADWAY STE 1000
SAINT LOUIS MO 63102-2748
  11,958.9380
18.37%
 
  MID ATLANTIC TRUST COMPANY FBO
CARDINAL CAPITAL MANAGEMENT LLC 401
1251 WATERFRONT PLACE, SUITE 525
PITTSBURGH PA 15222-4228
  5,461.7530
8.39%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  4,697.2890
7.21%
 

CALAMOS EVOLVING WORLD GROWTH FUND CLASS A

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  409,109.0970
17.39%
 


97


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  357,958.5990
15.22%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  260,766.4540
11.08%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  253,760.1000
10.79%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  160,058.3900
6.80%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 97HC3
JACKSONVILLE FL 32246-6484
  139,156.3940
5.91%
 

CALAMOS EVOLVING WORLD GROWTH FUND CLASS C

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  160,271.1870
24.52%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  127,821.4740
19.55%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  89,092.0590
13.63%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  77,085.1100
11.79%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  62,785.4640
9.60%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  40,238.4480
6.16%
 


98


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 

CALAMOS EVOLVING WORLD GROWTH FUND CLASS I

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  4,040,194.1610
19.23%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  3,489,491.1430
16.61%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  2,816,716.9640
13.41%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  2,363,036.8060
11.25%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  2,290,771.3330
10.90%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  1,285,439.3120
6.12%
 
  JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
3 CHASE METROTECH CENTER
3RD FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN NY 11245-0001
  1,251,603.5100
5.96%
 

CALAMOS GLOBAL EQUITY FUND CLASS A

  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 97HC3
JACKSONVILLE FL 32246-6484
  205,507.1510
10.54%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  202,918.3470
10.41%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  185,928.1610
9.54%
 
  EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
  162,770.5110
8.35%
 


99


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  157,466.6010
8.08%
 
  HARTFORD LIFE INSURANCE COMPANY
CONCENTRATION ACCOUNT CUST
ATTN: UIT OPERATIONS
PO BOX 2999
HARTFORD CT 06104-2999
  101,150.7760
5.19%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  99,416.5300
5.10%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  98,218.0870
5.04%
 

CALAMOS GLOBAL EQUITY FUND CLASS C

  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  21,751.0300
20.84%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  17,887.7790
17.14%
 
  AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
  14,100.1390
13.51%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  9,892.3390
9.48%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  6,874.6800
6.59%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  5,983.6010
5.73%
 

CALAMOS GLOBAL EQUITY FUND CLASS I

  JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
3 CHASE METROTECH CENTER
3RD FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN NY 11245-0001
  1,779,557.0150
37.59%
 


100


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  1,290,065.5890
27.25%
 
  C/O FASCORE LLC
WELLS FARGO BANK NA
FBO CITY OF HOUSTON 457
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO 80111-5002
  574,414.6350
12.13%
 

CALAMOS GLOBAL EQUITY FUND — CLASS R6

  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  8,911.0070
90.75%
 
  CALAMOS INVESTMENTS LLC
ATTN CORPORATE ACCOUNTING
2020 CALAMOS COURT
NAPERVILLE IL 60563-2787
  907.9730
9.25%
 

CALAMOS GLOBAL OPPORTUNITIES FUND CLASS A

  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  1,514,579.5040
15.21%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  990,208.4940
9.95%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  820,129.0030
8.24%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  806,932.5110
8.10%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  781,145.5460
7.85%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS
CUSTOMERS ATTN FUND ADMIN — 97KT2
4800 DEER LAKE DR E 2ND FLOOR
JACKSONVILLE FL 32246-6484
  758,112.8210
7.61%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  745,855.9060
7.49%
 


101


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  638,003.2140
6.41%
 

CALAMOS GLOBAL OPPORTUNITIES FUND CLASS C

  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  268,453.5700
25.63%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  198,134.8690
18.92%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  155,316.7800
14.83%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  100,979.0200
9.64%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  68,500.1080
6.54%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  68,275.4220
6.52%
 

CALAMOS GLOBAL OPPORTUNITIES FUND CLASS I

  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  3,457,826.7980
24.33%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  2,485,522.3810
17.49%
 
  MORGAN STANLEY SMITH BARNEY LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMERS
OF MSSB
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  2,377,051.1350
16.73%
 


102


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  1,835,579.7790
12.92%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  916,724.6840
6.45%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  902,857.9340
6.35%
 

CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS A

  CALAMOS INVESTMENTS LLC
ATTN CORPORATE ACCOUNTING
2020 CALAMOS CT
NAPERVILLE IL 60563-2787
  1,000.0000
100.00%
 

CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS C

  CALAMOS INVESTMENTS LLC
ATTN CORPORATE ACCOUNTING
2020 CALAMOS CT
NAPERVILLE IL 60563-2787
  1,000.0000
100.00%
 

CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS I

  CALAMOS INVESTMENTS LLC
ATTN CORPORATE ACCOUNTING
2020 CALAMOS CT
NAPERVILLE IL 60563-2787
  247,000.0000
94.22%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  15,140.2060
5.78%
 

CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND CLASS R6

  CALAMOS INVESTMENTS LLC
ATTN CORPORATE ACCOUNTING
2020 CALAMOS CT
NAPERVILLE IL 60563-2787
  1,000.0000
100.00%
 

CALAMOS TOTAL RETURN BOND FUND CLASS A

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  322,673.8490
16.36%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  235,259.9670
11.93%
 
  MERRILL LYNCH PIERCE FENNER & SMITH
FOR THE SOLE BENEFIT OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 97HC3
JACKSONVILLE FL 32246-6484
  218,166.1670
11.06%
 
  EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
  200,518.0650
10.16%
 


103


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  173,523.9280
8.80%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  122,508.6640
6.21%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  113,129.6010
5.73%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  109,636.4730
5.56%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  108,188.2790
5.48%
 

CALAMOS TOTAL RETURN BOND FUND CLASS C

  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  20,368.6650
24.66%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  17,322.3550
20.97%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  13,963.6870
16.90%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  9,053.3150
10.96%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN: COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  8,776.9180
10.62%
 

CALAMOS TOTAL RETURN BOND FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  1,410,906.4740
65.28%
 


104


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
3 CHASE METROTECH CENTER
3RD FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN NY 11245-0001
  448,512.1560
20.75%
 

CALAMOS HIGH INCOME OPPORTUNITIES FUND CLASS A

  JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
3 CHASE METROTECH CENTER
3RD FLOOR MUTUAL FUND DEPARTMENT
BROOKLYN NY 11245-0001
  1,419,873.8660
37.56%
 
  MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1932
  288,524.1870
7.63%
 
  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  277,618.6870
7.34%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  227,131.3530
6.01%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  218,311.1610
5.78%
 

CALAMOS HIGH INCOME OPPORTUNITIES FUND CLASS C

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  35,702.1260
48.25%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  17,294.9100
23.37%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  7,652.0080
10.34%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  5,563.8330
7.52%
 

CALAMOS HIGH INCOME OPPORTUNITIES FUND CLASS I

  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  453,131.5370
36.84%
 


105


Fund

 

Registration

  Account Share Balance
Percent of Total Shares
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  245,852.0030
19.99%
 
  RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
  154,184.3560
12.53%
 
  CHARLES SCHWAB CO
REINVEST ACCOUNT
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  97,823.9750
7.95%
 
  UBS WM USA
0O0 11011 6100
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
  88,470.2990
7.19%
 
  WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
  82,457.8590
6.70%
 

CALAMOS SHORT-TERM BOND FUND — CLASS A

  PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0001
  85,466.4200
34.75%
 
  TD AMERITRADE INC FOR THE
EXCLUSIVE BENEFIT OF OUR CLIENTS
PO BOX 2226
OMAHA NE 68103-2226
  59,438.6310
24.17%
 
  LPL FINANCIAL
OMNIBUS CUSTOMER ACCOUNT
ATTN LINDSAY O TOOLE
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
  24,386.1980
9.92%
 
  CHARLES SCHWAB & CO INC
SPECIAL CUSTODY A/C FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
  16,823.3440
6.84%
 

CALAMOS SHORT-TERM BOND FUND — CLASS I

  CALAMOS MARKET NEUTRAL INCOME FUND
2020 CALAMOS COURT
NAPERVILLE IL 60563-3284
  35,117,149.8300
91.07%
 
  NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FL
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
  3,300,079.2970
8.56%
 

As of January 31, 2022, the trustees and officers of the Trust as a group owned:

Calamos Dividend Growth Fund — Class I: 1%


106


Calamos Evolving World Growth Fund — Class I: 6%

Calamos Global Convertible — Class I: 1%

Calamos Global Equity Fund — Class I: 39%

Calamos Global Equity Fund — Class R6: 9%

Calamos Global Opportunities Fund — Class I: 3%

Calamos Global Sustainable Equities Fund — Class A: 100%

Calamos Global Sustainable Equities Fund — Class C: 100%

Calamos Global Sustainable Equities Fund — Class I: 95%

Calamos Global Sustainable Equities Fund — Class R6: 100%

Calamos Growth and Income Fund — Class I: 5%

Calamos Growth Fund — Class I: 44%

Calamos Hedged Equity Fund — Class I: 8%

Calamos High Income Opportunities Fund — Class A: 42%

Calamos High Income Opportunities Fund — Class I: 1%

Calamos International Growth Fund — Class I: 22%

Calamos International Growth Fund — Class R6: 3%

Calamos Phineus Long Short Fund — Class I: 8%

Calamos Select Fund — Class A: 2%

Calamos Select Fund — Class I: 45%

Calamos Short-Term Bond Fund — Class A: 1%

Calamos Timpani Small Cap Growth Fund — Class A: 1%

Calamos Timpani Small Cap Growth Fund — Class I: 3%

Calamos Timpani Small Cap Growth Fund — Class R6: 6%

Calamos Timpani SMID Growth Fund — Class A: 10%

Calamos Timpani SMID Growth Fund — Class I: 77%

Calamos Timpani SMID Growth Fund — Class R6: 4%

Calamos Total Return Bond Fund — Class I: 25%

The trustees and officers as a group owned less than 1% of the outstanding shares of each other class of each Fund. Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company, Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these percentages reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.


107


CUSTODIAN AND TRANSFER AGENT

State Street Bank and Trust Company ("State Street"), 200 Clarendon Street, P.O. Box 9130, Boston, Massachusetts 02117-9130, is the custodian for the assets of each Fund. The custodian is responsible for holding all cash and securities of the Funds, directly or through a book entry system, delivering and receiving payment for securities sold by the Funds, receiving and paying for securities purchased by the Funds, collecting income from investments of the Funds and performing other duties, all as directed by authorized persons of the Trust. The custodian does not exercise any supervisory functions in such matters as the purchase and sale of securities by a Fund, payment of dividends or payment of expenses of a Fund.

U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201, serves as transfer agent and dividend paying agent for each Fund.

Securities Lending

The Board has approved each Fund's participation in a securities lending program. Under the securities lending program, each Fund has retained its custodian, State Street, to serve as the Funds' securities lending agent. A Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned. The board of trustees periodically reviews information on the Funds' securities lending program.

For the fiscal year ended October 31, 2021, State Street, acting as agent for the Funds, provided the following services to the Funds in connection with the Funds' securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring applicable minimum spread requirements, lending limits and the value of the loaned securities and collateral received; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Funds; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Funds from borrowers; (vii) negotiating the terms of each loan of securities, including, but not limited to, the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the State Street Securities Lending Agreement; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) recordkeeping and accounting servicing; (x) monitoring dividend activity; (xi) material proxy votes relating to loaned securities as well as recall of securities on loan for Fund to vote proxies; (xii) arranging for return of loaned securities to the Fund at loan termination; and (xiii) preparation of and modification to ancillary lending documents.

Lending portfolio securities enables a Fund to earn additional income, but could result in a loss or delay in recovering these securities. The borrower of a Fund's portfolio securities must deposit acceptable collateral with the Fund's custodian in an amount, marked to market daily, at least equal to the market value of the securities loaned, plus accrued interest and dividends. Acceptable collateral is limited to cash, U.S. government securities, including obligations issued or guaranteed by its agencies or instrumentalities, U.S. mortgage backed securities, U.K. government securities, Eurozone government securities and irrevocable letters of credit that meet certain guidelines. A Fund will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned.

A Fund may reinvest any cash collateral in money market investments or other investments subject to guidelines approved by the Adviser and the Board of Trustees. The cash collateral investments are not guaranteed, and may lose money. A Fund retains authority to terminate any of its loans at any time. A Fund may terminate a loan and regain record ownership of loaned securities to exercise ownership rights, such as voting and subscription rights, when regaining such rights is considered to be in the Fund's interest.

In the event of bankruptcy or other default of the borrower, a Fund may be unable to recover the loaned securities or could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while a Fund seeks to enforce its rights thereto, and the Fund could experience subnormal levels of income or lack of access to income during that period. The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

The net securities lending revenue is shared by the lending agent and the Funds. The securities lending revenue "split" between the Funds and the lending agent was determined based on the Adviser's review of competitive industry information. The Adviser and the Board will periodically review the "split" between the lending agent and the Funds.


108


For the fiscal year ended October 31, 2021, the income earned by each Fund as well as the fees and/or compensation paid by each Fund (in dollars) pursuant to the Securities Lending Authorization Agreement between the Adviser, on behalf of each Fund, and State Street were as follows:

    Gross income
earned by the
Fund from
securities
lending
activities(1)
  Fees and/or
compensation
paid by the
Fund for
securities
lending
activities and
related
services(2)
  Aggregate fees/
compensation
paid by the
Fund for
securities
lending
activities
  Net income
from
securities
lending
activities(3)
 

Market Neutral Income

 

$

524,874

   

$

78,695

   

$

78,695

   

$

446,179

   

Hedged Equity

 

$

6,425

   

$

963

   

$

963

   

$

5,461

   

Phineus Long/Short

 

$

10,805

   

$

1,620

   

$

1,620

   

$

9,185

   

Convertible

 

$

225,231

   

$

33,765

   

$

33,765

   

$

191,466

   

Global Convertible

 

$

27,854

   

$

4,176

   

$

4,176

   

$

23,678

   

Timpani Small Cap Growth

 

$

   

$

   

$

   

$

   

Timpani SMID Growth

 

$

   

$

   

$

   

$

   

Growth

 

$

94,237

   

$

14,108

   

$

14,108

   

$

80,129

   

Growth and Income

 

$

172,683

   

$

25,890

   

$

25,890

   

$

146,793

   

Dividend Growth Fund

 

$

379

   

$

54

   

$

54

   

$

325

   

Select

 

$

4

   

$

1

   

$

1

   

$

4

   

International Growth

 

$

41,214

   

$

6,179

   

$

6,179

   

$

35,036

   

Evolving World Growth

 

$

60,198

   

$

9,023

   

$

9,023

   

$

51,175

   

Global Equity

 

$

11,717

   

$

1,755

   

$

1,755

   

$

9,962

   

Global Opportunities

 

$

25,264

   

$

3,786

   

$

3,786

   

$

21,478

   

Global Sustainable Equities

 

$

   

$

   

$

   

$

   

Total Return Bond

 

$

4,011

   

$

599

   

$

599

   

$

3,411

   

High Income Opportunities

 

$

10,406

   

$

1,546

   

$

1,546

   

$

8,861

   

Short-Term Bond

 

$

9,871

   

$

1,468

   

$

1,468

   

$

8,403

   

(1)  Includes income from cash collateral reinvestment, and may also include: negative rebates; loan fees paid by borrowers when collateral is noncash; management fees from a pooled cash collateral reinvestment vehicle that are deducted from the vehicle's assets before income is distributed; and any other income.

(2)  Includes fees paid to State Street from a revenue split.

(3)  Represents "Gross income earned by the Fund from securities lending activities" minus the values of "Aggregate fees/compensation paid by the Fund for securities lending activities."

FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT

The Funds have an agreement with Ernst & Young LLP ("EY") located at 155 N. Wacker Drive, Chicago, IL 60606 to provide certain tax services. The tax services include the following: calculating, tracking and reporting tax adjustments on all assets of the Funds, including but not limited to contingent debt and preferred trust obligations; preparing excise tax and fiscal year distribution schedules; preparing tax information required for financial statement footnotes; preparing state and federal income tax returns; preparing specialized calculations of amortization on convertible securities; preparing year-end dividend disclosure information; providing treaty-based foreign withholding tax reclaim services; providing certain global compliance and reporting services; providing a match service and analysis of the "passive foreign investment company" status of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax impact on the Funds' holdings. For the fiscal years ended October 31, 2021, October 31, 2020, and October 31, 2019, the Funds paid EY $728,426, $604,432, and $615,586, respectively, for tax services.

Under the arrangements with State Street located at One Iron Street, Boston, MA 02111 to provide fund accounting services, State Street provides certain administrative and accounting services including providing daily reconciliation of cash, trades and positions; maintaining general ledger and capital stock accounts; preparing daily trial balance; calculating net asset value; providing selected general ledger reports; preferred share compliance; calculating total returns; and providing monthly distribution analysis to the Funds. For the fiscal years ended October 31, 2021, October 31, 2020, and October 31, 2019, the Funds paid State Street $1,401,811, $1,139,563, and $1,066,780, respectively, for fund accounting services. The Funds have also entered into an agreement with State Street pursuant to which State Street provides certain administration treasury services to the Funds. These


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services include: monitoring the calculation of expense accrual amounts for the Funds and making any necessary modifications; managing the Funds' expenses and expense payment processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain distributions; coordinating the audits for the Funds; preparing financial reporting statements for each Fund; preparing certain regulatory filings; and calculating asset coverage tests for certain Calamos Funds. For the fiscal years ended October 31, 2021, October 31, 2020, and October 31, 2019, the Funds paid State Street $1,342,414, $1,266,409, and $1,223,759, respectively, for administration services.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP, an independent registered public accounting firm, is the Trust's independent auditor and is located at 111 South Wacker Drive, Chicago, IL 60606. Deloitte & Touche LLP audits and reports on the Funds' annual financial statements and performs audit, audit-related and other services when approved by the Trust's audit committee.

GENERAL INFORMATION

SHAREHOLDER INFORMATION

Each Fund is a series of Calamos Investment Trust (formerly named CFS Investment Trust). As of March 18, 1996, all shares of each Fund then outstanding were re-designated as Class A shares of that Fund. Under the terms of the Agreement and Declaration of Trust, the trustees may issue an unlimited number of shares of beneficial interest without par value for each series of shares authorized by the trustees and the trustees may divide the shares of any series into two or more classes of shares of that series. As of the date of this Statement of Additional Information, the Trust has 19 series in operation. All shares issued will be fully paid and non-assessable and will have no preemptive or conversion rights. In the future, the board of trustees may authorize the issuance of shares of additional series and additional classes of shares of any series.

Each Fund's shares of a given class are entitled to participate pro rata in any dividends and other distributions declared by the Fund's board of trustees with respect to shares of the Fund. All shares of the Fund of a given class have equal rights in the event of liquidation of that class.

Under Massachusetts law, the shareholders of the Trust may, under certain circumstances, be held personally liable for the Trust's obligations. However, the Trust's Declaration of Trust disclaims liability of the shareholders, trustees, and officers of the Trust for acts or obligations of the Funds that are binding only on the assets and property of the Fund. The Declaration of Trust requires that notice of such disclaimer be given in each agreement, obligation, or contract entered into or executed by the Trust or the board of trustees. The Declaration of Trust provides for indemnification out of a Fund's assets of all losses and expenses of any Fund shareholder held personally liable for the Fund's obligations. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is remote, because it is limited to circumstances in which the disclaimer is inoperative and the Fund itself is unable to meet its obligations.

VOTING RIGHTS

Each share has one vote and fractional shares have fractional votes. Shareholders of the Trust generally will vote together on all matters except when a particular matter affects only shareholders of a particular class or series or when applicable law requires shareholders to vote separately by series or class. As a business trust, the Trust is not required to hold annual shareholder meetings. However, special meetings may be called for purposes such as electing or removing trustees, changing fundamental policies or approving an investment advisory agreement.

FINANCIAL STATEMENTS

The Funds' financial statements and financial highlights for the fiscal year ended October 31, 2021, as well as the report of the independent registered public accounting firm, are incorporated herein by reference from the Funds' annual report to shareholders. See the front cover of the Funds' statement of additional information or the back cover of the Funds' prospectus for information on how to obtain the Funds' annual report to shareholders.


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APPENDIX—DESCRIPTION OF RATINGS1

A rating of a rating service represents the service's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. Consequently, Calamos Advisors believes that the quality of debt securities in which a Fund invests should be continuously reviewed. A rating is not a recommendation to purchase, sell or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one service, each rating should be evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the ratings services from other sources that they consider reliable. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

The following is a description of the characteristics of ratings used by Moody's Investors Service ("Moody's") and Standard & Poor's Corporation, a division of The McGraw-Hill Companies ("S&P").

MOODY'S GLOBAL SHORT-TERM RATING SCALE

P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

MOODY'S GLOBAL LONG-TERM RATING SCALE

Aaa—Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of creditrisk.

Aa—Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A—Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa—Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba—Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B—Obligations rated B are considered speculative and are subject to high credit risk.

Caa—Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca—Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C—Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.*

S&P SHORT-TERM ISSUE CREDIT RATINGS

A-1: 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.

1  The ratings indicated herein are believed to be the most recent ratings available at the date of this prospectus for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the rating indicated do not necessarily represent ratings which will be given to these securities on the date of the Funds' fiscal year-end.

*  By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.


A-1


A-2: 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.

A-3: 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.

B: 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.

C: 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.

D: A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

S&P LONG-TERM ISSUE CREDIT RATINGS*

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations:

•  The likelihood of payment — the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

•  The nature and provisions of the financial obligation, and the promise we impute; and

•  The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

AAA—An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA—An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A—An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB—An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

BB, B, CCC, CC and C—Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

*  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.


A-2


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.

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.


A-3