NOT FDIC INSURED | MAY LOSE VALUENO BANK GUARANTEE

ALTERNATIVE DATA AS OF 3/31/18

CALAMOS MARKET NEUTRAL INCOME FUND VERSUS BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEXCUMULATIVE RETURNS

In periods during which the 10-year Treasury yield rose more than 100 basis points, the fund outperformed the index in every timeperiod.

OVERVIEWThe fund’s core market strategiesinclude covered call writing andconvertible arbitrage. Together,these strategies intend to providethe fund with an enhanced potentialfor risk-managed returns due totheir differing responses to volatility.

KEY FEATURES» One of the first alternative

mutual funds: capitalizes onmore than four decades ofexperience in the convertiblespace

» Low correlation with most fixedincome benchmarks: provides ameans to dampen volatility

» Risk-management focus: blendsstrategies to achieve the mostappropriate risk/reward profile

PORTFOLIO FITThe fund may provide potentialdiversification, in particular in a lowinterest-rate environment.

FUND TICKER SYMBOLSA Shares C Shares I SharesCVSIX CVSCX CMNIX

BBgBarc U.S. Aggregate Bond IndexCalamos Market Neutral Income Fund (A Shares at NAV)

-5%

0%

5%

10%

15%

20%

25%

JUL '12-DEC '13

OCT '10-FEB '11

DEC '08-JUN '09

JUN '05-JUN '06

JUN '03-JUN '04

NOV '01-APR '02

OCT '98-JAN '00

JAN '96-JUN '96

6.51

-3.40

23.86

-1.80

1.97

-2.07

2.61

-2.18

4.96

-0.86

7.30

-0.29

3.97

-2.96-1.82

7.81

JUL '16-DEC '16

2.79

-10%

-4.24

Returns in Rising Interest Rate Environments

Historically, the fund has shown the ability to manage risk over full market cycles with limited correlation to

fixed income markets.

CALENDAR YEAR RETURNS

Calamos Market Neutral Income Fund A Shares - at NAV

BBgBarc U.S. Government/Credit Bond Index

YTD 2018

1.27%

-1.58

2017

4.58%

4.00

2016

4.72%

3.05

2015

1.03%

0.15

2014

2.00%

6.01

2013

5.85%

-2.35

2012

5.81%

4.82

2011

2.51%

8.74

2010

4.90%

6.59

2009

13.80%

4.52

AVERAGE ANNUAL RETURNS

Calamos Market Neutral Income Fund

I Shares - at NAV (Inception–5/10/00)

A Shares - at NAV (Inception–9/4/90)

A Shares - Load adjusted*

BBgBarc U.S. Government/Credit Bond Index

Citigroup Treasury Bill - 30 DaysMorningstar Market Neutral Category

1-YEAR

4.26%

4.10

1.78

1.38

1.04

3-YEAR

3.94%

3.68

2.01

1.22

0.46

5-YEAR

3.73%

3.49

2.48

1.84

0.28

10-YEAR

3.67%

3.41

2.90

3.65

0.26

SINCE ASHARE

INCEPTION

N/A%

6.30

6.12

6.03

2.52

SINCE ISHARE

INCEPTION

4.59%

N/A

N/A

5.10

1.50

The Bloomberg Barclays U.S. Government/Credit Index and Citigroup 30-Day T-Bill Index return “Since A share Inception” start date is 8/31/90. TheBloomberg Barclays U.S. Government/Credit Index, Citigroup 30-Day T-Bill Index, and Morningstar Category return “Since I share Inception” start dateis 4/30/00.

Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualizedaverage. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class CShares, the performance of which may vary. In calculating net investment income, all applicable fees and expense are deducted fromthe returns.Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k)plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million.Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, undercertain circumstances.*Prior to 2/28/17, the Fund had a maximum front-end sales charge of 4.75%.

†Morningstar ratings shown are for Class I shares anddo not include any front-end sales load. Not allinvestors have access to or may invest in the share classshown. Other share classes with front-end or back-endsales charges may have different ratings than theratings shown.

★★★★MORNINGSTAR OVERALL RATING™†

Among 114 Market Neutral FundsThe fund’s load-waived Class I shares had4 stars for 3 years, 4 stars for 5 years,and 4 stars for 10 years out of114, 78and 30 Market Neutral Funds,respectively, for the period ended3/31/18.

Calamos Market Neutral Income Fund

Yield Increase(BPS) 150 263 122 176 134 187 134 157 123

Data as of 3/31/18. Rising rate environment periods from troughs to peak from January 1996 to December 2016. A basis point is equal to 1/100th of 1%.

1.66 0.96 0.87 1.42 3.91 1.92

There can be no assurance that the Fund willachieve its investment objective.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may belower or higher than the performance quoted. The principal value and return of an investment will fluctuate so thatyour shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does notinclude the Fund’s maximum front-end sales load of 2.25%.* Had it been included, the Fund’s return would have beenlower. For the most recent fund month-end performance information visit www.calamos.com.

DATA AS OF 3/31/18

Calamos Financial Services LLC, Distributor2020 Calamos Court | Naperville, IL 60563-2787800.582.6959 | www.calamos.com | caminfo@calamos.com© 2018 Calamos Investments LLC. All Rights Reserved.Calamos® and Calamos Investments® are registered trademarks ofCalamos Investments LLC.

MNFCT 603 0318Q R

FUND FACTS FUND

Number of Holdings 618

Total Net Assets (mil) $5,239.1

Portfolio Turnover(12 months)

65.9%

30-Day SEC Yield 0.58%

CREDIT QUALITYALLOCATION OF BONDS FUND %

AAA 0.0AA 0.0A 3.7BBB 4.8BB 12.7B 11.0CCC and below 1.2Unrated Securities 66.5

Bond credit quality allocation reflects the higher of the ratings ofStandard & Poor’s Corporation or Moody’s Investors Service, Inc.Ratings are relative, subjective and not absolute standards of qual-ity, represent the opinions of the independent, Nationally Rec-ognized Statistical Rating Organizations (NRSRO), and are adjustedto the Standard & Poor’s scale shown. Ratings are measured using ascale that typically ranges from AAA (highest) to D (lowest). The se-curity’s credit rating does not eliminate risk. The table excludes eq-uity securities, cash and cash equivalents. For more informationabout securities ratings, please see the Fund’s Statement of Addi-tional Information at www.calamos.com. Additional information onratings methodologies are available by visiting the NRSRO websites:www.standardandpoors.com and www.moodys.com.

FUND INFORMATION A SHARES C SHARES I SHARES

Inception Date 9/4/90 2/16/00 5/10/00Ticker Symbol CVSIX CVSCX CMNIXCUSIP Number 128119203 128119849 128119880

Minimum Initial/Subsequent Investment

$2,500/$50 $2,500/$50 $1,000,000/$0

IRA Initial Investment $500 $500 N/A

Sales Load/Maximum Sales Charge Front-End/2.25%* Level-Load/1.00% N/A

Total Expense Ratio‡ 1.28% 2.03% 1.02%Total Expense Ratio Excluding Dividend &Interest Expense 1.08% 1.83% 0.82%

Distribution Quarterly dividends; annual capital gainsObjective High current income with stability of principal*Prior to 2/28/17, the Fund had a maximum front-end sales charge of 4.75%. ‡As of prospectus dated 3/1/18.

described below. More detailed information regarding these riskscan be found in the Fund’s prospectus.The principal risks of investing in the Market Neutral Income Fundinclude: equity securities risk consisting of market prices decliningin general, convertible securities risk consisting of the potentialfor a decline in value during periods of rising interest rates andthe risk of the borrower to miss payments, synthetic convertibleinstruments risk, convertible hedging risk, covered call writingrisk, options risk, short sale risk, interest rate risk, credit risk, highyield risk, liquidity risk, portfolio selection risk, and portfolioturnover risk.As a result of political or economic instability in foreign countries,there can be special risks associated with investing in foreignsecurities, including fluctuations in currency exchange rates,increased price volatility and difficulty obtaining information. Inaddition, emerging markets may present additional risk due topotential for greater economic and political instability in lessdeveloped countries.Before investing carefully consider the fund’sinvestment objectives, risks, charges and expenses.Please see the prospectus and summary prospectuscontaining this and other information or call1-800-582-6959. Read it carefully before investing.

Portfolios are managed according to their respectivestrategies which may differ significantly in terms of securityholdings, industry weightings, and asset allocation from thoseof the benchmark(s). Portfolio performance, characteristicsand volatility may differ from the benchmark(s) shown. Pleaserefer to Important Risk Information.NOTESAnnualized standard deviation is a statistical measure of thehistorical volatility of a mutual fund or portfolio. Beta is ahistoric measure of a portfolio’s relative volatility, which is oneof the measures of risk; a beta of 0.5 reflects half the market’svolatility as represented by the strategy’s primary benchmark,while a beta of 2 reflects twice the volatility. Portfolio turnoveris the percentage of assets in a portfolio that changed over acertain period, often a year; higher turnover indicates greaterbuying and selling activity. 30-Day SEC yield reflects thedividends and interest earned by the Fund during the 30-dayperiod ended as of the date stated after deducting the Fund’sexpenses for that same period.The Bloomberg Barclays U.S. Aggregate Bond Index is abroad-based benchmark that measures the investment-grade,U.S. dollar-denominated, fixed-rate taxable bond market of SEC-registered securities. The index includes bonds from theTreasure, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS sectors.The Bloomberg Barclays U.S. Government/Credit Indexcomprises long-term government and investment gradecorporate debt securities and is generally consideredrepresentative of the performance of the broad U.S. bondmarket. Unlike convertible bonds, U.S. Treasury bills are backedby the full faith and credit of the U.S. government and offer aguarantee as to the timely repayment of principal and interest.The Citigroup 30-Day T-Bill Index is generally consideredrepresentative of the performance of short-term money marketinstruments. The Morningstar Market Neutral Categoryrepresents funds that attempt to eliminate the risks of the

market by holding 50% of assets in long positions in stocks and50% of assets in short positions.Morningstar RatingsTM are based on risk-adjusted returns forClass I shares and will differ for other share classes. Morningstarratings are based on a risk-adjusted return measure thataccounts for variation in a fund’s monthly historical performance(reflecting sales charges), placing more emphasis on downwardvariations and rewarding consistent performance. Within eachasset class, the top 10%, the next 22.5%, 35%, 22.5%, andthe bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Eachfund is rated exclusively against U.S. domiciled funds. Theinformation contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and isnot warranted to be accurate, complete or timely. NeitherMorningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.Source: ©2018 Morningstar, Inc. All rights reserved. CUSIPidentifiers have been provided by CUSIP Global Services,managed on behalf of the American Bankers Association by S&PGlobal Market Intelligence LLC, and are not for use ordissemination in a manner that would serve as a substitute forany CUSIP service. The CUSIP Database, © 2011 AmericanBankers Association. “CUSIP” is a registered trademark of theAmerican Bankers Association. Unmanaged index returnsassume reinvestment of any and all distributions and, unlikefund returns, do not reflect fees, expenses or sales charges.Investors cannot invest directly in an index.Important Risk Information. An investment in the Fund(s) issubject to risks, and you could lose money on your investment inthe Fund(s). There can be no assurance that the Fund(s) willachieve its investment objective. Your investment in the Fund(s)is not a deposit in a bank and is not insured or guaranteed bythe Federal Deposit Insurance Corporation (FDIC) or any othergovernment agency. The risks associated with an investment inthe Fund(s) can increase during times of significant marketvolatility. The Fund(s) also has specific principal risks, which are

Calamos Market Neutral Income Fund

RISK STATISTICS FUND

BBGBARC U.S.GOVERNMENT/CREDIT BOND

INDEXAnnualized StandardDeviation (5-Year)

3.02% 3.32%

Beta (5-Year) -0.01 1.00

STRATEGY ALLOCATION %

Convertible Arbitrage 51.4

Covered Call 48.6