Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

03/31/20 Calamos Market Neutral Income Fund SPDR S&P 500 ETF Trust SPY US Exchange-Traded Funds Other United States Of America (The) US Dollar 1,304,555 336,249,051 336,249,051 5.85%03/31/20 Calamos Market Neutral Income Fund Microsoft Corp. MSFT US Common Stocks Information Technology United States Of America (The) US Dollar 1,327,294 209,327,537 209,327,537 3.64%03/31/20 Calamos Market Neutral Income Fund Apple, Inc. AAPL US Common Stocks Information Technology United States Of America (The) US Dollar 662,920 168,573,927 168,573,927 2.93%03/31/20 Calamos Market Neutral Income Fund Amazon.com, Inc. AMZN US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 73,760 143,811,347 143,811,347 2.50%03/31/20 Calamos Market Neutral Income Fund Facebook, Inc. - Class A FB US Common Stocks Communication Services United States Of America (The) US Dollar 501,562 83,660,542 83,660,542 1.46%03/31/20 Calamos Market Neutral Income Fund Alphabet, Inc. - Class C GOOG US Common Stocks Communication Services United States Of America (The) US Dollar 51,692 60,107,975 60,107,975 1.05%03/31/20 Calamos Market Neutral Income Fund Johnson & Johnson JNJ US Common Stocks Health Care United States Of America (The) US Dollar 456,494 59,860,058 59,860,058 1.04%03/31/20 Calamos Market Neutral Income Fund Alphabet, Inc. - Class A GOOGL US Common Stocks Communication Services United States Of America (The) US Dollar 49,941 58,028,945 58,028,945 1.01%03/31/20 Calamos Market Neutral Income Fund Berkshire Hathaway, Inc. - Class B BRK/B US Common Stocks Financials United States Of America (The) US Dollar 316,189 57,808,835 57,808,835 1.01%03/31/20 Calamos Market Neutral Income Fund JPMorgan Chase & Company JPM US Common Stocks Financials United States Of America (The) US Dollar 635,271 57,193,448 57,193,448 1.00%03/31/20 Calamos Market Neutral Income Fund Visa, Inc. - Class A V US Common Stocks Information Technology United States Of America (The) US Dollar 349,223 56,266,810 56,266,810 0.98%03/31/20 Calamos Market Neutral Income Fund UnitedHealth Group, Inc. UNH US Common Stocks Health Care United States Of America (The) US Dollar 204,101 50,898,707 50,898,707 0.89%03/31/20 Calamos Market Neutral Income Fund Procter & Gamble Company PG US Common Stocks Consumer Staples United States Of America (The) US Dollar 431,217 47,433,870 47,433,870 0.83%03/31/20 Calamos Market Neutral Income Fund Bank of America Corp. BAC US Common Stocks Financials United States Of America (The) US Dollar 1,944,182 41,274,984 41,274,984 0.72%03/31/20 Calamos Market Neutral Income Fund Morgan Stanley Ins tu onal Liquidity Funds - Government Por olio, 2.330% MVRXX US Short Term Investments Other United States Of America (The) US Dollar 40,220,009 40,220,009 40,220,009 0.70%03/31/20 Calamos Market Neutral Income Fund Fidelity Prime Money Market Fund - Institutional Class, 2.510% FIPXX US Short Term Investments Other United States Of America (The) US Dollar 40,213,825 40,217,847 40,217,847 0.70%03/31/20 Calamos Market Neutral Income Fund Verizon Communications, Inc. VZ US Common Stocks Communication Services United States Of America (The) US Dollar 741,097 39,819,142 39,819,142 0.69%03/31/20 Calamos Market Neutral Income Fund Home Depot, Inc. HD US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 212,544 39,684,090 39,684,090 0.69%03/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 150,000 38,902,500 38,902,500 0.68% 04/30/2003/31/20 Calamos Market Neutral Income Fund Intel Corp. INTC US Common Stocks Information Technology United States Of America (The) US Dollar 700,885 37,931,896 37,931,896 0.66%03/31/20 Calamos Market Neutral Income Fund MasterCard, Inc. - Class A MA US Common Stocks Information Technology United States Of America (The) US Dollar 156,120 37,712,347 37,712,347 0.66%03/31/20 Calamos Market Neutral Income Fund Cisco Systems, Inc. CSCO US Common Stocks Information Technology United States Of America (The) US Dollar 950,477 37,363,251 37,363,251 0.65%03/31/20 Calamos Market Neutral Income Fund AT&T, Inc. T US Common Stocks Communication Services United States Of America (The) US Dollar 1,259,807 36,723,374 36,723,374 0.64%03/31/20 Calamos Market Neutral Income Fund Walmart, Inc. WMT US Common Stocks Consumer Staples United States Of America (The) US Dollar 317,399 36,062,874 36,062,874 0.63%03/31/20 Calamos Market Neutral Income Fund Merck & Company, Inc. MRK US Common Stocks Health Care United States Of America (The) US Dollar 458,090 35,245,445 35,245,445 0.61%03/31/20 Calamos Market Neutral Income Fund Netflix, Inc. NFLX US Common Stocks Communication Services United States Of America (The) US Dollar 89,569 33,633,160 33,633,160 0.59%03/31/20 Calamos Market Neutral Income Fund NVIDIA Corp. NVDA US Common Stocks Information Technology United States Of America (The) US Dollar 126,185 33,262,366 33,262,366 0.58%03/31/20 Calamos Market Neutral Income Fund Pfizer, Inc. PFE US Common Stocks Health Care United States Of America (The) US Dollar 993,683 32,433,813 32,433,813 0.56%03/31/20 Calamos Market Neutral Income Fund Coca-Cola Company KO US Common Stocks Consumer Staples United States Of America (The) US Dollar 728,770 32,248,073 32,248,073 0.56%03/31/20 Calamos Market Neutral Income Fund Walt Disney Company DIS US Common Stocks Communication Services United States Of America (The) US Dollar 325,291 31,423,111 31,423,111 0.55%03/31/20 Calamos Market Neutral Income Fund PepsiCo, Inc. PEP US Common Stocks Consumer Staples United States Of America (The) US Dollar 241,423 28,994,902 28,994,902 0.50%03/31/20 Calamos Market Neutral Income Fund Comcast Corp. - Class A CMCSA US Common Stocks Communication Services United States Of America (The) US Dollar 832,773 28,630,736 28,630,736 0.50%03/31/20 Calamos Market Neutral Income Fund Chevron Corp. CVX US Common Stocks Energy United States Of America (The) US Dollar 393,769 28,532,502 28,532,502 0.50%03/31/20 Calamos Market Neutral Income Fund McDonald's Corp. MCD US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 172,027 28,444,664 28,444,664 0.50%03/31/20 Calamos Market Neutral Income Fund Salesforce.com, Inc. CRM US Common Stocks Information Technology United States Of America (The) US Dollar 191,188 27,527,248 27,527,248 0.48%03/31/20 Calamos Market Neutral Income Fund Adobe, Inc. ADBE US Common Stocks Information Technology United States Of America (The) US Dollar 83,100 26,445,744 26,445,744 0.46%03/31/20 Calamos Market Neutral Income Fund Bristol-Myers Squibb Company BMY US Common Stocks Health Care United States Of America (The) US Dollar 456,489 25,444,697 25,444,697 0.44%03/31/20 Calamos Market Neutral Income Fund Medtronic, PLC MDT US Common Stocks Health Care Ireland US Dollar 275,287 24,825,382 24,825,382 0.43%03/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 250,000 23,100,000 23,100,000 0.40% 07/31/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Op-Index Other United States Of America (The) US Dollar 250,000 22,592,597 22,592,597 0.39% 05/29/2003/31/20 Calamos Market Neutral Income Fund Linde, PLC LIN US Common Stocks Materials United Kingdom US Dollar 125,319 21,680,187 21,680,187 0.38%03/31/20 Calamos Market Neutral Income Fund Honeywell International, Inc. HON US Common Stocks Industrials United States Of America (The) US Dollar 152,138 20,354,543 20,354,543 0.35%03/31/20 Calamos Market Neutral Income Fund Eli Lilly and Company LLY US Common Stocks Health Care United States Of America (The) US Dollar 143,725 19,937,532 19,937,532 0.35%03/31/20 Calamos Market Neutral Income Fund AbbVie, Inc. ABBV US Common Stocks Health Care United States Of America (The) US Dollar 257,920 19,650,925 19,650,925 0.34%03/31/20 Calamos Market Neutral Income Fund Abbott Laboratories ABT US Common Stocks Health Care United States Of America (The) US Dollar 248,045 19,573,231 19,573,231 0.34%03/31/20 Calamos Market Neutral Income Fund Advanced Micro Devices, Inc. AMD US Common Stocks Information Technology United States Of America (The) US Dollar 427,659 19,449,931 19,449,931 0.34%03/31/20 Calamos Market Neutral Income Fund Union Pacific Corp. UNP US Common Stocks Industrials United States Of America (The) US Dollar 135,523 19,114,164 19,114,164 0.33%03/31/20 Calamos Market Neutral Income Fund Nike, Inc. - Class B NKE US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 230,023 19,032,103 19,032,103 0.33%03/31/20 Calamos Market Neutral Income Fund Applied Materials, Inc. AMAT US Common Stocks Information Technology United States Of America (The) US Dollar 415,062 19,018,141 19,018,141 0.33%03/31/20 Calamos Market Neutral Income Fund Gilead Sciences, Inc. GILD US Common Stocks Health Care United States Of America (The) US Dollar 244,501 18,278,895 18,278,895 0.32%03/31/20 Calamos Market Neutral Income Fund Baxter International, Inc. BAX US Common Stocks Health Care United States Of America (The) US Dollar 224,689 18,242,500 18,242,500 0.32%03/31/20 Calamos Market Neutral Income Fund Wells Fargo & Company WFC US Common Stocks Financials United States Of America (The) US Dollar 634,742 18,217,095 18,217,095 0.32%03/31/20 Calamos Market Neutral Income Fund Broadcom, Inc. AVGO US Common Stocks Information Technology United States Of America (The) US Dollar 76,270 18,083,617 18,083,617 0.31%03/31/20 Calamos Market Neutral Income Fund Humana, Inc. HUM US Common Stocks Health Care United States Of America (The) US Dollar 56,973 17,890,661 17,890,661 0.31%03/31/20 Calamos Market Neutral Income Fund Citigroup, Inc. C US Common Stocks Financials United States Of America (The) US Dollar 414,276 17,449,305 17,449,305 0.30%03/31/20 Calamos Market Neutral Income Fund PayPal Holdings, Inc. PYPL US Common Stocks Information Technology United States Of America (The) US Dollar 180,817 17,311,420 17,311,420 0.30%03/31/20 Calamos Market Neutral Income Fund NextEra Energy, Inc. NEE US Common Stocks Utilities United States Of America (The) US Dollar 71,218 17,136,475 17,136,475 0.30%03/31/20 Calamos Market Neutral Income Fund Caterpillar, Inc. CAT US Common Stocks Industrials United States Of America (The) US Dollar 147,055 17,064,262 17,064,262 0.30%03/31/20 Calamos Market Neutral Income Fund S&P 500 Index Op-Index Other United States Of America (The) US Dollar 250,000 16,932,597 16,932,597 0.29% 04/30/2003/31/20 Calamos Market Neutral Income Fund Accenture, PLC - Class A ACN US Common Stocks Information Technology Ireland US Dollar 103,312 16,866,717 16,866,717 0.29%03/31/20 Calamos Market Neutral Income Fund Mondelez International, Inc. - Class A MDLZ US Common Stocks Consumer Staples United States Of America (The) US Dollar 334,526 16,753,062 16,753,062 0.29%03/31/20 Calamos Market Neutral Income Fund Northrop Grumman Corp. NOC US Common Stocks Industrials United States Of America (The) US Dollar 55,271 16,722,241 16,722,241 0.29%03/31/20 Calamos Market Neutral Income Fund Exxon Mobil Corp. XOM US Common Stocks Energy United States Of America (The) US Dollar 437,374 16,607,091 16,607,091 0.29%03/31/20 Calamos Market Neutral Income Fund Costco Wholesale Corp. COST US Common Stocks Consumer Staples United States Of America (The) US Dollar 57,249 16,323,407 16,323,407 0.28%03/31/20 Calamos Market Neutral Income Fund Goldman Sachs Group, Inc. GS US Common Stocks Financials United States Of America (The) US Dollar 103,846 16,053,553 16,053,553 0.28%03/31/20 Calamos Market Neutral Income Fund Oracle Corp. ORCL US Common Stocks Information Technology United States Of America (The) US Dollar 331,173 16,005,591 16,005,591 0.28%03/31/20 Calamos Market Neutral Income Fund Thermo Fisher Scientific, Inc. TMO US Common Stocks Health Care United States Of America (The) US Dollar 53,670 15,220,812 15,220,812 0.26%03/31/20 Calamos Market Neutral Income Fund Agilent Technologies, Inc. A US Common Stocks Health Care United States Of America (The) US Dollar 210,481 15,074,649 15,074,649 0.26%03/31/20 Calamos Market Neutral Income Fund Lowe's Companies, Inc. LOW US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 174,908 15,050,833 15,050,833 0.26%03/31/20 Calamos Market Neutral Income Fund Charter Communications, Inc. - Class A CHTR US Common Stocks Communication Services United States Of America (The) US Dollar 33,756 14,728,080 14,728,080 0.26%03/31/20 Calamos Market Neutral Income Fund American Tower Corp. AMT US Common Stocks Real Estate United States Of America (The) US Dollar 67,117 14,614,727 14,614,727 0.25%03/31/20 Calamos Market Neutral Income Fund Amgen, Inc. AMGN US Common Stocks Health Care United States Of America (The) US Dollar 69,748 14,140,012 14,140,012 0.25%03/31/20 Calamos Market Neutral Income Fund QUALCOMM, Inc. QCOM US Common Stocks Information Technology United States Of America (The) US Dollar 208,282 14,090,277 14,090,277 0.25%03/31/20 Calamos Market Neutral Income Fund Starbucks Corp. SBUX US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 213,365 14,026,615 14,026,615 0.24%03/31/20 Calamos Market Neutral Income Fund Philip Morris International, Inc. PM US Common Stocks Consumer Staples United States Of America (The) US Dollar 191,952 14,004,818 14,004,818 0.24%03/31/20 Calamos Market Neutral Income Fund Duke Energy Corp. DUK US Common Stocks Utilities United States Of America (The) US Dollar 172,376 13,941,771 13,941,771 0.24%03/31/20 Calamos Market Neutral Income Fund Boeing Company BA US Common Stocks Industrials United States Of America (The) US Dollar 93,248 13,907,007 13,907,007 0.24%03/31/20 Calamos Market Neutral Income Fund CSX Corp. CSX US Common Stocks Industrials United States Of America (The) US Dollar 241,850 13,858,005 13,858,005 0.24%03/31/20 Calamos Market Neutral Income Fund Altria Group, Inc. MO US Common Stocks Consumer Staples United States Of America (The) US Dollar 357,646 13,830,171 13,830,171 0.24%03/31/20 Calamos Market Neutral Income Fund Becton Dickinson and Company BDX US Common Stocks Health Care United States Of America (The) US Dollar 59,617 13,698,198 13,698,198 0.24%03/31/20 Calamos Market Neutral Income Fund Intuitive Surgical, Inc. ISRG US Common Stocks Health Care United States Of America (The) US Dollar 27,069 13,404,839 13,404,839 0.23%03/31/20 Calamos Market Neutral Income Fund Micron Technology, Inc. MU US Common Stocks Information Technology United States Of America (The) US Dollar 317,112 13,337,731 13,337,731 0.23%03/31/20 Calamos Market Neutral Income Fund US Bancorp USB US Common Stocks Financials United States Of America (The) US Dollar 386,446 13,313,065 13,313,065 0.23%03/31/20 Calamos Market Neutral Income Fund Automatic Data Processing, Inc. ADP US Common Stocks Information Technology United States Of America (The) US Dollar 96,211 13,150,119 13,150,119 0.23%03/31/20 Calamos Market Neutral Income Fund 3M Company MMM US Common Stocks Industrials United States Of America (The) US Dollar 96,241 13,137,859 13,137,859 0.23%03/31/20 Calamos Market Neutral Income Fund TJX Companies, Inc. TJX US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 274,619 13,129,534 13,129,534 0.23%03/31/20 Calamos Market Neutral Income Fund International Business Machines Corp. IBM US Common Stocks Information Technology United States Of America (The) US Dollar 115,654 12,829,498 12,829,498 0.22%03/31/20 Calamos Market Neutral Income Fund Danaher Corp. DHR US Common Stocks Health Care United States Of America (The) US Dollar 91,286 12,634,895 12,634,895 0.22%03/31/20 Calamos Market Neutral Income Fund CVS Health Corp. CVS US Common Stocks Health Care United States Of America (The) US Dollar 212,307 12,596,174 12,596,174 0.22%03/31/20 Calamos Market Neutral Income Fund Capital One Financial Corp. COF US Common Stocks Financials United States Of America (The) US Dollar 247,874 12,497,807 12,497,807 0.22%03/31/20 Calamos Market Neutral Income Fund Target Corp. TGT US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 131,955 12,267,856 12,267,856 0.21%03/31/20 Calamos Market Neutral Income Fund S&P Global, Inc. SPGI US Common Stocks Financials United States Of America (The) US Dollar 49,791 12,201,285 12,201,285 0.21%03/31/20 Calamos Market Neutral Income Fund United Technologies Corp. UTX US Common Stocks Industrials United States Of America (The) US Dollar 128,764 12,146,308 12,146,308 0.21%03/31/20 Calamos Market Neutral Income Fund Lockheed Martin Corp. LMT US Common Stocks Industrials United States Of America (The) US Dollar 34,959 11,849,353 11,849,353 0.21%03/31/20 Calamos Market Neutral Income Fund Morgan Stanley MS US Common Stocks Financials United States Of America (The) US Dollar 346,942 11,796,028 11,796,028 0.21%03/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 175,000 11,795,000 11,795,000 0.21% 06/30/2003/31/20 Calamos Market Neutral Income Fund General Electric Company GE US Common Stocks Industrials United States Of America (The) US Dollar 1,477,656 11,732,589 11,732,589 0.20%03/31/20 Calamos Market Neutral Income Fund Lam Research Corp. LRCX US Common Stocks Information Technology United States Of America (The) US Dollar 48,038 11,529,120 11,529,120 0.20%03/31/20 Calamos Market Neutral Income Fund Biogen, Inc. BIIB US Common Stocks Health Care United States Of America (The) US Dollar 36,303 11,485,543 11,485,543 0.20%03/31/20 Calamos Market Neutral Income Fund Air Products & Chemicals, Inc. APD US Common Stocks Materials United States Of America (The) US Dollar 57,365 11,450,628 11,450,628 0.20%03/31/20 Calamos Market Neutral Income Fund Marsh & McLennan Companies, Inc. MMC US Common Stocks Financials United States Of America (The) US Dollar 132,199 11,429,926 11,429,926 0.20%03/31/20 Calamos Market Neutral Income Fund Alexion Pharmaceuticals, Inc. ALXN US Common Stocks Health Care United States Of America (The) US Dollar 126,327 11,342,901 11,342,901 0.20%03/31/20 Calamos Market Neutral Income Fund Texas Instruments, Inc. TXN US Common Stocks Information Technology United States Of America (The) US Dollar 112,669 11,259,013 11,259,013 0.20%03/31/20 Calamos Market Neutral Income Fund Intuit, Inc. INTU US Common Stocks Information Technology United States Of America (The) US Dollar 48,441 11,141,430 11,141,430 0.19%03/31/20 Calamos Market Neutral Income Fund Kimberly-Clark Corp. KMB US Common Stocks Consumer Staples United States Of America (The) US Dollar 86,613 11,075,204 11,075,204 0.19%03/31/20 Calamos Market Neutral Income Fund Cboe Global Markets, Inc. CBOE US Common Stocks Financials United States Of America (The) US Dollar 123,039 10,981,231 10,981,231 0.19%

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

03/31/20 Calamos Market Neutral Income Fund American Electric Power Company, Inc. AEP US Common Stocks Utilities United States Of America (The) US Dollar 135,759 10,858,005 10,858,005 0.19%03/31/20 Calamos Market Neutral Income Fund United Parcel Service, Inc. - Class B UPS US Common Stocks Industrials United States Of America (The) US Dollar 116,137 10,849,519 10,849,519 0.19%03/31/20 Calamos Market Neutral Income Fund Fiserv, Inc. FISV US Common Stocks Information Technology United States Of America (The) US Dollar 113,656 10,796,183 10,796,183 0.19%03/31/20 Calamos Market Neutral Income Fund Allergan, PLC AGN US Common Stocks Health Care United States Of America (The) US Dollar 59,196 10,483,612 10,483,612 0.18%03/31/20 Calamos Market Neutral Income Fund Southern Company SO US Common Stocks Utilities United States Of America (The) US Dollar 191,859 10,387,246 10,387,246 0.18%03/31/20 Calamos Market Neutral Income Fund L3Harris Technologies, Inc. LHX US Common Stocks INDUSTRIALS United States Of America (The) US Dollar 56,746 10,221,090 10,221,090 0.18%03/31/20 Calamos Market Neutral Income Fund Waste Management, Inc. WM US Common Stocks Industrials United States Of America (The) US Dollar 108,511 10,043,778 10,043,778 0.17%03/31/20 Calamos Market Neutral Income Fund ConocoPhillips COP US Common Stocks Energy United States Of America (The) US Dollar 323,120 9,952,096 9,952,096 0.17%03/31/20 Calamos Market Neutral Income Fund Xilinx, Inc. XLNX US Common Stocks Information Technology United States Of America (The) US Dollar 127,469 9,934,934 9,934,934 0.17%03/31/20 Calamos Market Neutral Income Fund Colgate-Palmolive Company CL US Common Stocks Consumer Staples United States Of America (The) US Dollar 144,150 9,565,794 9,565,794 0.17%03/31/20 Calamos Market Neutral Income Fund American Express Company AXP US Common Stocks Financials United States Of America (The) US Dollar 110,548 9,464,014 9,464,014 0.16%03/31/20 Calamos Market Neutral Income Fund Global Payments, Inc. GPN US Common Stocks Information Technology United States Of America (The) US Dollar 64,419 9,291,152 9,291,152 0.16%03/31/20 Calamos Market Neutral Income Fund Emerson Electric Company EMR US Common Stocks Industrials United States Of America (The) US Dollar 194,554 9,270,498 9,270,498 0.16%03/31/20 Calamos Market Neutral Income Fund Xcel Energy, Inc. XEL US Common Stocks Utilities United States Of America (The) US Dollar 153,565 9,259,970 9,259,970 0.16%03/31/20 Calamos Market Neutral Income Fund Vertex Pharmaceuticals, Inc. VRTX US Common Stocks Health Care United States Of America (The) US Dollar 38,504 9,162,027 9,162,027 0.16%03/31/20 Calamos Market Neutral Income Fund Dominion Energy, Inc. D US Common Stocks Utilities United States Of America (The) US Dollar 124,740 9,004,981 9,004,981 0.16%03/31/20 Calamos Market Neutral Income Fund Booking Holdings, Inc. BKNG US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 6,667 8,969,248 8,969,248 0.16%03/31/20 Calamos Market Neutral Income Fund Crown Castle International Corp. CCI US Common Stocks Real Estate United States Of America (The) US Dollar 62,007 8,953,811 8,953,811 0.16%03/31/20 Calamos Market Neutral Income Fund Citrix Systems, Inc. CTXS US Common Stocks Information Technology United States Of America (The) US Dollar 63,107 8,932,796 8,932,796 0.16%03/31/20 Calamos Market Neutral Income Fund Chubb, Ltd. CB US Common Stocks Financials Switzerland US Dollar 79,848 8,918,223 8,918,223 0.16%03/31/20 Calamos Market Neutral Income Fund Allstate Corp. ALL US Common Stocks Financials United States Of America (The) US Dollar 95,669 8,775,717 8,775,717 0.15%03/31/20 Calamos Market Neutral Income Fund Illinois Tool Works, Inc. ITW US Common Stocks Industrials United States Of America (The) US Dollar 61,004 8,669,888 8,669,888 0.15%03/31/20 Calamos Market Neutral Income Fund Cigna Corp. CI US Common Stocks Health Care United States Of America (The) US Dollar 48,063 8,515,802 8,515,802 0.15%03/31/20 Calamos Market Neutral Income Fund American International Group, Inc. AIG US Common Stocks Financials United States Of America (The) US Dollar 349,800 8,482,650 8,482,650 0.15%03/31/20 Calamos Market Neutral Income Fund Ball Corp. BLL US Common Stocks Materials United States Of America (The) US Dollar 129,767 8,390,734 8,390,734 0.15%03/31/20 Calamos Market Neutral Income Fund General Mills, Inc. GIS US Common Stocks Consumer Staples United States Of America (The) US Dollar 157,669 8,320,193 8,320,193 0.14%03/31/20 Calamos Market Neutral Income Fund Marathon Petroleum Corp. MPC US Common Stocks Energy United States Of America (The) US Dollar 348,554 8,232,845 8,232,845 0.14%03/31/20 Calamos Market Neutral Income Fund Consolidated Edison, Inc. ED US Common Stocks Utilities United States Of America (The) US Dollar 105,532 8,231,496 8,231,496 0.14%03/31/20 Calamos Market Neutral Income Fund BlackRock, Inc. BLK US Common Stocks Financials United States Of America (The) US Dollar 18,523 8,149,564 8,149,564 0.14%03/31/20 Calamos Market Neutral Income Fund Equinix, Inc. EQIX US Common Stocks Real Estate United States Of America (The) US Dollar 12,857 8,030,096 8,030,096 0.14%03/31/20 Calamos Market Neutral Income Fund Verisk Analytics, Inc. VRSK US Common Stocks Industrials United States Of America (The) US Dollar 56,794 7,915,948 7,915,948 0.14%03/31/20 Calamos Market Neutral Income Fund Laboratory Corp. of America Holdings LH US Common Stocks Health Care United States Of America (The) US Dollar 61,663 7,793,587 7,793,587 0.14%03/31/20 Calamos Market Neutral Income Fund Ross Stores, Inc. ROST US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 87,851 7,640,401 7,640,401 0.13%03/31/20 Calamos Market Neutral Income Fund Boston Scientific Corp. BSX US Common Stocks Health Care United States Of America (The) US Dollar 233,419 7,616,462 7,616,462 0.13%03/31/20 Calamos Market Neutral Income Fund Autodesk, Inc. ADSK US Common Stocks Information Technology United States Of America (The) US Dollar 48,751 7,610,031 7,610,031 0.13%03/31/20 Calamos Market Neutral Income Fund Assurant, Inc. AIZ US Common Stocks Financials United States Of America (The) US Dollar 71,903 7,484,383 7,484,383 0.13%03/31/20 Calamos Market Neutral Income Fund CMS Energy Corp. CMS US Common Stocks Utilities United States Of America (The) US Dollar 126,044 7,405,085 7,405,085 0.13%03/31/20 Calamos Market Neutral Income Fund Digital Realty Trust, Inc. DLR US Common Stocks Real Estate United States Of America (The) US Dollar 53,093 7,375,149 7,375,149 0.13%03/31/20 Calamos Market Neutral Income Fund Prologis, Inc. PLD US Common Stocks Real Estate United States Of America (The) US Dollar 91,139 7,324,841 7,324,841 0.13%03/31/20 Calamos Market Neutral Income Fund Illumina, Inc. ILMN US Common Stocks Health Care United States Of America (The) US Dollar 26,781 7,314,427 7,314,427 0.13%03/31/20 Calamos Market Neutral Income Fund First Republic Bank FRC US Common Stocks Financials United States Of America (The) US Dollar 88,695 7,297,825 7,297,825 0.13%03/31/20 Calamos Market Neutral Income Fund Entergy Corp. ETR US Common Stocks Utilities United States Of America (The) US Dollar 77,166 7,251,289 7,251,289 0.13%03/31/20 Calamos Market Neutral Income Fund Stanley Black & Decker, Inc. SWK US Common Stocks Industrials United States Of America (The) US Dollar 70,985 7,098,500 7,098,500 0.12%03/31/20 Calamos Market Neutral Income Fund Stryker Corp. SYK US Common Stocks Health Care United States Of America (The) US Dollar 42,227 7,030,373 7,030,373 0.12%03/31/20 Calamos Market Neutral Income Fund FirstEnergy Corp. FE US Common Stocks Utilities United States Of America (The) US Dollar 174,684 6,999,588 6,999,588 0.12%03/31/20 Calamos Market Neutral Income Fund Activision Blizzard, Inc. ATVI US Common Stocks Communication Services United States Of America (The) US Dollar 117,306 6,977,361 6,977,361 0.12%03/31/20 Calamos Market Neutral Income Fund Kellogg Company K US Common Stocks Consumer Staples United States Of America (The) US Dollar 116,208 6,971,318 6,971,318 0.12%03/31/20 Calamos Market Neutral Income Fund Arthur J. Gallagher & Company AJG US Common Stocks Financials United States Of America (The) US Dollar 85,520 6,970,735 6,970,735 0.12%03/31/20 Calamos Market Neutral Income Fund Zoetis, Inc. ZTS US Common Stocks Health Care United States Of America (The) US Dollar 58,872 6,928,646 6,928,646 0.12%03/31/20 Calamos Market Neutral Income Fund Constellation Brands, Inc. - Class A STZ US Common Stocks Consumer Staples United States Of America (The) US Dollar 48,175 6,906,368 6,906,368 0.12%03/31/20 Calamos Market Neutral Income Fund Deere & Company DE US Common Stocks Industrials United States Of America (The) US Dollar 49,848 6,887,000 6,887,000 0.12%03/31/20 Calamos Market Neutral Income Fund Kinder Morgan, Inc. KMI US Common Stocks Energy United States Of America (The) US Dollar 493,352 6,867,460 6,867,460 0.12%03/31/20 Calamos Market Neutral Income Fund Edwards Lifesciences Corp. EW US Common Stocks Health Care United States Of America (The) US Dollar 35,605 6,715,815 6,715,815 0.12%03/31/20 Calamos Market Neutral Income Fund Centene Corp. CNC US Common Stocks Health Care United States Of America (The) US Dollar 112,942 6,709,884 6,709,884 0.12%03/31/20 Calamos Market Neutral Income Fund Walgreens Boots Alliance, Inc. WBA US Common Stocks Consumer Staples United States Of America (The) US Dollar 146,265 6,691,624 6,691,624 0.12%03/31/20 Calamos Market Neutral Income Fund Jack Henry & Associates, Inc. JKHY US Common Stocks Information Technology United States Of America (The) US Dollar 42,946 6,666,937 6,666,937 0.12%03/31/20 Calamos Market Neutral Income Fund Alexandria Real Estate Equities, Inc. ARE US Common Stocks Real Estate United States Of America (The) US Dollar 48,642 6,666,873 6,666,873 0.12%03/31/20 Calamos Market Neutral Income Fund Dollar General Corp. DG US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 44,129 6,663,920 6,663,920 0.12%03/31/20 Calamos Market Neutral Income Fund CME Group, Inc. CME US Common Stocks Financials United States Of America (The) US Dollar 38,523 6,661,012 6,661,012 0.12%03/31/20 Calamos Market Neutral Income Fund Newmont Mining Corp. NEM US Common Stocks Materials United States Of America (The) US Dollar 146,381 6,628,132 6,628,132 0.12%03/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 150,000 6,592,500 6,592,500 0.11% 05/29/2003/31/20 Calamos Market Neutral Income Fund AvalonBay Communities, Inc. AVB US Common Stocks Real Estate United States Of America (The) US Dollar 44,749 6,585,710 6,585,710 0.11%03/31/20 Calamos Market Neutral Income Fund Sherwin-Williams Company SHW US Common Stocks Materials United States Of America (The) US Dollar 14,064 6,462,689 6,462,689 0.11%03/31/20 Calamos Market Neutral Income Fund Travelers Companies, Inc. TRV US Common Stocks Financials United States Of America (The) US Dollar 63,936 6,352,042 6,352,042 0.11%03/31/20 Calamos Market Neutral Income Fund Public Storage PSA US Common Stocks Real Estate United States Of America (The) US Dollar 31,933 6,342,213 6,342,213 0.11%03/31/20 Calamos Market Neutral Income Fund O'Reilly Automotive, Inc. ORLY US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 20,920 6,297,966 6,297,966 0.11%03/31/20 Calamos Market Neutral Income Fund Kroger Company KR US Common Stocks Consumer Staples United States Of America (The) US Dollar 207,611 6,253,243 6,253,243 0.11%03/31/20 Calamos Market Neutral Income Fund Pioneer Natural Resources Company PXD US Common Stocks Energy United States Of America (The) US Dollar 88,957 6,240,334 6,240,334 0.11%03/31/20 Calamos Market Neutral Income Fund Delta Air Lines, Inc. DAL US Common Stocks Industrials United States Of America (The) US Dollar 218,646 6,237,970 6,237,970 0.11%03/31/20 Calamos Market Neutral Income Fund PACCAR, Inc. PCAR US Common Stocks Industrials United States Of America (The) US Dollar 101,296 6,192,224 6,192,224 0.11%03/31/20 Calamos Market Neutral Income Fund Zions Bancorpora on, N.A. ZION US Common Stocks Financials United States Of America (The) US Dollar 230,073 6,156,753 6,156,753 0.11%03/31/20 Calamos Market Neutral Income Fund McKesson Corp. MCK US Common Stocks Health Care United States Of America (The) US Dollar 44,779 6,056,808 6,056,808 0.11%03/31/20 Calamos Market Neutral Income Fund Public Service Enterprise Group, Inc. PEG US Common Stocks Utilities United States Of America (The) US Dollar 134,218 6,027,730 6,027,730 0.10%03/31/20 Calamos Market Neutral Income Fund Bank of New York Mellon Corp. BK US Common Stocks Financials United States Of America (The) US Dollar 178,527 6,012,789 6,012,789 0.10%03/31/20 Calamos Market Neutral Income Fund Church & Dwight Company, Inc. CHD US Common Stocks Consumer Staples United States Of America (The) US Dollar 93,491 6,000,252 6,000,252 0.10%03/31/20 Calamos Market Neutral Income Fund Mid-America Apartment Communities, Inc. MAA US Common Stocks Real Estate United States Of America (The) US Dollar 57,990 5,974,710 5,974,710 0.10%03/31/20 Calamos Market Neutral Income Fund PPG Industries, Inc. PPG US Common Stocks Materials United States Of America (The) US Dollar 70,440 5,888,784 5,888,784 0.10%03/31/20 Calamos Market Neutral Income Fund Incyte Corp. INCY US Common Stocks Health Care United States Of America (The) US Dollar 80,000 5,858,400 5,858,400 0.10%03/31/20 Calamos Market Neutral Income Fund Raytheon Company RTN US Common Stocks Industrials United States Of America (The) US Dollar 44,367 5,818,732 5,818,732 0.10%03/31/20 Calamos Market Neutral Income Fund Cognizant Technology Solutions Corp. - Class A CTSH US Common Stocks Information Technology United States Of America (The) US Dollar 125,112 5,813,955 5,813,955 0.10%03/31/20 Calamos Market Neutral Income Fund Regeneron Pharmaceuticals, Inc. REGN US Common Stocks Health Care United States Of America (The) US Dollar 11,838 5,780,377 5,780,377 0.10%03/31/20 Calamos Market Neutral Income Fund Northern Trust Corp. NTRS US Common Stocks Financials United States Of America (The) US Dollar 76,324 5,759,409 5,759,409 0.10%03/31/20 Calamos Market Neutral Income Fund Aptiv, PLC APTV US Common Stocks Consumer Discretionary Ireland US Dollar 116,475 5,735,229 5,735,229 0.10%03/31/20 Calamos Market Neutral Income Fund Eaton Corp., PLC ETN US Common Stocks Industrials United States Of America (The) US Dollar 73,406 5,702,912 5,702,912 0.10%03/31/20 Calamos Market Neutral Income Fund Paychex, Inc. PAYX US Common Stocks Information Technology United States Of America (The) US Dollar 90,299 5,681,613 5,681,613 0.10%03/31/20 Calamos Market Neutral Income Fund General Dynamics Corp. GD US Common Stocks Industrials United States Of America (The) US Dollar 42,761 5,657,708 5,657,708 0.10%03/31/20 Calamos Market Neutral Income Fund Norfolk Southern Corp. NSC US Common Stocks Industrials United States Of America (The) US Dollar 38,377 5,603,042 5,603,042 0.10%03/31/20 Calamos Market Neutral Income Fund DuPont de Nemours, Inc. DD US Common Stocks Materials United States Of America (The) US Dollar 163,026 5,559,187 5,559,187 0.10%03/31/20 Calamos Market Neutral Income Fund Hess Corp. HES US Common Stocks Energy United States Of America (The) US Dollar 166,548 5,546,048 5,546,048 0.10%03/31/20 Calamos Market Neutral Income Fund Realty Income Corp. O US Common Stocks Real Estate United States Of America (The) US Dollar 110,707 5,519,851 5,519,851 0.10%03/31/20 Calamos Market Neutral Income Fund Sysco Corp. SYY US Common Stocks Consumer Staples United States Of America (The) US Dollar 120,275 5,488,148 5,488,148 0.10%03/31/20 Calamos Market Neutral Income Fund Amphenol Corp. - Class A APH US Common Stocks Information Technology United States Of America (The) US Dollar 73,954 5,389,768 5,389,768 0.09%03/31/20 Calamos Market Neutral Income Fund eBay, Inc. EBAY US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 177,912 5,348,035 5,348,035 0.09%03/31/20 Calamos Market Neutral Income Fund NiSource, Inc. NI US Common Stocks Utilities United States Of America (The) US Dollar 213,807 5,338,761 5,338,761 0.09%03/31/20 Calamos Market Neutral Income Fund Western Union Company WU US Common Stocks Information Technology United States Of America (The) US Dollar 290,148 5,260,383 5,260,383 0.09%03/31/20 Calamos Market Neutral Income Fund D.R. Horton, Inc. DHI US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 154,554 5,254,836 5,254,836 0.09%03/31/20 Calamos Market Neutral Income Fund Xylem, Inc. XYL US Common Stocks Industrials United States Of America (The) US Dollar 79,899 5,203,822 5,203,822 0.09%03/31/20 Calamos Market Neutral Income Fund Welltower, Inc. WELL US Common Stocks Real Estate United States Of America (The) US Dollar 113,615 5,201,295 5,201,295 0.09%03/31/20 Calamos Market Neutral Income Fund UDR, Inc. UDR US Common Stocks Real Estate United States Of America (The) US Dollar 140,479 5,133,103 5,133,103 0.09%03/31/20 Calamos Market Neutral Income Fund Archer-Daniels-Midland Company ADM US Common Stocks Consumer Staples United States Of America (The) US Dollar 145,473 5,117,740 5,117,740 0.09%03/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 100,000 5,085,000 5,085,000 0.09% 04/15/2003/31/20 Calamos Market Neutral Income Fund Monster Beverage Corp. MNST US Common Stocks Consumer Staples United States Of America (The) US Dollar 90,000 5,063,400 5,063,400 0.09%03/31/20 Calamos Market Neutral Income Fund VF Corp. VFC US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 92,690 5,012,675 5,012,675 0.09%03/31/20 Calamos Market Neutral Income Fund Masco Corp. MAS US Common Stocks Industrials United States Of America (The) US Dollar 144,073 4,980,604 4,980,604 0.09%03/31/20 Calamos Market Neutral Income Fund Kraft Heinz Company KHC US Common Stocks Consumer Staples United States Of America (The) US Dollar 200,306 4,955,570 4,955,570 0.09%03/31/20 Calamos Market Neutral Income Fund M&T Bank Corp. MTB US Common Stocks Financials United States Of America (The) US Dollar 47,651 4,928,543 4,928,543 0.09%

Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

03/31/20 Calamos Market Neutral Income Fund Ameriprise Financial, Inc. AMP US Common Stocks Financials United States Of America (The) US Dollar 47,935 4,912,379 4,912,379 0.09%03/31/20 Calamos Market Neutral Income Fund Dow, Inc. DOW US Common Stocks Materials United States Of America (The) US Dollar 163,027 4,766,909 4,766,909 0.08%03/31/20 Calamos Market Neutral Income Fund Avery Dennison Corp. AVY US Common Stocks Materials United States Of America (The) US Dollar 46,771 4,764,562 4,764,562 0.08%03/31/20 Calamos Market Neutral Income Fund AES Corp. AES US Common Stocks Utilities United States Of America (The) US Dollar 347,157 4,721,335 4,721,335 0.08%03/31/20 Calamos Market Neutral Income Fund Quest Diagnostics, Inc. DGX US Common Stocks Health Care United States Of America (The) US Dollar 58,286 4,680,366 4,680,366 0.08%03/31/20 Calamos Market Neutral Income Fund Allegion, PLC ALLE US Common Stocks Industrials Ireland US Dollar 50,453 4,642,685 4,642,685 0.08%03/31/20 Calamos Market Neutral Income Fund Zimmer Biomet Holdings, Inc. ZBH US Common Stocks Health Care United States Of America (The) US Dollar 45,659 4,615,212 4,615,212 0.08%03/31/20 Calamos Market Neutral Income Fund Fortune Brands Home & Security, Inc. FBHS US Common Stocks Industrials United States Of America (The) US Dollar 106,038 4,586,144 4,586,144 0.08%03/31/20 Calamos Market Neutral Income Fund Charles Schwab Corp. SCHW US Common Stocks Financials United States Of America (The) US Dollar 135,181 4,544,785 4,544,785 0.08%03/31/20 Calamos Market Neutral Income Fund Edison International EIX US Common Stocks Utilities United States Of America (The) US Dollar 82,854 4,539,571 4,539,571 0.08%03/31/20 Calamos Market Neutral Income Fund Southwest Airlines Company LUV US Common Stocks Industrials United States Of America (The) US Dollar 126,942 4,520,405 4,520,405 0.08%03/31/20 Calamos Market Neutral Income Fund Johnson Controls International, PLC JCI US Common Stocks Industrials United States Of America (The) US Dollar 167,502 4,515,854 4,515,854 0.08%03/31/20 Calamos Market Neutral Income Fund FedEx Corp. FDX US Common Stocks Industrials United States Of America (The) US Dollar 36,781 4,460,064 4,460,064 0.08%03/31/20 Calamos Market Neutral Income Fund MetLife, Inc. MET US Common Stocks Financials United States Of America (The) US Dollar 144,039 4,403,272 4,403,272 0.08%03/31/20 Calamos Market Neutral Income Fund HCA Healthcare, Inc. HCA US Common Stocks Health Care United States Of America (The) US Dollar 48,565 4,363,565 4,363,565 0.08%03/31/20 Calamos Market Neutral Income Fund Exelon Corp. EXC US Common Stocks Utilities United States Of America (The) US Dollar 116,004 4,270,107 4,270,107 0.07%03/31/20 Calamos Market Neutral Income Fund HP, Inc. HPQ US Common Stocks Information Technology United States Of America (The) US Dollar 243,469 4,226,622 4,226,622 0.07%03/31/20 Calamos Market Neutral Income Fund Gartner, Inc. IT US Common Stocks Information Technology United States Of America (The) US Dollar 42,251 4,206,932 4,206,932 0.07%03/31/20 Calamos Market Neutral Income Fund Aflac, Inc. AFL US Common Stocks Financials United States Of America (The) US Dollar 122,626 4,198,714 4,198,714 0.07%03/31/20 Calamos Market Neutral Income Fund Simon Property Group, Inc. SPG US Common Stocks Real Estate United States Of America (The) US Dollar 73,247 4,018,330 4,018,330 0.07%03/31/20 Calamos Market Neutral Income Fund Wynn Resorts, Ltd. WYNN 200619P00140000Purchased Options Consumer Discretionary United States Of America (The) US Dollar 50,000 4,006,250 4,006,250 0.07% 06/19/2003/31/20 Calamos Market Neutral Income Fund Truist Financial Corp. TFC US Common Stocks Financials United States Of America (The) US Dollar 128,836 3,973,302 3,973,302 0.07%03/31/20 Calamos Market Neutral Income Fund TE Connectivity, Ltd. TEL US Common Stocks Information Technology Switzerland US Dollar 62,696 3,948,594 3,948,594 0.07%03/31/20 Calamos Market Neutral Income Fund Expedia Group, Inc. EXPE US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 70,129 3,946,159 3,946,159 0.07%03/31/20 Calamos Market Neutral Income Fund Royal Caribbean Cruises, Ltd. RCL 200619P00110000Purchased Options Consumer Discretionary United States Of America (The) US Dollar 50,000 3,897,500 3,897,500 0.07% 06/19/2003/31/20 Calamos Market Neutral Income Fund Apartment Investment & Management Company - Class A AIV US Common Stocks Real Estate United States Of America (The) US Dollar 109,475 3,848,046 3,848,046 0.07%03/31/20 Calamos Market Neutral Income Fund State Street Corp. STT US Common Stocks Financials United States Of America (The) US Dollar 72,084 3,839,915 3,839,915 0.07%03/31/20 Calamos Market Neutral Income Fund Corteva, Inc. CTVA US Common Stocks Materials United States Of America (The) US Dollar 163,028 3,831,158 3,831,158 0.07%03/31/20 Calamos Market Neutral Income Fund General Motors Company GM US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 184,064 3,824,850 3,824,850 0.07%03/31/20 Calamos Market Neutral Income Fund Phillips 66 PSX US Common Stocks Energy United States Of America (The) US Dollar 69,415 3,724,115 3,724,115 0.06%03/31/20 Calamos Market Neutral Income Fund Weyerhaeuser Company WY US Common Stocks Real Estate United States Of America (The) US Dollar 216,990 3,677,981 3,677,981 0.06%03/31/20 Calamos Market Neutral Income Fund MGM Resorts International MGM US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 302,061 3,564,320 3,564,320 0.06%03/31/20 Calamos Market Neutral Income Fund Pentair, PLC PNR US Common Stocks Industrials United Kingdom US Dollar 119,692 3,562,034 3,562,034 0.06%03/31/20 Calamos Market Neutral Income Fund Williams Companies, Inc. WMB US Common Stocks Energy United States Of America (The) US Dollar 248,927 3,522,317 3,522,317 0.06%03/31/20 Calamos Market Neutral Income Fund Regency Centers Corp. REG US Common Stocks Real Estate United States Of America (The) US Dollar 90,299 3,470,191 3,470,191 0.06%03/31/20 Calamos Market Neutral Income Fund Fox Corp. - Class A FOXA US Common Stocks Communication Services United States Of America (The) US Dollar 143,912 3,400,641 3,400,641 0.06%03/31/20 Calamos Market Neutral Income Fund Twitter, Inc. TWTR US Common Stocks Communication Services United States Of America (The) US Dollar 137,611 3,379,726 3,379,726 0.06%03/31/20 Calamos Market Neutral Income Fund Ford Motor Company F US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 690,980 3,337,433 3,337,433 0.06%03/31/20 Calamos Market Neutral Income Fund Federal Realty Investment Trust FRT US Common Stocks Real Estate United States Of America (The) US Dollar 43,203 3,223,376 3,223,376 0.06%03/31/20 Calamos Market Neutral Income Fund Mohawk Industries, Inc. MHK US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 42,142 3,212,906 3,212,906 0.06%03/31/20 Calamos Market Neutral Income Fund FLIR Systems, Inc. FLIR US Common Stocks Information Technology United States Of America (The) US Dollar 97,864 3,120,883 3,120,883 0.05%03/31/20 Calamos Market Neutral Income Fund Valero Energy Corp. VLO US Common Stocks Energy United States Of America (The) US Dollar 67,156 3,046,196 3,046,196 0.05%03/31/20 Calamos Market Neutral Income Fund Discover Financial Services DFS US Common Stocks Financials United States Of America (The) US Dollar 84,565 3,016,434 3,016,434 0.05%03/31/20 Calamos Market Neutral Income Fund Freeport-McMoRan, Inc. FCX US Common Stocks Materials United States Of America (The) US Dollar 446,716 3,015,333 3,015,333 0.05%03/31/20 Calamos Market Neutral Income Fund Prudential Financial, Inc. PRU US Common Stocks Financials United States Of America (The) US Dollar 57,360 2,990,750 2,990,750 0.05%03/31/20 Calamos Market Neutral Income Fund Schlumberger, Ltd. SLB US Common Stocks Energy United States Of America (The) US Dollar 220,050 2,968,475 2,968,475 0.05%03/31/20 Calamos Market Neutral Income Fund Royal Caribbean Cruises, Ltd. RCL US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 91,551 2,945,196 2,945,196 0.05%03/31/20 Calamos Market Neutral Income Fund Ulta Salon Cosmetics & Fragrance, Inc. ULTA US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 16,094 2,827,716 2,827,716 0.05%03/31/20 Calamos Market Neutral Income Fund Leggett & Platt, Inc. LEG US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 104,358 2,784,271 2,784,271 0.05%03/31/20 Calamos Market Neutral Income Fund Darden Restaurants, Inc. DRI US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 50,875 2,770,653 2,770,653 0.05%03/31/20 Calamos Market Neutral Income Fund United Continental Holdings, Inc. UAL US Common Stocks Industrials United States Of America (The) US Dollar 83,538 2,635,624 2,635,624 0.05%03/31/20 Calamos Market Neutral Income Fund Western Digital Corp. WDC US Common Stocks Information Technology United States Of America (The) US Dollar 63,271 2,633,339 2,633,339 0.05%03/31/20 Calamos Market Neutral Income Fund EOG Resources, Inc. EOG US Common Stocks Energy United States Of America (The) US Dollar 71,284 2,560,521 2,560,521 0.04%03/31/20 Calamos Market Neutral Income Fund Teleflex, Inc. TFX US Common Stocks Health Care United States Of America (The) US Dollar 8,411 2,463,245 2,463,245 0.04%03/31/20 Calamos Market Neutral Income Fund ONEOK, Inc. OKE US Common Stocks Energy United States Of America (The) US Dollar 98,898 2,156,965 2,156,965 0.04%03/31/20 Calamos Market Neutral Income Fund Occidental Petroleum Corp. OXY US Common Stocks Energy United States Of America (The) US Dollar 153,117 1,773,095 1,773,095 0.03%03/31/20 Calamos Market Neutral Income Fund PVH Corp. PVH US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 42,048 1,582,687 1,582,687 0.03%03/31/20 Calamos Market Neutral Income Fund Apple, Inc. Purchased Options Information Technology United States Of America (The) US Dollar 100,000 1,372,500 1,372,500 0.02% 04/17/2003/31/20 Calamos Market Neutral Income Fund Carnival Corp. CCL US Common Stocks Consumer Discretionary United States Of America (The) US Dollar 99,447 1,309,717 1,309,717 0.02%03/31/20 Calamos Market Neutral Income Fund Wabtec Corp. WAB US Common Stocks Industrials United States Of America (The) US Dollar 24,564 1,182,265 1,182,265 0.02%03/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 150,000 386,250 386,250 0.01% 12/31/2003/31/20 Calamos Market Neutral Income Fund NVIDIA Corp. Purchased Options Information Technology United States Of America (The) US Dollar 25,000 371,250 371,250 0.01% 06/19/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 100,000 362,500 362,500 0.01% 12/31/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 300,000 82,500 82,500 0.00% 04/30/2003/31/20 Calamos Market Neutral Income Fund Apple, Inc. Purchased Options Information Technology United States Of America (The) US Dollar 37,500 73,500 73,500 0.00% 07/17/2003/31/20 Calamos Market Neutral Income Fund Danaher Corp. DHR 200619C00180000Purchased Options Health Care United States Of America (The) US Dollar 120,000 66,000 66,000 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund Gilead Sciences, Inc. Purchased Options Health Care United States Of America (The) US Dollar 84,000 48,300 48,300 0.00% 04/17/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Purchased Options Other United States Of America (The) US Dollar 100,000 22,500 22,500 0.00% 04/30/2003/31/20 Calamos Market Neutral Income Fund Microsoft Corp. Purchased Options Information Technology United States Of America (The) US Dollar 100,000 18,500 18,500 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund Marathon Petroleum Corp. MPC 200417C00062500Purchased Options Energy United States Of America (The) US Dollar 250,000 1,250 1,250 0.00% 04/17/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Written Options Other United States Of America (The) US Dollar - - - 0.00% 12/31/1903/31/20 Calamos Market Neutral Income Fund Marathon Petroleum Corp. MPC 200417C00065000Written Options Energy United States Of America (The) US Dollar (250,000) (1,250) (1,250) 0.00% 04/17/2003/31/20 Calamos Market Neutral Income Fund Microsoft Corp. Written Options Information Technology United States Of America (The) US Dollar (200,000) (14,000) (14,000) 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund Netflix, Inc. NFLX 200417P00285000Written Options Communication Services United States Of America (The) US Dollar (20,000) (21,500) (21,500) 0.00% 04/17/2003/31/20 Calamos Market Neutral Income Fund Apple, Inc. Written Options Information Technology United States Of America (The) US Dollar (37,500) (35,625) (35,625) 0.00% 07/17/2003/31/20 Calamos Market Neutral Income Fund Danaher Corp. DHR 200619C00185000Written Options Health Care United States Of America (The) US Dollar (120,000) (75,000) (75,000) 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund Biogen, Inc. Written Options Health Care United States Of America (The) US Dollar (5,000) (123,500) (123,500) 0.00% 07/17/2003/31/20 Calamos Market Neutral Income Fund Microsoft Corp. Written Options Information Technology United States Of America (The) US Dollar (20,000) (144,500) (144,500) 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund Gilead Sciences, Inc. Written Options Health Care United States Of America (The) US Dollar (60,000) (168,000) (168,000) 0.00% 04/17/2003/31/20 Calamos Market Neutral Income Fund Netflix, Inc. Written Options Communication Services United States Of America (The) US Dollar (10,000) (207,000) (207,000) 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund Danaher Corp. DHR 200619P00130000Written Options Health Care United States Of America (The) US Dollar (40,000) (300,000) (300,000) -0.01% 06/19/2003/31/20 Calamos Market Neutral Income Fund Danaher Corp. DHR 200619P00135000Written Options Health Care United States Of America (The) US Dollar (40,000) (390,000) (390,000) -0.01% 06/19/2003/31/20 Calamos Market Neutral Income Fund NVIDIA Corp. Written Options Information Technology United States Of America (The) US Dollar (50,000) (460,000) (460,000) -0.01% 06/19/2003/31/20 Calamos Market Neutral Income Fund Marathon Petroleum Corp. MPC 200417P00047500Written Options Energy United States Of America (The) US Dollar (20,800) (518,960) (518,960) -0.01% 04/17/2003/31/20 Calamos Market Neutral Income Fund Apple, Inc. Written Options Information Technology United States Of America (The) US Dollar (200,000) (1,320,000) (1,320,000) -0.02% 04/17/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Op-Index Other United States Of America (The) US Dollar (250,000) (4,592,403) (4,592,403) -0.08% 04/30/2003/31/20 Calamos Market Neutral Income Fund Wynn Resorts, Ltd. WYNN 200619P00125000Written Options Consumer Discretionary United States Of America (The) US Dollar (100,000) (6,505,000) (6,505,000) -0.11% 06/19/2003/31/20 Calamos Market Neutral Income Fund Royal Caribbean Cruises, Ltd. RCL 200619P00100000Written Options Consumer Discretionary United States Of America (The) US Dollar (100,000) (6,770,000) (6,770,000) -0.12% 06/19/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Written Options Other United States Of America (The) US Dollar (100,000) (11,100,000) (11,100,000) -0.19% 04/30/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Written Options Other United States Of America (The) US Dollar (50,000) (17,122,500) (17,122,500) -0.30% 06/30/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Written Options Other United States Of America (The) US Dollar (100,000) (17,745,000) (17,745,000) -0.31% 06/30/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Written Options Other United States Of America (The) US Dollar (350,000) (21,122,500) (21,122,500) -0.37% 07/31/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index Op-Index Other United States Of America (The) US Dollar (250,000) (35,899,903) (35,899,903) -0.62% 05/29/2003/31/20 Calamos Market Neutral Income Fund S&P 500 Index SPX 201218C02900000Written Options Other United States Of America (The) US Dollar (400,000) (46,340,000) (46,340,000) -0.81% 12/31/2003/31/20 Calamos Market Neutral Income Fund Advanced Micro Devices, Inc. QZ4955337 Convertible Bonds Information Technology United States Of America (The) US Dollar 38,500,000 220,317,405 220,317,405 3.83% 2.125% 09/01/2603/31/20 Calamos Market Neutral Income Fund Calamos Short-Term Bond Fund - Class I CSTIX US Mutual Funds Other United States Of America (The) US Dollar 14,938,002 148,483,736 148,483,736 2.58%03/31/20 Calamos Market Neutral Income Fund Tesla, Inc. AM9062192 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 65,000,000 111,639,125 111,639,125 1.94% 2.375% 03/15/2203/31/20 Calamos Market Neutral Income Fund ServiceNow, Inc. AN7439762 Convertible Bonds Information Technology United States Of America (The) US Dollar 50,000,000 107,256,000 107,256,000 1.87% 0.010% 06/01/2203/31/20 Calamos Market Neutral Income Fund Micron Technology, Inc. EJ1291651 Convertible Bonds Information Technology United States Of America (The) US Dollar 23,975,000 101,293,536 101,293,536 1.76% 3.125% 05/01/3203/31/20 Calamos Market Neutral Income Fund Tesla, Inc. ZS4501020 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 55,000,000 100,546,325 100,546,325 1.75% 2.000% 05/15/2403/31/20 Calamos Market Neutral Income Fund Atlassian, Inc. AS3817390 Convertible Bonds Information Technology United States Of America (The) US Dollar 49,000,000 85,322,475 85,322,475 1.48% 0.625% 05/01/2303/31/20 Calamos Market Neutral Income Fund RingCentral, Inc. AR5227350 Convertible Bonds Information Technology United States Of America (The) US Dollar 28,000,000 72,436,560 72,436,560 1.26% 03/15/2303/31/20 Calamos Market Neutral Income Fund Morgan Stanley Ins tu onal Liquidity Funds - Government Por olio, 2.330% MVRXX US Short Term Investments Other United States Of America (The) US Dollar 63,202,004 63,202,004 63,202,004 1.10%03/31/20 Calamos Market Neutral Income Fund Fidelity Prime Money Market Fund - Institutional Class, 2.510% FIPXX US Short Term Investments Other United States Of America (The) US Dollar 63,016,164 63,022,466 63,022,466 1.10%03/31/20 Calamos Market Neutral Income Fund DexCom, Inc. AN5302756 Convertible Bonds Health Care United States Of America (The) US Dollar 22,953,000 62,590,650 62,590,650 1.09% 0.750% 05/15/2203/31/20 Calamos Market Neutral Income Fund Okta, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 22,500,000 57,531,600 57,531,600 1.00% 0.250% 02/15/23

Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

03/31/20 Calamos Market Neutral Income Fund Square, Inc. AM6906433 Convertible Bonds Information Technology United States Of America (The) US Dollar 25,000,000 57,362,750 57,362,750 1.00% 0.375% 03/01/2203/31/20 Calamos Market Neutral Income Fund HubSpot, Inc. AN4611884 Convertible Bonds Information Technology United States Of America (The) US Dollar 35,341,000 52,817,831 52,817,831 0.92% 0.250% 06/01/2203/31/20 Calamos Market Neutral Income Fund Extra Space Storage, LP UV8927948 Convertible Bonds Real Estate United States Of America (The) US Dollar 47,500,000 52,383,000 52,383,000 0.91% 3.125% 10/01/3503/31/20 Calamos Market Neutral Income Fund Teladoc Health, Inc. AS4893606 Convertible Bonds Health Care United States Of America (The) US Dollar 16,500,000 48,011,535 48,011,535 0.84% 1.375% 05/15/2503/31/20 Calamos Market Neutral Income Fund Teladoc Health, Inc. Convertible Bonds Health Care United States Of America (The) US Dollar 13,000,000 45,971,640 45,971,640 0.80% 3.000% 12/15/2203/31/20 Calamos Market Neutral Income Fund Booking Holdings, Inc. EJ7002383 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 40,500,000 45,023,648 45,023,648 0.78% 0.350% 06/15/2003/31/20 Calamos Market Neutral Income Fund Sempra Energy EP0545939 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 463,385 43,950,677 43,950,677 0.76%03/31/20 Calamos Market Neutral Income Fund Becton Dickinson and Company EP0528299 Convertible Preferred Stocks Health Care United States Of America (The) US Dollar 814,735 42,594,346 42,594,346 0.74%03/31/20 Calamos Market Neutral Income Fund Twilio, Inc. AS6701153 Convertible Bonds Information Technology United States Of America (The) US Dollar 30,000,000 42,127,500 42,127,500 0.73% 0.250% 06/01/2303/31/20 Calamos Market Neutral Income Fund 2017 Mandatory Exchangeable Trust MDDXZ US Convertible Preferred Stocks Financials United States Of America (The) US Dollar 280,000 41,840,400 41,840,400 0.73%03/31/20 Calamos Market Neutral Income Fund Palo Alto Networks, Inc. AT5224288 Convertible Bonds Information Technology United States Of America (The) US Dollar 40,925,000 39,373,533 39,373,533 0.69% 0.750% 07/01/2303/31/20 Calamos Market Neutral Income Fund Tesla, Inc. EK0989245 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 25,000,000 39,114,250 39,114,250 0.68% 1.250% 03/01/2103/31/20 Calamos Market Neutral Income Fund Workday, Inc. AP1140031 Convertible Bonds Information Technology United States Of America (The) US Dollar 35,000,000 38,935,925 38,935,925 0.68% 0.250% 10/01/2203/31/20 Calamos Market Neutral Income Fund IAC FinanceCo, Inc. AP3278078 Convertible Bonds Financials United States Of America (The) US Dollar 30,000,000 38,599,350 38,599,350 0.67% 0.875% 10/01/2203/31/20 Calamos Market Neutral Income Fund Splunk, Inc. AU5706943 Convertible Bonds Information Technology United States Of America (The) US Dollar 35,000,000 37,520,175 37,520,175 0.65% 0.500% 09/15/2303/31/20 Calamos Market Neutral Income Fund MercadoLibre, Inc. AU1659682 Convertible Bonds Consumer Discretionary Argentina US Dollar 27,500,000 35,922,563 35,922,563 0.63% 2.000% 08/15/2803/31/20 Calamos Market Neutral Income Fund Nice Systems, Inc. AM1410472 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,000,000 35,512,500 35,512,500 0.62% 1.250% 01/15/2403/31/20 Calamos Market Neutral Income Fund Ctrip.com International, Ltd. Convertible Bonds Consumer Discretionary China US Dollar 35,327,000 34,439,056 34,439,056 0.60% 1.990% 07/01/2503/31/20 Calamos Market Neutral Income Fund Assurant, Inc. EP0549485 Convertible Preferred Stocks Financials United States Of America (The) US Dollar 322,820 34,373,874 34,373,874 0.60%03/31/20 Calamos Market Neutral Income Fund Cypress Semiconductor Corp. LW5144933 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,000,000 34,314,200 34,314,200 0.60% 4.500% 01/15/2203/31/20 Calamos Market Neutral Income Fund MongoDB, Inc. ZP4369549 Convertible Bonds Information Technology United States Of America (The) US Dollar 35,000,000 33,963,475 33,963,475 0.59% 0.250% 01/15/2603/31/20 Calamos Market Neutral Income Fund LendingTree, Inc. AN7525123 Convertible Bonds Financials United States Of America (The) US Dollar 30,000,000 33,354,600 33,354,600 0.58% 0.625% 06/01/2203/31/20 Calamos Market Neutral Income Fund Five9, Inc. AS4893390 Convertible Bonds Information Technology United States Of America (The) US Dollar 17,000,000 32,406,505 32,406,505 0.56% 0.125% 05/01/2303/31/20 Calamos Market Neutral Income Fund NextEra Energy, Inc. EP0576462 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 650,000 32,257,550 32,257,550 0.56%03/31/20 Calamos Market Neutral Income Fund Sarepta Therapeutics, Inc. AP9329156 Convertible Bonds Health Care United States Of America (The) US Dollar 20,000,000 30,652,700 30,652,700 0.53% 1.500% 11/15/2403/31/20 Calamos Market Neutral Income Fund Twitter, Inc. AS9836378 Convertible Bonds Communication Services United States Of America (The) US Dollar 34,000,000 30,410,280 30,410,280 0.53% 0.250% 06/15/2403/31/20 Calamos Market Neutral Income Fund j2 Global, Inc. EK3278240 Convertible Bonds Information Technology United States Of America (The) US Dollar 25,000,000 30,358,125 30,358,125 0.53% 3.250% 06/15/2903/31/20 Calamos Market Neutral Income Fund RingCentral, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 32,000,000 29,721,120 29,721,120 0.52% 0.010% 03/01/2503/31/20 Calamos Market Neutral Income Fund Crown Castle International Corp. EP0532564 Convertible Preferred Stocks Real Estate United States Of America (The) US Dollar 22,856 29,598,520 29,598,520 0.52%03/31/20 Calamos Market Neutral Income Fund Microchip Technology, Inc. EK7389191 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,000,000 29,036,600 29,036,600 0.51% 1.625% 02/15/2503/31/20 Calamos Market Neutral Income Fund Alteryx, Inc. AS6637167 Convertible Bonds Information Technology United States Of America (The) US Dollar 12,500,000 27,920,438 27,920,438 0.49% 0.500% 06/01/2303/31/20 Calamos Market Neutral Income Fund Splunk, Inc. AU5706968 Convertible Bonds Information Technology United States Of America (The) US Dollar 25,000,000 27,492,875 27,492,875 0.48% 1.125% 09/15/2503/31/20 Calamos Market Neutral Income Fund RealPage, Inc. AN6649312 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,000,000 27,332,200 27,332,200 0.48% 1.500% 11/15/2203/31/20 Calamos Market Neutral Income Fund Teradyne, Inc. AL6237914 Convertible Bonds Information Technology United States Of America (The) US Dollar 15,000,000 26,882,850 26,882,850 0.47% 1.250% 12/15/2303/31/20 Calamos Market Neutral Income Fund Snap, Inc. AZ9915408 Convertible Bonds Communication Services United States Of America (The) US Dollar 29,970,000 26,443,580 26,443,580 0.46% 0.750% 08/01/2603/31/20 Calamos Market Neutral Income Fund Ionis Pharmaceuticals, Inc. ZP0295219 Convertible Bonds Health Care United States Of America (The) US Dollar 29,243,000 26,339,316 26,339,316 0.46% 0.125% 12/15/2403/31/20 Calamos Market Neutral Income Fund ON Semiconductor Corp. AM8496680 Convertible Bonds Information Technology United States Of America (The) US Dollar 25,000,000 25,030,750 25,030,750 0.44% 1.625% 10/15/2303/31/20 Calamos Market Neutral Income Fund Chegg, Inc. AR9647793 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 17,500,000 24,842,125 24,842,125 0.43% 0.250% 05/15/2303/31/20 Calamos Market Neutral Income Fund Zynga, Inc. AZ0967820 Convertible Bonds Communication Services United States Of America (The) US Dollar 22,500,000 23,409,450 23,409,450 0.41% 0.250% 06/01/2403/31/20 Calamos Market Neutral Income Fund Sea, Ltd. AT0930723 Convertible Bonds Communication Services Singapore US Dollar 10,000,000 23,317,200 23,317,200 0.41% 2.250% 07/01/2303/31/20 Calamos Market Neutral Income Fund NuVasive, Inc. JK4095325 Convertible Bonds Health Care United States Of America (The) US Dollar 22,050,000 23,054,267 23,054,267 0.40% 2.250% 03/15/2103/31/20 Calamos Market Neutral Income Fund Cellnex Telecom, SA AQ6595039 Convertible Bonds Communication Services Spain Euro Currency 15,000,000 20,426,250 22,528,099 0.39% 1.500% 01/16/2603/31/20 Calamos Market Neutral Income Fund Pinduoduo, Inc. ZR7993846 Convertible Bonds Consumer Discretionary China US Dollar 20,000,000 21,697,200 21,697,200 0.38% 0.010% 10/01/2403/31/20 Calamos Market Neutral Income Fund Okta, Inc. ZR4552009 Convertible Bonds Information Technology United States Of America (The) US Dollar 22,500,000 21,548,475 21,548,475 0.37% 0.125% 09/01/2503/31/20 Calamos Market Neutral Income Fund Akamai Technologies, Inc. ZR1125411 Convertible Bonds Information Technology United States Of America (The) US Dollar 21,500,000 21,429,265 21,429,265 0.37% 0.375% 09/01/2703/31/20 Calamos Market Neutral Income Fund Colfax Corp. Preferred Stock Industrials United States Of America (The) US Dollar 230,000 21,123,200 21,123,200 0.37%03/31/20 Calamos Market Neutral Income Fund Takeaway.com, NV AW7955569 Convertible Bonds Consumer Discretionary Netherlands (The) Euro Currency 15,500,000 18,768,253 20,699,495 0.36% 2.250% 01/25/2403/31/20 Calamos Market Neutral Income Fund Square, Inc. AS7481938 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,000,000 20,640,900 20,640,900 0.36% 0.500% 05/15/2303/31/20 Calamos Market Neutral Income Fund Microchip Technology, Inc. AM4641297 Convertible Bonds Information Technology United States Of America (The) US Dollar 19,903,000 20,631,251 20,631,251 0.36% 1.625% 02/15/2703/31/20 Calamos Market Neutral Income Fund Silicon Laboratories, Inc. AM6906516 Convertible Bonds Information Technology United States Of America (The) US Dollar 18,500,000 20,559,605 20,559,605 0.36% 1.375% 03/01/2203/31/20 Calamos Market Neutral Income Fund Wayfair, Inc. ZR1168171 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 35,000,000 20,453,300 20,453,300 0.36% 1.000% 08/15/2603/31/20 Calamos Market Neutral Income Fund Lumentum Holdings, Inc. ZQ9901401 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,000,000 20,319,700 20,319,700 0.35% 0.500% 12/15/2603/31/20 Calamos Market Neutral Income Fund Quidel Corp. EK6383534 Convertible Bonds Health Care United States Of America (The) US Dollar 6,661,000 20,162,048 20,162,048 0.35% 3.250% 12/15/2003/31/20 Calamos Market Neutral Income Fund Workday, Inc. EJ7150000 Convertible Bonds Information Technology United States Of America (The) US Dollar 12,500,000 19,943,063 19,943,063 0.35% 1.500% 07/15/2003/31/20 Calamos Market Neutral Income Fund World Wrestling Entertainment, Inc. AL7223673 Convertible Bonds Communication Services United States Of America (The) US Dollar 13,000,000 19,806,735 19,806,735 0.34% 3.375% 12/15/2303/31/20 Calamos Market Neutral Income Fund Guidewire Software, Inc. AR6992127 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,000,000 19,713,700 19,713,700 0.34% 1.250% 03/15/2503/31/20 Calamos Market Neutral Income Fund Nuance Communications, Inc. AH0269573 Convertible Bonds Information Technology United States Of America (The) US Dollar 20,229,000 19,353,084 19,353,084 0.34% 1.000% 12/15/3503/31/20 Calamos Market Neutral Income Fund Neurocrine Biosciences, Inc. AN3650552 Convertible Bonds Health Care United States Of America (The) US Dollar 15,000,000 19,205,325 19,205,325 0.33% 2.250% 05/15/2403/31/20 Calamos Market Neutral Income Fund IH Merger Sub, LLC AM0258518 Convertible Bonds Real Estate United States Of America (The) US Dollar 17,700,000 18,827,136 18,827,136 0.33% 3.500% 01/15/2203/31/20 Calamos Market Neutral Income Fund Fortive Corp. EP0556019 Convertible Preferred Stocks Industrials United States Of America (The) US Dollar 25,500 18,353,115 18,353,115 0.32%03/31/20 Calamos Market Neutral Income Fund Southern Company EP0575712 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 400,000 17,760,000 17,760,000 0.31%03/31/20 Calamos Market Neutral Income Fund Square, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 20,500,000 17,759,663 17,759,663 0.31% 0.125% 03/01/2503/31/20 Calamos Market Neutral Income Fund Q2 Holdings, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 15,000,000 17,729,400 17,729,400 0.31% 0.750% 02/15/2303/31/20 Calamos Market Neutral Income Fund iQIYI, Inc. AX8704956 Convertible Bonds Communication Services China US Dollar 20,000,000 17,581,600 17,581,600 0.31% 2.000% 04/01/2503/31/20 Calamos Market Neutral Income Fund TTM Technologies, Inc. EJ9924584 Convertible Bonds Information Technology United States Of America (The) US Dollar 15,000,000 17,079,000 17,079,000 0.30% 1.750% 12/15/2003/31/20 Calamos Market Neutral Income Fund Wayfair, Inc. Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 25,000,000 16,973,250 16,973,250 0.30% 1.125% 11/01/2403/31/20 Calamos Market Neutral Income Fund Innoviva, Inc. AO5831349 Convertible Bonds Health Care United States Of America (The) US Dollar 17,000,000 16,868,420 16,868,420 0.29% 2.500% 08/15/2503/31/20 Calamos Market Neutral Income Fund Essential Utilities, Inc. Common Stocks Utilities United States Of America (The) US Dollar 308,881 16,543,666 16,543,666 0.29%03/31/20 Calamos Market Neutral Income Fund Inphi Corp. AH0299653 Convertible Bonds Information Technology United States Of America (The) US Dollar 8,000,000 15,790,680 15,790,680 0.27% 1.125% 12/01/2003/31/20 Calamos Market Neutral Income Fund Zillow Group, Inc. ZR4552116 Convertible Bonds Communication Services United States Of America (The) US Dollar 15,500,000 15,749,938 15,749,938 0.27% 0.750% 09/01/2403/31/20 Calamos Market Neutral Income Fund AXA, SA AS6128738 Convertible Bonds Financials France US Dollar 21,120,000 15,338,822 15,338,822 0.27% 7.250% 05/15/2103/31/20 Calamos Market Neutral Income Fund FTI Consulting, Inc. AU0714553 Convertible Bonds Industrials United States Of America (The) US Dollar 11,250,000 14,749,369 14,749,369 0.26% 2.000% 08/15/2303/31/20 Calamos Market Neutral Income Fund Twitter, Inc. EK4878196 Convertible Bonds Communication Services United States Of America (The) US Dollar 15,000,000 14,309,175 14,309,175 0.25% 1.000% 09/15/2103/31/20 Calamos Market Neutral Income Fund Sea, Ltd. ZQ6206051 Convertible Bonds Communication Services Singapore US Dollar 12,500,000 13,964,250 13,964,250 0.24% 1.000% 12/01/2403/31/20 Calamos Market Neutral Income Fund Bilibili, Inc. AX9909703 Convertible Bonds Communication Services China US Dollar 12,000,000 13,922,220 13,922,220 0.24% 1.375% 04/01/2603/31/20 Calamos Market Neutral Income Fund Wright Medical Group, NV LW1277257 Convertible Bonds Health Care Netherlands (The) US Dollar 10,000,000 13,835,650 13,835,650 0.24% 2.250% 11/15/2103/31/20 Calamos Market Neutral Income Fund Blackline, Inc. ZR0331721 Convertible Bonds Information Technology United States Of America (The) US Dollar 14,000,000 13,759,690 13,759,690 0.24% 0.125% 08/01/2403/31/20 Calamos Market Neutral Income Fund Zendesk, Inc. AR7746324 Convertible Bonds Information Technology United States Of America (The) US Dollar 11,500,000 13,607,893 13,607,893 0.24% 0.250% 03/15/2303/31/20 Calamos Market Neutral Income Fund Allegheny Technologies, Inc. LW1689980 Convertible Bonds Materials United States Of America (The) US Dollar 15,000,000 13,088,775 13,088,775 0.23% 4.750% 07/01/2203/31/20 Calamos Market Neutral Income Fund Synaptics, Inc. AO0643129 Convertible Bonds Information Technology United States Of America (The) US Dollar 12,500,000 12,982,563 12,982,563 0.23% 0.500% 06/15/2203/31/20 Calamos Market Neutral Income Fund SailPoint Technologies Holding, Inc. ZR7290748 Convertible Bonds Information Technology United States Of America (The) US Dollar 14,500,000 12,846,275 12,846,275 0.22% 0.125% 09/15/2403/31/20 Calamos Market Neutral Income Fund Chegg, Inc. AX7985572 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 13,457,000 12,810,728 12,810,728 0.22% 0.125% 03/15/2503/31/20 Calamos Market Neutral Income Fund New Relic, Inc. AS6637845 Convertible Bonds Information Technology United States Of America (The) US Dollar 15,000,000 12,724,950 12,724,950 0.22% 0.500% 05/01/2303/31/20 Calamos Market Neutral Income Fund Sempra Energy EP0556605 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 135,000 12,680,550 12,680,550 0.22% 07/15/2103/31/20 Calamos Market Neutral Income Fund Etsy, Inc. AR6904528 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 10,000,000 12,677,800 12,677,800 0.22% 03/01/2303/31/20 Calamos Market Neutral Income Fund Coupa Software, Inc. AZ0453797 Convertible Bonds Information Technology United States Of America (The) US Dollar 11,376,000 12,599,375 12,599,375 0.22% 0.125% 06/15/2503/31/20 Calamos Market Neutral Income Fund NIO, Inc. Convertible Bonds Consumer Discretionary China US Dollar 25,000,000 12,562,500 12,562,500 0.22% 4.500% 02/01/2403/31/20 Calamos Market Neutral Income Fund Ligand Pharmaceuticals, Inc. AS7030875 Convertible Bonds Health Care United States Of America (The) US Dollar 15,000,000 12,422,400 12,422,400 0.22% 0.750% 05/15/2303/31/20 Calamos Market Neutral Income Fund Pegasystems, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 14,000,000 12,342,680 12,342,680 0.21% 0.750% 03/01/2503/31/20 Calamos Market Neutral Income Fund Infinera Corp. AU4089721 Convertible Bonds Information Technology United States Of America (The) US Dollar 15,000,000 12,064,500 12,064,500 0.21% 2.125% 09/01/2403/31/20 Calamos Market Neutral Income Fund Momo, Inc. AT3051550 Convertible Bonds Communication Services China US Dollar 15,000,000 12,001,425 12,001,425 0.21% 1.250% 07/01/2503/31/20 Calamos Market Neutral Income Fund DTE Energy Company EP0580209 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 300,000 11,870,400 11,870,400 0.21%03/31/20 Calamos Market Neutral Income Fund Inphi Corp. QZ4821323 Convertible Bonds Information Technology United States Of America (The) US Dollar 8,000,000 11,686,760 11,686,760 0.20% 0.750% 09/01/2103/31/20 Calamos Market Neutral Income Fund Wright Medical Group, Inc. AT2402234 Convertible Bonds Health Care United States Of America (The) US Dollar 11,461,000 11,541,112 11,541,112 0.20% 1.625% 06/15/2303/31/20 Calamos Market Neutral Income Fund CenterPoint Energy, Inc. EP0561928 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 400,000 11,520,000 11,520,000 0.20%03/31/20 Calamos Market Neutral Income Fund IMMOFINANZ, AG AM1535427 Convertible Bonds Real Estate Austria Euro Currency 10,500,000 10,361,453 11,427,640 0.20% 1.500% 01/24/2403/31/20 Calamos Market Neutral Income Fund CSG Systems International, Inc. JK3959844 Convertible Bonds Information Technology United States Of America (The) US Dollar 11,000,000 11,307,560 11,307,560 0.20% 4.250% 03/15/3603/31/20 Calamos Market Neutral Income Fund Stanley Black & Decker, Inc. EP0580977 Convertible Preferred Stocks Industrials United States Of America (The) US Dollar 154,200 10,787,832 10,787,832 0.19%03/31/20 Calamos Market Neutral Income Fund Liberty Media Corp. ZQ7620524 Convertible Bonds Communication Services United States Of America (The) US Dollar 12,500,000 10,767,438 10,767,438 0.19% 2.750% 12/01/4903/31/20 Calamos Market Neutral Income Fund Deutsche Wohnen, SE AM6111372 Convertible Bonds Real Estate Germany Euro Currency 10,000,000 9,637,000 10,628,642 0.18% 0.325% 07/26/2403/31/20 Calamos Market Neutral Income Fund Delivery Hero, SE ZP5363152 Convertible Bonds Consumer Discretionary Germany Euro Currency 10,000,000 9,586,900 10,573,386 0.18% 1.000% 01/23/2703/31/20 Calamos Market Neutral Income Fund FireEye, Inc. AS7475294 Convertible Bonds Information Technology United States Of America (The) US Dollar 12,500,000 10,521,188 10,521,188 0.18% 0.875% 06/01/2403/31/20 Calamos Market Neutral Income Fund Nutanix, Inc. AQ8241277 Convertible Bonds Information Technology United States Of America (The) US Dollar 12,500,000 10,116,688 10,116,688 0.18% 01/15/2303/31/20 Calamos Market Neutral Income Fund iQIYI, Inc. AV9406951 Convertible Bonds Communication Services China US Dollar 10,000,000 10,099,400 10,099,400 0.18% 3.750% 12/01/2303/31/20 Calamos Market Neutral Income Fund Workiva, Inc. ZR1145245 Convertible Bonds Information Technology United States Of America (The) US Dollar 12,500,000 9,831,125 9,831,125 0.17% 1.125% 08/15/2603/31/20 Calamos Market Neutral Income Fund Total Return Swap Pay Ringcentral, Inc. vs 01MFED Total Rtn Bond Swap SWAPS United States Of America (The) US Dollar 9,827,505 9,827,505 9,827,505 0.17% 0.120% 04/06/20

Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

03/31/20 Calamos Market Neutral Income Fund Wayfair, Inc. AP0993380 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 12,500,000 9,782,250 9,782,250 0.17% 0.375% 09/01/2203/31/20 Calamos Market Neutral Income Fund CyberAgent, Inc. AR0497321 Convertible Bonds Communication Services Japan Japanese Yen 1,000,000,000 1,045,385,000 9,722,251 0.17% 0.010% 02/19/2503/31/20 Calamos Market Neutral Income Fund Ironwood Pharmaceuticals, Inc. BA0081337 Convertible Bonds Health Care United States Of America (The) US Dollar 9,500,000 9,675,275 9,675,275 0.17% 1.500% 06/15/2603/31/20 Calamos Market Neutral Income Fund Pacira BioSciences, Inc. Convertible Bonds Health Care United States Of America (The) US Dollar 10,000,000 9,600,800 9,600,800 0.17% 2.375% 04/01/2203/31/20 Calamos Market Neutral Income Fund Etsy, Inc. ZR6981883 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 11,500,000 9,463,983 9,463,983 0.16% 0.125% 10/01/2603/31/20 Calamos Market Neutral Income Fund OSI Systems, Inc. AM5353280 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 9,381,900 9,381,900 0.16% 1.250% 09/01/2203/31/20 Calamos Market Neutral Income Fund CONMED Corp. Convertible Bonds Health Care United States Of America (The) US Dollar 10,000,000 9,353,800 9,353,800 0.16% 2.625% 02/01/2403/31/20 Calamos Market Neutral Income Fund Goldman Sachs BDC, Inc. QZ7144236 Convertible Bonds Financials United States Of America (The) US Dollar 10,000,000 9,344,500 9,344,500 0.16% 4.500% 04/01/2203/31/20 Calamos Market Neutral Income Fund Broadcom, Inc. EP0578153 Convertible Preferred Stocks Information Technology United States Of America (The) US Dollar 10,000 9,343,600 9,343,600 0.16%03/31/20 Calamos Market Neutral Income Fund International Flavors & Fragrances, Inc. EP0560110 Convertible Preferred Stocks Materials United States Of America (The) US Dollar 242,647 9,261,836 9,261,836 0.16%03/31/20 Calamos Market Neutral Income Fund YY, Inc. Convertible Bonds Information Technology China US Dollar 10,000,000 9,056,600 9,056,600 0.16% 0.750% 06/15/2503/31/20 Calamos Market Neutral Income Fund NextEra Energy, Inc. Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 205,000 9,038,450 9,038,450 0.16%03/31/20 Calamos Market Neutral Income Fund Insight Enterprises, Inc. ZR1033607 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 9,024,700 9,024,700 0.16% 0.750% 02/15/2503/31/20 Calamos Market Neutral Income Fund Alteryx, Inc. BA0081410 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 8,976,500 8,976,500 0.16% 0.500% 08/01/2403/31/20 Calamos Market Neutral Income Fund Vishay Intertechnology, Inc. AS9989961 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 8,930,600 8,930,600 0.16% 2.250% 06/15/2503/31/20 Calamos Market Neutral Income Fund YY, Inc. Convertible Bonds Information Technology China US Dollar 10,000,000 8,930,300 8,930,300 0.16% 1.375% 06/15/2603/31/20 Calamos Market Neutral Income Fund Guess, Inc. Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 15,000,000 8,884,575 8,884,575 0.15% 2.000% 04/15/2403/31/20 Calamos Market Neutral Income Fund Alteryx, Inc. BA0081402 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 8,853,950 8,853,950 0.15% 1.000% 08/01/2603/31/20 Calamos Market Neutral Income Fund Altair Engineering, Inc. AZ0169781 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 8,828,900 8,828,900 0.15% 0.250% 06/01/2403/31/20 Calamos Market Neutral Income Fund CyberArk Software, Ltd. ZQ6199850 Convertible Bonds Information Technology Israel US Dollar 10,000,000 8,806,400 8,806,400 0.15% 0.010% 11/15/2403/31/20 Calamos Market Neutral Income Fund Pure Storage, Inc. AS0905347 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 8,678,450 8,678,450 0.15% 0.125% 04/15/2303/31/20 Calamos Market Neutral Income Fund Avantor, Inc. EP0571638 Convertible Preferred Stocks Health Care United States Of America (The) US Dollar 200,000 8,672,000 8,672,000 0.15%03/31/20 Calamos Market Neutral Income Fund Weibo Corp. AP7266384 Convertible Bonds Information Technology China US Dollar 10,000,000 8,547,450 8,547,450 0.15% 1.250% 11/15/2203/31/20 Calamos Market Neutral Income Fund Cardtronics, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 8,800,000 8,471,100 8,471,100 0.15% 1.000% 12/01/2003/31/20 Calamos Market Neutral Income Fund Insmed, Inc. AQ8935514 Convertible Bonds Health Care United States Of America (The) US Dollar 10,000,000 8,373,750 8,373,750 0.15% 1.750% 01/15/2503/31/20 Calamos Market Neutral Income Fund Aerojet Rocketdyne Holdings, Inc. AL6627163 Convertible Bonds Industrials United States Of America (The) US Dollar 5,000,000 8,137,975 8,137,975 0.14% 2.250% 12/15/2303/31/20 Calamos Market Neutral Income Fund Supernus Pharmaceuticals, Inc. AR7554082 Convertible Bonds Health Care United States Of America (The) US Dollar 10,000,000 8,132,600 8,132,600 0.14% 0.625% 04/01/2303/31/20 Calamos Market Neutral Income Fund Herbalife Nutrition, Ltd. AR8499907 Convertible Bonds Consumer Staples United States Of America (The) US Dollar 10,000,000 8,029,550 8,029,550 0.14% 2.625% 03/15/2403/31/20 Calamos Market Neutral Income Fund Renewable Energy Group, Inc. LW2432109 Convertible Bonds Energy United States Of America (The) US Dollar 4,000,000 7,977,660 7,977,660 0.14% 4.000% 06/15/3603/31/20 Calamos Market Neutral Income Fund Ironwood Pharmaceuticals, Inc. BA0081345 Convertible Bonds Health Care United States Of America (The) US Dollar 7,500,000 7,649,588 7,649,588 0.13% 0.750% 06/15/2403/31/20 Calamos Market Neutral Income Fund Zillow Group, Inc. ZR4552140 Convertible Bonds Communication Services United States Of America (The) US Dollar 7,500,000 7,635,675 7,635,675 0.13% 1.375% 09/01/2603/31/20 Calamos Market Neutral Income Fund Pluralsight, Inc. AX5176737 Convertible Bonds Information Technology United States Of America (The) US Dollar 10,000,000 7,382,300 7,382,300 0.13% 0.375% 03/01/2403/31/20 Calamos Market Neutral Income Fund iStar, Inc. AP1593452 Convertible Bonds Real Estate United States Of America (The) US Dollar 7,500,000 7,196,325 7,196,325 0.13% 3.125% 09/15/2203/31/20 Calamos Market Neutral Income Fund Microchip Technology, Inc. AM4641370 Convertible Bonds Information Technology United States Of America (The) US Dollar 7,500,000 7,087,050 7,087,050 0.12% 2.250% 02/15/3703/31/20 Calamos Market Neutral Income Fund LivePerson, Inc. AX4260680 Convertible Bonds Information Technology United States Of America (The) US Dollar 7,500,000 6,872,025 6,872,025 0.12% 0.750% 03/01/2403/31/20 Calamos Market Neutral Income Fund Energizer Holdings, Inc. EP0566406 Convertible Preferred Stocks Consumer Staples United States Of America (The) US Dollar 100,000 6,790,000 6,790,000 0.12%03/31/20 Calamos Market Neutral Income Fund Proofpoint, Inc. ZR2363870 Convertible Bonds Information Technology United States Of America (The) US Dollar 7,000,000 6,614,265 6,614,265 0.12% 0.250% 08/15/2403/31/20 Calamos Market Neutral Income Fund GDS Holdings, Ltd. AS8865311 Convertible Bonds Information Technology China US Dollar 5,000,000 6,521,125 6,521,125 0.11% 2.000% 06/01/2503/31/20 Calamos Market Neutral Income Fund Viavi Solutions, Inc. AM6792478 Convertible Bonds Information Technology United States Of America (The) US Dollar 6,000,000 6,398,040 6,398,040 0.11% 1.000% 03/01/2403/31/20 Calamos Market Neutral Income Fund 8x8, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 7,500,000 6,353,925 6,353,925 0.11% 0.500% 02/01/2403/31/20 Calamos Market Neutral Income Fund Quotient Technology, Inc. AQ0233165 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 7,000,000 6,306,825 6,306,825 0.11% 1.750% 12/01/2203/31/20 Calamos Market Neutral Income Fund MongoDB, Inc. AT2838510 Convertible Bonds Information Technology United States Of America (The) US Dollar 3,000,000 6,236,910 6,236,910 0.11% 0.750% 06/15/2403/31/20 Calamos Market Neutral Income Fund Allscripts Healthcare Solutions, Inc. ZQ9334850 Convertible Bonds Health Care United States Of America (The) US Dollar 7,500,000 6,115,200 6,115,200 0.11% 0.875% 01/01/2703/31/20 Calamos Market Neutral Income Fund Tabula Rasa HealthCare, Inc. AX1470803 Convertible Bonds Health Care United States Of America (The) US Dollar 6,276,000 6,078,620 6,078,620 0.11% 1.750% 02/15/2603/31/20 Calamos Market Neutral Income Fund Rapid7, Inc. AT9639093 Convertible Bonds Information Technology United States Of America (The) US Dollar 5,000,000 6,052,125 6,052,125 0.11% 1.250% 08/01/2303/31/20 Calamos Market Neutral Income Fund Vonage Holdings Corp. AZ0967754 Convertible Bonds Communication Services United States Of America (The) US Dollar 7,500,000 6,051,413 6,051,413 0.11% 1.750% 06/01/2403/31/20 Calamos Market Neutral Income Fund Heritage Insurance Holdings, Inc. AO7235374 Convertible Bonds Financials United States Of America (The) US Dollar 5,000,000 5,815,850 5,815,850 0.10% 5.875% 08/01/3703/31/20 Calamos Market Neutral Income Fund InterDigital, Inc. ZS9182297 Convertible Bonds Information Technology United States Of America (The) US Dollar 6,300,000 5,803,182 5,803,182 0.10% 2.000% 06/01/2403/31/20 Calamos Market Neutral Income Fund Benefitfocus, Inc. AW3398343 Convertible Bonds Information Technology United States Of America (The) US Dollar 7,500,000 5,730,825 5,730,825 0.10% 1.250% 12/15/2303/31/20 Calamos Market Neutral Income Fund Bridgebio Pharma, Inc. Convertible Bonds Health Care United States Of America (The) US Dollar 6,000,000 5,697,780 5,697,780 0.10% 2.500% 03/15/2703/31/20 Calamos Market Neutral Income Fund Total Return Swap Nio vs 01MOBFR Total Rtn Bond Swap SWAPS United States Of America (The) US Dollar 5,066,808 5,066,808 5,066,808 0.09% 1.080% 01/31/2203/31/20 Calamos Market Neutral Income Fund FireEye, Inc. EK9395592 Convertible Bonds Information Technology United States Of America (The) US Dollar 5,000,000 5,010,900 5,010,900 0.09% 1.000% 06/01/3503/31/20 Calamos Market Neutral Income Fund Q2 Holdings, Inc. AZ0169955 Convertible Bonds Information Technology United States Of America (The) US Dollar 5,625,000 5,005,603 5,005,603 0.09% 0.750% 06/01/2603/31/20 Calamos Market Neutral Income Fund Halozyme Therapeutics, Inc. ZQ6206127 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 4,964,925 4,964,925 0.09% 1.250% 12/01/2403/31/20 Calamos Market Neutral Income Fund Theravance Biopharma, Inc. AL0383623 Convertible Bonds Health Care Cayman Islands (The) US Dollar 5,000,000 4,878,950 4,878,950 0.08% 3.250% 11/01/2303/31/20 Calamos Market Neutral Income Fund SSR Mining, Inc. Convertible Bonds Materials Canada US Dollar 5,000,000 4,877,075 4,877,075 0.08% 2.500% 04/01/3903/31/20 Calamos Market Neutral Income Fund Liberty Media Corp. AV9248593 Convertible Bonds Communication Services United States Of America (The) US Dollar 5,000,000 4,823,625 4,823,625 0.08% 2.250% 12/01/4803/31/20 Calamos Market Neutral Income Fund American Electric Power Company, Inc. EP0569228 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 99,780 4,814,385 4,814,385 0.08%03/31/20 Calamos Market Neutral Income Fund Liberty Media Corp. / Liberty Formula One AM2386580 Convertible Bonds Communication Services United States Of America (The) US Dollar 5,000,000 4,740,325 4,740,325 0.08% 1.000% 01/30/2303/31/20 Calamos Market Neutral Income Fund II-VI, Inc. AO8638998 Convertible Bonds Information Technology United States Of America (The) US Dollar 5,000,000 4,606,275 4,606,275 0.08% 0.250% 09/01/2203/31/20 Calamos Market Neutral Income Fund FireEye, Inc. EK9446718 Convertible Bonds Information Technology United States Of America (The) US Dollar 5,000,000 4,596,175 4,596,175 0.08% 1.625% 06/01/3503/31/20 Calamos Market Neutral Income Fund IAC Financeco 3, Inc. ZS8102197 Convertible Bonds Communication Services United States Of America (The) US Dollar 5,000,000 4,574,575 4,574,575 0.08% 2.000% 01/15/3003/31/20 Calamos Market Neutral Income Fund Tesla, Inc. Purchased Options Consumer Discretionary United States Of America (The) US Dollar 25,000 4,557,500 4,557,500 0.08% 01/15/2103/31/20 Calamos Market Neutral Income Fund PRA Group, Inc. AN7224297 Convertible Bonds Financials United States Of America (The) US Dollar 5,000,000 4,466,400 4,466,400 0.08% 3.500% 06/01/2303/31/20 Calamos Market Neutral Income Fund Aerie Pharmaceuticals, Inc. ZR4551597 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 4,466,125 4,466,125 0.08% 1.500% 10/01/2403/31/20 Calamos Market Neutral Income Fund Invitae Corp. ZR4754431 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 4,403,975 4,403,975 0.08% 2.000% 09/01/2403/31/20 Calamos Market Neutral Income Fund PROS Holdings, Inc. ZS4337763 Convertible Bonds Information Technology United States Of America (The) US Dollar 5,000,000 4,345,475 4,345,475 0.08% 1.000% 05/15/2403/31/20 Calamos Market Neutral Income Fund Intercept Pharmaceuticals, Inc. ZS6002209 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 4,345,225 4,345,225 0.08% 2.000% 05/15/2603/31/20 Calamos Market Neutral Income Fund DocuSign, Inc. AU4956945 Convertible Bonds Information Technology United States Of America (The) US Dollar 3,000,000 4,214,970 4,214,970 0.07% 0.500% 09/15/2303/31/20 Calamos Market Neutral Income Fund Hope Bancorp, Inc. AS5528169 Convertible Bonds Financials United States Of America (The) US Dollar 5,000,000 4,128,200 4,128,200 0.07% 2.000% 05/15/3803/31/20 Calamos Market Neutral Income Fund Qudian, Inc. AZ3421205 Convertible Bonds Financials China US Dollar 7,500,000 4,104,413 4,104,413 0.07% 1.000% 07/01/2603/31/20 Calamos Market Neutral Income Fund Intercept Pharmaceuticals, Inc. LW6646779 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 4,071,600 4,071,600 0.07% 3.250% 07/01/2303/31/20 Calamos Market Neutral Income Fund TimkenSteel Corp. LW2336235 Convertible Bonds Materials United States Of America (The) US Dollar 5,000,000 3,997,750 3,997,750 0.07% 6.000% 06/01/2103/31/20 Calamos Market Neutral Income Fund Avaya Holdings Corp. Convertible Bonds Information Technology United States Of America (The) US Dollar 5,000,000 3,971,200 3,971,200 0.07% 2.250% 06/15/2303/31/20 Calamos Market Neutral Income Fund AMAG Pharmaceuticals, Inc. AN4611611 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 3,870,425 3,870,425 0.07% 3.250% 06/01/2203/31/20 Calamos Market Neutral Income Fund Retrophin, Inc. AU3858274 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 3,849,375 3,849,375 0.07% 2.500% 09/15/2503/31/20 Calamos Market Neutral Income Fund Luckin Coffee, Inc. ZP4370422 Convertible Bonds Health Care China US Dollar 5,000,000 3,800,725 3,800,725 0.07% 0.750% 01/15/2503/31/20 Calamos Market Neutral Income Fund Winnebago Industries, Inc. ZQ3465650 Convertible Bonds Consumer Discretionary United States Of America (The) US Dollar 5,000,000 3,794,550 3,794,550 0.07% 1.500% 04/01/2503/31/20 Calamos Market Neutral Income Fund RWT Holdings, Inc. ZR7244539 Convertible Bonds Financials United States Of America (The) US Dollar 5,000,000 3,673,975 3,673,975 0.06% 5.750% 10/01/2503/31/20 Calamos Market Neutral Income Fund South Jersey Industries, Inc. EP0552307 Convertible Preferred Stocks Utilities United States Of America (The) US Dollar 88,235 3,669,694 3,669,694 0.06% 7.250% 04/15/2103/31/20 Calamos Market Neutral Income Fund United States Steel Corp. ZQ1534705 Convertible Bonds Materials United States Of America (The) US Dollar 5,000,000 3,557,325 3,557,325 0.06% 5.000% 11/01/2603/31/20 Calamos Market Neutral Income Fund Radius Health, Inc. AO7106799 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 3,543,975 3,543,975 0.06% 3.000% 09/01/2403/31/20 Calamos Market Neutral Income Fund PAR Technology Corp. Convertible Bonds Information Technology United States Of America (The) US Dollar 4,500,000 3,502,485 3,502,485 0.06% 2.875% 04/15/2603/31/20 Calamos Market Neutral Income Fund Booking Holdings, Inc. Purchased Options Consumer Discretionary United States Of America (The) US Dollar 10,000 3,444,000 3,444,000 0.06% 05/15/2003/31/20 Calamos Market Neutral Income Fund NuVasive, Inc. Convertible Bonds Health Care United States Of America (The) US Dollar 4,000,000 3,398,860 3,398,860 0.06% 0.375% 03/15/2503/31/20 Calamos Market Neutral Income Fund OPKO Health, Inc. AX0740537 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 3,300,600 3,300,600 0.06% 4.500% 02/15/2503/31/20 Calamos Market Neutral Income Fund Redwood Trust, Inc. AO7617795 Convertible Bonds Financials United States Of America (The) US Dollar 5,000,000 3,253,100 3,253,100 0.06% 4.750% 08/15/2303/31/20 Calamos Market Neutral Income Fund Collegium Pharmaceutical, Inc. Convertible Bonds Health Care United States Of America (The) US Dollar 3,500,000 3,225,408 3,225,408 0.06% 2.625% 02/15/2603/31/20 Calamos Market Neutral Income Fund PennyMac Corp. ZQ4731837 Convertible Bonds Financials United States Of America (The) US Dollar 5,000,000 3,170,800 3,170,800 0.06% 5.500% 11/01/2403/31/20 Calamos Market Neutral Income Fund Evolent Health, Inc. AV0859158 Convertible Bonds Health Care United States Of America (The) US Dollar 5,000,000 3,160,400 3,160,400 0.05% 1.500% 10/15/2503/31/20 Calamos Market Neutral Income Fund Revance Therapeutics, Inc. Convertible Bonds Health Care United States Of America (The) US Dollar 4,000,000 3,132,580 3,132,580 0.05% 1.750% 02/15/2703/31/20 Calamos Market Neutral Income Fund Lennar Corp. Corporate Bonds Consumer Discretionary United States Of America (The) US Dollar 3,000,000 3,045,210 3,045,210 0.05% 8.375% 01/15/2103/31/20 Calamos Market Neutral Income Fund Level 3 Financing, Inc. Corporate Bonds Financials United States Of America (The) US Dollar 3,000,000 3,016,980 3,016,980 0.05% 5.375% 08/15/2203/31/20 Calamos Market Neutral Income Fund Sirius XM Radio, Inc. AO1200630 Corporate Bonds Consumer Discretionary United States Of America (The) US Dollar 3,000,000 2,993,460 2,993,460 0.05% 3.875% 08/01/2203/31/20 Calamos Market Neutral Income Fund SEACOR Holdings, Inc. AS5941404 Convertible Bonds Energy United States Of America (The) US Dollar 4,000,000 2,982,600 2,982,600 0.05% 3.250% 05/15/3003/31/20 Calamos Market Neutral Income Fund Turning Point Brands, Inc. AZ8027932 Convertible Bonds Consumer Staples United States Of America (The) US Dollar 4,000,000 2,919,840 2,919,840 0.05% 2.500% 07/15/2403/31/20 Calamos Market Neutral Income Fund SMART Global Holdings, Inc. Convertible Bonds Information Technology United States Of America (The) US Dollar 3,000,000 2,654,490 2,654,490 0.05% 2.250% 02/15/2603/31/20 Calamos Market Neutral Income Fund Invacare Corp. AN9302752 Convertible Bonds Health Care United States Of America (The) US Dollar 3,000,000 2,610,120 2,610,120 0.05% 4.500% 06/01/2203/31/20 Calamos Market Neutral Income Fund NIO, Inc. Convertible Bonds Consumer Discretionary China US Dollar 5,000,000 2,586,625 2,586,625 0.05% 4.500% 02/01/2403/31/20 Calamos Market Neutral Income Fund Ironwood Pharmaceuticals, Inc. EK9685398 Convertible Bonds Health Care United States Of America (The) US Dollar 2,423,000 2,517,267 2,517,267 0.04% 2.250% 06/15/2203/31/20 Calamos Market Neutral Income Fund Apollo Commercial Real Estate Finance, Inc. AO7718189 Convertible Bonds Financials United States Of America (The) US Dollar 3,500,000 2,436,543 2,436,543 0.04% 4.750% 08/23/2203/31/20 Calamos Market Neutral Income Fund Bandwidth, Inc. Convertible Bonds Communication Services United States Of America (The) US Dollar 2,500,000 2,406,325 2,406,325 0.04% 0.250% 03/01/2603/31/20 Calamos Market Neutral Income Fund Impinj, Inc. ZP0341468 Convertible Bonds Information Technology United States Of America (The) US Dollar 2,500,000 2,083,450 2,083,450 0.04% 2.000% 12/15/2603/31/20 Calamos Market Neutral Income Fund NanoString Technologies, Inc. Convertible Bonds Health Care United States Of America (The) US Dollar 2,343,000 2,024,036 2,024,036 0.04% 2.625% 03/01/2503/31/20 Calamos Market Neutral Income Fund Discover Bank EK9497125 Corporate Bonds Financials United States Of America (The) US Dollar 2,000,000 1,994,660 1,994,660 0.03% 3.100% 06/04/2003/31/20 Calamos Market Neutral Income Fund CalAmp Corp. AT6321067 Convertible Bonds Information Technology United States Of America (The) US Dollar 3,000,000 1,969,170 1,969,170 0.03% 2.000% 08/01/25

Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

03/31/20 Calamos Market Neutral Income Fund i3 Verticals, LLC Convertible Bonds Information Technology United States Of America (The) US Dollar 2,500,000 1,961,650 1,961,650 0.03% 1.000% 02/15/2503/31/20 Calamos Market Neutral Income Fund Tilray, Inc. AU8162045 Convertible Bonds Health Care Canada US Dollar 5,000,000 1,577,175 1,577,175 0.03% 5.000% 10/01/2303/31/20 Calamos Market Neutral Income Fund Exelon Generation Company, LLC Corporate Bonds Utilities United States Of America (The) US Dollar 1,500,000 1,473,600 1,473,600 0.03% 3.400% 03/15/2203/31/20 Calamos Market Neutral Income Fund Dell International, LLC / EMC Corp. Corporate Bonds Information Technology United States Of America (The) US Dollar 1,400,000 1,402,716 1,402,716 0.02% 5.875% 06/15/2103/31/20 Calamos Market Neutral Income Fund Fuji Corp/Aichi Purchased Options Industrials Japan Japanese Yen 700,000,000 138,950,000 1,292,258 0.02% 03/25/2103/31/20 Calamos Market Neutral Income Fund Goldman Sachs Group, Inc. Corporate Bonds Financials United States Of America (The) US Dollar 1,200,000 1,275,096 1,275,096 0.02% 5.750% 01/24/2203/31/20 Calamos Market Neutral Income Fund Nagoya Railroad Company, Ltd. Purchased Options Industrials Japan Japanese Yen 1,000,000,000 136,295,250 1,267,568 0.02% 12/09/2203/31/20 Calamos Market Neutral Income Fund Nagoya Railroad Company, Ltd. Purchased Options Industrials Japan Japanese Yen 10,000,000 133,588,380 1,242,394 0.02% 12/09/2203/31/20 Calamos Market Neutral Income Fund DowDuPont, Inc. Corporate Bonds Materials United States Of America (The) US Dollar 1,223,000 1,227,219 1,227,219 0.02% 3.766% 11/15/2003/31/20 Calamos Market Neutral Income Fund Total Return Swap Bandwidth vs 01MFEDL0 Total Rtn Bond Swap SWAPS United States Of America (The) US Dollar 1,132,382 1,132,382 1,132,382 0.02% 0.090% 05/05/2003/31/20 Calamos Market Neutral Income Fund Gogo, Inc. AV7172647 Convertible Bonds Communication Services United States Of America (The) US Dollar 1,500,000 1,115,595 1,115,595 0.02% 6.000% 05/15/2203/31/20 Calamos Market Neutral Income Fund Exelon Generation Company, LLC Corporate Bonds Utilities United States Of America (The) US Dollar 1,000,000 964,425 964,425 0.02% 4.250% 06/15/2203/31/20 Calamos Market Neutral Income Fund Lennar Corp. Corporate Bonds Consumer Discretionary United States Of America (The) US Dollar 894,000 894,603 894,603 0.02% 4.750% 04/01/2103/31/20 Calamos Market Neutral Income Fund Nabors Industries, Inc. AM1046607 Convertible Bonds Energy United States Of America (The) US Dollar 5,000,000 858,900 858,900 0.01% 0.750% 01/15/2403/31/20 Calamos Market Neutral Income Fund Oasis Petroleum, Inc. QZ5568972 Convertible Bonds Energy United States Of America (The) US Dollar 5,000,000 844,700 844,700 0.01% 2.625% 09/15/2303/31/20 Calamos Market Neutral Income Fund Alibaba Group Holding, Ltd. BABA 200619C00190000Purchased Options Consumer Discretionary United States Of America (The) US Dollar 55,000 844,250 844,250 0.01% 06/19/2003/31/20 Calamos Market Neutral Income Fund Chugoku Electric Power Company, Inc. Purchased Options Utilities Japan Japanese Yen 1,000,000,000 84,656,870 787,323 0.01% 01/25/2203/31/20 Calamos Market Neutral Income Fund Chugoku Electric Power Company, Inc. Purchased Options Utilities Japan Japanese Yen 1,000,000,000 84,656,870 787,323 0.01% 01/25/2203/31/20 Calamos Market Neutral Income Fund Chesapeake Energy Corp. QZ7523975 Convertible Bonds Energy United States Of America (The) US Dollar 15,000,000 732,150 732,150 0.01% 5.500% 09/15/2603/31/20 Calamos Market Neutral Income Fund Teijin, Ltd. Purchased Options Materials Japan Japanese Yen 1,000,000,000 70,900,000 659,382 0.01% 12/10/2103/31/20 Calamos Market Neutral Income Fund Nagoya Railroad Company, Ltd. Purchased Options Industrials Japan Japanese Yen 5,000,000 65,413,820 608,359 0.01% 12/09/2203/31/20 Calamos Market Neutral Income Fund Medipal Holdings Corp. Purchased Options Health Care Japan Japanese Yen 1,000,000,000 63,331,970 588,998 0.01% 10/07/2203/31/20 Calamos Market Neutral Income Fund Teijin, Ltd. Purchased Options Materials Japan Japanese Yen 1,000,000,000 60,954,100 566,883 0.01% 12/10/2103/31/20 Calamos Market Neutral Income Fund Digital Garage, Inc. Purchased Options Information Technology Japan Japanese Yen 15,000,000 57,016,500 530,263 0.01% 09/14/2303/31/20 Calamos Market Neutral Income Fund Charter Communications Operating, LLC / Charter Communications Operating Capital AL1046633 Corporate Bonds Communication Services United States Of America (The) US Dollar 470,000 486,027 486,027 0.01% 4.464% 07/23/2203/31/20 Calamos Market Neutral Income Fund Ship Healthcare Holdings, Inc. Purchased Options Health Care Japan Japanese Yen 720,000,000 49,665,391 461,896 0.01% 12/13/2303/31/20 Calamos Market Neutral Income Fund Dcm Holdings Company, Ltd. Purchased Options Consumer Discretionary Japan Japanese Yen 1,000,000,000 49,182,350 457,404 0.01% 12/21/2003/31/20 Calamos Market Neutral Income Fund DCM Holdings Company, Ltd. Purchased Options Consumer Discretionary Japan Japanese Yen 900,000,000 44,264,115 411,663 0.01% 12/21/2003/31/20 Calamos Market Neutral Income Fund Total Return Swap Smart Global vs 01MFEDL0 Total Rtn Bond Swap SWAPS United States Of America (The) US Dollar 410,228 410,228 410,228 0.01% 0.120% 04/08/2003/31/20 Calamos Market Neutral Income Fund Chugoku Electric Power Company, Inc. Purchased Options Utilities Japan Japanese Yen 5,000,000 42,328,435 393,661 0.01% 01/25/2203/31/20 Calamos Market Neutral Income Fund Nagoya Railroad Company, Ltd. Purchased Options Industrials Japan Japanese Yen 280,000,000 38,842,675 361,243 0.01% 12/09/2203/31/20 Calamos Market Neutral Income Fund Nagoya Railroad Company, Ltd. Purchased Options Industrials Japan Japanese Yen 220,000,000 29,984,955 278,865 0.00% 12/09/2203/31/20 Calamos Market Neutral Income Fund Exelon Corp. JK6796425 Corporate Bonds Utilities United States Of America (The) US Dollar 220,000 218,288 218,288 0.00% 2.450% 04/15/2103/31/20 Calamos Market Neutral Income Fund Senko Company, Ltd. Purchased Options Industrials Japan Japanese Yen 540,000,000 22,950,000 213,439 0.00% 03/28/2203/31/20 Calamos Market Neutral Income Fund EDION Corp. Purchased Options Consumer Discretionary Japan Japanese Yen 5,000,000 22,229,055 206,734 0.00% 06/19/2503/31/20 Calamos Market Neutral Income Fund CyberAgent, Inc. Purchased Options Communication Services Japan Japanese Yen 7,000,000 21,912,877 203,793 0.00% 02/17/2303/31/20 Calamos Market Neutral Income Fund Digital Garage, Inc. Purchased Options Information Technology Japan Japanese Yen 5,000,000 19,005,500 176,754 0.00% 09/14/2303/31/20 Calamos Market Neutral Income Fund Ezaki Glico Company, Ltd. Purchased Options Consumer Staples Japan Japanese Yen 10,000,000 7,922,180 73,678 0.00% 01/30/2403/31/20 Calamos Market Neutral Income Fund Nipro Corp. Purchased Options Health Care Japan Japanese Yen 10,000,000 6,384,620 59,378 0.00% 01/29/2103/31/20 Calamos Market Neutral Income Fund Ezaki Glico Company, Ltd. Purchased Options Consumer Staples Japan Japanese Yen 5,000,000 4,948,415 46,021 0.00% 01/30/2403/31/20 Calamos Market Neutral Income Fund EDION Corp. Purchased Options Consumer Discretionary Japan Japanese Yen 600,000,000 3,807,414 35,410 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund CyberAgent, Inc. Purchased Options Communication Services Japan Japanese Yen 300,000,000 3,767,955 35,043 0.00% 02/19/2503/31/20 Calamos Market Neutral Income Fund CyberAgent, Inc. Purchased Options Communication Services Japan Japanese Yen 100,000,000 3,722,315 34,618 0.00% 02/17/2303/31/20 Calamos Market Neutral Income Fund EDION Corp. Purchased Options Consumer Discretionary Japan Japanese Yen 500,000,000 2,950,380 27,439 0.00% 06/19/2003/31/20 Calamos Market Neutral Income Fund Toho Holdings Company, Ltd. Purchased Options Health Care Japan Japanese Yen 1,000,000,000 2,234,250 20,779 0.00% 06/23/2303/31/20 Calamos Market Neutral Income Fund Maeda Kosen Company, Ltd. Purchased Options Industrials Japan Japanese Yen 450,000,000 4,500 42 0.00% 04/18/2203/31/20 Calamos Market Neutral Income Fund ANA Holdings, Inc. Purchased Options Industrials Japan Japanese Yen 10,000,000 10 0 0.00% 09/19/2403/31/20 Calamos Market Neutral Income Fund Mitsubishi Chemical Holdings Corp. Purchased Options Materials Japan Japanese Yen 1,000,000,000 10 0 0.00% 03/30/2203/31/20 Calamos Market Neutral Income Fund HIS Company, Ltd. Purchased Options Consumer Discretionary Japan Japanese Yen 1,000,000,000 10 0 0.00% 11/15/2403/31/20 Calamos Market Neutral Income Fund Kyushu Electric Power Company, Inc. Purchased Options Utilities Japan Japanese Yen 10,000,000 10 0 0.00% 03/31/2203/31/20 Calamos Market Neutral Income Fund Takashimaya Company, Ltd. Purchased Options Consumer Discretionary Japan Japanese Yen 10,000,000 10 0 0.00% 12/06/2303/31/20 Calamos Market Neutral Income Fund Takashimaya Company, Ltd. Purchased Options Consumer Discretionary Japan Japanese Yen 5,000,000 5 0 0.00% 12/06/2303/31/20 Calamos Market Neutral Income Fund Zenrin Company, Ltd. Purchased Options Communication Services Japan Japanese Yen 500,000,000 5 0 0.00% 03/31/2303/31/20 Calamos Market Neutral Income Fund Takashimaya Company, Ltd. Purchased Options Consumer Discretionary Japan Japanese Yen 5,000,000 5 0 0.00% 12/06/2303/31/20 Calamos Market Neutral Income Fund AMAG Pharmaceuticals, Inc. AMAG 210115C00015000Written Options Health Care United States Of America (The) US Dollar (100,000) (105,000) (105,000) 0.00% 01/15/2103/31/20 Calamos Market Neutral Income Fund MongoDB, Inc. MDB 210115P00065000Written Options Information Technology United States Of America (The) US Dollar (38,300) (141,710) (141,710) 0.00% 01/15/2103/31/20 Calamos Market Neutral Income Fund Advanced Micro Devices, Inc. AMD 210319P00015000Written Options Information Technology United States Of America (The) US Dollar (250,000) (147,500) (147,500) 0.00% 03/19/2103/31/20 Calamos Market Neutral Income Fund Evolent Health, Inc. - Class A EVH US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (30,000) (162,900) (162,900) 0.00%03/31/20 Calamos Market Neutral Income Fund Invitae Corp. NVTA 210618C00030000Written Options Health Care United States Of America (The) US Dollar (135,000) (239,625) (239,625) 0.00% 06/18/2103/31/20 Calamos Market Neutral Income Fund Bandwidth, Inc. BAND US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (3,932) (264,584) (264,584) 0.00%03/31/20 Calamos Market Neutral Income Fund Hope Bancorp, Inc. HOPE US Common Stocks Sold Short Financials United States Of America (The) US Dollar (34,000) (279,480) (279,480) 0.00%03/31/20 Calamos Market Neutral Income Fund NIO, Inc. NIO 210115C00005000Written Options Consumer Discretionary United States Of America (The) US Dollar (500,000) (285,000) (285,000) 0.00% 01/15/2103/31/20 Calamos Market Neutral Income Fund Total Return Swap Smart Global vs 01MFEDL0 Total Rtn Eqty Swap SWAPS United States Of America (The) US Dollar (12,880) (312,984) (312,984) -0.01%03/31/20 Calamos Market Neutral Income Fund Luckin Coffee, Inc. LK 220121C00045000Written Options Health Care United States Of America (The) US Dollar (57,500) (336,375) (336,375) -0.01% 01/21/2203/31/20 Calamos Market Neutral Income Fund Takashimaya Company, Ltd. 8233 JP Common Stocks Sold Short Consumer Discretionary Japan Japanese Yen (40,000) (38,920,000) (361,962) -0.01%03/31/20 Calamos Market Neutral Income Fund Invacare Corp. IVC US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (50,000) (371,500) (371,500) -0.01%03/31/20 Calamos Market Neutral Income Fund Qudian, Inc. QD US Common Stocks Sold Short Financials China US Dollar (218,000) (392,400) (392,400) -0.01%03/31/20 Calamos Market Neutral Income Fund Cardtronics, PLC - Class A CATM US Common Stocks Sold Short Information Technology United Kingdom US Dollar (18,999) (397,459) (397,459) -0.01%03/31/20 Calamos Market Neutral Income Fund Maeda Kosen Company, Ltd. 7821 JP Common Stocks Sold Short Industrials Japan Japanese Yen (28,500) (58,396,500) (543,097) -0.01%03/31/20 Calamos Market Neutral Income Fund Turning Point Brands, Inc. TPB US Common Stocks Sold Short Consumer Staples United States Of America (The) US Dollar (29,561) (624,033) (624,033) -0.01%03/31/20 Calamos Market Neutral Income Fund Retrophin, Inc. RTRX US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (43,137) (629,369) (629,369) -0.01%03/31/20 Calamos Market Neutral Income Fund Gogo, Inc. GOGO 210115P00005000Written Options Communication Services United States Of America (The) US Dollar (192,100) (653,140) (653,140) -0.01% 01/15/2103/31/20 Calamos Market Neutral Income Fund OPKO Health, Inc. OPK US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (500,000) (670,000) (670,000) -0.01%03/31/20 Calamos Market Neutral Income Fund SEACOR Holdings, Inc. CKH US Common Stocks Sold Short Energy United States Of America (The) US Dollar (25,000) (674,000) (674,000) -0.01%03/31/20 Calamos Market Neutral Income Fund Quotient Technology, Inc. QUOT US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (112,500) (731,250) (731,250) -0.01%03/31/20 Calamos Market Neutral Income Fund Impinj, Inc. PI US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (44,500) (743,595) (743,595) -0.01%03/31/20 Calamos Market Neutral Income Fund I3 Verticals, Inc. IIIV US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (40,000) (763,600) (763,600) -0.01%03/31/20 Calamos Market Neutral Income Fund NanoString Technologies, Inc. NSTG US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (33,000) (793,650) (793,650) -0.01%03/31/20 Calamos Market Neutral Income Fund Nutanix, Inc. - Class A NTNX US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (52,500) (829,500) (829,500) -0.01%03/31/20 Calamos Market Neutral Income Fund Supernus Pharmaceuticals, Inc. SUPN US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (51,000) (917,490) (917,490) -0.02%03/31/20 Calamos Market Neutral Income Fund PAR Technology Corp. PAR US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (71,400) (918,204) (918,204) -0.02%03/31/20 Calamos Market Neutral Income Fund Toho Holdings Company, Ltd. 8129 JP Common Stocks Sold Short Health Care Japan Japanese Yen (44,600) (101,108,200) (940,323) -0.02%03/31/20 Calamos Market Neutral Income Fund SMART Global Holdings, Inc. SGH US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (40,760) (990,468) (990,468) -0.02%03/31/20 Calamos Market Neutral Income Fund Booking Holdings, Inc. Written Options Consumer Discretionary United States Of America (The) US Dollar (10,000) (1,026,500) (1,026,500) -0.02% 05/15/2003/31/20 Calamos Market Neutral Income Fund II-VI, Inc. IIVI US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (36,500) (1,040,250) (1,040,250) -0.02%03/31/20 Calamos Market Neutral Income Fund Collegium Pharmaceutical, Inc. COLL US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (64,000) (1,045,120) (1,045,120) -0.02%03/31/20 Calamos Market Neutral Income Fund Pluralsight, Inc. PS US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (97,175) (1,066,982) (1,066,982) -0.02%03/31/20 Calamos Market Neutral Income Fund PROS Holdings, Inc. PRO US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (35,700) (1,107,771) (1,107,771) -0.02%03/31/20 Calamos Market Neutral Income Fund Total Return Swap Bandwidth vs 01MFEDL0 Total Rtn Eqty Swap SWAPS United States Of America (The) US Dollar (16,483) (1,109,141) (1,109,141) -0.02%03/31/20 Calamos Market Neutral Income Fund InterDigital, Inc. IDCC US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (26,800) (1,196,084) (1,196,084) -0.02%03/31/20 Calamos Market Neutral Income Fund United States Steel Corp. X US Common Stocks Sold Short Materials United States Of America (The) US Dollar (190,000) (1,198,900) (1,198,900) -0.02%03/31/20 Calamos Market Neutral Income Fund Winnebago Industries, Inc. WGO US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (44,800) (1,245,888) (1,245,888) -0.02%03/31/20 Calamos Market Neutral Income Fund Revance Therapeutics, Inc. RVNC US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (86,000) (1,272,800) (1,272,800) -0.02%03/31/20 Calamos Market Neutral Income Fund Vonage Holdings Corp. VG US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (179,500) (1,297,785) (1,297,785) -0.02%03/31/20 Calamos Market Neutral Income Fund Ezaki Glico Company, Ltd. 2206 JP Common Stocks Sold Short Consumer Staples Japan Japanese Yen (33,800) (153,452,000) (1,427,129) -0.02%03/31/20 Calamos Market Neutral Income Fund Herbalife Nutrition, Ltd. HLF US Common Stocks Sold Short Consumer Staples United States Of America (The) US Dollar (50,200) (1,463,832) (1,463,832) -0.03%03/31/20 Calamos Market Neutral Income Fund Live Nation Entertainment, Inc. LYV US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (33,000) (1,500,180) (1,500,180) -0.03%03/31/20 Calamos Market Neutral Income Fund Senko Group Holdings Company, Ltd. 9069 JP Common Stocks Sold Short Industrials Japan Japanese Yen (197,300) (165,337,400) (1,537,665) -0.03%03/31/20 Calamos Market Neutral Income Fund Momo, Inc. MOMO US Common Stocks Sold Short Communication Services China US Dollar (71,700) (1,555,173) (1,555,173) -0.03%03/31/20 Calamos Market Neutral Income Fund Vishay Intertechnology, Inc. VSH US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (116,000) (1,671,560) (1,671,560) -0.03%03/31/20 Calamos Market Neutral Income Fund Guess, Inc. GES US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (249,080) (1,686,272) (1,686,272) -0.03%03/31/20 Calamos Market Neutral Income Fund Pure Storage, Inc. - Class A PSTG US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (139,973) (1,721,668) (1,721,668) -0.03%03/31/20 Calamos Market Neutral Income Fund Insmed, Inc. INSM US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (107,431) (1,722,119) (1,722,119) -0.03%03/31/20 Calamos Market Neutral Income Fund Nipro Corp. 8086 JP Common Stocks Sold Short Health Care Japan Japanese Yen (147,600) (187,599,600) (1,744,707) -0.03%03/31/20 Calamos Market Neutral Income Fund PRA Group, Inc. PRAA US Common Stocks Sold Short Financials United States Of America (The) US Dollar (64,000) (1,774,080) (1,774,080) -0.03%03/31/20 Calamos Market Neutral Income Fund New Relic, Inc. NEWR US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (39,000) (1,803,360) (1,803,360) -0.03%

Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

03/31/20 Calamos Market Neutral Income Fund Aerie Pharmaceuticals, Inc. AERI US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (140,000) (1,890,000) (1,890,000) -0.03%03/31/20 Calamos Market Neutral Income Fund Ship Healthcare Holdings, Inc. 3360 JP Common Stocks Sold Short Health Care Japan Japanese Yen (47,400) (209,745,000) (1,950,663) -0.03%03/31/20 Calamos Market Neutral Income Fund Liberty Media Corp. / Liberty Formula One FWONK US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (73,000) (1,987,790) (1,987,790) -0.03%03/31/20 Calamos Market Neutral Income Fund SSR Mining, Inc. SSRM US Common Stocks Sold Short Materials Canada US Dollar (180,000) (2,048,400) (2,048,400) -0.04%03/31/20 Calamos Market Neutral Income Fund Innoviva, Inc. TBPH US Common Stocks Sold Short Health Care Cayman Islands (The) US Dollar (89,500) (2,068,345) (2,068,345) -0.04%03/31/20 Calamos Market Neutral Income Fund Halozyme Therapeutics, Inc. HALO US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (115,525) (2,078,295) (2,078,295) -0.04%03/31/20 Calamos Market Neutral Income Fund Intercept Pharmaceuticals, Inc. ICPT US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (33,500) (2,109,160) (2,109,160) -0.04%03/31/20 Calamos Market Neutral Income Fund Deutsche Wohnen, SE DWNI GR Common Stocks Sold Short Real Estate Germany Euro Currency (55,560) (1,928,488) (2,126,928) -0.04%03/31/20 Calamos Market Neutral Income Fund FireEye, Inc. FEYE US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (206,500) (2,184,770) (2,184,770) -0.04%03/31/20 Calamos Market Neutral Income Fund Pacira BioSciences, Inc. PCRX US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (67,000) (2,246,510) (2,246,510) -0.04%03/31/20 Calamos Market Neutral Income Fund Heritage Insurance Holdings, Inc. HRTG US Common Stocks Sold Short Financials United States Of America (The) US Dollar (211,300) (2,263,023) (2,263,023) -0.04%03/31/20 Calamos Market Neutral Income Fund Allscripts Healthcare Solutions, Inc. MDRX US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (322,000) (2,266,880) (2,266,880) -0.04%03/31/20 Calamos Market Neutral Income Fund Insight Enterprises, Inc. NSIT US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (54,100) (2,279,233) (2,279,233) -0.04%03/31/20 Calamos Market Neutral Income Fund Workiva, Inc. WK US Common Stocks Sold Short INFORMATION TECHNOLOGY United States Of America (The) US Dollar (74,800) (2,418,284) (2,418,284) -0.04%03/31/20 Calamos Market Neutral Income Fund LivePerson, Inc. LPSN US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (110,400) (2,511,600) (2,511,600) -0.04%03/31/20 Calamos Market Neutral Income Fund 8x8, Inc. EGHT US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (186,000) (2,577,960) (2,577,960) -0.04%03/31/20 Calamos Market Neutral Income Fund Altair Engineering, Inc. - Class A ALTR US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (97,500) (2,583,750) (2,583,750) -0.04%03/31/20 Calamos Market Neutral Income Fund Proofpoint, Inc. PFPT US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (25,292) (2,594,706) (2,594,706) -0.05%03/31/20 Calamos Market Neutral Income Fund iStar, Inc. STAR US Common Stocks Sold Short Real Estate United States Of America (The) US Dollar (247,100) (2,621,731) (2,621,731) -0.05%03/31/20 Calamos Market Neutral Income Fund Trip.com Group Ltd. TCOM US Common Stocks Sold Short Consumer Discretionary China US Dollar (112,000) (2,626,400) (2,626,400) -0.05%03/31/20 Calamos Market Neutral Income Fund CSG Systems International, Inc. CSGS US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (65,000) (2,720,250) (2,720,250) -0.05%03/31/20 Calamos Market Neutral Income Fund Medipal Holdings Corp. 7459 JP Common Stocks Sold Short Health Care Japan Japanese Yen (145,900) (294,426,200) (2,738,212) -0.05%03/31/20 Calamos Market Neutral Income Fund OSI Systems, Inc. OSIS US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (40,100) (2,763,692) (2,763,692) -0.05%03/31/20 Calamos Market Neutral Income Fund Pegasystems, Inc. PEGA US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (39,600) (2,820,708) (2,820,708) -0.05%03/31/20 Calamos Market Neutral Income Fund CyberArk Software, Ltd. CYBR US Common Stocks Sold Short Information Technology Israel US Dollar (33,000) (2,823,480) (2,823,480) -0.05%03/31/20 Calamos Market Neutral Income Fund South Jersey Industries, Inc. SJI US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (114,706) (2,867,650) (2,867,650) -0.05%03/31/20 Calamos Market Neutral Income Fund DocuSign, Inc. DOCU US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (31,400) (2,901,360) (2,901,360) -0.05%03/31/20 Calamos Market Neutral Income Fund Bridgebio Pharma, Inc. BBIO US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (102,500) (2,972,500) (2,972,500) -0.05%03/31/20 Calamos Market Neutral Income Fund Tabula Rasa HealthCare, Inc. TRHC US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (57,600) (3,011,904) (3,011,904) -0.05%03/31/20 Calamos Market Neutral Income Fund Viavi Solutions, Inc. VIAV US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (272,400) (3,053,604) (3,053,604) -0.05%03/31/20 Calamos Market Neutral Income Fund EDION Corp. 2730 JP Common Stocks Sold Short Consumer Discretionary Japan Japanese Yen (382,600) (341,661,800) (3,177,510) -0.06%03/31/20 Calamos Market Neutral Income Fund CONMED Corp. CNMD US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (56,500) (3,235,755) (3,235,755) -0.06%03/31/20 Calamos Market Neutral Income Fund IMMOFINANZ, AG IIA AV Common Stocks Sold Short Real Estate Austria Euro Currency (183,300) (2,980,458) (3,287,145) -0.06%03/31/20 Calamos Market Neutral Income Fund Total Return Swap Nio vs 01MOBFR Total Rtn Bond Swap SWAPS United States Of America (The) US Dollar (1,232,800) (3,427,184) (3,427,184) -0.06%03/31/20 Calamos Market Neutral Income Fund Infinera Corp. INFN US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (663,767) (3,517,965) (3,517,965) -0.06%03/31/20 Calamos Market Neutral Income Fund American Electric Power Company, Inc. AEP US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (44,000) (3,519,120) (3,519,120) -0.06%03/31/20 Calamos Market Neutral Income Fund Digital Garage, Inc. 4819 JP Common Stocks Sold Short Information Technology Japan Japanese Yen (111,000) (383,505,000) (3,566,659) -0.06%03/31/20 Calamos Market Neutral Income Fund Sirius XM Holdings, Inc. SIRI US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (725,100) (3,581,994) (3,581,994) -0.06%03/31/20 Calamos Market Neutral Income Fund Rapid7, Inc. RPD US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (84,000) (3,639,720) (3,639,720) -0.06%03/31/20 Calamos Market Neutral Income Fund Booking Holdings, Inc. Written Options Consumer Discretionary United States Of America (The) US Dollar (20,000) (4,075,000) (4,075,000) -0.07% 05/15/2003/31/20 Calamos Market Neutral Income Fund CyberAgent, Inc. 4751 JP Common Stocks Sold Short Communication Services Japan Japanese Yen (108,800) (455,872,000) (4,239,684) -0.07%03/31/20 Calamos Market Neutral Income Fund SailPoint Technologies Holding, Inc. SAIL US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (286,400) (4,359,008) (4,359,008) -0.08%03/31/20 Calamos Market Neutral Income Fund GDS Holdings, Ltd. GDS US Common Stocks Sold Short Information Technology China US Dollar (80,500) (4,666,585) (4,666,585) -0.08%03/31/20 Calamos Market Neutral Income Fund Synaptics, Inc. SYNA US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (84,000) (4,861,080) (4,861,080) -0.08%03/31/20 Calamos Market Neutral Income Fund Twitter, Inc. TWTR US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (198,900) (4,884,984) (4,884,984) -0.09%03/31/20 Calamos Market Neutral Income Fund Energizer Holdings, Inc. ENR US Common Stocks Sold Short Consumer Staples United States Of America (The) US Dollar (170,108) (5,145,767) (5,145,767) -0.09%03/31/20 Calamos Market Neutral Income Fund Fuji Corp/Aichi 6134 JP Common Stocks Sold Short Industrials Japan Japanese Yen (336,000) (554,400,000) (5,156,010) -0.09%03/31/20 Calamos Market Neutral Income Fund Delivery Hero, SE DHER GR Common Stocks Sold Short Consumer Discretionary Germany Euro Currency (69,500) (4,723,220) (5,209,237) -0.09%03/31/20 Calamos Market Neutral Income Fund Tesla, Inc. Written Options Consumer Discretionary United States Of America (The) US Dollar (50,000) (5,580,000) (5,580,000) -0.10% 01/15/2103/31/20 Calamos Market Neutral Income Fund Blackline, Inc. BL US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (106,141) (5,584,078) (5,584,078) -0.10%03/31/20 Calamos Market Neutral Income Fund Nuance Communications, Inc. NUAN US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (340,099) (5,706,861) (5,706,861) -0.10%03/31/20 Calamos Market Neutral Income Fund Allegheny Technologies, Inc. ATI US Common Stocks Sold Short Materials United States Of America (The) US Dollar (674,100) (5,729,850) (5,729,850) -0.10%03/31/20 Calamos Market Neutral Income Fund Alibaba Group Holding, Ltd. BABA US Common Stocks Sold Short Consumer Discretionary China US Dollar (30,800) (5,989,984) (5,989,984) -0.10%03/31/20 Calamos Market Neutral Income Fund Nuvasive, Inc. NUVA US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (120,900) (6,124,794) (6,124,794) -0.11%03/31/20 Calamos Market Neutral Income Fund Broadcom, Inc. AVGO US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (27,975) (6,632,873) (6,632,873) -0.12%03/31/20 Calamos Market Neutral Income Fund Invitation Homes, Inc. INVH US Common Stocks Sold Short Real Estate United States Of America (The) US Dollar (312,359) (6,675,112) (6,675,112) -0.12%03/31/20 Calamos Market Neutral Income Fund JOYY, Inc. YY US Common Stocks Sold Short Communication Services China US Dollar (126,800) (6,753,368) (6,753,368) -0.12%03/31/20 Calamos Market Neutral Income Fund Aerojet Rocketdyne Holdings, Inc. AJRD US Common Stocks Sold Short Industrials United States Of America (The) US Dollar (162,159) (6,783,111) (6,783,111) -0.12%03/31/20 Calamos Market Neutral Income Fund Avantor, Inc. AVTR US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (549,900) (6,868,251) (6,868,251) -0.12%03/31/20 Calamos Market Neutral Income Fund Guidewire Software, Inc. GWRE US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (87,333) (6,926,380) (6,926,380) -0.12%03/31/20 Calamos Market Neutral Income Fund International Flavors & Fragrances, Inc. IFF US Common Stocks Sold Short Materials United States Of America (The) US Dollar (71,000) (7,247,680) (7,247,680) -0.13%03/31/20 Calamos Market Neutral Income Fund Stanley Black & Decker, Inc. SWK US Common Stocks Sold Short Industrials United States Of America (The) US Dollar (72,500) (7,250,000) (7,250,000) -0.13%03/31/20 Calamos Market Neutral Income Fund Coupa Software, Inc. COUP US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (52,800) (7,377,744) (7,377,744) -0.13%03/31/20 Calamos Market Neutral Income Fund Renewable Energy Group, Inc. REGI US Common Stocks Sold Short Energy United States Of America (The) US Dollar (365,400) (7,501,662) (7,501,662) -0.13%03/31/20 Calamos Market Neutral Income Fund DTE Energy Company DTE US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (84,100) (7,986,977) (7,986,977) -0.14%03/31/20 Calamos Market Neutral Income Fund Palo Alto Networks, Inc. PANW US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (49,641) (8,139,138) (8,139,138) -0.14%03/31/20 Calamos Market Neutral Income Fund Teijin, Ltd. 3401 JP Common Stocks Sold Short Materials Japan Japanese Yen (487,100) (891,393,000) (8,290,100) -0.14%03/31/20 Calamos Market Neutral Income Fund ON Semiconductor Corp. ON US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (688,000) (8,558,720) (8,558,720) -0.15%03/31/20 Calamos Market Neutral Income Fund Bilibili, Inc. BILI US Common Stocks Sold Short Communication Services China US Dollar (369,000) (8,641,980) (8,641,980) -0.15%03/31/20 Calamos Market Neutral Income Fund Total Return Swap Pay Ringcentral, Inc. vs 01MFED Total Rtn Eqty Swap SWAPS United States Of America (The) US Dollar (40,900) (8,667,119) (8,667,119) -0.15%03/31/20 Calamos Market Neutral Income Fund Snap, Inc. SNAP US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (735,000) (8,739,150) (8,739,150) -0.15%03/31/20 Calamos Market Neutral Income Fund Innoviva, Inc. INVA US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (743,600) (8,744,736) (8,744,736) -0.15%03/31/20 Calamos Market Neutral Income Fund CenterPoint Energy, Inc. CNP US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (575,000) (8,883,750) (8,883,750) -0.15%03/31/20 Calamos Market Neutral Income Fund Zendesk, Inc. ZEN US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (142,500) (9,121,425) (9,121,425) -0.16%03/31/20 Calamos Market Neutral Income Fund Silicon Laboratories, Inc. SLAB US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (107,100) (9,147,411) (9,147,411) -0.16%03/31/20 Calamos Market Neutral Income Fund Ionis Pharmaceuticals, Inc. IONS US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (195,600) (9,247,968) (9,247,968) -0.16%03/31/20 Calamos Market Neutral Income Fund Dcm Holdings Co. Ltd 3050 JP Common Stocks Sold Short 0 Japan Japanese Yen (1,002,900) (999,891,300) (9,299,152) -0.16%03/31/20 Calamos Market Neutral Income Fund Etsy, Inc. ETSY US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (253,600) (9,748,384) (9,748,384) -0.17%03/31/20 Calamos Market Neutral Income Fund Lumentum Holdings, Inc. LITE US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (134,800) (9,934,760) (9,934,760) -0.17%03/31/20 Calamos Market Neutral Income Fund Ironwood Pharmaceuticals, Inc. IRWD US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (1,005,487) (10,145,364) (10,145,364) -0.18%03/31/20 Calamos Market Neutral Income Fund Akamai Technologies, Inc. AKAM US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (113,700) (10,402,413) (10,402,413) -0.18%03/31/20 Calamos Market Neutral Income Fund Takeaway.com, NV TKWY NA Common Stocks Sold Short CONSUMER DISCRETIONARY Netherlands (The) Euro Currency (142,312) (9,776,834) (10,782,865) -0.19%03/31/20 Calamos Market Neutral Income Fund iQIYI, Inc. IQ US Common Stocks Sold Short Communication Services China US Dollar (610,200) (10,861,560) (10,861,560) -0.19%03/31/20 Calamos Market Neutral Income Fund Pinduoduo, Inc. PDD US Common Stocks Sold Short Consumer Discretionary China US Dollar (301,532) (10,864,198) (10,864,198) -0.19%03/31/20 Calamos Market Neutral Income Fund FTI Consulting, Inc. FCN US Common Stocks Sold Short Industrials United States Of America (The) US Dollar (91,050) (10,905,059) (10,905,059) -0.19%03/31/20 Calamos Market Neutral Income Fund TTM Technologies, Inc. TTMI US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (1,055,139) (10,910,137) (10,910,137) -0.19%03/31/20 Calamos Market Neutral Income Fund Zynga Inc- Class A ZNGA US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (1,617,700) (11,081,245) (11,081,245) -0.19%03/31/20 Calamos Market Neutral Income Fund Equitable Holdings, Inc. EQH US Common Stocks Sold Short Financials United States Of America (The) US Dollar (816,000) (11,791,200) (11,791,200) -0.21%03/31/20 Calamos Market Neutral Income Fund Chugoku Electric Power Company, Inc. 9504 JP Common Stocks Sold Short Utilities Japan Japanese Yen (919,000) (1,385,852,000) (12,888,649) -0.22%03/31/20 Calamos Market Neutral Income Fund Cellnex Telecom, SA CLNX SM Common Stocks Sold Short Communication Services Spain Euro Currency (285,500) (11,833,975) (13,051,684) -0.23%03/31/20 Calamos Market Neutral Income Fund Zillow Group, Inc. - Class C Z US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (367,500) (13,237,350) (13,237,350) -0.23%03/31/20 Calamos Market Neutral Income Fund Fortive Corp. FTV US Common Stocks Sold Short Industrials United States Of America (The) US Dollar (241,500) (13,328,385) (13,328,385) -0.23%03/31/20 Calamos Market Neutral Income Fund Essential Utilities, Inc. WTRG US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (330,733) (13,460,833) (13,460,833) -0.23%03/31/20 Calamos Market Neutral Income Fund Southern Company SO US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (262,500) (14,211,750) (14,211,750) -0.25%03/31/20 Calamos Market Neutral Income Fund Q2 Holdings, Inc. QTWO US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (242,800) (14,339,768) (14,339,768) -0.25%03/31/20 Calamos Market Neutral Income Fund Neurocrine Biosciences, Inc. NBIX US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (166,371) (14,399,410) (14,399,410) -0.25%03/31/20 Calamos Market Neutral Income Fund Wayfair, Inc. - Class A W US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (272,627) (14,569,187) (14,569,187) -0.25%03/31/20 Calamos Market Neutral Income Fund Wright Medical Group, NV WMGI US Common Stocks Sold Short Health Care Netherlands (The) US Dollar (530,217) (15,190,717) (15,190,717) -0.26%03/31/20 Calamos Market Neutral Income Fund World Wrestling Entertainment, Inc. - Class A WWE US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (454,500) (15,421,185) (15,421,185) -0.27%03/31/20 Calamos Market Neutral Income Fund Nagoya Railroad Company, Ltd. 9048 JP Common Stocks Sold Short Industrials Japan Japanese Yen (567,600) (1,719,828,000) (15,994,680) -0.28%03/31/20 Calamos Market Neutral Income Fund Colfax Corp. CFX US Common Stocks Sold Short Industrials United States Of America (The) US Dollar (890,000) (17,622,000) (17,622,000) -0.31%03/31/20 Calamos Market Neutral Income Fund LendingTree, Inc. TREE US Common Stocks Sold Short Financials United States Of America (The) US Dollar (100,429) (18,417,674) (18,417,674) -0.32%03/31/20 Calamos Market Neutral Income Fund Quidel Corp. QDEL US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (205,273) (20,077,752) (20,077,752) -0.35%03/31/20 Calamos Market Neutral Income Fund MongoDB, Inc. MDB US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (149,750) (20,446,865) (20,446,865) -0.36%03/31/20 Calamos Market Neutral Income Fund RealPage, Inc. RP US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (408,729) (21,634,026) (21,634,026) -0.38%03/31/20 Calamos Market Neutral Income Fund j2 Global, Inc. JCOM US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (299,900) (22,447,515) (22,447,515) -0.39%

Important Legal Information

Date Fund Name Security Name Ticker Investment Type Name Major Industry Name Issue Country Name Local Currency Name Shares/Par Value Local Market Value Base Market ValuePercent of

InvestmentsInterest

RateMaturity Date

Calamos Funds Portfolio Data as of 3/31/20 (unaudited)This presentation is for informational purposes only and should not be substituted for fiscal quarter-end portfolio holdings filed with the SEC.

These holdings include securities and cash equivalents.

The portfolio data is “as of” the date indicated and may not represent current or future portfolio composition. Portfolio holdings are subject to change daily without notice. Includes cash and cash equivalents and excludes forwards, futures, and swaps. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) requirements and are unaudited. Therefore, this information may differ from that information contained in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR or Form N-Q. This information does not constitute a recommendation or offer for a particular security, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

03/31/20 Calamos Market Neutral Income Fund Sarepta Therapeutics, Inc. SRPT US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (230,000) (22,498,600) (22,498,600) -0.39%03/31/20 Calamos Market Neutral Income Fund Teradyne, Inc. TER US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (430,475) (23,318,831) (23,318,831) -0.41%03/31/20 Calamos Market Neutral Income Fund Inphi Corp. IPHI US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (302,000) (23,909,340) (23,909,340) -0.42%03/31/20 Calamos Market Neutral Income Fund Chegg, Inc. CHGG US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (707,950) (25,330,451) (25,330,451) -0.44%03/31/20 Calamos Market Neutral Income Fund Extra Space Storage, Inc. EXR US Common Stocks Sold Short Real Estate United States Of America (The) US Dollar (268,286) (25,691,067) (25,691,067) -0.45%03/31/20 Calamos Market Neutral Income Fund Assurant, Inc. AIZ US Common Stocks Sold Short Financials United States Of America (The) US Dollar (255,327) (26,576,987) (26,576,987) -0.46%03/31/20 Calamos Market Neutral Income Fund MercadoLibre, Inc. MELI US Common Stocks Sold Short Information Technology Argentina US Dollar (54,404) (26,580,706) (26,580,706) -0.46%03/31/20 Calamos Market Neutral Income Fund Crown Castle International Corp. CCI US Common Stocks Sold Short Real Estate United States Of America (The) US Dollar (186,473) (26,926,701) (26,926,701) -0.47%03/31/20 Calamos Market Neutral Income Fund IAC/InterActive Corp. IAC US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (158,950) (28,488,609) (28,488,609) -0.50%03/31/20 Calamos Market Neutral Income Fund NextEra Energy, Inc. NEE US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (121,325) (29,193,222) (29,193,222) -0.51%03/31/20 Calamos Market Neutral Income Fund Sea, Ltd. SE US Common Stocks Sold Short Communication Services Singapore US Dollar (665,600) (29,492,736) (29,492,736) -0.51%03/31/20 Calamos Market Neutral Income Fund Five9, Inc. FIVN US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (395,200) (30,216,992) (30,216,992) -0.53%03/31/20 Calamos Market Neutral Income Fund Cypress Semiconductor Corp. CY US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (1,309,000) (30,525,880) (30,525,880) -0.53%03/31/20 Calamos Market Neutral Income Fund Twilio, Inc. TWLO US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (346,000) (30,963,540) (30,963,540) -0.54%03/31/20 Calamos Market Neutral Income Fund Alteryx, Inc. - Class A AYX US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (325,800) (31,006,386) (31,006,386) -0.54%03/31/20 Calamos Market Neutral Income Fund Splunk, Inc. SPLK US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (247,000) (31,178,810) (31,178,810) -0.54%03/31/20 Calamos Market Neutral Income Fund NICE-Systems, Ltd. NICE US Common Stocks Sold Short Information Technology Israel US Dollar (230,400) (33,076,224) (33,076,224) -0.58%03/31/20 Calamos Market Neutral Income Fund Becton Dickinson and Company BDX US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (144,800) (33,270,696) (33,270,696) -0.58%03/31/20 Calamos Market Neutral Income Fund Booking Holdings, Inc. BKNG US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (26,725) (35,953,677) (35,953,677) -0.63%03/31/20 Calamos Market Neutral Income Fund Microchip Technology, Inc. MCHP US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (568,000) (38,510,400) (38,510,400) -0.67%03/31/20 Calamos Market Neutral Income Fund Workday, Inc. - Class A WDAY US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (296,497) (38,609,839) (38,609,839) -0.67%03/31/20 Calamos Market Neutral Income Fund New York Times Company - Class A NYT US Common Stocks Sold Short Communication Services United States Of America (The) US Dollar (1,294,000) (39,738,740) (39,738,740) -0.69%03/31/20 Calamos Market Neutral Income Fund HubSpot, Inc. HUBS US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (306,400) (40,809,416) (40,809,416) -0.71%03/31/20 Calamos Market Neutral Income Fund Sempra Energy SRE US Common Stocks Sold Short Utilities United States Of America (The) US Dollar (380,600) (43,003,994) (43,003,994) -0.75%03/31/20 Calamos Market Neutral Income Fund DexCom, Inc. DXCM US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (228,750) (61,595,513) (61,595,513) -1.07%03/31/20 Calamos Market Neutral Income Fund Okta, Inc. OKTA US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (513,250) (62,749,945) (62,749,945) -1.09%03/31/20 Calamos Market Neutral Income Fund Square, Inc. SQ US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (1,250,700) (65,511,666) (65,511,666) -1.14%03/31/20 Calamos Market Neutral Income Fund RingCentral, Inc. - Class A RNG US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (337,405) (71,499,494) (71,499,494) -1.24%03/31/20 Calamos Market Neutral Income Fund Atlassian Corp., PLC - Class A TEAM US Common Stocks Sold Short Information Technology Australia US Dollar (529,550) (72,686,033) (72,686,033) -1.26%03/31/20 Calamos Market Neutral Income Fund Teladoc Health, Inc. TDOC US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (587,900) (91,130,379) (91,130,379) -1.59%03/31/20 Calamos Market Neutral Income Fund Micron Technology, Inc. MU US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (2,393,615) (100,675,447) (100,675,447) -1.75%03/31/20 Calamos Market Neutral Income Fund ServiceNow, Inc. NOW US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (357,450) (102,438,021) (102,438,021) -1.78%03/31/20 Calamos Market Neutral Income Fund Advanced Micro Devices, Inc. AMD US Common Stocks Sold Short Information Technology United States Of America (The) US Dollar (4,788,100) (217,762,788) (217,762,788) -3.79%03/31/20 Calamos Market Neutral Income Fund Tesla, Inc. TSLA US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (424,280) (222,322,720) (222,322,720) -3.87%03/31/20 Calamos Market Neutral Income Fund Tiffany + Co TIF US Common Stocks CONSUMER DISCRETIONARY United States Of America (The) US Dollar 100,040 12,955,180 12,955,180 0.23%03/31/20 Calamos Market Neutral Income Fund Allergan, PLC AGN US Common Stocks Health Care United States Of America (The) US Dollar 55,838 9,888,910 9,888,910 0.17%03/31/20 Calamos Market Neutral Income Fund Ra Pharmaceuticals Inc. RARX US Common Stocks HEALTH CARE United States Of America (The) US Dollar 122,600 5,886,026 5,886,026 0.10%03/31/20 Calamos Market Neutral Income Fund Mellanox Technologies Ltd MLNX US Common Stocks INFORMATION TECHNOLOGY Israel US Dollar 46,495 5,640,773 5,640,773 0.10%03/31/20 Calamos Market Neutral Income Fund Wright Medical Group, NV LW1277257 Convertible Bonds Health Care Netherlands (The) US Dollar 3,500,000 4,842,478 4,842,478 0.08% 2.250% 11/15/2103/31/20 Calamos Market Neutral Income Fund Cypress Semiconductor Corp. CY US Common Stocks Information Technology United States Of America (The) US Dollar 195,944 4,569,414 4,569,414 0.08%03/31/20 Calamos Market Neutral Income Fund Tech Data Corp. TECD US Common Stocks Information Technology United States Of America (The) US Dollar 34,768 4,549,393 4,549,393 0.08%03/31/20 Calamos Market Neutral Income Fund Cypress Semiconductor Corp. LW5144933 Convertible Bonds Information Technology United States Of America (The) US Dollar 2,500,000 4,289,275 4,289,275 0.07% 4.500% 01/15/2203/31/20 Calamos Market Neutral Income Fund Wright Medical Group, NV WMGI US Common Stocks Health Care Netherlands (The) US Dollar 127,863 3,663,275 3,663,275 0.06%03/31/20 Calamos Market Neutral Income Fund E*TRADE Financial Corp. ETFC US Common Stocks Financials United States Of America (The) US Dollar 105,462 3,619,456 3,619,456 0.06%03/31/20 Calamos Market Neutral Income Fund Caesars Entertainment Corporation CZR US Common Stocks CONSUMER DISCRETIONARY United States Of America (The) US Dollar 518,000 3,501,680 3,501,680 0.06%03/31/20 Calamos Market Neutral Income Fund Fitbit Inc. FIT US Common Stocks INFORMATION TECHNOLOGY United States Of America (The) US Dollar 461,000 3,070,260 3,070,260 0.05%03/31/20 Calamos Market Neutral Income Fund Forty Seven, Inc. FTSV US Common Stocks HEALTH CARE United States Of America (The) US Dollar 26,800 2,557,256 2,557,256 0.04%03/31/20 Calamos Market Neutral Income Fund Tallgrass Energy LP TGE US Common Stocks ENERGY United States Of America (The) US Dollar 141,901 2,335,690 2,335,690 0.04%03/31/20 Calamos Market Neutral Income Fund LogMeIn, Inc. LOGM US Common Stocks Information Technology United States Of America (The) US Dollar 12,601 1,049,411 1,049,411 0.02%03/31/20 Calamos Market Neutral Income Fund Fidelity Prime Money Market Fund - Institutional Class, 2.510% FIPXX US Short Term Investments Other United States Of America (The) US Dollar 538,029 538,083 538,083 0.01%03/31/20 Calamos Market Neutral Income Fund Morgan Stanley Ins tu onal Liquidity Funds - Government Por olio, 2.330% MVRXX US Short Term Investments Other United States Of America (The) US Dollar 536,164 536,164 536,164 0.01%03/31/20 Calamos Market Neutral Income Fund Bristol-Myers Squibb Company BMY-R US Rights Health Care United States Of America (The) US Dollar 20,458 77,740 77,740 0.00%03/31/20 Calamos Market Neutral Income Fund Fitbit, Inc. FIT 200515P00005000Purchased Options Information Technology United States Of America (The) US Dollar 600,000 39,000 39,000 0.00% 05/15/2003/31/20 Calamos Market Neutral Income Fund Fitbit, Inc. FIT 200821C00007000Written Options Information Technology United States Of America (The) US Dollar (400,000) (90,000) (90,000) 0.00% 08/21/2003/31/20 Calamos Market Neutral Income Fund Eldorado Resorts, Inc. ERI US Common Stocks Sold Short Consumer Discretionary United States Of America (The) US Dollar (46,568) (670,579) (670,579) -0.01%03/31/20 Calamos Market Neutral Income Fund AbbVie, Inc. ABBV US Common Stocks Sold Short Health Care United States Of America (The) US Dollar (48,354) (3,684,091) (3,684,091) -0.06%03/31/20 Calamos Market Neutral Income Fund Morgan Stanley MS US Common Stocks Sold Short Financials United States Of America (The) US Dollar (110,017) (3,740,578) (3,740,578) -0.07%