NOT FDIC INSURED | MAY LOSE VALUENO BANK GUARANTEE

CONVERTIBLE DATA AS OF 3/31/18

OVERVIEWThe fund invests primarily inconvertible securities of U.S.companies that are diversifiedacross market sectors and creditquality.

KEY FEATURES» Leverages more than four decades

of research in convertible securityinvesting

» Provides diversification acrossmarket sectors and credit quality,emphasizing mid-sized companieswith higher-quality balance sheets

» Seeks to provide upsideparticipation in equity marketswith less exposure to downsidethan an equity-only portfolio over afull market cycle

PORTFOLIO FITWhen used in conjunction with anequity allocation, the fund offers apotential way to manage risk byemploying securities that engage inupside equity movements withlimited downside participation.

FUND TICKER SYMBOLS

A Shares C Shares I SharesCCVIX CCVCX CICVX

Notable Outperformance vs. Bonds in the Face of Rate Increases

The chart below shows the fund’s outperformance versus the Bloomberg Barclays U.S. Aggregate Bond

Index during periods when the 10-year Treasury bond yields rose more than 100 basis points.

Data as of 3/31/18. Rising rate environment periods from troughs to peak from November 1994 to December 2016. A basis point is equal to 1/100th of 1%.

CALENDAR YEAR RETURNS

Calamos Convertible Fund A Shares - at NAV

ICE BofAML VXA0 - Convertibles Index

YTD 2018

2.66%

2.40

2017

14.33%

13.70

2016

4.39%

10.43

2015

-3.83%

-2.99

2014

4.94%

9.44

2013

20.37%

24.92

2012

5.55%

14.96

2011

-3.98%

-5.18

2010

10.84%

16.77

2009

34.00%

49.13

AVERAGE ANNUAL RETURNS

Calamos Convertible Fund

I Shares - at NAV (Inception–6/25/97)

A Shares - at NAV (Inception–6/21/85)

A Shares - Load adjusted*

ICE BofAML VXA0 - Convertibles Index

S&P 500 Index

Value Line Convertible Index

Morningstar Convertibles Category

1-YEAR

11.69%

11.39

8.87

10.57

13.99

14.34

3-YEAR

5.44%

5.16

3.47

6.58

10.78

9.29

5-YEAR

7.15%

6.89

5.85

9.65

13.31

10.55

10-YEAR

6.08%

5.81

5.30

8.22

9.49

10.27

SINCE ASHARE

INCEPTION

N/A%

8.99

8.82

10.87

8.90

SINCE ISHARE

INCEPTION

7.63%

N/A

N/A

7.52

7.38

7.52

The Value Line Convertible Index “Since A share Inception” start date is 6/30/85 and “Since I share Inception” start date is 6/30/97.ICE BofAML All U.S. Convertibles Index (VXA0) returns start date is 12/31/87.

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

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

9.61 5.05 7.61 6.65 8.62 6.81

Calamos Convertible Fund (A Shares at NAV) BBgBarc U.S. Aggregate Bond Index

-10%

0%

10%

20%

30%

40%

50%

60%

-3.77 -5.12

8.70

-3.40

54.26

-1.80

5.58

-2.07

12.78

-2.18

8.11

-0.86

19.32

-0.29

10.30

-2.96

26.24

-2.96

5.28

-4.24

OCT '93-NOV '94

JAN '96-JUN '96

OCT '98-JAN '00

NOV '01-APR '02

JUN '03-JUN '04

JUN '05-JUN '06

DEC '08-JUN '09

OCT '10-FEB '11

JUL '12-DEC '13

JUL '16-DEC '16

Yield Increase

(BPS)286 150 263 122 176 134 187 134 157 123

N/A

Calamos Convertible Fund

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may belower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that yourshares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not includethe Fund’s maximum front-end sales load of 2.25%.* Had it been included, the Fund’s return would have been lower. For themost recent fund month-end performance information visit www.calamos.com.

CONVERTIBLE DATA AS OF 3/31/18

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

CVFCT 601 0318Q R

FUND FACTS FUND

ICE BOFAMLVXA0 -

CONVERTIBLESINDEX

Number of Holdings 121 402

Total Net Assets (mil) $590.2 N/A

Portfolio Turnover(12 months)

50.0% N/A

Investment Premium 26.5% 14.5%

Conversion Premium 26.3% 29.1%

Annualized StandardDeviation (5-Year)

7.86% 7.68%

Beta (5-Year) 0.99 1.00

SECTOR WEIGHTINGS*FUND

%

ICE BOFAML VXA0 -CONVERTIBLES

INDEX %

Information Technology 38.3 36.5Consumer Discretionary 14.9 11.9Health Care 14.5 16.3Financials 8.9 11.8Industrials 7.2 5.3Energy 3.3 5.4Real Estate 3.2 5.0Utilities 2.5 4.6Materials 0.6 1.2Consumer Staples 0.0 1.5Telecom Services 0.0 0.6

CREDIT QUALITYALLOCATIONOF BONDS FUND %

ICE BOFAML VXA0- CONVERTIBLES

INDEX %

AAA 2.2 0.1AA 0.0 0.0A 3.2 3.8BBB 16.5 18.7BB 12.6 15.3B 10.0 10.5CCC and below 0.0 1.7Unrated Securities 55.5 49.9

Bond credit quality allocation reflects the higher of the ratingsof Standard & Poor’s Corporation; Moody’s Investors Service,Inc. Ratings are relative, subjective and not absolutestandards of quality, represent the opinions of theindependent, Nationally Recognized Statistical RatingOrganizations (NRSRO), and are adjusted to the Standard &Poor’s scale shown. Ratings are measured using a scale thattypically ranges from AAA (highest) to D (lowest). Thesecurity’s credit rating does not eliminate risk. The tableexcludes equity securities, cash and cash equivalents. Formore information about securities ratings, please see theFund’s Statement of Additional Information atwww.calamos.com. Additional information on ratingsmethodologies are available by visiting the NRSRO websites:www.standardandpoors.com, www.moodys.com.

Portfolios are managed according to their respectivestrategies which may differ significantly in terms of securityholdings, industry weightings, and asset allocation fromthose of the benchmark(s). Portfolio performance,characteristics and volatility may differ from thebenchmark(s) shown. Please refer to Important RiskInformation.NOTESAnnualized standard deviation is a statistical measure of thehistorical volatility of a mutual fund or portfolio, usuallycomputed using 36 month returns. Beta is a historic measureof a portfolio’s relative volatility, which is one of the measuresof risk; a beta of 0.5 reflects half the market’s volatility asrepresented by the strategy’s primary benchmark, while a betaof 2 reflects twice the volatility. Conversion premium is theamount by which the market price of a convertible bond orconvertible preferred exceeds the conversion value, expressedas a percentage. It is a gauge of equity participation.Investment premium is the amount that the market price ofthe convertible is above its investment value, expressed as apercentage. It is a gauge of equity participation. Portfolioturnover is the percentage of assets in a portfolio thatchanged over a certain period, often a year; higher turnoverindicates greater buying and selling activity.The Bloomberg Barclays U.S. Aggregate Bond Index is abroad-based benchmark that measures the investment-grade,U.S. dollar-denominated, fixed-rate taxable bond market of

SEC-registered securities. The index includes bonds from theTreasure, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS sectors.The ICE BofAML All U.S. Convertibles Index (VXA0)comprises approximately 700 issues of only convertible bondsand preferreds of all qualities. Source ICE Data Indices, LLC,used with permission. ICE permits use of the ICE BofAMLindices and related data on an ‘as is’ basis, makes nowarranties regarding same, does not guarantee the suitability,quality, accuracy, timeliness, and/or completeness of the ICEBofAML Indices or data included in, related to, or derivedtherefrom, assumes no liability in connection with the use ofthe foregoing and does not sponsor, endorse or recommendCalamos Advisors LLC or any of its products or services.Morningstar Convertibles Category funds are designed tooffer some of the capital appreciation potential of stockportfolios while also supplying some of the safety and yield ofbond portfolios. To do so, they focus on convertible bonds andconvertible preferred stocks. Convertible bonds allow investorsto convert the bonds into shares of stock, usually at a presetprice. These securities thus act a bit like stocks and a bit likebonds. The S&P 500 Index is a market-value weighted indexconsisting of 500 stocks chosen for market size, liquidity, andindustry group representation. It is widely regarded as thestandard for measuring U.S. stock-market performance. TheValue Line Convertible Index is an equally weighted index ofthe largest convertibles. CUSIP identifiers have been providedby CUSIP Global Services, managed on behalf of the AmericanBankers Association by S&P Global Market Intelligence LLC,and are not for use or dissemination in a manner that wouldserve as a substitute for any CUSIP service. The CUSIPDatabase, © 2011 American Bankers Association. “CUSIP” isa registered trademark of the American Bankers Association.Unmanaged index returns assume reinvestment of any and alldistributions and, unlike fund returns, do not reflect fees,expenses or sales charges. Investors cannot invest directly inan index.Important Risk Information. An investment in the Fund(s) issubject to risks, and you could lose money on your investmentin the Fund(s). There can be no assurance that the Fund(s) willachieve its investment objective. Your investment in theFund(s) is not a deposit in a bank and is not insured or

guaranteed by the Federal Deposit Insurance Corporation (FDIC) orany other government agency. The risks associated with aninvestment in the Fund(s) can increase during times of significantmarket volatility. The Fund(s) also has specific principal risks, whichare described below. More detailed information regarding these riskscan be found in the Fund’s prospectus.The principal risks of investing in the Calamos Convertible Fundinclude: convertible securities risk consisting of the potential for adecline in value during periods of rising interest rates and the risk ofthe borrower to miss payments, synthetic convertible instruments riskconsisting of fluctuations inconsistent with a convertible security andthe risk of components expiring worthless, foreign securities risk,equity securities risk, interest rate risk, credit risk, high yield risk,portfolio selection risk and liquidity risk.As a result of political or economic instability in foreign countries,there can be special risks associated with investing in foreignsecurities, including fluctuations in currency exchange rates,increased price volatility and difficulty obtaining information. Inaddition, emerging markets may present additional risk due topotential for greater economic and political instability in lessdeveloped countries.Before investing carefully consider the fund’s investmentobjectives, risks, charges and expenses. Please see theprospectus and summary prospectus containing this and otherinformation or call 1-800-582-6959. Read itcarefully before investing.

LARGEST 10 HOLDINGS* INDUSTRY SECURITY DESCRIPTION %

Tesla, Inc. Automobile Manufacturers 1.25% Cv Due 2021 3.8Wells Fargo & Company Diversified Banks 7.50% Cv Pfd 3.0Micron Technology, Inc. Semiconductors 1.63% Cv Due 2033 3.0Microchip Technology, Inc. Semiconductors 1.63% Cv Due 2027 2.8Workday, Inc. Application Software 0.25% Cv Due 2022 2.6Lam Research Corp. Semiconductor Equipment Common Stock 2.5Booking Holdings, Inc. Internet & Direct Marketing Retail 0.35% Cv Due 2020 2.4Intel Corp. Semiconductors 3.25% Cv Due 2039 2.3Bank of America Corp. Diversified Banks 7.25% Cv Pfd 2.3NextEra Energy, Inc. Electric Utilities 6.12% Cv Pfd 1.9TOTAL 26.6

FUND INFORMATION A SHARES C SHARES I SHARES

Inception Date 6/21/85 7/5/96 6/25/97Ticker Symbol CCVIX CCVCX CICVXCUSIP Number 128119401 128119823 128119864

Minimum Initial/Subsequent Investment

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

IRA Initial Investment $500 $500 N/A

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

Total Expense Ratio† 1.18% 1.93% 0.93%Distribution Quarterly dividends; annual capital gainsObjective Current Income with a secondary objective of growth^Prior to 3/1/18, the Fund had a maximum front-end sales charge of 4.75%. †As of prospectus dated 3/1/18.

MATURITY SCHEDULE FUND %

< 1 Year 8.11 To 5 Years 49.65 To 10 Years 20.710 To 20 Years 0.020 To 30 Years 2.3> 30 Years 0.0Equities and Other 19.4

ASSET ALLOCATION %

Convertibles 89.5Cash and Receivables/Payables 4.4Common Stock 3.7Synthetic Convertibles 2.3Options 0.0Corporate Bonds 0.0

Calamos Convertible Fund

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed asa recommendation to buy or sell the securities mentioned.*Largest 10 Holdings and Sector Weightings are calculated as a percentage of net assets and exclude cash or cash equivalents. The SectorWeightings table also excludes any security class that is not assigned to a GICS sector, such as but not limited to government/sovereignbonds, mutual funds or index options. You can obtain a complete listing of holdings by visiting www.calamos.com.