NOT FDIC INSURED | MAY LOSE VALUENO BANK GUARANTEE

U.S. EQUITY DATA AS OF 12/31/18

0

50,000

100,000

150,000

200,000

250,000

9-22

-88

8-31

-90

8-31

-92

8-31

-94

8-31

-96

8-31

-98

8-31

-00

8-31

-02

8-31

-04

8-31

-06

8-31

-08

8-31

-10

8-31

-12

8-31

-14

8-31

-16

8-31

-18

g Calamos Growth and Income Fund (A Shares at NAV)

g S&P 500 Index

★★★★★MORNINGSTAR OVERALL RATING™*

Among 322 Allocation -70% to 85%Equity FundsThe fund’s load-waived Class I shares had4 stars for 3 years, 5 stars for 5 years, and5 stars for 10 years out of 322, 280 and196 Allocation -70% to 85% Equityfunds, respectively, for the period ended12/31/18.

OVERVIEW

The fund invests primarily in U.S. equityand convertible securities in an attemptto balance risk/reward while providinggrowth and income.

KEY FEATURES» Leverages more than four decades

of research experience combiningequities and convertible holdings toprovide equity-like participation

» Provides a core holding option thataims to maintain a consistent riskposture throughout the market cycle

» Research-driven approach identifiesopportunities by combining top-downanalysis with a research focus on keygrowth characteristics

PORTFOLIO FITThe fund can provide a long-term coreallocation to equities with thepotential for lower volatility.

FUND TICKER SYMBOLS

A Shares C Shares I SharesCVTRX CVTCX CGIIX

†Morningstar ratings shown are for Class I sharesand do not include any front-end sales load. Not allinvestors have access to or may invest in the shareclass shown. Other share classes with front-end orback-end sales charges may have different ratingsthan the ratings shown.

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 when 10-year Treasury bond yields rose more than 100 basis points.Calamos Growth and Income Fund (A Shares at NAV) BBgBarc U.S. Aggregate Bond Index

-20%

0%

20%

40%

60%

80%

100%

12.47

-3.40

79.54

-1.80

4.52

-2.07

9.52

-2.18

9.81

-0.86

19.31

-0.29

12.93

-2.96

22.54

-1.82

6.53

-4.24

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

YieldIncrease(BPS)

150 263 122 176 134 187 134 157 123

9.64

-3.10

SEP '17 -MAY '18

106

Data as of 12/31/18. Rising rate environment periods from troughs to peak from January 1996 to May 2018. A basis point is equal to 1/100th of 1%.

GROWTH OF $10K: OUTPERFORMANCE SINCE INCEPTION

The chart below shows how a hypothetical $10,000 investment in the fund outperformed the benchmark S&P 500 Index since thefund’s inception.

CALENDAR YEAR RETURNS

Calamos Growth and Income Fund A Shares - at NAV

S&P 500 Index

2018

-3.87%

-4.38

2017

16.38%

21.83

2016

7.21%

11.96

2015

1.66%

1.38

2014

7.27%

13.69

2013

16.78%

32.39

2012

8.39%

16.00

2011

-0.78%

2.11

2010

12.12%

15.06

2009

37.02%

26.46

AVERAGE ANNUAL RETURNS

Calamos Growth and Income FundI Shares - at NAV (Inception–9/18/97)A Shares - at NAV (Inception–9/22/88)A Shares - Load adjusted

S&P 500 IndexICE BofAML All US Convert ex Mand IndexMorningstar Allocation - 70%-85% Equity Category

1-YEAR

-3.63%-3.87-8.44-4.380.65

3-YEAR

6.50%6.254.549.269.16

5-YEAR

5.77%5.524.508.496.70

10-YEAR

9.97%9.709.17

13.1212.60

SINCE ASHARE

INCEPTION

N/A%10.5210.3510.029.13

SINCE ISHARE

INCEPTION

8.89%N/AN/A

6.677.16

Calamos Growth and Income Fund

Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified. Average annualtotal return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shownassumes 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 compensa-tion plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certainother entities or programs, including, but not limited to, investment companies, under certain circumstances.

-7.93 5.03 3.55 9.09 7.81 4.83

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

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower orhigher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, whenredeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximumfront-end sales load of 4.75%. Had it been included, the Fund’s return would have been lower. For the most recent fund month-end performance information visit www.calamos.com.

Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%—had it been in-cluded, the Fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. In-dex data shown is from 8/31/08, since comparative index data is available only for full monthly periods. Source: State Street Corporation and Lipper, Inc.

$196,715

$178,365

U.S. EQUITY DATA AS OF 12/31/18

Calamos Financial Services LLC, Distributor2020 Calamos Court | Naperville, IL 60563-2787800.582.6959 | www.calamos.com | caminfo@calamos.com© 2019 Calamos Investments LLC. All Rights Reserved.Calamos® and Calamos Investments® are registered trademarks ofCalamos Investments LLC.

GIFCT 602 1218Q R

Calamos Growth and Income Fund

FUND FACTS FUND S&P 500 INDEX

Number of Holdings 204 505

Total Net Assets (mil) $1,803.2 N/A

PEG Ratio 1.54x 1.62x

Portfolio Turnover(12 months)

21.0% N/A

Median MarketCapitalization (mil)

$73,855 $18,477

Weighted AverageMarket Capitalization (mil)

$249,745 $200,898

Annualized StandardDeviation (5-Year)

9.63% 10.94%

Beta (5-Year) 0.84 1.00

SECTOR WEIGHTINGS* FUND % S&P 500 INDEX %

Information Technology 19.4 20.1

Health Care 14.3 15.5

Financials 12.5 13.3

Communication Services 10.3 10.1

Consumer Discretionary 10.0 9.9

Industrials 8.9 9.2

Consumer Staples 6.3 7.4

Energy 4.7 5.3

Utilities 3.2 3.3

Real Estate 2.5 3.0

Materials 1.5 2.7

ASSET ALLOCATION FUND %

Common Stock 70.2Convertibles 19.8Synthetic Convertibles 5.9Cash and Receivables/Payables 2.3Other 1.9

Portfolios are managed according to their respectivestrategies which may differ significantly in terms of securityholdings, industry weightings and asset allocation from thoseof the benchmark(s). Portfolio performance, characteristicsand volatility may differ from the benchmark(s) shown. Pleaserefer to Important Risk Information.NOTESAnnualized standard deviation is a statistical measure of thehistorical volatility of a mutual fund or portfolio, usuallycomputed using 36 month returns. Beta is a historic measure ofa portfolio’s relative volatility, which is one of the measures ofrisk; 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. PEG ratio is a stock’s price/earnings ratio divided by estimated earnings growth rate in thenext year; a lower PEG indicates that less is being paid for eachunit of earnings growth. Portfolio turnover is the percentage ofassets in a portfolio that changed over a certain period, often ayear; higher turnover indicates greater buying and sellingactivity.The ICE BofAML All U.S. Convertibles ex Mandatory Index(V0A0) represents the U.S. convertible market excludingmandatory convertibles. Source ICE Data Indices, LLC, used withpermission. ICE permits use of the ICE BofAML indices andrelated data on an ‘as is’ basis, makes no warranties regardingsame, does not guarantee the suitability, quality, accuracy,timeliness, and/or completeness of the ICE BofAML Indices ordata included in, related to, or derived therefrom, assumes noliability in connection with the use of the foregoing and does notsponsor, endorse or recommend Calamos Advisors LLC or any ofits products or services. Morningstar Allocation—70% to 85%Equity funds seek to provide both income and capitalappreciation by investing in multiple asset classes, includingstocks, bonds and cash. These portfolios are dominated bydomestic holdings and have equity exposures between 70% and85%. 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. CUSIPidentifiers have been provided by CUSIP Global Services,managed on behalf of the American Bankers Association by S&PGlobal Market Intelligence LLC, and are not for use ordissemination in a manner that would serve as a substitute forany CUSIP service. The CUSIP Database, © 2011 AmericanBankers Association. “CUSIP” is a registered trademark of theAmerican Bankers Association.Morningstar Ratings™ are based on risk-adjusted returns forClass I shares and will differ for other share classes. Morningstarratings are based on a risk-adjusted return measure thataccounts for variation in a fund’s monthly historical performance(reflecting sales charges), placing more emphasis on downwardvariations and rewarding consistent performance. Within eachasset class, the top 10%, the next 22.5%, 35%, 22.5%, andthe bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Eachfund is rated exclusively against U.S. domiciled funds. Theinformation contained herein is proprietary to Morningstar and/

or its content providers; may not be copied or distributed; and isnot warranted to be accurate, complete or timely. NeitherMorningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.Source: ©2019 Morningstar, Inc. All rights reserved.

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 in anindex.Important Risk Information. An investment in the Fund(s) issubject to risks, and you could lose money on your investment inthe Fund(s). There can be no assurance that the Fund(s) willachieve its investment objective. Your investment in the Fund(s) isnot a deposit in a bank and is not insured or guaranteed by theFederal Deposit Insurance Corporation (FDIC) or any othergovernment agency. The risks associated with an investment inthe Fund(s) can increase during times of significant marketvolatility. The Fund(s) also has specific principal risks, which aredescribed below. More detailed information regarding these riskscan be found in the Fund’s prospectus.The principal risks of investing in the Calamos Growth andIncome Fund include: convertible securities risk consisting of thepotential for a decline in value during periods of rising interestrates and the risk of the borrower to miss payments, syntheticconvertible instruments risk consisting of fluctuations inconsistentwith a convertible security and the risk of components expiringworthless, equity securities risk, growth stock risk, small andmidsized company risk, interest rate risk, credit risk, liquidity risk,high yield risk, forward foreign currency contract risk and portfolioselection risk.Before investing, carefully consider the fund’s investmentobjectives, risks, charges and expenses. Please see theprospectus and summary prospectus containing this andother information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemedas a 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 Sec-tor Weightings table also excludes any security class that is not assigned to a GICS sector, such as but not limited to government/sov-ereign bonds, mutual funds or index options. You can obtain a complete listing of holdings by visiting www.calamos.com.

FUND INFORMATION A SHARES C SHARES I SHARES

Inception Date 9/22/88 8/5/96 9/18/97Ticker Symbol CVTRX CVTCX CGIIXCUSIP Number 128119104 128119831 128119872

Minimum Initial/Subsequent Investment

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

IRA Initial Investment $500 $500 N/A

Sales Load/Maximum Sales Charge Front-End/4.75% Level-Load/1.00% N/A

Total Expense Ratio† 1.12% 1.87% 0.87%Distribution Quarterly dividends; annual capital gainsObjective High long-term total return through growth and current income

†As of prospectus dated 3/1/18.

LARGEST 10 HOLDINGS* INDUSTRY %

Microsoft Corp. Systems Software 3.6Apple, Inc. Technology Hardware, Storage & Peripherals 3.1Amazon.com, Inc. Internet & Direct Marketing Retail 2.7Alphabet, Inc. - Class A Interactive Media & Services 2.6Johnson & Johnson Pharmaceuticals 1.9JPMorgan Chase & Company Diversified Banks 1.8UnitedHealth Group, Inc. Managed Health Care 1.5Bank of America Corp. Diversified Banks 1.5Visa, Inc. - Class A Data Processing & Outsourced Services 1.3Facebook, Inc. - Class A Interactive Media & Services 1.2TOTAL 21.3

CREDIT QUALITY OF BONDS

FUND%

ICE BOFAML ALL USCONVERT EX MAND INDEX

%

AAA 10.0 0.1AA 8.0 0.0A 8.5 4.0

BBB 12.9 14.0BB 10.0 10.9B 4.2 11.5CCC and below 0.0 1.6Unrated Securities 46.4 57.9

Bond credit quality allocation reflects the higher of the ratings of Stan-dard & Poor’s Corporation or Moody’s Investors Service, Inc. Ratings arerelative, subjective and not absolute standards of quality, represent theopinions of the independent, Nationally Recognized Statistical RatingOrganizations (NRSRO), and are adjusted to the Standard & Poor’s scaleshown. Ratings are measured using a scale that typically ranges fromAAA (highest) to D (lowest). The security’s credit rating does not elimi-nate risk. The table excludes equity securities, cash and cash equivalents.For more information about securities ratings, please see the Fund’sStatement of Additional Information at www.calamos.com. Additionalinformation on ratings methodologies are available by visiting theNRSRO websites: www.standardandpoors.com and www.moodys.com.