NOT FDIC INSURED | MAY LOSE VALUENO BANK GUARANTEE

U.S. EQUITY DATA AS OF 6/30/18

$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

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

g S&P 500 Index

★★★★★MORNINGSTAR OVERALL RATING™*

Among 313 Allocation -70% to 85%Equity FundsThe fund’s load-waived Class I shares had5 stars for 3 years, 5 stars for 5 years, and5 stars for 10 years out of 313, 274 and199 Allocation -70% to 85% Equityfunds, respectively, for the period ended6/30/18.

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 6/30/18. 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

YTD 2018

2.89%

2.65

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 VOAO - All ex Mand IndexMorningstar Allocation - 70%-85% Equity Category

1-YEAR

11.58%11.30

6.0214.3713.41

3-YEAR

8.97%8.716.96

11.938.91

5-YEAR

9.93%9.668.60

13.4210.78

10-YEAR

7.72%7.456.93

10.179.15

SINCE ASHARE

INCEPTION

N/A%10.9610.7810.469.51

SINCE ISHARE

INCEPTION

9.46%N/AN/A

7.207.63

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.

8.46 6.38 7.97 6.27 8.26 5.38

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.

$210,564

$191,484

U.S. EQUITY DATA AS OF 6/30/18

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.

GIFCT 602 0618Q R

Calamos Growth and Income Fund

FUND FACTS FUND S&P 500 INDEX

Number of Holdings 201 505

Total Net Assets (mil) $2,015.6 N/A

PEG Ratio 1.61x 1.69x

Portfolio Turnover(12 months)

30.9% N/A

Median MarketCapitalization (mil)

$78,000 $20,550

Weighted AverageMarket Capitalization (mil)

$267,542 $214,266

Annualized StandardDeviation (5-Year)

8.66% 9.81%

Beta (5-Year) 0.83 1.00

SECTOR WEIGHTINGS* FUND % S&P 500 INDEX %

Information Technology 24.2 26.0

Consumer Discretionary 14.0 12.9

Financials 12.2 13.8

Health Care 11.8 14.1

Industrials 9.9 9.5

Consumer Staples 5.8 7.0

Energy 5.8 6.3

Utilities 3.1 2.9

Real Estate 2.0 2.9

Telecom Services 1.5 2.0

Materials 1.3 2.6

ASSET ALLOCATION FUND %

Common Stock 70.3Convertibles 17.9Synthetic Convertibles 5.4Cash and Receivables/Payables 3.7Other 2.6Options 0.1

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: ©2017 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/$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.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Please refer to Important Risk Information.NOTESAnnualized standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 month returns. Beta is a historic measure of a portfolio’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects half the market’s volatility as represented by the strategy’s primary benchmark, while a beta of 2 reflects twice the volatility. PEG ratio is a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Portfolio turnover is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.The ICE BofAML All U.S. Convertibles ex Mandatory Index(V0A0) represents the U.S. convertible market excluding mandatory convertibles. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofAML indices and related data on an ‘as is’ basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services. Morningstar Allocation—70% to 85%Equity funds seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds and cash. These portfolios are dominated by domestic holdings and have equity exposures between 70% and 85%. The S&P 500 Index is a marketvalue weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is widely regarded as the standard for measuring U.S. stock-market performance. CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.Morningstar Ratings™ are based on risk-adjusted returns for Class I shares and will differ for other share classes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund’s monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/

LARGEST 10 HOLDINGS* INDUSTRY %

Apple, Inc. Technology Hardware, Storage & Peripherals 4.0Microsoft Corp. Systems Software 3.1Amazon.com, Inc. Internet & Direct Marketing Retail 2.8Alphabet, Inc. - Class A Internet Software & Services 2.5JPMorgan Chase & Company Diversified Banks 1.9Facebook, Inc. - Class A Internet Software & Services 1.8Johnson & Johnson Pharmaceuticals 1.7Bank of America Corp. Diversified Banks 1.6Nextera Energy, Inc. Electric Utilities 1.5Home Depot, Inc. Home Improvement Retail 1.4TOTAL 22.2

CREDIT QUALITY OF BONDS

FUND%

ICE BOFAML VOAO - ALL EXMAND INDEX %

AAA 9.8 0.1AA 6.4 0.0A 12.2 4.7BBB 14.1 14.0

BB 11.9 13.1

B 3.0 11.1CCC and below 0.0 2.0Unrated Securities 42.6 55.1

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.