Convertible Fund Reopens

"We're pleased to reopen our convertible mutual fund to new investors at what we consider to be an opportune time to invest in these unique hybrid securities", said John P. Calamos, Sr., Chief Executive Officer and Global Co-Chief Investment Officer of Calamos Investments. "An improving global economy and widening spreads have boosted interest in the asset class by issuers, resulting in an improving and diversified convertible market that we expect will become more robust. Moreover, during periods of rising rates and economic expansion, convertibles have historically outperformed their more traditional fixed-income counterparts."

Calamos has been a pioneer and long-time champion of the convertible asset class, launching the fund in 1985, as one of the first convertible mutual funds.

John P. Calamos Sr. Discusses Reopening of the Convertible Fund

John P. Calamos Sr. Discusses Reopening of the Convertible Fund

Video recorded 9/10/2013. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than... [Read full disclosure »]
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Video recorded 9/10/2013. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. For the most recent fund performance information, visit www.calamos.com.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. The opinions and views of third parties do not represent the opinions or views of Calamos Investments LLC. Opinions referenced are as of the day recorded and are subject to change due to changes in the market, economic conditions or changes in the legal and/or regulatory environment and may not necessarily come to pass. This information is provided for informational purposes only and should not be considered tax, legal, or investment advice.

The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

Equity securities are subject to "stock market risk" meaning that stock prices in general (or in particular, the prices of the types of securities in which a fund invests) may decline over short or extended periods of time.

Fixed income securities are subject to interest rate risk. If rates increase, the value of fixed income investments generally declines.

Important Fund Risk Information
An investment in the fund is sub¬ject to risks, and you could lose money on your investment in the fund. There can be no assurance that the fund will achieve its investment objective. Your investment in the fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the fund can increase during times of significant market volatility. The fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the fund's prospectus.

The principal risks of investing in the Calamos Convertible Fund include: the risk that convertible securities may decline in value during periods of rising interest rates, the risk that synthetic convertible instruments may react differently to market conditions than convertibles, the risk that foreign securities will be negatively affected by exchange rate fluctuations or political upheaval, the risk of a general decline in the equity markets, the risk that issuers may experience a downgrade in credit rating, the heightened risk of default. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

Calamos Investments LLC
2020 Calamos Court | Naperville, IL 60563-2787
800.582.6959 | www.calamos.com | caminfo@calamos.com

© 2013 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Convertibles in Rising Rates

Convertible securities have fixed-income qualities and can be affected by rising interest rates, but they also can take on equity qualities because of the option to convert them into a predetermined number of issuer shares. When the 10-year Treasury yield rose more than 100 basis points, Convertible returns tended to more closely reflect equity returns than bond returns.

Preparing Your Portfolio for Rising Rates

Convertible securities may be a creative way to adjust your portfolio to potentially reduce interest rate sensitivity without increasing direct equity exposure.

To learn more visit the Fund Page.