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Convertible Fund (CICVX)

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Fund Details

As of 5/21/19
Inception Date:
6/25/97
Current NAV:
$14.93
$ Change:
$0.11
% Change:
0.74%
Net Assets*
680.4 M
(*Total Net Assets as of 3/31/19)

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Overview

The fund invests primarily in convertible securities of U.S. companies that are diversified across market sectors and credit quality.

Key Features

  • Leverages more than four decades of research in convertible security investing
  • Provides diversification across market sectors and credit quality, emphasizing mid-sized companies with higher-quality balance sheets
  • Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle
  • Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company’s cash flow, risk profile and long-term returns

Portfolio Fit

When used in conjunction with an equity allocation, the fund offers a potential way to manage risk by employing securities that engage in upside equity movements with limited downside participation.

Return on Invested Capital

AS OF 3/31/2019

Debt/Capital

AS OF 3/31/2019

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the 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 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.

NOTES

Debt/Capital Ratio-Is a measure of a company s financial leverage, calculated as the company's debt divided by its total capital.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

ICE BofAML All U.S. Convertibles Index-Comprises of approximately 700 issues of only convertible bonds and preferreds of all qualities. 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.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Calendar Year Total Returns

AS OF 3/31/19

Annualized Total Returns

AS OF 3/31/19

Important Risk Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the 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 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.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.

ICE BofAML All U.S. Convertibles Index-Comprises of approximately 700 issues of only convertible bonds and preferreds of all qualities. 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.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. 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. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Sector Weightings

AS OF 3/31/19
% of Assets ICE BofAML All U.S. Convertibles Index
Information Technology 33.7% 32.4%
Health Care 17.8% 17.0%
Financials 9.3% 11.7%
Communication Services 8.6% 9.0%
Consumer Discretionary 7.0% 6.8%
Utilities 5.3% 5.2%
Industrials 4.7% 6.3%
Energy 4.0% 4.1%
Real Estate 3.1% 4.7%
Materials 1.0% 1.4%
Consumer Staples 0.0% 1.3%

Asset Allocation

AS OF 3/31/19

Month-End Yield

AS OF 4/30/19
30-Day SEC Yield 0.57%
Distribution Yield 14.95%

Top 10 Holdings

Adobe Logo View All Holdings AS OF 3/31/19
Company Security Type Industry
%
Palo Alto Networks, Inc. Convertible Bonds Systems Software 2.7%
Wells Fargo & Company Convertible Preferred Stocks Diversified Banks 2.6%
Microchip Technology, Inc. Convertible Bonds Semiconductors 2.5%
Splunk, Inc. Convertible Bonds Application Software 2.2%
Workday, Inc. Convertible Bonds Application Software 2.0%
Bank of America Corp. Convertible Preferred Stocks Diversified Banks 2.0%
Tesla, Inc. Convertible Bonds Automobile Manufacturers 2.0%
NextEra Energy, Inc. DECS,ACES,PRIDES Electric Utilities 1.8%
Booking Holdings, Inc. Convertible Bonds Internet & Direct Marketing Retail 1.7%
Intel Corp. Convertible Bonds Semiconductors 1.6%
Total 21.1%

Fund Facts

AS OF 3/31/19
Fund ICE BofAML All U.S. Convertibles Index
Total Net Assets $680.4 M --
# of Holdings 119 404
Duration 2.3 years 2.2 years
Median Investment Premium 23.3% 12.9%
Median Conversion Premium 24.3% 29.2%
Price/Book 2.6x --
Price/Earnings 18.0x --
Price/Sales 0.8x --
PEG Ratio 1.0x --
Debt/Capital 43.2% 53.0%
ROIC 15.2% 13.3%
Portfolio Turnover (12 months) 60.0% --

Market Capitalization

AS OF 3/31/19
Market Cap Range %
<=$0.30bil 0.0%
>$0.30bil<=$5bil 0.0%
>$5bil<=$20bil 0.0%
>$20bil<=$100bil 100.0%
>$100bil 0.0%

Top Currency Exposures

AS OF 3/31/19
Currency%
United States Dollar (USD) 100.0%

Credit Quality of Bonds

AS OF 3/31/19
Class %
AAA 1.9%
AA 2.0%
A 4.5%
BBB 11.6%
BB 7.6%
B 7.8%
CCC and below 0.0%
Unrated Securities 64.6%

Maturity Schedule

AS OF 3/31/19
%
< 1 Year 6.7%
1 To 5 Years 55.9%
5 To 10 Years 19.2%
10 To 20 Years 0.0%
20 To 30 Years 1.6%
> 30 Years 0.0%
Equities and Other 16.6%

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the 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 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.

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

NOTES

Bond Credit Quality allocation reflects the higher of the ratings of Standards & Poor’s Corporation; Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor’s scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com.

Conversion Premium-is the amount by which the market price of a convertible bond or convertible preferred exceeds the conversion value, expressed as a percentage. It is a gauge of equity participation.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund’s expenses for that same period.

Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

Distribution Yield-Is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. Distributions may include income, short-term capital gains, and long-term capital gains. Short-term and long-term capital gains represent the net trading profits realized over the trailing 12 months in the fund and are not guaranteed. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

Duration-provides a measure of the Fund’s interest rate sensitivity—the longer a fund’s duration, the more sensitive it is to shifts in interest rates

Investment Premium-is the amount that the market price of the convertible is above its investment value, expressed as a percentage. It is a gauge of equity participation.

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.

Price/Book Ratio-Is the stock's capitalization divided by its book value.

Price/Earnings Ratio-Is the current stock price over trailing 12-month earnings per share.

Price/Sales Ratio-Is a stock's capitalization divided by its sales over the trailing 12 months. ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital.

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.

ICE BofAML All U.S. Convertibles Index-Comprises of approximately 700 issues of only convertible bonds and preferreds of all qualities. 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.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Total Capital Gains

  
20170.5314
20160.0000
20150.2719
20140.8824
20131.3264
20121.5585
20111.4755
20100.6091
20090.0822
20080.0337

Schedule

   
Distributions Quarterly
Capital Gains Annually

Distributions

Choose a year  
Income Total Reinvest
1Q 2019 0.05562 0.05562 14.84000
4Q 2018 0.23904 0.23904 13.54000
3Q 2018 0.08448 0.08448 17.16000
2Q 2018 0.07321 0.07321 17.06000
1Q 2018 0.07307 0.07307 16.66000
4Q 2017 0.05585 0.05585 15.77000
3Q 2017 0.02436 0.02436 15.96000
2Q 2017 0.06955 0.06955 15.64000
1Q 2017 0.09514 0.09514 15.09000
4Q 2016 0.16737 0.16737 14.52000
3Q 2016 0.17453 0.17453 14.47000
2Q 2016 0.10897 0.10897 14.12000
1Q 2016 0.04780 0.04780 13.66000
4Q 2015 0.26961 0.26961 14.24000
3Q 2015 0.20346 0.20346 15.39000
1Q 2015 0.13483 0.13483 16.27000
4Q 2014 0.12020 0.12020 15.90000
3Q 2014 0.13117 0.13117 17.05000
2Q 2014 0.05369 0.05369 17.04000
1Q 2014 0.11970 0.11970 16.84000
4Q 2013 0.53925 0.53925 16.10000
3Q 2013 0.00000 0.00000 0.00000
2Q 2013 0.00000 0.00000 0.00000
1Q 2013 0.00000 0.00000 0.00000
4Q 2012 0.05068 0.05068 15.26000
3Q 2012 0.00000 0.00000 0.00000
2Q 2012 0.04222 0.04222 15.75000
1Q 2012 0.05709 0.05709 16.94000
4Q 2011 0.09607 0.09607 15.95000
3Q 2011 0.00000 0.00000 0.00000
2Q 2011 0.14987 0.14987 18.24000
1Q 2011 0.03958 0.03958 18.58000
4Q 2010 0.09588 0.09588 18.25000
3Q 2010 0.12196 0.12196 17.81000
2Q 2010 0.25291 0.25291 17.49000
1Q 2010 0.15643 0.15643 18.07000
4Q 2009 0.20843 0.20843 17.47000
3Q 2009 0.14923 0.14923 17.35000
2Q 2009 0.14518 0.14518 15.36000
1Q 2009 0.11863 0.11863 13.79000
4Q 2008 0.11372 0.11372 13.44000
3Q 2008 0.00000 0.00000 0.00000
2Q 2008 0.00000 0.00000 0.00000
1Q 2008 0.00000 0.00000 0.00000
Adobe Logo Most Recent Distributions

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the 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 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.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

A SharesC SharesI Shares
Total Expense Ratio 1.17 1.92 0.92

Investment Information

A SharesC SharesI Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

A SharesC SharesI Shares
Inception Date 6/21/85 7/05/96 6/25/97
Ticker Symbol CCVIX CCVCX CICVX
CUSIP number 128119401 128119823 128119864

Sales & Distribution

A SharesC SharesI Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 2.25 1.00 N/A
US Bank Fund Number 603 617 627
Distributions Quarterly dividends; annual capital gains

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the 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 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.

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.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Calamos Convertible Fund Quarterly Commentary A quarterly update of the Calamos Convertible Fund’s performance, positioning, related market commentary and outlook.
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Calamos Convertible Fund Fact Sheet The Convertible Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
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The Case for Strategic Convertible Allocations

John P. Calamos, Sr. and Eli Pars discuss the role of convertible securities within portfolios, the value of active management, and encouraging global trends within the convertible market.

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The Opportunity of Convertible Securities

Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.

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CICVX—Managing Risk Over Market Cycles Over 20 Years

Here’s how Calamos Convertible Fund has managed risk during market cycles including the Great ‘90s Bull Market, the Internet Bubble Crash and recovery, and the Financial Crisis and recovery.

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Convertibles Can Enhance a Fixed Income Allocation

Convertible bonds are a viable alternative to fixed income and have outperformed during periods of economic growth and rising rate.

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Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.
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Preparing Your Portfolio for Rising Rates

The Fed’s decision to raise interest rates can cause headwinds for portfolios with traditional fixed-income securities. Convertible securities can potentially diversify asset allocations beyond bonds and stocks.

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Calamos Strategies for Different Market Periods Illustration of equity alternatives performance in down markets and fixed income alternative performance in rising interest rate environments.
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Calamos Convertible Fund Prospectus This summary contains important information about the Class A, C, and I Convertible Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Statutory Prospectus You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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SAI The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
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Semi Annual Report The semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.
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Annual Report The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.
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