Calamos Convertible Fund

1 NOT FDIC INSURED | MAY LOSE VALUENO BANK GUARANTEECONVERTIBLE DATA AS OF3/31/21 OVERVIEWThe fund invests primarily inconvertible securities of that are diversifiedacross market sectors and FEATURES Leverages more than four decadesof research in Convertible securityinvesting. Provides diversification acrossmarket sectors and credit quality,emphasizing midsize companieswith higher-quality balance sheets. Seeks to provide upsideparticipation in equity marketswith less exposureto downsidethan an equity-only portfolio over afull market cycle. Takes environmental, social andgovernance (ESG) factors intoaccount,evaluating whether theyimpact a company s cash flow, riskprofile and long-term FITWhen used in conjunction with anequity allocation, the fund offers apotential way to manage risk byemploying securities that engage inupside equity movements withlimited downside TICKER SYMBOLSA Shares C Shares I SharesCCVIX CCVCX CICVXC onvertibles Can Provide What Market Timing Can tConvertible bonds have both equity and fixed income attributes, and this hybrid nature has historicallyproven valuable in periods of volatility.

2 Convertibles are able to participate in equity market upside whilegenerally being less susceptible to market drawdowns. This is far more preferable than trying to timemarket entrances and exits.*Returns for periods of less than 12 months are not are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 6/30/97, since comparativeindex data is available only for full monthly periods. Sources: Morningstar, State Street Corporation and Lipper, YEAR RETURNS (%) Calamos Convertible fund I Shares - at NAVC alamos Convertible fund A Shares - at NAVICE BofA All Convertibles ANNUAL RETURNS (%) Calamos Convertible FundI Shares - at NAV(Inception 6/25/97)A Shares - at NAV(Inception 6/21/85)A Shares - Load adjustedICE BofA All Convertibles IndexS&P 500 IndexMorningstar Convertibles BofA All Convertibles Index (VXA0) returns start date is 12/31 calculating net investment income, all applicable fees and expenses are deducted from the year returns measure net investment income and capital gain or loss from portfolio investments for each period annual total return measures net investment income and capital gain or loss from portfolio investments as an annualizedaverage.

3 All performance shown assumes reinvestment of dividends and capital gains distributions. The fund also offers Class C shares,the performance of which may 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 can be no assurance that the fund willachieve its investment Convertible fund (I Shares at NAV)S&P 500 IndexINTERNET BUBBLE CRASH 4/1/00-3/31/03 RECOVERY 4/1/03-10/31/07 FINANCIAL CRISIS 11/1/07-2/28/09 RECOVERY 3/1/09-12/31/19 TECH BULL MARKET SINCE INCEPTION-3/31 of market upside15% of market downside79% of market upside55% of market downside58% of Market UpsideGrowth of $10,000 (log scale)90% of Market DownsidePOST-COVID REFLATION4/1/20-3/31 RETURN (%)

4 *$7,500$75,00019971998199920002001200220 0320042005200620072008200920102011201220 132014201520162017201820192020$81,516$81 ,424$10,0 00 PANDEMIC DRAWDOWN1/1/20-3/31/20100% of Market Convertible FundPerformance data quoted represents past performance, which is no guarantee of future 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 it been included, the fund s return would have been lower. You canobtain performance data current to the most recent month end by visiting Convertible fund : MANAGING RISK OVER MARKET CYCLES SINCE INCEPTIONYTD DATA AS OF3/31/21 Calamos Financial Services LLC, Distributor2020 Calamos Court| Naperville, IL | | 2021 Calamos Investments LLC.

5 All Rights and Calamos Investments are registered trademarks ofCalamos Investments 601 0321Q RFUND FACTSFUNDICE BOFA ALL of Holdings122544 Total Net Assets$1, MN/APortfolio Turnover(12 months) StandardDeviation (5-Year) (5-Year) WEIGHTINGS* fund %ICE BOFA ALL %Information QUALITYALLOCATIONOF BONDSFUND %ICE BOFA ALL % and credit quality allocation reflects the higher of the ratingsof Standard & Poor s Corporation; Moody s Investors Service,Inc. Ratings are relative, subjective and not absolute standardsof quality, represent the opinions of the independent, NationallyRecognized Statistical Rating Organizations (NRSRO), and areadjusted to the Standard & Poor s scale shown. Ratings aremeasured using a scale that typically ranges from AAA (highest)to D (lowest). The security s credit rating does not eliminate table excludes equity securities, cash and cash more information about securities ratings, please see theFund s Statement of Additional Information Additional information on ratingsmethodologies are available by visiting the NRSRO and are managed according to their respectivestrategies which may differ significantly in terms of securityholdings, industry weightings, and asset allocation from thoseof the benchmark(s).

6 Portfolio performance, characteristicsand volatility may differ from the benchmark(s) shown. Pleaserefer to Important Risk standard deviation is a statistical measure of thehistorical volatility of a mutual fund or portfolio, usuallycomputed using 36 month is a historic measure ofa portfolio s relative volatility, which is one of the measures ofrisk; a beta of reflects half the market s volatility asrepresented by the strategy s primary benchmark, while a betaof 2 reflects twice the premium is theamount by which the market price of a Convertible bond orconvertible preferred exceeds the conversion value, expressed asa percentage. It is a gauge of equity is the amount that the market price of the convertibleis above its investment value, expressed as a percentage. It is agauge of equity turnover is thepercentage of assets in a portfolio that changed over a certainperiod, often a year; higher turnover indicates greater buyingand selling BofA All Convertibles Index (VXA0) comprisesapproximately 700 issues of only Convertible bonds andpreferreds of all qualities.

7 Source ICE Data Indices, LLC, usedwith permission. ICE permits use of the ICE BofA indices andrelated data on an as is basis, makes no warrantiesregarding same, does not guarantee the suitability, quality,accuracy, timeliness, and/or completeness of the ICE BofAIndices or data included in, related to, or derived therefrom,assumes no liability in connection with the use of theforegoing and does not sponsor, endorse or recommendCalamos Advisors LLC or any of its products or 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.

8 TheS&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 stock-market performance. CUSIP identifiers have been provided by CUSIP Global Services,managed on behalf of the American Bankers Association byS&P Global 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. Unmanaged index returnsassume reinvestment of any and all distributions and, unlikefund returns, do not reflect fees, expenses or sales cannot invest directly in an 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.

9 Your investment in theFund(s) is not a deposit in a bank and is not insured orguaranteed by the Federal Deposit Insurance Corporation(FDIC) or any other government agency. The risks associatedwith an investment in the fund (s) can increase during times ofsignificant market volatility. The fund (s) also has specificprincipal risks, which are described below. More detailedinformation regarding these risks can be found in the fund principal risks of investing in the Calamos Convertible Fundinclude a potential decline in the value of Convertible securitiesduring periods of rising interest rates and the possibility of theborrower missing payments. The credit standing of the issuer andother factors may also affect a Convertible security s investmentvalue. Synthetic Convertible instruments may fluctuate and performinconsistently with an actual Convertible security, and components ofa synthetic Convertible can expire worthless.

10 The fund may also besubject to foreign securities risk, equity securities risk, credit risk,high yield risk, portfolio selection risk and liquidity 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 investing, carefully consider the fund s investmentobjectives, risks, charges and expenses. Please see theprospectus and summary prospectus containing this and otherinformation which can be obtained by calling it carefully before 10 HOLDINGS*INDUSTRYSECURITY DESCRIPTION%Microchip Technology, Cv Due , Cv Due Caribbean Cruises, , Resorts & Cruise Cv Due Technologies, Cv Due , Software0% Cv Due , Cv Payments, Processing & Outsourced Services0% Cv Due Airlines Cv Due Holdings, & Direct Marketing Cv Due Care Cv Due INFORMATIONA SHARESC SHARESI SHARESI nception Date6/21/857/5/966/25/97 Ticker SymbolCCVIXCCVCXCICVXCUSIP Number128119401128119823128119864 Minimum Initial/Subsequent Investment$2,500/$50$2,500/$50$1,000,000 /$0 IRA Initial Investment$500$500N/ASales Load/Maximum Sales ChargeFront- Expense Ratio dividends.