NOT FDIC INSURED | MAY LOSE VALUE NO 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 Funds The fund’s load-waived Class I shares had 4 stars for 3 years, 5 stars for 5 years, and 5 stars for 10 years out of 322, 280 and 196 Allocation -70% to 85% Equity funds, respectively, for the period ended 12/31/18. OVERVIEW The fund invests primarily in U.S. equity and convertible securities in an attempt to balance risk/reward while providing growth and income. KEY FEATURES » Leverages more than four decades of research experience combining equities and convertible holdings to provide equity-like participation » Provides a core holding option that aims to maintain a consistent risk posture throughout the market cycle » Research-driven approach identifies opportunities by combining top-down analysis with a research focus on key growth characteristics PORTFOLIO FIT The fund can provide a long-term core allocation to equities with the potential for lower volatility. FUND TICKER SYMBOLS A Shares C Shares I Shares CVTRX CVTCX CGIIX † Morningstar ratings shown are for Class I shares and do not include any front-end sales load. Not all investors have access to or may invest in the share class shown. Other share classes with front-end or back-end sales charges may have different ratings than 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 Yield Increase (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 the fund’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 Fund I Shares - at NAV (Inception–9/18/97) A Shares - at NAV (Inception–9/22/88) A Shares - Load adjusted S&P 500 Index ICE BofAML All US Convert ex Mand Index Morningstar Allocation - 70%-85% Equity Category 1-YEAR -3.63% -3.87 -8.44 -4.38 0.65 3-YEAR 6.50% 6.25 4.54 9.26 9.16 5-YEAR 5.77% 5.52 4.50 8.49 6.70 10-YEAR 9.97% 9.70 9.17 13.12 12.60 SINCE A SHARE INCEPTION N/A% 10.52 10.35 10.02 9.13 SINCE I SHARE INCEPTION 8.89% N/A N/A 6.67 7.16 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 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. 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 certain other 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 will achieve its investment objective. 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. Performance reflected at NAV does not include the Fund’s maximum front-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
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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.
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
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
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.