Objective
Fund Objective
Current income with a secondary objective of growth
Investment Strategy
- Invests in convertible securities issued by both U.S. and foreign companies
- Emphasizes diversification across market sectors and credit quality, favoring mid-sized companies with higher-quality balance sheets
- Utilizes a highly disciplined strategy which seeks to enhance investment returns while managing risk
Investor Profile
This Fund may be suitable for investors who seek:
- Current income as well as capital growth potential
- An investment which provides the growth potential of equities along with the income and limited downside potential typical of fixed income
Investment Management Team
Calamos Investments helped to establish the merits of a convertible strategy that combines equity exposure with the potential for downside protection; John P. Calamos, Sr. and Nick P. Calamos, who have managed the Fund since inception, have experience in the investment industry dating back to 1970 and 1983, respectively.
Performance
YTD Return as of 1/5/09 2.69%
| Month–End Performance as of 12/31/08 |
| |
Annualized Total Return |
| 1-Year |
3-Year |
5-Year |
10-Year |
Since Inception |
| NAV |
-25.88% |
-3.87% |
-0.36% |
4.98% |
8.94% |
| Load-Adjusted |
-29.41% |
-5.42% |
-1.32% |
4.47% |
8.71% |
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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
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. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.
The Fund's gross expense ratio is 1.13% as of 10/31/07.
How $10,000 Grew June 21, 1985 - September 30, 2008
The chart below shows how a hypothetical $10,000 investment in the Fund performed versus the indices since the Fund's inception.
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 included, the Fund's return would have been lower. Source: State Street Corporation, Lipper, Inc. and Russell/Mellon Analytical Services LLC. Value Line Convertible Index and Lehman Brothers Government/Credit Index data shown is from 6/30/85, since comparative index data is only available for full monthly periods.
See Notes 
| Calendar Year Returns - A Shares at NAV |
| CALENDAR 2007 |
CALENDAR 2006 |
CALENDAR 2005 |
CALENDAR 2004 |
CALENDAR 2003 |
| 9.83% |
9.12% |
2.82% |
7.54% |
25.01% |
| CALENDAR 2002 |
CALENDAR 2001 |
CALENDAR 2000 |
CALENDAR 1999 |
CALENDAR 1998 |
| -4.56% |
-4.28% |
7.25% |
35.11% |
11.64% |
Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.
Average Annual Returns in Up and Down Markets
Focusing on risk management and investing for the long term, the Fund's disciplined investment process provided downside protection relative to the market (as measured by the Value Line Convertible Index) during the last down-market cycle. The Fund also participated strongly in the most recent up-market cycle.Up and down markets are based on up and down years for the S&P 500 Index.
Investors cannot invest directly in an index. See below for important risk information. Source: State Street Corporation, Lipper and Russell/Mellon Analytical Services LLC.
| DISTRIBUTIONS PREVIOUS 4 QUARTERS - A SHARES |
| Q4 2007 |
Cap Gains |
0.06397 |
| Q4 2007 |
Income |
0.47517 |
| Q1 2008 |
Income |
0.00000 |
| Q2 2008 |
Income |
0.00000 |
| Q3 2008 |
Income |
0.00000 |
 View all Funds' Quarterly Distributions
Composition as of 9/30/08
Fund Composition  View All Holdings |
| Number of Holdings |
81 |
| Total Net Assets |
$493,944,807 |
| Turnover (12 mos.) |
82.2% |
| Annualized Standard Deviation (6/30/85) |
11.14% |
| Beta (6/30/85) vs. Value Line Convertible Index |
0.86 |
| Net Expense Ratio as of 10/31/07 |
1.13% |
See Notes
| Asset Allocation* |
| Convertible Bonds |
67.4% |
| Common Stock |
17.8% |
| Synthetic Convertibles |
6.7% |
| Convertible Preferred Stock |
6.5% |
| Cash and Receivables/Payables |
1.6% |
| Corporate Bonds |
0.0% |
| Options |
0.0% |
| Other |
0.0% |
| Preferred Stock |
0.0% |
| Warrants |
0.0% |
| Sector Weightings* |
| Information Technology |
24.4% |
| Health Care |
20.3% |
| Consumer Discretionary |
13.2% |
| Energy |
12.4% |
| Industrials |
9.8% |
| Financials |
9.7% |
| Consumer Staples |
4.9% |
| Telecommunication Services |
2.8% |
| Materials |
0.9% |
| Utilities |
0.0% |
| Top 10 Holdings* |
| EMC Corp. |
3.6% |
| Transocean, Inc. |
3.4% |
| Gilead Sciences, Inc. |
3.3% |
| Molson Coors Brewing Company |
3.0% |
| Beckman Coulter, Inc. |
3.0% |
| Symantec Corp. |
2.8% |
| Intel Corp. |
2.6% |
| Nike, Inc. |
2.5% |
| Danaher Corp. |
2.4% |
| Carnival Corp. |
2.3% |
| Total |
28.9% |
| Bond Allocation* |
| Weighted Average Credit Quality |
BBB |
| Weighted Average Duration |
3.79 years |
| Weighted Average Maturity |
5.98 years |
See Notes
| Credit Quality Allocation of Bonds |
| AAA |
0.7% |
| AA |
4.8% |
| A |
34.8% |
| BBB |
31.9% |
| BB |
22.0% |
| B |
5.8% |
| CCC and below |
0.0% |
| Not Rated |
0.0% |
See Notes
| Maturity Schedule |
| Less than 1 Year |
4.2% |
| 1 - 5 Years |
78.1% |
| Maturity Schedule - 5 To 10 Years |
13.0% |
| Maturity Schedule - 10 To 20 Years |
1.2% |
| Maturity Schedule - 20 To 30 Years |
3.5% |
| Maturity Schedule - > 30 Years |
0.0% |
| Maturity Schedule - Equities & Other |
0.0% |
Please note that the maturity schedule is for the fixed-income portion of the portfolio.
* The portfolios of the underlying funds are actively managed. Holdings, weightings and allocations 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. Fund composition weightings are based on net assets. Sector weightings do not include the government bond portion of synthetic convertibles. Diversification does not eliminate risk.
† Companies are classified geographically according to their country of incorporation.
Fund Information
| Fund Information |
| |
A Shares |
B Shares |
C Shares |
| Inception date |
6/21/85 |
9/11/00 |
7/5/96 |
| Ticker symbol |
CCVIX |
CALBX |
CCVCX |
| CUSIP number |
128119401 |
128119773 |
128119823 |
| Minimum initial investment |
$2,500 |
$2,500 |
$2,500 |
| Minimum subsequent investments |
$50 |
$50 |
$50 |
| IRA initial investment |
$500 |
$500 |
$500 |
| Sales load |
Front-end |
Back-end |
Level-load |
| Maximum Sales Charge |
4.75% |
5.00% |
1.00% |
| Distributions |
Quarterly dividends; annual capital gains |
|
Fund Snapshot
| Class A Shares |
| Inception Date |
6/21/85 |
| Ticker Symbol |
CCVIX |
| CUSIP |
128119401 |
| Daily Prices as of 1/5/09 |
| NAV |
14.90 |
| NAV Change |
0.10 |
Yield Information
as of 11/30/08 |
SEC Yield
(A Shares) |
3.47% |
Distribution Rate
(NAV) |
3.44% |
| See Notes |
| | Distributions |
|---|
| Dividends | Quarterly | | Capital Gains | Annual |
| Literature |
|
|
|
Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.
NOT FDIC INSURED 
NO BANK GUARANTEE MAY LOSE VALUE
Calamos Financial Services LLC, Distributor
Important Fund Information
In addition to market risk, there are certain other risks associated with an investment in a convertible bond, such as default risk, the risk that the company issuing debt securities will be unable to repay principal and interest, and interest rate risk, the risk that the security may decrease in value if interest rates increase.
You should also know that the Fund may invest up to 25% of its assets in the securities of foreign issuers. 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.
NOTES
Annualized Standard Deviation—A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.
Beta—Is a historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.
Bond Credit Quality—Reflects the higher of the ratings of Standard & Poor's Corporation or Moody's Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities, non-rated bonds and cash.
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.
Distribution Rate—The percentage rate at which a fund distributes income to its shareholders. It is calculated by dividing a fund's annual distributions by its current price; this figure can vary from the SEC yield of the same fund because of the multiple ways of treating different asset classes.
Lehman Brothers Government/Credit Index—Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market.
S&P 500 Index—Is generally considered representative of the U.S. stock market.
SEC Yield—The current (SEC) yield reflects the dividends and interest earned by the High Yield Fund during the 30-day period ended as of the date of this piece after deducting the Fund's expenses for that same period.
Value Line Convertible Index—Is an equally weighted index of the largest convertibles, representing 90% of the 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 directly in an index.
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