Objective
Fund Objective
High long-term total return through capital appreciation and current income
Investment Strategy
- Offers a defensive approach to equity exposure by applying dynamic asset allocation on a global scale
- Attempts to maintain a consistent balance between risk and reward over the course of different global market cycles by strategically investing across a combination of stocks, bonds, and convertible securities
- Emphasizes countries espousing free-market principles
Investor Profile
This Fund may be suitable for investors who seek:
- A risk-managed approach to pursuing growth opportunities around the world
- A portfolio of securities representing various-sized companies from multiple countries
- A strategy designed to enhance return by providing broad global diversification with less volatility than typical stock-only investments
Investment Management Team
The long-standing team has a proven track record of risk-managed portfolio construction; 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 7/23/08 -13.69%
| Month–End Performance as of 6/30/08 |
| |
Annualized Total Return |
| 1-Year |
3-Year |
5-Year |
10-Year |
Since Inception |
| NAV |
-6.87% |
10.56% |
10.61% |
8.11% |
10.29% |
| Load-Adjusted |
-11.29% |
8.77% |
9.53% |
7.57% |
9.83% |
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 1.38% as of 10/31/07.
How $10,000 Grew September 9, 1996 - June 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. MSCI World GD Index data shown from 8/31/96, 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 |
| 13.99% |
15.89% |
19.16% |
8.69% |
22.61% |
| CALENDAR 2002 |
CALENDAR 2001 |
CALENDAR 2000 |
CALENDAR 1999 |
CALENDAR 1998 |
| -5.40% |
-7.00% |
-5.86% |
47.22% |
14.09% |
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 benchmark) during the last down-market cycle. The Fund also participated strongly in the most recent up-market cycle.
Investors cannot invest directly in an index. See below for important risk information. Source: State Street Corporation and Lipper.
| DISTRIBUTIONS PREVIOUS 4 QUARTERS - A SHARES |
| Q1 2007 |
Income |
0.00000 |
| Q2 2007 |
Income |
0.00000 |
| Q3 2007 |
Income |
0.00000 |
| Q4 2007 |
Income
Cap Gains |
0.00000
0.72488 |
 View all Funds' Quarterly Distributions
Composition as of 6/30/08
Fund Composition  View All Holdings |
| Number of Holdings |
113 |
| Total Net Assets |
$1,180,437,238 |
| Turnover (12 mos.) |
107.8% |
| Annualized Standard Deviation (9/30/96) |
12.33% |
| Beta (9/30/96) vs. S&P 500 |
0.64 |
| Net Expense Ratio as of 10/31/07 |
1.38% |
See Notes
| Asset Allocation* |
| Common Stock |
52.7% |
| Convertible Bonds |
35.8% |
| Convertible Preferred Stock |
8.8% |
| Synthetic Convertibles |
2.3% |
| Cash and Receivables/Payables |
0.4% |
| Warrants |
0.0% |
| Corporate Bonds |
0.0% |
| Options |
0.0% |
| Preferred Stock |
0.0% |
| Other |
0.0% |
| Top 10 Country Allocation* |
| United States |
32.1% |
| Switzerland |
10.1% |
| Japan |
8.9% |
| Germany |
8.7% |
| United Kingdom |
7.1% |
| Cayman Islands |
4.5% |
| Australia |
4.1% |
| France |
3.9% |
| Denmark |
2.7% |
| Brazil |
2.6% |
| Regional Allocation*,† |
| Europe |
37.5% |
| North America |
32.1% |
| Asia/Pacific |
17.1% |
| Caribbean |
6.9% |
| Latin America |
3.6% |
| Middle East/Africa |
2.4% |
| Sector Weightings* |
| Information Technology |
29.3% |
| Financials |
15.8% |
| Health Care |
13.2% |
| Energy |
11.4% |
| Industrials |
11.0% |
| Consumer Discretionary |
9.8% |
| Materials |
3.5% |
| Consumer Staples |
3.5% |
| Telecommunication Services |
2.1% |
| Utilities |
0.0% |
| Top 10 Holdings* |
| Nintendo Company, Ltd. |
4.2% |
| Alcon, Inc. |
3.8% |
| Novo Nordisk, AS - B Shares |
2.7% |
| Transocean, Inc. |
2.1% |
| CSL, Ltd. |
2.1% |
| Autonomy Corp. PLC |
2.1% |
| Bayer, AG |
2.1% |
| eBay, Inc. |
2.0% |
| Swatch Group, AG |
2.0% |
| NC International, Ltd. (Nikon Corp.) |
2.0% |
| Total |
25.1% |
| Market Capitalization of Equities* |
| Small Cap (2 & Below) |
0.0% |
| Medium/Small Cap (2 - 5) |
6.1% |
| Medium Cap (5 - 17) |
12.7% |
| Medium/Large Cap (17 - 55) |
48.8% |
| Large Cap (55 & Above) |
32.4% |
| Median Market Cap |
$32,315,291,347 |
| Weighted Average Market Cap |
$49,412,898,452 |
| Bond Allocation* |
| Weighted Average Credit Quality |
BBB |
| Weighted Average Duration |
3.07 years |
| Weighted Average Maturity |
5.92 years |
See Notes
| Credit Quality Allocation of Bonds |
| AAA |
1.1% |
| AA |
11.9% |
| A |
21.8% |
| BBB |
28.6% |
| BB |
33.5% |
| B |
3.1% |
| CCC and below |
0.0% |
| Not Rated |
0.0% |
See Notes
| Maturity Schedule |
| Less than 1 Year |
3.9% |
| 1 - 5 Years |
78.8% |
| Maturity Schedule - 5 To 10 Years |
11.1% |
| Maturity Schedule - 10 To 20 Years |
0.0% |
| Maturity Schedule - 20 To 30 Years |
6.2% |
| 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 |
9/9/96 |
9/11/00 |
9/24/96 |
| Ticker symbol |
CVLOX |
CVLDX |
CVLCX |
| CUSIP number |
128119500 |
128119732 |
128119708 |
| 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 |
9/9/96 |
| Ticker Symbol |
CVLOX |
| CUSIP |
128119500 |
| Daily Prices as of 7/23/08 |
| NAV |
9.90 |
| NAV Change |
0.01 |
Yield Information
as of 6/30/08 |
SEC Yield
(A Shares) |
0.20% |
Distribution Rate
(NAV) |
0.00% |
| 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
The Fund may invest up to 100% of its assets in foreign securities and in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.
The Fund may also invest in small company issues, which typically present greater risks than larger, more established companies, and in lower-rated securities, which may present greater risks than investments in higher-rated securities.
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.
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.
MSCI® World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.
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 directly in an index.
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