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Calamos Growth Fund
Class A Shares (CVGRX)
Objective
Fund Objective
Long-term capital growth
Investment Strategy
- Blends rigorous economic and broad themes analysis with intensive company and security research seeking to identify businesses with higher growth relative to peers
- Determines the quality and sustainability of a company's growth by assessing its fundamentals and management among other factors
- Uses proprietary valuation models to ascertain a stock's return potential
- Adheres to strict risk-management guidelines in constructing the portfolio and assessing a security's fit within the portfolio
Investor Profile
This Fund may be suitable for investors who seek:
- A portfolio that pursues the highest potential U.S. growth opportunities regardless of company size or industry
- A relatively aggressive yet diversified way to participate in the U.S. stock market's long-term growth potential
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.
Calamos Investments Approach to Growth
- Identify what we believe to be the best growth companies using quantitative screens
- Apply fundamental analysis using Calamos' proprietary stock evaluation models to assess the sustainability of a company's growth
- Because great companies are not always great investments, we use a proprietary cash flow valuation model to help assess overall price and return potential
- In constructing the portfolio, we apply strict risk-management guidelines to determine how individual securities fit in the overall portfolio
Performance
YTD Return as of 7/23/08 -13.86%
| Month–End Performance as of 6/30/08 |
| |
Annualized Total Return |
| 1-Year |
3-Year |
5-Year |
10-Year |
Since Inception |
| NAV |
-0.90% |
8.16% |
11.87% |
14.40% |
16.37% |
| Load-Adjusted |
-5.61% |
6.43% |
10.79% |
13.85% |
16.05% |
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 1.21% as of 10/31/07.
How $10,000 Grew September 4, 1990 - 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. Russell Midcap Growth Index and S&P 500 Index data shown is from 8/31/90, 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 |
| 23.26% |
1.45% |
8.47% |
18.65% |
42.34% |
| CALENDAR 2002 |
CALENDAR 2001 |
CALENDAR 2000 |
CALENDAR 1999 |
CALENDAR 1998 |
| -15.88% |
-7.68% |
26.59% |
77.70% |
27.31% |
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, Lipper and Russell/Mellon Analytical Services LLC.
| DISTRIBUTIONS PREVIOUS 4 YEARS - A SHARES |
| 2004 |
Income
Cap Gains |
0.00000
0.14322 |
| 2005 |
Income
Cap Gains |
0.00000
2.34410 |
| 2006 |
Income
Cap Gains |
0.00000
1.96678 |
| 2007 |
Income
Cap Gains |
0.00000
7.56493 |
 View all Funds' Quarterly Distributions
Composition as of 6/30/08
Fund Composition  View All Holdings |
| Number of Holdings |
171 |
| Total Net Assets |
$13,977,846,248 |
| Turnover (12 mos.) |
69.0% |
| Annualized Standard Deviation (9/30/90) |
21.95% |
| Beta (9/30/90) vs. S&P 500 |
1.03 |
| Net Expense Ratio as of 10/31/07 |
1.20% |
See Notes
| Asset Allocation* |
| Common Stock |
98.4% |
| Cash and Receivables/Payables |
1.6% |
| US Government Securities |
0.0% |
| Warrants |
0.0% |
| Convertible Preferred Stock |
0.0% |
| Convertible Bonds |
0.0% |
| Corporate Bonds |
0.0% |
| Options |
0.0% |
| Preferred Stock |
0.0% |
| Other |
0.0% |
| Sector Weightings* |
| Information Technology |
35.0% |
| Industrials |
15.9% |
| Energy |
13.2% |
| Consumer Discretionary |
13.0% |
| Health Care |
8.2% |
| Materials |
5.2% |
| Financials |
4.2% |
| Telecommunication Services |
3.1% |
| Consumer Staples |
0.6% |
| Utilities |
0.0% |
| Top 10 Holdings* |
| Apple, Inc. |
4.1% |
| Google, Inc. |
4.1% |
| Research In Motion, Ltd. |
3.5% |
| Gilead Sciences, Inc. |
3.2% |
| Nike, Inc. |
2.3% |
| Transocean, Inc. |
2.2% |
| Amazon.com, Inc. |
1.8% |
| Nintendo Company, Ltd. |
1.4% |
| Baidu.com, Inc. |
1.3% |
| Noble Corp. |
1.3% |
| Total |
25.2% |
| Market Capitalization of Equities* |
| Small Cap (2 & Below) |
7.3% |
| Medium/Small Cap (2 - 5) |
19.6% |
| Medium Cap (5 - 17) |
30.3% |
| Medium/Large Cap (17 - 55) |
22.9% |
| Large Cap (55 & Above) |
19.9% |
| Median Market Cap |
$5,475,840,000 |
| Weighted Average Market Cap |
$36,724,079,573 |
* The portfolio is actively managed. 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. Fund composition weightings are based on net assets.
† Companies are classified geographically according to their country of incorporation.
Fund Information
| Fund Information |
| |
A Shares |
B Shares |
C Shares |
| Inception date |
9/4/90 |
9/11/00 |
9/3/96 |
| Ticker symbol |
CVGRX |
CVGBX |
CVGCX |
| CUSIP number |
128119302 |
128119740 |
128119856 |
| 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 |
Annual dividends; annual capital gains |
|
Fund Snapshot
| Class A Shares |
| Inception Date |
9/4/90 |
| Ticker Symbol |
CVGRX |
| CUSIP |
128119302 |
| Daily Prices as of 7/23/08 |
| NAV |
50.52 |
| NAV Change |
0.01 |
| See Notes |
| | Distributions |
|---|
| Dividends | Annual | | Capital Gains | Annual |
| Literature |
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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 in mid-size and small companies which present greater risk and higher volatility than investments in larger companies. The Fund may also 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 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.
Russell Midcap® Growth Index—Measures the performance of those Russell Midcap companies whose average market capitalization is approximately $4.2 billion, with higher price-to-book ratios and higher growth values.
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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