Objective
Fund Objective
High current income consistent with stability of principal
Investment Strategy
- Dynamically combines complementary income-producing strategies such as convertible arbitrage and covered call writing, varying their emphasis based on market conditions
- The convertible arbitrage strategy invests in convertible securities and short sells their underlying stocks to generate income and hedge against risk
- Through covered call writing, generates income by writing (selling) options on the portfolio's equities and market indexes
- Analyzes the appreciation potential of an underlying common stock and the default risk of the convertible security by considering the issuer's financial soundness, ability to make interest and dividend payments, earnings cash flow forecast, and management quality
Investor Profile
This Fund may be suitable for investors who seek:
- The potential for an attractive income stream with relative stability of principal
- A strategy designed to provide added diversification and reduced volatility
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 -3.25%
| Month–End Performance as of 6/30/08 |
| |
Annualized Total Return |
| 1-Year |
3-Year |
5-Year |
10-Year |
Since Inception |
| NAV |
-1.56% |
3.76% |
3.41% |
6.44% |
7.79% |
| Load-Adjusted |
-6.26% |
2.09% |
2.41% |
5.93% |
7.49% |
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 1.19% 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. Lehman Brothers Government/Credit Index and Citigroup 30 Day T-Bill 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 |
| 5.93% |
8.42% |
-2.05% |
4.94% |
9.36% |
| CALENDAR 2002 |
CALENDAR 2001 |
CALENDAR 2000 |
CALENDAR 1999 |
CALENDAR 1998 |
| 6.61% |
8.49% |
10.32% |
13.69% |
10.04% |
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 during the last down-market cycle. The Fund also participated in the most recent upmarket cycle.
Investors cannot invest directly in an index. See below for important risk information. Source: State Street Corporation and Russell/Mellon Analytical Services LLC.
| DISTRIBUTIONS PREVIOUS 4 QUARTERS - A SHARES |
| Q1 2007 |
Income |
0.06035 |
| Q2 2007 |
Income |
0.08489 |
| Q3 2007 |
Income |
0.09309 |
| Q4 2007 |
Income
Cap Gains |
0.24098
0.00000 |
 View all Funds' Quarterly Distributions
Composition as of 6/30/08
Fund Composition  View All Holdings |
| Total Net Assets |
$1,578,765,993 |
| Turnover (12 mos.) |
113.8% |
| Hedge Ratio |
35.27% |
| Net Expense Ratio as of 10/31/07 |
1.19% |
See Notes
| Bond Allocation* |
| Weighted Average Credit Quality |
BB |
| Weighted Average Duration |
3.08 years |
| Weighted Average Maturity |
4.13 years |
See Notes
| Credit Quality Allocation of Bonds |
| Investment Grade |
27% |
| Below Investment Grade |
73% |
| Not Rated |
0% |
See Notes
| Strategy Allocation |
| Convertible Arbitrage |
30.84% |
| Covered Call |
69.16% |
| Maturity Schedule |
| Less than 1 Year |
6.6% |
| 1 - 5 Years |
67.1% |
| Maturity Schedule - 5 To 10 Years |
26.3% |
| Maturity Schedule - 10 To 20 Years |
0.0% |
| Maturity Schedule - 20 To 30 Years |
0.0% |
| 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 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 |
2/16/00 |
| Ticker symbol |
CVSIX |
CAMNX |
CVSCX |
| CUSIP number |
128119203 |
128119757 |
128119849 |
| 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 |
9/4/90 |
| Ticker Symbol |
CVSIX |
| CUSIP |
128119203 |
| Daily Prices as of 7/23/08 |
| NAV |
12.40 |
| NAV Change |
0.02 |
Yield Information
as of 6/30/08 |
SEC Yield
(A Shares) |
1.25% |
Distribution Rate
(NAV) |
4.18% |
| 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
Convertible Arbitrage—Convertible arbitrage entails risks associated with equity securities, short sales and fixed income securities, including convertible securities. Proper correlation must be used to provide a proper safeguard in hedging the risks inherent in the positions.
Short Sale Risk—The Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover. Short sale risk includes the risk of loss due to increase in the market value of borrowed securities between the date of short sale and the date the Fund replaces the security.
Convertible Bond Risk—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).
Option Risk—As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security, covering the call option above the sum of the premium and the exercise price of the call.
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.
Citigroup 30 Day T-Bill Index—Is generally considered representative of the performance of short-term money market instruments.
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. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.
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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