Objective
Fund Objective
Long-term capital growth
Investment Strategy
- Invests in companies that are deemed to be trading well below their intrinsic values but possess identifiable potential catalysts that can spur them to normal levels
- Companies under consideration must possess risk-mitigating characteristics, such as sound financials and branded products within their industry
- Employs qualitative (bottom-up) research to help determine how an issuer's stock is valued relative to calculations of intrinsic worth
- Utilizes top-down portfolio construction to pursue macro-level economic themes and support diversification among industries and sectors
Investor Profile
This Fund may be suitable for investors who seek:
- A vehicle for building assets to meet medium- to long-range financial goals
- A value-oriented complement to a growth-oriented portfolio
Investment Management Team
- Collectively represents decades of experience in the investment industry
- Follows a one-team, one-process approach in constructing portfolios
- Leverages the expertise of dozens of investment professionals
- 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 VALUE INVESTING
Quantitative Screening—Identify what we believe to be the best price-to-value opportunities among stocks trading at a discount to intrinsic value—either 1) a great business at a good price, 2) a good business at a great price or 3) a unique underlying advantage
Qualitative Analysis—Determine quality and sustainability of business value; examine balance sheet strength; analyze finances and cash flows; assess management
Valuation Analysis—Determine whether the stock offers exceptional return potential and the company has a catalyst to narrow the price-to-intrinsic-value gap
Portfolio Construction & Position Fit Analysis—Construct a portfolio that meets risk management guidelines for industry and sector diversification; incorporate macro investment themes
Performance
YTD Return as of 7/23/08 -9.18%
| Month–End Performance as of 6/30/08 |
| |
Annualized Total Return |
| 1-Year |
3-Year |
5-Year |
10-Year |
Since Inception |
| NAV |
-11.99% |
3.11% |
7.54% |
-- |
4.63% |
| Load-Adjusted |
-16.14% |
1.45% |
6.48% |
-- |
3.85% |
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 1.46% as of 10/31/07.
How $10,000 Grew January 2, 2002 - 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 and Russell/Mellon Analytical Services LLC. Index data shown is from 12/31/01, 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 |
| 2.85% |
14.59% |
4.67% |
13.28% |
33.33% |
Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.
| DISTRIBUTIONS PREVIOUS 4 YEARS - A SHARES |
| 2004 |
Income
Cap Gains |
0.00000
0.00000 |
| 2005 |
Income
Cap Gains |
0.00000
0.49901 |
| 2006 |
Income
Cap Gains |
0.00000
0.69395 |
| 2007 |
Income
Cap Gains |
0.08166
0.90301 |
 View all Funds' Quarterly Distributions
Composition as of 6/30/08
Fund Composition  View All Holdings |
| Number of Holdings |
38 |
| Total Net Assets |
$102,023,510 |
| Turnover (12 mos.) |
55.9% |
| Annualized Standard Deviation (1/31/02) |
13.10% |
| Beta (1/31/02) vs. S&P 500 |
0.97 |
| Net Expense Ratio as of 10/31/07 |
1.46% |
See Notes
| Asset Allocation* |
| Common Stock |
95.6% |
| Cash and Receivables/Payables |
4.4% |
| 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 |
29.1% |
| Financials |
15.5% |
| Consumer Staples |
14.4% |
| Consumer Discretionary |
13.7% |
| Health Care |
9.8% |
| Energy |
7.1% |
| Industrials |
6.0% |
| Materials |
0.0% |
| Telecommunication Services |
0.0% |
| Utilities |
0.0% |
| Top 10 Holdings* |
| Johnson & Johnson |
5.0% |
| Dell, Inc. |
4.7% |
| ITT Educational Services, Inc. |
4.5% |
| Coca-Cola Company |
4.4% |
| eBay, Inc. |
4.0% |
| Nestle Holdings, Inc. |
4.0% |
| Oracle Corp. |
3.9% |
| Cisco Systems, Inc. |
3.6% |
| Pride International, Inc. |
3.5% |
| Nike, Inc. |
3.3% |
| Total |
40.9% |
| Market Capitalization of Equities* |
| Small Cap (2 & Below) |
1.0% |
| Medium/Small Cap (2 - 5) |
6.1% |
| Medium Cap (5 - 17) |
11.9% |
| Medium/Large Cap (17 - 55) |
33.3% |
| Large Cap (55 & Above) |
47.7% |
| Median Market Cap |
$46,327,469,000 |
| Weighted Average Market Cap |
$77,124,138,844 |
* 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 |
1/2/02 |
1/2/02 |
1/2/02 |
| Ticker symbol |
CVAAX |
CVABX |
CVACX |
| CUSIP number |
128119666 |
128119658 |
128119641 |
| 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 |
1/2/02 |
| Ticker Symbol |
CVAAX |
| CUSIP |
128119666 |
| Daily Prices as of 7/23/08 |
| NAV |
11.68 |
| NAV Change |
0.09 |
| See Notes |
| | Distributions |
|---|
| Dividends | Annual | | 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 in mid-size and small companies which present greater risk and higher volatility than investments in larger companies.
The Fund invests in small-cap and mid-cap company stocks, which have historically presented greater risks than larger, more established 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 1000® Value Index—Measures the performance of those companies in the Russell 1000® Index with lower price-to-book ratios and lower forecasted 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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