Fund Description

The fund was incepted in December 2000 and is managed by Calamos Asset Management, Inc. The fund seeks the highest level of current income obtainable with reasonable risk. The secondary objective is capital gain where consistent with the fund's primary objective. The fund invests primarily in high-yield fixed-income securities (' junk bonds'). To help manage risk and enhance potential returns, the fund's management team conducts in-depth, proprietary analysis of individual securities and the creditworthiness of the companies behind those securities. Qualitative research into a company's earnings potential, management strengths and industry characteristics is also designed to optimize the fund's risk-reward potential. To pursue additional opportunities for income and capital appreciation, the fund also invests in convertible bonds and convertible preferred stocks. Dividends are declared and paid quarterly. Capital gains, if any, are distributed annually.