Fund Description

The fund was incepted in September 1988 and is managed by Calamos Asset Management, Inc. The fund seeks high long-term total return through growth and current income. The fund invests primarily in a diversified portfolio of convertible, equity and fixed-income securities, with equal emphasis on capital appreciation and current income. In seeking to meet its objective, the fund utilizes highly disciplined institutional management strategies designed to enhance investment returns while managing risk. These strategies emphasize securities of rapidly growing, small to mid-sized companies, diversification across a variety of different companies, market sectors and credit ratings, and in-depth proprietary analysis of the securities and their issuing companies. The fund may invest without limit in high yield fixed-income securities (often referred to as ''junk bonds''). Dividends are distributed quarterly. Capital gains, if any, are distributed annually.