Objective
Fund Objective
Highest level of current income obtainable with reasonable risk, with a secondary objective of capital gain where consistent with the Fund's primary objective
Investment Strategy
- Conducts proprietary, in-depth credit analysis of individual issuers, taking a combination of quantitative and qualitative factors into consideration
- Seeks companies with respectable balance sheets that offer a good yield, sustainable growth and reliable long-term debt servicing
- Attempts to identify companies that have the potential for capital appreciation through credit upgrades, mergers and acquisitions, and special situations
- Dynamically blends straight high-yield bonds, higher-yielding convertible and synthetic high-yield securities to construct a diversified portfolio with a consistent risk/reward profile
Investor Profile
This Fund may be suitable for investors who seek:
- A broader opportunity set of bonds and convertible securities designed to generate the highest-yield potential and capital gain
- Risk management that employs stringent credit analysis
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 -3.28%
| Month–End Performance as of 6/30/08 |
| |
Annualized Total Return |
| 1-Year |
3-Year |
5-Year |
10-Year |
Since Inception |
| NAV |
-1.03% |
5.07% |
6.57% |
-- |
6.65% |
| Load-Adjusted |
-5.76% |
3.37% |
5.53% |
-- |
6.07% |
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 1.20% as of 10/31/07.
How $10,000 Grew August 2, 1999 - 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 for the two charts on this page is represented by 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 is shown from 7/31/99, 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 |
| 4.16% |
10.23% |
2.22% |
10.93% |
24.78% |
| CALENDAR 2002 |
CALENDAR 2001 |
CALENDAR 2000 |
|
|
| 0.47% |
10.19% |
1.14% |
|
|
Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.
A sizable income component has led to strong results
This chart shows how the Fund's income component contributed to a hypothetical $10,000 investment in the Funds Class A shares, before sales charges.
Source: Thomson Financial Company.
| DISTRIBUTIONS PREVIOUS 4 QUARTERS - A SHARES |
| Q1 2007 |
Income |
0.11617 |
| Q2 2007 |
Income |
0.13750 |
| Q3 2007 |
Income |
0.14233 |
| Q4 2007 |
Income
Cap Gains |
0.37694
0.17656 |
 View all Funds' Quarterly Distributions
Composition as of 6/30/08
Fund Composition  View All Holdings |
| Number of Holdings |
120 |
| Total Net Assets |
$206,604,671 |
| Turnover (12 mos.) |
68.9% |
| Annualized Standard Deviation (8/31/99) |
7.21% |
| Beta (8/31/99) vs. S&P 500 |
0.33 |
| Net Expense Ratio as of 10/31/07 |
1.19% |
See Notes
| Asset Allocation* |
| Corporate Bonds |
55.2% |
| Convertible Bonds |
28.7% |
| Convertible Preferred Stock |
13.3% |
| Cash and Receivables/Payables |
1.9% |
| Synthetic Convertibles |
0.9% |
| Common Stock |
0.0% |
| Options |
0.0% |
| Other |
0.0% |
| Preferred Stock |
0.0% |
| Warrants |
0.0% |
| Sector Weightings* |
| Consumer Discretionary |
19.7% |
| Information Technology |
13.5% |
| Industrials |
13.2% |
| Energy |
12.4% |
| Financials |
11.3% |
| Materials |
7.9% |
| Consumer Staples |
7.6% |
| Health Care |
7.3% |
| Telecommunication Services |
3.1% |
| Utilities |
2.1% |
| Top 10 Holdings* |
| Freeport-McMoRan Copper & Gold, Inc. |
2.4% |
| Intel Corp. |
2.4% |
| Invitrogen Corp. |
2.3% |
| L-3 Communications Holdings, Inc. |
2.0% |
| Trinity Industries, Inc. |
2.0% |
| Linear Technology Corp. |
1.9% |
| Wesco Distribution, Inc. |
1.8% |
| Bayer, AG |
1.7% |
| Entergy Corp. |
1.6% |
| Pioneer Natural Resources |
1.5% |
| Total |
19.6% |
| Bond Allocation* |
| Weighted Average Credit Quality |
BB |
| Weighted Average Duration |
5.06 years |
| Weighted Average Maturity |
7.83 years |
See Notes
| Credit Quality Allocation of Bonds |
| AAA |
0.0% |
| AA |
2.6% |
| A |
11.0% |
| BBB |
18.9% |
| BB |
45.7% |
| B |
21.8% |
| CCC and below |
0.0% |
| Not Rated |
0.0% |
See Notes
| Maturity Schedule |
| Less than 1 Year |
5.9% |
| 1 - 5 Years |
33.0% |
| Maturity Schedule - 5 To 10 Years |
44.6% |
| Maturity Schedule - 10 To 20 Years |
9.3% |
| Maturity Schedule - 20 To 30 Years |
7.2% |
| 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 |
8/2/99 |
12/21/00 |
12/21/00 |
| Ticker symbol |
CHYDX |
CAHBX |
CCHYX |
| CUSIP number |
128119815 |
128119724 |
128119799 |
| 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 |
8/2/99 |
| Ticker Symbol |
CHYDX |
| CUSIP |
128119815 |
| Daily Prices as of 7/23/08 |
| NAV |
9.55 |
| NAV Change |
0.00 |
Yield Information
as of 6/30/08 |
SEC Yield
(A Shares) |
4.55% |
Distribution Rate
(NAV) |
7.67% |
| 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
The Fund invests in lower-rated securities, which present greater risks than investments in higher-rated securities. This is because there is a greater likelihood that the company issuing the lower-rated securities may default on income and principal payments.
In addition to market risk, there are certain risks associated with an investment in the Fund, 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.
You should also know that the Fund may 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 in 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.
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.
CS High Yield Index—Is an unmanaged index of high yield debt securities.
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.
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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