Objective
Fund Objective
Total return, consistent with preservation of capital and prudent investment management.
Investment Strategy
- Invests across the broad sectors of the U.S. investment-grade bond market, including Treasurys and agencies, mortgage-backed securities, corporate debt, and asset-backed securities.
- Opportunistic sector allocations provide greater flexibility in managing risk and reward.
- Complementary allocations may include high-yield securities, international bonds and currencies, among others.
- Credit and interest-rate exposure may be further tailored via derivative-based strategies.
Investor Profile
This Fund may be suitable for investors who seek:
- Broad exposure to the major sectors of the U.S. bond market
- A conservative total-return approach, with an emphasis on yield and capital preservation
- Income generation
- Portfolio diversification when combined with other asset classes
Investment Management Team
- Calamos Investments® offers 30 years of innovative investment management experience.
- Led by Co-Chief Investment Officers John P. Calamos, Sr. and Nick P. Calamos, CFA, our investment professionals work together as an integrated team, utilizing state-of-the-art technology resources.
- Director of Fixed Income Matthew Toms, CFA, also plays a leading role within this Fund's management team. Mr. Toms contributes portfolio management experience in multiple fixed-income strategies, including core, core-plus, high-yield and global bond portfolios.
Performance
YTD Return as of 7/23/08 -0.53%
| Month–End Performance as of 6/30/08 |
| |
Total Return |
| 1-Year |
3-Year |
5-Year |
10-Year |
Since Inception |
| NAV |
6.23% |
-- |
-- |
-- |
6.32% |
| Load-Adjusted |
2.25% |
-- |
-- |
-- |
2.37% |
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.
Total return measures net investment income and capital gain or loss from portfolio investments for each period specified. 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 3.75%. 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 1.66% (6/27/07 - 10/31/07 annualized).
Composition as of 6/30/08
Fund Composition  View All Holdings |
| Number of Holdings |
59 |
| Total Net Assets |
$101,620,074 |
| Net Expense Ratio (6/27/07 - 10/31/07 annualized) |
0.90% |
See Notes 
| Asset Allocation* |
| Residential Mortgage Backed (U.S. Agency) |
47.7% |
| Corporate Bonds |
36.4% |
| US Government Agency |
11.8% |
| Foreign Government |
6.0% |
| US Government Treasury |
3.0% |
| Cash And Receivables/Payables |
-4.9% |
| Top 10 Country Allocation* |
| United States |
87.4% |
| Netherlands |
6.4% |
| Germany |
4.8% |
| United Kingdom |
2.6% |
| France |
1.2% |
| Australia |
1.0% |
| Cayman Islands |
1.0% |
| Canada |
0.6% |
| Regional Allocation*,† |
| North America |
88.0% |
| Europe |
15.0% |
| Asia/Pacific |
1.0% |
| Caribbean |
1.0% |
| Latin America |
0.0% |
| Middle East/Africa |
0.0% |
| Top 10 Holdings* |
| FNCL 5.5 07/2008 |
10.7% |
| FNCL 5.0 07/2008 |
10.4% |
| FHLMC 6.0 07/2008 |
6.0% |
| FHLMC 4.350 12/2010 |
5.0% |
| FHLMC 3.250 05/2010 |
4.9% |
| FHLMC 6.5 07/2008 |
4.1% |
| FNCI 5.0 07/2008 |
2.9% |
| FNCI 4.5 07/2008 |
2.9% |
| Federal Republic of Germany 3.0 03/12/10 |
2.6% |
| Deutsche Telekom, AG 8.500 06/15/10 |
2.2% |
| Total |
51.7% |
| Bond Allocation* |
| Weighted Average Credit Quality |
AA |
| Effective Duration |
4.9 |
| Weighted Average Life |
8.32 |
See Notes
| Credit Quality Allocation of Bonds |
| AAA |
67.1% |
| AA |
0.0% |
| A |
15.8% |
| BBB |
17.1% |
| BB |
0.0% |
| B |
0.0% |
| CCC and below |
0.0% |
| Not Rated |
0.0% |
See Notes
| Maturity Schedule |
| Less than 1 year |
0.00% |
| 1 - 3 Years |
24.07% |
| 3 - 5 Years |
10.01% |
| 5 - 7 Years |
14.59% |
| 7 - 10 Years |
30.52% |
| 10 - 20 Years |
14.67% |
| Over 20 Years |
6.14% |
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. Sector weightings are based on net assets and do not include the government bond portion of synthetic convertibles.
† Companies are classified geographically according to their country of incorporation.
Fund Information
| Fund Information |
| |
A Shares |
B Shares |
C Shares |
| Inception date |
6/27/07 |
6/27/07 |
6/27/07 |
| Ticker symbol |
CTRAX |
CTXBX |
CTRCX |
| CUSIP number |
128119310 |
128119294 |
128119286 |
| 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 |
3.75% |
3.50% |
1.00% |
| Distributions |
Monthly dividends; annual capital gains |
|
Fund Snapshot
| Class A Shares |
| Inception Date |
6/27/07 |
| Ticker Symbol |
CTRAX |
| CUSIP |
128119310 |
| Daily Prices as of 7/23/08 |
| NAV |
10.08 |
| NAV Change |
-0.01 |
Yield Information
as of 6/30/08 |
SEC Yield
(A Shares) |
3.15% |
Distribution Rate
(NAV) |
4.30% |
| See Notes |
Income Declaration
as of 7/23/08 |
| Daily |
$0.000835205 |
| Month-to-date |
$0.019154423 |
|
Historical Daily Factor (6/30/08) | | Distributions |
|---|
| Dividends | Monthly | | 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
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.
The Fund may invest 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.
The Fund may invest in derivative securities, including options, futures contracts and swap agreements. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed.
You should also know that the Fund may invest up to 35% of its assets in the securities of foreign issuers. As a result of political and economic instability in foreign countries, there can be special risks associated with investments in foreign securities, including fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.
The Fund may invest in securities issued by companies in emerging markets; these may present additional risk due to the potential for greater economic and political instability in less developed countries.
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.
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 Call Exposure—The call schedule put in the indenture.
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.
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.
Effective Duration—Measures the responsiveness of a bond's price to interest rate changes. This is a duration measure in which recognition is given to the fact that yield changes may change the expected cash flows.
Lehman Brothers U.S. Aggregate Index—Is an unmanaged index covering the USD-denominated, investment-grade, fixed-rate, taxable-bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS sectors. U.S. Agency Hybrid Adjustable Rate Mortgage (ARM) securities were added to the U.S. Aggregate Index on April 1, 2007. The U.S. Aggregate Index is a component of the U.S. Universal Index in its entirety.
S&P 500 Index—Is generally considered representative of the U.S. stock market.
Weighted Average Life—Refers to the weighted average time to receive all future cash flows on a security. For bonds without embedded prepayment options or sinking funds, the weighted average life is equal to the years to maturity.
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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