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Calamos High Yield Fund Begins Monthly Distributions

February 4, 2010

In January, Calamos High Yield Fund made its first monthly distribution.  Previously, the Fund paid quarterly income distributions. The change is intended to provide Fund shareholders with more a consistent source of income, given the Fund's primary objective of providing the highest level of current income obtainable with reasonable risk. Other Calamos mutual funds (both open end and closed end) also provide monthly distributions.

The change only affects Calamos High Yield Fund. The first monthly Calamos High Yield Fund dividends, listed below, were declared on January 29, 2010. The record date is January 28, 2010 and the ex-dividend, pay and reinvestment date is January 29, 2010.

Share Class Tickers Income Reinvest NAV
Class A CHYDX $0.02281 $9.50
Class B CAHBX 0.01331 9.86
Class C CCHYX 0.01360 9.80
Class I CIHYX 0.02583 9.50
Class R CHYRX 0.02062 9.50


Calamos High Yield Fund income distributions in 2010 will be declared and paid monthly as follows:

  Ex-Date Record Date Payable Date
January 01/29/10 1/28/10 01/29/10
February 02/26/10 02/25/10 02/26/10
March 03/31/10 03/30/10 03/31/10
April 04/30/10 04/29/10 04/30/10
May 05/28/10 05/27/10 05/28/10
June 06/30/10 06/29/10 06/30/10
July 07/30/10 07/29/10 07/30/10
August 08/31/10 08/30/10 08/31/10
September 09/30/10 09/29/10 09/30/10
October 10/29/10 10/28/10 10/29/10
November 11/30/10 11/29/10 11/30/10
December 12/31/10 12/30/10 12/31/10
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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.

Past performance is no guarantee of future results.

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein should not be considered investment advice.

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.

Calamos Financial Services LLC, Distributor

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