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Calamos Convertible Fund reopens

TheShadowTheShadow
edited September 2013 in Fund Discussions
http://www.sec.gov/Archives/edgar/data/826732/000119312513358288/d594033d497.htm

497 1 d594033d497.htm 497
CALAMOS® FAMILY OF FUNDS

Supplement dated September 5, 2013 to the

CALAMOS® FAMILY OF FUNDS Prospectuses for

Class A, B, C and Class I and R dated March 1, 2013, as previously amended on August 5, 2013

Effective September 6, 2013, the Convertible Fund shall re-open to eligible investors, and the “Closed Fund Policies” section for the Fund on page 42 of the Class A, B and C Prospectus, and on page 42 of the Class I and R Prospectus, and all other references to the closing of this Fund, are hereby deleted.

The “Closed Fund Policies” section on page 85 of the Class A, B, and C Prospectus and on page 81 of the Class I and R prospectus is hereby deleted in its entirety and replaced with the following:

Closed Fund Policies

Each Fund reserves the right to modify the extent to which sales of shares are limited and may, in its sole discretion, permit purchases of shares where, in the judgment of management, such purchases do not have a detrimental effect on the portfolio management of the Fund or its Shareholders. Notwithstanding the forgoing, each Fund continues to reserve the right to reject any order for the purchase of shares in whole or in part for any reason, and to suspend the sale of shares to the public in response to conditions in the securities markets or otherwise.



Comments

  • VintageFreakVintageFreak
    edited September 2013
    Err...Why? I'm suspecting Gary Black has something to do with it. At least I think it is opening to existing investors only.
  • TedTed
    Reply to @VintageFreak: For your information.
    Regards,
    Ted
    Convertible Fund Reopens

    "We're pleased to reopen our convertible mutual fund to new investors at what we consider to be an opportune time to invest in these unique hybrid securities", said John P. Calamos, Sr., Chief Executive Officer and Global Co-Chief Investment Officer of Calamos Investments. "An improving global economy and widening spreads have boosted interest in the asset class by issuers, resulting in an improving and diversified convertible market that we expect will become more robust. Moreover, during periods of rising rates and economic expansion, convertibles have historically outperformed their more traditional fixed-income counterparts."

    Calamos has been a pioneer and long-time champion of the convertible asset class, launching the fund in 1985, as one of the first convertible mutual funds.
  • VintageFreakVintageFreak
    Improving Global Economy? Sorry, but I don't think this view is generally shared is it? We seem to be at inflection point right now with people fearing the worst.

    Or so I thought...
  • hank
    edited September 2013
    Hard to find anyone who has a good word to say about CCVIX. Max Funds, for example, rates It 16 out of a possible 100. M* and the others seem similarly unimpressed. On the other hand, Max Funds also rates it poorly on its "fat-fund" index. One wonders then how it grew so large if it's such a poor fund?

    Max Fund's take: http://www.maxfunds.com/funds/data.php?ticker=CCVIX&pg=d
  • VintageFreakVintageFreak
    Hmmm...I always thought Calamos expertise in Convertibles was lauded. I own CVLOX which has a sleeve in convertibles (I think)
  • hank
    edited September 2013
    Reply to @VintageFreak: Agree it's hard to figure. If I was interested In buying, I'd dig a bit deeper than just the rating organizations. ... Just a guess here (1) It may be lagging other convertible funds (not always a reason to stay away) and (2) the folks marking it down may understand the risks it's taking to earn returns better than we do. VF - As you are no doubt aware, there's been some upheaval in management at Calamos in recent years. David and others have noted the newly found influence there of Gary Black, formerly of Janus. So - yes - they've been a recognized leader in converts in the past. Future seems less certain. Regards
  • VintageFreakVintageFreak
    Yes, I'm worried about Calamos Management Change. Especially because Calamos I thought it was a family run business with several Calomos Jr and Sr folks on the management roster. If the Senior Most Calamos wanted to scale back his involvement because of age, why bring in an outsider? Does he have no confidence in his own progeny? Or do they have some other plans like selling out to an Allianz or a Deutsche bank, and Black has been brought on board to find a prospective buyer?

    I bought CVLOX because I thought it was unique fund showcasing various talent at Calamos - domestic, international, bonds, and then convertible bonds - making up a nice package. Is the only Calamos fund I own and have for a while.

    Needless to see I'll be keeping a close watch on Calamos and trust MFO board will help greatly in that regard.
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