Active. Global. Growth.

The world is changing. We believe sticking with the status quo means running the risk of missing out on those dynamic, innovative companies that are poised to become the next growth drivers. Those are the companies that make the most of the inherent opportunities with new products, new technologies and new ways of thinking.

Calamos Knows Growth Growth is Active Growth is Global Growth is Art + Science Related Resources

Calamos Essentials
The Calamos philosophy of growth investing has long been centered on our innovative approach to capitalizing on global opportunities while managing risk. Throughout our history, we have sought and continue to seek long-term investment success and wealth creation, guided by five elemental principles:

>Experience Matters - 30 Years of Investing through Multiple Economic, Market and Credit Cycles
>Driven by Independent Thinking - Global Macroeconomic Views Inform Proprietary Fundamental Research
>Active Investment Management - Flexible, Opportunistic and Risk-Managed Portfolios
>Comprehensive Capital Structure Research - Robust Approach to Assessing Opportunity and Risk
>One Team. One Process. - Integrated Team Sharing Knowledge, Tools and Insights

Active Management Has the Potential to Outperform

>Active share is defined as the percentage of a portfolio’s holdings that differ from the benchmark index.
>In 1980, indexers and closet indexers accounted for just 1.5% of the asset management universe2. By 2009, those two categories comprised a full 50% of the universe.
>Recent academic research that focused on the period from 1990 to 2009 showed that active stock pickers outperformed their benchmark indices after transaction fees and costs1.
>As the global marketplace continues to expand, we believe that growth will be driven by the burgeoning middle class around the world.
>The emerging middle class moves East and South at full strength and intensity. Consumption and investment generally grow with affluence and disposable income.
>For example, while North America may see its share of the global middle class decline by around 5% between now and 2030, the Asia Pacific region’s share could realize a projected 515% increase over the same period.

Potential Prosperity Path: China Example

>Middle class is anticipated to grow from 39% in 2005 to over 65% by 2025.
>Where will the new middle class likely spend its discretionary income? Food, Recreation / education and Housing / utilities. Housing and healthcare spending is projected to grow 10x in this 20-year period.

>We believe that a number of long-term secular themes will drive growth expectations for decades to come.
>By applying our time-tested, proprietary investment process of qualitative and quantitative analysis, we attempt to determine those sources of sustainable growth around the world - companies that are poised to lead with global brands, geographically diversified revenues and products that address the growing need for consumer connectivity.
CONTACT US
Investment Funds (UCITS)
EMEA
Geoff Davis
Senior Vice President,
Intermediary Distribution - EMEA
Phone: +44 (0) 20 3178.8839
Email: gdavis@calamos.com
Tommaso De Giuseppe
Client Relationship Associate - EMEA
Phone: +44 (0) 20 3178.8841
Email: tdegiuseppe@calamos.com

Calamos International LLP
No. 1 Cornhill
London, EC3V 3ND, UK
US (NRA)/ Latin America
John Oestreicher
Vice President, Investment Consultant
Phone: +1 305.742.3088
Email: joestreicher@calamos.com
Carlos Soriano
Investment Consultant
Phone: 630.955.4899 x 3941
U.S. Toll Free: 877.663.8056
Email: csoriano@calamos.com
Institutional Strategies
Terry O'Malley
Senior Vice President
Director - International Institutional Sales
Phone: +44 (0) 20 3178.8840
Mobile: +44 (0) 7725.927750
Email: tomalley@calamos.com
Calamos International LLP
No. 1 Cornhill
London, EC3V 3ND, UK
The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the information mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. Past performance does not guarantee future results.

The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the information mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. Past performance does not guarantee future results.

Beginning with the position weights in both the fund and the index, Active share is calculated by determining the difference in weights for all securities in either the fund or the index, summing the absolute differences and dividing by two. Dividing by two ensures that active share results in a value between 0% and 100%. If a fund holds none of the index stocks, the active share will equal 100%; an index fund with holdings identical to the benchmark will have an active share of 0%. Each strategy’s Active Share was calculated using the fund vs. its benchmark. The benchmarks represented for the funds are as follows: U.S. Growth Fund - S&P 500; U.S. Convertible Opportunities Fund – S&P 500; Global Equity Fund - MSCI World; Global Convertible Opportunities Fund- MSCI World; and Emerging Markets Fund- MSCI Emerging Markets.

Funds are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. "This information is provided for informational/educational purposes only. Financial markets are not static and may have changed since the publication of the academic paper referenced herein. Past performance does not indicate future results."

1. Source: Petajisto, Antti. "Active Share and Mutual Fund Performance." Thesis. NYU Stern School of Business, 2010. 15 Dec. 2010. Web. Mar. 2011. http://www.petajisto.net/research.html. 2. Closet Indexing refers to a portfolio strategy used to achieve returns similar to those of their benchmark index, without exactly replicating the index. Indexing refers to a portfolio strategy designed to replicate asset weightings of a given index in order to achieve the same returns.

The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the information mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. Past performance does not guarantee future results.

Source: National Bureau of Statistics of China; McKinsey Global Institute analysis June 2006

1. Source: Homi Kharas, “The Emerging Middle Class in Developing Countries.” OECD Development Centre. 26 Jan. 2010. Web. Mar. 2011. http://www.oecd-ilibrary.org.

The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the information mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. Past performance does not guarantee future results.

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