Mutual Funds

Calamos Investments mutual funds address a range of asset allocation goals. While each portfolio reflects different risk-reward parameters, all are managed according to our time-tested investment process and leverage the expertise of a seasoned investment team.

Which Fund is Right For You? Click on each Fund to learn more.

Domestic Equity
Asset Class Category	Fund A Shares Ticker Symbol (Inception Date)	Description
U.S. Growth	Growth Fund CVGRX (9/4/90)	Objective: Long-term capital growth Asset Allocation Role: A relatively aggressive, yet diversified way to participate in the stock market's long-term growth potential.
U.S. Diversified Equity	Growth and Income Fund CVTRX (9/22/88)	Objective: High long-term total return through growth and current income Asset Allocation Role: A total-return investment that offers upside potential, a consistent income stream, and potentially lower volatility than a stock-only investment.
U.S. Value	Value Fund CVAAX (1/2/02)	Objective: Long-term capital growth Asset Allocation Role: A value-oriented, complement to a growth-oriented portfolio, as well as a vehicle to help build assets to meet medium- to long-range financial goals.
U.S. Core	Blue Chip Fund CBCAX (12/1/03)	Objective: Long-term capital growth Asset Allocation Role: A large-cap core offering providing broad market participation.
Fund of Funds	Multi-Fund Blend CMQAX (6/28/06)	Objective: Long-term capital growth and, secondarily, current income Asset Allocation Role: A broadly diversified portfolio, which pairs core domestic equity exposure with a smaller allocation to international securities.
U.S. Enhanced Equity	130/30 Equity Fund CELSX (6/20/08)	Objective: Long-term capital growth Asset Allocation Role: A quantitative strategy that combines long positions, short positions and leverage to provide capital growth potential.
Global/International
Global Diversified Equity	Global Growth and Income Fund CVLOX (9/9/96)	Objective: High long-term total return through capital appreciation and current income Asset Allocation Role: A portfolio offering broad global diversification and a risk-managed approach, with less volatility than typical stock-only investments.
International Growth	International Growth Fund CIGRX (3/16/05)	Objective: Long-term capital growth Asset Allocation Role: A multi-cap equity fund that has the potential to increase a portfolio's long-term capital growth through investment in overseas growth stocks.
Global Core	Global Equity Fund CAGEX (3/1/07)	Objective: Long-term capital growth Asset Allocation Role: A diversified means to participate in the long-term growth potential of the global equity markets.
Emerging Markets	Evolving World Growth Fund CNWGX (8/15/08)	Objective: Long-term capital growth Asset Allocation Role: A growth-oriented portfolio of securities linked to promising developing economies.
Convertible
Convertible Bond	Convertible Fund¹ CCVIX (6/21/85)	Objective: Current income and, secondarily, growth Asset Allocation Role: An investment that provides the growth potential of equities along with the income and potential downside protection more typical of bonds.
Alternative
Market Neutral	Market Neutral Income Fund CVSIX (9/4/90)	Objective: High current income consistent with stability of principal Asset Allocation Role: An investment that uses a combination of market-neutral strategies to provide diversification, the potential for above-average income and relative stability of principal.
Fixed Income
High-Yield Bond	High Yield Fund CHYDX (8/2/99)	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. Asset Allocation Role: A fixed-income investment that seeks higher yield and potential capital gains.
Core Bond	Total Return Bond Fund CTRAX (6/27/07)	Objective: Total return consistent with preservation of capital and prudent investment management Asset Allocation Role: A fixed-income centerpiece that is diversified across the major sectors of the U.S. bond market and employs complementary, specialized strategies to enhance return potential and better manage risk.
Money Market
U.S. Government	Government Money Market Fund CVAXX (3/3/08)	Objective: Seeks maximum current income consistent with liquidity and stability of capital Asset Allocation Role: Invests exclusively in U.S. Government obligations, including U.S. Treasury bills, notes, bonds, and other obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, and repurchase agreements backed by such obligations.

Latest Commentary and Fund News

December 12, 2008: Calamos Investments Announces Total Net Assets for All Open-End Mutual Funds as of November 30, 2008
October 07, 2008: Calamos Re-opens Convertible Fund and Select Institutional Convertible Managed Account Strategies.
September 19, 2008: Calamos Discusses Mutual Fund Exposure to 'Headline' Financials

An investment in the Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, this share price is not guaranteed and you could lose money by investing in the Fund.

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.

Important Fund Information

Calamos Growth, Growth and Income, Value, 130/30 Equity, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest in small and mid-size company securities, which generally present greater risk and higher volatility than investments in larger, more established companies.
Calamos Growth, Growth and Income, Value, Blue Chip, 130/30 Equity, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds invest a substantial portion of their assets in equity securities, which are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends, and general economic conditions.
Calamos Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest up to 100% of assets in foreign securities. Total Return Bond Fund may invest up to 35% and all other Calamos funds up to 25% of assets in foreign securities. Investing outside the U.S. offers both risks and rewards. Increased volatility, changes in the value of foreign currencies, and difficulty in obtaining information are some of the risks involved.
Global Growth and Income, International Growth, Global Equity, Evolving World Growth and Total Return Bond Funds 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.
Calamos High Yield Fund invests and Total Return Bond Funds may invest in lower-rated fixed-income securities, often referred to as "junk bonds," which generally present greater risks than higher-quality securities, because of the greater likelihood that the company issuing the lower-rated securities will default on income and principal payments.
Calamos Growth and Income, 130/30 Equity, Global Growth and Income, Convertible and Market Neutral Income Funds: There are certain risks associated with an investment in a convertible bond such as a default risk—the company issuing a convertible security may be unable to repay principal and interest—and interest rate risk—the convertible may decrease in value if interest rates increase.
Calamos Market Neutral Income and 130/30 Equity Funds engage in short sales. Short sales involve the risk that the Fund may incur a loss if the market value of a borrowed security increases between the date of the short sale and the date the Fund replaces the security. A short position in a security poses more risk than holding the same security long. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility. The Market Neutral Income Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover.
Calamos Total Return Bond 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.
In addition to market risk, there are certain risks associated with an investment in Calamos Total Return Bond 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 that the security may decrease in value if interest rates increase.
Calamos 130/30 Equity Fund borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Fund. Assets segregated to cover those transactions may decline in value and are not available to meet redemptions.
Calamos 130/30 Equity Fund engages in quantitative investing. The value of securities selected using quantitative-based analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative-based analysis and the weight placed on those factors may not be predictive of a security's value. In addition, factors that affect a security's value can change over time and these changes may not be reflected in the quantitative model.
Calamos 130/30 Equity Fund may engage in active and frequent trading of securities. That may result in a higher than average level of capital gains and greater transaction costs to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale and reinvestments of securities. Such sales may also result in the realization of capital gains, including short-term capital gains (which are taxed at ordinary income tax rates for federal income tax purposes, rather than at lower capital gains rates) and may adversely impact the Fund's performance.