CNWDX

Calamos Evolving World Growth Mutual Fund

Fund Stats

  • NAV

    $17.38

    $0.15 (0.86%)

    As of 5/21/24

  • Daily YTD Return

    13.59%

    As of 5/21/24

  • Total Net Assets

    $373.2 Million

    As of 3/31/24

  • Inception Date

    8/15/08

Calamos Evolving World Growth Mutual Fund Overview

The fund offers an active, risk-managed strategy to access growth opportunities in emerging markets. The fund invests in emerging market-domiciled and developed market-domiciled companies with significant revenue exposures attributable to emerging markets.

Key Features

  • Conducts research across the capital structure and utilizes Calamos' experience in convertible securities to dynamically manage the risk profile.
  • Identifies durable secular themes that provide a tailwind for sustainable growth and a franchise premium.
  • Emphasizes countries enacting structural reforms and improving economic freedoms, which we believe enhances growth prospects and mitigates risk.

Portfolio Fit

With its focus on risk management, the fund can serve as a long-term emerging market allocation.

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Performance

Calendar Year Total Returns

As of 3/31/24
Date Calamos Evolving World Growth Fund (NAV) Calamos Evolving World Growth Fund Load-Adjusted MSCI Emerging Markets Index
YTD 2024 6.34 5.34 2.44
2023 5.59 4.59 10.27
2022 -25.12 -25.87 -19.74
2021 -7.68 -8.6 -2.22
2020 52.72 51.72 18.69
2019 19.61 18.61 18.9
2018 -18.6 -19.41 -14.25
2017 35.56 34.56 37.75
2016 -5.43 -6.37 11.6
2015 -9.28 -10.19 -14.6

Growth of 10K

As of 3/31/24
Date Calamos Evolving World Growth Fund MSCI Emerging Markets Index
8/15/2008 12:00:00 AM 10000 10000
8/31/2008 12:00:00 AM 9960 10000
9/30/2008 12:00:00 AM 8710 8251
10/31/2008 12:00:00 AM 7320 5994.1
11/30/2008 12:00:00 AM 6830 5543.29
12/31/2008 12:00:00 AM 7141.57 5977.16
1/31/2009 12:00:00 AM 6709.05 5593.61
2/28/2009 12:00:00 AM 6457.59 5278.97
3/31/2009 12:00:00 AM 7101.34 6038.35
4/30/2009 12:00:00 AM 7895.96 7044.09
5/31/2009 12:00:00 AM 8931.99 8251.8
6/30/2009 12:00:00 AM 8791.17 8142.3
7/31/2009 12:00:00 AM 9615.97 9063.68
8/31/2009 12:00:00 AM 9656.21 9033.68
9/30/2009 12:00:00 AM 10410.6 9855.11
10/31/2009 12:00:00 AM 10299.96 9868.22
11/30/2009 12:00:00 AM 10853.18 10292.65
12/31/2009 12:00:00 AM 11043.47 10700.45
1/31/2010 12:00:00 AM 10388.52 10105.4
2/28/2010 12:00:00 AM 10751.26 10143.09
3/31/2010 12:00:00 AM 11244.99 10962.75
4/30/2010 12:00:00 AM 11355.83 11098.03
5/31/2010 12:00:00 AM 10781.49 10126.62
6/30/2010 12:00:00 AM 10751.26 10054.01
7/31/2010 12:00:00 AM 11285.3 10898.35
8/31/2010 12:00:00 AM 11114 10690.41
9/30/2010 12:00:00 AM 12121.62 11879.93
10/31/2010 12:00:00 AM 12403.75 12225.88
11/30/2010 12:00:00 AM 12423.91 11903.6
12/31/2010 12:00:00 AM 13169.55 12754.47
1/31/2011 12:00:00 AM 13109.1 12410.87
2/28/2011 12:00:00 AM 13391.23 12296.93
3/31/2011 12:00:00 AM 13723.74 13021.84
4/30/2011 12:00:00 AM 14509.68 13428.64
5/31/2011 12:00:00 AM 14066.33 13081.78
6/30/2011 12:00:00 AM 13713.67 12886.08
7/31/2011 12:00:00 AM 13622.98 12837.62
8/31/2011 12:00:00 AM 12957.95 11695.08
9/30/2011 12:00:00 AM 11355.84 9991.92
10/31/2011 12:00:00 AM 12403.77 11316.45
11/30/2011 12:00:00 AM 12323.16 10562.89
12/31/2011 12:00:00 AM 11950.34 10436.56
1/31/2012 12:00:00 AM 12625.44 11622.36
2/29/2012 12:00:00 AM 13139.33 12320.74
3/31/2012 12:00:00 AM 13088.94 11912.13
4/30/2012 12:00:00 AM 12897.5 11773.08
5/31/2012 12:00:00 AM 11910.03 10458.9
6/30/2012 12:00:00 AM 12161.94 10867.47
7/31/2012 12:00:00 AM 12182.09 11087.29
8/31/2012 12:00:00 AM 12413.84 11055.25
9/30/2012 12:00:00 AM 12837.04 11724.52
10/31/2012 12:00:00 AM 12665.75 11654.61
11/30/2012 12:00:00 AM 12826.96 11803.44
12/31/2012 12:00:00 AM 12877.35 12381.99
1/31/2013 12:00:00 AM 13078.87 12554.64
2/28/2013 12:00:00 AM 13018.41 12398.71
3/31/2013 12:00:00 AM 12998.26 12187.84
4/30/2013 12:00:00 AM 13048.64 12284.48
5/31/2013 12:00:00 AM 12947.88 11975.09
6/30/2013 12:00:00 AM 12343.31 11218.44
7/31/2013 12:00:00 AM 12806.81 11341.72
8/31/2013 12:00:00 AM 12615.36 11151.18
9/30/2013 12:00:00 AM 13290.47 11879.9
10/31/2013 12:00:00 AM 13693.52 12458.81
11/30/2013 12:00:00 AM 13653.21 12277.66
12/31/2013 12:00:00 AM 13791.07 12101.11
1/31/2014 12:00:00 AM 13120.32 11318.05
2/28/2014 12:00:00 AM 13913.02 11695.39
3/31/2014 12:00:00 AM 13780.91 12057.01
4/30/2014 12:00:00 AM 13791.07 12101.86
5/31/2014 12:00:00 AM 14095.96 12527
6/30/2014 12:00:00 AM 14441.5 12865.48
7/31/2014 12:00:00 AM 14167.1 13124.85
8/31/2014 12:00:00 AM 14299.21 13425.8
9/30/2014 12:00:00 AM 13404.88 12433.5
10/31/2014 12:00:00 AM 13476.02 12581.58
11/30/2014 12:00:00 AM 13455.69 12449.23
12/31/2014 12:00:00 AM 12895.62 11881.42
1/31/2015 12:00:00 AM 12999.7 11953.66
2/28/2015 12:00:00 AM 13280.72 12325.17
3/31/2015 12:00:00 AM 13270.31 12152.38
4/30/2015 12:00:00 AM 13915.62 13090.17
5/31/2015 12:00:00 AM 13624.19 12568.53
6/30/2015 12:00:00 AM 13322.36 12251.68
7/31/2015 12:00:00 AM 12656.24 11409.99
8/31/2015 12:00:00 AM 11677.88 10381.95
9/30/2015 12:00:00 AM 11407.27 10073.29
10/31/2015 12:00:00 AM 12094.2 10792.53
11/30/2015 12:00:00 AM 12010.94 10372.27
12/31/2015 12:00:00 AM 11698.69 10146.98
1/31/2016 12:00:00 AM 10980.53 9489.25
2/29/2016 12:00:00 AM 10741.15 9474.73
3/31/2016 12:00:00 AM 11594.61 10730.89
4/30/2016 12:00:00 AM 11636.24 10791.31
5/31/2016 12:00:00 AM 11573.8 10390.95
6/30/2016 12:00:00 AM 11709.1 10816.46
7/31/2016 12:00:00 AM 12083.79 11367.02
8/31/2016 12:00:00 AM 12156.65 11653.24
9/30/2016 12:00:00 AM 12302.36 11806.6
10/31/2016 12:00:00 AM 12021.34 11835.76
11/30/2016 12:00:00 AM 11209.51 11291.67
12/31/2016 12:00:00 AM 11063.8 11324.42
1/31/2017 12:00:00 AM 11677.88 11944.65
2/28/2017 12:00:00 AM 11865.22 12311.23
3/31/2017 12:00:00 AM 12250.32 12625.05
4/30/2017 12:00:00 AM 12583.38 12904.06
5/31/2017 12:00:00 AM 12822.77 13288.22
6/30/2017 12:00:00 AM 12968.48 13431.06
7/31/2017 12:00:00 AM 13811.54 14242.43
8/31/2017 12:00:00 AM 14248.68 14565.45
9/30/2017 12:00:00 AM 14259.08 14510.83
10/31/2017 12:00:00 AM 14602.55 15020.45
11/30/2017 12:00:00 AM 14696.22 15051.39
12/31/2017 12:00:00 AM 14998.06 15599.57
1/31/2018 12:00:00 AM 16090.91 16900.88
2/28/2018 12:00:00 AM 15435.2 16123.78
3/31/2018 12:00:00 AM 15403.97 15828.07
4/30/2018 12:00:00 AM 14946.02 15760.96
5/31/2018 12:00:00 AM 14498.47 15206.33
6/30/2018 12:00:00 AM 13936.43 14584.7
7/31/2018 12:00:00 AM 13957.25 14917.96
8/31/2018 12:00:00 AM 13551.33 14518.9
9/30/2018 12:00:00 AM 13468.07 14446.6
10/31/2018 12:00:00 AM 12260.73 13189.74
11/30/2018 12:00:00 AM 12604.2 13734.22
12/31/2018 12:00:00 AM 12208.69 13377.13
1/31/2019 12:00:00 AM 13135.01 14549.36
2/28/2019 12:00:00 AM 13249.5 14583.41
3/31/2019 12:00:00 AM 13499.29 14708.68
4/30/2019 12:00:00 AM 13728.27 15021.09
5/31/2019 12:00:00 AM 13020.52 13935.82
6/30/2019 12:00:00 AM 13863.58 14816.84
7/31/2019 12:00:00 AM 13697.05 14647.93
8/31/2019 12:00:00 AM 13343.67 13937.94
9/30/2019 12:00:00 AM 13250.26 14208.62
10/31/2019 12:00:00 AM 13698.12 14809.22
11/30/2019 12:00:00 AM 13770.72 14789.82
12/31/2019 12:00:00 AM 14603.85 15902.9
1/31/2020 12:00:00 AM 14270.88 15162.14
2/29/2020 12:00:00 AM 13948.36 14363.4
3/31/2020 12:00:00 AM 12168.55 12154.74
4/30/2020 12:00:00 AM 13583.75 13270.18
5/31/2020 12:00:00 AM 14353.95 13374.88
6/30/2020 12:00:00 AM 15862.55 14365.02
7/31/2020 12:00:00 AM 17850.13 15661.61
8/31/2020 12:00:00 AM 18724.79 16011.65
9/30/2020 12:00:00 AM 18475.75 15758.51
10/31/2020 12:00:00 AM 19006 16085.65
11/30/2020 12:00:00 AM 20484.67 17574.38
12/31/2020 12:00:00 AM 22303.71 18874.71
1/31/2021 12:00:00 AM 23209.24 19458.31
2/28/2021 12:00:00 AM 23348.5 19608.14
3/31/2021 12:00:00 AM 22199.75 19316.84
4/30/2021 12:00:00 AM 22637.09 19800.39
5/31/2021 12:00:00 AM 22924.58 20264.15
6/30/2021 12:00:00 AM 23073.59 20305.92
7/31/2021 12:00:00 AM 21700.71 18951.26
8/31/2021 12:00:00 AM 22551.38 19453.27
9/30/2021 12:00:00 AM 21583.93 18687.02
10/31/2021 12:00:00 AM 21871 18874.08
11/30/2021 12:00:00 AM 20657.16 18106.49
12/31/2021 12:00:00 AM 20593.12 18454.97
1/31/2022 12:00:00 AM 20146.25 18107.03
2/28/2022 12:00:00 AM 19485.45 17567.98
3/31/2022 12:00:00 AM 19261.37 17177.29
4/30/2022 12:00:00 AM 17920.78 16224.38
5/31/2022 12:00:00 AM 17644.8 16299.87
6/30/2022 12:00:00 AM 16441.42 15230.17
7/31/2022 12:00:00 AM 15972.84 15205.51
8/31/2022 12:00:00 AM 15920.13 15274.69
9/30/2022 12:00:00 AM 14632.19 13491.6
10/31/2022 12:00:00 AM 14206.39 13074.49
11/30/2022 12:00:00 AM 15919.68 15015.68
12/31/2022 12:00:00 AM 15419.8 14812.75
1/31/2023 12:00:00 AM 16846.13 15983.79
2/28/2023 12:00:00 AM 15559.09 14948.56
3/31/2023 12:00:00 AM 16144.11 15407.75
4/30/2023 12:00:00 AM 15590.37 15236.07
5/31/2023 12:00:00 AM 15069.65 14984.56
6/30/2023 12:00:00 AM 15698.05 15567.74
7/31/2023 12:00:00 AM 16602.26 16547.47
8/31/2023 12:00:00 AM 15878.4 15532.91
9/30/2023 12:00:00 AM 15186.1 15132.94
10/31/2023 12:00:00 AM 14548.28 14546.63
11/30/2023 12:00:00 AM 15803.8 15713.23
12/31/2023 12:00:00 AM 16282.66 16333.29
1/31/2024 12:00:00 AM 16111.69 15576.39
2/29/2024 12:00:00 AM 17005.89 16320.14
3/31/2024 12:00:00 AM 17313.7 16731.58

Annualized Total Returns

As of 3/31/24 As of 4/30/24
TimeFrame Calamos Evolving World Growth Fund (NAV) Calamos Evolving World Growth Fund Load-Adjusted MSCI Emerging Markets Index
1 Year 7.25 6.25 8.59
3 Year -7.95 -7.95 -4.68
5 Year 5.1 5.1 2.61
10 Year 2.31 2.31 3.33
Since Inception (08/15/08) 3.57 3.57 2.8
TimeFrame Calamos Evolving World Growth Fund (NAV) Calamos Evolving World Growth Fund Load-Adjusted MSCI Emerging Markets Index
1 Year 10.51 9.51 10.33
3 Year -8.7 -8.7 -5.31
5 Year 4.64 4.64 2.28
10 Year 2.25 2.25 3.34
Since Inception (08/15/08) 3.52 3.52 2.81

Important Fund Information

10k Performance is for the Fund's Class C shares at net asset value and does not include the Fund's maximum level-load sales charge of 1.00%. Had it been included, the Fund's return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 8/31/08, since comparative index data is available only for full monthly periods. Source: Calamos Investments

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

Index and Morningstar category data shown reflects full month periods only. If share class inception date is on or before the 15th of the month, the index or category calculation inception date begins on the first day of that month. If share class inception date is after the 15th of the month, the index or category calculation inception date begins on the first day of the following month.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

The funds' gross expense ratios as of the prospectus dated 3/1/2024 are as follows: A Shares 1.63%, C Shares 2.38% and I Shares 1.38%.

Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans and by institutional clients, provided such plans or clients have assets of at least $1 million. For eligibility requirements and other available share classes see the prospectus and other Fund documents at www.calamos.com.

Portfolio

Sector Weightings

As of 3/31/24
Sector % of Assets MSCI Emerging Markets Index
Information Technology 30.7% 23.5%
Consumer Discretionary 26.3% 12.5%
Industrials 10.8% 6.9%
Financials 10.1% 22.4%
Real Estate 8.5% 1.5%
Energy 4.6% 5.3%
Consumer Staples 3.1% 5.6%
Health Care 2.7% 3.5%
Materials 2.6% 7.2%
Communication Services 1.1% 8.6%
Utilities 0.0% 2.8%
Other 0.7% 0.0%

Asset Allocation

As of 3/31/24
Asset Allocation %
Common Stock 86.0309
Convertibles 13.7149
Options 1.565
Cash and Receivables/Payables -1.3108

Top 10 Holdings

As of 3/31/24
Company Security Type Industry %
Taiwan Semiconductor Mfg Stocks Semiconductors 11.2%
MakeMyTrip, Ltd. Convertible Bonds Hotels, Resorts & Cruise Lines 5.4%
SK Hynix, Inc. Convertible Bonds Semiconductors 5.3%
Macrotech Developers, Ltd. Stocks Real Estate Development 3.0%
Hindustan Aeronautics, Ltd. Stocks Aerospace & Defense 2.6%
Reliance Industries, Ltd. Stocks Oil & Gas Refining & Marketing 2.5%
MercadoLibre, Inc. Stocks Broadline Retail 2.5%
Alchip Technologies, Ltd. Stocks Semiconductors 2.4%
DLF, Ltd. Stocks Diversified Real Estate Activities 2.4%
Kalyan Jewellers India, Ltd. Stocks Apparel, Accessories & Luxury Goods 2.3%
Total 39.6%

Fund Facts

As of 3/31/24
Name Fund MSCI Emerging Markets Index
Net Assets $373.2 M N/A
Number of Holdings 70 1,372
Debt/Capital 25.8% 25.1%
ROIC 22.0% 18.7%
Duration 0.7 years N/A
Median Conversion Premium 6.2% N/A
Median Investment Premium 50.5% N/A
Portfolio Turnover (12 months) 130.2% N/A
Price/Book 3.7x 1.4x
Price/Earnings 24.4x 13.7x
Price/Sales 1.4x 0.9x
PEG Ratio 1.6x 1.4x

Market Capitalization

As of 3/31/24
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 11.3%
>$5bil<=$30bil 47.5%
>$30bil<=$200bil 20.4%
>$200bil 20.8%

Top Currency Exposures

As of 3/31/24
Currency %
Indian Rupee (INR) 29.0%
United States Dollar (USD) 24.7%
Taiwan Dollar (TWD) 15.3%
South Korean WON (KRW) 9.7%
China Renminbi (Yuan) (CNY) 4.8%
Mexican Peso (MXN) 4.5%
Indonesian Rupiah (IDR) 2.7%
Saudi Arabian Riyal (SAR) 1.8%
Euro (EUR) 1.6%
Brazilian Real (BRL) 1.5%

Credit Quality of Bonds

As of 3/31/24
Class %
AAA 0.0%
AA 0.0%
A 0.0%
BBB 38.7%
BB 0.0%
B 0.0%
CCC and below 0.0%
Unrated Securities 61.3%

Maturity Schedule

As of 3/31/24
Range %
< 1 Year -0.3%
1 to 5 Years 12.7%
5 to 10 Years 0.0%
10 to 20 Years 0.0%
20 to 30 Years 0.0%
> 30 Years 0.0%
Equities and Other 87.6%

Bond Duration

As of 3/31/24
Name Duration
Weighted Avg. Duration 0.7 years
Weighted Avg. Maturity 2.3 years

Distributions

Total Capital Gains

Schedule: ANNUAL
Year Capital Gains
2008 0.0000
2009 0.0000
2010 0.0000
2011 0.0000
2012 0.0000
2013 0.1145
2014 0.2975
2015 0.0000
2016 0.0000
2017 0.0000
2018 0.0000
2019 0.0000
2020 0.4504
2021 0.0000
2022 0.0000
2023 0.0000

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

2023 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 21, 2023. To view the report, click here.

Distributions

Schedule: ANNUAL
Most Recent Distributions
Frequency Income Reinvest
Q4 2023 $0.0000 15.09000
Q4 2022 $0.0000 14.62000
Q4 2021 $0.0000 18.70000
Q4 2020 $0.0000 0.00000
Q4 2019 $0.0000 13.96000
Q3 2019 $0.0000 0.00000
Q2 2019 $0.0000 0.00000
Q4 2018 $0.0000 11.63000
Q4 2017 $0.0000 13.95000
Q4 2016 $0.0000 10.67000
Q4 2015 $0.0000 11.29000
Q4 2014 $0.0000 12.33000
Q1 2014 $0.0000 0.00000
Q4 2013 $0.0000 13.30000
Q3 2013 $0.0000 0.00000
Q2 2013 $0.0000 0.00000
Q1 2013 $0.0000 0.00000
Q4 2012 $0.0000 12.74000
Q3 2012 $0.0000 0.00000
Q2 2012 $0.0000 0.00000
Q1 2012 $0.0000 0.00000
Q4 2011 $0.0000 0.00000
Q3 2011 $0.0000 0.00000
Q2 2011 $0.0000 0.00000
Q1 2011 $0.0000 0.00000
Q4 2010 $0.0000 0.00000
Q3 2010 $0.0000 0.00000
Q2 2010 $0.0000 0.00000
Q1 2010 $0.0000 0.00000
Q4 2009 $0.0188 10.74000
Q3 2009 $0.0000 0.00000
Q2 2009 $0.0000 0.00000
Q1 2009 $0.0000 0.00000
Q4 2008 $0.0411 7.02000
Q3 2008 $0.0000 0.00000

Fees & Expenses

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.63% 2.38% 1.38%
Net Expense Ratio 1.30% 2.05% 1.05%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 8/15/08 8/15/08 8/15/08
Ticker Symbol CNWGX CNWDX CNWIX
CUSIP number 128119161 128119146 128119138

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 4.75 1.00 N/A
US Bank Fund Number 1952 1954 1955
Dividends ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL ANNUAL ANNUAL

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2025 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.30%, 2.05%, and 1.05% of average net assets, respectively. Calamos Advisors LLC ("Calamos Advisors") may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

Literature

Latest Related Blog Posts

About the Fund

Calamos Evolving World Growth Fund Quarterly Commentary

A quarterly update of the Calamos Evolving World Growth Fund’s performance, positioning, related market commentary and outlook.

Calamos Evolving World Growth Fund Fact Sheet

The Evolving World Growth Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

Identifying Global Growth Opportunities Through a Thematic Lens

Secular themes are long-term trends that can drive growth for years, even decades, within or across industries or sectors. Our Calamos Global Equity Investment Team explains why thematic considerations are a pillar of its global growth investing approach.

Calamos Evolving World Growth Fund (CNWIX): Unbounded portfolio seeking opportunities abroad

Sweeping demographic changes create tailwinds for growth opportunities in emerging markets. Offering a tested team and attractive historical risk-return profile, CNWIX pursues this potential through flexible approach and dynamic risk allocation.

The Opportunity of Convertible Securities

Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.

Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation

A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.

Prospectus and Reports

Calamos Evolving World Growth Fund Prospectus

This summary contains important information about the Class A, C, and I Evolving World Growth Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

Semi-Annual Report

The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

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