Calamos Evolving World Growth Fund (CNWIX)

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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

  • Focuses on higher-quality companies with compelling growth attributes.
  • Conducts research across the capital structure and utilizes Calamos' experience in convertible securities to dynamically manage the risk profile, seeking to improve skew and provide asymmetric returns.
  • Emphasizes countries enacting structural reforms and improving economic freedoms, which we believe enhances growth prospects and mitigates risk.
  • Identifies durable secular themes that provide a tailwind for sustainable growth and a franchise premium.
  • Takes environmental, social and governance (ESG) factors into account, evaluating effects on a company's risk profile, cash flow and long-term returns.Active risk management with an aim of generating alpha and less downside risk than the benchmark and peers

Portfolio Fit

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

Return on Invested Capital

As of 6/30/21
Name Gain
Fund 20.2471
MSCI Emerging Markets Index 18.9599

Debt/Capital

As of 6/30/21
Name Gain
Fund 26.5937
MSCI Emerging Markets Index 24.1771

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Evolving World Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, and portfolio selection risk. 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. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Notes

Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

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.

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.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 1.64%, C Shares 2.39% and I Shares 1.39%.

The Morningstar Diversified Emerging Markets Category is comprised of funds with at least 50% of assets invested in emerging markets.

Morningstar RatingsTM are based on risk-adjusted returns and are through 8/31/21 for the share class listed and will differ for other share classes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: ©2021 Morningstar, Inc.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Historical Sustainability Score as of 6/30/2021. Sustainability Rating as of 6/30/2021. Sustainalytics provides company-level analysis used in the calculation of Morningstar's Historical Sustainability Score. ©2020 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar® Sustainability Rating is intended to measure how well the issuing companies of securities within a fund's portfolio are managing their environmental, social, and governance ("ESG") risks and opportunities relative to the fund's Morningstar category peers. The Morningstar Sustainability Rating calculation is a three-step process. First, each fund with at least 67% of assets covered by a company level ESG score from Sustainalytics receives a Morningstar® Portfolio Sustainability Score™, an asset weighted-average of normalized company level ESG scores with deductions made for controversial incidents by issuing companies, such as environmental accidents, fraud, or discriminatory behavior. Second, the Portfolio Sustainability Score is rescaled to reflect an exponential weighted moving average of scores over the past 12 months. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least 30 funds received a Portfolio Sustainability Score and is determined by each fund's rank: High (highest 10%); Above Average (next 22.5%); Average (next 35%); Below Average (next 22.5%); Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Past performance is no guarantee of future results.

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 1-800-582-6959. Read it carefully before investing.

Fund Details

As of 9/20/21
Inception Date: 8/15/08
Current NAV: $22.22
$ Change: $-0.52
% Change: -2.29%
Total Net Assets (As of 6/30/21): $736.8 M
Morningstar Category: Diversified Emerging Mkts

Morningstar Rating

Morningstar Overall RatingTM Among 699 Diversified Emerging Mkts funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 5 stars for 5 years and 5 stars for 10 years out of 699, 597 and 315 Diversified Emerging Mkts Funds, respectively, for the period ended 8/31/2021.

Morningstar Sustainability Rating

four stars

Morningstar Sustainability RatingTM Out of 1747 Global Emerging Markets Equity funds as of 6/30/2021. Based on 93.04% of AUM. Data is based on long positions only.

Zephyr Analysis

Zephyr Analysis

key.jpg Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.

Resources

Calendar Year Total Returns

As of 6/30/21
Date Calamos Evolving World Growth Fund (NAV) MSCI Emerging Markets Index
YTD 2021 3.95 7.58
2020 54.24 18.69
2019 20.76 18.9
2018 -17.74 -14.25
2017 36.97 37.75
2016 -4.5 11.6
2015 -8.41 -14.6
2014 -5.5 -1.82
2013 8.21 -2.27
2012 8.87 18.63

Growth of 10K

As of 6/30/21
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 8730 8251
10/31/2008 12:00:00 AM 7330 5994.1
11/30/2008 12:00:00 AM 6850 5543.29
12/31/2008 12:00:00 AM 7167.76 5977.16
1/31/2009 12:00:00 AM 6743.75 5593.61
2/28/2009 12:00:00 AM 6491.37 5278.97
3/31/2009 12:00:00 AM 7147.57 6038.35
4/30/2009 12:00:00 AM 7945.11 7044.09
5/31/2009 12:00:00 AM 9005.13 8251.8
6/30/2009 12:00:00 AM 8863.8 8142.3
7/31/2009 12:00:00 AM 9701.72 9063.68
8/31/2009 12:00:00 AM 9752.2 9033.68
9/30/2009 12:00:00 AM 10529.54 9855.11
10/31/2009 12:00:00 AM 10418.49 9868.22
11/30/2009 12:00:00 AM 10993.93 10292.65
12/31/2009 12:00:00 AM 11191.7 10700.45
1/31/2010 12:00:00 AM 10550.72 10105.4
2/28/2010 12:00:00 AM 10916.99 10143.09
3/31/2010 12:00:00 AM 11425.71 10962.75
4/30/2010 12:00:00 AM 11547.8 11098.03
5/31/2010 12:00:00 AM 10978.04 10126.62
6/30/2010 12:00:00 AM 10957.69 10054.01
7/31/2010 12:00:00 AM 11507.1 10898.35
8/31/2010 12:00:00 AM 11344.31 10690.41
9/30/2010 12:00:00 AM 12382.09 11879.93
10/31/2010 12:00:00 AM 12677.14 12225.88
11/30/2010 12:00:00 AM 12707.66 11903.6
12/31/2010 12:00:00 AM 13484.64 12754.47
1/31/2011 12:00:00 AM 13433.57 12410.87
2/28/2011 12:00:00 AM 13729.82 12296.93
3/31/2011 12:00:00 AM 14087.37 13021.84
4/30/2011 12:00:00 AM 14904.62 13428.64
5/31/2011 12:00:00 AM 14465.35 13081.78
6/30/2011 12:00:00 AM 14118.01 12886.08
7/31/2011 12:00:00 AM 14026.07 12837.62
8/31/2011 12:00:00 AM 13351.84 11695.08
9/30/2011 12:00:00 AM 11717.34 9991.92
10/31/2011 12:00:00 AM 12810.41 11316.45
11/30/2011 12:00:00 AM 12738.9 10562.89
12/31/2011 12:00:00 AM 12349.6 10436.56
1/31/2012 12:00:00 AM 13065.22 11622.36
2/29/2012 12:00:00 AM 13607.05 12320.74
3/31/2012 12:00:00 AM 13576.38 11912.13
4/30/2012 12:00:00 AM 13382.14 11773.08
5/31/2012 12:00:00 AM 12359.82 10458.9
6/30/2012 12:00:00 AM 12646.07 10867.47
7/31/2012 12:00:00 AM 12666.52 11087.29
8/31/2012 12:00:00 AM 12922.1 11055.25
9/30/2012 12:00:00 AM 13371.92 11724.52
10/31/2012 12:00:00 AM 13208.35 11654.61
11/30/2012 12:00:00 AM 13392.37 11803.44
12/31/2012 12:00:00 AM 13444.64 12381.99
1/31/2013 12:00:00 AM 13670.08 12554.64
2/28/2013 12:00:00 AM 13618.85 12398.71
3/31/2013 12:00:00 AM 13608.6 12187.84
4/30/2013 12:00:00 AM 13680.33 12284.48
5/31/2013 12:00:00 AM 13577.86 11975.09
6/30/2013 12:00:00 AM 12952.76 11218.44
7/31/2013 12:00:00 AM 13454.89 11341.72
8/31/2013 12:00:00 AM 13260.19 11151.18
9/30/2013 12:00:00 AM 13987.76 11879.9
10/31/2013 12:00:00 AM 14418.15 12458.81
11/30/2013 12:00:00 AM 14387.41 12277.66
12/31/2013 12:00:00 AM 14548.75 12101.11
1/31/2014 12:00:00 AM 13854.48 11318.05
2/28/2014 12:00:00 AM 14704.19 11695.39
3/31/2014 12:00:00 AM 14569.48 12057.01
4/30/2014 12:00:00 AM 14600.57 12101.86
5/31/2014 12:00:00 AM 14932.16 12527
6/30/2014 12:00:00 AM 15315.57 12865.48
7/31/2014 12:00:00 AM 15035.78 13124.85
8/31/2014 12:00:00 AM 15180.86 13425.8
9/30/2014 12:00:00 AM 14248.25 12433.5
10/31/2014 12:00:00 AM 14331.14 12581.58
11/30/2014 12:00:00 AM 14320.78 12449.23
12/31/2014 12:00:00 AM 13748.06 11881.42
1/31/2015 12:00:00 AM 13865.29 11953.66
2/28/2015 12:00:00 AM 14174.36 12325.17
3/31/2015 12:00:00 AM 14174.36 12152.38
4/30/2015 12:00:00 AM 14867.09 13090.17
5/31/2015 12:00:00 AM 14579.34 12568.53
6/30/2015 12:00:00 AM 14270.27 12251.68
7/31/2015 12:00:00 AM 13566.88 11409.99
8/31/2015 12:00:00 AM 12533.11 10381.95
9/30/2015 12:00:00 AM 12245.36 10073.29
10/31/2015 12:00:00 AM 12991.38 10792.53
11/30/2015 12:00:00 AM 12916.78 10372.27
12/31/2015 12:00:00 AM 12591.53 10146.98
1/31/2016 12:00:00 AM 11831.98 9489.25
2/29/2016 12:00:00 AM 11575.23 9474.73
3/31/2016 12:00:00 AM 12505.95 10730.89
4/30/2016 12:00:00 AM 12570.14 10791.31
5/31/2016 12:00:00 AM 12505.95 10390.95
6/30/2016 12:00:00 AM 12666.42 10816.46
7/31/2016 12:00:00 AM 13083.64 11367.02
8/31/2016 12:00:00 AM 13169.23 11653.24
9/30/2016 12:00:00 AM 13340.39 11806.6
10/31/2016 12:00:00 AM 13040.85 11835.76
11/30/2016 12:00:00 AM 12174.31 11291.67
12/31/2016 12:00:00 AM 12024.54 11324.42
1/31/2017 12:00:00 AM 12709.21 11944.65
2/28/2017 12:00:00 AM 12923.17 12311.23
3/31/2017 12:00:00 AM 13351.09 12625.05
4/30/2017 12:00:00 AM 13714.82 12904.06
5/31/2017 12:00:00 AM 13992.97 13288.22
6/30/2017 12:00:00 AM 14164.14 13431.06
7/31/2017 12:00:00 AM 15105.56 14242.43
8/31/2017 12:00:00 AM 15597.67 14565.45
9/30/2017 12:00:00 AM 15619.07 14510.83
10/31/2017 12:00:00 AM 16004.19 15020.45
11/30/2017 12:00:00 AM 16121.87 15051.39
12/31/2017 12:00:00 AM 16470.32 15599.57
1/31/2018 12:00:00 AM 17684.38 16900.88
2/28/2018 12:00:00 AM 16986.03 16123.78
3/31/2018 12:00:00 AM 16953.8 15828.07
4/30/2018 12:00:00 AM 16459.58 15760.96
5/31/2018 12:00:00 AM 15986.85 15206.33
6/30/2018 12:00:00 AM 15385.19 14584.7
7/31/2018 12:00:00 AM 15417.42 14917.96
8/31/2018 12:00:00 AM 14976.93 14518.9
9/30/2018 12:00:00 AM 14890.98 14446.6
10/31/2018 12:00:00 AM 13569.48 13189.74
11/30/2018 12:00:00 AM 13967.01 13734.22
12/31/2018 12:00:00 AM 13547.99 13377.13
1/31/2019 12:00:00 AM 14579.4 14549.36
2/28/2019 12:00:00 AM 14719.07 14583.41
3/31/2019 12:00:00 AM 15009.16 14708.68
4/30/2019 12:00:00 AM 15277.75 15021.09
5/31/2019 12:00:00 AM 14504.2 13935.82
6/30/2019 12:00:00 AM 15449.66 14816.84
7/31/2019 12:00:00 AM 15277.75 14647.93
8/31/2019 12:00:00 AM 14891.22 13937.94
9/30/2019 12:00:00 AM 14804.85 14208.62
10/31/2019 12:00:00 AM 15320.06 14809.22
11/30/2019 12:00:00 AM 15416.58 14789.82
12/31/2019 12:00:00 AM 16358.53 15902.9
1/31/2020 12:00:00 AM 16000.28 15162.14
2/29/2020 12:00:00 AM 15653.07 14363.4
3/31/2020 12:00:00 AM 13666.7 12154.74
4/30/2020 12:00:00 AM 15273.9 13270.18
5/31/2020 12:00:00 AM 16153.68 13374.88
6/30/2020 12:00:00 AM 17857.89 14365.02
7/31/2020 12:00:00 AM 20115.13 15661.61
8/31/2020 12:00:00 AM 21112.84 16011.65
9/30/2020 12:00:00 AM 20853.15 15758.51
10/31/2020 12:00:00 AM 21472.49 16085.65
11/30/2020 12:00:00 AM 23155.93 17574.38
12/31/2020 12:00:00 AM 25235.33 18874.71
1/31/2021 12:00:00 AM 26277.55 19458.31
2/28/2021 12:00:00 AM 26466.75 19608.14
3/31/2021 12:00:00 AM 25180.47 19316.76
4/30/2021 12:00:00 AM 25689.12 19800.26
5/31/2021 12:00:00 AM 26043.63 20263.99
6/30/2021 12:00:00 AM 26231.14 20305.73

Annualized Total Returns

As of 6/30/21
TimeFrame Calamos Evolving World Growth Fund (NAV) MSCI Emerging Markets Index
1 Year 46.89 41.36
3 Year 19.47 11.67
5 Year 15.67 13.43
10 Year 6.39 4.65
Since Inception 7.78 5.53

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Evolving World Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, and portfolio selection risk. 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. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

10k Performance 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: State Street Corporation and Lipper, Inc.

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.

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 assume reinvestment of any and all distributions and, 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 3/1/2021 are as follows: A Shares 1.64%, C Shares 2.39% and I Shares 1.39%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 1-800-582-6959. Read it carefully before investing.

Sector Weightings

As of 6/30/21
Sector % of Assets MSCI Emerging Markets Index
Information Technology 23.6% 20.4%
Consumer Discretionary 20.6% 17.6%
Financials 18.7% 17.8%
Communication Services 9.7% 11.3%
Materials 8.9% 8.4%
Industrials 4.7% 4.9%
Real Estate 4.7% 2.0%
Health Care 3.5% 5.0%
Consumer Staples 2.6% 5.6%
Energy 1.7% 5.0%
Utilities 0.0% 2.0%
Other 1.3% 0.0%

Asset Allocation

As of 6/30/21
Asset Allocation %
Common Stock 86.8245
Convertibles 10.5886
Options 2.332
Cash and Receivables/Payables 0.2281
Other 0.0267

Top 10 Holdings

As of 6/30/21
Company Security Type Industry %
Taiwan Semiconductor Mfg Co. Stocks Semiconductors 5.6%
Samsung Electronics Company, Ltd. Stocks Technology Hardware, Storage & Peripherals 3.8%
Tencent Holdings, Ltd. Stocks Interactive Media & Services 3.2%
HDFC Bank, Ltd. Stocks Diversified Banks 2.8%
Cemex, SAB de CV Stocks Construction Materials 2.2%
Meituan Convertible Bonds Internet & Direct Marketing Retail 2.0%
MediaTek, Inc. Stocks Semiconductors 1.9%
Alibaba Group Holding, Ltd. Stocks Internet & Direct Marketing Retail 1.9%
Wuxi Biologics Cayman, Inc. Stocks Life Sciences Tools & Services 1.9%
Taiwan Semiconductor Mfg (ADR) Stocks Semiconductors 1.6%
Total 26.9%

Fund Facts

As of 6/30/21
Name Fund MSCI Emerging Markets Index
Number of Holdings 109 1,411
Debt/Capital 26.6% 24.2%
Duration 1.8 years N/A
Median Conversion Premium 14.6% N/A
Median Investment Premium 16.3% N/A
PEG Ratio 1.5x 1.3x
Portfolio Turnover (12 months) 109.0% N/A
Price/Book 2.5x 1.9x
Price/Earnings 23.7x 18.1x
Price/Sales 1.7x 0.9x
ROIC 20.2% 19.0%
Net Assets $736.8 M N/A

Market Capitalization

As of 6/30/21
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 9.5%
>$5bil<=$30bil 24.3%
>$30bil<=$200bil 37.0%
>$200bil 29.2%

Credit Quality of Bonds

As of 6/30/21
Class %
AAA 0.0%
AA 0.0%
A 0.0%
BBB 23.1%
BB 0.0%
B 0.0%
CCC and below 0.0%
Unrated Securities 76.9%

Maturity Schedule

As of 6/30/21
Range %
< 1 Year 0.2%
1 to 5 Years 9.6%
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 90.2%

Top Currency Exposures

As of 6/30/21
Currency %
United States Dollar (USD) 30.8%
Hong Kong Dollar (HKD) 17.2%
Indian Rupee (INR) 11.7%
Taiwan Dollar (TWD) 11.2%
South Korean WON (KRW) 11.1%
China Renminbi (Yuan) (CNY) 3.4%
Euro (EUR) 3.2%
Brazilian Real (BRL) 2.6%
South African Rand (ZAR) 2.0%
Philippines Peso (PHP) 1.7%

Bond Duration

As of 6/30/21
Name Duration
Weighted Avg. Duration 1.8 years
Weighted Avg. Maturity 3.3 years

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Evolving World Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, and portfolio selection risk. 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. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold.

Sector Weightings percentages are based on invested portfolio and are subject to change. Other includes securities that do not have a sector classification.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Market Capitalization statistics are based on common stock holdings.

Notes

Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

PEG Ratio-Is a stock's price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.

Price/Book Ratio-Is the stock's capitalization divided by its book value.

Price/Earnings Ratio-Is the current stock price over trailing 12-month earnings per share.

Price/Sales Ratio-Is a stock's capitalization divided by its sales over the trailing 12 months. ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

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.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 1-800-582-6959. Read it carefully before investing.

Total Capital Gains

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

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

2020 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 22, 2020. To view the report, click here.

Distributions

Frequency Income Reinvest
Q4 2020 $0.0070 0.00000
Q4 2019 $0.1567 14.99000
Q3 2019 $0.0000 0.00000
Q2 2019 $0.0000 0.00000
Q4 2018 $0.0000 12.49000
Q4 2017 $0.0636 14.84000
Q4 2016 $0.0000 11.28000
Q4 2015 $0.0450 11.81000
Q4 2014 $0.0679 12.83000
Q1 2014 $0.0000 0.00000
Q4 2013 $0.0398 13.76000
Q3 2013 $0.0000 0.00000
Q2 2013 $0.0000 0.00000
Q1 2013 $0.0000 0.00000
Q4 2012 $0.0310 13.08000
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 $0.0842 10.78000
Q3 2009 $0.0000 0.00000
Q2 2009 $0.0000 0.00000
Q1 2009 $0.0000 0.00000
Q4 2008 $0.0670 7.02000
Q3 2008 $0.0000 0.00000

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Evolving World Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, and portfolio selection risk. 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. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

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.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 1.64%, C Shares 2.39% and I Shares 1.39%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 1-800-582-6959. Read it carefully before investing.

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.64% 2.39% 1.39%
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

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Evolving World Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, and portfolio selection risk. 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. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2023 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 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.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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 1-800-582-6959. Read it carefully before investing.

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.

Maximizing the Opportunity in Convertible Securities

This guide provides a brief overview of Calamos’ history in the asset class, how convertibles can be used in strategic asset allocation, and the attractive conditions we see in the market today. Included is an overview of the Calamos funds that use convertible securities in varied ways to achieve compelling short and long-term performance.

Holding Pattern: Synchronized Global Recovery Delayed, Not Dismissed

Looking to 2H 2021, the Calamos Global Equity Team shares its perspective on the direction of Fed policy, inflation, and the trajectory of Covid, and explains why the case for global and international strategies, including emerging markets, remains strong.

A Dynamic Approach to Investing in EM Growth Opportunities

Calamos Evolving World Growth Fund offers an active, risk-managed strategy for accessing growth in emerging markets. Historically, the fund has delivered strong results versus peers and a compelling risk/reward profile, including during drawdowns.

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.

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.

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