Calamos Investments - Investment strategies for your serious money®

February 08, 2010

The period from 2000-2009 is now often referred to as the “lost decade” for equity investors. We believe that our performance tells a different story, and affirms the potential benefits of active management.

In “‘Hair-of-the-Dog’ Economic Policies or Buying Time to Heal?” John P. Calamos, Sr. and Nick P. Calamos discuss why they believe the near-term looks promising for the economy and equity markets. They also share their reasoning for a more cautious long-term economic outlook, and summarize how the Calamos investment team is positioned for the opportunities and challenges of an evolving global economy.

In "Emerging Markets, Developing Opportunities." Jeff Scudieri, SVP and Co-Head of Research and Investments, notes that since the Asian crisis of 1997, there have been continued improvements in the fiscal positions of many emerging economies—improvements which we believe enhance the prospects for more sustainable growth. Dramatic increases in foreign currency reserves, less debt, lower inflation, smaller budget deficits and higher GDP growth are among the factors contributing to a brighter fiscal picture. Compared to developed economies, emerging economies are on the right track.

Convertible Market Update, November 2009 Convertible securities were boosted by underlying equities and a speculative grade rally Global Equity Market Update, November 2009 Almost all major regions and countries posted positive returns as the global economy continues to move ahead High Yield Market Update, November 2009 High yield bonds advanced in November for the ninth straight month as investors believe the global economy will remain on the path to recovery More Commentaries		The Value of a Consistent Investment Process Refined over 30 years, our distinct credit research and equity valuation processes are applied across an array of equity, fixed income, convertible and alternative strategies—each designed to meet specific investment objectives Proven Defensive Equity Solutions: Calamos Growth & Income and Global Growth & Income Funds By blending equities with equity-sensitive convertibles, investors can participate in equity upside while enjoying a potential measure of downside protection Calamos High Yield Fund: A More Conservative Approach Our investment philosophy, which concentrates on risk management, largely avoids the most speculative grade issues Market Neutral Income Fund: A History of Equity-Like Returns with Less Volatility Our unique alternative strategy offers investors low correlations and other hedge-like benefits More Portfolio Insights
Calamos High Yield Fund Begins Monthly Distributions Calamos Investments Announces Total Net Assets for All Open-End Mutual Funds as of December 31, 2009 2009 Calamos Open-End Funds Capital Gain Distributions Morningstar says, “Calamos Growth and Income’s middle ground is top of the line.” Morningstar says, “Calamos Market Neutral Income Fund is poised for a good run.” Morningstar says, “Calamos Convertible Fund is one finely balanced act.” Mutual Fund homepage		Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for February 2010 Closed-End Fund December Monthly Data Now Available: CHI, CHY, CSQ, CGO and CHW Calamos Releases Closed-End Fund Annual Reports for CHI, CHY, CSQ, CGO and CHW Closed-End Fund homepage

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.

Calamos Financial Services LLC, Distributor

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Upcoming Appearances
	2/10/2010 John P. Calamos, Sr., is scheduled to appear on CNBC’s “Closing Bell” on Wednesday, February 10, at 3:40 p.m., ET.

CNBC, “Squawk Box”
	1/7/2010 Nick P. Calamos explains why he believes it’s important to think globally and invest globally.

Bloomberg TV, “Street Smart”
	1/4/2010 Nick P. Calamos discusses the strength he sees in the corporate sector and his positive view about the near-term prospects of the equity markets.

Business News Network, “Trading Day”
	12/9/2009 John P. Calamos, Sr. comments on the current markets, the U.S. dollar, and the technology and commodity sectors, as well as his constructive outlook on convertibles and high yield bonds.

More Media

When we take into account changes in household net worth, misery in 2008 was much more acute than indicated by the traditional index.
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1/19/2010 Video Blog: Opportunity Potential in Technology Sector
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Calamos Equity Valuation Process: Determining Cash Flows and Valuing a BusinessThe value of any security is a function of the underlying business's cash flows and the quality of those cash flows. This paper outlines Calamos Investments' research process for determining a company's business valuation. We will detail how Calamos research uncovers the economic profits of a company and how our research determines the quality of the cash flows, the return on capital, and finally, the equity's valuation.

Calamos Credit Analysis ProcessA look at the historical-based models, the forward-looking models and the fundamental analysis that contribute to our pricing of risk.