Calamos Investments - Investment strategies for your serious money®

September 10, 2010

John P. Calamos, Sr. discusses the Calamos approach to low-volatility equity strategies and how they can be positioned in an investor’s asset allocation. We believe our historical results, particularly during difficult markets, demonstrate the potential benefits of using low-volatility equity strategies as a core equity allocation.

In “Finding Growth Opportunity in Volatile Markets,” John P. Calamos, Sr. shares his perspective on the global economy and market sectors. He explains why he believes growth equities are especially compelling in the current environment. He also speaks to the potential benefits of low-volatility equity allocations.

John P. Calamos, Sr., and Nick P. Calamos discuss their “short-term bullish, longer-term scared” economic outlook. They explain why a case can be made for a bull or bear market over the next decade and the factors the Calamos investment team considers as they assess the global economy and its opportunities.

At the Morningstar 2010 Investment Conference, one of the most prestigious investment forums in the industry, John P. Calamos, Sr. shared his expertise on convertible securities and low-volatility equity strategies.

At the annual Milken Institute Global Conference–one of the most highly esteemed forums for business and policy leaders around the world– President of Investments and Co-Chief Investment Officer Nick P. Calamos participated in the panel discussion, “Reading the Tea Leaves: Investing for 2010 and Beyond.”

Market Review and Outlook, April 2010 In “Clear Skies Ahead?” John P. Calamos, Sr., and Nick P. Calamos provide their perspective on the markets and economy. Data suggests that the recession has likely ended, and corporate America looks to be in good shape. However, high national debt levels and excess spending cast a longer-term shadow. In this environment, the Calamos investment team believes that global perspective is essential for understanding and capitalizing on investment opportunities. Market Review and Outlook, January 2010 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. More Commentaries		International Growth Fund: Global Experience Drives Compelling Performance Twenty years of international experience, built on a tradition of growth investing, driving compelling performance as the Fund turns 5 years old Time to Rethink International Allocation International growth may be underrepresented in investors’ portfolios 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 More Portfolio Insights
For Downside Protection, Morningstar Puts Calamos Global Growth and Income Fund ‘At the Head of the Class’ Morningstar: International Growth Fund `Continues to Impress’ Morningstar’s Take: “Calamos Growth & Income wins by not losing.” Morningstar’s Take: “Calamos Growth is high octane but worth the ride.” The Calamos Investments management team discusses the International Growth Fund in a Q&A with Morningstar. Kiplinger’s says “Calamos International Growth is on a roll, thanks to a big stake in overseas technology stocks.” Morningstar’s Take: “Calamos Market Neutral Income managed a solid 2009, and it has not yet run out of steam.” Calamos High Yield Fund Begins Monthly Distributions Calamos Investments Announces Total Net Assets for All Open-End Mutual Funds as of December 31, 2009 Mutual Fund homepage		Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for September 2010 Closed-End Fund July Monthly Data Now Available: CHI, CHY, CSQ, CGO and CHW Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for July 2010 Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for June 2010 Closed-End Fund April Monthly Data Now Available: CHI, CHY, CSQ, CGO and CHW Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for May 2010 Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for April 2010 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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CNBC TV’s “Power Lunch”
	8/25/2010 John P. Calamos, Sr. shares his perspective on opportunities in a slow-growth economic environment.

Financial Planning, “Advisor TV”
	7/27/2010 At the recent Morningstar Investment Conference, John P. Calamos, Sr. discusses the use of convertibles as core holdings in equity asset allocations

BNN TV, “Trading Day”
	7/14/2010 John P. Calamos, Sr. encourages investors to consider low-volatility equity strategies.

Morningstar Video Reports
	7/8/2010 John P. Calamos, Sr. shares his insights on the valuation and uses of convertibles in the current market.

CNBC TV’s “Power Lunch”
	6/24/2010 John P. Calamos, Sr. explains how the Calamos team is investing against the backdrop of volatile markets.

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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.