NAPERVILLE, Ill., Oct. 15 /PRNewswire-FirstCall/ -- Calamos Investments announces that, effective October 29, 2010, its Convertible Fund (A shares: CCVIX; B shares: CALBX; C shares: CCVCX; I shares: CICVX; R shares: CCVRX) will be closed to new investors, with certain exceptions.
Calamos Investments Chairman, CEO and Co-CIO John Calamos, Sr. says, "We remain very positive about the convertible market and continue to see good opportunities there. We believe this decision is in the best interest of Convertible Fund shareholders given this Fund's specific investment objectives."
"Other strategies managed by Calamos with more flexible investment mandates that utilize convertible securities - both U.S.-based and global/international – continue to be open without restriction to both current and new investors. Some of those strategies include the Calamos Growth and Income Fund (CVTRX), the Calamos Global Growth and Income Fund (CVLOX), and the Calamos Evolving World Growth Fund (CNWGX). Each invests using a combination of stocks, convertible securities and other equity-linked securities," says Calamos.
"Previously, Calamos Investments made the decision to close the Convertible Fund in April 2003 and re-opened it to new investors in October 2008. The decision to re-open the Fund was extremely well-received by investors and the Fund enjoyed robust demand. Since a fundamental component of our approach to investing is risk management, we have continually monitored flows into the Fund and we believe that managing inflows will better facilitate our investment team's ability to effectively execute the investment strategy in that Fund," says Calamos.
Purchases will still be accepted through certain employer-sponsored retirement plans and certain platform level asset allocation models within mutual fund wrap and fee-based programs. Current Convertible Fund shareholders will be allowed to make additional contributions to their accounts.
For more information about the Convertible Fund, including further details about the limiting of new purchases and a supplement to the prospectus regarding the change, please visit http://fundinvestor.calamos.com/mutualfunds/fund.aspx?name=Convertible. Questions about the Convertible Fund can be addressed to Calamos Client Services at 1.800.582.6959 Monday through Friday 8 a.m. to 6 p.m. Central Time.
Calamos Investments is a globally diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals around the world via separately managed accounts and a family of open-end and closed- end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit www.calamos.com.
SOURCE Calamos Investments