"Volatility is not a valid reason to stay out of the markets," he said. "What matters is how an investor responds to volatility. What we need are asset allocation strategies that focus on leveraging the opportunities that arise from continuing volatility," said Calamos.Low-Volatility Equity Strategy Funds Two Calamos Funds that offer a low-volatility equity strategy to U.S. investors are the Calamos Growth & Income Fund (CVTRX) and the Calamos Global Growth & Income Fund (CVLOX). Both pursue long-term total return through capital appreciation. The Calamos Growth & Income Fund has earned a five star Overall Morningstar Rating based on 1,545 large growth funds as of 6/30/10(1). The Calamos Global Growth & Income Fund has earned a five star Overall Morningstar Rating based on 594 world stock funds as of 6/30/10(2). Each fund primarily combines equities and equity-like convertible securities. The added flexibility of hybrid securities helps with risk management and distinguishes the strategies from higher beta equity funds. For details on each fund's performance and allocation, please visit http://fundinvestor.calamos.com/mutualfunds/fund.aspx?name=GrowthAndIncome and http://fundinvestor.calamos.com/mutualfunds/fund.aspx?name=GlobalGrowthAndIncome. What Do We Mean By Low Volatility Equity? When we discuss volatility, our focus is on the variation of returns in our low-volatility equity funds versus full equity benchmarks such as the S&P 500 Index and the MSCI World Index. We consider a fund to have lower volatility when its beta versus the equity benchmark is less than one. The Growth & Income Fund has a beta of 0.71(3) since the fund's inception for the period ended June 30, 2010 versus the S&P 500 Index, meaning it has nearly 30% less volatility than the broader equity market. The Global Growth & Income Fund has a beta of 0.73(3) since the fund's inception for the period ended June 30, 2010 versus the MSCI World Index, meaning it has nearly 30% less volatility than the broader equity market. "What we strive for is equity-like returns over the longer term with reduced downside risk," Calamos said. "We believe our returns during challenging market periods are an achievement. That's the kind of resilience you look for in a low-volatility equity investment."