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Calamos Asset Management, Inc. Reports First Quarter 2011 Results and Declares Dividend

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NAPERVILLE, Ill., April 28, 2011 /PRNewswire/ -- Calamos Asset Management, Inc. (NASDAQ: CLMS), a diversified global investment firm offering equity, fixed income, convertible and alternative strategies, today reported first quarter 2011 results.

Financial Highlights

  • Revenues were $90.5 million, an increase of 5% from $86.0 in the fourth quarter of 2010 and up 12% from $81.1 million in the first quarter of 2010.
  • Operating income increased by 4% to $37.3 million from $35.7 for the fourth quarter 2010 and by 22% from $30.5 in the first quarter of 2010.
  • Net income was $30.9 million, a 20% decrease from the fourth quarter and a 10% decrease from the first quarter 2010.
  • Net income attributable to Calamos Asset Management, Inc. was $4.6 million, representing 21.9% ownership interest in the underlying investment management business.
  • Diluted earnings per share were $0.23, compared to $0.28 per share last quarter and $0.24 a year ago.
    • Diluted earnings per share decreased from the prior periods primarily as a result of non-operating activities, specifically the mark-to-market impact of certain investments in the company's corporate investment portfolio that have an effect on current earnings.
  • At March 31, 2011, assets under management increased by 7% to $38.0 billion from the previous quarter.
  • The company declared a regular quarterly dividend of 9.5 cents per share payable on May 25, 2011 to shareholders of record on May 10, 2011.

Management Commentary

"In the first quarter of 2011, we remained financially strong and exhibited stability in a quarter marked by significant market volatility.  We saw an increase in assets under management throughout the quarter, maintained our operating margin and generated competitive relative investment performance in most of our investment strategies.  Results from operations improved and we generated net gains of 3.4% on the corporate investment portfolio during the quarter, which together create the expectation of earnings expansion.  However, earnings per share decreased from the prior period because of the varying accounting treatment required for certain securities in our investment portfolio that prohibits all investment gains and losses from being reported in current earnings," said John P. Calamos, Sr., chief executive officer and co-chief investment officer.

Distribution Efforts

"Our distribution efforts resulted in net inflows in the first quarter. Given our initiative to expand and reinforce the Calamos brand globally, we were pleased to see significant positive net flows coming from our non-U.S. distribution efforts, including a large mandate awarded in Asia, as well as positive net flows into our UCITS funds. In the U.S., net flows were also positive in our mutual funds, partially offset by outflows in our U.S. institutional business. Our efforts to highlight the opportunities we see in growth equities were marked by the commencement of the Calamos 'GrowthWorks' campaign, a comprehensive sales and marketing initiative which is ongoing," said Calamos.

Investment Performance

"During the first quarter, investment performance was competitive, with most strategies beating or reflecting benchmark performance. We believe the long-term performance of our investment strategies demonstrates the strength of our risk-managed approach to investing across all of our strategies, which aims to generate strong performance over full and multiple market cycles," said Calamos.

Investment Performance Highlights:

  • The majority of all Calamos mutual funds rank in the upper half of their respective Lipper(1) categories for all time periods. Details of these ratings can be found in Table D.
  • Similarly, eighty-two percent of the company's mutual funds with at least a three-year track record received a 3-, 4-, or 5-star overall rating from Morningstar as of March 31, 2011.(2) Details of the ratings can be found in Table E.
  • The company's performance in the institutional marketplace for the comparable investment strategies was similar to that of the mutual funds, with a majority ranking in the upper half of their peer groups for all time periods as of March 31, 2011, as determined by eVestment Alliance(3). Details of these rankings are provided in Table F.
  • The company continues to see significant returns from its global growth equity suite; Calamos Global Equity Fund, Calamos International Growth Fund and Calamos Evolving World Growth Fund. The A shares at NAV of each solidly outperformed the respective benchmarks this quarter - and for all time periods thus far - by nearly 200 bps. The company believes this performance reflects the Investment Team's ability to find opportunities around the world and demonstrates the benefits of active management.(4)
  • Additionally, the new Calamos Discovery Growth Fund, which seeks to find growth opportunities in small- to mid-cap companies, is off to a good start. Its Class A shares returned 15.41% for the quarter, compared to a 9.23% return for its benchmark, at NAV.(4)

For complete investment performance, please see Table G or visit www.calamos.com.

Assets Under Management and Flows

Assets under management as of March 31, 2011 totaled $38.0 billion, representing an increase of $2.5 billion, or 7%, during the first quarter.

  • Average assets under management were $36.8 billion during the first quarter of 2011, compared to $32.3 billion for the same period one year ago.
  • Total net inflows were $618 million while market appreciation contributed $1.9 billion to the increase in assets under management.
  • Net inflows into the company's investment companies were $346 million.
  • 12 of the company's 19 funds generated net inflows with the highest concentration of net flows into the low-volatility equity, alternative and global strategies.  However, outflows from the Convertible Fund and Growth Fund reduced total net inflows.
  • The Emerging Markets Fund was introduced to the lineup of UCITS funds.
  • UCITS funds, with nearly $500 million in total assets under management, generated positive inflows of $115 million.
  • Institutional separate accounts had $254 million of positive net inflows.
  • The first large investment mandate in Asia was awarded with inflows totaling nearly $400 million.

Financial Results

Revenues for the first quarter of 2011 were $90.5 million, an increase of 12% from $81.1 million during the same period last year. For the quarter ended March 31, 2011, operating expenses were $53.2 million, an increase of $2.6 million, or 5%, from the first quarter of 2010.

Investment management fees for the first quarter of 2011 increased by $9.0 million, or 15%, to $67.6 million compared to the same period last year. The increase in investment management fees was principally driven by a 14% increase in average assets under management.  Distribution and underwriting fees increased by $277,000, or 1%, compared to the same period in 2010 as the asset-based increase in distribution fees was offset by lower contingent deferred sales charges. The percentage of mutual fund assets invested in Class I shares continues to increase and because the company does not earn distribution fees from Class I mutual fund shares, distribution fee revenue has been increasing at a slower rate than the growth in average mutual fund assets under management.

Compensation expenses of $20.6 million increased by $500,000, or 2%, from the same quarter last year, mostly due to increases in sales-based incentive compensation as both gross and net sales increased significantly when compared to the same period last year.  For the first quarter of 2011, distribution expenses were $18.2 million, an increase of $1.4 million, or 9%, due to increased mutual fund assets under management and to the increasing age of Class C share assets.  The company retains the distribution fees on Class C shares for a period of 12 months following the initial purchase after which these fees are paid to third party intermediaries and recorded as distribution expenses.  Marketing and sales promotion expenses were $3.4 million for the quarter, compared to $2.7 million in the first quarter of 2010. Marketing and sales promotion expenses continue to rise with the level of assets managed by the company because of the asset-based supplemental distribution payments that we make to distribution intermediaries. Additionally, through the use of selective advertising campaigns, the company remains focused on building awareness about the company's growth strategies. General and administrative expenses increased by approximately $800,000, or 9%, to $9.2 million for the first quarter 2011 versus the comparable period. The continued focus on outsourcing non-core activities, such as the middle- and back-office operations functions, is the primary driver to the rise in general and administrative expenses.

Operating income was $37.3 million for the current quarter versus $35.7 million in the previous quarter and $30.5 million in the first quarter of the prior year. Operating margin was 41.2% for the first quarter, down from 41.5% in the fourth quarter and up from 37.6% in the first quarter of the prior year. Diluted earnings per share for the first quarter of 2011 were $0.23 versus $0.28 for the fourth quarter and $0.24 for the same period a year ago. The decrease in earnings per share from the prior quarter was entirely attributable to the decrease in non-operating income, principally reflecting losses on derivatives used to hedge the corporate investment portfolio.

Non-Operating Results

Non-operating loss, net of non-controlling interest in partnerships, was $3.5 million during the first quarter of 2011 as presented in Table A, compared to income of $6.9 million in the same period for 2010.

The company's financial condition remains strong with a high degree of liquidity. The investment portfolio was approximately $451.7 million at March 31, 2011 and was principally comprised of investments in products that the company manages. This portfolio consists primarily of diversified investments in the company's family of funds and cash equivalents and is used to provide seed capital for the development of new products. To reduce downside risk and price volatility of the total portfolio value, the company continues to use exchange-traded equity option contracts as an economic hedge.

Investment Portfolio Returns

For the three months ended March 31, 2011, the net gains on the company's investment portfolio (as presented in Table B) were $12.2 million, representing investment gains of 3.4%. Certain investment securities require differing financial accounting treatments; hence, not all changes in the portfolio's value are reported in current earnings. Instead, only gains and losses from investment securities owned by the company's broker-dealer and from the company's derivatives positions are reported in the Consolidated Condensed Statements of Operations, while unrealized gains and losses on securities designated as "available-for-sale" are captured as a component of equity until realized. Therefore, in the most recently completed quarter, investment losses of $1.7 million (as presented in both Table A and Table B) decreased earnings, while the component of the company's portfolio that directly impacts equity generated net unrealized gains of $13.9 million. The company continues to realize gains from a trading strategy that seeks to harvest capital gains to realize certain deferred tax assets.

Investor Conference Call

Management will hold an investor conference call at 4 p.m. Central Time on Thursday, April 28, 2011. To access the live call and view management's presentation, visit the Investor Relations section of our website at http://investors.calamos.com. Alternatively, participants may listen to the live call by dialing 877.604.9670 in the U.S. or Canada (719.325.4910 internationally), then entering conference ID #2395311. A replay of the call will be available until the end of the day on May 3, 2011 by dialing 888.203.1112 in the U.S. or Canada (719.457.0820 internationally), then entering conference ID #2395311. The webcast also will be available on the Investor Relations section of our website at http://investors.calamos.com for at least 90 days following the date of the call.

Calamos Asset Management, Inc. (NASDAQ: CLMS) is a globally diversified investment firm offering equity, convertible, defensive equity, fixed income and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, offering a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit Calamos.com.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund's performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, derivatives, short sales and companies with relatively small market capitalizations.

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.

Funds distributed by Calamos Financial Services LLC.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rank funds with less than a three-year performance history.

From time to time, information or statements provided by us, including those within this news release, may contain certain forward-looking statements relating to future events, future financial performance, strategies, expectations, the competitive environment and regulations.  Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a discussion concerning some of these and other risks, uncertainties and other important factors that could affect future results, see "Forward-Looking Information" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and, where applicable, "Risk Factors" in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission.

(1) All references to Lipper ratings and rankings are based on total return for each respective fund's Class A shares at NAV for the period ending 3.31.2011. Complete Lipper rankings for the Calamos Family of Funds are listed in Table D.

(2) All references to Morningstar ratings and rankings are based on total return for each respective fund's Class A shares at NAV for the period ending 3.31.2011. Complete Morningstar rankings for the Calamos Family of Funds are listed in Table E.

(3) eVestment Alliance rankings are based on total return for the period ending 3.31.2011, and do not take into account any investment advisory and/or management fees that may be associated with these strategies. eVestment Alliance is an independent 3rd party database that contains performance information for select investment advisors. Information contained in this database is supplied, on a voluntary basis, by investment advisors who choose to be included in the database. Please see Table F for complete ranking information for the investment strategies listed herein.

(4) Performance data quoted represents past performance, which is no guarantee of future results.  Current performance may be lower or higher than the performance quoted. Complete performance data for the Calamos Family of Funds can be found in Table G.

Calamos Asset Management, Inc.

Consolidated Condensed Statements of Operations

(in thousands, except share data)

(Unaudited)



Three Months Ended March 31,


2011

2010

Revenues:



Investment management fees                                   

$67,608

$58,570

Distribution and underwriting fees                               

22,112

21,835

Other                                                      

828

725

Total revenues                                             

90,548

81,130

Expenses:



Employee compensation and benefits                             

20,632

20,132

Distribution expenses                                         

18,233

16,790

Amortization of deferred sales commissions                       

1,748

2,566

Marketing and sales promotion                                   

3,439

2,732

General and administrative                                     

9,181

8,392

Total operating expenses                                     

53,233

50,612

Operating income                                           

37,315

30,518

Non-operating income (loss)                                  

(3,522)

6,909

Income before income tax provision                               

33,793

37,427

Income tax provision                                           

2,907

3,222

Net income                                               

30,886

34,205

Net income attributable to non-controlling interest in
Calamos Holdings LLC

(26,249)

(29,387)

Net income attributable to non-controlling interest in
partnership investments

(5)

(7)

Net income attributable to Calamos Asset Management, Inc.         

$4,632

$4,811




Earnings per share



  Basic                                                    

$0.23

$0.24

  Diluted                                                   

$0.23

$0.24




Weighted average shares outstanding



  Basic                                                    

20,035,394

19,820,744

  Diluted                                                   

20,478,456

20,122,940




Calamos Asset Management, Inc.

Assets Under Management

(in millions)



Three Months Ended March 31,


2011


2010

Investment Companies




Beginning assets under management         

$27,352


$24,480

Net purchases (redemptions)               

346


(32)

Market appreciation                       

1,383


592

 Ending assets under management          

29,081


25,040

 Average assets under management        

28,367


24,347

Separate Accounts




Beginning assets under management         

8,062


8,234

Net purchases (redemptions)               

272


(515)

Market appreciation                       

546


204

 Ending assets under management          

8,880


7,923

 Average assets under management        

8,413


8,001

Total Assets Under Management




Beginning assets under management         

35,414


32,714

Net purchases (redemptions)               

618


(547)

Market appreciation                       

1,929


796

 Ending assets under management     

37,961


32,963

 Average assets under management        

$36,780


$32,348






At March 31,


Change


2011


2010


Amount


  Percent

Investment Companies








 Open-end mutual funds             

$23,575


$19,959


$3,616


18%

 Closed-end funds                 

5,506


5,081


425


8

   Total investment companies         

29,081


25,040


4,041


16

Separate Accounts








 Institutional accounts     

6,179


5,047


1,132


22

 Managed accounts                 

2,701


2,876


(175)


(6)

   Total separate accounts           

8,880


7,923


957


12

     Ending assets under management

$37,961


$32,963


$4,998


15%






At March 31,


Change


2011


2010


Amount


Percent

Assets by Strategy








 Equity                        

$14,317


$11,940


$ 2,377


20%

 Convertible                    

7,652


7,275


377


5

 Low-volatility Equity             

7,533


6,181


1,352


22

 Enhanced Fixed Income          

3,083


2,793


290


10

 Total Return                   

2,423


2,288


135


6

 Alternative                     

2,391


1,952


439


23

 High Yield                     

358


328


30


9

 Fixed Income                   

204


206


(2)


1

  Ending assets under management

$37,961


$32,963


$4,998


15%




Table A

Calamos Asset Management, Inc

Non-operating Income, Net of Non-controlling Interest in Partnership Investments

(in thousands)

(Unaudited)




Three Months Ended March 31,



2011


2010







Interest income

$69


$106


Interest expense

(1,964)


(1,950)


 Net interest expense

(1,895)


(1,844)







Investment income (loss)

(1,664)


8,602


Miscellaneous other income

37


151


 Investment and other income (loss)

(1,627)


8,753


Non-operating income (loss)

(3,522)


6,909







Net income attributable to non-controlling interest in partnership investments

(5)


(7)







Non-operating income (loss), net of non-controlling interest in partnership investments

$(3,527)


$6,902





Table B

Calamos Holdings LLC

Summary of Investment Portfolio Returns

(in thousands)

(Unaudited)




Three Months Ended March 31,



2011


2010







Returns reflected in earnings:





 Investment income (loss)

$(1,664)


$8,602


 Net income attributable to non-controlling interest in partnership investments

(5)


(7)







Returns reflected in equity:





 Net unrealized income (loss) reported in accumulated other comprehensive income

13,879


(3,330)


Total investment portfolio returns

$12,210


$5,265







 Average investment securities owned

$362,757


$259,261


Total portfolio return

3.4%


2.0%





Table C

Calamos Asset Management, Inc.

Effective Income Tax Rate

(in thousands)

(Unaudited)




Three Months Ended March 31,



2011


2010







Income tax provision                             

$2,907


$3,222


Income tax provision attributable to non-controlling interest in Calamos Holdings LLC

(153)


(321)


Income tax provision attributable to CAM          

2,754


2,901


Net income attributable to CAM                 

4,632


4,811


Income before taxes attributable to CAM         

$7,386


$7,712


CAM's effective income tax rate               

37.3%


37.6%





Table D

Lipper Rankings as of 3/31/11(5)




1 Year

3 Years

5 Years

Calamos Fund

Lipper Category

% Rank

Absolute
Rank

# of Funds

% Rank

Absolute
Rank

# of Funds

% Rank

Absolute
Rank

# of Funds

Calamos Growth

MultiCap Growth

22

98

458

57

219

389

63

201

319

Calamos Blue Chip

Large Cap Growth

28

217

799

43

300

704

37

228

621

Calamos Growth & Income

Flexible Portfolio

15

24

165

12

14

126

34

28

83

Calamos Discovery Growth

Small-Cap Growth Funds

-

-

-

-

-

-

-

-

-

Calamos Value

Large Cap Core

99

1067

1082

81

765

944

83

653

793

Calamos Global Equity

Global MultiCap Growth

7

9

133

16

13

83

-

-

-

Calamos Global Growth & Income

Global Flexible Portfolio

10

20

217

20

23

117

34

24

70

Calamos International Growth

International MultiCap Growth

8

15

190

6

8

135

8

7

90

Calamos Evolving World Growth

Emerging Markets 

10

37

396

-

-

-


-


Calamos Convertible

Convertible

86

54

62

45

24

53

47

21

44

Calamos High Yield

High Current Yield

94

450

481

86

367

426

83

296

356

Calamos Total Return Bond

Intermediate Inv Grade Debt

58

332

572

41

196

485

-

-

-

Calamos Market Neutral Income

Equity Market Neutral

33

26

78

13

7

53

23

8

35



10 Years

15 Years

Since Inception

Calamos Fund

Lipper Category

% Rank

Absolute
Rank

# of Funds

% Rank

Absolute
Rank

# of Funds

% Rank

Absolute
Rank

# of Funds

Calamos Growth

MultiCap Growth

12

26

220

2

1

84

17

81

498

Calamos Blue Chip

Large Cap Growth

-

-

-

-

-

-

49

422

869

Calamos Growth & Income

Flexible Portfolio

15

6

41

8

2

26

15

32

225

Calamos Discovery Growth

Small-Cap Growth Funds

-

-

-

-

-

-

3

14

544

Calamos Value

Large Cap Core

-

-

-

-

-

-

62

697

1126

Calamos Global Equity

Global MultiCap Growth

-

-

-

-

-

-

58

95

165

Calamos Global Growth & Income

Global Flexible Portfolio

53

25

47

-

-

-

46

136

297

Calamos International Growth

International MultiCap Growth

-

-

-

-

-

-

30

62

211

Calamos Evolving World Growth

Emerging Markets 

-

-

-

-

-

-

45

217

491

Calamos Convertible

Convertible

45

17

37

15

3

20

34

25

74

Calamos High Yield

High Current Yield

36

83

236

-

-

-

59

310

530

Calamos Total Return Bond

Intermediate Inv Grade Debt

-

-

-

-

-

-

15

85

603

Calamos Market Neutral Income

Equity Market Neutral

20

3

14

25

1

3

22

23

108


(5) Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Absolute performance for some funds was negative. For each fund rankings are for Class A Shares for the period ending March 31, 2011, and will differ for other share classes.

    Source: Lipper- provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.



Table E

Morningstar Rankings as of 3/31/11 (6 and 7)






YTD

1/1/2011-

3/31/2011

1 Year

4/1/2010-

3/31/2011

3 Years

4/1/2008-

3/31/2011

Group/Investment

Category

Morningstar Overall Rating

# ranked in peer group

Peer group%

Peer group rank

# ranked in peer group

Peer group %

Peer group rank

# ranked in peer group

Peer group %

Peer group rank

# ranked in peer group

Calamos Growth A

Large Growth

3 Stars

1,505

16

271

1,763

7

112

1,693

39

590

1,498

Calamos Growth & Income A

Aggressive Allocation

5 Stars

226

8

19

246

10

24

244

1

2

226

Calamos Blue Chip A

Large Growth

3 Stars

1,505

30

528

1,763

32

534

1,693

46

684

1,498

Calamos Value A

Large Blend

2 Stars

1,757

92

1,933

2,084

99

1,955

1,973

82

1,433

1,747

Calamos Discovery Growth A

Small Growth

N/A

N/A

1

1

797

-

-

-

-

-

-

Calamos Global Growth & Income A

World Allocation

3 Stars

201

12

46

406

10

33

325

14

29

201

Calamos Global Equity A

World Stock

4 Stars

660

8

73

993

4

33

897

7

44

662

Calamos International Growth A

Foreign Large Growth

4 Stars

207

1

2

253

6

15

244

4

8

203

Calamos Evolving World Growth A

Diversified Emerging Markets

N/A

N/A

4

16

461

8

29

390

-

-

-

Calamos Convertible A

Convertibles

4 Stars

63

58

48

82

87

63

72

47

30

63

Calamos High Yield A

High Yield Bond

2 Stars

506

64

388

604

93

528

564

86

439

506

Calamos Total Return Bond A

Intermediate Term Bond

3 Stars

1,021

31

385

1,241

56

643

1,152

40

404

1,018

Calamos Market Neutral Income A

Long-Short

4 Stars

108

42

148

349

47

112

238

21

24

111




Table E Continued (6 and 7)




5 Years

4/1/2006-

3/31/2011

10 Years

4/1/2001-

3/31/2011

15 Years

4/1/1996-

3/31/2011

Since Inception

Group/

Investment

Category

Peer group %

Peer group rank

# ranked in peer group

Peer group %

Peer group rank

# ranked in peer group

Peer group %

Peer group rank

# ranked in peer group

Peer group %

Peer group rank

# ranked in peer group

SI Date

Calamos Growth A

Large Growth

54

707

1,306

4

28

814

1

1

308

1

1

131

9/90

Calamos Growth & Income A

Aggressive Allocation

7

13

182

3

3

69

1

1

26

1

1

8

9/88

Calamos Blue Chip A

Large Growth

36

472

1,306

-

-

-

-

-

-

44

476

1,075

12/03

Calamos Value A

Large Blend

82

1,207

1,463

-

-

-

-

-

-

38

340

900

1/02

Calamos Discovery Growth A

Small Growth

-

-

-

-

-

-

-

-

-

4

26

768

6/10

Calamos Global Growth & Income A

World Allocation

37

51

136

40

30

73

-

-

-

35

12

33

9/96

Calamos Global Equity A

World Stock

-

-

-

-

-

-

-

-

-

4

23

568

3/07

Calamos International Growth A

Foreign Large Growth

4

7

163

-

-

-

-

-

-

5

7

134

3/05

Calamos Evolving World Growth A

Diversified Emerging Markets

-

-

-

-

-

-

-

-

-

5

16

309

8/08

Calamos Convertible A

Convertibles

44

24

53

46

20

42

8

3

26

1

1

7

6/85

Calamos High Yield A

High Yield Bond

84

361

430

35

100

288

-

-

-

20

49

248

8/99

Calamos Total Return Bond A

Intermediate Term Bond

-

-

-

-

-

-

-

-

-

23

222

957

6/07

Calamos Market Neutral Income A

Long-Short

19

11

56

37

8

20

17

2

7

1

1

5

9/90


(6) Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Absolute performance for some funds was negative. For each fund, rankings are for Class A Shares for the period ending March 31, 2011, and will differ for other share classes.

    The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rank funds with less than a 3-year performance history.

       Percentile ranking is a standardized ranking. The first (best) observation with the largest numerical value, in terms of net-of-fee performance is ranked one; and the observation with the smallest numerical value is ranked 100. The rest of the observations are ranked an equal distance from each other in order of their numerical values, from largest to smallest. The percentile rank is calculated by dividing the absolute rank within a peer group


(7) The Calamos Growth Fund’s Class A shares received 2 stars for 3 years, 1 star for 5 years, and 4 stars for 10 years out of 1505, 1312, and 818 Large Growth funds, respectively, for the period ended 3/31/11.

The Calamos Growth and Income Fund’s Class A shares received 5 stars for 3 years, 4 stars for 5 years, and 5 stars for 10 years out of 226, 182, and 69 Aggressive Allocation funds, respectively, for the period ended 3/31/11.

The Calamos Blue Chip Fund’s Class A shares received 3 stars for 3 years and 3 stars for 5 years out of 1505 and 1312 Large Growth funds, respectively, for the period ended 3/31/11.

The Calamos Value Fund’s Class A shares received 1 star for 3 years and 2 stars for 5 years out of 1757 and 1471 Large Blend funds, respectively, for the period ended 3/31/11.

The Calamos Global Growth and Income Fund’s Class A shares received 3 stars for 3 years,  3 stars for 5 years, and 3 stars for 10 years out of 201, 136, and 73 World Allocation funds, respectively, for the period ended 3/31/11.

The Calamos Global Equity Fund’s Class A shares received 4 stars for 3 years out of 660 World Stock funds for the period ended 3/31/11.

The Calamos International Growth Fund’s Class A shares received 4 stars for 3 years and 4 stars for 5 years out of 207 and 164 Foreign Large Growth funds, respectively, for the period ended 3/31/11.

The Calamos Convertible Fund’s Class A shares received 3 stars for 3 years, 3 stars for 5 years, and 4 stars for 10 years out of 63, 53, and 42 Convertibles funds, respectively, for the period ended 3/31/11.

The Calamos High Yield Fund’s Class A shares received 1 star for 3 years, 2 stars for 5 years, and 3 stars for 10 years out of 506, 430, and 288 High Yield Bond funds, respectively, for the period ended 3/31/11.

The Calamos Total Return Bond Fund’s Class A shares received 3 stars for 3 years out of 1021 Intermediate-term Bond funds for the period ended 3/31/11.

The Calamos Market Neutral Income Fund’s Class A shares received 3 stars for 3 years, 3 stars for 5 years, and 4 stars for 10 years out of 108, 54, and 19 Long-short funds, respectively, for the period ended 3/31/11.



Table F

eVestment Alliance Rankings as of 3/31/11(8)




YTD  

1 Year

3 Year

5 Year

10 Year

Since Inception


Calamos Institutional Strategies

eVestment Alliance Category

% Rank

# of

Strat

% Rank

# of Strat

% Rank

# of Strat

% Rank

# of Strat

% Rank

# of Strat

% Rank

# of Strat

SI Date

Growth

US All Cap Growth Equity

45

77

28

77

53

74

67

67

24

43

1

10

1/91

Large Cap Growth

US Large Cap Growth Equity

27

318

29

318

33

309

26

291

-

-

30

274

1/04

Mid Cap Growth

US Mid Cap Growth Equity

15

138

7

138

23

137

50

129

-

-

50

104

2/03

US Opportunities

US Large Cap Growth Equity

40

318

48

318

7

309

10

291

1

221

4

27

1/89

Small-Mid Cap Growth Strategy

US Small-Mid Cap Growth Equity

2

85

-

-

-

-

-

-

-

-

14

89

8/10

Value

US All Cap Value Equity

92

117

100

116

81

112

77

102

-

-

91

68

1/02

Global Growth

Global All Cap Growth Equity

5

44

7

43

4

29

-

-

-

-

13

25

4/07

Global Opportunities

Global All Cap Growth Equity

23

44

43

43

11

29

15

21

33

13

1

5

10/96

International Growth

ACWI ex-US All Cap Growth Equity

5

21

5

21

1

19

1

13

-

-

1

14

4/05

Emerging Economies

Emerging Markets Equity

2

153

8

153

-

-

-

-

-

-

90

179

12/08

Convertible

US Convertibles

16

27

50

27

66

25

67

25

56

19

1

1

10/79

Global Convertibles

US Convertibles

66

27

70

27

79

25

37

25

-

-

27

23

10/01

High Yield

US High Yield Fixed Income

61

104

80

104

78

101

76

95

30

75

25

75

11/99


(8) Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive performance. Absolute performance for some strategies was negative.

      Source: eVestment Alliance - rankings are based on total return for the period ending March 31, 2011, and do not take into account any investment advisory and/or management fees that may be associated with these strategies.  eVestment Alliance is an independent third party database that contains performance information for select investment advisors.  Information contained in this database is supplied, on a voluntary basis, by investment advisors who choose to be included  in the database and is reliant on the individual advisors to be timely and accurate.



Table G

Fund Performance

Class A Shares Average Annual Total Returns as of 3/31/11 (9 and 10)


FUND NAME

NASDAQ SYMBOL

YTD
NAV

1-Year
NAV

3-Year
NAV

5-Year
NAV

10-Year
NAV

SI
NAV

A SHARE INCEPTION DATE

Growth


    Russell Midcap Growth Index

CVGRX

6.99%

24.42%

4.26%

2.83%

6.60%

14.50%

9/4/90


7.85%

26.60%

7.63%

4.93%

6.94%

10.76%


Growth and Income


    S&P 500 Index

CVTRX

5.76

16.59

7.32

4.98

7.42

12.18

9/22/88


5.92

15.65

2.35

2.62

3.29

9.73


Value


    Russell 1000 Value Index

CVAAX

3.57

4.85

0.36

0.70

3.74

1/2/02


6.46

15.15

0.60

1.38

4.88


Blue Chip


    S&P 500 Index

CBCAX

6.18

18.27

3.82

3.68

5.23

12/1/03


5.92

15.65

2.35

2.62

5.06


Discovery Growth


    Russell 2500 Growth

CADGX

15.41

47.66*

6/1/10


9.83

34.83


Global Growth and Income


    MSCI World Index (USD)

CVLOX

4.65

16.45

5.13

5.24

7.22

9.53

9/9/96


4.91

14.03

0.34

2.64

4.73

6.14


International Growth


    MSCI EAFE Growth Index

CIGRX

6.25

23.94

4.47

6.95

10.64

3/16/05


2.30

12.88

-2.16

2.50

5.37


Global Equity


    MSCI World Index (USD)

CAGEX

6.86

25.29

7.17

7.87

3/1/07


4.91

14.03

0.34

0.16


Evolving World Growth


    MSCI Emerging Markets Index

CNWGX

4.41

23.02

13.65

8/15/08


2.10

18.78

9.95






Table G Continued (9 and 10)


FUND NAME

NASDAQ SYMBOL

YTD
NAV

1-Year
NAV

3-Year
NAV

5-Year
NAV

10-Year
NAV

SI
NAV

A SHARE INCEPTION DATE

Convertible#


    Value Line Convertible Index

CCVIX

5.25

13.72

7.07

5.96

6.38

10.02

6/21/85



6.51

19.29

11.53

8.05

8.17

8.68


Market Neutral Income+

    Barclays Capital U.S.    Government/Credit Bond Index

CVSIX

1.84

5.26

2.76

3.19

4.28

7.21

9/4/90


0.28

5.26

4.82

5.83

5.53

7.03


High Yield


    Credit Suisse High Yield Index

CHYDX

3.48

11.15

8.25

6.08

7.66

7.03

8/2/99


3.77

13.64

11.66

8.54

8.99

7.64


Total Return Bond

    Barclays Capital U.S. Aggregate Bond Index

CTRAX

1.28

5.67

6.19

7.27

6/27/07


0.42

5.12

5.30

6.47


* Cumulative returns

# Effective the close of business, January 28, 2011, the Calamos Convertible Fund is closed to new investments with limited exceptions as enumerated in the prospectus.

+ Effective the close of business, January 28, 2011, the Calamos Market Neutral Income Fund is limiting new investments to investors that own Fund shares, subject to exceptions enumerated in the prospectus.


(9) Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares (3.75% for Total Return Bond Fund).

All funds are not available at all firms.

    The Funds’ gross expense ratios as of the prospectus dated 3/1/2011 are as follows: Growth A 1.28%, Growth and Income A 1.09%, Value A 1.60%, Blue Chip A 1.56%, Global Growth and Income A 1.37%, International Growth A 1.67%, Global Equity A 1.89%, Evolving World Growth A 1.68%, Convertible A 1.08%, Market Neutral Income A 1.20%, High Yield A 1.21%, Discovery Growth A 2.30%, and Total Return Bond A 0.99%.

    Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. Contact 800.582.6959 for a prospectus containing this and other information. Read it carefully.


(10) Barclays Capital U.S. Government/Credit Bond Index- Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.

Barclays Capital U.S. Aggregate Bond Index- The Barclays Capital U.S. Aggregate Bond Index covers the U.S.-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS sectors.

Credit Suisse High Yield Index- The Credit Suisse High Yield Index is an unmanaged index of high yield debt securities.

MSCI EAFE Growth Index- The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the U.S. and Canada).

MSCI Emerging Markets Index- The MSCI Emerging Markets Index is a free float adjusted market capitalization index. It includes market indexes of Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

MSCI World Index (USD)- The MSCI World Index (USD) is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

Russell 1000 Value Index- The Russell 1000 Value Index measures the performance of those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Russell 2500 Growth Index- The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Growth Index- The Russell Midcap Growth Index measures the performance of those Russell Midcap companies whose average market capitalization is approximately $4.5 billion, with higher price-to-book ratios and higher growth values.

S&P 500 Index- The S&P 500 Index is generally considered representative of the U.S. stock market.

Value Line Convertible Index- The Value Line Convertible Index is an equal weighted index of the largest convertibles.



SOURCE Calamos Asset Management, Inc.



RELATED LINKS
http://www.calamos.com

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