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

NAPERVILLE, Ill., Aug. 2, 2011 /PRNewswire/ -- Calamos Asset Management, Inc. (NASDAQ: CLMS), a diversified global investment firm offering equity, fixed income, convertible and alternative strategies, today reported second quarter 2011 results.

Financial Highlights

  • Assets under management were $37.4 billion at June 30, 2011, a 2% decrease from $38.0 billion at the end of the first quarter and up by 25% from $29.9 billion at the end of the second quarter of 2010.
  • Revenues increased by 3% to $92.9 million from $90.5 million for the first quarter and by 15% from $80.5 million in the second quarter of 2010.
  • Operating income was $39.3 million, a 5% increase from $37.3 million in the first quarter and up 33% from $29.7 million in the second quarter of 2010.
  • Operating margin was 42.3% for the current quarter, up from 41.2% in the first quarter and up from 36.9% in the second quarter of the prior year.
  • Net income was $44.5 million, a 44% increase from the first quarter and a 42% increase from the second quarter of 2010. Net income attributable to Calamos Asset Management, Inc. was $6.7 million, representing 21.9% ownership interest in the underlying investment management business.
  • Diluted earnings per share was $0.32, compared to $0.23 per share last quarter and $0.23 a year ago.
    • Diluted earnings per share increased from the prior periods due to increases in operating income and realized gains on the sale of investment securities.
  • The company declared a regular quarterly dividend of 9.5 cents per share payable on August 31, 2011 to shareholders of record on August 16, 2011.

Management Commentary

"Calamos Asset Management continues its position of financial strength and the company's balance sheet remains solid. The quarter, however, brought a slight reduction in Assets under management largely due to market depreciation and, to a lesser extent, slightly negative outflows.  We remain constructive on the long-term opportunities we see for the firm as well as for our shareholders and clients," said John P. Calamos, Sr., chief executive officer and co-chief investment officer.

Distribution Efforts

"The firm is placing continued emphasis on growing the Calamos brand globally while deepening our existing partnerships in the United States. We continued to see positive net flows this quarter into our international growth equity products and from our non-U.S. distribution efforts, including the continued funding of a large institutional mandate in Asia and the awarding of the first institutional mandate into our emerging markets UCITS in the U.K.  Net flows for mutual funds were slightly negative, driven in part by the strategic decision to close the Convertible Fund to new sales earlier this year," said Calamos.

Investment Performance

"We are pleased with the firm's long-term investment performance, reflecting our investment team's philosophy to manage risk and return over an extended time horizon and throughout multiple market cycles. We also continue to generate notable returns from some of our newer strategies, including those for emerging markets and global/international equities. Overall investment performance for the quarter was at or near benchmark," said Calamos.

Investment Performance Highlights:

  • A majority of the institutional strategies rank in the upper half of their eVestment Alliance(1) peer groups for the 3-, 5-, 10-year and Since Inception periods as of June 30, 2011. Details of these rankings are provided in Table D.
  • At least half of Calamos mutual funds rank in the upper half of their respective Lipper(2) categories for the 3-, 5-, 10-, 15-year and Since Inception periods as of June 30, 2011. Details of these ratings can be found in Table E.
  • 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(3) as of June 30,  2011. Details of the ratings can be found in Table F.
  • The three funds in the firm's global growth equity suite (Calamos Global Equity Fund, Calamos International Growth Fund and Calamos Evolving World Growth Fund) each solidly outperformed its respective benchmark since each fund's inception for A shares at NAV.(4)  
  • Additionally, the new Calamos Discovery Growth Fund, which seeks to find growth opportunities in small- to mid-cap companies, returned 12.91% as of June 30, 2011 compared to a 10.25% 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 June 30, 2011 totaled $37.4 billion, representing a decrease of $0.6 billion, or 2%, during the second quarter.

  • Average assets under management were $37.8 billion during the second quarter of 2011, compared to $31.7 billion for the same period one year ago.
  • Total net outflows for the quarter were $93 million while market depreciation contributed $516 million to the decrease in assets under management.
  • Average assets under management were $37.3 billion during the first six months of 2011, compared to $32.0 billion for the same period one year ago.
  • The company's investment companies had $218 million in outflows for the quarter and $128 million of inflows year-to-date.
  • Institutional separate accounts had $169 million of positive net inflows in the quarter and $423 million of inflows for the year.
  • Of the company's 18 funds, 11 generated net inflows with the highest concentration of net flows into the low-volatility equity and global strategies.  However, outflows from the Convertible Fund and Growth Fund reduced total net inflows.
  • UCITS funds, with more than $500 million in total assets under management, generated positive inflows of $84 million.

Financial Results

Quarterly Results

Second quarter revenues were $92.9 million, an increase of 15% from $80.5 million during the same period last year. For the three months ended June 30, 2011, operating expenses were $53.6 million, an increase of $2.8 million, or 5%, from the second quarter of 2010.

Investment management fees for the second quarter of 2011 increased by $11.7 million, or 20%, to $70.1 million compared to the second quarter of last year. The increase in investment management fees was principally driven by a 19% increase in average assets under management.  Distribution and underwriting fees increased by $679,000, or 3%, compared to the same period in 2010 as the increase in asset-based distribution fees was offset by lower contingent deferred sales charges.  Distribution fee revenue increased at a slower rate than average assets under management due to an increasing shift in the percentage of assets invested in Class I shares from which the company does not earn distribution revenue.

Compensation expenses of $20.2 million increased by $1.3 million or 7%, from the same quarter last year, mainly due to an increase in accruals for performance-based incentive compensation and, to a lesser extent, increases in salary and benefits expenses. For the second quarter of 2011, distribution expenses were $18.3 million, an increase of $1.8 million, or 11%, 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. Amortization of deferred sales commissions decreased by $1.0 million or 41% due to discontinuing Class B share sales in 2009 and the increasing age of Class C share assets. Marketing and sales promotion expenses were $4.7 million for the quarter, compared to $3.5 million in the second quarter of 2010 mainly due to the continued focus on building awareness of the company's brand and investment strategies. General and administrative expenses decreased by approximately $569,000, or 6%, to $9.0 million for the second quarter of 2011 versus the comparable period in the previous year.  

Operating Income

Management considers operating income to be a good indicator of company performance as it focuses on the core operations of the firm. Operating income was $39.3 million for the current quarter versus $37.3 million in the previous quarter and $29.7 million in the second quarter of the prior year. Operating margin was 42.3% for the current quarter, up from 41.2% in the first quarter and up from 36.9% in the second quarter of the prior year. Diluted earnings per share for the second quarter of 2011 were $0.32 versus $0.23 for the first quarter and $0.23 for the same period a year ago. The increase in earnings per share from the prior quarter was attributable both to a rise in operating income and the increase in non-operating income, principally reflecting realized gains on the sale of investment securities.

Year-to-date Results

Revenues for the first half of 2011 were $183.5 million, a 14% increase from $161.6 million in the first half of 2010.  Operating expenses were $106.8 million for the first six months of the year, a 5% increase from $101.4 million for the same period in 2010.

Investment management fees for the first half of 2011 increased by $20.7 million, or 18%, to $137.7 million compared to the same period of last year. The increase in investment management fees was principally driven by a 17% increase in average assets under management.  Distribution and underwriting fees increased by $1.0 million, or 2%, compared to the same period in 2010 as the asset-based increase in distribution fees was offset by lower contingent deferred sales charges. The differential between the growth in assets and fees is driven by the shift in the percentage of mutual fund assets invested in Class I shares, as noted previously.

For the six months ended June 30, 2011, compensation expenses of $40.8 million increased by $1.8 million or 5%, compared to the same period last year, mostly due to increases in accruals for performance-based incentive compensation.  Distribution expenses in the first half of the year were $36.5 million, an increase of $3.3 million, or 10%, due to increased mutual fund assets under management and to the increasing age of Class C share assets.  As previously stated, 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. Amortization of deferred sales commissions decreased by $1.8 million or 37% in the first half of the year due to discontinuing B share sales in 2009 and the increasing age of Class C share assets. Marketing and sales promotion expenses were $8.1 million for the six month period, compared to $6.2 million in the first half of 2010. Marketing and sales promotion expenses continue to rise mainly due to the ongoing focus on enhancing awareness regarding the company's brand and investment strategies and because of the asset-based supplemental distribution payments that we make to distribution intermediaries that have increased with the level of assets managed by the company.

Operating income was $76.7 million for the first half of 2011 versus $60.2 million in the first half of 2010. For the six months ended June 30, 2011, operating margin was 41.8% compared to 37.2% for the same period in 2010. Diluted earnings per share for the first half of 2011 were $0.55 versus $0.47 for the same period in 2010.

Non-Operating Results

Non-operating income, net of non-controlling interest in partnerships, was $9.2 million during the second quarter of 2011 as presented in Table A, compared to income of $4.7 million in the same period of 2010. For the six months ended June 30, 2011, non-operating income, net of non-controlling interest in partnerships was $5.6 million compared to $11.6 million in the same period in the prior year.

Liquidity

The company's financial condition remains strong with a high degree of liquidity. The investment portfolio was approximately $434.4 million at June 30, 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 and six months ended June 30, 2011, the net gains and losses on the company's investment portfolio (as presented in Table B) were a loss of $1.6 million in the second quarter and a $10.6 million gain year-to-date, representing investment returns of (0.4)% and 2.9%, respectively. Certain investment securities require differing financial accounting treatments; hence, not all changes in the portfolio's value are reported in current earnings. Instead, only unrealized 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 gains of $10.7 million (as presented in both Table A and Table B) increased earnings, while the component of the company's portfolio that directly impacts equity generated net unrealized losses of $12.3 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 Tuesday, August 2, 2011. To access the live call and view management's presentation, visit the Investor Relations section of our website at Calamos.com/Investors. Alternatively, participants may listen to the live call by dialing 888.312.9863 in the U.S. or Canada (719.325.2174 internationally), then entering conference ID #1942061. A replay of the call will be available until the end of the day on August 7, 2011 by dialing 888.203.1112 in the U.S. or Canada (719.457.0820 internationally), then entering conference ID #1942061. The webcast also will be available on the Investor Relations section of our website at Calamos.com/Investors 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, low-volatility equity, fixed income 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 as well as UCITS for non-U.S. investors, 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) eVestment Alliance rankings are based on total return for the period ending 6.30.2011, 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. Please see Table D for complete ranking information for the investment strategies listed herein.

(2) 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 6.30.2011. Complete Lipper rankings for the Calamos Family of Funds are listed in Table E.

(3) 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 6.30.2011. Complete Morningstar rankings for the Calamos Family of Funds are listed in Table F.

(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

June 30,


Six Months Ended

June 30,


2011


2010


2011


2010

Revenues:








Investment management fees

$70,136


$58,467


$137,744


$117,037

Distribution and underwriting fees

21,943


21,264


44,055


43,099

Other

845


735


1,673


1,460

Total revenues

92,924


80,466


183,472


161,596

Expenses:








Employee compensation and benefits

20,209


18,875


40,841


39,007

Distribution expenses

18,276


16,454


36,509


33,244

Amortization of deferred sales commissions

1,450


2,476


3,198


5,042

Marketing and sales promotion

4,691


3,487


8,130


6,219

General and administrative

8,950


9,519


18,131


17,911

Total operating expenses

53,576


50,811


106,809


101,423

Operating income

39,348


29,655


76,663


60,173

Non-operating income

9,170


4,664


5,648


11,573

Income before income tax provision

48,518


34,319


82,311


71,746

Income tax provision

4,050


3,020


6,957


6,242

Net income

44,468


31,299


75,354


65,504

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

(37,775)


(26,625)


(64,024)


(56,012)

Net income attributable to non-controlling interest in partnerships

-


(4)


(5)


(11)

Net income attributable to Calamos Asset Management, Inc.

$6,693


$4,670


$11,325


$9,481









Earnings per share








 Basic

$0.33


$0.23


$0.56


$0.48

 Diluted

$0.32


$0.23


$0.55


$0.47









Weighted average shares outstanding








 Basic

20,124,895


19,893,730


20,080,392


19,857,438

 Diluted

20,614,941


20,201,608


20,545,099


20,178,590



Calamos Asset Management, Inc.

Assets Under Management

(in millions)



Three Months Ended

June 30,


Six Months Ended

June 30,


2011


2010


2011


2010

Investment Companies








Beginning assets under management

$29,081


$25,040


$27,352


$24,480

Net purchases (redemptions)

(218)


(128)


128


(160)

Market appreciation (depreciation)

(395)


(1,770)


988


(1,178)

 Ending assets under management

28,468


23,142


28,468


23,142

 Average assets under management

28,803


24,379


28,586


24,363

Separate Accounts








Beginning assets under management

8,880


7,923


8,062


8,234

Net purchases (redemptions)

125


(583)


397


(1,098)

Market appreciation (depreciation)

(121)


(569)


425


(365)

 Ending assets under management

8,884


6,771


8,884


6,771

 Average assets under management

9,000


7,274


8,682


7,597

Total Assets Under Management








Beginning assets under management

37,961


32,963


35,414


32,714

Net purchases (redemptions)

(93)


(711)


525


(1,258)

Market appreciation (depreciation)

(516)


(2,339)


1,413


(1,543)

 Ending assets under management

37,352


29,913


37,352


29,913

 Average assets under management

$37,803


$31,653


$37,268


$31,960






At June 30,


Change


2011


2010


Amount


Percent

Investment Companies








 Open-end mutual funds

$22,911


$18,463


$4,448


24%

 Closed-end funds

5,557


4,679


878


19

   Total investment companies

28,468


23,142


5,326


23

Separate Accounts








 Institutional accounts

6,239


4,710


1,529


32

 Managed accounts

2,645


2,061


584


28

   Total separate accounts

8,884


6,771


2,113


31

     Ending assets under management

$37,352


$29,913


$7,439


25%






At June 30,


Change


2011


2010


Amount


Percent

Assets by Strategy








 Equity

$14,213


$10,445


$ 3,768


36%

 Low-volatility Equity

7,523


5,814


1,709


29

 Convertible

7,117


6,473


644


10

 Enhanced Fixed Income

3,139


2,632


507


19

 Total Return

2,418


2,047


371


18

 Alternative

2,395


1,950


445


23

 High Yield

339


333


6


2

 Fixed Income

208


219


(11)


5

  Ending assets under management

$37,352


$29,913


$7,439


25%




Table A

Calamos Asset Management, Inc.

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

(in thousands)

(Unaudited)



Three Months Ended

June 30,


Six Months Ended

June 30,


2011


2010


2011


2010









Interest income

$53


$102


$122


$208

Interest expense

(1,662)


(1,950)


(3,626)


(3,900)

 Net interest expense

(1,609)


(1,848)


(3,504)


(3,692)









Investment income

10,713


6,347


9,049


14,949

Miscellaneous other income

66


165


103


316

 Investment and other income

10,779


6,512


9,152


15,265

  Non-operating income

9,170


4,664


5,648


11,573









Net income attributable to non-controlling interest in partnerships

-


(4)


(5)


(11)









    Non-operating income, net of non-controlling interest in partnerships

$9,170


$4,660


$5,643



$11,562




Table B

Calamos Holdings LLC

Summary of Investment Portfolio Returns

(in thousands)

(Unaudited)



Three Months Ended

June 30,


Six Months Ended

June 30,


2011


2010


2011


2010

Returns reflected in earnings:








Investment income

$10,713


$6,347


$9,049


$14,949

Net income attributable to non-controlling interest in partnership investments

-


(4)


(5)


(11)









Returns reflected in equity:








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

(12,348)


(18,176)


1,531


(21,506)

Total investment portfolio returns

$(1,635)


$(11,833)


$10,575


$(6,568)

Average investment securities owned

$372,121


$291,826


$365,515


$275,244

Total portfolio return

(0.4)%


(4.1)%


2.9%


(2.4)%




Table C

Calamos Asset Management, Inc.

Effective Income Tax Rate

(in thousands)

(Unaudited)



Three Months Ended

June 30,


Six Months Ended

June 30,


2011


2010


2011


2010









Income tax provision

$4,050


$3,020


$6,957


$6,242

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

(119)


(219)


(272)


(540)

Income tax provision attributable to CAM

3,931


2,801


6,685


5,702

Net income attributable to CAM

6,693


4,670


11,325


9,481

Income before taxes attributable to CAM

$10,624


$7,471


$18,010


$15,183

CAM's effective income tax rate

37.0%


37.5%


37.1%


37.6%





Table D

eVestment Alliance Rankings as of 6/30/11 (5)




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

SI

Date

Growth

US All Cap Growth Equity

54

66

59

64

54

60

15

40

1

11

1/91

Large Cap Growth

US Large Cap Growth Equity

77

260

25

254

44

241

-

-

37

212

1/04

Mid Cap Growth

US Mid Cap Growth Equity

10

118

29

115

46

110

-

-

54

89

2/03

US Opportunities

US Large Cap Growth Equity

95

260

8

254

19

241

2

173

5

23

1/89

Small-Mid Cap Growth Strategy

US Small-Mid Cap Growth Equity

-

-

-

-

-

-

-

-

33

75

8/10

Value

US All Cap Value Equity

96

113

70

112

67

99

-

-

84

65

1/02

Global Growth

Global All Cap Growth Equity

10

41

1

32

-

-

-

-

8

26

4/07

Global Opportunities

Global All Cap Growth Equity

95

41

13

32

22

24

33

16

1

6

10/96

International Growth

ACWI ex-US All Cap Growth Equity

25

17

7

16

1

10

-

-

1

10

4/05

Emerging Economies

Emerging Markets Equity

31

140

-

-

-

-

-

-

85

129

12/08

Convertible

US Convertibles

63

20

67

19

72

19

50

15

1

1

10/79

Global Convertibles

US Convertibles

78

20

72

19

48

19

-

-

17

15

10/01

High Yield

US High Yield Fixed Income

85

90

85

85

76

80

47

58

26

47

11/99

(5)  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 June 30, 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 E

Lipper Rankings as of 6/30/11 (6)




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

Multi-Cap Growth

63

291

461

63

243

390

65

208

323

Calamos Blue Chip

Large Cap Growth

87

667

774

28

192

689

54

324

599

Calamos Growth & Income

Flexible Portfolio

20

33

166

20

24

122

25

21

85

Calamos Discovery Growth

Small-Cap Growth Funds

27

131

500

-

-

-

-

-

-

Calamos Value

Large Cap Core

98

1037

1061

65

602

939

68

550

808

Calamos Global Equity

Global Multi-Cap Growth

51

61

120

20

16

81

-

-

-

Calamos Global Growth & Income

Global Flexible Portfolio

52

115

222

24

27

115

37

28

75

Calamos International Growth

International Multi-Cap Growth

52

96

184

8

11

141

8

6

83

Calamos Evolving World Growth

Emerging Markets 

37

133

366

-

-

-

-

-

-

Calamos Convertible

Convertible Securities

86

55

63

36

18

50

47

19

40

Calamos High Yield

High Current Yield

94

458

487

90

387

430

83

297

360

Calamos Total Return Bond

Intermediate Inv Grade Debt

15

83

561

33

160

484

-

-

-

Calamos Market Neutral Income

Equity Market Neutral

19

14

73

13

6

46

19

6

31





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

Multi-Cap Growth

11

24

220

2

1

84

15

75

508

Calamos Blue Chip

Large Cap Growth

-

-

-

-

-

-

52

429

838

Calamos Growth & Income

Flexible Portfolio

12

5

41

8

2

26

11

23

210

Calamos Discovery Growth

Small-Cap Growth Funds

-

-

-

-

-

-

2

7

545

Calamos Value

Large Cap Core

-

-

-

-

-

-

61

673

1112

Calamos Global Equity

Global Multi-Cap Growth

-

-

-

-

-

-

57

84

147

Calamos Global Growth & Income

Global Flexible Portfolio

58

26

44

-

-

-

43

124

289

Calamos International Growth

International Multi-Cap Growth

-

-

-

-

-

-

32

64

202

Calamos Evolving World Growth

Emerging Markets 

-

-

-

-

-

-

40

190

476

Calamos Convertible

Convertible Securities

52

18

34

17

3

17

28

20

73

Calamos High Yield

High Current Yield

53

122

233

-

-

-

58

303

526

Calamos Total Return Bond

Intermediate Inv Grade Debt

-

-

-

-

-

-

15

89

598

Calamos Market Neutral Income

Equity Market Neutral

22

3

13

25

1

3

14

14

102

(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 June 30, 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 F

Morningstar Rankings as of 6/30/11 (7 and 8)







1 Year

7/1/2010-

6/30/2011

3 Years

7/1/2008-

6/30/2011

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

Calamos Growth A

Large Growth

3 Stars

1,476

40

668

1,654

60

889

1,473

Calamos Growth & Income A

Aggressive Allocation

5 Stars

289

63

198

314

3

9

286

Calamos Blue Chip A

Large Growth

3 Stars

1,476

85

1,405

1,654

33

482

1,473

Calamos Value A

Large Blend

2 Stars

1,675

97

1,836

1,879

69

1,159

1,667

Calamos Discovery Growth A

Small Growth

N/A

N/A

22

159

744

-

-

-

Calamos Global Growth & Income A

World Allocation

3 Stars

203

65

233

356

25

50

203

Calamos Global Equity A

World Stock

4 Stars

683

47

409

873

9

59

680

Calamos International Growth A

Foreign Large Growth

4 Stars

209

43

106

246

5

10

209

Calamos Evolving World Growth A

Diversified Emerging Markets

N/A

N/A

32

128

395

-

-

-

Calamos Convertible A

Convertibles

3 Stars

59

86

64

74

36

22

59

Calamos High Yield A

High Yield Bond

2 Stars

507

94

531

563

89

450

502

Calamos Total Return Bond A

Intermediate Term Bond

3 Stars

1,017

20

225

1,151

32

325

1,014

Calamos Market Neutral Income A

Market Neutral

3 Stars

47

3

3

72

11

6

47



Table F Continued  (7 and 8)



5 Years

7/1/2006-

6/30/2011

10 Years

7/1/2001-

6/30/2011

15 Years

7/1/1996-

6/30/2011

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

50

636

1,276

3

24

803

1

1

300

1

1

125

9/90

Calamos Growth & Income A

Aggressive Allocation

3

7

233

3

3

83

1

1

32

1

1

9

9/88

Calamos Blue Chip A

Large Growth

53

674

1,276

-

-

-

-

-

-

51

535

1,038

12/03

Calamos Value A

Large Blend

72

1,039

1,434

-

-

-

-

-

-

35

311

880

1/02

Calamos Discovery Growth A

Small Growth

-

-

-

-

-

-

-

-

-

18

133

743

6/10

Calamos Global Growth & Income A

World Allocation

44

61

137

46

34

73

-

-

-

35

12

33

9/96

Calamos Global Equity A

World Stock

-

-

-

-

-

-

-

-

-

4

21

545

3/07

Calamos International Growth A

Foreign Large Growth

4

7

168

-

-

-

-

-

-

5

7

138

3/05

Calamos Evolving World Growth A

Diversified Emerging Markets

-

-

-

-

-

-

-

-

-

5

14

303

8/08

Calamos Convertible A

Convertibles

45

22

48

51

21

40

10

3

22

1

1

5

6/85

Calamos High Yield A

High Yield Bond

83

358

431

54

152

279

-

-

-

22

54

241

8/99

Calamos Total Return Bond A

Intermediate Term Bond

-

-

-

-

-

-

-

-

-

24

225

938

6/07

Calamos Market Neutral Income A

Market Neutral

16

7

40

15

3

15

1

1

4

50

2

3

9/90

(7)  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 June 30, 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 three-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.



(8)

The Calamos Growth Fund’s Class A shares received  2 stars for 3 years, 2 stars for 5 years, and 4 stars for 10 years out of 1476, 1276, and 803 Large Growth funds, respectively, for the period ended 6/30/11.

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 289, 234, and 83 Aggressive Allocation funds, respectively, for the period ended 6/30/11.

The Calamos Blue Chip Fund’s Class A shares received  3 stars for 3 years and 3 stars for 5 years out of 1476 and 1276 Large Growth funds, respectively, for the period ended 6/30/11.

The Calamos Value Fund’s Class A shares received 2 stars for 3 years and 2 stars for 5 years out of 1675 and 1434 Large Blend funds, respectively, for the period ended 6/30/11.

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 203, 137, and 73 World Allocation funds, respectively, for the period ended 6/30/11.

The Calamos Global Equity Fund’s Class A shares received 4 stars for 3 years out of 683 World Stock funds for the period ended 6/30/11.

The Calamos International Growth Fund’s Class A shares received 3 stars for 3 years and 4 stars for 5 years out of 209 and 168 Foreign Large Growth funds, respectively, for the period ended 6/30/11.

The Calamos Convertible Fund’s Class A shares received 3 stars for 3 years, 3 stars for 5 years, and 3 stars for 10 years out of 59, 48, and 40 Convertibles funds, respectively, for the period ended 6/30/11.

The Calamos High Yield Fund’s Class A shares received 1 star for 3 years, 2 stars for 5 years, and 2 stars for 10 years out of 507, 432, and 279 High Yield Bond funds, respectively, for the period ended 6/30/11.

The Calamos Total Return Bond Fund’s Class A shares received 3 stars for 3 years out of 1017 Intermediate-term Bond funds for the period ended 6/30/11.

The Calamos Market Neutral 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 47, 40, and 15 Market Neutral funds, respectively, for the period ended 6/30/11.



Table G

Fund Performance

Class A Shares Average Annual Total Returns as of 6/30/11 (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

CVGRX

5.15%

33.83%

2.26%

3.96%

5.77%

14.22%

9/4/90

    Russell Midcap Growth Index


9.59%

43.25%

6.58%

6.28%

5.52%

10.71%


Growth and Income

CVTRX

5.07

24.79

7.03

5.56

6.92

12.01

9/22/88

    S&P 500 Index


6.02

30.69

3.34

2.94

2.72

9.63


Value

CVAAX

4.36

19.94

1.78

1.62

-

3.72

1/2/02

    Russell 1000 Value Index


5.92

28.94

2.28

1.15

-

4.69


Blue Chip

CBCAX

4.36

27.86

4.37

3.82

-

4.81

12/1/03

    S&P 500 Index


6.02

30.69

3.34

2.94

-

4.90


Discovery Growth


    Russell 2500 Growth

CADGX

12.91

47.41

-

-

-

40.48

6/1/10



10.25

44.71

-

-

-

32.27


Global Growth and Income

CVLOX

3.07

19.50

5.25

5.36

6.98

9.25

9/9/96

    MSCI World Index (USD)


5.62

31.19

1.04

2.85

4.52

6.09


International Growth

CIGRX

7.29

32.66

4.76

8.05

-

10.36

3/16/05

    MSCI EAFE Growth Index


4.66

31.65

-1.49

2.88

-

5.53


Global Equity

CAGEX

5.70

30.51

6.40

-

-

7.13

3/1/07

    MSCI World Index (USD)


5.62

31.19

1.04

-

-

0.31


Evolving World Growth

CNWGX

4.56

28.60

-

-

-

12.45

8/15/08

    MSCI Emerging Markets Index


1.03

28.17

-

-

-

8.65




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#

CCVIX

3.31

16.54

6.49

5.78

5.94

9.84

6/21/85

    Value Line Convertible Index


5.20

21.04

10.16

8.04

7.17

8.54


Market Neutral Income+

CVSIX

2.07

10.44

3.32

3.26

4.05

7.13

9/4/90

    Barclays Capital U.S. Government/Credit Bond Index


2.61

3.68

6.17

6.35

5.74

7.06


High Yield

CHYDX

3.52

11.85

7.55

6.22

7.35

6.88

8/2/99

    Credit Suisse High Yield Index


4.85

14.59

11.38

8.68

9.17

7.57


Total Return Bond

CTRAX

3.14

6.83

7.61

-

-

7.29

6/27/07

    Barclays Capital U.S. Aggregate Bond Index


2.72

3.90

6.46

-

-

6.66


# 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.



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