NAPERVILLE, Ill., July 2, 2002 (PRIMEZONE) -- John P. Calamos, Sr., Chairman, Chief Executive Officer and Chief Investment Officer of CALAMOS INVESTMENTS, rings the opening bell of the New York Stock Exchange on July 3, in recognition of the initial public offering of the CALAMOS Convertible Opportunities and Income Fund (NYSE:CHI) which began trading on June 26. As the first closed-end offering by CALAMOS, the fund enters the field as the largest closed-end convertible bond fund: Forty million shares were purchased at an initial price of $15, for a total of $600 million. Total common shares assets of the fund could reach $690 million, assuming full exercise of underwriters' overallotments, which may not occur.
The Fund invests primarily in below-investment-grade convertible and corporate bonds, pursuing total return through these securities' high levels of current income and potential capital appreciation. (Debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal.) Dividends will be paid monthly, following the fund's invest-up period. John P. Calamos, Sr., and Nick P. Calamos will lead the investment team's management of the Fund.
Active risk management, a long-term perspective, and a commitment to staying fully invested characterize CALAMOS' investment philosophy. Its history as a pioneer in convertible-bond research and investing makes the firm a long-time expert in assessing below-investment grade securities: historically, roughly half of all convertibles have been rated below investment grade. CALAMOS' straight high-yield bond mutual fund is ranked tenth out of 387 funds for the twelve months as of March 31, 2002, according to Lipper(a).
In acknowledging this occasion, Mr. Calamos said: "We are pleased to offer investors access to below-investment-grade securities through the CALAMOS Convertible Opportunities and Income Fund, particularly at this point in the economic cycle, with an improving economy, low interest rates, and low inflation. By opportunistically adding high-yield bonds to a portfolio of below-investment grade convertibles, we believe the fund will be well positioned as the economy continues to emerge."
While the CALAMOS Convertible Opportunities and Income Fund is the firm's first closed-end fund, its open-end mutual fund family began in 1985. In fact, CALAMOS can claim the longest-tenured management among convertible funds, according to Morningstar. Their family of funds enjoyed the highest percentage of asset growth among all fund managers with at least $2 billion in mutual fund assets during 2001, according to Strategic Insight.
About CALAMOS INVESTMENTS
CALAMOS INVESTMENTS provides professional money management services to clients that include major corporations, public and private institutions, pension funds, insurance companies and individuals and is investment advisor to a family of mutual funds. It offers equity, convertible growth, convertible, high yield, global/international, and alternative investment strategies. The firm has experience in securities research and investing since 1977 and managed $11.3 billion in assets as of May 31, 2002.
More complete information about the fund, including risks, fees and expenses, may be obtained from your investment professional or by contacting CALAMOS at 800-582-6959. Read the prospectus carefully before investing or sending money.
(a) Source: Lipper Analytical Services, Inc. Lipper rankings are based on net total return performance, and do not reflect the effect of sales charges; if they had, results may have been less favorable.