CALAMOS ASSET MANAGEMENT Recognized by Lipper for Mutual Fund Performance


NAPERVILLE, Ill., March 20, 2001 (PRIMEZONE) - CALAMOS(r) ASSET MANAGEMENT, a Chicago area money manager, has been awarded Lipper* Performance Achievement Certificates for four of its mutual funds, ranking them No. 1 in their respective investment objective categories. Lipper Inc. selected them from among the over 30,000 U.S. registered funds that it tracks.

CALAMOS has specialized in convertible bond investing for over two decades. Three of the funds recognized invest primarily in these unique securities that exhibit both the potential for equity-like growth, along with the fixed-income characteristics of bonds. The firm employs convertibles as a risk management technique to help investors weather volatile markets. Their investment process is grounded in qualitative research and an array of proprietary mathematical models tested over the firm's 20-year history. The fund managers have directed the funds together since their inception.

Ranked No. 1 for 15 years (as of 12/31/00) among 5 Convertible Securities Funds, the CALAMOS Convertible Fund seeks current income as its primary objective. The somewhat more aggressive CALAMOS Convertible Growth and Income Fund was also recognized as No. 1 for 5 and 10 years (as of 12/31/00) among 35 and 16 funds in the same category.

The CALAMOS Market Neutral Fund, ranked No. 1 for 5 years (as of 12/31/00) among 13 Flexible Income Funds, uses convertibles as part of a hedging strategy. This fund was designed to have a low correlation to both the stock and bond markets, helping to manage volatility. By seeking to maintain this neutrality, the fund may help to protect principal.

In addition, the CALAMOS Growth Fund was ranked No. 1 for 5 and 10 years (as of 12/31/00) among 83 and 24 Mid-Cap Growth Funds respectively, and has received a great deal of favorable coverage by the financial press for its performance during the recent volatility experienced in the equity markets. The fund pursues aggressive growth by investing primarily in common stock of small and mid-size companies.

The recognized funds are among seven in the CALAMOS Family of Funds. The Convertible Technology Fund was introduced in 2000 along with the High Yield Fund the previous year. In addition, the Global Convertible Fund was introduced in 1996.

Commenting on the awards, John P. Calamos, president and CIO, said, "Lipper's recognition of our funds for their long-term performance records clearly demonstrates the value of our disciplined investment process, which we have fine-tuned over the years, in both good times and bad. As risk managers, we are as concerned with helping our investors protect their assets as we are with helping them build wealth. We are proud of the recognition we have earned within our industry."

About CALAMOS ASSET MANAGEMENT, INC.

CALAMOS ASSET MANAGEMENT, INC. is a money management firm specializing in convertible bond research and management. Headquartered in Naperville, Illinois, CALAMOS offers separately managed accounts for institutional and high-net-worth clients as well as a family of seven mutual funds. The firm has experience in convertible bonds since 1977 and currently manages approximately $6.4 billion in assets.

For a prospectus containing more information including fees and expenses, call CALAMOS FINANCIAL SERVICES, INC., the Funds' distributor, at 1-800-582-6959. Please read it carefully before investing.

Past performance is no guarantee of future results.

In addition to market risk, there are certain risks associated with an investment in a convertible bond such as default risk (risk that the company issuing a convertible security will be unable to repay principal and interest,) and interest rate risk (risk that the security may decrease in value if interest rates increase). Investments by the CALAMOS Growth Fund in smaller companies present greater risks than investments in larger companies. Convertible Technology Fund, a non-diversified fund, may concentrate investments in a small number of securities, which may present increased risk because each investment has a greater effect on the Fund's performance. Each fund may invest up to 25% (Global up to 100%) of its assets in the securities of foreign issuers. Investing outside the U.S. offers both risks and rewards. Increased volatility changes in the value of foreign currencies, and difficulty in obtaining information are some of the risks involved. Unlike the Market Neutral Fund, the principal and interest of government bonds and U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the repayment of principal and interest at maturity.

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. Performance shown reflects the effects of an expense reimbursement, which improved results.

* Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper.

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