NAPERVILLE, Ill., August 22, 2000, (PRIMEZONE) -- John P. Calamos, President and Chief Investment Officer of CALAMOS(r) ASSET MANAGEMENT, INC., has announced that two funds in the CALAMOS Family of Funds have been renamed to communicate their strategies more effectively.
The CALAMOS Convertible Growth and Income Fund (formerly named the Growth and Income Fund) is the most aggressive among the convertible funds in the Family of Funds. It is oriented toward rapidly growing companies, which typically are small- to mid-sized. This Fund holds a 5-star Morningstar overall rating out of 3,642 domestic equity funds as of June 30, 2000 (4 stars for the 3-year period and 5 stars for the 5- and 10-year period out of 3,642, 2,328 and 783 funds respectively)(Note 1) Lipper has ranked it Number 1 for 10 years out of 17 convertible funds as of June 30, 2000 (Number 2 out of 34 Convertible Funds for 5 years and Number 6 out of 64 Convertible Funds for 1 year) as of June 30, 2000 (Note 2).
The CALAMOS Global Convertible Fund (formerly the Global Growth and Income Fund) seeks high long-term return through capital appreciation and current income, selecting from among the best investment opportunities in convertible bonds around the globe. The global convertible market has grown rapidly and totals nearly $450 billion as of 12/31/99.
The CALAMOS Family of Funds consists of six mutual funds. Three of the Funds -- the Convertible Growth and Income Fund, the Global Convertible Fund and the Convertible Fund -- employ convertibles to construct portfolios with varying risk/return profiles. In addition, Growth, Market Neutral and High Yield Funds are offered, which take advantage of the proprietary quantitative models the firm has developed over the last 20 years to evaluate the credit components of convertibles as well as the growth potential of their underlying stock.
Commenting on the Funds' name changes, Calamos said, "Since 1985 we have offered mutual fund investors the unique advantages of convertible bonds. As bonds, convertibles offer the benefits of fixed income securities, while they also enable participation in the potential gains of the stock market. The new names will better communicate to financial advisors and investors how the Funds' portfolios are constructed and the roles they can play in pursuing diverse financial objectives."
Ticker symbols and all other administrative aspects of the CALAMOS Family of Funds, which are distributed by CALAMOS FINANCIAL SERVICES, INC., remain the same. The August 1 effective date coincides with the issuance of the Funds' annual prospectus.
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.
About CALAMOS ASSET MANAGEMENT, INC.
CALAMOS ASSET MANAGEMENT, INC. is an independent asset management firm specializing in convertible bond research and management. Headquartered in Naperville, Ill., CALAMOS provides professional money management services to clients that include major corporations, public and private institutions, pension funds, insurance companies and individuals. The firm has experience in convertible bonds since 1977 and currently manages approximately $5.6 billion in assets. The firm is the investment advisor to the CALAMOS Family of Funds.
RE: CALAMOS Convertible Fund (CCVIX)
CALAMOS Convertible Growth and Income Fund/CALAMOS Growth
and Income Fund (CVTRX)
CALAMOS Market Neutral Fund (CVSIX)
CALAMOS Growth Fund (CVGRX)
CALAMOS Global Convertible Fund/CALAMOS Global Growth
and Income Fund (CVLOX)
CALAMOS High Yield Fund
Past performance is no guarantee of future results. Investment return and principal value will fluctuate and redemption value may be more or less than the original cost.
Please note: In addition to market risk, there are certain risks associated with an investment in the Fund(s), 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 Fund(s) investments may decrease in value if interest rates increase).
Please note those investments by the CALAMOS Global Convertible Fund in foreign securities present special risk consideration that may increase the volatility of an investment. Each Fund may invest up to 25% of its assets in foreign securities (Global Growth and Income -- up to 100%), which offers both risk and rewards. This may subject those assets to increased volatility, changes in the value of foreign currencies and difficulty in obtaining information. Concentration of the Funds' investments in technology stocks may present a greater risk than investment in a more diversified fund. Performance shown reflects the effects of an expense reimbursement, which improved results.
NOTES:
(1) Morningstar proprietary ratings reflect historical risk-adjusted performance and are subject to change every month. Ratings are calculated from a Fund's 3-, 5-, and 10-year average annual returns in excess of 90-day T-bill returns with appropriate fee adjustments and a risk factor that reflects fund performance below 90-day T-bill returns. The top 10% of funds in an investment category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars. Morningstar Overall rating is a weighted average based on the 3, 5, and 10 year star rating as applicable to the fund. Ratings reflect the effect of sales charge.
(2) 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. Ratings shown are for Class A shares. The Funds offer other classes of shares, the performance of which will vary from that shown. -0-