John Dunn of Sidoti & Company: Good afternoon. Yes, just to follow up on the distribution side, you talked about the retail side but I mean if you had a comment about separate accounts and sort of your view of a lag between improved relative performance then return to organic growth, do you guys have a view on general how long that cycle takes?

Jim Boyne, President and COO of Calamos:

I think in some measure it depends, if you are talking about investment consultants, a lot of business strategy depending. I mean there are some strategies where we have some more communication and some work to do so that investment consultants understand what we’re doing and how we are improving in certain areas but having said that you still working with them another strategies that had performed very well but with those that where we have had some relative underperformance for a longer period, it will be a longer lead time with respect to some new business in pockets of institution.

But, we’re trying to do a better job with client retention and we saw the redemptions in institutional had slowed quarter-over-quarter and as we said in July, we’re seeing bright spots there as well. It’s going to take some time but as John said you got to turn the corner in some strategies and we believe we’re seeing some light here and those are all good things to be communicating in the institutional market but there is no question. It will take some time in some of our strategies.

Adam Beatty of Bank of America Merrill Lynch:

Thank you and good afternoon. First a question on flows, it looks like these institutional flows got somewhat better in the quarter. And just wondering, if you could, number one just give us a little bit more detail or color around where you’re seeing the flows improves, it sounds like some of your new products are being successful but also as John was just mentioning a bit of a turn from a value-orientation toward growth. So how do you see that mix in the institutional channel and also going forward in terms of pipeline mandates or any upcoming redemptions that you would be aware of, that color would be helpful as well? Thanks.

John Calamos, chairman, global co-chief investment officer and CEO of Calamos: I’ll let Jim answer the question specifically, but the other factor obviously what’s going on in the markets is the -- what they call the great rotation out of fixed income, but it hasn’t rotated to equities. So equities has still been on the sidelines, so that has not benefited us being primarily an equity manager in here, but we’re seeing performance be a bit more positive coming back. Jim?

Boyne: Yes, I think in the institutional space, we had a rougher first quarter in terms of clients who are terminated and we’re working hard on client retention and we continue to try to do a better job there. I think there is interest in a number of our strategies while we continue to work through some of the other strategies that have performance challenges. So there is demand or interest both here in the U.S. and outside of the U.S. for certain of our strategies but we continue to be challenged with some of our performance. Although as John mentioned in the shorter term we’re starting to see a turn there and we believe as that trend continues and as people become more constructive on the equity, the growth equity markets that those both can be a wind in our sail.

Robert Lee of KBW:

You may be drilling down for the distribution a little bit more, I mean understanding that with some of the changes maybe institutional in the market maybe a little bit more on hold for a while but if you look at the retail side they’re particularly a distribution channels where you feel like you have particular strength whether it’s the RIA channel or the bank channel or the kind of national regional firms, just trying to get a feel for where you think kind of your best penetration or leverage maybe?

Calamos: Well, I think it’s still, it’s kind of remains in what we call the – maybe the RIA channel, we think that’s a good focus for us. The – obviously the financial advisor channel as well, both areas have always been strong for us and we continue to feel that that’s a good area for us to focus on.

Boyne: Rob, as you said shelf space is the name of the game and we’ve got relationships with agreements and agreements with all of the key players in the wire houses and the regionals and independence as well as in the RIA space. And as John, mentioned we do have some products and some larger products that have had some performance challenges but we’ve got some products that have very good performance. So, the key is to stay visible within those channels and obviously we retain the assets and communicate where we have some performance challenges or we’re making enhancements but also we’ve got some really bright spots here that continued to allow us to get into the offices and the home offices and be visible even during a challenging environment in some of our other strategies.