Calamos Asset Management had $46.1 billion in total assets under management as of May 31, down 4% from April 30. Mutual fund assets dropped 4% in May to $34 billion, and separate accounts dropped 5% to $12.1 billion. Despite the one-month drop, total asset growth was up 18% for the year ended May 31. Mutual fund assets grew 21% for the year, and separate account assets increased 10%. Maryellen Thielen, a Calamos spokeswoman, said the company's policy is not to comment on any changes in assets under management.