A February 28 Morningstar report on Calamos Market Neutral Income Fund cited its value as "one of the few funds with an appealing risk/reward profile and low correlation with other investment choices."
The report called Market Neutral Income Fund, which uses convertible arbitrage and covered call writing strategies to generate returns regardless of market movements, a "useful portfolio diversifier." To learn more about the Fund and its strategy, click here.
The Fund had a strong year in 2006, benefiting from the use of a covered call writing strategy. This strategy—in combination with convertible arbitrage—"adds a measure of balance and diversification to the portfolio beyond the convertible market," the report explained.
To read the full analyst report, visit Morningstar's Web site. For more information about the Fund, visit Calamos Market Neutral Income Fund profile page.
Past performance is no guarantee of future results.
Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.
A word about risk
Convertible Arbitrage — Convertible arbitrage entails risks associated with equity securities, short sales and fixed income securities, including convertible securities. Proper correlation must be used to provide a proper safeguard in hedging the risks inherent in the positions.
Short Sale Risk — The Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover. Short sale risk includes the risk of loss due to increase in the market value of borrowed securities between the date of short sale and the date the Fund replaces the security.
Convertible Bond Risk — In addition to market risk, there are certain other risks associated with an investment in a convertible bond, such as default risk (the risk that the company issuing debt securities will be unable to repay principal and interest) and interest rate risk (the risk that the security may decrease in value if interest rates increase).
Option Risk — As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security, covering the call option above the sum of the premium and the exercise price of the call.
NOT FDIC INSURED 
NO BANK GUARANTEE MAY LOSE VALUE
Calamos Financial Services LLC, Distributor
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