Alternative strategies may have a place in today’s portfolios, both as a diversifier and as a hedge against the stock market. We believe the Calamos Market Neutral Income Fund’s longer-term performance underscores the importance of alternative defensive investing strategies but with some key differences. For long-term investors, the Fund’s innovative alternative-style arbitrage allocation may offer potential advantages over a traditional bond investment. It’s covered call writing component may add both income and capital appreciation potential.