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MARKET NEUTRAL INCOME (CVSIX)

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Overview

The fund’s core market strategies include covered call writing and convertible arbitrage. Together, these strategies are intended to provide the fund with an enhanced potential for risk-managed returns due to their differing responses to volatility.

Returns in Rising Interest Rate Environments

In periods where interest rates rose more than 100 basis points, the fund outperformed the index in every time period.

Key Features

  • One of the first alternative mutual funds, capitalizing on experience in the convertible space going back more than four decades
  • Low correlation with most fixed income benchmarks
  • Risk management is a primary focus, with risk characteristics that remain well below the equity and fixed income benchmarks

Portfolio Fit

The fund may provide potential diversification, in particular in a low interest-rate environment.

Return on Invested Capital

AS OF 9/30/17

Debt/Capital

AS OF 9/30/17

Return on invested capital measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital. Debt/capital ratio is a measure of a company’s financial leverage, calculated as the company’s debt divided by its total capital.

Important Risk Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.

The principal risks of investing in the Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

NOTES

Annualized Standard Deviation-A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.

Beta-Is a historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.

Bloomberg Barclays U.S. Aggregate Bond Index-Covers the U.S.-denominated, investment-grade, fixed-rate, taxable bond market of SEC registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBS sectors.

Bloomberg Barclays U.S. Corporate Index-Consists of investment-grade corporate bonds.

Bloomberg Barclays U.S. Government/Credit Index-Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.

Bloomberg Barclays U.S. MBS Index-Consists of securitized residential mortgages.

Bloomberg Barclays U.S. Treasury Index-Includes public obligations of the U.S. Treasury.

Bond Credit Quality-Reflects the higher of the ratings of Standard & Poor’s Corporation; Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards and Poors scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at www.calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites; www.standardandpoors.com and www.moodys.com.

CBOE Volatility Index (VIX)-Measures market expectations of near term volatility conveyed by stock index option prices.

Citigroup 30 Day T-Bill Index-Is generally considered representative of the performance of short-term money market instruments.

Convertible Arbitrage-Involves buying convertible bonds and short selling their underlying equities to attempt to hedge against equity risk, while still providing the potential for upside returns. A Covered Call Writing strategy begins with a portfolio of stocks, most of which pay dividends. (Stock provisions include securities convertible into the underlying stocks.) We then write (sell) calls and buy protective puts against a portion of this basket. A call option gives the buyer the right to purchase stocks at a predetermined strike price. If these securities rise above the strike price, the buyer may exercise the option and the fund (seller) must pay the buyer the difference as determined by the option contract. By writing calls on securities held in the portfolio, the fund can generate income from option premiums. A put option gives the purchaser the right to sell a security to the writer at a pre-determined price. Put options rise in value as the underlying securities decline in value. Through put options, the fund seeks to offset some of the risk of a potential decline in a portfolio holding.

Covered Call Writing 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. Convertible Securities Risk: The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Convertible Hedging Risk: If the market price of the underlying common stock increases above the conversion price on a convertible security, the price of the convertible security will increase. The fund’s increased liability on any outstanding short position would, in whole or in part, reduce this gain.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

Debt/Capital Ratio-Is a measure of a company s financial leverage, calculated as the company’s debt divided by its total capital.

Distribution Rate-The percentage rate at which a fund distributes income to its shareholders. It is calculated by dividing a fund's annual distributions by its current price; this figure can vary from the SEC yield of the same fund because of the multiple ways of treating different asset classes.

Opportunistic Sleeve-From time to time the fund may seek to capitalize on dynamic opportunities as dictated by market conditions in a manner consistent with the overall objective of the fund.

PEG Ratio-Is price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.

Price/Book Ratio-Is a stock’s capitalization divided by its book value.

Price/Earnings Ratio-Is the current stock price over trailing 12‐month earnings per share.

Price/Sales Ratio-Is the current stock price over trailing 12‐month sales per share.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Calendar Year Total Returns

AS OF 9/30/17

Growth of 10K

Annualized Total Returns

AS OF 9/30/17
Calamos (NAV)1.69%4.50%3.19%3.25%2.99%3.89%5.22%6.33%
(Load-Adjusted)-0.57%-0.43%1.53%2.25%2.49%3.55%4.96%6.14%
BBgBarc U.S.2.51%-0.01%2.83%2.10%4.34%4.28%5.18%6.19%
Citigroup Treasury0.43%0.60%0.26%0.17%0.34%1.14%1.89%2.54%

The Fund's Gross Expense Ratio is 1.22% as of the prospectus dated 2/28/17

10k Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 2.25%—(Prior to 2/28/17, the Fund had a maximum front-end sales charge of 4.75%)-had it been included, the Fund’s return would have been lower. Index data shown is from 8/31/90, since comparative index data is available only for full monthly periods. The Lipper category average annual return ”Since Inception” start date (below) is 9/30/90. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 2.25%—(Prior to 2/28/17, the Fund had a maximum front-end sales charge of 4.75%)-had it been included, the Fund’s return would have been lower. Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C Shares, the performance of which may vary.

The offering price for Class I shares is the NAV per share with no initial sales charge. There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund’s Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

Bloomberg Barclays U.S. Government/Credit Index-Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.

Citigroup 30 Day T-Bill Index-Is generally considered representative of the performance of short-term money market instruments.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Strategy Allocation

AS OF 9/30/17
Convertible Arbitrage 51.9%
Covered Call 48.1%

Month-End Yield

AS OF 9/30/17
30-Day SEC Yield 0.49%
Distribution Rate 1.58%

Fund Facts Adobe Logo View All Holdings

AS OF 9/30/17


Fund
Total Net Assets $4.6 billion
# of Holdings 642
Median Investment Premium 21.6%
Median Conversion Premium 22.9%
Price/Book 3.2x
Price/Earnings 19.2x
Price/Sales 2.1x
PEG Ratio 2.0x
Debt/Capital 44.9%
ROIC 16.4%
Portfolio Turnover (12 months) 59.7%

Market Capitalization

AS OF 9/30/17
Market %
> $98bil 53.8%
$27bil - $98bil 31.6%
$9bil - $27bil 12.2%
$3bil - $9bil 2.4%
< $3bil 0.0%

Credit Quality of Bonds

AS OF 9/30/17
Class %
AAA 0.0%
AA 0.2%
A 3.6%
BBB 8.4%
BB 14.6%
B 12.5%
CCC and below 1.4%
Unrated Securities 59.3%

Maturity Schedule

AS OF 9/30/17
Security Type%
< 1 Year 42.0%
1 To 5 Years 28.7%
Equities and Other 20.2%
5 To 10 Years 7.7%
20 To 30 Years 1.2%
10 To 20 Years 0.2%
> 30 Years 0.0%

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visiting www.calamos.com.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

As of 18th April 2013, the SPDR Gold Trust (GLD) is no longer held in the Market Neutral Income Fund's portfolio.

Important Fund Information

Bond credit quality allocation reflects the higher of the ratings of Standards & Poor’s Corporation; Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor’s scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Annualized Standard Deviation-A statistical measure of the historical volatility of a mutual fund or portfolio.

Beta-Is a historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the Fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

Bloomberg Barclays U.S. Government/Credit Index-Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund’s expenses for that same period.

Citigroup 30 Day T-Bill Index-Is generally considered representative of the performance of short-term money market instruments.

Lipper Equity Market-Neutral Funds-Represents funds that employ portfolio strategies generating consistent returns in both up and down markets by selecting positions with a total net market exposure of zero.

Important Risk Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.

The principal risks of investing in the Market Neutral Income Fund include: convertible securities risk, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk and portfolio selection risk.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Total Capital Gains

  
20160.1997
20150.1952
20140.1368
20130.2575
20120.0000
20110.0000
20100.0000
20090.0000
20080.0000

Schedule

   
Distributions Quarterly
Capital Gains Annually

Distributions

Choose a year  
Income Total Reinvest
3Q 2017 0.02949 0.02949 13.35000
2Q 2017 0.02320 0.02320 13.26000
1Q 2017 0.03544 0.03544 13.19000
4Q 2016 0.04425 0.04425 13.03000
3Q 2016 0.03661 0.03661 13.08000
2Q 2016 0.03735 0.03735 12.86000
1Q 2016 0.03091 0.03091 12.73000
4Q 2015 0.05189 0.05189 12.74000
3Q 2015 0.02762 0.02762 12.92000
1Q 2015 0.03824 0.03824 13.01000
4Q 2014 0.03410 0.03410 12.93000
3Q 2014 0.02489 0.02489 13.16000
2Q 2014 0.01321 0.01321 13.11000
1Q 2014 0.04941 0.04941 12.98000
4Q 2013 0.03510 0.03510 12.89000
3Q 2013 0.03215 0.03215 13.00000
2Q 2013 0.05621 0.05621 12.71000
1Q 2013 0.04269 0.04269 12.82000
4Q 2012 0.05026 0.05026 12.68000
3Q 2012 0.04018 0.04018 12.81000
2Q 2012 0.03573 0.03573 12.35000
1Q 2012 0.02507 0.02507 12.47000
4Q 2011 0.05244 0.05244 12.08000
3Q 2011 0.04726 0.04726 11.70000
2Q 2011 0.04713 0.04713 11.99000
1Q 2011 0.04007 0.04007 11.96000
4Q 2010 0.06611 0.06611 11.92000
3Q 2010 0.04844 0.04844 11.59000
2Q 2010 0.02600 0.02600 11.44000
1Q 2010 0.01305 0.01305 11.70000
4Q 2009 0.04073 0.04073 11.46000
3Q 2009 0.04521 0.04521 11.26000
2Q 2009 0.04954 0.04954 10.74000
1Q 2009 0.07638 0.07638 9.90000
4Q 2008 0.34886 0.34886 10.21000
3Q 2008 0.08936 0.08936 11.98000
2Q 2008 0.08971 0.08971 12.56000
1Q 2008 0.09003 0.09003 12.56000
Adobe Logo Most Recent Distributions

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Annual Expenses

A Shares C Shares I Shares
Total Expense Ratio1.221.970.97
Net Expense Ratio1.221.970.97
Transaction Fee0.000.000.00
Redemption Fee0.000.000.00

Investment Information

A Shares C Shares I Shares
Minimum initial investment$2,500$2,500$1 million
Minimum subsequent investments$50$50$0
IRA initial investments$500$500N/A

Fund Information

A Shares C Shares I Shares
Inception Date9/04/902/16/005/10/00
Ticker SymbolCVSIXCVSCXCMNIX
CUSIP number128119203128119849128119880

Sales & Distribution

A Shares C Shares I Shares
Sales loadFront-endLevel-loadN/A
Maximum Sales Charge2.25%1.00%N/A
US Bank Fund Number605619629
DistributionsQuarterly dividends; annual capital gains

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Market Neutral Income Fund Commentary
Calamos Market Neutral Income Fund Quarterly Commentary A quarterly update of the Calamos Market Neutral Income Fund’s performance, positioning, related market commentary and outlook.
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Market Neutral Income Fund Fact Sheet
Calamos Market Neutral Income Fund Fact Sheet The Market Neutral Income Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
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Understanding the White House Tax Plan Announcement Download this quick reference guide that compares the White House tax plan released April 26 to current law and the earlier GOP proposal.
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How Do Alternative Investments Perform in a Rising Interest Rate Environment? Setting sights beyond traditional investments may better prepare portfolios for future rate hikes. See why alternative investments may make sense.
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Prepping for Client Conversations About Volatility Investors are increasingly focused on the inevitability of market volatility. Here’s a resource guide for understanding the opportunity in volatility.
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Jumpy Markets? This ‘Half Caff’ Blend Cuts Back on the Volatility While Pursuing Better Returns Alternatives can diversify portfolios to help shield from today’s market volatility—but not all alternative allocations are created equal. Check out this Twenty 50/50 alternative blend that historically offered reduced volatility and improved returns.
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Rising Rates Raising Concerns? The Fed’s decision to raise interest rates can cause headwinds for portfolios with traditional fixed-income securities. Convertible securities can potentially diversify asset allocations beyond bonds and stocks.
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Whether You Think Rates Will Rise 50 bps or 250 bps, Consider CMNIX The Calamos Market Neutral Income Fund is an option whether you expect rates to ultimately rise 50 bps or 250 bps.
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Making the Case to Tiptoeing Clients Investors are optimistic but valuations are high—here’s why an equity alternative may make sense now.
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5 Things to Know about Convertible Securities in 2017 Five insights into convertible securities as drawn from our 32-page Convertible Securities: Structures, Valuation, Market Environment and Asset Allocation guide.
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Calamos Breaks into Top 10 of Alternative Fund Managers Strong alternative funds’ performance and asset growth propelled Calamos into the top 10 alternative fund managers ranked by assets in the Morningstar Alternatives Category.
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Beware: Reliance on Credit-Sensitive Funds Can Undermine Fixed Income Allocation Investors’ shift toward lower quality high yield and bank loan funds introduces credit risk to the fixed income portion of a portfolio meant for capital preservation.
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There’s an Alternative to Cash: Market Neutral Investor allocations to cash reflect the discomfort with the stock market. One alternative is to rely on the hedging of equities to produce return over varying market cycles—to be market neutral.
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When Interest Rates Spiked, CMNIX Added Alpha A single event can cause interest rates to spike. Here’s an example of how active management made the most of a market opportunity.
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There’s an Alternative to Cash: Market Neutral Investor allocations to cash reflect the discomfort with the stock market. One alternative is to rely on the hedging of equities to produce return over varying market cycles—to be market neutral.
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Seeking to Absorb Market Shocks, Recover and Keep on Growing? Downward spikes in the market, like the response to the recent Brexit referendum, can shock investors’ portfolios. Alternative strategies may shield portfolios enabling the portfolio to get back to growing.
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Demonstrated Resilience When Interest Rates Rise In periods where Treasury Yields rose more than 100 basis points, the Calamos Market Neutral Income fund outperformed the index in every period.
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Calamos Strategies for Different Market Periods Illustration of equity alternatives performance in down markets and fixed income alternative performance in rising interest rate environments.
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A Hypothetical Illustration Using an Alternative Approach for Retirement Assets When saving for retirement, rising interest rates may cause concern among investors laden with traditional fixed income securities. Many investors are seeking alternatives to generate returns and reduce interest rate sensitivity. Alternative strategies such as the Calamos Market Neutral Income Fund may offer a solution.
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Alternatives 101 Thumbnail
Alternatives 101: Tools for Enhancing Asset Allocation

This brochure provides an introduction to Alternative Investments, and explores that many types of alternative funds. Learn how an alternative allocation may potentially enhance a portfolio’s diversification and decrease exposure to market volatility.

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Calamos Market Neutral Fund Prospectus (ABC) This summary contains important information about the Class A, B and C Market Neutral Income Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Calamos Market Neutral Income Fund Prospectus (IRT) This summary contains important information about the Class I, R, and T Market Neutral Income Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Statutory Prospectus (ABC) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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Statutory Prospectus (IRT) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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Calamos Mutual Fund Statement of Additional Information
SAI The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
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Mutual Funds Semi Annual Report
Semi Annual Report The semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.
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Mutual Funds Annual Report
Annual Report The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.
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Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost..

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Daily performance returns are not adjusted for the 4.75% front-end sales charge, which would reduce the performance quoted. Where indicated, quarterly returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares (3.75% for Total Return Bond Fund Class A Shares). Class B shares have a declining contingent deferred sales charge over six years, with a maximum of 5% in year one (3.50% for Total Return Bond Fund Class B shares). Class B shares automatically convert to A shares after eight years. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC). Class I shares are also available for institutional investors. 

 

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class B, Class C and Class I are limited to 1.15%, 1.90%, 1.90% and 0.90% of average net assets respectively for the Calamos Value and Focus Growth Fund; 1.50%, 2.25%, 2.25% and 1.25% of average net assets respectively for the Calamos Discovery Growth Fund; 1.40%, 2.15%, 2.15% and 1.15% of average net assets respectively for the Calamos International Growth and Global Equity Fund; and 0.90%, 1.65%, 1.65% and 0.65% of average net assets respectively for the Calamos Total Return Bond Fund.

The funds' gross expense ratios as of the prospectus dated 3/1/14 are as follows: Growth A 1.28%, B 2.03%, C 2.03% and I 1.03%; Growth and Income A 1.09%, B 1.84%, C 1.84% and I 0.84%; Opportunistic Value A 1.54%, B 2.30%, C 2.29% and I 1.29%; Focus Growth A 1.65%, B 2.40%, C 2.40% and I 1.40%; Discovery Growth Fund A 1.72%, B 2.47%, C 2.47% and I 1.47%; Dividend Growth A 2.22%, C 2.97% and I 1.97%; Mid Cap Growth A 3.08%, C 3.83% and I 2.83%; Global Growth and Income A 1.41%, B 2.16%, C 2.16% and I 1.15%; International Growth A 1.48%, B 2.23%, C 2.23% and I 1.23%; Global Equity A 1.45%, B 2.20%, C 2.20% and I 1.20%; Evolving World Growth A 1.64%, B 2.39%, C 2.39% and I 1.39%; Emerging Market Equity A 2.62%, C 3.37% and I 2.37%; Convertible A 1.12%, B 1.87%, C 1.87% and I 0.87%; Market Neutral Income A 1.28%, B 2.05%, C 2.03% and I 1.02%; Long/Short A 2.68%, C 3.43% and I 2.43%; High Income A 1.18%, B 1.93%, C 1.93% and I 0.93%; and Total Return Bond A 0.99%, B 1.74%, C 1.74% and I 0.74%. 
 
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.

 

Important Fund Information

  • Calamos Growth, Growth and Income, Opportunistic Value, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest in small and mid-size company securities, which generally present greater risk and higher volatility than investments in larger, more established companies.
  • Calamos Growth, Growth and Income, Opportunistic Value, Focus Growth, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds invest a substantial portion of their assets in equity securities, which are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends, and general economic conditions.
  • Calamos Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest up to 100% of assets in foreign securities. Total Return Bond Fund may invest up to 35% and all other Calamos funds up to 25% of assets in foreign securities. Investing outside the U.S. offers both risks and rewards. Increased volatility, changes in the value of foreign currencies, and difficulty in obtaining information are some of the risks involved.
  • Global Growth and Income, International Growth, Global Equity, Evolving World Growth and Total Return Bond Funds may invest in securities issued by companies in emerging markets; these may present additional risk due to the potential for greater economic and political instability in less developed countries.
  • Calamos High Income Fund invests and Total Return Bond Funds may invest in lower-rated fixed-income securities, often referred to as "junk bonds," which generally present greater risks than higher-quality securities, because of the greater likelihood that the company issuing the lower-rated securities will default on income and principal payments.
  • Calamos Growth and Income, Convertible and Market Neutral Income Funds: There are certain risks associated with an investment in a convertible bond such as a default risk—the company issuing a convertible security may be unable to repay principal and interest—and interest rate risk—the convertible may decrease in value if interest rates increase.
  • Calamos Market Neutral Income Fund engages in short sales. Short sales involve the risk that the Fund may incur a loss if the market value of a borrowed security increases between the date of the short sale and the date the Fund replaces the security. A short position in a security poses more risk than holding the same security long. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility. The Market Neutral Income Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover.
  • Calamos Total Return Bond Fund may invest in derivative securities, including options, futures contracts and swap agreements. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed.
  • In addition to market risk, there are certain risks associated with an investment in Calamos Total Return Bond Fund, such as default risk, the risk that the company issuing debt securities will be unable to repay principal and interest, and interest rate risk that the security may decrease in value if interest rates increase.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Performance of the Growth Fund reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000.

Performance shown for the Convertible Fund and Global Growth and Income Fund includes the effects of an overpayment of dividends and/ or capital gains distribution to shareholders of certain classes of shares of the Fund (and a corresponding capital contribution by Calamos Advisors LLC), which increased certain return figures.

1Net asset value is the $U.S. value of a single share excluding any sales charges. NAV Change shows the change in value from the prior business day: + = gain; - = loss; NC = no change. The net asset value of a fund will fluctuate. Please note that total return is considered one of the best measures of overall performance of most mutual fund investments. More complete information and long-term performance is available for each Fund by clicking on any Fund name. Shares are redeemable at current net asset value, which may be more or less than their original cost

Calamos Financial Services LLC, Distributor

 

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances. *Prior to 2/28/17, the Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, and High Income Opportunities fund had a maximum front-end sales load of 4.75%, and the Total Return Bond Fund had a maximum front-end sales load of 3.75%.

The funds' gross expense ratios as of the prospectus dated 2/28/17 are as follows: Growth A 1.35%, C 2.10% and I 1.10%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.57%, C 2.32% and I 1.32%; Dividend Growth A 1.74%, C 2.49% and I 1.49%; Global Growth and Income A 1.46%, C 2.21% and I 1.21%; International Growth A 1.39%, C 2.14% and I 1.14%; Global Equity A 1.50%, C 2.25% and I 1.25%; Evolving World Growth A 1.64%, C 2.39% and I 1.39%; Emerging Market Equity A 2.50%, C 3.25% and I 2.25%; Convertible A 1.15%, C 1.90% and I 0.90%; Global Convertible A 1.47%, C 2.22% and I 1.22%; Market Neutral Income A 1.22%, C 1.97% and I 0.97%; Phineus Long/Short A 4.29%, C 5.07% and I 4.29%; Hedged Equity Income A 2.04%, C 2.80% and I 1.82%; High Income Opportunities A 1.18%, C 1.93% and I 0.93% (7/1/17); and Total Return Bond A 0.97%, C 1.72% and I 0.72% (6/1/17).  

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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.

Speak with a Calamos Investment Consultant at 888-571-2567