A Unique Opportunity

Calamos Market Neutral Income Fund

Calamos Market Neutral Income Fund presents an exclusive opportunity for individuals to access a strategy that's typically only available for institutional or high-net worth investors.

All market neutral funds share a goal: generate consistent performance whether the stock market is going up or down. Many market neutral funds available to the general investing public use long and short equity positions, taking equity risks on both positions. Through its blend of convertible arbitrage and covered call writing, Calamos Market Neutral Income Fund provides an approach that reduces equity risk—and an approach we believe makes the Fund uncommon within the universe of market neutral funds. As discussed above, through convertible arbitrage, the investment team can hedge equity risk with long convertible bond holdings offset by short equity positions. And through covered call writing, they can use call option premiums and put options to generate income in periods of lower volatility.

Total Return Approach | Enhanced Diversification

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Similar strategies often carry high investment requirements. With a minimum initial purchase of $2,500, the Fund provides an accessible way to access the potential of convertible arbitrage and covered call writing.

To learn more about the potential benefits of including Calamos Market Neutral Income Fund in your asset allocation, contact your financial advisor or call Calamos Investments at
800-582-6959.

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.

Liquidity and Marketplace Risk. Both convertible arbitrage and covered call writing often entail placing matching hedged positions through separate transactions in different marketplaces or exchanges. It is possible that, for a variety of reasons, one market may fail to provide the liquidity intended when the initial hedged or covered structure was initiated.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE