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Calamos Honored to be the Largest Provider of Liquid Alternative Funds

A Note of Thanks from our Founder, John P. Calamos, Sr.

As the largest provider of liquid alternative mutual funds in America, we manage $10.3 billion in liquid alternative assets as of February 29, 2020, according to Morningstar.*

Calamos Alternative Capabilities

All of us at Calamos Investments recognize that investors and their financial advisors have many choices about where to invest, and we are honored that our capabilities have been chosen so frequently.

When I founded Calamos Investments in the difficult financial markets of the 1970s, my goal was to provide investors with innovative investment solutions. In the 1970s, we developed strategies built around convertible securities (which were essentially an alternative asset class) to help our clients manage risk and return in ways that traditional asset classes could not.

While the industry has evolved significantly during the past decades, our commitment to investors has remained constant. We are pleased that our liquid alternative funds have provided compelling risk-adjusted performance over the long-term, including through challenging markets.

I believe the Calamos liquid alternative funds will continue to provide compelling asset allocation benefits in a volatile environment. Financial advisors, you can also reach out to your Calamos Investment Consultant at 888-571-2567 or

We look forward to serving you in the years to come.

John P. Calamos, Sr.

Founder, Chairman and Global Chief Investment Officer

Past performance is no guarantee of future results.

*Source: Morningstar. Based on U.S. open-end mutual funds as of February 29, 2020.

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 which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

The opinions referenced are as of the date of the publication, are subject to change due to changes in the market or economic conditions, and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.

There can be no assurance that the Fund will achieve its investment objective. Asset allocation and diversification does not guarantee profit or eliminate the risk of loss. Alternative strategies may not be suitable for all investors.

Important Fund Risk Information. An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund 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 principal risks of investing in the Calamos 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 principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk.

The principal risks of investing in the Calamos Hedged Equity Fund include: covered call writing risk, options risk, equity securities risk, correlation risk, mid-sized company risk, interest rate risk, credit risk, liquidity risk, portfolio turnover risk, portfolio selection risk, foreign securities risk, American depository receipts, and REITs risks. The risks associated with an investment in the Fund can increase during times of significant market volatility. The writer of a covered call may be forced to sell the stock to the buyer of the covered call and be precluded from benefiting from potential gains above the strike price.

Options Risk: The Fund’s ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund’s ability to utilize options successfully will depend on the ability of the Fund’s investment adviser to predict pertinent market movements, which cannot be assured.

Convertible Arbitrage 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.

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