Calamos Market Neutral Income Fund (CVSIX)

Overview

The fund combines two complementary strategies with different responses to volatility: convertible arbitrage (long volatility strategy) seeks alpha and uncorrelated returns, while hedged options (short volatility strategy) provides income from options writing and upside participation.

Key Features

  • Generates returns not dependent on interest rates, a key differentiator from traditional bond strategies.
  • Employs an absolute-return strategy with historically lower beta to fixed income and equity markets as well as lower volatility and limited drawdowns.
  • As one of the first alternative mutual funds, capitalizes on more than four decades of experience in the convertible space.

Portfolio Fit

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

Important Fund 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 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.

Notes

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 option 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.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.26%, C Shares 2.01% and I Shares 1.00%.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Calendar Year Total Returns

As of 6/30/19
Date Calamos Market Neutral Income Fund (NAV) Calamos Market Neutral Income Fund Load-Adjusted FTSE 30 Day Treasury Bill Index BBgBarc US Govt/Credit Bond Index
YTD 2019 4.24 1.86 1.22 6.9
2018 1.54 -0.71 1.82 -0.42
2017 4.58 -0.4 0.8 4
2016 4.72 -0.29 0.21 3.05
2015 1.03 -3.8 0.02 0.15
2014 2 -2.87 0.02 6.01
2013 5.85 0.83 0.03 -2.35
2012 5.81 0.81 0.05 4.82
2011 2.51 -2.38 0.05 8.74
2010 4.9 -0.1 0.12 6.59
2009 13.8 8.37 0.09 4.52
2008 -13.28 -17.41 1.35 5.7
2007 5.93 0.94 4.56 7.23
2006 8.42 3.27 4.75 3.78
2005 -2.05 -6.68 2.93 2.37
2004 4.94 -0.06 1.21 4.19
2003 9.36 4.14 1.03 4.67
2002 6.61 1.55 1.65 11.04
2001 8.49 3.32 3.69 8.5
2000 10.32 5.08 5.65 11.85
1999 13.69 8.29 4.44 -2.15
1998 10.04 4.82 4.54 9.47
1997 14 8.55 4.87 9.76
1996 8.17 3.06 4.97 2.9
1995 14.46 9.07 5.36 19.24
1994 -7.41 -11.79 3.83 -3.51
1993 12.13 6.8 2.87 11.03
1992 12.18 6.84 3.25 7.58
1991 13.97 8.6 5.13 16.13
1990* 2.9 -2 0 0

*Reflects the fund's return from the inception date of 9/4/1990 through 12/31/1990.

Growth of 10K

As of 6/30/19
Date Calamos Market Neutral Income Fund BBgBarc US Govt/Credit Bond Index
9/4/1990 12:00:00 AM 10000 10000
9/30/1990 12:00:00 AM 10020 10083.1
10/31/1990 12:00:00 AM 10000 10216.7
11/30/1990 12:00:00 AM 10110 10439.02
12/31/1990 12:00:00 AM 10290.38 10596.75
1/31/1991 12:00:00 AM 10514.52 10715.75
2/28/1991 12:00:00 AM 10748.86 10807.8
3/31/1991 12:00:00 AM 10943.67 10882.37
4/30/1991 12:00:00 AM 11016.42 11007.63
5/31/1991 12:00:00 AM 11130.74 11058.71
6/30/1991 12:00:00 AM 11087.98 11046.76
7/31/1991 12:00:00 AM 11183.29 11185.29
8/31/1991 12:00:00 AM 11395.1 11443
9/30/1991 12:00:00 AM 11309.46 11682.04
10/31/1991 12:00:00 AM 11407.52 11786.48
11/30/1991 12:00:00 AM 11374.83 11903.99
12/31/1991 12:00:00 AM 11728.31 12305.51
1/31/1992 12:00:00 AM 11976.17 12123.02
2/29/1992 12:00:00 AM 12111.37 12187.39
3/31/1992 12:00:00 AM 12110.66 12120.85
4/30/1992 12:00:00 AM 12168.17 12193.09
5/31/1992 12:00:00 AM 12363.69 12429.76
6/30/1992 12:00:00 AM 12260.84 12611.86
7/31/1992 12:00:00 AM 12517.49 12934.47
8/31/1992 12:00:00 AM 12517.49 13049.97
9/30/1992 12:00:00 AM 12680.59 13228.1
10/31/1992 12:00:00 AM 12870.74 13026.24
11/30/1992 12:00:00 AM 13049 13014.26
12/31/1992 12:00:00 AM 13156.79 13238.49
1/31/1993 12:00:00 AM 13485.1 13526.43
2/28/1993 12:00:00 AM 13314.87 13807.24
3/31/1993 12:00:00 AM 13534.41 13854.05
4/30/1993 12:00:00 AM 13571.56 13960.58
5/31/1993 12:00:00 AM 13720.15 13953.18
6/30/1993 12:00:00 AM 13882.83 14269.92
7/31/1993 12:00:00 AM 13946.17 14361.11
8/31/1993 12:00:00 AM 14237.5 14690.84
9/30/1993 12:00:00 AM 14493.11 14741.96
10/31/1993 12:00:00 AM 14660.74 14802.26
11/30/1993 12:00:00 AM 14531.8 14634.99
12/31/1993 12:00:00 AM 14753.08 14698.95
1/31/1994 12:00:00 AM 14949.09 14920.17
2/28/1994 12:00:00 AM 14883.75 14595.65
3/31/1994 12:00:00 AM 14499.95 14238.64
4/30/1994 12:00:00 AM 14143.4 14120.75
5/31/1994 12:00:00 AM 13998.13 14094.62
6/30/1994 12:00:00 AM 13851.9 14061.5
7/31/1994 12:00:00 AM 13986.38 14342.59
8/31/1994 12:00:00 AM 14147.76 14348.47
9/30/1994 12:00:00 AM 14026.88 14131.23
10/31/1994 12:00:00 AM 14026.88 14115.55
11/30/1994 12:00:00 AM 13809.2 14090.28
12/31/1994 12:00:00 AM 13659.71 14183.14
1/31/1995 12:00:00 AM 13769.87 14455.45
2/28/1995 12:00:00 AM 13907.57 14790.68
3/31/1995 12:00:00 AM 14115.76 14889.92
4/30/1995 12:00:00 AM 14296.91 15097.63
5/31/1995 12:00:00 AM 14547.74 15730.38
6/30/1995 12:00:00 AM 14867.92 15856.06
7/31/1995 12:00:00 AM 15163.87 15794.86
8/31/1995 12:00:00 AM 15192.05 15996.87
9/30/1995 12:00:00 AM 15276.92 16159.4
10/31/1995 12:00:00 AM 15276.92 16396.78
11/30/1995 12:00:00 AM 15576.19 16666.68
12/31/1995 12:00:00 AM 15634.63 16912.18
1/31/1996 12:00:00 AM 15735.22 17017.54
2/29/1996 12:00:00 AM 16008.25 16656.43
3/31/1996 12:00:00 AM 16036.17 16516.51
4/30/1996 12:00:00 AM 16282.44 16403.21
5/31/1996 12:00:00 AM 16543.19 16375.65
6/30/1996 12:00:00 AM 16281.84 16594.27
7/31/1996 12:00:00 AM 15867.77 16632.93
8/31/1996 12:00:00 AM 16340.99 16592.01
9/30/1996 12:00:00 AM 16547.86 16887.02
10/31/1996 12:00:00 AM 16667.45 17281.16
11/30/1996 12:00:00 AM 16861.78 17599.48
12/31/1996 12:00:00 AM 16912.11 17403.25
1/31/1997 12:00:00 AM 17242.49 17423.96
2/28/1997 12:00:00 AM 17226.76 17460.72
3/31/1997 12:00:00 AM 17226.55 17253.29
4/30/1997 12:00:00 AM 17306.23 17505.53
5/31/1997 12:00:00 AM 17640.88 17668.86
6/30/1997 12:00:00 AM 17991.52 17880.88
7/31/1997 12:00:00 AM 18534.3 18427.86
8/31/1997 12:00:00 AM 18470.45 18220.92
9/30/1997 12:00:00 AM 19063.33 18507.35
10/31/1997 12:00:00 AM 18966.07 18803.84
11/30/1997 12:00:00 AM 19047.12 18902.75
12/31/1997 12:00:00 AM 19279.47 19101.03
1/31/1998 12:00:00 AM 19409.62 19370.36
2/28/1998 12:00:00 AM 19604.86 19331.04
3/31/1998 12:00:00 AM 19937.74 19390.77
4/30/1998 12:00:00 AM 20523.65 19488.31
5/31/1998 12:00:00 AM 20372.99 19697.81
6/30/1998 12:00:00 AM 20390.64 19898.13
7/31/1998 12:00:00 AM 20592.36 19914.05
8/31/1998 12:00:00 AM 20088.05 20303.17
9/30/1998 12:00:00 AM 19968.98 20883.84
10/31/1998 12:00:00 AM 20239.98 20736.4
11/30/1998 12:00:00 AM 20900.53 20859.99
12/31/1998 12:00:00 AM 21214.64 20911.1
1/31/1999 12:00:00 AM 21524.47 21059.78
2/28/1999 12:00:00 AM 21232.86 20559.18
3/31/1999 12:00:00 AM 21670.28 20661.16
4/30/1999 12:00:00 AM 22243.47 20712.6
5/31/1999 12:00:00 AM 22169.51 20498.64
6/30/1999 12:00:00 AM 22289.69 20434.69
7/31/1999 12:00:00 AM 22494.53 20378.08
8/31/1999 12:00:00 AM 22457.29 20361.78
9/30/1999 12:00:00 AM 22550.95 20545.44
10/31/1999 12:00:00 AM 22833.07 20598.66
11/30/1999 12:00:00 AM 23453.74 20587.12
12/31/1999 12:00:00 AM 24118.07 20461.95
1/31/2000 12:00:00 AM 24486.73 20456.3
2/29/2000 12:00:00 AM 25146.44 20712.7
3/31/2000 12:00:00 AM 25371.29 21011.92
4/30/2000 12:00:00 AM 25254.19 20909.47
5/31/2000 12:00:00 AM 25488.39 20890.65
6/30/2000 12:00:00 AM 26285.6 21317.23
7/31/2000 12:00:00 AM 26226.62 21542.94
8/31/2000 12:00:00 AM 26875.4 21847.06
9/30/2000 12:00:00 AM 26919.34 21929.29
10/31/2000 12:00:00 AM 26760.87 22066.84
11/30/2000 12:00:00 AM 26268.62 22444.09
12/31/2000 12:00:00 AM 26608.19 22886.93
1/31/2001 12:00:00 AM 27570.17 23270.82
2/28/2001 12:00:00 AM 27549.71 23510.97
3/31/2001 12:00:00 AM 27557.7 23618.91
4/30/2001 12:00:00 AM 28322.05 23441.82
5/31/2001 12:00:00 AM 28384.02 23576.68
6/30/2001 12:00:00 AM 28227.74 23689.89
7/31/2001 12:00:00 AM 28248.54 24280.2
8/31/2001 12:00:00 AM 28456.56 24591.88
9/30/2001 12:00:00 AM 28155.08 24818.15
10/31/2001 12:00:00 AM 28574.05 25447.76
11/30/2001 12:00:00 AM 28886.19 25030.19
12/31/2001 12:00:00 AM 28867.38 24832.93
1/31/2002 12:00:00 AM 29036.32 25015.4
2/28/2002 12:00:00 AM 29078.55 25227.78
3/31/2002 12:00:00 AM 29158.05 24715.81
4/30/2002 12:00:00 AM 29391.82 25194.63
5/31/2002 12:00:00 AM 29540.59 25427.12
6/30/2002 12:00:00 AM 29581.97 25643.43
7/31/2002 12:00:00 AM 29325.48 25952.33
8/31/2002 12:00:00 AM 29410.98 26534.18
9/30/2002 12:00:00 AM 29750.2 27104.96
10/31/2002 12:00:00 AM 29965.47 26845.81
11/30/2002 12:00:00 AM 30680.03 26861.6
12/31/2002 12:00:00 AM 30774.2 27573.46
1/31/2003 12:00:00 AM 31091.64 27572.6
2/28/2003 12:00:00 AM 31179.54 28063.59
3/31/2003 12:00:00 AM 31231.15 28027.19
4/30/2003 12:00:00 AM 31694.98 28326.55
5/31/2003 12:00:00 AM 32136.73 29131.64
6/30/2003 12:00:00 AM 32182.66 29015
7/31/2003 12:00:00 AM 31891.11 27798.75
8/31/2003 12:00:00 AM 31891.11 27982
9/30/2003 12:00:00 AM 32331.19 28868.52
10/31/2003 12:00:00 AM 32920.26 28503.08
11/30/2003 12:00:00 AM 33269.62 28578.72
12/31/2003 12:00:00 AM 33654.39 28860.71
1/31/2004 12:00:00 AM 34033.59 29122.79
2/29/2004 12:00:00 AM 34128.39 29479.17
3/31/2004 12:00:00 AM 34389.01 29749.76
4/30/2004 12:00:00 AM 34032.04 28836.32
5/31/2004 12:00:00 AM 33389.47 28688.59
6/30/2004 12:00:00 AM 33542.1 28806.71
7/31/2004 12:00:00 AM 33444.66 29111.02
8/31/2004 12:00:00 AM 33810.04 29727.04
9/30/2004 12:00:00 AM 34112.82 29831.02
10/31/2004 12:00:00 AM 34309.44 30089.42
11/30/2004 12:00:00 AM 34799.8 29754.67
12/31/2004 12:00:00 AM 35316.44 30070.94
1/31/2005 12:00:00 AM 34793.62 30279.96
2/28/2005 12:00:00 AM 34793.62 30080.51
3/31/2005 12:00:00 AM 34035.54 29868.65
4/30/2005 12:00:00 AM 33281.97 30316.53
5/31/2005 12:00:00 AM 33738.99 30696.76
6/30/2005 12:00:00 AM 34070.95 30897.3
7/31/2005 12:00:00 AM 34721.99 30549.49
8/31/2005 12:00:00 AM 34613.48 31005.62
9/30/2005 12:00:00 AM 34715.19 30599.95
10/31/2005 12:00:00 AM 34249.4 30338.04
11/30/2005 12:00:00 AM 34523.39 30493.56
12/31/2005 12:00:00 AM 34591.54 30783.27
1/31/2006 12:00:00 AM 35467.63 30726.94
2/28/2006 12:00:00 AM 35495.89 30810.03
3/31/2006 12:00:00 AM 35806.76 30471.58
4/30/2006 12:00:00 AM 35918.11 30376.08
5/31/2006 12:00:00 AM 35746.67 30359.1
6/30/2006 12:00:00 AM 35758.46 30428.93
7/31/2006 12:00:00 AM 35902.3 30825.02
8/31/2006 12:00:00 AM 36391.35 31312.49
9/30/2006 12:00:00 AM 36664.15 31618.97
10/31/2006 12:00:00 AM 37041.23 31818.01
11/30/2006 12:00:00 AM 37273.28 32190.41
12/31/2006 12:00:00 AM 37502.91 31946.34
1/31/2007 12:00:00 AM 37797.51 31919.83
2/28/2007 12:00:00 AM 37826.97 32470.77
3/31/2007 12:00:00 AM 37974.75 32414.27
4/30/2007 12:00:00 AM 38448.32 32604.21
5/31/2007 12:00:00 AM 38773.91 32323.17
6/30/2007 12:00:00 AM 38669.6 32255.29
7/31/2007 12:00:00 AM 38252.52 32576.87
8/31/2007 12:00:00 AM 38520.64 32993.53
9/30/2007 12:00:00 AM 39275.7 33224.49
10/31/2007 12:00:00 AM 39935.8 33526.5
11/30/2007 12:00:00 AM 39665.76 34188.64
12/31/2007 12:00:00 AM 39727.04 34254.63
1/31/2008 12:00:00 AM 38840.82 34906.84
2/29/2008 12:00:00 AM 38596.35 35126.4
3/31/2008 12:00:00 AM 38596 35122.19
4/30/2008 12:00:00 AM 39242.35 34914.61
5/31/2008 12:00:00 AM 39550.13 34554.99
6/30/2008 12:00:00 AM 38065.72 34590.58
7/31/2008 12:00:00 AM 38313.71 34590.24
8/31/2008 12:00:00 AM 38468.7 34909.85
9/30/2008 12:00:00 AM 36913.11 34024.89
10/31/2008 12:00:00 AM 34258.61 33172.56
11/30/2008 12:00:00 AM 33665.26 34641.11
12/31/2008 12:00:00 AM 34451.59 36208.62
1/31/2009 12:00:00 AM 33854.17 35652.1
2/28/2009 12:00:00 AM 32626.12 35357.61
3/31/2009 12:00:00 AM 33546.77 35746.9
4/30/2009 12:00:00 AM 34918.07 35814.1
5/31/2009 12:00:00 AM 35854.57 36099.18
6/30/2009 12:00:00 AM 36221.56 36409.27
7/31/2009 12:00:00 AM 37263.18 37059.54
8/31/2009 12:00:00 AM 37565.59 37496.11
9/30/2009 12:00:00 AM 38121.25 37923.94
10/31/2009 12:00:00 AM 38289.93 38014.2
11/30/2009 12:00:00 AM 38795.96 38528.53
12/31/2009 12:00:00 AM 39204.69 37845.42
1/31/2010 12:00:00 AM 38629.14 38409.69
2/28/2010 12:00:00 AM 38933.84 38567.17
3/31/2010 12:00:00 AM 39790.71 38431.03
4/30/2010 12:00:00 AM 39790.71 38900.66
5/31/2010 12:00:00 AM 38570.55 39217.7
6/30/2010 12:00:00 AM 38012.78 39923.62
7/31/2010 12:00:00 AM 39031.88 40374.75
8/31/2010 12:00:00 AM 38658.21 41125.72
9/30/2010 12:00:00 AM 39911.38 41234.71
10/31/2010 12:00:00 AM 40627.73 41238
11/30/2010 12:00:00 AM 40525.4 40913.46
12/31/2010 12:00:00 AM 41127.47 40341.08
1/31/2011 12:00:00 AM 41367.58 40372.55
2/28/2011 12:00:00 AM 41985.01 40465.41
3/31/2011 12:00:00 AM 41884.76 40452.46
4/30/2011 12:00:00 AM 42435.42 40985.62
5/31/2011 12:00:00 AM 42366.59 41585.65
6/30/2011 12:00:00 AM 41980.29 41391.86
7/31/2011 12:00:00 AM 42118.5 42201.07
8/31/2011 12:00:00 AM 41496.57 42911.74
9/30/2011 12:00:00 AM 40519.38 43355.44
10/31/2011 12:00:00 AM 42011.1 43407.9
11/30/2011 12:00:00 AM 42011.1 43306.76
12/31/2011 12:00:00 AM 42158.63 43865.42
1/31/2012 12:00:00 AM 43099.36 44333.47
2/29/2012 12:00:00 AM 43621.99 44283.37
3/31/2012 12:00:00 AM 43779.51 43902.31
4/30/2012 12:00:00 AM 43919.16 44493.02
5/31/2012 12:00:00 AM 42906.71 45034.9
6/30/2012 12:00:00 AM 43731.11 45028.14
7/31/2012 12:00:00 AM 44186.27 45764.89
8/31/2012 12:00:00 AM 44571.42 45774.87
9/30/2012 12:00:00 AM 44921.96 45808.56
10/31/2012 12:00:00 AM 44535.61 45968.66
11/30/2012 12:00:00 AM 44605.85 46105.23
12/31/2012 12:00:00 AM 44606.35 45980.7
1/31/2013 12:00:00 AM 45170.54 45611.52
2/28/2013 12:00:00 AM 45170.54 45878.53
3/31/2013 12:00:00 AM 45462.47 45905.55
4/30/2013 12:00:00 AM 45603.99 46467.71
5/31/2013 12:00:00 AM 45639.37 45574.84
6/30/2013 12:00:00 AM 45272.63 44753.08
7/31/2013 12:00:00 AM 45947.82 44854.22
8/31/2013 12:00:00 AM 45521.39 44580.61
9/30/2013 12:00:00 AM 46025.82 44915.85
10/31/2013 12:00:00 AM 46631.43 45306.17
11/30/2013 12:00:00 AM 46916.42 45178.41
12/31/2013 12:00:00 AM 47216.33 44900.56
1/31/2014 12:00:00 AM 46779.14 45557.91
2/28/2014 12:00:00 AM 47398.49 45837.63
3/31/2014 12:00:00 AM 47432.64 45789.04
4/30/2014 12:00:00 AM 47542.35 46165.89
5/31/2014 12:00:00 AM 47834.92 46686.64
6/30/2014 12:00:00 AM 48029.55 46667.97
7/31/2014 12:00:00 AM 47736.68 46616.63
8/31/2014 12:00:00 AM 48285.8 47175.1
9/30/2014 12:00:00 AM 47973.68 46748.16
10/31/2014 12:00:00 AM 48157.07 47213.31
11/30/2014 12:00:00 AM 48340.45 47561.27
12/31/2014 12:00:00 AM 48161.78 47597.89
1/31/2015 12:00:00 AM 47753 48854.95
2/28/2015 12:00:00 AM 48607.73 48233.52
3/31/2015 12:00:00 AM 48415.16 48474.2
4/30/2015 12:00:00 AM 48899.68 48215.35
5/31/2015 12:00:00 AM 49160.58 48050.94
6/30/2015 12:00:00 AM 48823.95 47457.51
7/31/2015 12:00:00 AM 49085.24 47802.52
8/31/2015 12:00:00 AM 48189.38 47691.14
9/30/2015 12:00:00 AM 47768.7 48025.46
10/31/2015 12:00:00 AM 48928.32 48027.38
11/30/2015 12:00:00 AM 48778.69 47873.69
12/31/2015 12:00:00 AM 48656.89 47668.31
1/31/2016 12:00:00 AM 47779.84 48339.48
2/29/2016 12:00:00 AM 47665.45 48749.88
3/31/2016 12:00:00 AM 48736.81 49321.23
4/30/2016 12:00:00 AM 49157 49555.51
5/31/2016 12:00:00 AM 49422.45 49546.09
6/30/2016 12:00:00 AM 49565.77 50636.6
7/31/2016 12:00:00 AM 50180.39 51041.19
8/31/2016 12:00:00 AM 50295.8 50937.58
9/30/2016 12:00:00 AM 50436.63 50841.3
10/31/2016 12:00:00 AM 50476.98 50349.67
11/30/2016 12:00:00 AM 50784.89 49014.9
12/31/2016 12:00:00 AM 50952.48 49119.79
1/31/2017 12:00:00 AM 51227.62 49256.84
2/28/2017 12:00:00 AM 51775.76 49633.65
3/31/2017 12:00:00 AM 51837.89 49589.48
4/30/2017 12:00:00 AM 51957.12 49998.09
5/31/2017 12:00:00 AM 52076.62 50414.08
6/30/2017 12:00:00 AM 52326.59 50428.19
7/31/2017 12:00:00 AM 52310.96 50638.98
8/31/2017 12:00:00 AM 52310.96 51126.13
9/30/2017 12:00:00 AM 52467.89 50835.73
10/31/2017 12:00:00 AM 52625.29 50878.94
11/30/2017 12:00:00 AM 52820 50819.42
12/31/2017 12:00:00 AM 51842.83 51084.18
1/31/2018 12:00:00 AM 52506.42 50495.7
2/28/2018 12:00:00 AM 52469.67 49949.84
3/31/2018 12:00:00 AM 52495.9 50276.01
4/30/2018 12:00:00 AM 52768.88 49849.17
5/31/2018 12:00:00 AM 52927.19 50208.08
6/30/2018 12:00:00 AM 52921.9 50111.18
7/31/2018 12:00:00 AM 53276.48 50149.76
8/31/2018 12:00:00 AM 53553.52 50476.24
9/30/2018 12:00:00 AM 53623.14 50140.57
10/31/2018 12:00:00 AM 53387.2 49705.35
11/30/2018 12:00:00 AM 53547.36 49940.96
12/31/2018 12:00:00 AM 52642.41 50870.86
1/31/2019 12:00:00 AM 53668.94 51469.61
2/28/2019 12:00:00 AM 53915.82 51438.72
3/31/2019 12:00:00 AM 54120.7 52530.25
4/30/2019 12:00:00 AM 54488.72 52557.57
5/31/2019 12:00:00 AM 54243.52 53589.8
6/30/2019 12:00:00 AM 54878.17 54382.39

Annualized Total Returns

As of 6/30/19
TimeFrame Calamos Market Neutral Income Fund (NAV) Calamos Market Neutral Income Fund Load-Adjusted FTSE 30 Day Treasury Bill Index BBgBarc US Govt/Credit Bond Index
6 Month 4.24 1.86 1.22 6.9
1 Year 3.68 1.34 2.28 8.52
3 Year 4.4 2.73 1.32 2.41
5 Year 3.26 2.27 0.81 3.11
10 Year 4.53 4.02 0.44 4.09
15 Year 3.53 3.19 1.24 4.33
20 Year 4.75 4.5 1.66 5.02
Since Inception 6.19 6.01 2.5 6.05

Important Fund 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 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.

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 option 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.

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%-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.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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%. Had it been included, the Fund's return would have been lower.

The Bloomberg Barclays U.S. Government/Credit Bond Index includes treasuries and agencies that represent the government portion of the index, and includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements to represent credit interests.

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

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.

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.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.26%, C Shares 2.01% and I Shares 1.00%.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Strategy Allocation

As of 6/30/19
Strategy %
Convertible Arbitrage 51.4
Covered Call 48.6

Month-End Yield

As of 6/30/19
Name %
30-day SEC yield 0.77%
Distribution Yield 4.58%

Fund Facts

As of 6/30/19
Name Fund
Number of Holdings 701
Portfolio Turnover (12 months) 64.5%
Net Assets $7.9 B

Bond Duration

As of 6/30/19
Name Duration
Weighted Avg. Duration 1.1 years
Weighted Avg. Maturity 3.5 years

Credit Quality of Bonds

As of 6/30/19
Class %
AAA 1.3%
AA 0.0%
A 3.4%
BBB 1.2%
BB 11.6%
B 7.4%
CCC and below 0.1%
Unrated Securities 74.9%

Maturity Schedule

As of 6/30/19
Range %
< 1 Year 42.7%
1 To 5 Years 30.4%
5 To 10 Years 6.9%
10 To 20 Years 0.2%
20 To 30 Years 0.4%
> 30 Years 0.0%
Equities and Other 19.4%

Important Fund 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 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.

Notes

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.

Distribution Yield -Is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. Distributions may include income, short-term capital gains, and long-term capital gains. Short-term and long-term capital gains represent the net trading profits realized over the trailing 12 months in the fund and are not guaranteed. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

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 option 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.

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.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Total Capital Gains

Year Capital Gains
2018 0.4107
2017 0.2250
2016 0.1997
2015 0.1952
2014 0.1369
2013 0.2575
2012 0.0000
2011 0.0000
2010 0.0000
2009 0.0000
2008 0.2923

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

Distributions

Frequency Income Total Reinvest
Q2 2019 $0.0341 $0.0341 13.27000
Q1 2019 $0.0301 $0.0301 13.15000
Q4 2018 $0.0782 $0.0782 12.84000
Q3 2018 $0.0575 $0.0575 13.54000
Q2 2018 $0.0302 $0.0302 13.50000
Q1 2018 $0.0174 $0.0174 13.39000
Q4 2017 $0.0598 $0.0598 13.19000
Q3 2017 $0.0295 $0.0295 13.35000
Q2 2017 $0.0232 $0.0232 13.26000
Q1 2017 $0.0354 $0.0354 13.19000
Q4 2016 $0.0443 $0.0443 13.03000
Q3 2016 $0.0366 $0.0366 13.08000
Q2 2016 $0.0374 $0.0374 12.86000
Q1 2016 $0.0309 $0.0309 12.73000
Q4 2015 $0.0519 $0.0519 12.74000
Q3 2015 $0.0276 $0.0276 12.92000
Q1 2015 $0.0382 $0.0382 13.01000
Q4 2014 $0.0341 $0.0341 12.93000
Q3 2014 $0.0249 $0.0249 13.16000
Q2 2014 $0.0132 $0.0132 13.11000
Q1 2014 $0.0494 $0.0494 12.98000
Q4 2013 $0.0351 $0.0351 12.89000
Q3 2013 $0.0322 $0.0322 13.00000
Q2 2013 $0.0562 $0.0562 12.71000
Q1 2013 $0.0427 $0.0427 12.82000
Q4 2012 $0.0503 $0.0503 12.68000
Q3 2012 $0.0402 $0.0402 12.81000
Q2 2012 $0.03573 $0.03573 12.35000
Q1 2012 $0.0251 $0.0251 12.47000
Q4 2011 $0.0524 $0.0524 12.08000
Q3 2011 $0.0473 $0.0473 11.70000
Q2 2011 $0.0471 $0.0471 11.99000
Q1 2011 $0.0401 $0.0401 11.96000
Q4 2010 $0.0661 $0.0661 11.92000
Q3 2010 $0.0484 $0.0484 11.59000
Q2 2010 $0.0260 $0.0260 11.44000
Q1 2010 $0.0131 $0.0131 11.70000
Q4 2009 $0.0407 $0.0407 11.46000
Q3 2009 $0.0452 $0.0452 11.26000
Q2 2009 $0.0495 $0.0495 10.74000
Q1 2009 $0.0764 $0.0764 9.90000
Q4 2008 $0.3489 $0.3489 10.21000
Q3 2008 $0.0894 $0.0894 11.98000
Q2 2008 $0.0897 $0.0897 12.56000
Q1 2008 $0.0900 $0.0900 12.56000

Important Fund 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 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.

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 option 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.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.26%, C Shares 2.01% and I Shares 1.00%.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.26% 2.01% 1.00%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 9/04/90 2/16/00 5/10/00
Ticker Symbol CVSIX CVSCX CMNIX
CUSIP number 128119203 128119849 128119880

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 2.25 1.00 N/A
US Bank Fund Number 605 619 629
Dividends QUARTERLY QUARTERLY QUARTERLY
Capital Gains ANNUAL ANNUAL ANNUAL

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 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.

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 option 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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

calamos-market-neutral-income-fund-mutual-fund-quarterly-commentary.pdf
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.

calamos-market-neutral-income-fund-mutual-fund-fact-sheet.pdf
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.

mni-alt-approach-for-retirement-assets.pdf
A Hypothetical Illustration Using an Alternative Approach for Retirement Assets

Our hypothetical illustration using Calamos Market Neutral Income Fund (CMNIX) offers a potential alternative solution for investors saving for retirement with traditional fixed income securities.

opportunity-of-convertible-securities.pdf
The Opportunity of Convertible Securities

Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.

cmnix-portfolio-manager-webcast.pdf
Strategies for Rising Rates and Volatility: Your Move Now

Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, and other members of the portfolio management team explain why Calamos Market Neutral Income Fund (CMNIX) is the go-to fund for diversifying portfolios.

ConvertibleSecurities.pdf
Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation

A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.

calamos-market-neutral-income-fund-embrace-volatility.pdf
Embrace Volatility to Find Potential Stability

The Market Neutral income Fund (CMNIX) has had lower sensitivity to drawdowns during heightened volatility relative to the S&P 500 Index. See why the fund can serve as a ballast for your clients’ portfolios.

calamos-market-neutral-income-fund-volatility-drawdowns.pdf
Don’t Let Volatility Rob Investors of Their Greatest Advantage: Time

Illustration of how the Calamos Market Neutral Income Fund (CMNIX) has kept drawdowns to a minimum and recovered sooner, allowing the portfolio to get back to growing.

Don't Make This Mistake with Convertible Bond Funds
Don't Make This Mistake with Convertible Bond Funds

A passive convertible bond strategy that just follows where the market goes misses out on the opportunity that an active manager has to rebalance and optimize risk/reward.

No Matter What: CMNIX
No Matter What: CMNIX

Here’s why we call the market neutral fund category leader both consistent and resilient.

cut-back-on-volatility-while-pursuing-better-investment-returns.pdf
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.

calamos-mutual-funds-rising-rates-sales-idea.pdf
Preparing Your Portfolio for Rising Rates

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.

calamos-mni-salesidea-mnihasyoucovered.pdf
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.

calamos-market-neutral-income-fund-rising-interest-rates-520670.pdf
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.

Calamos_vs_Different_Market_Periods_SalesIdea
Calamos Strategies for Different Market Periods

Illustration of equity alternatives performance in down markets and fixed income alternative performance in rising interest rate environments.

calamos-alternatives-101-brochure-enhancing-asset-allocation.pdf
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.

calamos-market-neutral-income-fund-mutual-fund-summary-prospectus.pdf
Calamos Market Neutral Fund Prospectus

This summary contains important information about the Class A, C, and I Market Neutral Income Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

calamos-mutual-fund-statutory-prospectus.pdf
Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

calamos-mutual-fund-sai.pdf
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.

calamos-mutual-funds-semi-annual-report.pdf
Semi-Annual Report

The semi-annual 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.

calamos-mutual-funds-annual-report.pdf
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.