Calamos Market Neutral Income Fund (CVSIX)

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Overview

The fund combines two complementary strategies with different responses to volatility: convertible arbitrage seeks alpha and uncorrelated returns, while hedged equity 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 2.75%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 1.23%, C Shares 1.98%, I Shares 0.98% and R6 Shares 0.90%.

The Morningstar Relative Value Arbitrage Category is comprised of funds that seek out pricing discrepancies between pairs or combinations of securities regardless of asset class.

The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar's manager research group, which consists of various Morningstar, Inc. subsidiaries ("Manager Research Group"). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from anexpected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is furthermodified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group's expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group's expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group's expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group's overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group's expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

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.

Fund Details

As of 10/15/21
Inception Date: 9/04/90
Current NAV: $14.60
$ Change: $0.02
% Change: 0.14%
Total Net Assets (As of 9/30/21): $15.8 B
Morningstar Category: Relative Value Arbitrage

Morningstar Rating

As of April 30, 2021, Morningstar assigned CVSIX to a new category, Relative Value Arbitrage. This category is not assigned a star rating by Morningstar due to its small peer set. For more information about the changes, click here.

Morningstar Bronze logo

The Morningstar Bronze Rating is a forward-looking qualitative analyst rating based on an evaluation of five key factors—process, performance, people, parent and price—that the analysts believe “lead to funds that are more likely to outperform over the long term on a risk-adjusted basis.”

Zephyr Analysis

Zephyr Analysis

key.jpg Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.

Resources

Calendar Year Total Returns

As of 9/30/21
Date Calamos Market Neutral Income Fund (NAV) Calamos Market Neutral Income Fund Load-Adjusted Bloomberg U.S. Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
YTD 2021 3.08 0.79 -1.93 0.03
2020 5.18 2.82 8.93 0.56
2019 6.38 3.95 9.71 2.22
2018 1.54 -0.71 -0.42 1.83
2017 4.58 -0.4 4 0.82
2016 4.72 -0.29 3.05 0.28
2015 1.03 -3.8 0.15 0.03
2014 2 -2.87 6.01 0.03
2013 5.85 0.83 -2.35 0.05
2012 5.81 0.81 4.82 0.09
2011 2.51 -2.38 8.74 0.07

Growth of 10K

As of 9/30/21
Date Calamos Market Neutral Income Fund Bloomberg U.S. Govt/Credit Bond Index
8/31/1990 12:00:00 AM 10000 10000
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 10290.37 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 10943.66 10882.37
4/30/1991 12:00:00 AM 11016.41 11007.63
5/31/1991 12:00:00 AM 11130.73 11058.71
6/30/1991 12:00:00 AM 11087.97 11046.76
7/31/1991 12:00:00 AM 11183.28 11185.29
8/31/1991 12:00:00 AM 11395.09 11443
9/30/1991 12:00:00 AM 11309.45 11682.04
10/31/1991 12:00:00 AM 11407.5 11786.48
11/30/1991 12:00:00 AM 11374.82 11903.99
12/31/1991 12:00:00 AM 11728.29 12305.51
1/31/1992 12:00:00 AM 11976.15 12123.02
2/29/1992 12:00:00 AM 12111.35 12187.39
3/31/1992 12:00:00 AM 12110.65 12120.85
4/30/1992 12:00:00 AM 12168.15 12193.09
5/31/1992 12:00:00 AM 12363.67 12429.76
6/30/1992 12:00:00 AM 12260.82 12611.86
7/31/1992 12:00:00 AM 12517.47 12934.47
8/31/1992 12:00:00 AM 12517.47 13049.97
9/30/1992 12:00:00 AM 12680.57 13228.1
10/31/1992 12:00:00 AM 12870.72 13026.24
11/30/1992 12:00:00 AM 13048.98 13014.26
12/31/1992 12:00:00 AM 13156.76 13238.49
1/31/1993 12:00:00 AM 13485.07 13526.43
2/28/1993 12:00:00 AM 13314.84 13807.24
3/31/1993 12:00:00 AM 13534.38 13854.05
4/30/1993 12:00:00 AM 13571.53 13960.58
5/31/1993 12:00:00 AM 13720.12 13953.18
6/30/1993 12:00:00 AM 13882.8 14269.92
7/31/1993 12:00:00 AM 13946.14 14361.11
8/31/1993 12:00:00 AM 14237.47 14690.84
9/30/1993 12:00:00 AM 14493.09 14741.96
10/31/1993 12:00:00 AM 14660.72 14802.26
11/30/1993 12:00:00 AM 14531.77 14634.99
12/31/1993 12:00:00 AM 14753.05 14698.95
1/31/1994 12:00:00 AM 14949.06 14920.17
2/28/1994 12:00:00 AM 14883.72 14595.65
3/31/1994 12:00:00 AM 14499.92 14238.64
4/30/1994 12:00:00 AM 14143.37 14120.75
5/31/1994 12:00:00 AM 13998.11 14094.62
6/30/1994 12:00:00 AM 13851.87 14061.5
7/31/1994 12:00:00 AM 13986.36 14342.59
8/31/1994 12:00:00 AM 14147.74 14348.47
9/30/1994 12:00:00 AM 14026.86 14131.23
10/31/1994 12:00:00 AM 14026.86 14115.55
11/30/1994 12:00:00 AM 13809.18 14090.28
12/31/1994 12:00:00 AM 13659.68 14183.14
1/31/1995 12:00:00 AM 13769.84 14455.45
2/28/1995 12:00:00 AM 13907.54 14790.68
3/31/1995 12:00:00 AM 14115.73 14889.92
4/30/1995 12:00:00 AM 14296.88 15097.63
5/31/1995 12:00:00 AM 14547.7 15730.38
6/30/1995 12:00:00 AM 14867.88 15856.06
7/31/1995 12:00:00 AM 15163.83 15794.86
8/31/1995 12:00:00 AM 15192.02 15996.87
9/30/1995 12:00:00 AM 15276.89 16159.4
10/31/1995 12:00:00 AM 15276.89 16396.78
11/30/1995 12:00:00 AM 15576.16 16666.68
12/31/1995 12:00:00 AM 15634.59 16912.18
1/31/1996 12:00:00 AM 15735.18 17017.54
2/29/1996 12:00:00 AM 16008.21 16656.43
3/31/1996 12:00:00 AM 16036.15 16516.51
4/30/1996 12:00:00 AM 16282.41 16403.21
5/31/1996 12:00:00 AM 16543.16 16375.65
6/30/1996 12:00:00 AM 16281.81 16594.27
7/31/1996 12:00:00 AM 15867.74 16632.93
8/31/1996 12:00:00 AM 16340.96 16592.01
9/30/1996 12:00:00 AM 16547.83 16887.02
10/31/1996 12:00:00 AM 16667.42 17281.16
11/30/1996 12:00:00 AM 16861.75 17599.48
12/31/1996 12:00:00 AM 16912.08 17403.25
1/31/1997 12:00:00 AM 17242.46 17423.96
2/28/1997 12:00:00 AM 17226.73 17460.72
3/31/1997 12:00:00 AM 17226.52 17253.29
4/30/1997 12:00:00 AM 17306.2 17505.53
5/31/1997 12:00:00 AM 17640.85 17668.86
6/30/1997 12:00:00 AM 17991.5 17880.88
7/31/1997 12:00:00 AM 18534.27 18427.86
8/31/1997 12:00:00 AM 18470.42 18220.92
9/30/1997 12:00:00 AM 19063.3 18507.35
10/31/1997 12:00:00 AM 18966.04 18803.84
11/30/1997 12:00:00 AM 19047.09 18902.75
12/31/1997 12:00:00 AM 19279.43 19101.03
1/31/1998 12:00:00 AM 19409.59 19370.36
2/28/1998 12:00:00 AM 19604.82 19331.04
3/31/1998 12:00:00 AM 19937.7 19390.77
4/30/1998 12:00:00 AM 20523.61 19488.31
5/31/1998 12:00:00 AM 20372.95 19697.81
6/30/1998 12:00:00 AM 20390.59 19898.13
7/31/1998 12:00:00 AM 20592.31 19914.05
8/31/1998 12:00:00 AM 20088.01 20303.17
9/30/1998 12:00:00 AM 19968.94 20883.84
10/31/1998 12:00:00 AM 20239.93 20736.4
11/30/1998 12:00:00 AM 20900.48 20859.99
12/31/1998 12:00:00 AM 21214.59 20911.1
1/31/1999 12:00:00 AM 21524.42 21059.78
2/28/1999 12:00:00 AM 21232.81 20559.18
3/31/1999 12:00:00 AM 21670.22 20661.16
4/30/1999 12:00:00 AM 22243.41 20712.6
5/31/1999 12:00:00 AM 22169.45 20498.64
6/30/1999 12:00:00 AM 22289.64 20434.69
7/31/1999 12:00:00 AM 22494.47 20378.08
8/31/1999 12:00:00 AM 22457.23 20361.78
9/30/1999 12:00:00 AM 22550.9 20545.44
10/31/1999 12:00:00 AM 22833.02 20598.66
11/30/1999 12:00:00 AM 23453.69 20587.12
12/31/1999 12:00:00 AM 24118.02 20461.95
1/31/2000 12:00:00 AM 24486.67 20456.3
2/29/2000 12:00:00 AM 25146.38 20712.7
3/31/2000 12:00:00 AM 25371.23 21011.92
4/30/2000 12:00:00 AM 25254.13 20909.47
5/31/2000 12:00:00 AM 25488.33 20890.65
6/30/2000 12:00:00 AM 26285.54 21317.23
7/31/2000 12:00:00 AM 26226.56 21542.94
8/31/2000 12:00:00 AM 26875.34 21847.06
9/30/2000 12:00:00 AM 26919.28 21929.29
10/31/2000 12:00:00 AM 26760.81 22066.84
11/30/2000 12:00:00 AM 26268.57 22444.09
12/31/2000 12:00:00 AM 26608.13 22886.93
1/31/2001 12:00:00 AM 27570.11 23270.82
2/28/2001 12:00:00 AM 27549.65 23510.97
3/31/2001 12:00:00 AM 27557.64 23618.91
4/30/2001 12:00:00 AM 28321.98 23441.82
5/31/2001 12:00:00 AM 28383.95 23576.68
6/30/2001 12:00:00 AM 28227.68 23689.89
7/31/2001 12:00:00 AM 28248.48 24280.2
8/31/2001 12:00:00 AM 28456.49 24591.88
9/30/2001 12:00:00 AM 28155.01 24818.15
10/31/2001 12:00:00 AM 28573.99 25447.76
11/30/2001 12:00:00 AM 28886.13 25030.19
12/31/2001 12:00:00 AM 28867.31 24832.93
1/31/2002 12:00:00 AM 29036.25 25015.4
2/28/2002 12:00:00 AM 29078.48 25227.78
3/31/2002 12:00:00 AM 29157.98 24715.81
4/30/2002 12:00:00 AM 29391.75 25194.63
5/31/2002 12:00:00 AM 29540.52 25427.12
6/30/2002 12:00:00 AM 29581.89 25643.43
7/31/2002 12:00:00 AM 29325.4 25952.33
8/31/2002 12:00:00 AM 29410.9 26534.18
9/30/2002 12:00:00 AM 29750.12 27104.96
10/31/2002 12:00:00 AM 29965.39 26845.81
11/30/2002 12:00:00 AM 30679.95 26861.6
12/31/2002 12:00:00 AM 30774.12 27573.46
1/31/2003 12:00:00 AM 31091.57 27572.6
2/28/2003 12:00:00 AM 31179.46 28063.59
3/31/2003 12:00:00 AM 31231.07 28027.19
4/30/2003 12:00:00 AM 31694.9 28326.55
5/31/2003 12:00:00 AM 32136.64 29131.64
6/30/2003 12:00:00 AM 32182.57 29015
7/31/2003 12:00:00 AM 31891.02 27798.75
8/31/2003 12:00:00 AM 31891.02 27982
9/30/2003 12:00:00 AM 32331.1 28868.52
10/31/2003 12:00:00 AM 32920.17 28503.08
11/30/2003 12:00:00 AM 33269.52 28578.72
12/31/2003 12:00:00 AM 33654.28 28860.71
1/31/2004 12:00:00 AM 34033.49 29122.79
2/29/2004 12:00:00 AM 34128.29 29479.17
3/31/2004 12:00:00 AM 34388.9 29749.76
4/30/2004 12:00:00 AM 34031.93 28836.32
5/31/2004 12:00:00 AM 33389.37 28688.59
6/30/2004 12:00:00 AM 33541.98 28806.71
7/31/2004 12:00:00 AM 33444.55 29111.02
8/31/2004 12:00:00 AM 33809.93 29727.04
9/30/2004 12:00:00 AM 34112.71 29831.02
10/31/2004 12:00:00 AM 34309.32 30089.42
11/30/2004 12:00:00 AM 34799.68 29754.67
12/31/2004 12:00:00 AM 35316.32 30070.94
1/31/2005 12:00:00 AM 34793.5 30279.96
2/28/2005 12:00:00 AM 34793.5 30080.51
3/31/2005 12:00:00 AM 34035.41 29868.65
4/30/2005 12:00:00 AM 33281.85 30316.53
5/31/2005 12:00:00 AM 33738.87 30696.76
6/30/2005 12:00:00 AM 34070.83 30897.3
7/31/2005 12:00:00 AM 34721.87 30549.49
8/31/2005 12:00:00 AM 34613.36 31005.62
9/30/2005 12:00:00 AM 34715.07 30599.95
10/31/2005 12:00:00 AM 34249.28 30338.04
11/30/2005 12:00:00 AM 34523.27 30493.56
12/31/2005 12:00:00 AM 34591.42 30783.27
1/31/2006 12:00:00 AM 35467.5 30726.94
2/28/2006 12:00:00 AM 35495.77 30810.03
3/31/2006 12:00:00 AM 35806.64 30471.58
4/30/2006 12:00:00 AM 35917.98 30376.08
5/31/2006 12:00:00 AM 35746.54 30359.1
6/30/2006 12:00:00 AM 35758.33 30428.93
7/31/2006 12:00:00 AM 35902.16 30825.02
8/31/2006 12:00:00 AM 36391.22 31312.49
9/30/2006 12:00:00 AM 36664.01 31618.97
10/31/2006 12:00:00 AM 37041.1 31818.01
11/30/2006 12:00:00 AM 37273.15 32190.41
12/31/2006 12:00:00 AM 37502.77 31946.34
1/31/2007 12:00:00 AM 37797.37 31919.83
2/28/2007 12:00:00 AM 37826.83 32470.77
3/31/2007 12:00:00 AM 37974.61 32414.27
4/30/2007 12:00:00 AM 38448.18 32604.21
5/31/2007 12:00:00 AM 38773.76 32323.17
6/30/2007 12:00:00 AM 38669.46 32255.29
7/31/2007 12:00:00 AM 38252.38 32576.87
8/31/2007 12:00:00 AM 38520.5 32993.53
9/30/2007 12:00:00 AM 39275.56 33224.49
10/31/2007 12:00:00 AM 39935.66 33526.5
11/30/2007 12:00:00 AM 39665.62 34188.64
12/31/2007 12:00:00 AM 39726.91 34254.63
1/31/2008 12:00:00 AM 38840.69 34906.84
2/29/2008 12:00:00 AM 38596.22 35126.4
3/31/2008 12:00:00 AM 38595.88 35122.19
4/30/2008 12:00:00 AM 39242.22 34914.61
5/31/2008 12:00:00 AM 39550 34554.99
6/30/2008 12:00:00 AM 38065.59 34590.58
7/31/2008 12:00:00 AM 38313.58 34590.24
8/31/2008 12:00:00 AM 38468.57 34909.85
9/30/2008 12:00:00 AM 36912.99 34024.89
10/31/2008 12:00:00 AM 34258.5 33172.56
11/30/2008 12:00:00 AM 33665.14 34641.11
12/31/2008 12:00:00 AM 34451.48 36208.62
1/31/2009 12:00:00 AM 33854.06 35652.1
2/28/2009 12:00:00 AM 32626.02 35357.61
3/31/2009 12:00:00 AM 33546.66 35746.9
4/30/2009 12:00:00 AM 34917.96 35814.1
5/31/2009 12:00:00 AM 35854.46 36099.18
6/30/2009 12:00:00 AM 36221.45 36409.27
7/31/2009 12:00:00 AM 37263.07 37059.54
8/31/2009 12:00:00 AM 37565.47 37496.11
9/30/2009 12:00:00 AM 38121.13 37923.94
10/31/2009 12:00:00 AM 38289.8 38014.2
11/30/2009 12:00:00 AM 38795.84 38528.53
12/31/2009 12:00:00 AM 39204.56 37845.42
1/31/2010 12:00:00 AM 38629.02 38409.69
2/28/2010 12:00:00 AM 38933.72 38567.17
3/31/2010 12:00:00 AM 39790.58 38431.03
4/30/2010 12:00:00 AM 39790.58 38900.66
5/31/2010 12:00:00 AM 38570.43 39217.7
6/30/2010 12:00:00 AM 38012.65 39923.62
7/31/2010 12:00:00 AM 39031.76 40374.75
8/31/2010 12:00:00 AM 38658.09 41125.72
9/30/2010 12:00:00 AM 39911.25 41234.71
10/31/2010 12:00:00 AM 40627.61 41238
11/30/2010 12:00:00 AM 40525.27 40913.46
12/31/2010 12:00:00 AM 41127.34 40341.08
1/31/2011 12:00:00 AM 41367.45 40372.55
2/28/2011 12:00:00 AM 41984.88 40465.41
3/31/2011 12:00:00 AM 41884.62 40452.46
4/30/2011 12:00:00 AM 42435.29 40985.62
5/31/2011 12:00:00 AM 42366.45 41585.65
6/30/2011 12:00:00 AM 41980.16 41391.86
7/31/2011 12:00:00 AM 42118.36 42201.07
8/31/2011 12:00:00 AM 41496.44 42911.74
9/30/2011 12:00:00 AM 40519.24 43355.44
10/31/2011 12:00:00 AM 42010.96 43407.9
11/30/2011 12:00:00 AM 42010.96 43306.76
12/31/2011 12:00:00 AM 42158.49 43865.42
1/31/2012 12:00:00 AM 43099.22 44333.47
2/29/2012 12:00:00 AM 43621.85 44283.37
3/31/2012 12:00:00 AM 43779.37 43902.31
4/30/2012 12:00:00 AM 43919.02 44493.02
5/31/2012 12:00:00 AM 42906.58 45034.9
6/30/2012 12:00:00 AM 43730.96 45028.14
7/31/2012 12:00:00 AM 44186.13 45764.89
8/31/2012 12:00:00 AM 44571.27 45774.87
9/30/2012 12:00:00 AM 44921.81 45808.56
10/31/2012 12:00:00 AM 44535.46 45968.66
11/30/2012 12:00:00 AM 44605.7 46105.23
12/31/2012 12:00:00 AM 44606.2 45980.7
1/31/2013 12:00:00 AM 45170.39 45611.52
2/28/2013 12:00:00 AM 45170.39 45878.53
3/31/2013 12:00:00 AM 45462.32 45905.55
4/30/2013 12:00:00 AM 45603.84 46467.71
5/31/2013 12:00:00 AM 45639.22 45574.84
6/30/2013 12:00:00 AM 45272.48 44753.08
7/31/2013 12:00:00 AM 45947.66 44854.22
8/31/2013 12:00:00 AM 45521.23 44580.61
9/30/2013 12:00:00 AM 46025.67 44915.85
10/31/2013 12:00:00 AM 46631.27 45306.17
11/30/2013 12:00:00 AM 46916.25 45178.41
12/31/2013 12:00:00 AM 47216.16 44900.56
1/31/2014 12:00:00 AM 46778.97 45557.91
2/28/2014 12:00:00 AM 47398.32 45837.63
3/31/2014 12:00:00 AM 47432.46 45789.04
4/30/2014 12:00:00 AM 47542.17 46165.89
5/31/2014 12:00:00 AM 47834.74 46686.64
6/30/2014 12:00:00 AM 48029.37 46667.97
7/31/2014 12:00:00 AM 47736.51 46616.63
8/31/2014 12:00:00 AM 48285.62 47175.1
9/30/2014 12:00:00 AM 47973.5 46748.16
10/31/2014 12:00:00 AM 48156.89 47213.31
11/30/2014 12:00:00 AM 48340.27 47561.27
12/31/2014 12:00:00 AM 48161.6 47597.89
1/31/2015 12:00:00 AM 47752.82 48854.95
2/28/2015 12:00:00 AM 48607.54 48233.52
3/31/2015 12:00:00 AM 48414.98 48474.2
4/30/2015 12:00:00 AM 48899.5 48215.35
5/31/2015 12:00:00 AM 49160.4 48050.94
6/30/2015 12:00:00 AM 48823.77 47457.51
7/31/2015 12:00:00 AM 49085.06 47802.52
8/31/2015 12:00:00 AM 48189.21 47691.14
9/30/2015 12:00:00 AM 47768.53 48025.46
10/31/2015 12:00:00 AM 48928.15 48027.38
11/30/2015 12:00:00 AM 48778.52 47873.69
12/31/2015 12:00:00 AM 48656.71 47668.31
1/31/2016 12:00:00 AM 47779.67 48339.48
2/29/2016 12:00:00 AM 47665.28 48749.88
3/31/2016 12:00:00 AM 48736.63 49321.23
4/30/2016 12:00:00 AM 49157.11 49555.51
5/31/2016 12:00:00 AM 49424.68 49546.09
6/30/2016 12:00:00 AM 49568.23 50636.6
7/31/2016 12:00:00 AM 50181.6 51041.19
8/31/2016 12:00:00 AM 50296.61 50937.58
9/30/2016 12:00:00 AM 50437.39 50841.3
10/31/2016 12:00:00 AM 50475.83 50349.67
11/30/2016 12:00:00 AM 50783.37 49014.9
12/31/2016 12:00:00 AM 50950.96 49119.79
1/31/2017 12:00:00 AM 51225.1 49256.84
2/28/2017 12:00:00 AM 51773.38 49633.65
3/31/2017 12:00:00 AM 51833.96 49589.48
4/30/2017 12:00:00 AM 51951.76 49998.09
5/31/2017 12:00:00 AM 52069.57 50414.08
6/30/2017 12:00:00 AM 52318.01 50428.19
7/31/2017 12:00:00 AM 52554.03 50638.98
8/31/2017 12:00:00 AM 52554.03 51126.13
9/30/2017 12:00:00 AM 52709.54 50835.73
10/31/2017 12:00:00 AM 52867.24 50878.94
11/30/2017 12:00:00 AM 53064.35 50819.42
12/31/2017 12:00:00 AM 53284.09 51084.18
1/31/2018 12:00:00 AM 53968.77 50495.7
2/28/2018 12:00:00 AM 53928.49 49949.84
3/31/2018 12:00:00 AM 53958.13 50276.01
4/30/2018 12:00:00 AM 54240.42 49849.17
5/31/2018 12:00:00 AM 54401.73 50208.08
6/30/2018 12:00:00 AM 54398.16 50111.18
7/31/2018 12:00:00 AM 54761.89 50149.76
8/31/2018 12:00:00 AM 55044.79 50476.24
9/30/2018 12:00:00 AM 55116.33 50140.57
10/31/2018 12:00:00 AM 54872.81 49705.35
11/30/2018 12:00:00 AM 55035.16 49940.96
12/31/2018 12:00:00 AM 54103.56 50870.86
1/31/2019 12:00:00 AM 55156.98 51469.61
2/28/2019 12:00:00 AM 55409.8 51438.72
3/31/2019 12:00:00 AM 55621.14 52530.25
4/30/2019 12:00:00 AM 56001.24 52557.57
5/31/2019 12:00:00 AM 55747.84 53589.8
6/30/2019 12:00:00 AM 56399.16 54382.39
7/31/2019 12:00:00 AM 56653.21 54464.51
8/31/2019 12:00:00 AM 56862.83 56242.23
9/30/2019 12:00:00 AM 56942.44 55815.92
10/31/2019 12:00:00 AM 57238.54 55972.76
11/30/2019 12:00:00 AM 57324.4 55921.82
12/31/2019 12:00:00 AM 57553.7 55811.1
1/31/2020 12:00:00 AM 57680.32 57142.19
2/29/2020 12:00:00 AM 56913.17 58336.46
3/31/2020 12:00:00 AM 55342.37 57690.68
4/30/2020 12:00:00 AM 57096.72 58974.87
5/31/2020 12:00:00 AM 57484.98 59314.57
6/30/2020 12:00:00 AM 58128.81 59832.98
7/31/2020 12:00:00 AM 58814.73 61034.43
8/31/2020 12:00:00 AM 59332.3 60328.26
9/30/2020 12:00:00 AM 59373.83 60299.3
10/31/2020 12:00:00 AM 59118.52 59936.3
11/30/2020 12:00:00 AM 60194.48 60738.25
12/31/2020 12:00:00 AM 60549.63 60792.91
1/31/2021 12:00:00 AM 60422.48 60158.23
2/28/2021 12:00:00 AM 60893.78 59102.45
3/31/2021 12:00:00 AM 61326.13 58189.32
4/30/2021 12:00:00 AM 61712.48 58701.97
5/31/2021 12:00:00 AM 61971.67 59001.35
6/30/2021 12:00:00 AM 62095.61 59598.44
7/31/2021 12:00:00 AM 62269.48 60385.14
8/31/2021 12:00:00 AM 62611.96 60263.17
9/30/2021 12:00:00 AM 62417.86 59620.16

Annualized Total Returns

As of 9/30/21
TimeFrame Calamos Market Neutral Income Fund (NAV) Calamos Market Neutral Income Fund Load-Adjusted Bloomberg U.S. Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
1 Year 5.11 2.74 -1.13 0.05
3 Year 4.23 3.45 5.94 1.12
5 Year 4.35 3.35 3.24 1.1
10 Year 4.41 3.91 3.24 0.59
Since Inception 6.07 5.9 5.91 2.59

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 2.75%. Had it been included, the Fund's return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 9/30/90, since comparative index data is available only for full monthly periods. Source: Calamos Investments

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 2.75%. Had it been included, the Fund's return would have been lower.

The Bloomberg 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.

The Bloomberg Short Treasury 1-3 Month Index is generally considered representative of the performance of short-term money market investments and compares performance to public obligations of the U.S. Treasury with maturities of 1-3 months.

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.

Index data shown is from the first day of the month of the fund's Class A shares and Class I shares inception and the last day of the month of the Class R6 shares inception, since comparative index data is available only for full monthly periods.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 1.23%, C Shares 1.98%, I Shares 0.98% and R6 Shares 0.90%.

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 9/30/21
Strategy %
Hedged Equity 48.9
Convertible Arbitrage 45.8
SPAC Arbitrage 4.5
Merger Arbitrage 0.9

Fund Facts

As of 9/30/21
Name Fund
Number of Holdings 1,096
Portfolio Turnover (12 months) 61.1%
Net Assets $15.8 B

Bond Duration

As of 9/30/21
Name Duration
Weighted Avg. Duration 1.3 years
Weighted Avg. Maturity 3.5 years

Credit Quality of Bonds

As of 9/30/21
Class %
AAA 0.0%
AA 0.1%
A 0.9%
BBB 4.9%
BB 4.8%
B 0.9%
CCC and below 0.0%
Unrated Securities 88.5%

Maturity Schedule

As of 9/30/21
Range %
< 1 Year 34.4%
1 to 5 Years 29.4%
5 to 10 Years 5.0%
10 to 20 Years 0.0%
20 to 30 Years 0.0%
> 30 Years 0.0%
Equities and Other 31.2%

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
2008 0.2923
2009 0.0000
2010 0.0000
2011 0.0000
2012 0.0000
2013 0.2575
2014 0.1369
2015 0.1952
2016 0.1997
2017 0.2250
2018 0.4107
2019 0.0000
2020 0.0000

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

Calamos Market Neutral Income Fund 2021 Estimated Capital Gains
To view the 2021 preliminary capital gains distribution estimates for Calamos Market Neutral Income Fund, click here.

2020 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 22, 2020. To view the report, click here.

Distributions

Frequency Income Reinvest
Q3 2021 $0.0055 14.52000
Q2 2021 $0.0284 14.04000
Q1 2021 $0.0000 14.04000
Q4 2020 $0.0224 0.00000
Q2 2020 $0.0296 13.52000
Q1 2020 $0.0406 12.64000
Q4 2019 $0.0591 13.46000
Q3 2019 $0.0489 13.43000
Q2 2019 $0.0341 13.27000
Q1 2019 $0.0301 13.15000
Q4 2018 $0.0782 12.84000
Q3 2018 $0.0575 13.54000
Q2 2018 $0.0292 13.50000
Q1 2018 $0.0174 13.39000
Q4 2017 $0.0598 13.19000
Q3 2017 $0.0295 13.35000
Q2 2017 $0.0232 13.26000
Q1 2017 $0.0354 13.19000
Q4 2016 $0.0443 13.03000
Q3 2016 $0.0366 13.08000
Q2 2016 $0.0374 12.86000
Q1 2016 $0.0309 12.73000
Q4 2015 $0.0519 12.74000
Q3 2015 $0.0276 12.92000
Q2 2015 $0.0198 13.18000
Q1 2015 $0.0382 13.01000
Q4 2014 $0.0341 12.93000
Q3 2014 $0.0249 13.16000
Q2 2014 $0.0132 13.11000
Q1 2014 $0.0494 12.98000
Q4 2013 $0.0351 12.89000
Q3 2013 $0.0322 13.00000
Q2 2013 $0.0562 12.71000
Q1 2013 $0.0427 12.82000
Q4 2012 $0.0503 12.68000
Q3 2012 $0.0402 12.81000
Q2 2012 $0.0357 12.35000
Q1 2012 $0.0251 12.47000
Q4 2011 $0.0524 12.08000
Q3 2011 $0.0473 11.70000
Q2 2011 $0.0471 11.99000
Q1 2011 $0.0401 11.96000
Q4 2010 $0.0661 11.92000
Q3 2010 $0.0484 11.59000
Q2 2010 $0.0260 11.44000
Q1 2010 $0.0131 11.70000
Q4 2009 $0.0407 11.46000
Q3 2009 $0.0452 11.26000
Q2 2009 $0.0495 10.74000
Q1 2009 $0.0764 9.90000
Q4 2008 $0.3489 10.21000
Q3 2008 $0.0894 11.98000
Q2 2008 $0.0897 12.56000
Q1 2008 $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 2.75%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 1.23%, C Shares 1.98%, I Shares 0.98% and R6 Shares 0.90%.

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 R6 Shares
Gross Expense Ratio 1.23% 1.98% 0.98% 0.90%

Investment Information

Name A Shares C Shares I Shares R6 Shares
Minimum initial investment $2500 $2500 $1 million $0
Minimum subsequent investments $50 $50 $0 $0
IRA initial investments $500 $500 N/A N/A

Fund Information

Name A Shares C Shares I Shares R6 Shares
Inception Date 9/04/90 2/16/00 5/10/00 6/23/20
Ticker Symbol CVSIX CVSCX CMNIX CVSOX
CUSIP number 128119203 128119849 128119880 128120342

Sales & Distribution

Name A Shares C Shares I Shares R6 Shares
Sales Load Front-End Level-Load N/A N/A
Maximum Sales Charge 2.75 1.00 N/A N/A
US Bank Fund Number 605 619 629 5575
Dividends QUARTERLY QUARTERLY QUARTERLY QUARTERLY
Capital Gains ANNUAL 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.

The Adjusted Expense Ratio, which reflects the total expense ratio excluding the dividend and interest expense on short sales, is as follows: Class A: 1.08%, Class C: 1.83%, Class I: 0.83% and Class R6: 0.75%. "Dividend and Interest Expense on Short Sales" reflect interest expense and dividends paid on borrowed securities. Interest expenses result from the Fund's use of prime brokerage arrangements to execute short sales. Dividends paid on borrowed securities are an expense of short sales. Such expenses are required to be treated as a Fund expense for accounting purposes and are not payable to Calamos Advisors LLC. Any interest expense amount or dividends paid on securities sold short will vary based on the Fund's use of those investments as an investment strategy best suited to seek the objective of the Fund.

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 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 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.

Maximizing the Opportunity in Convertible Securities

This guide provides a brief overview of Calamos’ history in the asset class, how convertibles can be used in strategic asset allocation, and the attractive conditions we see in the market today. Included is an overview of the Calamos funds that use convertible securities in varied ways to achieve compelling short and long-term performance.

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.

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.

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.

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.

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.

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.

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 Strategies for Different Market Periods

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

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.

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.

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.

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.

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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