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CVSOX

Calamos Market Neutral Income Mutual Fund

Important Disclosure

Fund Stats

  • NAV

    $15.77

    $0.01 (0.06%)

    As of 1/16/26

  • YTD Return

    0.38%

    As of 1/16/26

  • Total Net Assets

    $16.9 Billion

    As of 12/31/25

  • Inception Date

    6/23/20

Calamos Market Neutral Income Mutual Fund Overview

An absolute return strategy with a 30+ year history of seeking to optimally utilize volatility to generate returns, provide diversification to fixed income, and manage equity risk.

Key Features

  • A time-tested, pioneering alternatives strategy.
  • Durable alternative investment that seeks to perform across market and interest rate cycles.
  • Diversification overachiever that seeks to provide benefits beyond bonds and equities.

Portfolio Fit

The fund may provide potential diversification, with its low correlation to bonds and stability versus equities.

Latest Fund Insights

Stay informed with our most recent quarterly commentary. Our portfolio managers share their latest market perspectives, fund positioning, and outlook.

View Current Commentary

Performance

Calendar Year Total Returns

As of 12/31/25
Date Calamos Market Neutral Income Fund (NAV) Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
2025 7.23 6.88 4.29
2024 7.44 1.18 5.31
2023 9.25 5.72 5.14
2022 -4.12 -13.58 1.52
2021 5.01 -1.75 0.04
2020* 0.05 1.86 0.05

*Reflects the fund's return from the inception date of 6/23/2020 through 12/31/2020.

Annualized Total Returns

As of 12/31/25 As of 12/31/25
TimeFrame Calamos Market Neutral Income Fund (NAV) Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
1 Year 7.23 6.88 4.29
3 Year 7.97 4.56 4.91
5 Year 4.85 -0.59 3.24
Since Inception (06/23/20) 5.21 -0.20 2.94
TimeFrame Calamos Market Neutral Income Fund (NAV) Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
1 Year 7.23 6.88 4.29
3 Year 7.97 4.56 4.91
5 Year 4.85 -0.59 3.24
Since Inception (06/23/20) 5.21 -0.20 2.94

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 US Government/Credit Bond Index includes Treasuries and agencies that represent the government portion of the index, and includes publicly issued US 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 US Treasury with maturities of 1-3 months.

Unmanaged index returns, 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 2/28/2025 are as follows: A Shares 1.22%, C Shares 1.97%, I Shares 0.97% and R6 Shares 0.89%.

Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans and by institutional clients, provided such plans or clients have assets of at least $1 million. For eligibility requirements and other available share classes see the prospectus and other Fund documents at www.calamos.com.

Portfolio

Strategy Allocation

As of 12/31/25
Strategy %
Hedged Equity 50.7
Convertible Arbitrage 44.1
Merger Arbitrage 4.2
SPAC Arbitrage 1.0

Fund Facts

As of 12/31/25
View All Holdings
Name Fund
Net Assets $16.9 B
Number of Holdings 978
Portfolio Turnover (12 months) 38.7%

Bond Duration

As of 12/31/25
Name Duration
Weighted Avg. Duration 1.3 years
Weighted Avg. Maturity 2.9 years

Credit Quality of Bonds

As of 12/31/25
Class %
AAA 0.0%
AA 0.0%
A 6.6%
BBB 15.7%
BB 1.3%
B 0.5%
CCC and below 0.1%
Unrated Securities 75.8%

Maturity Schedule

As of 12/31/25
Range %
< 1 Year 30.7%
1 to 5 Years 28.5%
5 to 10 Years 3.4%
10 to 20 Years 0.1%
20 to 30 Years 0.2%
> 30 Years 0.0%
Equities and Other 37.1%

Distributions

Total Capital Gains

Schedule: ANNUAL
Year Capital Gains
2020 0.0000
2021 0.0000
2022 0.0000
2023 0.5098
2024 0.0000
2025 0.0000

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

2025 Capital Gains
Capital gains for Calamos mutual funds were declared December 15, 2025. To view the report, click here.

Distributions

Schedule: QUARTERLY
Most Recent Distributions
Frequency Income Reinvest
Q4 2025 $0.1633 15.66000
Q3 2025 $0.0511 15.59000
Q2 2025 $0.0524 15.32000
Q1 2025 $0.0280 15.07000
Q4 2024 $0.1730 14.92000
Q3 2024 $0.0543 14.83000
Q2 2024 $0.0543 14.57000
Q1 2024 $0.0292 14.38000
Q4 2023 $0.1935 14.17000
Q3 2023 $0.0768 14.59000
Q2 2023 $0.0446 14.46000
Q1 2023 $0.0233 13.99000
Q4 2022 $0.1032 13.78000
Q3 2022 $0.0280 13.75000
Q2 2022 $0.0149 13.55000
Q1 2022 $0.0056 14.12000
Q4 2021 $0.0187 14.42000
Q3 2021 $0.0166 14.34000
Q2 2021 $0.0392 13.86000
Q1 2021 $0.0000 13.86000
Q4 2020 $0.0432 0.00000

Fees & Expenses

Annual Expenses

Name A Shares C Shares I Shares R6 Shares
Gross Expense Ratio 1.22% 1.97% 0.97% 0.89%

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

The Adjusted Expense Ratio, which reflects the total expense ratio excluding the dividend and interest expense on short sales, is as follows: Class A: 1.05%, Class C: 1.80%, Class I: 0.80% and Class R6: 0.72%. "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.

Literature

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.

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 Three Pillars Flyer

The Calamos Market Neutral Income Fund is a time-tested alternative strategy that draws from a robust alternatives platform and serves as a diversification overachiever.

Calamos Market Neutral Income 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.

Related

Open-End Funds

CIHEX

Calamos Hedged Equity Mutual Fund

CPLIX

Calamos Phineus Long/Short Mutual Fund

Institutional Investment Solutions

Market Neutral Income Strategy

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

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 1-866-363-9219. Read it carefully before investing.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Important Fund Information

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 1-866-363-9219. Read it carefully before investing.

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 risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the 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 funds' gross expense ratios as of the prospectus dated 2/28/2025 are as follows: A Shares 1.22%, C Shares 1.97%, I Shares 0.97% and R6 Shares 0.89%.

The Adjusted Expense Ratio, which reflects the total expense ratio excluding the dividend and interest expense on short sales, is as follows: Class A: 1.05%, Class C: 1.80%, Class I: 0.80% and Class R6: 0.72%. "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.

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 US 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.

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 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.

30-day 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.

Portfolio 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.

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

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