Fund Stats

  • NAV

    $14.68

    $0.01 (0.07%)

    As of 7/23/24

  • Daily YTD Return

    4.05%

    As of 7/23/24

  • Total Net Assets

    $14.6 Billion

    As of 6/30/24

  • 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.

Morningstar Rating

As of April 30, 2021, Morningstar assigned CVSOX 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.

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Performance

Annualized Total Returns

As of 6/30/24 As of 6/30/24
TimeFrame Calamos Market Neutral Income Fund (NAV) Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
1 Year 6.56 2.74 5.49
3 Year 3.45 -3.11 3.11
Since Inception (06/23/20) 4.38 -2.44 2.34
TimeFrame Calamos Market Neutral Income Fund (NAV) Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
1 Year 6.56 2.74 5.49
3 Year 3.45 -3.11 3.11
Since Inception (06/23/20) 4.38 -2.44 2.34

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.

Index and Morningstar category data shown reflects full month periods only. If share class inception date is on or before the 15th of the month, the index or category calculation inception date begins on the first day of that month. If share class inception date is after the 15th of the month, the index or category calculation inception date begins on the first day of the following month.

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 3/1/2024 are as follows: A Shares 1.22%, C Shares 1.97%, I Shares 0.97% and R6 Shares 0.88%.

10k Performance results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 6/30/20, since comparative index data is available only for full monthly periods. Source: Calamos Investments

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 6/30/24
Strategy %
Hedged Equity 53.3
Convertible Arbitrage 41.9
Merger Arbitrage 4.0
SPAC Arbitrage 0.8

Fund Facts

As of 6/30/24
Name Fund
Net Assets $14.6 B
Number of Holdings 999
Portfolio Turnover (12 months) 31.0%

Bond Duration

As of 6/30/24
Name Duration
Weighted Avg. Duration 1.5 years
Weighted Avg. Maturity 2.6 years

Credit Quality of Bonds

As of 6/30/24
Class %
AAA 0.0%
AA 0.1%
A 5.9%
BBB 10.7%
BB 0.7%
B 0.0%
CCC and below 0.3%
Unrated Securities 82.3%

Maturity Schedule

As of 6/30/24
Range %
< 1 Year 26.5%
1 to 5 Years 30.7%
5 to 10 Years 1.6%
10 to 20 Years 0.0%
20 to 30 Years 0.0%
> 30 Years 0.0%
Equities and Other 41.1%

Distributions

Total Capital Gains

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

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

2023 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 21, 2023. To view the report, click here.

Distributions

Schedule: QUARTERLY
Most Recent Distributions
Frequency Income Reinvest
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% 0.88%

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

Literature

Latest Related Blog Posts

Videos

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.

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.

A Proven Core Fixed Income Alternative for Any Interest Rate Environment

We have experienced historic monetary policy shifts and their impact on markets over recent months. While traditional fixed income has fallen short, Calamos Market Neutral Income Fund (CMNIX) has effectively navigated through each policy regime and outperformed bonds.

Steady Performance through Interest Rate Cycles

Calamos Market Neutral Income Fund has navigated ebbs and flows in interest rates over a 30+ year history and outperformed the index along the way.

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.

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.

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 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.

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.

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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.

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