The Composite was created November 15, 2013 calculated with an inception date of January 1, 1991. The funds' gross expense ratio as of the prospectus dated 6/23/2020 is as follows: R6 Shares 0.93%. The principal risks of investing in the Calamos Market Neutral Income Fund include: equity securities risk, convertible securities risk, 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. 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 People Pillar is our evaluation of the CVSIX management team’s experience and ability. Included is an overview of the Calamos funds that use convertible securities in varied ways to achieve compelling short and long-term performance. *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 Investments LLP and Calamos Financial Services LLC. The fund invests (i) equities (ii) convertible securities of U.S. companies without regard to market capitalization and (iii) employs short selling and enters into total return swaps to enhance income and hedge against market risk. (5-29-20). Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. During the past year, Calamos has continued to evaluate market opportunities consistent with the fund's investment objective and strategy, risk/reward profile and achievement of the fund's investment objective. Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC. © Copyright 2020 Morningstar, Inc. All rights reserved. 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. Get our overall rating based on a fundamental assessment of the pillars below. Learn more about mutual funds at fidelity.com. Results include all fully discretionary accounts, including those no longer with the Firm. Distributions may include income, short-term capital gains, and long-term capital gains. The fund combines two complementary strategies with different responses to volatility: convertible arbitrage seeks alpha and uncorrelated returns, while hedged options provides income from options writing and upside participation. Past Performance is not a guarantee of future results. 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. By continuing to use this website, you consent to the use of cookies. Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years, 4 stars for 5 years and 5 stars for 10 years out of 101, 76 and 22 Market Neutral Funds, respectively, for the period ended 10/31/2020. The average term to maturity of the convertible securities purchased by the fund will typically range from two to ten years. Calamos Financial Services LLC, Distributor. And yet, Calamos Market Neutral Income Fund (CMNIX) managed to add value by delivering a bond-like return with a bond-like standard deviation but without the bond-like risk exposures. You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities. ��v�}9Gaj Y�����������������Ex�u��r|���߼�v����s��Q@A�A��x�� 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 Investments LLP and Calamos Financial Services LLC. *Strategy Assets reflect all assets that are currently being managed (collectively) under the strategy, which may contain multiple performance composites. Like bonds, convertibles provide income and potential downside protection in declining markets. Calamos has been a pioneer in alternatives for decades, including the Calamos Market Neutral Income Fund, one of the first alternative mutual funds, which was established in 1990. 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