© Copyright 2020 Morningstar, Inc. All rights reserved. %PDF-1.6 %���� Calamos Market Neutral Income’s experienced management team and proven convertible arbitrage expertise overcome concerns about its fast-growing asset base. By continuing to use this website, you consent to the use of cookies. *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 FTSE 30-Day T-Bill Index is generally considered representative of the performance of short-term money market instruments. hޤ��n�:��`߁���`�E݁��'9�ۉӞm�Pl%�V�\In�>��f(���(Q���|3�"Wiy��*�q"���B��FE��\��*bk��W����D*6ʘ P��>>��rȈ}tv���ơ��R 4����X�F���Z�Ai�Q~F�?�hz����x��i�R(x��*�e^V�Y2J���Xc�����x�$ W�*�5�fP �O�k��!9�g 9�u���ZK.`}���� ��3]�&}h�r�,��,�!���Ȥ��y�ȼ��w�i�Β*i����������?�6��{���(��� All performance shown assumes reinvestment of dividends and capital gains distributions. All Rights Reserved. Had it been included, the Fund's return would have been lower. 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. 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. h�bbd``b`�q@�q��0�����`q�@�wH�-KD� ! Cision Distribution 888-776-0942 Included is an overview of the Calamos funds that use convertible securities in varied ways to achieve compelling short and long-term performance. 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. The strategy’s ability to weather recent market turmoil helped strengthen its case, leading to an upgrade of its Morningstar Analyst Rating to Bronze for the cheapest share classes while the most expensive share class remains Neutral. A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation. 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 average term to maturity of the convertible securities purchased by the fund will typically range from two to ten years. The Calamos Market Neutral Income Strategy is an absolute return, historically lower-volatility strategy that seeks to generate consistent income and capital appreciation through complimentary underlying strategies of convertible arbitrage and covered call writing. The Fund Manager of the Year award winners are chosen based on Morningstar's proprietary research and in-depth qualitative evaluation by its fund analysts. Analyst Ratings are based on Morningstar analysts' current expectations about future events and therefore involve unknown risks and uncertainties that may cause Morningstar's expectations not to occur or to differ significantly from what was expected. Calamos Financial Services LLC, Distributor. In depth view into CMNIX (Calamos Market Neutral Income I) including performance, dividend history, holdings and portfolio stats. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. A discussion of the Calamos Market Neutral Income Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook. Learn how an alternative allocation may potentially enhance a portfolio’s diversification and decrease exposure to market volatility. Our Guide to Maximizing the Opportunity in Convertible Securities. �nƬ�z��������;;)'lj��6����ǡ7�a��pf3��8�§�u!�)�3=P�Z�V�.�_�t5k�8�!�_�[�Z ��p C9eU;�+��i87�%�� �+t�V���Qg���H��L"cM�2��@YM�$������8�.IT��ңN]u΢S�e��8�$dJ��x�k��\��FVyΪ�,�2+Y��"+�2��XS'#(�'��6(ny>;����e+e�S�d ��*�?ц��}����)��>aK��� ��x������1�n���!Y���3����9Y��ʀ\���>�Q�Ƃ Z1�U{,M��.k2Xé^. Before investing carefully consider the fund's investment objectives, risks, charges and expenses. "Since the inception of the fund, we have employed a flexible approach to respond to changing markets and investment opportunities. The Market Neutral Income Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns. 102 0 obj <>stream 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. By continuing to use this website, you consent to the use of cookies. This is the first year Morningstar has given a Fund Manager of the Year award for the Alternatives strategy. This brochure provides an introduction to Alternative Investments, and explores that many types of alternative funds. 䶆�����`^��Gp�"xFO�(N�/�G���5|�-��l�ƞah���W0�e�ׁ��݋��鰱Xt0��d�m��H��bh��]��|6��HM쵿=��flL�~�<=��T�g:Te���=IZ�A�5�(ݯ���ȱV�Q��/�V�ݼ����a�7�>��4������T����n*.��w�e_9�[�O�i���&Q�=X�dM����}�����tV�o�Y�/,[�s�'� ��T� �E���hK����;p5��{��|�nI%�Y�� Current performance may be lower or higher than the performance quoted. 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. The continued performance of this fund is a testimony to our capabilities in this product category. These investment offerings are intended for investors inside the United States. 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. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio. To view the report, click here. Read it carefully before investing. endstream endobj 62 0 obj <> endobj 63 0 obj <> endobj 64 0 obj <>stream Our new 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. See holdings data for Calamos Market Neutral Income (CMNIX). The Calamos Market Neutral Income Strategy is an absolute return, historically lower-volatility strategy that seeks to generate consistent income and capital appreciation through complimentary underlying strategies of convertible arbitrage and covered call writing.