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Address And Details

2020 Calamos Court , Naperville, IL 60563-2787
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

Calamos Market Neutral Income Fund s investment objective is high current income consistent with stability of principal. The Fund s investment strategy can be characterized as market neutral because it seeks to achieve maximum current income while maintaining a low correlation to the fluctuations of the U.S. equity market as a whole. The Fund invests (i) equities (ii) convertible securities (including synthetic 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. The convertible securities in which the Fund invests may be either debt securities or preferred stocks that can be exchanged for common stock. The average term to maturity of the convertible securities purchased by the Fund will typically range from two to ten years. A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may combine a basket of fixed-income securities with a basket of warrants or options that together produce economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times. The Fund may seek to generate income from option premiums by writing (selling) options. This would include the use of both call and put options. The Fund may write call options (i) on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund s portfolio and (ii) on broad-based securities indexes (such as the S&P 500 or MSCI EAFE) or ETFs (exchange traded funds). In addition, to seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes (such as the S&P 500), or ETFs. The Fund may invest without limit in high yield fixed-income securities (often referred to as junk bonds ). In addition, the Fund may engage in active and frequent trading of portfolio securities. The Fund may also invest in ETFs. The Fund s investment adviser seeks to lower the risks of investing in stocks by using a top-down approach of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

Net Asset Value

as of 5:51 PM ET 01/21/2022

Performance

  • 1 Week
  • -1.09%
  • 1 Month
  • -1.02%
  • 3 Months
  • -0.82%
  • 1 Yr Return
  • +2.47%
  • 5 Yr Return
  • +11.03%

Equity Sector Breakdown

Technology 29.38%
RetailTrade 18.64%
Finance 17.55%
IndustrialCyclical 6.25%
Health 5.86%
NonDurables 5.37%
Services 3.20%
Utilities 2.63%
ConsumerDurables 1.19%
Energy 1.15%

Asset Allocation

Asset Type % Of Allocation
Stocks 51.85%
Convertible 39.79%
Other 3.94%
ForeignStocks 1.16%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 1.07 B

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 0.33 0.43 0.23
Beta 0.17 0.17 0.21
R Squared 0.86 0.85 0.79
Std Deviation 3.29 2.85 3.11
Sharpe Ratio 1.40 1.19 n/a

Purchase Information

as of 5:27 PM ET 01/20/2022
Minimum Initial $2500
Minimum Additional $50
Minimum Initial IRA $500

Performance

Timeframe Average Annual Current Performance Monthly As Of 12/31/2021 Average Annual Current Performance Quarterly As Of 12/31/2021 Avg Annual Current Performance Monthly As Of 12/31/2021 Avg Annual Current Performance Quarterly As Of 12/31/2021
1 Year
  • +4.70%
  • +4.70%
+4.70% +4.70%
3 Year
  • +5.42%
  • +5.42%
+5.42% +5.42%
10 Year
  • +4.16%
  • +4.16%
+4.16% +4.16%
Life Of Fund
  • +6.07%
  • +6.07%
+6.07% +6.07%

Top 10 Holdings

Symbol Company Name % Of Assets
MSFT MICROSOFT CORP 3.43%
AAPL APPLE INC 3.05%
AMZN AMAZON COM INC 2.06%
SPLG SPDR PTF S&P 500 ETF 1.93%
TSLA TESLA INC 1.84%
OTHEQ TOTAL*OTHER EQUITIES 1.66%
FB META PLATFORMS INC 1.25%
GOOGL ALPHABET INC CLASS A 1.18%
SQ BLOCK INC 1.03%
GOOG ALPHABET INC CLASS C 1.01%

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