Calamos
For Immediate Release

Contact:

Jennifer McGuffin
Director of Corporate Communications
+1 630 245 1780
media@calamos.com
2020 Calamos Court
Naperville, IL 60563-2787
www.calamos.com

News Release
Calamos Reopens Market Neutral Income Fund to New Investors
Morningstar Nominates Calamos Market Neutral Income Fund's Management Team for 2012 Alternatives Fund Manager of the Year Award

NAPERVILLE, Ill., Jan. 3, 2013 /PRNewswire/ -- Calamos Investments®* announces the Calamos Market Neutral Income Fund (A Shares: CVSIX; C Shares: CVSCX; I Shares: CMNIX) are reopened to new accounts and new investments as of January 2, 2013.

Additionally, Morningstar, Inc. has nominated the Calamos Market Neutral Income Fund's Management Team as one of three nominees for its U.S. Alternatives Fund Manager of the Year award for 2012. This is the first year Morningstar has given a Fund Manager of the Year award for the Alternatives strategy. There are currently 361 alternative mutual funds in several categories as of December 17, 2012.

"Calamos is proud of the recognition by Morningstar. 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. The continued performance of this fund is a testimony to our capabilities in this product category. The fund has a history of delivering on client expectations of consistent returns and reduction of equity market risk, and may serve as a potential portfolio diversifier. Since the inception of the fund more than twenty years ago, we have employed multiple investment strategies to respond to evolving and changing markets as well as to explore investment opportunities," said John P. Calamos, Sr., Chief Executive Officer and Global Co-Chief Investment Officer.

The Calamos Market Neutral Income Fund seeks high current income consistent with stability of principal with the aim of maximizing current income and achieving a low correlation against the broad U.S. equity market. The fund's portfolio management team employs multiple investment strategies to achieve the investment objectives of the fund consistent with the firm's view of changing market dynamics.  The fund's core strategies include the use of being both long and short the market beginning with convertible arbitrage, use of covered call writing and equities.  In addition, the utilizations of select opportunistic allocations consistent with current market dynamics enhance the fund's investment objective.

The Calamos Market Neutral Income Fund has been closed to new investors. "Since the inception of the fund, we have employed a flexible approach to respond to changing markets and investment opportunities. 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. At this time we believe that reopening the fund is in the best interest of the fund's existing shareholders and allows us to seek to take advantage of a broader opportunity," said Calamos.

For more information on the fund please visit www.calamos.com/CVSIX.

About Calamos

Calamos Investments is a diversified global investment firm offering innovative investment strategies including equity, fixed income, convertible and alternative investments, among others. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals. Headquartered in the Chicago metropolitan area, the firm also has offices in London and New York.

Calamos serves professional/sophisticated investors around the world through Calamos Global Funds plc (UCITS), distributed by Calamos Investments LLP, London, United Kingdom. 

For more information, please visit Calamos.com.

*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.

Past Performance is not a guarantee of future results.

Important Risk Information: An investment in the Fund(s) is sub­ject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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, 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.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Morningstar, Inc. has chosen the Calamos Market Neutral Income Fund manager team as one of three nominees for its 2012 Alternatives Fund Manager of the Year award in the U.S.

This is the first year for the Morningstar Alternatives Fund Manager of the Year award. Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders.

Nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst Rating of Gold, Silver, or Bronze. 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. The new five-tiered Morningstar Analyst Rating scale has three positive levels—Gold, Silver, and Bronze—in addition to Neutral and Negative ratings. Analysts arrive at a rating through an evaluation of five key pillars they believe are crucial to predicting the future success of a fund, considering both numeric as well as qualitative factors: People, Process, Parent, Performance, and Price. Morningstar analysts score these five pillars as Positive, Neutral, or Negative, which are then combined for the overall rating.

Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. 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. Morningstar does not represent its Analyst Ratings to be guarantees nor should they be viewed as an assessment of a fund or the fund's underlying securities creditworthiness.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 1-800-582-6959. Read it carefully.

SOURCE Calamos Investments

Jennifer McGuffin, Director of Corporate Communications, +1-630-245-1780, media@calamos.com