Calamos Reopens Market Neutral Income Fund to New Investors

         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

PR Newswire

NAPERVILLE, Ill., Jan. 3, 2013

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

For more information on the fund please visit

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 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

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

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

Contact: Jennifer McGuffin, Director of Corporate Communications,
Press spacebar to pause and continue. Press esc to stop.