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Calamos Market Neutral Fund Closing to All Investo

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March 3, 2003 — Calamos Investments said it will close Calamos Market Neutral/A (CVSIX) to all investors this month to keep the fund from getting too big to be manageable.

The bond fund, which has been closed to new investors since November 2001, will stop accepting investments from current shareholders as well on March 14.

The fund’s cash inflows have been “substantial” since the initial closing, said Maryann Bianchini, a Calamos spokeswoman. Calamos Market Neutral fund’s assets increased to $650 million at the end of January from about $450 million in November 2001, she said.

As part of its objective of seeking high current income consistent with stability of principal, Calamos Market Neutral uses a convertible arbitrage strategy designed to reduce volatility.

The portfolio, which is ranked 4 Stars by Standard & Poor’s, was up 7.1% for the year ended in January, while its peer domestic taxable fixed-income funds were off 4.4%.