Calamos Investments to Re-Open, Rename the Calamos Market Neutral Fund

NAPERVILLE, Ill., Dec. 27 /PRNewswire/ -- The Calamos Market Neutral Fund will reopen to new investments under the modified name the Calamos Market Neutral Income Fund. The Fund's objective -- high current income consistent with stability of principal -- remains unchanged. The re-opening and name change will be effective after the end of business on December 30, 2005.

To provide a broader set of investment opportunities and the potential for improved long-term returns and greater stability, the Fund will be including a covered call writing strategy as a complement to its convertible arbitrage strategy.

"Over the course of managing the Fund, we have utilized a range of strategies designed to produce high current income consistent with protection of principal. While the core of this strategy has been convertible arbitrage, we have since the Fund's inception occasionally utilized other complementary strategies such as writing covered calls," said John P. Calamos, Sr., CEO and Co-Chief Investment Officer of Calamos Investments. "Broadening the Fund's strategy allows us to better position the Fund going forward while remaining consistent with its conservative objective. We believe that utilizing covered calls provides the Fund with an expanded investment opportunity set that results in a better balance between risk and reward as well as a higher income component. These changes will help Calamos to continually manage the strategy as effectively as possible."

  Effective after the end of the business day, Friday, December 30, 2005:
   -- The Calamos Market Neutral Income Fund opens to new money, including
      new accounts, exchanges, and automatic reinvestment.
   -- Automatic investments from other Calamos Funds, other brokerages, or
      bank accounts can commence.
   -- The Fund's minimum investment will be $2,500.

You should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus from your investment professional or by calling Calamos Financial Services LLC, the Fund's distributor, at 800.582.6959 and read it carefully before investing or sending money.

ABOUT CALAMOS

CALAMOS INVESTMENTS provides investment advisory services to institutions and individuals seeking superior risk-adjusted returns over the long term. With roots dating back to 1977, the company applies its proprietary investment process across an expanding range of investment strategies within the equity, global/international, balanced, high yield, convertible and alternative investment classes. For more information, visit http://www.calamos.com/ .