Calamos Convertible Fund (CICVX)
Overview
The fund invests primarily in convertible securities of U.S. companies that are diversified across market sectors and credit quality.
Key Features
- Leverages more than four decades of research in convertible security investing
- Provides diversification across market sectors and credit quality, emphasizing mid-sized companies with higher-quality balance sheets
- Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle
- Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company's cash flow, risk profile and long-term returns
Portfolio Fit
When used in conjunction with an equity allocation, the fund offers a potential way to manage risk by employing securities that engage in upside equity movements with limited downside participation.
Return on Invested Capital
| Name | Gain |
|---|---|
| Fund | 14.5391 |
| ICE BofAML VXA0 - Convertibles Index | 12.1037 |
Debt/Capital
| Name | Gain |
|---|---|
| Fund | 45.8915 |
| ICE BofAML VXA0 - Convertibles Index | 52.699 |
Important Fund 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 Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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.
Notes
Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.
ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.
The ICE BofAML All U.S. Convertibles Index (VXA0) comprises approximately 700 issues of only convertible bonds and preferreds of all qualities. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofAML indices and related data on an 'as is' basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.
The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.17%, C Shares 1.92% and I Shares 0.92%.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Fund Details
As of 7/16/19| Inception Date: | 6/25/97 |
|---|---|
| Current NAV: | $15.54 |
| $ Change: | $-0.07 |
| % Change: | -0.45% |
| Total Net Assets (As of 6/30/19): | $712.7 M |
| Morningstar Category: | Convertibles |
Zephyr Analysis
Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.
Resources
Other LiteratureCalendar Year Total Returns
| Date | Calamos Convertible Fund (NAV) | S&P 500 Index | ICE BofAML All U.S. Convertibles Index |
|---|---|---|---|
| YTD 2019 | 12.34 | 18.54 | 14.5 |
| 2018 | 0.72 | -4.38 | 0.16 |
| 2017 | 14.62 | 21.83 | 13.7 |
| 2016 | 4.75 | 11.96 | 10.43 |
| 2015 | -3.62 | 1.38 | -2.99 |
| 2014 | 5.19 | 13.69 | 9.44 |
| 2013 | 20.71 | 32.39 | 24.92 |
| 2012 | 5.78 | 16 | 14.96 |
| 2011 | -3.79 | 2.11 | -5.18 |
| 2010 | 11.17 | 15.06 | 16.77 |
| 2009 | 34.33 | 26.46 | 49.13 |
| 2008 | -25.7 | -37 | -35.73 |
| 2007 | 10.13 | 5.49 | 4.53 |
| 2006 | 9.39 | 15.79 | 12.83 |
| 2005 | 3.12 | 4.91 | 1.01 |
| 2004 | 7.74 | 10.88 | 9.61 |
| 2003 | 25.32 | 28.68 | 27.15 |
| 2002 | -4.34 | -22.1 | -8.58 |
| 2001 | -4.02 | -11.89 | -4.44 |
| 2000 | 7.46 | -9.1 | -10.01 |
| 1999 | 35.73 | 21.04 | 39.56 |
| 1998 | 12.26 | 28.58 | 8.93 |
| 1997* | 7.04 | 0 | 0 |
*Reflects the fund's return from the inception date of 6/25/1997 through 12/31/1997.
Annualized Total Returns
| TimeFrame | Calamos Convertible Fund (NAV) | S&P 500 Index | ICE BofAML All U.S. Convertibles Index |
|---|---|---|---|
| 6 Month | 12.34 | 18.54 | 14.5 |
| 1 Year | 6.4 | 10.42 | 7.92 |
| 3 Year | 11.15 | 14.19 | 12.17 |
| 5 Year | 5.46 | 10.71 | 6.9 |
| 10 Year | 8.27 | 14.7 | 11.6 |
| 15 Year | 6.06 | 8.75 | 7.44 |
| 20 Year | 7.02 | 5.9 | 6.83 |
| Since Inception | 7.65 | 10.89 | 8 |
Important Fund 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 Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.
The ICE BofAML All U.S. Convertibles Index (VXA0) comprises approximately 700 issues of only convertible bonds and preferreds of all qualities. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofAML indices and related data on an 'as is' basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services.
S&P 500 Index-Is generally considered representative of the U.S. stock market.
Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.
Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.
The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.17%, C Shares 1.92% and I Shares 0.92%.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Sector Weightings
| Sector | % of Assets | ICE BofAML VXA0 - Convertibles Index |
|---|---|---|
| Information Technology | 34.3% | 31.3% |
| Health Care | 17.7% | 18.2% |
| Communication Services | 10.8% | 9.3% |
| Financials | 8.3% | 11.6% |
| Consumer Discretionary | 7.9% | 8.1% |
| Utilities | 5.0% | 5.9% |
| Industrials | 4.2% | 5.6% |
| Energy | 2.7% | 3.4% |
| Real Estate | 2.6% | 4.2% |
| Materials | 0.5% | 1.2% |
| Consumer Staples | 0.0% | 1.1% |
Asset Allocation
| Asset Allocation | |
|---|---|
| Convertibles | 92.6118 |
| Cash and Receivables/Payables | 4.3762 |
| Synthetic Convertibles | 2.0243 |
| Common Stock | 0.9877 |
Month-End Yield
| Name | % |
|---|---|
| 30-day SEC yield | 0.61% |
| Distribution Yield | 14.59% |
Top 10 Holdings
| Company | Security Type | Industry | % |
|---|---|---|---|
| Wells Fargo & Company | Convertible Preferred Stocks | Diversified Banks | 2.7% |
| Microchip Technology, Inc. | Convertible Bonds | Semiconductors | 2.5% |
| Palo Alto Networks, Inc. | Convertible Bonds | Systems Software | 2.5% |
| Splunk, Inc. | Convertible Bonds | Application Software | 2.2% |
| Workday, Inc. | Convertible Bonds | Application Software | 2.0% |
| Bank Of America Corp. | Convertible Preferred Stocks | Diversified Banks | 2.0% |
| Twitter, Inc. | Convertible Bonds | Interactive Media & Services | 1.9% |
| New Relic, Inc. | Convertible Bonds | Application Software | 1.9% |
| Square, Inc. | Convertible Bonds | Data Processing & Outsourced Services | 1.9% |
| Booking Holdings, Inc. | Convertible Bonds | Internet & Direct Marketing Retail | 1.8% |
| Total | 21.4% |
Fund Facts
| Name | Fund | ICE BofAML VXA0 - Convertibles Index |
|---|---|---|
| Number of Holdings | 112 | 398 |
| Debt/Capital | 45.9% | 52.7% |
| Duration | 2.2 years | N/A |
| Median Conversion Premium | 23.3% | 31.4% |
| Median Investment Premium | 25.7% | 10.7% |
| PEG Ratio | 0.9x | N/A |
| Portfolio Turnover (12 months) | 48.6% | N/A |
| Price/Book | 2.5x | N/A |
| Price/Earnings | 17.1x | N/A |
| Price/Sales | 0.8x | N/A |
| ROIC | 14.5% | 12.1% |
| Net Assets | $712.7 M | N/A |
Credit Quality of Bonds
| Class | % |
|---|---|
| AAA | 1.8% |
| AA | 2.0% |
| A | 3.9% |
| BBB | 9.6% |
| BB | 7.5% |
| B | 8.5% |
| CCC and below | 0.0% |
| Unrated Securities | 66.6% |
Maturity Schedule
| Range | % |
|---|---|
| < 1 Year | 7.9% |
| 1 To 5 Years | 54.6% |
| 5 To 10 Years | 19.5% |
| 10 To 20 Years | 1.1% |
| 20 To 30 Years | 1.0% |
| > 30 Years | 0.0% |
| Equities and Other | 15.9% |
Top Currency Exposures
| Currency | % |
|---|---|
| United States Dollar (USD) | 100.0% |
Important Fund 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 Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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.
Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold.
Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.
Notes
Bond Credit Quality allocation reflects the higher of the ratings of Standards & Poor's Corporation; Moody's Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor's scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security's credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund's Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com.
Conversion Premium- is the amount by which the market price of a convertible bond or convertible preferred exceeds the conversion value, expressed as a percentage. It is a gauge of equity participation.
Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.
Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.
Distribution Yield -Is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. Distributions may include income, short-term capital gains, and long-term capital gains. Short-term and long-term capital gains represent the net trading profits realized over the trailing 12 months in the fund and are not guaranteed. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.
Duration- provides a measure of the Fund's interest rate sensitivity-the longer a fund's duration, the more sensitive it is to shifts in interest rates
Investment Premium-is the amount that the market price of the convertible is above its investment value, expressed as a percentage. It is a gauge of equity participation.
PEG Ratio-Is a stock's price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.
Price/Book Ratio-Is the stock's capitalization divided by its book value.
Price/Earnings Ratio-Is the current stock price over trailing 12-month earnings per share.
Price/Sales Ratio-Is a stock's capitalization divided by its sales over the trailing 12 months. ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.
ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.
Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.
The ICE BofAML All U.S. Convertibles Index (VXA0) comprises approximately 700 issues of only convertible bonds and preferreds of all qualities. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofAML indices and related data on an 'as is' basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Total Capital Gains
| Year | Capital Gains |
|---|---|
| 2018 | 1.8205 |
| 2017 | 0.5314 |
| 2016 | 0.0000 |
| 2015 | 0.2719 |
| 2014 | 0.8824 |
| 2013 | 1.3264 |
| 2012 | 1.5585 |
| 2011 | 1.4755 |
| 2010 | 0.6091 |
| 2009 | 0.0000 |
| 2008 | 0.0337 |
Schedule
| Name | Frequency |
|---|---|
| Distributions | QUARTERLY |
| Capital Gains | ANNUAL |
Distributions
| Frequency | Income | Total | Reinvest |
|---|---|---|---|
| Q2 2019 | $0.0289 | $0.0289 | 15.04000 |
| Q1 2019 | $0.0556 | $0.0556 | 14.84000 |
| Q4 2018 | $0.2390 | $0.2390 | 13.54000 |
| Q3 2018 | $0.0845 | $0.0845 | 17.16000 |
| Q2 2018 | $0.0732 | $0.0732 | 17.06000 |
| Q1 2018 | $0.0731 | $0.0731 | 16.66000 |
| Q4 2017 | $0.0559 | $0.0559 | 15.77000 |
| Q3 2017 | $0.0244 | $0.0244 | 15.96000 |
| Q2 2017 | $0.0696 | $0.0696 | 15.64000 |
| Q1 2017 | $0.0951 | $0.0951 | 15.09000 |
| Q4 2016 | $0.1674 | $0.1674 | 14.52000 |
| Q3 2016 | $0.1745 | $0.1745 | 14.47000 |
| Q2 2016 | $0.1090 | $0.1090 | 14.12000 |
| Q1 2016 | $0.0478 | $0.0478 | 13.66000 |
| Q4 2015 | $0.2696 | $0.2696 | 14.24000 |
| Q3 2015 | $0.2035 | $0.2035 | 15.39000 |
| Q1 2015 | $0.1348 | $0.1348 | 16.27000 |
| Q4 2014 | $0.1202 | $0.1202 | 15.90000 |
| Q3 2014 | $0.1312 | $0.1312 | 17.05000 |
| Q2 2014 | $0.0537 | $0.0537 | 17.04000 |
| Q1 2014 | $0.1197 | $0.1197 | 16.84000 |
| Q4 2013 | $0.5393 | $0.5393 | 16.10000 |
| Q3 2013 | $0.0000 | $0.0000 | 0.00000 |
| Q2 2013 | $0.0000 | $0.0000 | 0.00000 |
| Q1 2013 | $0.0000 | $0.0000 | 0.00000 |
| Q4 2012 | $0.0507 | $0.0507 | 15.26000 |
| Q3 2012 | $0.0000 | $0.0000 | 0.00000 |
| Q2 2012 | $0.0422 | $0.0422 | 15.75000 |
| Q1 2012 | $0.0571 | $0.0571 | 16.94000 |
| Q4 2011 | $0.0961 | $0.0961 | 15.95000 |
| Q3 2011 | $0.0000 | $0.0000 | 0.00000 |
| Q2 2011 | $0.1499 | $0.1499 | 18.24000 |
| Q1 2011 | $0.0396 | $0.0396 | 18.58000 |
| Q4 2010 | $0.0959 | $0.0959 | 18.25000 |
| Q3 2010 | $0.1220 | $0.1220 | 17.81000 |
| Q2 2010 | $0.2529 | $0.2529 | 17.49000 |
| Q1 2010 | $0.1564 | $0.1564 | 18.07000 |
| Q4 2009 | $0.2084 | $0.2084 | 17.47000 |
| Q3 2009 | $0.1492 | $0.1492 | 17.35000 |
| Q2 2009 | $0.1452 | $0.1452 | 15.36000 |
| Q1 2009 | $0.1186 | $0.1186 | 13.79000 |
| Q4 2008 | $0.1137 | $0.1137 | 13.44000 |
| Q3 2008 | $0.0000 | $0.0000 | 0.00000 |
| Q2 2008 | $0.0000 | $0.0000 | 0.00000 |
| Q1 2008 | $0.0000 | $0.0000 | 0.00000 |
Important Fund 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 Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.
The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.17%, C Shares 1.92% and I Shares 0.92%.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
Annual Expenses
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Gross Expense Ratio | 1.17% | 1.92% | 0.92% |
| Net Expense Ratio | 1.17% | 1.92% | 0.92% |
Investment Information
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Minimum initial investment | $2500 | $2500 | $1 million |
| Minimum subsequent investments | $50 | $50 | $0 |
| IRA initial investments | $500 | $500 | N/A |
Fund Information
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Inception Date | 6/21/85 | 7/05/96 | 6/25/97 |
| Ticker Symbol | CCVIX | CCVCX | CICVX |
| CUSIP number | 128119401 | 128119823 | 128119864 |
Sales & Distribution
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Sales Load | Front-End | Level-Load | N/A |
| Maximum Sales Charge | 2.25 | 1.00 | N/A |
| US Bank Fund Number | 603 | 617 | 627 |
| Dividends | QUARTERLY | QUARTERLY | QUARTERLY |
| Capital Gains | ANNUAL | ANNUAL | ANNUAL |
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 Convertible Fund include: convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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.
CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.
A quarterly update of the Calamos Convertible Fund’s performance, positioning, related market commentary and outlook.
The Convertible Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
John P. Calamos, Sr. and Eli Pars discuss the role of convertible securities within portfolios, the value of active management, and encouraging global trends within the convertible market.
Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.
Here’s how Calamos Convertible Fund has managed risk during market cycles including the Great ‘90s Bull Market, the Internet Bubble Crash and recovery, and the Financial Crisis and recovery.
Convertible bonds are a viable alternative to fixed income and have outperformed during periods of economic growth and rising rate.
A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.
The Fed’s decision to raise interest rates can cause headwinds for portfolios with traditional fixed-income securities. Convertible securities can potentially diversify asset allocations beyond bonds and stocks.
Illustration of equity alternatives performance in down markets and fixed income alternative performance in rising interest rate environments.
This summary contains important information about the Class A, C, and I Convertible Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.
The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.