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CXGCX

Calamos Global Convertible Mutual Fund

Important Disclosure

Fund Stats

  • NAV

    $12.54

    $0.04 (0.32%)

    As of 1/24/25

  • Daily YTD Return

    2.53%

    As of 1/24/25

  • Total Net Assets

    $131.1 Million

    As of 12/31/24

  • Inception Date

    12/31/14

Calamos Global Convertible Mutual Fund Overview

The fund invests in global convertible securities, striving to balance risk/reward while providing growth and income.

Key Features

  • Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle.
  • Provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research via active management.
  • 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

The fund's portfolio of convertible securities can participate in upside equity movements with potentially limited downside exposure, providing a means to manage risk in conjunction with an equity allocation. The fund can also serve a role within a fixed income allocation, as convertibles have performed well during periods of rising interest rates and inflation.

Performance

Calendar Year Total Returns

As of 12/31/24
Date Calamos Global Convertible Fund (NAV) FTSE Global Convertible Index
2024 10.98 9.60
2023 13.48 12.44
2022 -22.06 -18.88
2021 -0.23 1.02
2020 38.55 35.11
2019 15.18 16.47
2018 -2.73 -3.74
2017 14.45 12.83
2016 3.72 3.48
2015 -1.15 -2.11

Growth of 10K

As of 12/31/24
Date Calamos Global Convertible Fund FTSE Global Convertible Index
12/31/2014 12:00:00 AM 10000 10000
1/31/2015 12:00:00 AM 9990 9915.1
2/28/2015 12:00:00 AM 10360 10220.98
3/31/2015 12:00:00 AM 10330 10124.6
4/30/2015 12:00:00 AM 10430 10384.6
5/31/2015 12:00:00 AM 10440 10467.67
6/30/2015 12:00:00 AM 10227.76 10269.94
7/31/2015 12:00:00 AM 10157.63 10231.84
8/31/2015 12:00:00 AM 9897.18 9929.38
9/30/2015 12:00:00 AM 9646.25 9675.59
10/31/2015 12:00:00 AM 10029.28 10025.75
11/30/2015 12:00:00 AM 9958.72 9855.91
12/31/2015 12:00:00 AM 9885.46 9789.29
1/31/2016 12:00:00 AM 9379.04 9327.53
2/29/2016 12:00:00 AM 9328.39 9331.91
3/31/2016 12:00:00 AM 9798.66 9799.25
4/30/2016 12:00:00 AM 9900.41 9914.2
5/31/2016 12:00:00 AM 9981.81 9903.69
6/30/2016 12:00:00 AM 9866.93 9834.56
7/31/2016 12:00:00 AM 10234.26 10191.26
8/31/2016 12:00:00 AM 10295.48 10216.64
9/30/2016 12:00:00 AM 10394.84 10294.08
10/31/2016 12:00:00 AM 10189.41 10100.34
11/30/2016 12:00:00 AM 10189.41 9989.75
12/31/2016 12:00:00 AM 10253.21 10129.8
1/31/2017 12:00:00 AM 10491.42 10346.07
2/28/2017 12:00:00 AM 10574.27 10491.43
3/31/2017 12:00:00 AM 10695.51 10556.17
4/30/2017 12:00:00 AM 10923.52 10750.19
5/31/2017 12:00:00 AM 11172.25 10911.98
6/30/2017 12:00:00 AM 11196.83 10907.94
7/31/2017 12:00:00 AM 11384.14 11190.57
8/31/2017 12:00:00 AM 11415.36 11173.56
9/30/2017 12:00:00 AM 11559.22 11252.55
10/31/2017 12:00:00 AM 11715.56 11394.45
11/30/2017 12:00:00 AM 11788.53 11460.2
12/31/2017 12:00:00 AM 11734.67 11429.48
1/31/2018 12:00:00 AM 12089.94 11911.35
2/28/2018 12:00:00 AM 11982.28 11710.17
3/31/2018 12:00:00 AM 11947.15 11667.66
4/30/2018 12:00:00 AM 11990.32 11641.64
5/31/2018 12:00:00 AM 12076.66 11750.37
6/30/2018 12:00:00 AM 12046.33 11679.4
7/31/2018 12:00:00 AM 12046.33 11719.34
8/31/2018 12:00:00 AM 12251.79 11875.21
9/30/2018 12:00:00 AM 12189.08 11837.21
10/31/2018 12:00:00 AM 11744.06 11238.84
11/30/2018 12:00:00 AM 11787.48 11322.46
12/31/2018 12:00:00 AM 11414.44 11001.46
1/31/2019 12:00:00 AM 11972.08 11613.48
2/28/2019 12:00:00 AM 12233.82 11876.87
3/31/2019 12:00:00 AM 12157.89 11879.6
4/30/2019 12:00:00 AM 12442.75 12090.94
5/31/2019 12:00:00 AM 12066.73 11731.79
6/30/2019 12:00:00 AM 12462.36 12212.72
7/31/2019 12:00:00 AM 12576.49 12262.61
8/31/2019 12:00:00 AM 12553.85 12149.5
9/30/2019 12:00:00 AM 12487.31 12081.02
10/31/2019 12:00:00 AM 12693.35 12299.79
11/30/2019 12:00:00 AM 12876.13 12511.75
12/31/2019 12:00:00 AM 13146.53 12812.96
1/31/2020 12:00:00 AM 13460.73 13067.37
2/29/2020 12:00:00 AM 13262.86 12700.47
3/31/2020 12:00:00 AM 12106.34 11263.25
4/30/2020 12:00:00 AM 13214.07 12235.96
5/31/2020 12:00:00 AM 13866.85 12929.79
6/30/2020 12:00:00 AM 14474.22 13501.21
7/31/2020 12:00:00 AM 15128.45 14375.39
8/31/2020 12:00:00 AM 15981.69 15125.61
9/30/2020 12:00:00 AM 15725.98 14869.03
10/31/2020 12:00:00 AM 15784.17 14860.97
11/30/2020 12:00:00 AM 17293.14 16388.68
12/31/2020 12:00:00 AM 18213.14 17311.82
1/31/2021 12:00:00 AM 18302.38 17528.12
2/28/2021 12:00:00 AM 18959.44 18040.66
3/31/2021 12:00:00 AM 18307.24 17462.73
4/30/2021 12:00:00 AM 18623.96 17957.3
5/31/2021 12:00:00 AM 18434 17793.99
6/30/2021 12:00:00 AM 18775.03 18097.98
7/31/2021 12:00:00 AM 18611.69 17910.2
8/31/2021 12:00:00 AM 18902.03 18198.38
9/30/2021 12:00:00 AM 18495.64 17747.2
10/31/2021 12:00:00 AM 18798.97 18157.79
11/30/2021 12:00:00 AM 18255.68 17519.75
12/31/2021 12:00:00 AM 18173.53 17488.14
1/31/2022 12:00:00 AM 17141.27 16439.19
2/28/2022 12:00:00 AM 16879.01 16283.94
3/31/2022 12:00:00 AM 16791.24 16261.32
4/30/2022 12:00:00 AM 15644.4 15193.47
5/31/2022 12:00:00 AM 15121.88 14731.13
6/30/2022 12:00:00 AM 14119.3 13872.13
7/31/2022 12:00:00 AM 14657.25 14423.41
8/31/2022 12:00:00 AM 14570.77 14433.02
9/30/2022 12:00:00 AM 13743.15 13568.14
10/31/2022 12:00:00 AM 13946.55 13826.89
11/30/2022 12:00:00 AM 14383.08 14297.91
12/31/2022 12:00:00 AM 14164.46 14186.66
1/31/2023 12:00:00 AM 15051.16 15006.3
2/28/2023 12:00:00 AM 14732.08 14751.89
3/31/2023 12:00:00 AM 14891.19 14848.57
4/30/2023 12:00:00 AM 14789.93 14760.87
5/31/2023 12:00:00 AM 14804.72 14702
6/30/2023 12:00:00 AM 15445.76 15319.28
7/31/2023 12:00:00 AM 15912.22 15753.11
8/31/2023 12:00:00 AM 15533.51 15339.73
9/30/2023 12:00:00 AM 15258.57 14952.38
10/31/2023 12:00:00 AM 14645.18 14425.27
11/30/2023 12:00:00 AM 15418.45 15197.8
12/31/2023 12:00:00 AM 16075.28 15952.06
1/31/2024 12:00:00 AM 16031.88 15742.89
2/29/2024 12:00:00 AM 16395.8 15902.16
3/31/2024 12:00:00 AM 16789.3 16240.86
4/30/2024 12:00:00 AM 16294.02 15774.49
5/31/2024 12:00:00 AM 16585.68 16128.07
6/30/2024 12:00:00 AM 16673.58 16175.79
7/31/2024 12:00:00 AM 17023.73 16447.86
8/31/2024 12:00:00 AM 17199.07 16764.56
9/30/2024 12:00:00 AM 17797.6 17291.98
10/31/2024 12:00:00 AM 17607.17 17264.71
11/30/2024 12:00:00 AM 18233.99 18044.37
12/31/2024 12:00:00 AM 17840.14 17483.8

Annualized Total Returns

As of 12/31/24 As of 12/31/24
TimeFrame Calamos Global Convertible Fund (NAV) FTSE Global Convertible Index
1 Year 10.98 9.60
3 Year -0.62 -0.01
5 Year 6.29 6.41
10 Year 5.96 5.75
Since Inception (12/31/14) 5.96 5.70
TimeFrame Calamos Global Convertible Fund (NAV) FTSE Global Convertible Index
1 Year 10.98 9.60
3 Year -0.62 -0.01
5 Year 6.29 6.41
10 Year 5.96 5.75
Since Inception (12/31/14) 5.96 5.70

Important Fund Information

10k Performance results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 12/31/14, since comparative index data is available only for full monthly periods. Source: Calamos Investments

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 FTSE Global Convertible Index is designed to broadly represent the global convertible bond market.

Unmanaged index returns, 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 3/1/2024 are as follows: A Shares 1.34%, C Shares 2.09% and I Shares 1.09%.

Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans and by institutional clients, provided such plans or clients have assets of at least $1 million. For eligibility requirements and other available share classes see the prospectus and other Fund documents at www.calamos.com.

Portfolio

Sector Weightings

As of 12/31/24
Sector % of Assets FTSE Global Convertible Index
Consumer Discretionary 28.5% 16.5%
Information Technology 23.2% 23.5%
Industrials 9.7% 14.0%
Health Care 9.5% 9.3%
Financials 6.0% 9.9%
Energy 4.0% 1.7%
Utilities 3.5% 8.0%
Materials 3.3% 3.6%
Consumer Staples 2.5% 1.8%
Real Estate 2.3% 4.5%
Communication Services 1.1% 7.2%
Other 1.4% 0.0%

Asset Allocation

As of 12/31/24
Asset Allocation %
Convertibles 93.5605
Cash and Receivables/Payables 5.0147
US Government Securities 1.3699
Options 0.0548

Month-End Yield

As of 12/31/24
Name %
30-day SEC yield 0.93%
Unsubsidized 30-day SEC yield 0.93%
Distribution Yield 0.00%

Top 10 Holdings

As of 12/31/24
View All Holdings
Company Security Type Industry %
Alibaba Group Holding, Ltd. Convertible Bonds Broadline Retail 4.2%
Boeing Company DECS,ACES,PRIDES Aerospace & Defense 3.6%
JD.com, Inc. Convertible Bonds Broadline Retail 3.1%
Trip.com Group, Ltd. Convertible Bonds Hotels, Resorts & Cruise Lines 2.4%
NCL Corp., Ltd. Convertible Bonds Hotels, Resorts & Cruise Lines 2.2%
Apollo Asset Management, Inc. DECS,ACES,PRIDES Other Diversified Financial Services 2.2%
Rivian Automotive, Inc. Convertible Bonds Automobile Manufacturers 2.1%
MakeMyTrip, Ltd. Convertible Bonds Hotels, Resorts & Cruise Lines 1.9%
MicroStrategy, Inc. Convertible Bonds Application Software 1.9%
Eni S.p.A. Convertible Bonds Integrated Oil & Gas 1.9%
Total 25.5%

Fund Facts

As of 12/31/24
Name Fund FTSE Global Convertible Index
Net Assets $131.1 M N/A
Number of Holdings 108 503
Debt/Capital 54.7% 57.1%
ROIC 14.1% 12.7%
Duration 1.6 years N/A
Median Conversion Premium 38.1% 40.2%
Median Investment Premium 14.9% 9.6%
Portfolio Turnover (12 months) 45.1% N/A

Regional Exposure

As of 12/31/24
Region % of Assets
North America 59.4%
Asia/Pacific 23.8%
Europe 11.4%
Middle East/Africa 0.4%
Caribbean 0.0%
Latin America 0.0%

Top Country Exposures

As of 12/31/24
Country %
United States 58.9%
China 8.5%
Japan 5.0%
Italy 3.4%
France 3.2%
South Korea 2.8%
Singapore 2.4%
India 1.9%
Germany 1.5%
Netherlands 1.3%

Top Currency Exposures

As of 12/31/24
Currency %
United States Dollar (USD) 82.5%
Euro (EUR) 10.8%
Japanese Yen (JPY) 5.2%
British Pound Sterling (GBP) 0.8%
Australian Dollar (AUD) 0.7%
Taiwan Dollar (TWD) 0.0%
Hong Kong Dollar (HKD) 0.0%
Swiss Franc (CHF) 0.0%
Singapore Dollar (SGD) 0.0%
Canadian Dollar (CAD) 0.0%

Credit Quality of Bonds

As of 12/31/24
Class %
AAA 1.4%
AA 0.0%
A 12.2%
BBB 10.9%
BB 0.0%
B 0.0%
CCC and below 0.0%
Unrated Securities 75.4%

Maturity Schedule

As of 12/31/24
Range %
< 1 Year 15.8%
1 to 5 Years 69.2%
5 to 10 Years 7.6%
10 to 20 Years 0.0%
20 to 30 Years 0.0%
> 30 Years 0.0%
Equities and Other 7.5%

Bond Duration

As of 12/31/24
Name Duration
Weighted Avg. Duration 1.6 years
Weighted Avg. Maturity 2.9 years

Distributions

Total Capital Gains

Schedule: ANNUAL
Year Capital Gains
2015 0.0000
2016 0.0000
2017 0.3382
2018 0.3110
2019 0.1483
2020 1.1275
2021 1.7924
2022 0.0000
2023 0.0000
2024 0.0000

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

2024 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 23, 2024. To view the report, click here.

Distributions

Schedule: QUARTERLY
Most Recent Distributions
Frequency Income Reinvest
Q4 2024 $0.0000 12.31000
Q3 2024 $0.0000 11.84000
Q2 2024 $0.0000 11.31000
Q1 2024 $0.0000 11.33000
Q4 2023 $0.0000 10.96000
Q3 2023 $0.0214 10.59000
Q2 2023 $0.0212 10.56000
Q1 2023 $0.0000 9.93000
Q4 2022 $0.0000 9.80000
Q3 2022 $0.0000 10.04000
Q2 2022 $0.0000 9.86000
Q1 2022 $0.0000 10.99000
Q4 2021 $0.0322 12.24000
Q3 2021 $0.0088 14.93000
Q2 2021 $0.0000 14.38000
Q1 2021 $0.0145 14.38000
Q4 2020 $0.0154 0.00000
Q3 2020 $0.0015 13.46000
Q2 2020 $0.0310 12.48000
Q1 2020 $0.0069 9.83000
Q4 2019 $0.0453 11.16000
Q3 2019 $0.0427 11.03000
Q2 2019 $0.0170 10.76000
Q1 2019 $0.0133 10.68000
Q4 2018 $0.1734 9.99000
Q3 2018 $0.0420 11.22000
Q2 2018 $0.0223 11.35000
Q1 2018 $0.0279 11.29000
Q4 2017 $0.0175 10.82000
Q3 2017 $0.0181 11.02000
Q2 2017 $0.0436 10.73000
Q1 2017 $0.0071 10.30000
Q4 2016 $0.0819 9.87000
Q3 2016 $0.0664 9.97000
Q2 2016 $0.0273 9.74000
Q1 2016 $0.0439 9.55000
Q4 2015 $0.0470 9.70000
Q3 2015 $0.0616 9.91000
Q2 2015 $0.0181 10.39000

Fees & Expenses

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.34% 2.09% 1.09%

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 12/31/14 12/31/14 12/31/14
Ticker Symbol CAGCX CCGCX CXGCX
CUSIP number 128120748 128120730 128120722

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 2971 2972 2973
Dividends QUARTERLY QUARTERLY QUARTERLY
Capital Gains ANNUAL ANNUAL ANNUAL

Literature

Latest Related Blog Posts

August 1, 2022

Our Assessment of This Unusual Convertible Market

Convertible securities continue to be an attractive means of taking a more measured approach to the equity market.

Read

June 3, 2022

How Convertibles Have Rebounded After Steep Declines

Double-digit returns have followed previous drawdowns.

Read

April 28, 2022

The Last Time Inflation Peaked, Convertibles Outperformed Stocks and Bonds

The structural benefits of convertible securities helped convertible funds outperform both the S&P 500 and the Bloomberg US Aggregate Bond Index in the high inflationary period between 1979 and 1981.

Read

April 8, 2022

WATCH: The Animated Convertible Price Track

The Convertible Price Track illustrates the theoretical relationships between a convertible bond’s price and the par value of the bond as the underlying stock price rises or falls. Now it's animated!

Read
View All Related Posts

Videos

Convertible Bonds Offer An Asymmetric Return Profile

Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, points out the potential of convertible bonds to “generate returns similar or better than the equity market with substantially less volatility.”

Why We Like Unrated Convertibles

“We often like those credits,” says Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, noting their position in the capital structure and their significant presence within the convertibles market.

View All Related Videos

About the Fund

Calamos Global Convertible Fund Quarterly Commentary

A quarterly update of the Calamos Global Convertible Fund’s performance, positioning, related market commentary and outlook.

Calamos Global Convertible Fact Sheet

The Global Convertible Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, and returns.

The Opportunity of Convertible Securities

Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.

Convertibles Can Enhance a Fixed Income Allocation

Convertible bonds are a viable alternative to fixed income and have outperformed during periods of economic growth and rising rate.

Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation

A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.

Prospectus and Reports

Summary Prospectus

This summary contains important information about the investment objective, fees and expenses, principal investment strategies, principal risks and performance.

Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

SAI

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.

Annual Report

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.

Semi Annual Report

The semi annual report provides a comprehensive review of the fund’s activities and financial performance over a six month period.

Related

Open-End Funds

CICVX

Calamos Convertible Mutual Fund

Closed-End Funds

CCD

Calamos Dynamic Convertible and Income Fund

CHY

Calamos Convertible and High Income Fund

CHI

Calamos Convertible Opportunities and Income Fund

Institutional Investment Solutions

US Convertible Strategy

Global Convertible Strategy

UCITS Funds

Global Convertible Fund

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

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 1-866-363-9219. Read it carefully before investing.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

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 Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Important Fund Information

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 1-866-363-9219. Read it carefully before investing.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund 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 can increase during times of significant market volatility. The Fund 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 Global Convertible Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover risk and portfolio selection 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 3/1/2024 are as follows: A Shares 1.34%, C Shares 2.09% and I Shares 1.09%.

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.

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.

Bond Credit Quality allocation reflects the higher of the ratings of Standards & Poor's Corporation or 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.

Market Capitalization statistics are based on common stock holdings.

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.

Sector Weightings percentages are based on invested portfolio and are subject to change. Other includes securities that do not have a sector classification.

30-day 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.

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 is a measurement of a bond's interest rate risk that considers a bond's maturity, yield, coupon and call features. The maturity date refers to the moment in time when the principa l of a fixed income instrument must be repaid to an investor.

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 the 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.

Portfolio 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.

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