CMRGX

Calamos Merger Arbitrage Fund

Fund Stats

  • NAV

    $9.76

    $0.06 (0.61%)

    As of 4/12/24

  • Daily YTD Return

    5.70%

    As of 4/12/24

  • Total Net Assets

    $2.2 Million

    As of 3/31/24

  • Inception Date

    9/29/23

Overview

To deliver absolute returns largely uncorrelated to equity and fixed income markets.

Key Features

  • Calamos is a pioneer in convertible and options investing, where analysis of public acquisitions and opportunities to alter risk reward through structure is an ingrained part of the investment process
  • Our merger strategy is a natural extension of our experience managing hedged equity and convertible arbitrage strategies for more than 20 years on average as a team
  • Because of this, we believe one of our main edges resides in public acquisitions where there are convertible bonds, liquid options or other securities within a target company's capital structure that allow us to alter risk reward through trade structure

Portfolio Fit

Seeks to deliver absolute returns uncorrelated to equity and fixed income markets.

Performance

Annualized Total Returns

As of 3/31/24 As of 3/31/24
TimeFrame Calamos Merger Arbitrage Fund (NAV) ICE BofA US 3 Month Treasury Bill Index (G0O1) S&P 500 Index
3 Month -4.44 1.29 10.56
6 Month -0.52 2.68 23.48
Since Inception (09/29/23) -0.52 2.68 23.48
TimeFrame Calamos Merger Arbitrage Fund (NAV) ICE BofA US 3 Month Treasury Bill Index (G0O1) S&P 500 Index
3 Month -4.44 1.29 10.56
6 Month -0.52 2.68 23.48
Since Inception (09/29/23) -0.52 2.68 23.48

The ICE BofA 3-Month US Treasury Bill Index (G0O1) is an unmanaged index that measures the performance of a single US Treasury issue with approximately three months to final maturity. The issue is purchased at the beginning of each month and held for one full month. At the end of the month, that issue is sold and rolled into a newly selected issue.

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 2.75%. Had it been included, the Fund's return would have been lower.

Index and Morningstar category data shown reflects full month periods only. If share class inception date is on or before the 15th of the month, the index or category calculation inception date begins on the first day of that month. If share class inception date is after the 15th of the month, the index or category calculation inception date begins on the first day of the following month.

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 6.06%, C Shares 6.81% and I Shares 5.81%.

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 3/31/24
Sector % of Assets
Information Technology 27.0%
Health Care 9.2%
Consumer Staples 6.2%
Consumer Discretionary 5.3%
Communication Services 5.1%
Materials 3.1%
Utilities 3.1%
Financials 2.8%
Industrials 0.1%
Energy 0.1%
Real Estate 0.0%
Other 5.5%

Asset Allocation

As of 3/31/24
Asset Allocation %
Common Stock 38.1673
Cash and Receivables/Payables 32.5051
Convertibles 29.0515
Corporate Bonds 0.2813
Other 0.039
Warrants 0.001
Options -0.0452

Top 10 Holdings

As of 3/31/24
Company Sector Acquiring Company %
Pioneer Natural Resources Company Energy Exxon Mobil Corp. 10.4%
Hess Corp. Energy Chevron Corp. 7.8%
Juniper Networks, Inc. Information Technology Hewlett Packard Enterprise Company 7.3%
Splunk, Inc. Information Technology Cisco Systems, Inc. 6.6%
Albertsons Companies, Inc. - Class A Consumer Staples Kroger Company 6.2%
Amedisys, Inc. Health Care UnitedHealth Group, Inc. 6.2%
Capri Holdings, Ltd. Consumer Discretionary Tapestry, Inc. 5.1%
Enerplus Corp. Energy Chord Energy Corp. 4.5%
Everest Consolidator Acquisition Corp. N/A 4.1%
TechTarget, Inc. Communication Services INFORMA PLC 4.0%
Total 62.2%

Fund Facts

As of 3/31/24
Name Fund
Net Assets $2.2 M
Number of Holdings 46
Portfolio Turnover (12 months) 146.8%

Market Capitalization

As of 3/31/24
Market CAP Range % of Assets
<=$0.10bil 3.2%
>$0.10bil<=$5bil 50.8%
>$5bil<=$30bil 48.0%
>$30bil<=$200bil 47.8%
>$200bil -49.7%

Distributions

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

2023 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 21, 2023. To view the report, click here.

Fees & Expenses

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 6.06% 6.81% 5.81%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 N/A
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 9/29/23 9/29/23 9/29/23
Ticker Symbol CMRAX CMRCX CMRGX
CUSIP number 128120219 128120193 128120185

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 2.75 1.00 N/A
US Bank Fund Number 5852 5853 5854
Dividends ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL ANNUAL ANNUAL

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through October 31, 2026 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares, Class C shares and Class I shares are limited to 1.50%, 2.25% and 1.25% of average net assets, respectively. For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, foreign tax reclaim expenses, and extraordinary expenses (as determined in the discretion of Calamos Advisors LLC ("Calamos Advisors")), such as litigation costs. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

Literature

About the Fund

Calamos Merger Arbitrage Fact Sheet

The Merger Arbitrage Fund launch sheet provides a snap shot of the investment team and fund strategy.

Prospectus and Reports

CALAMOS MERGER ARBITRAGE FUND PROSPECTUS

This summary contains important information about the Class A, C, and I Merger Arbitrage Fund 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.

Videos

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.

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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.

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