Summary

• The Calamos Convertible Opportunities and Income Fund rose 4.27% on price and 2.33% on NAV, finishing well above the blended comparator index return of 1.66% for the period.
• As equity markets fell, convertibles provided access to growth while dampening downside volatility, as the US Convertible market advanced 3.72% in the first quarter.
• Convertible new issuance marked one of its strongest calendar year starts in recent memory, although the pace slowed in March as geopolitical uncertainty increased.
• The Calamos Convertible Opportunities and Income Fund benefited from security selection and an average overweight position in information technology, as holdings in technology hardware added to relative returns.
• Calamos Investments leveraged approximately 34% of total assets, believing the current environment favors prudent leverage use to enhance total returns and support the fund's distribution rate.

Market Overview

The first quarter demonstrated the benefits of convertible securities. As equity markets fell, convertibles provided access to growth while dampening downside volatility. The US Convertible market advanced 3.72% in the first quarter, as measured by the ICE BofA

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