Summary

• Calamos Global Convertible Fund moved with the market during Q1 2026 but finished essentially flat, posting a return of 0.50% at quarter end—sometimes referred to on Wall Street as “aggressively unchanged.”.
• Global convertible issuance got off to a strong start in Q1, with $53.3 billion coming to market.
• Lumentum Holdings Inc. advanced as investors increasingly recognized the company’s central role in the buildout of AI and cloud data centers.
• The portfolio maintains its underweight to Europe, driven by the macro environment and bottom-up considerations, as the tax and regulatory environment in Europe creates headwinds for company growth.

Summary

• Despite a noisy macro environment, the global convertible market saw small but positive returns in the first quarter, albeit well below the torrid pace of 2025. Calamos Global Convertible Fund (Class I shares at NAV) moved around with

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