Calamos Dynamic Convertible and Income Fund
CCD
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- Calamos Dynamic Convertible and Income Fund (NASDAQ: CCD) is a closed-end management investment company focused on maximizing total return through a combination of capital appreciation and current income. The Fund invests primarily in convertible securities and high yield fixed-income securities, including below-investment-grade bonds, debt securities, equity income-producing securities such as common and preferred stocks, loans, equity-linked notes, and floating rate securities; under normal circumstances, at least 80% of its managed assets are invested in convertible securities and income-producing securities, with the investment team employing a top-down global macroeconomic approach and fundamental analysis, and utilizing derivatives such as options to enhance income and manage risk/return profiles. It targets investors seeking equity-like upside participation from convertibles with reduced downside exposure relative to equities, complemented by income generation across various market cycles. Headquartered in Naperville, Illinois, and managed by Calamos Advisors LLC, a subsidiary of Calamos Investments LLC, the Fund was launched with an initial public offering on March 27, 2015, at a share price of $25.00, and operates within the asset management industry, primarily serving U.S.-based investors through its common shares traded on NASDAQ; as of the latest data, it maintains managed assets of approximately $876 million, with 32.54% leverage through debt and other instruments, and an expense ratio of 2.48% based on managed assets. In a significant operational change, the Fund's Board of Trustees approved on December 17, 2024, a transition from its prior managed distribution policy to a level distribution policy effective January 1, 2025, alongside sister funds Calamos Convertible Opportunities and Income Fund (CHI) and Calamos Convertible and High Income Fund (CHY), aiming to provide more predictable monthly distributions at sustainable levels, currently at an annualized rate of 11.23% based on market price. The Fund continues monthly distributions of $0.1950 per share, with recent characterizations including short-term capital gains and return of capital components. No major acquisitions, partnerships, or new product launches have been reported in the past 1-2 years.