DEF 14A: Calamos Funds to Hold Joint Annual Meeting of Shareholders on June 26, 2024

Calamos Funds have scheduled a joint annual meeting of shareholders on June 26, 2024, to elect two trustees for each fund.

Summary

• Calamos Funds will hold a joint annual meeting of shareholders on June 26, 2024, at 4:00 p.m. Central Time in Naperville, Illinois.
• The primary purpose of the meeting is to elect two trustees for each of the seven funds: Calamos Convertible Opportunities and Income Fund (CHI), Calamos Convertible and High Income Fund (CHY), Calamos Strategic Total Return Fund (CSQ), Calamos Global Total Return Fund (CGO), Calamos Global Dynamic Income Fund (CHW), Calamos Dynamic Convertible and Income Fund (CCD), and Calamos Long/Short Equity & Dynamic Income Trust (CPZ).
• For all funds except CPZ, the trustees will be elected by common and preferred shareholders voting together as a single class.
• For CPZ, the trustees will be elected by common shareholders voting as a single class.
• The elected trustees will serve until the annual meeting in 2027.
• Shareholders of record as of May 3, 2024, are entitled to vote at the meeting.
• The board of trustees recommends voting 'For' the nominees.
• Shareholders can vote by mail, online, or by telephone.
• Calamos Advisors LLC manages the funds, with $35 billion in assets under management as of December 31, 2023.
• The nominees for trustee are John E. Neal and Karen L. Stuckey, both currently serving as trustees.
• The board of each fund has five standing committees: Executive, Dividend, Audit, Governance, and Valuation.
• The non-interested trustees receive an annual retainer of $210,000, with supplemental retainers for committee chairs and the lead independent trustee.
• The expenses of the proxy solicitation will be borne by the Funds.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. It provides necessary information for shareholders to make informed decisions regarding the election of trustees. The board's recommendation to vote 'For' the nominees adds a slightly positive element.

Positives

• The board of trustees unanimously recommends that shareholders vote 'For' the election of the nominees.
• Shareholders have multiple options for voting: by mail, online, or by telephone.
• The board has established several committees to oversee the funds' operations and risk management.
• The document provides detailed information about the trustees, officers, and their affiliations.

Risks

• The document notes that while risk management policies are designed to be effective, there is no guarantee that they will anticipate or mitigate all risks.
• The document mentions that not all risks can be identified, eliminated, or mitigated, and some risks may be beyond the control of the board of trustees or Calamos Advisors.

Future Outlook

The elected trustees will serve until the annual meeting of shareholders in 2027, or until their successors are elected and qualified.

Management Comments

• John P. Calamos, Sr., Trustee and President, cordially invites shareholders to attend the joint annual meeting.
• The trustees of each Fund unanimously recommend that you vote 'For' the nominees on the enclosed proxy card(s).

Industry Context

This announcement is a routine part of corporate governance for registered investment companies, ensuring shareholder participation in the election of trustees who oversee the funds' operations.

Comparison to Industry Standards

• The structure of the board of trustees, with a majority of independent members, aligns with industry best practices for closed-end funds.
• The compensation structure for independent trustees is consistent with that of other similarly sized fund complexes.
• The presence of multiple standing committees, such as the Audit, Governance, and Valuation Committees, reflects a commitment to strong oversight and risk management, comparable to other well-governed investment companies.
• The detailed disclosure of trustee qualifications and potential conflicts of interest is in line with regulatory requirements and industry standards for transparency.
• The process for shareholder nomination of trustee candidates is similar to that of other publicly traded investment companies.

Related Party Transactions

• Each Fund has entered into an Investment Management Agreement with Calamos Advisors, where Calamos Advisors provides portfolio management services in consideration for fees based on the Fund's managed assets.

Stakeholder Impact

• Shareholders have the opportunity to participate in the governance of the funds by voting on the election of trustees.
• The election of qualified trustees is intended to benefit shareholders by ensuring effective oversight of the funds' operations and investment strategies.

Next Steps

• Shareholders should review the proxy statement and vote on the election of trustees.
• The elected trustees will assume their roles and serve until the 2027 annual meeting.
• The board of trustees will continue to oversee the funds' operations and risk management.

Key Dates

Keywords

trustees, Calamos Funds, shareholders meeting, proxy statement, fund governance, investment management, Calamos Advisors