The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.

The information in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent the account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

There are certain risks associated with an investment in a convertible bond such as default risk (that the company issuing a convertible security may be unable to repay principal and interest) and interest rate risk (that the convertible may decrease in value if interest rates increase).

Investments in lower-rated securities present greater risks than investments in higher-rated securities. This is because there is a greater likelihood that the company issuing the lower-rated securities may default on income and principal payments.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information.

Investment grade securities: securities rated as investment-grade quality by Standard & Poor's Corporation (BBB or better) or Moody's (Baa or better). These bonds typically offer lower yields than bonds with lower credit qualities. They may also have greater interest rate sensitivity. Non-investment grade securities: securities that are rated BBB or below by Standard & Poor's Corporation or Baa or lower by Moody's. Securities holding this rating are considered to have an elevated risk of default as compared to investment grade securities, and may offer higher yields than investment grade securities. High yield securities: bonds or convertibles in this category are generally rated BB or below by Standard & Poor's Corporation or Ba or lower by Moody's; also called 'junk" bonds, speculative-grade bonds and non-investment-grade bonds. In exchange for their lower credit quality and greater potential credit risk, these bonds typically offer higher yields.

Past performance is no guarantee of future results

Calamos Advisors LLC
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