Calamos Dynamic Convertible & Income Fund

CCD

Market cap $665M

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METRO CHICAGO, Ill., April 1, 2026 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in 2026 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

The Calamos Dynamic Convertible and Income Fund offers equity-like exposure via convertible and corporate bonds, appealing to risk-tolerant investors seeking differentiated returns. CCD has experienced a -9.5% decline from its February 2026 high, driven by equity market volatility and global supply chain disruptions from the Iranian war. I recommend a Buy rating on CCD, advocating opportunistic position building or averaging in as market pressures persist, anticipating a turnaround when geopolitical risks abate.

METRO CHICAGO, Ill., March 2, 2026 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in 2026 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

Convertible bonds offer built-in flexibility, combining bond income with equity upside and historically delivering asymmetric returns—participating in rallies while helping cushion drawdowns. Actively managed, levered convertible CEFs offer a high-income way to participate in this market, with Calamos demonstrating a strong track record of navigating convertibles and delivering competitive returns. Among the US-focused Calamos funds (CCD, CHY, & CHI), CCD provides the highest (~85%) convertible exposure and equity optionality, while CHY and CHI offer more credit-tilted.

The article presents a rigorously screened list of 10 top closed-end funds, or CEFs, for income investors, offering an average 8.7% yield and -7.5% NAV discount. Selections emphasize sector diversification, long-term outperformance, sustainable distributions, and attractive valuations, with a focus on both equity and credit-oriented CEFs. CEFs are generally characterized by higher volatility and deeper drawdowns than the broader market. For these reasons, they are not suited for everyone.

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Calamos Dynamic Convertible and Income Fund now trades near its long-term average premium, after a quick reversion from overly elevated levels. CCD's portfolio is ~85% convertible securities, with a heavy tilt toward information technology but also a diversified set of underlying issuers. The NAV distribution rate comes to ~11%, which is an elevated level that is worth watching, but this is something they've seemingly been comfortable with for a number of years.

Calamos Dynamic Convertible and Income Fund (CCD) remains rated Hold due to inconsistent earnings and unreliable dividend coverage despite an attractive 10.8% yield. CCD trades at a modest 2.51% premium to NAV, below its five-year average, but leverage (32.54% of assets) elevates risk in a high-rate environment. Returns are heavily reliant on net realized gains and favorable market conditions, limiting NAV growth and exposing payouts to market volatility.

The article presents a rigorously screened list of 10 top closed-end funds, or CEFs, for income investors, offering an average 9.25% yield and -7.5% NAV discount. Selections emphasize sector diversification, long-term outperformance, sustainable distributions, and attractive valuations, with a focus on both equity and credit-oriented CEFs. CEFs are generally characterized by higher volatility and deeper drawdowns than the broader market. For these reasons, they are not suited for everyone.