CMRGX Fees and Costs — Calamos Merger Arbitrage Fund, Class I
Data updated: 2026-09-29
The net expense ratio is 1.73% (6.34% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3K in broker commissions, 0.1409% of average net assets, and portfolio turnover was 177%.
CMRGX Fees and Expenses
Annual operating expenses and sales charges of CMRGX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 4.85% |
| Gross expense ratio | 6.34% |
| Fee waiver | −4.61% |
| Net expense ratio | 1.73% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
CMRGX Costs Over Time
On $10,000 invested in CMRGX, assuming 5% a year before costs, total costs come to $1,150 over 5 years, cutting the return by 1.96% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.73%) | $182 | $562 | $965 |
| Trading costs (broker commissions) | $15 | $46 | $79 |
| Lost growth on money paid in costs | $0 | $30 | $106 |
| Total costs | $196 | $638 | $1,150 |
| Value after costs | $10,304 | $10,939 | $11,613 |
| Impact on return, per year | 1.96% | 1.96% | 1.96% |
CMRGX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1409%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $2.7M
- Portfolio turnover (prospectus): 177%
- Securities lending: none during the year
CMRGX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Mizuho Securities USA LLC | $628 | 21.80% |
| Jefferies LLC | $457 | 15.88% |
| RBC Capital Markets, LLC | $394 | 13.69% |
| Morgan Stanley & Co. LLC | $383 | 13.30% |
| Virtu Americas LLC | $232 | 8.06% |
| J.P. Morgan Securities LLC | $227 | 7.89% |
| BofA Securities, Inc. | $170 | 5.89% |
| BNY Capital Markets, LLC | $140 | 4.85% |
| Cowen and Company, LLC | $133 | 4.61% |
| National Financial Services LLC | $116 | 4.03% |
CMRGX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $436K | 20.52% |
| Wells Fargo Securities, LLC | $250K | 11.77% |
| Barclays Capital Inc. | $248K | 11.68% |
| Cowen and Company, LLC | $222K | 10.46% |
| Jefferies LLC | $207K | 9.75% |
| Goldman Sachs & Co. LLC | $174K | 8.19% |
| J.P. Morgan Securities LLC | $158K | 7.46% |
| Santander Securities LLC | $144K | 6.77% |
| RBC Capital Markets, LLC | $144K | 6.76% |
| UBS Securities LLC | $141K | 6.64% |
Calamos Merger Arbitrage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CMRGX | Class I | 1.73% | none |
| CMRAX | Class A | 1.98% | 2.75% |
| CMRCX | Class C | 2.73% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.