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Six income securities share one cutoff this week, and it comes fast: an ex-dividend date of Friday, November 13, 2026. Four of them are Calamos closed-end funds whose yields run as high as 13.2%. Two remaining names are a bank preferred and a community bank that just raised its payout. All of them pay cash in November or early December. Two trading sessions, today included, remain before the cutoff.
How the deadline works: you must own shares before the ex-dividend date, so the last day to buy is Thursday, November 12. The pay date is just when the cash comes, and anyone who buys on or after the ex-date loses this payment.
Calamos Long/Short Equity & Dynamic Income Trust (CPZ)
Calamos Long/Short Equity & Dynamic Income Trust (NASDAQ:CPZ) pays $0.14 a month. That annualizes to $1.68, a 13.2% yield on its $12.73 close. November 13 is the ex-date, and November 20 is the pay date.
Coverage is the weak spot. Net investment income is the right test for a closed-end fund, and Calamos estimates the November payout comes 100% from short-term capital gains, with no net investment income in it. For fiscal 2026 through August, Calamos estimated 70.0% of CPZ’s $1.40 in distributions was return of capital and only 9.0% was net income. One offset: shares trade at a 13.5% discount to the fund’s $14.71 net asset value.
Calamos Dynamic Convertible and Income Fund (CCD)
Calamos Dynamic Convertible and Income Fund (NASDAQ:CCD) pays $0.195 a month, or $2.34 a year. That works out to an 11.4% yield at $20.52. The ex-date is November 13, and the pay date is November 20. The rate has stayed the same since February 2021.
Some of that yield comes from a falling price. Shares are down 15.12% over the past month. Calamos estimates the November payout is made up entirely of short-term capital gains, with $0.0000 from net investment income. In fiscal 2026 through August, $0.4661 of the $1.95 paid, or about 23.9%, was estimated return of capital. Coverage depends on gains from the fund’s convertible holdings, and those can swing a lot.
Calamos Convertible and High Income Fund (CHY)
Calamos Convertible and High Income Fund (NASDAQ:CHY) pays $0.10 a month, or $1.20 a year. That’s an 11.1% yield on its $10.83 close. November 13 is the ex-date, and November 20 is the pay date.
Shares fell 10.61% over the past month, which drives the yield up. Calamos estimates the November payout is all short-term gains. In fiscal 2026 through August, though, $0.3838 of the $1.00 paid was estimated return of capital. Net investment income falls short of the payout. It holds up only when the fund books trading gains.
Calamos Strategic Total Return Fund (CSQ)
Calamos Strategic Total Return Fund (NASDAQ:CSQ) pays $0.135 a month on a forward basis, which is $1.62 a year, an 8.1% yield at $20.12. The ex-date is November 13, and the pay date is November 20. The payout has grown from $0.1025 in 2025 to $0.1225 earlier this year.
CSQ has the clearest profile of the four funds. Shares are up 11.05% year to date, so the yield reflects a rising payout alongside a rising share price. Calamos estimates the November payout is 100% long-term gains. Through August of fiscal 2026, return of capital was just 6.1% of payouts, and net income was 0.0%. Those gains depend on the stock market rising. Shares trade at a 6.8% discount to the $21.59 net asset value.
CNB Financial 7.125% Series A Preferred (CCNEP)
CNB Financial‘s 7.125% Series A depositary shares (NASDAQ:CCNEP) pay $0.4453125 a quarter, or $1.78125 a year. That’s a 7.13% yield at $24.98. November 13 is the ex-date, November 15 is the record date, and payment is December 1.
The parent bank earned $28.061 million in the third quarter, or $0.91 per diluted share. Its $0.19 common dividend takes roughly 20.9% of those earnings, and common holders get paid after preferred holders. That gives the preferred a solid buffer. Two cautions: the preferred is non-cumulative, so it never makes up missed payments. Credit quality also slipped. Non-performing assets rose to 0.68% of total assets from 0.49%.
Fidelity D & D Bancorp (FDBC)
Fidelity D & D Bancorp (NASDAQ:FDBC) raised its quarterly dividend to $0.46 from $0.43. The ex-date is November 13, and the pay date is December 10. The forward yield of 2.63% is the lowest on this list, mostly because shares have risen 65.31% this year.
Coverage is the highest of the six. The new payout represents about 30.1% of third-quarter diluted EPS of $1.53. That EPS figure includes a $0.3 million gain on a property sale and a one-time charitable contribution. Against trailing EPS of $5.52, the forward payout is about 33.3%. Non-performing assets are just 0.08% of total assets.
Clock Runs Out Thursday
Buying a fund or stock only to collect one payment makes a weak income strategy. On the ex-date, shares usually fall by roughly the amount of the payout. Look at the coverage notes before acting, especially for the Calamos funds, where capital gains are paying for the distributions instead of net investment income (the same kind of warning signs we flagged in a free guide to spotting dividend traps). Shares bought after Thursday’s close will not receive these distributions.
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