Company: CHY
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124662
Chunk: 59

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-12-29
Form: N-CSR
Chunk 59
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 vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

www.calamos.com
43 Calamos Strategic Total Return Fund (Unaudited) ASSET ALLOCATION AS OF 10/31/25 Fund asset allocations are based on total investments and may vary over time. SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/25 Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com. What factors influenced performance over the annual period? The Fund's performance benefited from the strength of large-cap technology stalwarts associated with AI innovation and critical infrastructure buildout. The Fund's multi-asset structure provided advantages in navigating the sharp policy-driven volatility of early spring. In addition to strong equity market performance over the period, the Fund's convertible and fixed-income investments benefited from declining interest rates and narrowing credit spreads. Additionally, the Fund's prudent use of leverage was beneficial as the performance on the levered proceeds significantly exceeded the cost of leverage. From an economic sector perspective, the Fund benefited from security selection and an average overweight allocation in information technology. Specifically, positions in the semiconductors and systems software industries propelled performance. The Fund's favorable selection in industrials provided lift, especially in research & consulting services, heavy electrical equipment, and industrial machinery & supplies & components industries. Security selection within the health care sector dampened results, as holdings in managed health care and life sciences tools & services lost ground. Additionally, security selection within the consumer staples sector detracted, specifically in consumer staples merchandise retail and tobacco industries. How is the Fund positioned? Our balanced approach in using stocks, convertibles and bonds seeks to provide both upside participation in the markets along with resilience during periods of uncertainty. Our positioning reflects confidence in both near-term policy beneficiaries and long-term secular winners. We emphasize companies demonstrating operational excellence and strategic clarity in navigating the current environment. We continue to favor businesses associated with the AI buildout and will monitor their performance. While we continue to favor these businesses, we remain vigilant to downside risks, including changes in demand trends as the