Company: CHY
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124662
Chunk: 75

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-12-29
Form: N-CSR
Chunk 75
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 localized consumption, and attractive valuations. We continue to take a selective approach to investments in China, Taiwan, and Korea. Where possible, we utilize www.calamos.com
55 Calamos Global Dynamic Income Fund (Unaudited) structures that limit downside risk and focus on quality companies most exposed to positive inflections we have identified. ◼ Japan: We see multiple opportunities in Japan, with an emphasis on companies benefiting from regulatory and governance reforms, in addition to exposure to key innovation industries. We pursue yield within our risk-managed total return approach, blending high-yield and investment-grade credits. Recognizing that interest rate fluctuations affect longer-term fixed-income securities, we maintain a weighted average duration of 2.3 years. In today's markets, we prioritize companies that demonstrate reliable debt servicing capabilities. Therefore, we limit exposure to lower-quality credit, with only 2% invested in CCC or lower-rated bonds. What are your closing thoughts for Fund shareholders? Global markets continue to navigate a set of diverse crosscurrents. We are analyzing multiple market drivers, including growth and inflation dynamics, monetary policy, and geopolitical considerations. With the US administration challenging the status quo globally and secular growth tailwinds continually shifting, we anticipate that the period ahead will present opportunities to capitalize on disruption. The dramatic shift we observed during the year—with capital beginning to migrate toward ex-US markets after years of US dominance—may represent an early stage of longer-term rebalancing. European fiscal stimulus, particularly Germany's infrastructure investment plans and broader defense spending commitments, could provide meaningful tailwinds for the region. Meanwhile, emerging markets continue to offer compelling valuations and structural growth opportunities, particularly in areas benefiting from policy reforms and rising domestic consumption. Within this environment, we continue to identify multiple opportunities at the thematic, regional, and market-cap levels. Our active, risk-managed investment approach and long-term perspective position us to capitalize on the volatility and opportunities in global markets. CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
56 Calamos Global Dynamic Income Fund (CHW) (Unaudited) INVESTMENT OBJECTIVES AND STRATEGIES Investment Objective The Fund's investment objective is to generate a high level of current income with a secondary objective of capital appreciation. Principal Investment Strategies Under normal circumstances, the Fund invests primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund may also use other income-producing strategies,