Company: CHY
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124662
Chunk: 65

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-12-29
Form: N-CSR
Chunk 65
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 26.63% on a net asset value (NAV) basis and 1.84% on a market price basis for the 12 months ended October 31, 2025 ("annual period"), versus a return of 19.44% for a comparator index comprising 80% ICE BofA All US Convertibles Index and 20% Bloomberg US High Yield 2% Issuer Capped Index over the same period. At the end of the annual period, the Fund's shares traded at a 0.41% premium to the NAV. How do NAV and market price returns differ? Closed-end funds trade on exchanges, where factors other than the value of the underlying securities might drive the price of shares or market price. For example, general market sentiment or future expectations might influence the market price. A fund's NAV return measures the actual return of the individual securities in the portfolio, less fund expenses. It also measures how effectively a manager capitalizes on market opportunities. Because we believe closed-end funds are best utilized long term within asset allocations, we deem that the NAV return is the better measure of a fund's performance. However, when managing our Fund, we strongly consider actions and policies to optimize its overall price performance and returns based on market value. CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
48 Calamos Dynamic Convertible and Income Fund (Unaudited) 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 major market developments shaped the period? The 12-month period presented a tale of two distinct market environments. The year began with considerable optimism as markets anticipated continued economic expansion and moderating inflation. However, the opening months of 2025 brought heightened volatility as investors grappled with uncertainties surrounding tariff policies, immigration reforms, and their potential economic ramifications. The second and third quarters witnessed a meaningful stabilization as markets responded constructively to easing tariff concerns. Importantly, the Federal Reserve demonstrated flexibility by initiating two quarter-point rate cuts—one in the third quarter and another in