Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 43

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 43
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 substantial portion of the convertible universe where our proprietary research capabilities can add meaningful value. The weighted average duration of our bond holdings stands at 2.3 years. On a sector basis, information technology and consumer discretionary represent the largest portfolio weights, whereas real estate and consumer staples comprise the smallest sector allocations. We maintain overweight positions in the application software and systems software industries, reflecting our conviction in secular technology adoption trends. Cable & satellite and asset management & custody banks constitute our most significant underweights. During the period, we increased allocations to information technology and energy, with notable additions to systems software and coal & consumable fuels. Conversely, we reduced exposure to communication services and modestly trimmed health care holdings. What are your closing thoughts for Fund shareholders? As we look ahead, we anticipate continued pro-growth fiscal policies combined with an increasingly accommodative monetary policy framework. The Federal Reserve has demonstrated the willingness and capacity to adjust policy as economic conditions evolve, providing important flexibility. While markets have advanced from the tariff-induced concerns earlier in the year, we remain mindful that periods of volatility may emerge as investors reassess valuations and policy developments. We believe the fundamental backdrop remains constructive, given strong corporate balance sheets, robust earnings momentum across many sectors, and accelerating investment in transformative technologies. The convertible market enters this environment from a position of strength. Record-setting new issuance has expanded the opportunity set, providing our team with an abundance of attractively valued securities to evaluate. The hybrid structure of convertibles—combining equity-like growth potential with bond-like risk-mitigation characteristics—offers a particularly compelling value proposition in an environment where both opportunity and uncertainty coexist. We believe active management remains paramount. Each convertible security has unique structural features that evolve over time in response to changes in the underlying equity, credit spreads, and interest rates. Our disciplined approach to security selection, emphasis on risk management, and commitment to identifying secular growth themes position the Fund to deliver attractive risk-adjusted returns while providing the monthly income our shareholders value. www.calamos.com
33 Calamos Convertible Opportunities and Income Fund (CHI) (Unaudited) INVESTMENT OBJECTIVE AND STRATEGIES Investment Objective The Fund's investment objective is to provide total return through a combination of capital appreciation and current income. Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income securities.* The portion of the Fund's assets invested in convertible securities and non-convertible income securities will vary from time