Company: CHY
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124662
Chunk: 64

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-12-29
Form: N-CSR
Chunk 64
---
6 |   |
| Consumer Staples                      |     |  2.6 |   |
| Energy                                |     |  2.0 |   |
| Real Estate                           |     |  0.9 |   |
| Airlines                              |     |  0.1 |   |
| Special Purpose Acquisition Companies |     |  0.1 |   |

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND INVESTMENT TEAM DISCUSSION Please discuss the Fund's strategy and role within an asset allocation. Calamos Dynamic Convertible and Income Fund (CCD) is a total-return-oriented fund seeking to provide steady monthly income. The allocation to each asset class is dynamic and reflects our view of the economic landscape and the potential of individual securities. By combining asset classes, we believe the Fund is well positioned to generate capital gains and income over the long term. The dynamic allocation of security types also provides us with opportunities to manage the risk-reward characteristics of the portfolio over complete market cycles. Through this approach, we aim to provide investors with an attractive monthly distribution. The Fund offers an alternative to funds that invest exclusively in investment-grade fixed-income instruments. It seeks to be less sensitive to interest rates while delivering equity exposure using convertibles. We seek companies with sound balance sheets, reliable debt servicing, and good prospects for sustainable growth. Although we invest primarily in the securities of US issuers, we favor companies that actively participate in globalization with geographically diverse revenue streams and global-scale business strategies. Please discuss the Fund's distributions during the annual period. We employ a level distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. In each month of the period, the Fund distributed $0.1950 per share as of October 31, 2025, equating to an annualized distribution rate of 10.69%, which is attractive and competitive relative to other yield alternatives in the marketplace. For example, at the end of the period, the dividend yield of S&P 500 Index stocks was below 1.4%, and the 10-year US Treasury yield was in the low 4% range. As of October 31, 2025, the Fund has paid distributions totaling $22.67 per share since inception. How did the Fund perform over the annual period? The Fund returned