Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 52

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 52
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 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
39 Calamos Convertible and High Income Fund (CHY) (Unaudited) INVESTMENT OBJECTIVE AND STRATEGY 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 below investment grade (high yield/high risk) non-convertible debt securities.* The portion of the Fund's assets invested in convertible securities and below investment grade (high yield/high risk) non-convertible debt securities will vary from time to time consistent with the Fund's investment objective, changes in equity prices and changes in interest rates and other economic and market factors, although, under normal circumstances, the Fund will invest at least 20% of its managed assets in convertible securities and at least 20% of its managed assets in below investment grade (high yield/high risk) non-convertible debt securities (so long as, under normal circumstances, the combined total equals at least 80% of the Fund's managed assets). The Fund invests in securities with a broad range of maturities. The average term to maturity of the Fund's securities typically will range from two to ten years. "Managed assets" means the Fund's total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage). The