Company: CHY
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124662
Chunk: 80

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-12-29
Form: N-CSR
Chunk 80
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 3.7 |   |
| Energy                      |     |  3.7 |   |
| Utilities                   |     |  3.7 |   |
| Other                       |     |  2.5 |   |
| Real Estate                 |     |  0.2 |   |
| Airlines                    |     |  0.1 |   |
| Special Purpose Acquisition 
 Companies                   |     |  0.0 |   |

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.

www.calamos.com
59 Calamos Global Total Return Fund (Unaudited) ASSET ALLOCATION AS OF 10/31/25 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 factors influenced performance over the annual period? The 12-month period was characterized by significant shifts in global market dynamics. The year began with resilient economic growth and a Federal Reserve that successfully navigated toward lower rates as inflation moderated. However, the period also included heightened volatility, particularly during the second quarter when investors confronted elevated policy uncertainty and slowing growth conditions. As the period progressed, multiple interest rate cuts provided some support to markets as the Fed maintained its data-dependent approach. The Fund's focus on total-return convertibles proved beneficial from a risk-reward standpoint throughout the cycle. Our emphasis on balanced convertibles—those offering meaningful upside participation while providing downside cushion—allowed the Fund to navigate volatile periods more effectively than a pure equity approach might have achieved. The portfolio generated positive gains over the full period, as many of our holdings aligned with key secular themes and performed well because of their compelling growth fundamentals and competitive advantages. A notable development during the period was the strength in global convertible issuance. Global issuance is tracking toward an estimated $165 billion for the full year, which would mark the strongest year since 1998. US issuance was particularly robust, driven by a surge of AI-related