Company: CHY
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124662
Chunk: 93

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-12-29
Form: N-CSR
Chunk 93
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 narrative as spending reaches mania levels while commercial returns remain elusive. The second involves multifaceted reflation for the broader economy through coordinated but unrelated policy efforts to stimulate demand and incomes across the US private sector. The challenge for investors is not choosing between these narratives through binary market timing, but rather allocating appropriately given their differing risk profiles. The Fund's mandate has demonstrated its value in navigating this complex environment—preserving capital during Q1's downturn while participating in the subsequent recovery. Our balanced approach aims to capture opportunities in both themes while managing the concentration risks inherent in today's synchronized investor behavior around AI. We anticipate increasing volatility as these divergent narratives evolve. The absence of leverage in the AI buildout—being largely "equity funded" rather than "debt financed"—implies outcomes that may be "less bad" for broader economic activity even as equity valuations adjust. This supports our conviction in maintaining healthy exposure to pro-growth cyclicals while approaching AI-driven momentum stocks with increasing wariness. History suggests that as the economic significance of transformative technologies becomes clearer, the valuations of related stocks typically compress. Whether through dramatic collapse or gradual exhaustion, we believe the current AI euphoria faces a reckoning. Portfolio construction that emphasizes balance and diversification will help our shareholders navigate whatever path this reordering ultimately follows. www.calamos.com
69 Calamos Long/Short Equity & Dynamic Income Trust (CPZ) (Unaudited) INVESTMENT OBJECTIVE AND STRATEGIES Investment Objective The Fund's investment objective is to seek current income and risk-managed capital appreciation. Principal Investment Strategies The Fund will invest, under normal circumstances, at least 80% of its managed assets in a diversified portfolio comprised of (a) equity securities which are defined to include common stock, preferred stock, convertible securities, and exchange-traded funds ("ETFs") (the "Equity Sleeve"); (b) long and short equity positions managed pursuant to a long/short equity strategy (the "Long/Short Component"); and (c) diversified income-producing securities, including high-yield and investment grade corporate securities, leveraged loans, distressed debt securities, securitized products, U.S. Treasuries and sovereign debt issued by foreign governments ("Fixed Income Sleeve").* The Long/Short Component will comprise at least 60% of the Fund's managed assets with a focus on absolute returns in a risk-managed format. The Fund may invest up to 40% of its managed assets opportunistically in the Fixed Income Sleeve, "Managed assets