Company: CHY
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124662
Chunk: 3

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-12-29
Form: N-CSR
Chunk 3
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 the United States, with many countries benefiting from stimulative monetary and fiscal policies. Against this backdrop, investors became CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
2 Letter to Shareholders increasingly interested in opportunities beyond US mega-cap tech-oriented names. Stock, convertible security and high yield markets posted healthy returns. Looking forward, we believe markets will continue to be buffeted by volatility, as investors grapple with the implications of shifting trade policy, softening US employment data, and uncertainty about monetary policy. Additionally, fiscal policy clarity is a key driver for economic health, and the prolonged government shutdown illustrated how challenging it can be to push policy forward. Nevertheless, we see many exciting opportunities on the horizon. Still-strong corporate profits demonstrated that many businesses are adapting to tariffs and capitalizing on new opportunities. We expect the impacts of pro-growth fiscal policies and lower interest rates will provide tailwinds for the US economy. Premiums and discounts: Perspectives for long-term investors As we have discussed in past letters, investors often wonder how they should view premiums and discounts, and whether they should be concerned if their fund is trading at a discount to net asset value. It's important to remember that the Calamos closed-end funds are managed to support the long-term needs of income-oriented investors, and we believe that investors are better served by evaluating funds on the merits of their distributions and returns. Over time, it's normal for a closed-end fund to trade at a discount. When a Calamos closed-end fund trades at a discount to net asset value, it can be an attractive buying opportunity for long-term investors to purchase shares. In closing In this report, you will find commentary from our portfolio management teams about how they are pursuing competitive distributions and returns through risk-managed approaches. This report also includes listings of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Closed-End Funds. As always, all of us at Calamos thank you for your trust, and we look forward to serving you in the years to come. Sincerely, John P. Calamos, Sr.
Founder, Chairman, and Global Chief Investment Officer www.calamos.com
3 Letter to Shareholders Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 866.363.9219. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher