Summary

• Calamos Growth and Income Fund returned -3.79% for the quarter, ahead of the S&P 500 Index's -4.33% decline as selection within equities contributed positively to relative performance.
• AI infrastructure spending continues to accelerate, with hyperscaler capital commitments now representing roughly 90% of the growth in all domestic corporate capital spending this year.
• The portfolio used the quarter's volatility to concentrate Calamos Growth and Income Fund in areas with real growth tailwinds, using convertible securities and options to restructure the risk-reward profile.
• Lumentum Holdings Inc.'s strong stock performance, up 91% for the quarter, was driven by an earnings inflection marked by large revenue and EPS beats, dramatic margin expansion, and sharply higher forward guidance.
• The team maintains a positive but cautious risk posture, viewing the war in Iran as a disruption within a mid-cycle expansion, not a catalyst for US economic contraction.

Summary

• We maintain a positive but cautious risk posture; the war in Iran is a disruption within a mid-cycle expansion, not a catalyst for US economic contraction.
• Our base case assumes the Strait of

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