Company: CHY
Filing Date: 2025-02-24
Form Type: 424B5
Source: 0001104659-25-016491
Chunk: 35

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-02-24
Form: 424B5
Chunk 35
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 to experience higher levels of inflation, deflation or currency devaluations, which could adversely affect the value of the Fund’s investments and hurt those countries’ economies and securities markets. See “Risk Factors - Fund Risks - Emerging Markets Risk.” Equity Securities Risk.Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer’s business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments. The Fund may invest in preferred stocks and convertible securities of any rating, including below investment grade. 11 Below investment grade securities or comparable unrated securities are considered predominantly speculative with respect to the issuer’s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for below investment grade securities tend to be very volatile, and these securities are generally less liquid than investment grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks:

| ● | increased price sensitivity to changing interest rates and to a deteriorating economic environment; |

| ● | greater risk of loss due to default or declining credit quality; |

| ● | adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and |

| ● | if a negative perception of the below investment grade market develops, the price and liquidity of below investment grade securities 
 may be depressed. This negative perception could last for a significant period of time.                                              |

Foreign Securities Risk.Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. These risks are more pronounced to the extent that the Fund invests a significant portion of its non-U.S investments in one region or in the securities of emerging market issuers. See also “ - Emerging Markets Risk” below. These risks may include:

| ● | less information may be available about non-U.S. issuers or markets due to less rigorous disclosure or accounting standards or 
 regulatory practices in foreign jurisdictions;                                                                                 |

| ● | many non-U.S. markets are smaller, less liquid and more volatile. In a changing market, Calamos may not be able to sell the Fund’s 
 portfolio securities at times, in amounts and at prices it considers reasonable;                                                   |

| ● | an adverse effect of currency exchange rate changes or controls on the