Company: CHY
Filing Date: 2025-06-27
Form Type: N-CSRS
Source: 0001104659-25-063497
Chunk: 45

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-06-27
Form: N-CSRS
Chunk 45
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 • Closed-End Structure Makes Sense for Less-Liquid Asset Classes —A closed-end structure makes sense for investors considering less-liquid asset classes, such as high-yield bonds or micro-cap stocks. • Ability to Put Leverage to Work —Closed-end funds may issue senior securities (such as preferred shares or debentures) or borrow money to "leverage" their investment positions. • No Minimum Investment Requirements OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS

| OPEN-END FUND                                                      |     | CLOSED-END FUND                                                                         |
| Issues new shares on an ongoing basis                              |     | Generally issues a fixed number of shares                                               |
| Issues common equity shares                                        |     | Can issue common equity shares and senior securities such as preferred shares and bonds |
| Sold at NAV plus any sales charge                                  |     | Price determined by the marketplace                                                     |
| Sold through the fund's distributor                                |     | Traded in the secondary market                                                          |
| Fund redeems shares at NAV calculated at the close of business day |     | Fund does not redeem shares                                                             |

You can purchase or sell common shares of closed-end funds daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount, which is a market price that is below their net asset value. Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares and fluctuations in the variable rates of the leverage financing. Each open-end or closed-end fund should be evaluated individually. Before investing carefully consider the fund's investment objectives, risks, charges and expenses.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
152 Level Rate Distribution Policy Using a Level Rate Distribution Policy to Promote Dependable Income and Total Return Calamos Global Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund and Calamos Global Dynamic Income Fund have implemented a level rate distribution policy.* The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, may contribute significantly to long-term total return. We understand the importance that investors place on the stability of dividends and their ability to