Company: CHY
Filing Date: 2025-02-21
Form Type: N-2ASR
Source: 0001104659-25-016081
Chunk: 24

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-02-21
Form: N-2ASR
Chunk 24
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 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 value of the Fund’s investments; |

| ● | the economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession; |

| ● | economic, political and social developments may adversely affect the securities markets in foreign jurisdictions, including expropriation and nationalization; |

| ● | the difficulty in obtaining or enforcing a court judgment in non-U.S. countries; |

| ● | restrictions on foreign investments in non-U.S. jurisdictions; |

| ● | difficulties in effecting the repatriation of capital invested in non-U.S. countries; |

| ● | withholding and other non-U.S. taxes may decrease the Fund’s return; |

| ● | the ability for the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries; |

| ● | often limited rights and few practical remedies to