Company: CHY
Filing Date: 2025-02-24
Form Type: 424B5
Source: 0001104659-25-016491
Chunk: 38

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-02-24
Form: 424B5
Chunk 38
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 significantly and the spread between the bid and asked price is generally much larger than for higher quality instruments. Under adverse market or economic conditions, the secondary market for high yield securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and these instruments may become illiquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating the Fund’s net asset value (“NAV”). See “Risk Factors - Fund Risks - High Yield Securities Risk.” 13 Interest Rate Risk.In addition to the risks described above, debt securities, including high yield securities, are subject to certain risks, including:

| ● | if interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline; |

| ● | during periods of declining interest rates, the issuer of a security may exercise its option to prepay                                    
 principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment          
 risk. Debt securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity.        
 An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement 
 in the credit standing of the issuer;                                                                                                     |

| ● | during periods of rising interest rates, the average life of certain types of securities may be extended                         
 because of slower than expected principal payments. This may lock in a below market interest rate, increase the estimated period 
 until the security is paid in full, and reduce the value of the security. This is known as extension risk;                       |

| ● | rising interest rates could result in an increase in the cost of the Fund’s leverage and could             
 adversely affect the ability of the Fund to meet asset coverage requirements with respect to leverage; and |

| ● | variable rate securities generally are less sensitive to interest rate changes but may decline in value                                 
 if their interest rates do not rise as much, or as quickly, as interest rates in general. When the Fund holds variable rate securities, 
 a decrease in market interest rates will adversely affect the income received from such securities and the NAV of the Fund’s            
 shares.                                                                                                                                 |

Leverage Risk.The derivative instruments in which the Fund may invest will give rise