Company: CHY
Filing Date: 2025-02-21
Form Type: N-2ASR
Source: 0001104659-25-016081
Chunk: 4

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-02-21
Form: N-2ASR
Chunk 4
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 obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking statements contained in this prospectus, any accompanying prospectus supplement and the statement of additional information are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “1933 Act”). iii PROSPECTUS SUMMARY The following summary contains basic information about us and our securities. It is not complete and may not contain all of the information you may want to consider before investing in the Fund. You should review the more detailed information contained in this prospectus and in any related prospectus supplement and in the statement of additional information, especially the information set forth under the heading “Risk Factors” beginning on page 61 of this prospectus. The Fund The Fund is a diversified, closed-end management investment company. We commenced operations in May 2003 following our initial public offering. As of January 31, 2025, we had $1.3 billion of total managed assets, including $145 million of outstanding mandatory redeemable preferred shares (“MRP Shares” or “MRPS”). As of January 31, 2025, the Fund had utilized $341 million of the $480 million available under the Amended and Restated Liquidity Agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB” or “State Street”) ($276 million of advances outstanding, and $65 million in structural leverage consisting of collateral received from counterparties to securities lending transactions through SSB in connection with securities on loan), representing 25.6% of the Fund’s managed assets as of that date, and had $145 million of MRP Shares outstanding, representing 10.9% of the Fund’s managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 36.5% of the Fund’s managed assets. Structural leverage refers to borrowings under the liquidity agreement in respect of which the Fund’s interest payments are reduced or eliminated by the Fund’s securities lending activities. See “Leverage.” Our fiscal year ends on October 31. Our investment objective is to provide total return through a combination of capital appreciation and current income. Investment Adviser Calamos Advisors LLC (the “Adviser” or “Calamos”) serves as the Fund’s investment adviser. Calamos is responsible on a day-to-day basis for investment of the Fund’s portfolio in accordance with the Fund