Company: CHY
Filing Date: 2025-04-25
Form Type: CORRESP
Source: 0001104659-25-039168
Chunk: 2

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-04-25
Form: CORRESP
Chunk 2
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 Liquidity
Agreement (the “SSB Agreement”). In your response, please explain why it is not appropriate to disaggregate and fully disclose
the securities lending activities undertaken pursuant to the SSB Agreement in the financial statements.

Response
– Under the SSB Agreement, the securities lending loans are overnight and continuous. To satisfy the quantitative disclosure requirement
ASU 2014-11 in paragraph 860-30-50-7, the Registrant, in future filings, will add the following language to the Notes to Financials: “The
securities on loan are collateralized by cash collateral received and not securities as disclosed in the Statement of Assets and Liabilities
and the Schedule of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified
as overnight and continuous.”

3
See Reg. S-X, §210.12-13 Open Option Contracts Written.

4
Ibid. See Column B and footnote 4 – “Not required for exchange traded or centrally cleared options.”

5
See FASB Accounting Standards Update, No. 2022-03 – June 2022, Fair Value Management (Topic 820). “Inputs to Valuation Techniques,
General Principles, 820-10-35-36B – which states in part: “In all cases, if there is a quoted price in an active market (that
is, a Level 1 input) for an asset or a liability, a reporting entity shall use that quoted price without adjustment when measuring fair
value, except as specified in paragraph 820-10-35-41C.”

We hope that the foregoing responses adequately address your comments.

Should you have any further questions or comments, please do not hesitate
to contact me at (630) 245-8394.

| Very truly yours,      |
| /s/                    
 J. Christopher Jackson |
| J. Christopher Jackson |
| Assistant Secretary    |

cc:

John P. Calamos, Sr.

Paulita A. Pike, Esq.

Rita Rubin, Esq.

Elizabeth L. Madsen, Esq.

Erik D. Ojala, Esq.

Susan Schoenberger, Esq.