Company: CHY
Filing Date: 2025-06-27
Form Type: N-CSRS
Source: 0001104659-25-063497
Chunk: 44

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-06-27
Form: N-CSRS
Chunk 44
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| Calamos Long/Short Equity & Dynamic Income Trust                                                                                                           |     | For the years ended October 31, 2024 and 2023 |     | For the years ended October 31, 2024, 2023, 2022, 2021, and the period from November 29, 2019 (commencement of operations) through October 31, 2020 |

Basis for Review Results This interim financial information is the responsibility of the Funds' management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion. June 23, 2025 Chicago, Illinois We have served as the auditor of one or more Calamos investment companies since 2003.

www.calamos.com
151 About Closed-End Funds

What is a Closed-End Fund? A closed-end fund is a publicly traded investment company that raises its initial investment capital through the issuance of a fixed number of shares to investors in a public offering. Shares of a closed-end fund are listed on a stock exchange or traded in the over-the-counter market. Like all investment companies, a closed-end fund is professionally managed and offers investors a unique investment solution based on its investment objective approved by the fund's Board of Trustees. Potential Advantages of Closed-End Fund Investing • Defined Asset Pool Allows Efficient Portfolio Management —Although closed-end fund shares trade actively on a securities exchange, this doesn't affect the closed-end fund manager because there are no new investors buying into or selling out of the fund's portfolio. • More Flexibility in the Timing and Price of Trades —Investors can purchase and sell shares of closed-end funds throughout the trading day, just like the shares of other publicly traded securities. • Lower Expense Ratios —The expense ratios of closed-end funds are oftentimes less than those of mutual funds. Over time, a lower expense ratio could enhance investment performance.