Company: CHY
Filing Date: 2025-02-21
Form Type: N-2ASR
Source: 0001104659-25-016081
Chunk: 14

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-02-21
Form: N-2ASR
Chunk 14
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 may depart from its principal investment strategies and invest part or all of its assets in securities with remaining maturities of less than one year or cash equivalents; or it may hold cash. During such periods, the Fund may not be able to achieve its investment objective. There are no restrictions as to the ratings of debt securities acquired by the Fund or the portion of the Fund’s assets that may be invested in debt securities in a particular ratings category. For more information on the types of derivatives that the Fund invests in, see “Investment Objective and Principal Investment Strategies - Principal Investment Strategies” in this prospectus and “Investment Objective and Policies” in the statement of additional information. Use of Leverage by the Fund The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under the SSB Agreement that allows the Fund to borrow up to $480 million and (ii) through the issuance of four series of MRP Shares with an aggregate liquidation preference of $145 million, as described in greater detail below. The Fund’s outstanding MRP Shares include 1,480,000 Series C MRP Shares, with an aggregate liquidation preference of $37,000,000 and a mandatory redemption date of September 6, 2027; 1,400,000 Series D MRP Shares, with an aggregate liquidation preference of $35,000,000 and a mandatory redemption date of August 24, 2026; 1,460,000 Series E MRP Shares, with an aggregate liquidation preference of $36,500,000 and a mandatory redemption date of May 24, 2027, and 1,440,000 Series G MRP Shares, with an aggregate liquidation preference of $36,000,000 and a mandatory redemption date of September 9, 2029. The Series C, Series D, Series E, and Series G MRP Shares are to pay monthly cash dividends initially at rates of 4.24%, 2.45%, 2.68%, and 6.24%, respectively, subject to adjustment under certain circumstances. Additional details regarding the SSB Agreement and the MRP Shares are included under “Leverage.” 6 As of January 31, 2025, the Fund had utilized $341 million of the $480 million available under the SSB Agreement ($276 million in advances outstanding, and $65 million in structural leverage consisting of collateral received from counterparties to securities lending transactions