N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-21319

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: Calamos Convertible and High Income Fund

ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court, Naperville,
	Illinois 60563-2787
NAME AND ADDRESS OF AGENT FOR SERVICE:	John P. Calamos, Sr., President
	Calamos Advisors LLC
	2020 Calamos Court
	Naperville, Illinois
	60563-2787

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

DATE OF FISCAL YEAR END: October 31, 2008

DATE OF REPORTING PERIOD: November 1, 2007 through October 31, 2008

ITEM 1.   REPORTS TO SHAREHOLDERS

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270. 30e-1).

Managing Your Calamos Funds Investments

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

TABLE OF CONTENTS
Letter to Shareholders	1
Economic and Market Review	3
Investment Team Discussion	5
Schedule of Investments	8
Statement of Assets and Liabilities	16
Statement of Operations	17
Statements of Changes In Net Assets	18
Statement of Cash Flows	19
Notes to Financial Statements	20
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	29
Trustee Approval of Management Agreement	30
Tax Information	33
Trustees & Officers	34
About Closed-End Funds	38
Level Rate Distribution Policy and Automatic Dividend Reinvestment Plan	39
The Calamos Investments Advantage	40
Calamos Closed-End Funds	41

PERSONAL ASSISTANCE
800.582.6959	Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund
YOUR FINANCIAL ADVISOR
	We encourage you to talk to your financial advisor to determine how Calamos Investments can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs

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Letter to Shareholders

About the Fund

•  CHY utilizes a blend of high-yield and convertible securities to produce a stream of income paid out on a monthly basis.

•  The Fund’s dynamic asset allocation approach and broad investment universe provides enhanced opportunities to pursue income and total returns.

•  Invests primarily in U.S. markets.

Dear Fellow Shareholders:

Enclosed is your annual report for the year ended October 31, 2008. We appreciate the opportunity to correspond with you. I encourage you to carefully review this report, which includes an assessment of market conditions and fund commentary from our investment team. The report also includes a listing of portfolio holdings, financial data and highlights, as well as detailed information about the performance and allocations of Calamos Convertible and High Income Fund (CHY).

As we discuss in the Economic and Market Review, the annual period was characterized by unprecedented market events and volatility, including a global credit crisis, the freezing of the auction rate preferred securities (ARPS) market and, more recently, a panicked sell-off driven by deleveraging activity. Poor policy decisions, such as a lack of hedge fund regulations, have also contributed. In this environment of extreme pessimism, good investments have been sold off alongside bad, across the global markets. Closed-end funds have not been immune, as investors have sought to exit the market at any cost. Moreover, because they trade on securities exchanges, closed-end funds offer relatively high liquidity, and therefore, a more ready source of cash.

Despite these challenges, the Fund continued to provide a competitive income stream. The Fund’s monthly distribution was at least $0.1219 per share throughout the period. The Fund’s current annualized distribution rate was 11.67%, based on a closing market price of $8.74 on October 31, 2008. Due to broader conditions in the troubled global markets—most notably, less robust opportunities for capital gains—we announced a reduction in the November 2008 distribution to $0.0850, subsequent to the end of the reporting period. Even so, we believe that the Fund’s distribution remains competitive and appropriate for the current market environment.

CHY continues to utilize leverage strategies to enhance the long-term yield and dividend potential of the Fund. This reflects our belief that leverage strategies can be accretive to common shareholders. The leverage strategies used within the Fund are compliant with the Investment Company Act of 1940, as well as the Fund’s prospectus.

Although each economic and market downturn is unique, we believe that past experience provides us with the perspective and knowledge required to navigate these current difficulties. I began my investment career in the 1970s—a period which was also marked by unprecedented market and economic conditions. Yet, there were opportunities for long-term investors. I believe the same is true today.

Additionally, it’s important to remember that the U.S. and global economies have demonstrated incredible resilience in the face of significant past challenges.

All of us at Calamos Investments recognize how difficult this period is for our shareholders. Managing your assets is a responsibility that we take very seriously. We assure you that we are carefully evaluating market and economic events on an ongoing basis; and we are rigorously tracking every security in which the Fund is invested. We are seeking to capitalize on the market’s extreme pessimism, by selectively investing in securities with good distributions and very attractive prices.

Convertible and High Income Fund
Letter to Shareholders ANNUAL REPORT 1

Letter to Shareholders

With its broader investable universe of higher-yielding securities, we believe the Fund is well positioned to provide an attractive income stream. Due in large part to hedge-fund deleveraging, the convertible market has reached a level of undervaluation that we have not seen in our more than 30 years of investing. We believe this presents a rare and significant opportunity for long-term investors, which we will discuss in greater detail in the Investment Management Team Discussion. Similarly, we have seen a number of opportunities emerge in the high-yield market, as emotion has caused investors to overlook longer-term considerations.

Also, in keeping with our dedication to all of the Fund’s shareholders, we did refinance the majority of our ARPS financing in the Fund. We continue to work diligently to secure refinancing for all outstanding ARPS, in such a way that accounts for the best interests of all Fund shareholders—both investors in the “preferred” share class and the common shareholders who hold the majority of Fund assets. (Please see page 6, “ARPS Update” for additional information.)

If you have any questions about your portfolio, please speak to your financial advisor or contact us at 800.582.6959, Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time. I also encourage you to visit our website at calamos.com on a regular basis, for updated commentary and more information about the Fund. You will also find a section of our website dedicated to our ARPS-related activities.

As always, and especially during these difficult markets, we thank you for your continued confidence. We are honored by the opportunity to serve you and to help you achieve your long-term investment goals.

Sincerely,

John P. Calamos, Sr.

Chairman, CEO and Co-CIO

Calamos Advisors LLC

This report is for informational purposes and should not be considered investment advice.

  2
Convertible and High Income Fund
ANNUAL REPORT Letter to Shareholders

Economic and Market Review

For the latest market and
economic outlook, please visit
our website at www.calamos.com
and select the
“Fund Investors” link.

The year ended October 31, 2008, proved to be one of the most challenging periods since the Great Depression. In the United States, stocks dropped 36.10% as measured by the S&P 500 Index¹. The Credit Suisse High Yield Index², representative of the high-yield bond market, fell 24.59%. Convertible securities, which blend characteristics of stocks and bonds, had a disappointing loss of 35.36%, based on the Merrill Lynch All U.S. Convertibles Ex Mandatory Index³. The investment-grade bond markets had a muted return; the Barclays Capital (formerly Lehman Brothers) U.S. Aggregate Index⁴ rose 0.30%.

As the past decade demonstrates, the stock market is fraught with swings driven by fear and greed. Just eight years ago, we experienced the incredible excess optimism priced into technology and telecommunications stocks. Today, we are experiencing the polar opposite in the markets—extreme pessimism. Over the long run, the stock market reflects the strength of the economy, which has proven remarkably resilient in the face of world wars, terrorism, natural disasters, bank crises, inflation and other problems. We believe that maintaining patience and staying invested over the long-term will prove to be the most prudent and fruitful course of action.

The January 2008 plunge in the equity markets made it clear that investors were anxious about instability among Wall Street’s biggest banks and brokers and had further concerns regarding the possibility of a broader slowdown. In March, Bear Stearns, teetering on bankruptcy, was acquired by JPMorgan Chase in a government-coordinated deal. Soon after, the Fed cut its benchmark fed funds rate by 75 basis points to support the markets. Congress provided liquidity on the order of $200 to $300 billion to mortgage insurers Fannie Mae and Freddie Mac.

In April and May, investors appeared to believe that the bad news had run its course and stocks began to recover. It proved to be a short-lived spring, however, and the market reversed course in June and July as earnings reports reflected dour outlooks on the economy and uneasiness over the unfolding credit crunch. The ill wind, which had stirred up trouble throughout 2008, accelerated into a full-blown shock wave in the final two months of the period. The “fall” season took on a second meaning as major financial institutions toppled, forcing unprecedented government intervention. In September, the government took over Fannie Mae and Freddie Mac, Lehman Brothers filed for bankruptcy protection, and insurer AIG had to be bailed out. A $700 billion rescue package for financial companies did little to calm investors, and markets continued to decline precipitously throughout October. Despite all this negative news, it’s our belief that once the sell-off frenzy ends and the dust settles, we will be presented with a highly attractive investment landscape where equity valuations are the best they have been since 1990.

Convertible bonds’ fixed-income characteristics typically provide a floor that can cushion losses as the underlying stock declines. During the latter part of the period, however, this fixed-income value was largely ignored in the market place. In recent years, convertible arbitrage hedge funds have used leverage to deliver market performance, borrowing through prime brokers such as the now defunct Bear Stearns, Lehman Brothers and others. As the cost of borrowing and poor performance dramatically increased, it appears many hedge funds could not maintain their leverage and were forced to liquidate portfolios. At the same time, the market makers and the prime brokers also began deleveraging. In the past, the convertible arbitrage community along with traditional market makers would provide liquidity in the convertible market, reducing the spreads. In this way, the convertible market generally benefited. The recent forced liquidation made convertibles uncharacteristically vulnerable to the panic of the stock market. This past

Convertible and High Income Fund
Economic and Market Review ANNUAL REPORT 3

Economic and Market Review

October, in fact, the decline in convertible prices closely matched plunging stock prices. As a result, convertible securities finished the period significantly undervalued. In the past, valuations have reverted back over a period of several quarters to just a few months, so we see an excellent investment opportunity in the convertible market for investors who have an investment horizon beyond the current crisis.

High-yield corporate bonds also struggled. Here again, we believe the beaten-down valuations are largely attributable to forced selling in the financial industry and hedge fund arena. The investment banks and hedge funds are liquidity providers, and during normal times act as efficiency capital to allow markets to function smoothly. Because these liquidity providers are themselves under extreme duress, the entire financial industry is suffering from too much debt and a crisis in capital access and liquidity. There is an abundance of sellers, but buyers are only stepping in at very distressed prices because most have limited capital and, in many cases, are net sellers. We believe this environment offers buyers a long-term opportunity to earn a high return on capital as corporate-bond issuers are forced to pay substantially higher yields. In fact, we have been able to find higher-yielding investments that we believe are well-managed and well-positioned to benefit from long-term secular growth themes.

As the broad market struggled, closed-end funds faced added challenges due to the conditions in the credit markets, specifically the auction rate preferred securities (ARPS) market. Like many other closed-end funds, the Fund had used ARPS as a way to leverage portfolios and potentially increase returns for common shareholders. During the period, the credit crunch which originated in the subprime mortgage sector cascaded across other areas of the credit market, including the ARPS market. However, unlike many other segments of the credit market, the problems in the closed-end fund ARPS market were liquidity-based, and not driven by problematic credit quality or fundamentals.

The events of the past year understandably bring up comparisons to the Great Depression. However, there are significant differences between conditions today and those of the 1930s. The Great Depression started with tight monetary policy, a 33% decline in industrial production and trade tariffs that ground the economy to a halt—all before the banking crisis even hit. Today, the economy is more diversified and benefits from additional safety nets and insurance that did not exist during the 1930s. The Fed and world central bankers seem to be coordinating globally to fend off a deflationary scenario, with liquidity injections occurring on a consistent basis. We would expect additional injections of liquidity in the near future.

While a slow-growth economy may be with us for the near future, we think odds are that the economy eventually will adjust to this financial crisis as in the past. The credit markets need a sign that a bottom has been established in the mortgage-debt market; then, some confidence will be restored. As always, we hold the view that investing is a long-term proposition. Short-term investors view the current environment through a lens of fear. From our long-term perspective, we see bargains cropping up all over the financial markets.

¹ The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Source: Lipper, Inc.

² The Credit Suisse High Yield Index is an unmanaged index of high yield debt securities. Source: Mellon Analytical Solutions, LLC.

³ The Merrill Lynch All U.S. Convertibles Ex. Mandatory Index represents the U.S. convertibles market excluding mandatory convertibles. The index includes 660 issues with a total value of $227 billion. Source: Mellon Analytical Solutions, LLC.

⁴ The Barclays Capital (formerly Lehman Brothers) U.S. Aggregate Index is considered generally representative of the investment-grade bond market. Source: Lipper, Inc.

This report is for informational purposes only and should not be considered investment advice.

  4
Convertible and High Income Fund
ANNUAL REPORT Economic and Market Review

Investment Team Discussion

The Calamos Investment Management Team, led by Co-Chief Investment Officers John P. Calamos, Sr. and Nick P. Calamos, CFA, discusses the Fund’s performance, strategy and positioning during the one-year period ended October 31, 2008.

 TOTAL RETURN*

Common Shares – Inception 05/28/03

			Since
	1 Year		Inception**
On Share Price		-32.59%		-0.17%
On NAV		-39.96%		-0.27%

*Total return measures net investment income and capital gain or loss from portfolio investments, assuming reinvestment of income and capital gains distributions.

**Annualized since inception.

Performance Overview

The underlying portfolio (as represented by net asset value, or NAV) of Calamos Convertible and High Income Fund (CHY) declined 39.96% for the one-year period ended October 31, 2008. In comparison, the Credit Suisse High Yield Index¹ fell 24.59% and the Merrill Lynch All U.S. Convertibles Ex Mandatory Index² dropped 35.36%. On a market price basis, the Fund declined 32.59% assuming reinvestment of distributions.

Throughout the period, the Fund provided shareholders with monthly distributions of at least $0.1219 per share. Although the Fund did reduce its monthly distribution to $0.0850 for November 2008 due to unprecedented market conditions, the current annualized distribution rate (based on the $0.0850 monthly distribution) remains attractive at 11.67% based on the Fund’s closing market price of $8.74 on October 31, 2008. For the fiscal year, the Fund had no return of capital from a tax standpoint. Simply put, this means the Fund earned its distribution through the course of the period despite the challenging circumstances.

 SINCE INCEPTION MARKET PRICE AND NAV HISTORY

DISTRIBUTION HISTORY
(LATEST 12 MONTHS)

Date Paid	Per share
October	$	0.1219
September		0.1219
August		0.1219
July		0.1219
June		0.1219
May		0.1219
April		0.1219
March		0.1219
February		0.1219
January		0.2271
December		0.1219
November		0.1219

Monthly distributions are from net investment income, short-term capital gains and/or long-term capital gains. For more details please go to the Tax Center located at www.calamos.com.

The year ending October 31, 2008, proved to be one of the most challenging market environments in history. In the final months of the period, frozen credit markets, recessionary concerns, bank failures and deleveraging fuelled a widespread and severe retreat across asset classes. Stocks, bonds and convertible securities were all caught up in a ferocious downdraft. In this environment, closed-end funds—including CHY—fell sharply. (For further analysis, please read the Economic and Market Review on page 3.)

The massive deleveraging of hedge funds has exerted significant pricing pressure on convertibles, which represent a significant allocation in this portfolio. We believe the current level of undervaluation within convertibles is extreme and may offer long-term

Convertible and High Income Fund
Investment Team Discussion ANNUAL REPORT 5

Investment Team Discussion

investors compelling opportunities. We are diligently exploring ways to put the valuation opportunity to work.

Specific to the Fund, issue selection within the materials sector hindered performance during the period. Our holdings within the metals & mining industry performed poorly relative to the Credit Suisse High Yield Index. Our selection within the health care sector also detracted value as our names within the life sciences tools & services industry underperformed.

 ASSET ALLOCATION

Fund asset allocations are based on total investments (excluding securities lending collateral) and may vary over time.

 SECTOR ALLOCATION

Consumer Discretionary	18.5	%
Information Technology	15.5	%
Financials	13.5	%
Consumer Staples	10.4	%
Industrials	9.6	%
Energy	9.1	%
Health Care	8.3	%
Materials	8.2	%
Telecommunication Services	3.0	%
Utilities	0.6	%

Sector allocations are based on managed assets and may vary over time.

Regarding financials, our holdings within the insurance and diversified financial services areas were caught up in the general downturn brought on by the deepening credit crisis. Our overweight in financials also hurt performance.

The Fund’s relative security selection and underweight position within the consumer discretionary sector held up better than the sector’s component of the index. Most of the positive difference was due to selection within the media and household durables industries. Strong individual selection within the industrials sector also helped overall performance, as the Fund’s holdings in industrial conglomerates were resistant to the general downturn.

We favor higher-quality, high-yield investments over the more speculative, lower-grade tiers in the universe. Our higher-quality bias was beneficial to overall performance during the period. Our underweight position within the riskiest CCC-rated securities, which turned in the worst performance of all credit-quality tiers, helped returns.

ARPS Update

In June 2008, Calamos redeemed 81.4% of the Fund’s outstanding auction rate preferred securities (ARPS) under a refinancing program. Since then, we have been committed to continuing efforts to gain access to additional debt financing and to pursue other forms of equity financing with the goal of refinancing the remaining outstanding ARPS across the Calamos closed-end funds. With respect to the potential of additional debt financing, utilization of any available debt financing is not currently an option because of the constraints imposed by the Investment Company Act of 1940, which requires coverage of 300% for debt leverage and 200% for equity leverage. As we have previously disclosed, we have submitted an application for exemptive relief to the SEC on behalf of the funds to provide for temporary decrease of coverage to 200% for debt leverage. If such an application is granted, the funds would have the flexibility to refinance the remaining ARPS with debt financing. We are continuously mindful of the need to find a total solution to the ARPS issue, while acting in the best interests of the funds and all shareholders. Please visit the ARPS Information Center on www.calamos.com for the latest developments as they occur.

Portfolio Positioning

Our focus remains on more stable, higher-quality and less-cyclical assets within the higher-yielding investment universe. We continue to find higher-yielding securities that we believe are well positioned to benefit from long-term secular growth trends. As

  6
Convertible and High Income Fund
ANNUAL REPORT Investment Team Discussion

Investment Team Discussion

risk is priced more appropriately, we expect to see more opportunities among below investment-grade issues, perhaps even among the lower tiers. However, we believe that it may be too early to invest in this area as of the time of this writing.

 QUALITY ALLOCATION

Weighted Average Credit Quality	BBB-
AAA	0.0	%
AA	0.5
A	11.4
BBB	22.9
BB	35.4
B	18.4
CCC or below	0.8
Not Rated	10.6

Data is based on portfolio holdings. Credit quality shown reflects the higher of the ratings of Standard & Poor’s Corporation or Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities, options, cash and short-term investments.

Our primary area of focus continues to be within the traditional growth sectors, while maintaining an underweight to the more regulated cyclical areas. While the portfolio is overweight in financials versus the high-yield index, our emphasis is on diversified insurers and the capital markets—and not those lenders who continue to be pressured by questionable loans and write-offs.

As mentioned, our broader opportunity set allows us to invest in high-yield debt, as well as convertible securities. Although convertibles sold off dramatically with hedge fund deleveraging toward the end of the period, convertibles typically provide potential downside protection as well as equity participation. As equilibrium returns to the markets, we believe the use of convertibles will again enhance the risk/reward profile of the Fund. We believe the current level of undervaluation within the convertible market is extreme and we are positioned to take advantage of this opportunity to invest in higher-growth firms at prices that should be very attractive to long-term investors.

It’s important to remember that a convertible bond, on one level, functions as a short-term bond. As long as the issuing company’s credit-worthiness is good and they are making their interest payments, the convertible will be redeemable at par when it matures. This bond-like feature provides a measure of stability. When you consider that convertible bonds are currently steeply discounted as a consequence of the historic sell-off and are, in many instances, trading a fraction of their face value, they are especially attractive at this time.

Throughout the life of the Calamos closed-end funds, leverage has been accretive to the common shareholders. The cost of leverage has been less than the yield and dividend levels of the portfolios, allowing the funds to pay a higher distribution to shareholders. Because of the recent market volatility, we have engaged in moderate deleveraging of the Calamos closed-end funds to ensure compliance with the Investment Company Act of 1940 and the funds’ prospectuses.

¹ The Credit Suisse High Yield Index is an unmanaged index of high yield debt securities. Source: Mellon Analytical Solutions, LLC.

² The Merrill Lynch All U.S. Convertibles Ex Mandatory Index represents the U.S. convertibles market excluding mandatory convertibles. The index includes 660 issues with a total value of $227 billion. Source: Mellon Analytical Solutions, LLC.

Convertible and High Income Fund
Investment Team Discussion ANNUAL REPORT 7

Schedule of Investments

 OCTOBER 31, 2008

PRINCIPAL
AMOUNT				VALUE
CORPORATE BONDS (87.1%)
			Consumer Discretionary (20.9%)
	4,306,000		Asbury Automotive Group, Inc.Ù 7.625%, 03/15/17	$	1,916,170
	931,000		Boyd Gaming Corp.Ù 7.125%, 02/01/16		581,875
	3,724,000		Cooper Tire & Rubber Company 8.000%, 12/15/19		2,066,820
			D.R. Horton, Inc.
	3,724,000		7.875%, 08/15/11		2,941,960
	2,328,000		8.000%, 02/01/09		2,258,160
	1,862,000		9.750%, 09/15/10		1,657,180
	14,291,000		DIRECTV Financing Company, Inc. 8.375%, 03/15/13		13,469,267
	5,866,000		EchoStar Communication 7.125%, 02/01/16		4,736,795
	11,172,000		Expedia, Inc. 7.456%, 08/15/18		8,434,860
	6,308,000		GameStop Corp. 8.000%, 10/01/12		5,882,210
			General Motors Corp.Ù
	6,052,000		7.200%, 01/15/11		2,466,190
	4,469,000		7.125%, 07/15/13		1,530,633
	4,655,000		Goodyear Tire & Rubber Company 7.000%, 03/15/28		2,536,975
	6,750,000		Hanesbrands, Inc.‡ 6.508%, 12/15/14		4,615,312
	8,659,000		Hasbro, Inc. 6.600%, 07/15/28		7,201,578
	4,655,000		Interpublic Group of Companies, Inc. 7.250%, 08/15/11		3,886,925
			J.C. Penney Company, Inc.
	1,397,000		7.650%, 08/15/16		1,167,660
	776,000		9.000%, 08/01/12Ù		699,270
	2,774,000		Jarden Corp.Ù 7.500%, 05/01/17		2,080,500
	2,989,000		Kellwood Company 7.625%, 10/15/17		1,509,445
	3,259,000		Liberty Media Corp.Ù 8.250%, 02/01/30		1,857,630
	3,654,000		Mandalay Resort GroupÙ 7.625%, 07/15/13		1,662,570
	8,640,000		Oxford Industries, Inc. 8.875%, 06/01/11		7,128,000
	884,000		Phillips-Van Heusen Corp. 8.125%, 05/01/13		764,660
	4,655,000		Pulte Homes, Inc. 7.875%, 08/01/11		4,073,125
			Royal Caribbean Cruises, Ltd.
	11,079,000		7.500%, 10/15/27		6,924,375
	2,328,000		7.000%, 06/15/13		1,629,600
			Service Corp. International
	7,914,000		7.500%, 04/01/27		5,520,015
	2,793,000		7.625%, 10/01/18		2,206,470
	1,397,000		Sotheby’s Holdings, Inc.*Ù 7.750%, 06/15/15		831,215
	6,517,000		Toll Brothers, Inc. 8.250%, 12/01/11		5,572,035
	8,007,000		Vail Resorts, Inc. 6.750%, 02/15/14		6,165,390
	1,862,000	GBP	Warner Music Group 8.125%, 04/15/14		1,902,847
					117,877,717
			Consumer Staples (13.2%)
	5,009,000		Alliance One International, Inc. 8.500%, 05/15/12		3,881,975
	13,035,000		Anheuser-Busch Companies, Inc. 5.000%, 03/01/19		9,521,859
	5,121,000		Chattem, Inc. 7.000%, 03/01/14		4,468,072
	5,819,000		Chiquita Brands International, Inc.Ù 8.875%, 12/01/15		4,320,607
	3,724,000		Coca-Cola Company 5.350%, 11/15/17		3,386,270
	4,506,000		Constellation Brands, Inc. 7.250%, 09/01/16		3,762,510
	5,265,000		Del Monte Foods Company 8.625%, 12/15/12		4,791,150
	12,569,000		Kimberly-Clark Corp. 6.125%, 08/01/17		11,736,807
	4,190,000		NBTY, Inc. 7.125%, 10/01/15		3,163,450
			Pilgrim’s Pride Corp.**
	7,402,000		8.375%, 05/01/17		925,250
	2,374,000		7.625%, 05/01/15		819,030
			Reynolds American, Inc.
	6,052,000		7.300%, 07/15/15		5,175,404
	3,724,000		7.625%, 06/01/16		3,059,192
	3,724,000		7.250%, 06/15/37		2,427,728
			Smithfield Foods, Inc.
	9,310,000		7.750%, 07/01/17Ù		5,911,850
	1,862,000		7.750%, 05/15/13		1,256,850
	6,517,000		Sysco Corp.~ 5.250%, 02/12/18		5,542,200
					74,150,204
			Energy (11.4%)
	6,983,000		Arch Western Finance, LLC 6.750%, 07/01/13		5,900,635
	3,538,000		Bristow Group, Inc. 7.500%, 09/15/17		2,671,190
	3,007,000		Chesapeake Energy Corp. 6.875%, 11/15/20		2,142,487

  8
Convertible and High Income Fund
ANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Schedule of Investments

 OCTOBER 31, 2008

PRINCIPAL
AMOUNT				VALUE
	2,328,000		Complete Production Services, Inc. 8.000%, 12/15/16	$	1,594,680
	7,027,000		Dresser-Rand Group, Inc. 7.375%, 11/01/14		5,656,735
	466,000		GulfMark Offshore, Inc. 7.750%, 07/15/14		347,170
	9,310,000		Helix Energy Solutions Group, Inc.* 9.500%, 01/15/16		6,004,950
	2,723,000		Mariner Energy, Inc. 8.000%, 05/15/17		1,620,185
	6,424,000		Petrohawk Energy Corp. 7.125%, 04/01/12		4,946,480
	2,328,000		Petróleo Brasileiro, SA 8.375%, 12/10/18		2,214,862
	7,076,000		Superior Energy Services, Inc. 6.875%, 06/01/14		5,979,220
	2,793,000		Swift Energy Company 7.625%, 07/15/11		2,374,050
	16,293,000		Valero Energy Corp. 7.500%, 06/15/15		14,976,314
	3,324,000		Whiting Petroleum Corp. 7.250%, 05/01/12		2,642,580
	6,471,000		Williams Companies, Inc.~ 7.750%, 06/15/31		4,896,560
					63,968,098
			Financials (8.3%)
			Ford Motor Credit Company, LLC
	7,448,000		8.625%, 11/01/10		4,926,048
	5,819,000		9.875%, 08/10/11		3,668,868
	10,241,000		Host Hotels & Resorts, Inc. 7.125%, 11/01/13		8,090,390
			Leucadia National Corp.
	6,806,000		8.125%, 09/15/15		6,057,340
	5,586,000		7.000%, 08/15/13		4,943,610
	6,517,000		Nuveen Investments, Inc.* 10.500%, 11/15/15		1,938,807
	884,000		Omega Healthcare Investors, Inc. 7.000%, 04/01/14		738,140
			Senior Housing Properties Trust
	4,655,000		8.625%, 01/15/12		4,445,525
	3,289,000		7.875%, 04/15/15Ù		3,239,665
	12,103,000		SLM Corp. 8.450%, 06/15/18		8,653,645
					46,702,038
			Health Care (0.3%)
	1,862,000		Bio-Rad Laboratories, Inc. 7.500%, 08/15/13		1,647,870
			Industrials (9.3%)
	5,586,000		American Airlines, Inc. 7.250%, 02/05/09		5,509,192
	996,000		Belden, Inc. 7.000%, 03/15/17		766,920
	8,379,000		Caterpillar, Inc. 5.450%, 04/15/18		6,907,053
	1,778,000		Deluxe Corp. 7.375%, 06/01/15		1,191,260
	14,897,000		Esterline Technologies Corp.Ù 7.750%, 06/15/13		13,034,875
	931,000		FTI Consulting, Inc. 7.625%, 06/15/13		891,433
	3,259,000		Gardner Denver, Inc. 8.000%, 05/01/13		2,981,985
	1,397,000		GATX Corp. 8.875%, 06/01/09		1,397,000
	1,741,000		H&E Equipment Service, Inc. 8.375%, 07/15/16		931,435
	5,493,000		Interline Brands, Inc. 8.125%, 06/15/14		4,257,075
	1,862,000	GBP	Iron Mountain, Inc.* 7.250%, 04/15/14		2,097,626
			Terex Corp.
	6,517,000		8.000%, 11/15/17Ù		4,855,165
	1,764,000		7.375%, 01/15/14		1,375,920
	2,095,000		Trinity Industries, Inc. 6.500%, 03/15/14		1,749,325
	1,862,000		Wesco Distribution, Inc. 7.500%, 10/15/17		1,349,950
	3,724,000		Westinghouse Air Brake Technologies Corp. 6.875%, 07/31/13		3,295,740
					52,591,954
			Information Technology (11.0%)
			Amkor Technology, Inc.
	9,590,000		9.250%, 06/01/16Ù		5,754,000
	2,793,000		7.750%, 05/15/13		1,742,134
	4,655,000		Anixter International, Inc. 5.950%, 03/01/15		3,398,150
	2,551,000		Arrow Electronics, Inc. 6.875%, 06/01/18		2,107,149
			Celestica, Inc.
	7,914,000		7.625%, 07/01/13		6,449,910
	3,724,000		7.875%, 07/01/11		3,370,220
	1,862,000		Flextronics International, Ltd. 6.500%, 05/15/13		1,461,670
	5,540,000		Freescale Semiconductor, Inc. 8.875%, 12/15/14		2,493,000
	4,655,000		Jabil Circuit, Inc. 8.250%, 03/15/18		3,561,075
	5,586,000		Lender Processing Services, Inc. 8.125%, 07/01/16		4,803,960
	2,793,000		NXP, BV 7.875%, 10/15/14		1,396,500

Convertible and High Income Fund
Schedule of Investments ANNUAL REPORT 9

See accompanying Notes to Schedule of Investments

Schedule of Investments

 OCTOBER 31, 2008

PRINCIPAL
AMOUNT				VALUE
	3,259,000		Seagate Technology 6.800%, 10/01/16	$	2,297,595
	8,845,000		SunGard Data Systems, Inc. 9.125%, 08/15/13		7,385,575
	19,086,000		Xerox Corp. 7.625%, 06/15/13		15,650,520
					61,871,458
			Materials (7.5%)
	1,955,000		Airgas, Inc.* 7.125%, 10/01/18		1,617,763
	4,655,000		Ball Corp. 6.875%, 12/15/12		4,305,875
	2,224,000		Boise Cascade Holdings, LLC 7.125%, 10/15/14		1,256,560
			Ineos Group Holdings, PLC*
	5,586,000	EUR	7.875%, 02/15/16		2,527,470
	931,000		8.500%, 02/15/16Ù		349,125
	3,212,000		Mosaic Company* 7.625%, 12/01/16		2,808,971
	8,379,000		Neenah Paper, Inc. 7.375%, 11/15/14		4,608,450
	2,328,000		P.H. Glatfelter Company 7.125%, 05/01/16		2,141,760
	4,655,000		Sealed Air Corp.* 6.875%, 07/15/33		3,258,500
	2,598,000		Steel Dynamics, Inc.*Ù 7.750%, 04/15/16		1,734,165
	8,845,000		Terra Industries, Inc. 7.000%, 02/01/17		7,562,475
	1,862,000		Texas Industries, Inc. 7.250%, 07/15/13		1,470,980
			Union Carbide Corp.
	4,516,000		7.875%, 04/01/23		3,859,545
	3,026,000		7.500%, 06/01/25		2,383,707
	3,445,000		Westlake Chemical Corp. 6.625%, 01/15/16		2,497,625
					42,382,971
			Telecommunication Services (4.3%)
	5,623,000		CenturyTel, Inc. 6.875%, 01/15/28		3,739,295
	7,635,000		Frontier Communications Corp. 9.000%, 08/15/31		4,161,075
	6,517,000		Leap Wireless International, Inc.Ù 9.375%, 11/01/14		5,327,647
	6,517,000		Qwest Communications International, Inc. 7.750%, 02/15/31		4,203,465
	6,517,000		Sprint Nextel Corp. 7.375%, 08/01/15		3,586,227
	4,190,000		Syniverse Technologies, Inc. 7.750%, 08/15/13		3,372,950
					24,390,659
			Utilities (0.9%)
	6,517,000		Energy Future Holdings Corp.* 10.250%, 11/01/15		5,001,798
			TOTAL CORPORATE BONDS (Cost $656,710,093)		490,584,767
CONVERTIBLE BONDS (27.5%)
			Consumer Discretionary (2.5%)
			Interpublic Group of Companies, Inc.
	5,000,000		4.750%, 03/15/23		3,418,750
	1,000,000		4.250%, 03/15/23		693,750
	13,000,000		Liberty Media Corp. (Time Warner)Δ 3.125%, 03/30/23		8,970,000
	2,320,000		Liberty Media Corp. (Viacom, CBS Corp. - Class B)Δ 3.250%, 03/15/31		896,100
					13,978,600
			Energy (2.0%)
	11,000,000		Chesapeake Energy Corp.Ù 2.250%, 12/15/38		5,513,750
	12,000,000		SeaDrill, Ltd.* 3.625%, 11/08/12		5,640,000
					11,153,750
			Financials (2.0%)
			Health Care REIT, Inc.
	4,270,000		4.750%, 07/15/27Ù		3,891,038
	1,000,000		4.750%, 12/01/26		963,750
	6,000,000		SVB Financial Group* 3.875%, 04/15/11		6,142,500
					10,997,288
			Health Care (5.7%)
	11,500,000		Cubist Pharmaceuticals, Inc. 2.250%, 06/15/13		10,666,250
	20,000,000		Invitrogen Corp. 3.250%, 06/15/25		16,150,000
	7,000,000		Millipore Corp. 3.750%, 06/01/26		5,442,500
					32,258,750
			Industrials (3.5%)
	13,500,000		L-3 Communications Holdings, Inc. 3.000%, 08/01/35		13,162,500
	13,000,000		Trinity Industries, Inc. 3.875%, 06/01/36		6,662,500
					19,825,000
			Information Technology (11.8%)
	10,000,000		Blackboard, Inc. 3.250%, 07/01/27		6,550,000
	7,000,000		Euronet Worldwide, Inc. 3.500%, 10/15/25		4,690,000

  10
Convertible and High Income Fund
ANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Schedule of Investments

 OCTOBER 31, 2008

PRINCIPAL
AMOUNT				VALUE
	14,000,000		Informatica Corp. 3.000%, 03/15/26	$	12,197,500
	41,000,000		Intel Corp. 2.950%, 12/15/35		29,468,750
	21,000,000		Linear Technology Corp. 3.000%, 05/01/27		13,492,500
					66,398,750
			TOTAL CONVERTIBLE BONDS (Cost $219,496,532)		154,612,138
SYNTHETIC CONVERTIBLE SECURITIES (7.6%)
Corporate Bonds (6.5%)
			Consumer Discretionary (1.6%)
	319,000		Asbury Automotive Group, Inc.Ù 7.625%, 03/15/17		141,955
	69,000		Boyd Gaming Corp.Ù 7.125%, 02/01/16		43,125
	276,000		Cooper Tire & Rubber Company 8.000%, 12/15/19		153,180
			D.R. Horton, Inc.
	276,000		7.875%, 08/15/11		218,040
	172,000		8.000%, 02/01/09		166,840
	138,000		9.750%, 09/15/10		122,820
	1,059,000		DIRECTV Financing Company, Inc. 8.375%, 03/15/13		998,107
	434,000		EchoStar Communication 7.125%, 02/01/16		350,455
	828,000		Expedia, Inc. 7.456%, 08/15/18		625,140
	467,000		GameStop Corp. 8.000%, 10/01/12		435,478
			General Motors Corp.Ù
	448,000		7.200%, 01/15/11		182,560
	331,000		7.125%, 07/15/13		113,368
	345,000		Goodyear Tire & Rubber Company 7.000%, 03/15/28		188,025
	500,000		Hanesbrands, Inc.‡ 6.508%, 12/15/14		341,875
	641,000		Hasbro, Inc. 6.600%, 07/15/28		533,111
	345,000		Interpublic Group of Companies, Inc. 7.250%, 08/15/11		288,075
			J.C. Penney Company, Inc.
	103,000		7.650%, 08/15/16		86,091
	58,000		9.000%, 08/01/12Ù		52,265
	206,000		Jarden Corp.Ù 7.500%, 05/01/17		154,500
	221,000		Kellwood Company 7.625%, 10/15/17		111,605
	241,000		Liberty Media Corp.Ù 8.250%, 02/01/30		137,370
	271,000		Mandalay Resort GroupÙ 7.625%, 07/15/13		123,305
	640,000		Oxford Industries, Inc. 8.875%, 06/01/11		528,000
	66,000		Phillips-Van Heusen Corp. 8.125%, 05/01/13		57,090
	345,000		Pulte Homes, Inc. 7.875%, 08/01/11		301,875
			Royal Caribbean Cruises, Ltd.
	821,000		7.500%, 10/15/27		513,125
	172,000		7.000%, 06/15/13		120,400
			Service Corp. International
	586,000		7.500%, 04/01/27		408,735
	207,000		7.625%, 10/01/18		163,530
	103,000		Sotheby’s Holdings, Inc.*Ù 7.750%, 06/15/15		61,285
	483,000		Toll Brothers, Inc. 8.250%, 12/01/11		412,965
	593,000		Vail Resorts, Inc. 6.750%, 02/15/14		456,610
	138,000	GBP	Warner Music Group 8.125%, 04/15/14		141,027
					8,731,932
			Consumer Staples (1.0%)
	371,000		Alliance One International, Inc. 8.500%, 05/15/12		287,525
	965,000		Anheuser-Busch Companies, Inc. 5.000%, 03/01/19		704,917
	379,000		Chattem, Inc. 7.000%, 03/01/14		330,678
	431,000		Chiquita Brands International, Inc.Ù 8.875%, 12/01/15		320,018
	276,000		Coca-Cola Company 5.350%, 11/15/17		250,970
	334,000		Constellation Brands, Inc. 7.250%, 09/01/16		278,890
	390,000		Del Monte Foods Company 8.625%, 12/15/12		354,900
	931,000		Kimberly-Clark Corp. 6.125%, 08/01/17		869,358
	310,000		NBTY, Inc. 7.125%, 10/01/15		234,050
			Pilgrim’s Pride Corp.**
	548,000		8.375%, 05/01/17		68,500
	176,000		7.625%, 05/01/15		60,720
			Reynolds American, Inc.
	448,000		7.300%, 07/15/15		383,110
	276,000		7.625%, 06/01/16		226,728
	276,000		7.250%, 06/15/37		179,928
			Smithfield Foods, Inc.
	690,000		7.750%, 07/01/17Ù		438,150
	138,000		7.750%, 05/15/13		93,150

Convertible and High Income Fund
Schedule of Investments ANNUAL REPORT 11

See accompanying Notes to Schedule of Investments

Schedule of Investments

 OCTOBER 31, 2008

PRINCIPAL
AMOUNT				VALUE
	483,000		Sysco Corp.~ 5.250%, 02/12/18	$	410,754
					5,492,346
			Energy (0.8%)
	517,000		Arch Western Finance, LLC 6.750%, 07/01/13		436,865
	262,000		Bristow Group, Inc. 7.500%, 09/15/17		197,810
	223,000		Chesapeake Energy Corp. 6.875%, 11/15/20		158,887
	172,000		Complete Production Services, Inc. 8.000%, 12/15/16		117,820
	521,000		Dresser-Rand Group, Inc. 7.375%, 11/01/14		419,405
	34,000		GulfMark Offshore, Inc. 7.750%, 07/15/14		25,330
	690,000		Helix Energy Solutions Group, Inc.* 9.500%, 01/15/16		445,050
	202,000		Mariner Energy, Inc. 8.000%, 05/15/17		120,190
	476,000		Petrohawk Energy Corp. 7.125%, 04/01/12		366,520
	172,000		Petróleo Brasileiro, SA 8.375%, 12/10/18		163,641
	524,000		Superior Energy Services, Inc. 6.875%, 06/01/14		442,780
	207,000		Swift Energy Company 7.625%, 07/15/11		175,950
	1,207,000		Valero Energy Corp. 7.500%, 06/15/15		1,109,459
	246,000		Whiting Petroleum Corp. 7.250%, 05/01/12		195,570
	479,000		Williams Companies, Inc.~ 7.750%, 06/15/31		362,456
					4,737,733
			Financials (0.6%)
			Ford Motor Credit Company, LLC
	552,000		8.625%, 11/01/10		365,088
	431,000		9.875%, 08/10/11		271,745
	759,000		Host Hotels & Resorts, Inc. 7.125%, 11/01/13		599,610
			Leucadia National Corp.
	504,000		8.125%, 09/15/15		448,560
	414,000		7.000%, 08/15/13		366,390
	483,000		Nuveen Investments, Inc.* 10.500%, 11/15/15		143,693
	66,000		Omega Healthcare Investors, Inc. 7.000%, 04/01/14		55,110
			Senior Housing Properties Trust
	345,000		8.625%, 01/15/12		329,475
	244,000		7.875%, 04/15/15Ù		240,340
	897,000		SLM Corp. 8.450%, 06/15/18		641,355
					3,461,366
			Health Care (0.0%)
	138,000		Bio-Rad Laboratories, Inc. 7.500%, 08/15/13		122,130
			Industrials (0.7%)
	414,000		American Airlines, Inc. 7.250%, 02/05/09		408,307
	74,000		Belden, Inc. 7.000%, 03/15/17		56,980
	621,000		Caterpillar, Inc. 5.450%, 04/15/18		511,908
	132,000		Deluxe Corp. 7.375%, 06/01/15		88,440
	1,103,000		Esterline Technologies Corp.Ù 7.750%, 06/15/13		965,125
	69,000		FTI Consulting, Inc. 7.625%, 06/15/13		66,068
	241,000		Gardner Denver, Inc. 8.000%, 05/01/13		220,515
	103,000		GATX Corp. 8.875%, 06/01/09		103,000
	129,000		H&E Equipment Service, Inc. 8.375%, 07/15/16		69,015
	407,000		Interline Brands, Inc. 8.125%, 06/15/14		315,425
	138,000	GBP	Iron Mountain, Inc.* 7.250%, 04/15/14		155,463
			Terex Corp.
	483,000		8.000%, 11/15/17Ù		359,835
	131,000		7.375%, 01/15/14		102,180
	155,000		Trinity Industries, Inc. 6.500%, 03/15/14		129,425
	138,000		Wesco Distribution, Inc. 7.500%, 10/15/17		100,050
	276,000		Westinghouse Air Brake Technologies Corp. 6.875%, 07/31/13		244,260
					3,895,996
			Information Technology (0.8%)
			Amkor Technology, Inc.
	710,000		9.250%, 06/01/16Ù		426,000
	207,000		7.750%, 05/15/13		129,116
	345,000		Anixter International, Inc. 5.950%, 03/01/15		251,850
	189,000		Arrow Electronics, Inc. 6.875%, 06/01/18		156,116
			Celestica, Inc.
	586,000		7.625%, 07/01/13		477,590
	276,000		7.875%, 07/01/11		249,780

  12
Convertible and High Income Fund
ANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Schedule of Investments

 OCTOBER 31, 2008

PRINCIPAL
AMOUNT				VALUE
	138,000		Flextronics International, Ltd. 6.500%, 05/15/13	$	108,330
	410,000		Freescale Semiconductor, Inc. 8.875%, 12/15/14		184,500
	345,000		Jabil Circuit, Inc. 8.250%, 03/15/18		263,925
	414,000		Lender Processing Services, Inc. 8.125%, 07/01/16		356,040
	207,000		NXP, BV 7.875%, 10/15/14		103,500
	241,000		Seagate Technology 6.800%, 10/01/16		169,905
	655,000		SunGard Data Systems, Inc. 9.125%, 08/15/13		546,925
	1,414,000		Xerox Corp. 7.625%, 06/15/13		1,159,480
					4,583,057
			Materials (0.6%)
	145,000		Airgas, Inc.* 7.125%, 10/01/18		119,987
	345,000		Ball Corp. 6.875%, 12/15/12		319,125
	165,000		Boise Cascade Holdings, LLC 7.125%, 10/15/14		93,225
			Ineos Group Holdings, PLC*
	414,000	EUR	7.875%, 02/15/16		187,321
	69,000		8.500%, 02/15/16Ù		25,875
	238,000		Mosaic Company* 7.625%, 12/01/16		208,137
	621,000		Neenah Paper, Inc. 7.375%, 11/15/14		341,550
	172,000		P.H. Glatfelter Company 7.125%, 05/01/16		158,240
	345,000		Sealed Air Corp.* 6.875%, 07/15/33		241,500
	192,000		Steel Dynamics, Inc.*Ù 7.750%, 04/15/16		128,160
	655,000		Terra Industries, Inc. 7.000%, 02/01/17		560,025
	138,000		Texas Industries, Inc. 7.250%, 07/15/13		109,020
			Union Carbide Corp.
	334,000		7.875%, 04/01/23		285,449
	224,000		7.500%, 06/01/25		176,454
	255,000		Westlake Chemical Corp. 6.625%, 01/15/16		184,875
					3,138,943
			Telecommunication Services (0.3%)
	417,000		CenturyTel, Inc. 6.875%, 01/15/28		277,305
	565,000		Frontier Communications Corp. 9.000%, 08/15/31		307,925
	483,000		Leap Wireless International, Inc.Ù 9.375%, 11/01/14		394,853
	483,000		Qwest Communications International, Inc. 7.750%, 02/15/31		311,535
	483,000		Sprint Nextel Corp. 7.375%, 08/01/15		265,789
	310,000		Syniverse Technologies, Inc. 7.750%, 08/15/13		249,550
					1,806,957
			Utilities (0.1%)
	483,000		Energy Future Holdings Corp.* 10.250%, 11/01/15		370,702
			TOTAL CORPORATE BONDS		36,341,162
NUMBER OF
CONTRACTS				VALUE
Options (1.1%)
			Consumer Discretionary (0.2%)
	915		Carnival Corp.# Call, 01/16/10, Strike $35.00		263,062
			Nike, Inc. - Class B#
	670		Call, 01/16/10, Strike $60.00		680,050
	550		Call, 01/16/10, Strike $70.00		341,000
	900		Omnicom Group, Inc.# Call, 01/17/09, Strike $50.00		4,500
					1,288,612
			Consumer Staples (0.1%)
	1,060		Coca-Cola Company# Call, 01/17/09, Strike $60.00		18,550
	1,350		Sysco Corp.# Call, 01/16/10, Strike $30.00		371,250
	1,050		Walgreen Company# Call, 01/16/10, Strike $32.50		278,250
					668,050
			Energy (0.0%)
	90		Schlumberger, Ltd.# Call, 01/17/09, Strike $90.00		1,125
			Health Care (0.3%)
			Express Scripts, Inc.#
	650		Call, 01/17/09, Strike $65.00		331,500
	475		Call, 01/16/10, Strike $70.00		456,000
	690		Gilead Sciences, Inc.# Call, 01/16/10, Strike $55.00		407,100
	980		Johnson & Johnson# Call, 01/16/10, Strike $70.00		401,800

Convertible and High Income Fund
Schedule of Investments ANNUAL REPORT 13

See accompanying Notes to Schedule of Investments

Schedule of Investments

 OCTOBER 31, 2008

NUMBER OF
CONTRACTS				VALUE
	700		Medtronic, Inc.# Call, 01/16/10, Strike $50.00	$	203,000
	13,054		Schering-Plough Corp.# Call, 11/22/08, Strike $27.50		32,635
					1,832,035
			Industrials (0.0%)
	530		General Dynamics Corp.# Call, 01/17/09, Strike $90.00		6,625
	720		Honeywell International, Inc.# Call, 01/17/09, Strike $55.00		5,400
					12,025
			Information Technology (0.5%)
	1,030		Accenture, Ltd.# Call, 01/16/10, Strike $40.00		458,350
	860		Adobe Systems, Inc.# Call, 01/16/10, Strike $45.00		139,750
			Apple, Inc.#
	200		Call, 01/17/09, Strike $190.00		3,200
	80		Call, 01/16/10, Strike $170.00		79,200
			Cisco Systems, Inc.#
	1,800		Call, 01/16/10, Strike $25.00		291,600
	1,240		Call, 01/17/09, Strike $27.50		9,300
	1,450		Dell, Inc.# Call, 01/16/10, Strike $25.00		76,850
	2,830		eBay, Inc.# Call, 01/16/10, Strike $25.00		307,055
	60		Google, Inc.# Call, 01/17/09, Strike $710.00		450
	235		Hewlett-Packard Company# Call, 01/17/09, Strike $45.00		32,313
	1,190		Microsoft Corp.# Call, 01/17/09, Strike $35.00		1,785
	3,180		Nokia Corp.# Call, 01/17/09, Strike $40.00		7,950
			Oracle Corp.#
	2,260		Call, 01/17/09, Strike $22.50		113,000
	1,250		Call, 01/16/10, Strike $20.00		384,375
			QUALCOMM, Inc.#
	630		Call, 01/16/10, Strike $45.00		352,800
	525		Call, 01/16/10, Strike $50.00		208,687
	925		SAP, AG# Call, 01/16/10, Strike $60.00		143,375
					2,610,040
			Telecommunication Services (0.0%)
	130		América Móvil, SAB de CV# Call, 01/17/09, Strike $60.00		650
			TOTAL OPTIONS		6,412,537
			TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $71,902,728)		42,753,699
NUMBER OF
SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (21.4%)
			Consumer Discretionary (1.0%)
	8,500		Stanley WorksÙ‡ 5.125%	$	5,378,375
			Consumer Staples (1.9%)
	270,000		Archer Daniels Midland Company 6.250%		7,749,000
	7,500		Bunge, Ltd. 5.125%		2,925,000
					10,674,000
			Financials (6.0%)
	175,000		American International Group, Inc. 8.500%		778,750
	19,500		Bank of America Corp. 7.250%		13,650,000
	390,000		Citigroup, Inc. 6.500%		13,089,375
	525,000		MetLife, Inc. 6.375%		4,551,750
	35,000		Reinsurance Group of America, Inc. 5.750%		1,634,675
					33,704,550
			Health Care (6.5%)
	185	EUR	Bayer, AG* 6.625%		13,782,021
	170,000		Schering-Plough Corp. 6.000%		22,912,600
					36,694,621
			Industrials (1.4%)
	230,000		Avery Dennison Corp. 7.875%		7,826,900
			Materials (4.6%)
	182,500		Freeport-McMoRan Copper & Gold, Inc. 6.750%		8,902,350
	1,750	CHF	Givaudan, SA* 5.375%		11,177,725
	210,000		Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		5,932,500
					26,012,575
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $230,405,395)		120,291,021
COMMON STOCKS (3.2%)
			Consumer Discretionary (2.5%)
	243,502		Amazon.com, Inc.Ù#		13,938,054

  14
Convertible and High Income Fund
ANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Schedule of Investments

 OCTOBER 31, 2008

NUMBER OF
SHARES			VALUE
		Financials (0.7%)
	128,362	MetLife, Inc.	$	4,264,186
		TOTAL COMMON STOCKS (Cost $27,903,140)		18,202,240
NUMBER OF
UNITS			VALUE
STRUCTURED EQUITY-LINKED SECURITIES (3.3%)
		Consumer Discretionary (0.6%)
	230,000	Deutsche Bank, AG (Royal Caribbean Cruises, Ltd.)* 12.000%, 03/27/09		3,412,510
		Energy (0.6%)
	44,000	JPMorgan Chase & Company (Transocean, Inc.)* 12.000%, 12/01/08		3,619,440
		Information Technology (2.1%)
	164,500	Bank of America Corp. (Infosys Technologies, Ltd.)* 12.000%, 02/09/09		4,933,355
	255,000	Deutsche Bank, AG (Dell Inc.)* 12.000%, 02/13/09		3,475,650
	230,000	Goldman Sachs Group, Inc. (Nokia Corp.)* 12.000%, 02/12/09		3,376,400
				11,785,405
		TOTAL STRUCTURED EQUITY-LINKED SECURITIES (Cost $32,565,502)		18,817,355
NUMBER OF
SHARES			VALUE
INVESTMENT IN AFFILIATED FUND (0.5%)
	2,963,305	Calamos Government Money Market Fund - Class I SharesΩ (Cost $2,963,305)		2,963,305
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (6.3%)
	2,217,000	Bank of New York Institutional Cash Reserve Fund Series A		2,217,000
	215,438	Bank of New York Institutional Cash Reserve Fund Series Bπ		—
	31,000,000	Goldman Sachs Financial Square Prime Obligations Fund		31,000,000
	2,000,000	JP Morgan US Government Money Market Fund		2,000,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $35,432,438)		35,217,000
TOTAL INVESTMENTS (156.9%) (Cost $1,277,379,133)				883,441,525
			VALUE
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.3%)			$	(35,432,438	)
LIABILITIES, LESS OTHER ASSETS (-36.4%)				(204,789,169	)
PREFERRED SHARES AT REDEMPTION VALUE INCLUDING DIVIDENDS PAYABLE (-14.2%)				(80,033,308	)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)			$	563,186,610
NUMBER OF
CONTRACTS			VALUE
WRITTEN OPTIONS (-0.6%)
		Financials (-0.6%)
		SPDR Trust Series 1#
	1,850	Call, 01/17/09, Strike $98.00		(1,429,125	)
	1,475	Call, 12/20/08, Strike $103.00		(604,750	)
	850	Call, 12/20/08, Strike $95.00		(707,625	)
	600	Call, 03/21/09, Strike $94.00		(723,000	)
				(3,464,500	)
		Health Care (-0.0%)
	13,054	Schering-Plough Corp.# Call, 11/22/08, Strike $20.00		(65,270	)
		TOTAL WRITTEN OPTIONS (Cost $4,674,090)		(3,529,770	)

NOTES TO SCHEDULE OF INVESTMENTS

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted or excepted from such registration requirements. At October 31, 2008, the value of 144A securities that could not be exchanged to the registered form is $33,802,735 or 6.0% of net assets applicable to common shareholders.
Ù	Security, or portion of security, is on loan.
#	Non-income producing security.
Δ	Securities exchangeable or convertible into securities of one or more entities different than the issuer. Each entity is identified in the parenthetical.
‡	Variable rate or step bond security. The rate shown is the rate in effect at October 31, 2008.
~	Security, or portion of security, is held in a segregated account as collateral for written options aggregating a total market value of $11,211,970.
Ω	Investment in an affiliated fund. During the period from November 1, 2007, through October 31, 2008, the fund had net redemptions of $66,820,391 and received $823,294 in dividend payments from the affiliated fund. As of October 31, 2007, the fund had holdings of $69,783,696 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B, filed for bankruptcy protection.
**	On December 1, 2008, Pilgrim’s Pride Corp. filed for bankruptcy protection.

FOREIGN CURRENCY ABBREVIATIONS

CHF	Swiss Franc
EUR	European Monetary Unit
GBP	British Pound Sterling

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date shown on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

Convertible and High Income Fund
Schedule of Investments ANNUAL REPORT 15

See accompanying Notes to Financial Statements

Statement of Assets and Liabilities

October 31, 2008
ASSETS
Investments in securities, at value* (cost $1,274,415,828)	$	880,478,220
Investments in affiliated fund (cost $2,963,305)		2,963,305
Cash with custodian (interest bearing)		1,616
Receivable for investments sold		7,465,503
Accrued interest and dividends receivables		20,620,708
Prepaid expenses		3,626,025
Other assets		49,769
Total assets		915,205,146
LIABILITIES
Options written, at value (premium $4,674,090)		3,529,770
Payables:
Cash collateral for securities on loan		35,432,438
Note payable		231,000,000
Affiliates:
Investment advisory fees		627,158
Deferred compensation to trustees		49,769
Financial accounting fees		9,709
Trustees’ fees and officer compensation		579
Accounts payable and accrued liabilities		1,335,805
Total liabilities		271,985,228
PREFERRED SHARES
$25,000 liquidation value per share applicable to 3,200 shares, including dividends payable		80,033,308
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	563,186,610
COMPOSITION OF NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Common stock, no par value, unlimited shares authorized 67,837,867 shares issued and outstanding	$	972,490,821
Undistributed net investment income (loss)		(7,341,709	)
Accumulated net realized gain (loss) on investments, written options, foreign currency transactions and interest rate swaps		(9,049,870	)
Net unrealized appreciation (depreciation) on investments, written options, foreign currency translations and interest rate swaps		(392,912,632	)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	563,186,610
Net asset value per common share based on 67,837,867 shares issued and outstanding	$	8.30

* Including securities on loan with a value of $33,427,596.

  16
Convertible and High Income Fund
ANNUAL REPORT Statement of Assets and Liabilities

See accompanying Notes to Financial Statements

Statement of Operations

Year Ended October 31, 2008
INVESTMENT INCOME
Interest	$	73,565,174
Dividends		13,158,321
Dividends from affiliates		823,294
Securities lending income		335,961
Total investment income		87,882,750
EXPENSES
Investment advisory fees		10,663,964
Financial accounting fees		150,857
Auction agent and rating agency fees		771,437
Accounting fees		76,581
Printing and mailing fees		144,074
Custodian fees		12,983
Registration fees		63,202
Audit and legal fees		297,060
Trustees’ fees and officer compensation		71,734
Transfer agent fees		33,942
Investor support services		26,461
Interest expense and fees		5,600,273
Other		620,796
Total expenses		18,533,364
Less expense reductions		(1,224,250	)
Net expenses		17,309,114
NET INVESTMENT INCOME (LOSS)		70,573,636
REALIZED AND UNREALIZED GAIN(LOSS) FROM INVESTMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY AND INTEREST RATE SWAPS
Net realized gain (loss) from:
Investments		18,180,501
Written options		(203,527	)
Foreign currency transactions		285,890
Interest rate swaps		(336,890	)
Change in net unrealized appreciation/depreciation on:
Investments		(466,650,272	)
Written options		1,144,320
Foreign currency translations		(194,411	)
Interest rate swaps		(894,518	)
NET REALIZED AND UNREALIZED GAIN(LOSS) FROM INVESTMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY AND INTEREST RATE SWAPS		(448,668,907	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(378,095,271	)
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM
Net investment income		(7,932,453	)
Capital gains		(4,400,322	)
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	(390,428,046	)

Convertible and High Income Fund
Statement of Operations ANNUAL REPORT 17

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	Year Ended			Year Ended
	October 31,			October 31,
	2008			2007
OPERATIONS
Net investment income (loss)	$	70,573,636		$	85,506,505
Net realized gain (loss) from investments in securities, written options, foreign currency transactions and interest rate swaps		17,925,974			48,032,495
Change in net unrealized appreciation/depreciation on investments, written options, foreign currency translations and interest rate swaps		(466,594,881	)		2,268,988
Distributions to preferred shareholders from:
Net investment income		(7,932,453	)		(20,350,371	)
Capital gains		(4,400,322	)		(2,104,505	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		(390,428,046	)		113,353,112
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM
Net investment income		(90,494,947	)		(81,853,589	)
Capital gains		(15,309,718	)		(17,926,693	)
Net decrease in net assets from distributions to common shareholders		(105,804,665	)		(99,780,282	)
CAPITAL STOCK TRANSACTIONS
Proceeds from common shares sold		1,576,989			—
Offering costs related to common shares sold		(192,745	)		—
Reinvestment of distributions resulting in the issuance of common stock		3,420,910			10,300,805
Net increase (decrease) in net assets from capital stock transactions		4,805,154			10,300,805
TOTAL INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS		(491,427,557	)		23,873,635
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Beginning of period	$	1,054,614,167		$	1,030,740,532
End of period		563,186,610			1,054,614,167
Undistributed net investment income (loss)	$	(7,341,709	)	$	(6,530,678	)

  18
Convertible and High Income Fund
ANNUAL REPORT Statements of Changes in Net Assets

See accompanying Notes to Financial Statements

Statement of Cash Flows

Year Ended October 31, 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(378,095,271	)
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash used in operating activities:
Change in unrealized appreciation or depreciation on interest rate swaps		894,518
Written options		3,529,770
Purchase of investment securities		(910,502,456	)
Proceeds from disposition of investment securities		1,002,461,421
Amortization and accretion of fixed-income securities		(2,656,294	)
Purchase of short term investments, net		66,820,391
Net realized gains from investments		(18,180,501	)
Change in unrealized appreciation or depreciation on investments		466,650,272
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		4,252,688
Restricted cash for open options (interest bearing)		150,000
Prepaid expenses		(3,559,129	)
Collateral for securities loaned		100,038,562
Other assets		4,804
Increase/(decrease) in liabilities:
Payables to affiliates		(249,946	)
Payable upon return of securities loaned		(100,038,562	)
Accounts payable and accrued liabilities		1,014,292
Net cash provided by/(used in) operating activities	$	232,534,559
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common shares sold		1,576,989
Offering costs related to common shares sold		(118,445	)
Distributions to common shareholders		(102,383,755	)
Distributions to preferred shareholders		(12,609,962	)
Proceeds from issuance of note payable		350,000,000
Repayments of note payable		(119,000,000	)
Redemption of preferred shares		(350,000,000	)
Net cash provided by/(used in) financing activities	$	(232,535,173	)
Net increase/(decrease) in cash and cash equivalents	$	(614	)
Cash at beginning of the year	$	2,230
Cash at end of the year	$	1,616
Supplemental disclosure
Cash paid for interest		3,186,568

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $3,420,910.

Convertible and High Income Fund
Statement of Cash Flows ANNUAL REPORT 19

See accompanying Notes to Financial Statements

Notes to Financial Statements

NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization. Calamos Convertible and High Income Fund (the ”Fund”) was organized as a Delaware statutory trust on March 12, 2003 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on May 28, 2003.

The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund invests at least 80% of its managed assets in a diversified portfolio of convertible and non-convertible income securities. “Manage assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

Portfolio Valuation. The valuation of the Fund’s portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the last current reported sales price at the time a Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV.

When a most recent last sale or closing price is not available, portfolio securities, other than option securities, that are traded on a U.S. securities exchange and other securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

  20
Convertible and High Income Fund
ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Investment Transactions. Investment transactions are recorded on a trade date basis as of October 31, 2008. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

Option Transactions. For hedging and investment purposes, each Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a written put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

Allocation of Expenses Among Funds. Expenses directly attributable to the Fund are charged to the Fund; other expenses of Calamos Advisors Trust, Calamos Investment Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund are allocated proportionately among each fund in relation to the net assets of each fund or on another reasonable basis.

Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

Convertible and High Income Fund
Notes to Financial Statements ANNUAL REPORT 21

Notes to Financial Statements

Income Taxes. No provision has been made for U.S. income taxes because the Fund’s policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of its taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these “book/tax” differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting on fixed income securities. The financial statements are not adjusted for temporary differences.

The Fund recognized no liability for unrecognized tax benefits in connection with Financial Accounting Standards Board (FASB) Interpretation No. 48 Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2005 – 2007 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

Indemnifications. Under the Fund’s organizational documents, the Fund is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Fund. In addition, in the normal course of business, the Fund may enter into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund’s management expects the risk of material loss in connection to a potential claim to be remote.

New Accounting Pronouncements. In September 2006, the Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The Fund will adopt SFAS 157 on November 1, 2008 and the Fund’s disclosure in the Notes to the Financial Statements on fair value measurement will be expanded. Management believes there will be no impact with the adoption of SFAS 157 on the Fund’s financial statements and their disclosures.

In addition, in March 2008, the Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires that objectives for using derivative instruments be disclosed in terms of underlying risk and accounting designation. Management is in the process of evaluating the impact the adoption of SFAS 161 will have on the Fund’s financial statement disclosures.

NOTE 2 – INVESTMENT ADVISOR AND TRANSACTIONS WITH AFFILIATES OR CERTAIN OTHER PARTIES

Pursuant to an investment advisory agreement with Calamos Advisors LLC (“Calamos Advisors”), the Fund pays an annual fee, payable monthly, equal to 0.80% based on the average weekly managed assets. Calamos Advisors has contractually agreed to waive a portion of its management fee at the annual rate of 0.07% of the average weekly managed assets of the Fund (through May 31, 2009) and to waive a declining amount for two additional years (0.05% of the average weekly managed assets in 2010, and 0.03% in 2011). For the year ended October 31, 2008, the total advisory fee waived pursuant to such agreement was $1,175,274 and is included in the Statement of Operations under the caption “Less expense reductions”.

Calamos Advisors has contractually agreed to waive a portion of its advisory fee charged to the Fund on the Fund’s investments in the Calamos Government Money Market Fund (“GMMF,” an affiliated fund and a series of Calamos Investment Trust), equal to the advisory fee attributable to the Fund’s investment in GMMF, based on daily net assets. For the year ended October 31, 2008, the total advisory fee waived pursuant to such agreement was $48,976 and is included in the Statement of Operations under the caption “Less expense reductions”.

  22
Convertible and High Income Fund
ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

Pursuant to a financial accounting services agreement, Calamos Advisors receives a fee for financial accounting services payable monthly at the annual rate of 0.0175% on the first $1 billion of combined assets; 0.0150% on the next $1 billion of combined assets and 0.0110% on combined assets above $2 billion (for purposes of this calculation “combined assets” means the sum of the total average daily net assets of Calamos Investment Trust, Calamos Advisors Trust, and the total average weekly managed assets of Calamos Convertible and High Income Fund, Calamos Convertible Opportunities and Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, and Calamos Global Dynamic Income Fund). “Managed assets” means a Funds’ total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage). Financial accounting services include, but are not limited to, the following: managing expenses and expenses payment processing; monitoring the calculation of expense accrual amounts; calculating, tracking and reporting tax adjustments on all assets and monitoring trustee deferred compensation plan accruals and valuations. The Fund pays its pro rata share of the financial accounting services fee payable to Calamos Advisors based on its relative portion of combined assets used in calculating the fee.

The Fund reimburses Calamos Advisors for a portion of compensation paid to the Fund’s Chief Compliance Officer. This compensation is reported as part of “Trustees’ fee and officer compensation” expenses on the Statement of Operations.

A trustee and certain officers of the Fund are also officers and directors of Calamos Financial Services LLC (“CFS”) and Calamos Advisors. Such trustee and officers serve without direct compensation from the Fund.

The Fund has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) of the Fund and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Fund. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amount deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of Calamos Investment Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. Deferred compensation investments of $49,769 are included in “Other assets” on the Statement of Assets and Liabilities at October 31, 2008. The Fund’s obligation to make payments under the Plan is a general obligation of the Fund and is included in “Payable for deferred compensation to Trustees” on the Statement of Assets and Liabilities at October 31, 2008.

NOTE 3 – INVESTMENTS

Purchases and sales of investments, other than short-term investments, for the year ended October 31, 2008 were as follows:

Purchases	$	686,873,317
Proceeds from sales		852,913,768

The following information is presented on a federal income tax basis as of October 31, 2008. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at October 31, 2008 was as follows:

Cost basis of investments	$	1,301,267,108
Gross unrealized appreciation		(1,055,310	)
Gross unrealized depreciation		(416,770,273	)
Net unrealized appreciation (depreciation)	$	(417,825,583	)

Convertible and High Income Fund
Notes to Financial Statements ANNUAL REPORT 23

Notes to Financial Statements

NOTE 4 – INCOME TAXES

For the year ended October 31 2008, the Fund recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.

Paid-in capital	$	—
Undistributed net investment income/(loss)		27,042,733
Accumulated net realized gain/(loss) on investments, short positions, written options, foreign currency transactions and swaps		(27,042,733	)

Distributions during the fiscal year ended October 31, 2007 and October 31, 2008 were characterized for federal income tax purposes as follows:

	2008		2007
Distributions paid from:
Ordinary income	$	98,187,009	$	102,212,336
Long-term capital gains		20,227,620		20,031,198

As of October 31, 2008, the components of accumulated earnings/(loss) on a tax basis were as follows:

Undistributed ordinary income	$	6,449,764
Undistributed capital gains		1,160,756
Total undistributed earnings		7,610,520
Accumulated capital and other losses		—
Net unrealized gains/(losses)		(416,800,607	)
Total accumulated earnings/(losses)		(409,190,087	)
Other		(114,124	)
Paid-in capital		972,490,821
Net assets applicable to common shareholders	$	563,186,610

NOTE 5 – COMMON SHARES

There are unlimited common shares of beneficial interest authorized and 67,837,867 shares outstanding at October 31, 2008. Calamos Advisors owned 0 of the outstanding shares at October 31, 2008. Transactions in common shares were as follows:

	Year Ended		Year Ended
	October 31, 2008		October 31, 2007
Beginning shares		67,413,993		66,769,999
Shares sold due to secondary offering		125,893		—
Shares issued through reinvestment of distribution		297,981		643,994
Ending shares		67,837,867		67,413,993

NOTE 6 – FORWARD FOREIGN CURRENCY CONTRACTS

The Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to U.S. dollar and the ability of the counterparty to perform. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward exchange rates and an unrealized gain or loss is recorded. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward currency contracts at October 31, 2008.

  24
Convertible and High Income Fund
ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

NOTE 7 – PREFERRED SHARES

There are unlimited shares of Auction Rate Cumulative Preferred Shares (“Preferred Shares”) authorized. The Preferred Shares have rights as determined by the board of trustees. The 3,200 shares of Preferred Shares outstanding consist of six series, 558 shares of M, 558 shares of TU, 558 shares of W, 558 shares of TH, 558 shares of F, and 410 shares of A. The Preferred Shares have a liquidation value of $25,000 per share plus any accumulated but unpaid dividends, whether or not declared.

Dividends on the Preferred Shares are cumulative at a rate typically reset every seven or twenty-eight days based on the results of an auction. Dividend rates ranged from 1.44% to 5.91% for the year ended October 31, 2008. Under the 1940 Act, the Fund may not declare dividends or make other distributions on its common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares would be less than 200%.

If all holders of Preferred Shares who want to sell their shares are unable to do so because there are insufficient bidders in the auction at rates below the maximum rate as prescribed by the terms of the security, a failed auction results. When an auction fails, all holders receive the maximum rate and may be unable to sell their shares at the next auction. The maximum applicable rate on preferred shares is 150% of the “AA” Financial Commercial Paper Rate.

During the period February 12, 2008 to October 31, 2008, the auctions for the Preferred Shares of the Fund were not successful. As a result, the Preferred Share dividend rates were reset to the maximum applicable rate which is 150% of the “AA” Financial Commercial Paper Rate. Failed auctions result not from an event of default or a credit issue but a liquidity event.

The Preferred Shares are redeemable at the Fund’s option, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated but unpaid dividends. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated but unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of the Fund as set forth in the Statement of Preferences are not satisfied.

The holders of Preferred Shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class except on matters affecting only the holders of Preferred Shares or only the holders of common shares, when the respective classes vote alone.

On May 15, 2008 the Fund’s Board approved the redemptions of 14,000 of the 17,200 Preferred Shares outstanding. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends (an aggregate price of $350,298,277).

NOTE 8 – BORROWINGS

The Fund has entered into a Revolving Credit and Security Agreement (the Agreement) with conduit lenders and a bank that allows it to borrow up to an initial limit of $413.4 million. The Agreement has an initial maturity of May 13, 2009. The Fund may request that the lenders extend the availability of the Agreement for up to two years, in one-year increments. Borrowings under the Agreement are secured by assets of the Fund. Interest is charged at a rate above the conduits’ commercial paper issuance rate and is payable monthly. Under the current terms of the Agreement, the Fund also pays a program fee on its outstanding borrowings to administer the facility and a liquidity fee on the total borrowing limit. Program and liquidity fees for the year ended October 31, 2008 totaled $1,605,986 and are included in interest expense and fees in the Statement of Operations. For the year ended October 31, 2008, the average borrowings under the Agreement and the average interest rate were $325,705,592 and 2.93%, respectively. As of October 31, 2008, the amount of such outstanding borrowings was $231,000,000. The interest rate applicable to the borrowings on October 31, 2008 was 3.47%.

NOTE 9 – INTEREST RATE TRANSACTIONS

The Fund may engage in swaps primarily to manage duration and yield curve risk, or as alternatives to direct investments. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statement of Assets and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized gains or losses in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic

Convertible and High Income Fund
Notes to Financial Statements ANNUAL REPORT 25

Notes to Financial Statements

payment or termination of the swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller.

Premiums paid to or by the Fund are accrued daily and included in realized gain (loss) when paid on swaps in the accompanying Statement of Operations. The contracts are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the contract. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the contracts.

If the Fund is required to terminate any swap or cap early due to the Fund failing to maintain a required 200% asset coverage of the liquidation value of the outstanding Preferred Shares or the Fund loses its credit rating on its Preferred Shares, then the Fund could be required to make a termination payment, in addition to redeeming all or some of the Preferred Shares.

NOTE 10 – WRITTEN OPTIONS TRANSACTIONS

The Fund may engage in option transactions and in doing so achieve the similar objectives to what it would achieve through the sale or purchase of individual securities. For the fiscal year ended October 31, 2008, the Fund had the following transactions in options written:

	Number of Contracts			Premiums Received
Options outstanding at October 31, 2007		—		$	—
Options written		108,550			75,467,868
Options closed		(90,721	)		(70,793,778	)
Options expired		—			—
Options exercised		—			—
Options outstanding at October 31, 2008		17,829		$	4,674,090

NOTE 11 – SECURITIES LENDING

The Fund may loan one or more of its securities to broker-dealers and banks. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Fund continues to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. Upon receipt of cash or cash equivalent collateral, the Fund’s securities lending agent invests the collateral into short term investments following investment guidelines approved by Calamos Advisors. The Fund records the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Fund will record unrealized depreciation equal to the decline in value of the invested collateral. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund has the right to call a loan and obtain the securities loaned at any time on notice of not less than five business days. The Fund does not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Fund’s security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which the Fund lends securities. At October 31, 2008, the Fund held securities valued at $33,427,597 on loan to broker-dealers and banks and held $35,432,438 in cash or cash equivalent collateral.

  26
Convertible and High Income Fund
ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

On September 15^th, 2008, Lehman Brothers Holdings, Inc. (LBHI) and certain of its affiliates sought protection under the insolvency laws of their jurisdictions of organization, including the United States, the United Kingdom, and Japan. The Bank of New York Institutional Cash Reserve Fund (“BNY Institutional Cash Reserve Fund”), an investment vehicle utilized by the Fund for securities lending collateral investment, had exposure to LBHI debt. The BNY Institutional Cash Reserve Fund subsequently distributed Series B shares of the BNY Institutional Cash Reserve Fund to investors with positions as of September 15, 2008. The Series B shares were allocated based upon the LBHI exposure and the respective investment in the BNY Institutional Cash Reserve Fund. Series B holdings consist entirely of BNY Institutional Cash Reserve Fund LBHI debt. The Fund’s holdings of the Series B shares are disclosed on the Schedule of Investments. The Fund recognized an unrealized loss equal to one dollar for each Series B share held.

NOTE 12 – SYNTHETIC CONVERTIBLE INSTRUMENTS

The Fund may establish a ”synthetic” convertible instrument by combining separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (”fixed-income component”), which may be a convertible or non-convertible security and the right to acquire equity securities (”convertible component”). The fixed-income component is achieved by investing in fixed income securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic instrument, the Fund may pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Fund may also purchase synthetic securities created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible securities may offer more flexibility than purchasing a convertible security.

NOTE 13 – STRUCTURED EQUITY LINKED SECURITIES

The Fund may also invest in structured equity-linked securities created by third parties, typically investment banks. Structured equity linked securities created by such parties may be designed to simulate the characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Traditional convertible securities typically offer stable cash flows with the ability to participate in capital appreciation of the underlying common stock. Because traditional convertible securities are exercisable at the option of the holder, the holder is protected against downside risk. Structured equity-linked securities may alter these characteristics by offering enhanced yields in exchange for reduced capital appreciation or less downside protection, or any combination of these features. Structured equity-linked instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations of securities and instruments, such as a debt instrument combined with a forward contract. Cash flows received from these securities are recorded as dividends on the Statement of Operations.

Convertible and High Income Fund
Notes to Financial Statements ANNUAL REPORT 27

Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	For the Year Ended October 31
	2008			2007			2006			2005			2004
Net asset value, beginning of period		$15.64			$15.44			$15.21			$15.47			$14.80
Income from investment operations:
Net investment income (loss)		1.05	*		1.27	*		1.34			1.49			1.60
Net realized and unrealized gain (loss) from investments, written options, foreign currency and interest rate swaps		(6.63	)		0.75			0.75			(0.09	)		0.63
Distributions to preferred shareholders from:
Net investment income (common share equivalent basis)		(0.12	)		(0.30	)		(0.29	)		(0.20	)		(0.10	)
Capital gains (common share equivalent basis)		(0.07	)		(0.03	)		(0.02	)		—			—
Total from investment operations		(5.77	)		1.69			1.78			1.20			2.13
Less distributions to common shareholders from:
Net investment income		(1.34	)		(1.22	)		(1.29	)		(1.34	)		(1.46	)
Capital gains		(0.23	)		(0.27	)		(0.26	)		(0.12	)		—
Capital charge resulting from issuance of common and preferred shares		—	**		—			—	**		—			—
Net asset value, end of period		$8.30			$15.64			$15.44			$15.21			$15.47
Market value, end of period		$8.74			$14.67			$16.98			$15.52			$16.74
Total investment return based on(a):
Net asset value		(39.96	)%		11.31	%		12.16	%		7.99	%		14.91	%
Market value		(32.59	)%		(5.06	)%		20.88	%		1.83	%		15.02	%
Ratios and supplemental data:
Net assets applicable to common shareholders, end of period (000’s omitted)		$563,187			$1,054,614			$1,030,741			$940,736			$945,037
Preferred shares, at redemption value ($25,000 per share liquidation preference) (000’s omitted)		$80,000			$430,000			$430,000			$430,000			$430,000
Ratios to average net assets applicable to common shareholders:
Net expenses(b)		1.91	%		1.18	%		1.20	%		1.23	%		1.25	%
Gross expenses prior to expense reductions and earnings credits(b)		2.04	%		1.33	%		1.34	%		1.38	%		1.40	%
Net investment income (loss)(b)		7.77	%		8.20	%		8.76	%		9.55	%		10.56	%
Preferred share distributions		0.87	%		1.95	%		1.88	%		1.30	%		0.65	%
Net investment income (loss), net of preferred share distributions from net investment income(b)		6.90	%		6.25	%		6.88	%		8.25	%		9.91	%
Portfolio turnover rate		55	%		57	%		38	%		55	%		27	%
Asset coverage per preferred share, at end of period(c)		$201,006			$86,333			$84,945			$79,708			$79,952
Asset coverage per $1,000 of loan outstanding(d)		3,438

*	Net investment income allocated based on average shares method.
**	Amount equated to less than $0.005 per common share.
(a)	Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions.
(b)	Does not reflect the effect of dividend payments to Preferred Shareholders.
(c)	Calculated by subtracting the Fund’s total liabilities (not including Preferred Shares) from the Fund’s total assets and dividing this by the number of Preferred Shares outstanding.
(d)	Calculated by subtracting the Fund’s total liabilities (not including note payable) and preferred shares from the Fund’s total assets and dividing this by the Note payable outstanding.

  28
Convertible and High Income Fund
ANNUAL REPORT Financial Highlights

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Calamos Convertible and High Income Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calamos Convertible and High Income Fund (the “Fund”) as of October 31, 2008, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years then ended, and the financial highlights for each of the five years then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008, by correspondence with the Fund’s custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of October 31, 2008, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for each of the five years then ended, in conformity with accounting principles generally accepted in the United States of America.

Chicago, Illinois

December 18, 2008

Convertible and High Income Fund
Report of Independent Registered Public Accounting Firm ANNUAL REPORT 29

Trustee Approval of Management Agreement (unaudited)

The Board of Trustees of the Fund oversees the management of the Fund, and, as required by law, determines annually whether to continue the Fund’s management agreement with Calamos Advisors under which Calamos Advisors serves as the investment manager and administrator for the Fund. The “Independent Trustees,” who comprise more than 80% of the Board, have never been affiliated with Calamos Advisors.

In connection with their most recent consideration regarding the continuation of the management agreement, the Trustees received and reviewed a substantial amount of information provided by Calamos Advisors in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of Calamos Advisors, they met separately in executive session with their counsel.

At a meeting held on June 4, 2008, based on their evaluation of the information referred to above and other information, the Trustees determined that the overall arrangements between the Fund and Calamos Advisors were fair and reasonable in light of the nature, extent and quality of the services provided by Calamos Advisors and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement through July 31, 2009, subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreement, the Board considered, among other things: (i) the nature, quality and extent of the Adviser’s services, (ii) the investment performance of the Fund as well as performance information for comparable funds, (iii) the fees and other expenses paid by the Fund as well as expense information for comparable funds, (iv) the profitability of the Adviser and its affiliates from their relationship with the Fund, (v) whether economies of scale may be realized as the Fund grows and whether fee levels share with Fund investors economies of scale and (vi) other benefits to the Adviser from its relationship with the Fund. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the management agreements.

Nature, Extent and Quality of Services

The Board’s consideration of the nature, extent and quality of the Adviser’s services to the Fund took into account the knowledge gained from the Board’s meetings with the Adviser throughout the prior year. In addition, the Board considered: the Adviser’s long-term history of care and conscientiousness in the management of the Fund; the consistency of investment approach; the background and experience of the Adviser’s investment personnel responsible for managing the Fund; the Adviser’s performance as administrator of the Fund, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications; and frequent favorable recognition of the Adviser and various Calamos Funds in the media and in industry publications. The Board also reviewed the Adviser’s resources and key personnel involved in providing investment management services to the Fund, including the time that investment personnel devote to the Fund and the investment results produced by the Adviser’s in-house research. The Board also noted the significant personal investments that the Adviser’s personnel have made in the Fund, which further aligns the interests of the Adviser and its personnel with those of the Fund’s shareholders. The Board concluded that the nature, extent and quality of the services provided by the Adviser to the Fund were appropriate and consistent with the management agreements and that the Fund was likely to continue to benefit from services provided under its management agreement with the Adviser.

Investment Performance of the Fund

The Board considered the Fund’s investment performance over various time periods, including how the Fund performed compared to the performance of a group of comparable funds selected by Lipper, Inc., an independent data service provider, and especially the median performance of that group (the Fund’s “Universe Median”).

  30
Convertible and High Income Fund
ANNUAL REPORT Trustee Approval of Management Agreement

Trustee Approval of Management Agreement (unaudited)

The Board considered the Fund’s net asset value performance, noting that the Fund outperformed its Universe Median during the one-year period and performed consistently with its Universe Median during the three-year period.

The trustees concluded that the investment performance of the Fund over various time periods supported a finding that continuation of the management agreement for the Fund was in the best interest of the Fund and its shareholders.

Costs of Services Provided and Profits Realized by the Adviser

Using information provided by Lipper, the Board evaluated the Fund’s management fee rate compared to the management fee rates for other mutual funds similar in size, character and investment strategy (the Fund’s “Expense Group”), and the Fund’s total expense ratio compared to the total expense ratios of the funds in the Fund’s Expense Group.

The Board considered that the Fund’s management fee rate after reimbursement is lower than the median of the Fund’s Expense Group. The Board also noted that the Fund’s total expense ratio after reimbursement is lower than the median of the Fund’s Expense Group.

The Board also reviewed the Adviser’s management fee rates for its institutional separate accounts and for its sub-advised funds (for which the Adviser provides portfolio management services only). The Board noted that, although in most instances, the rates of fees paid by those clients were lower than the rates of fees paid by the Fund, the differences reflected the Adviser’s significantly greater level of responsibilities and broader scope of services regarding the Fund, and the more extensive regulatory obligations and risks associated with managing the Fund.

The Board also considered the Adviser’s costs in serving as the Fund’s investment adviser and manager, including costs associated with technology, infrastructure and compliance necessary to manage the Fund. The Board reviewed the Adviser’s methodology for allocating costs among the Adviser’s lines of business. The Board also considered information regarding the structure of the Adviser’s compensation program for portfolio managers, analysts and certain other employees and the relationship of such compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser in serving as the Fund’s investment manager and of the Adviser and its affiliates in all of their relationships with the Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Fund and the Adviser’s other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board also reviewed the annual report of the Adviser’s parent company and discussed its corporate structure.

After its review of all the matters addressed, including those outlined above, the Board concluded that the rate of management fee paid by the Fund to the Adviser was reasonable in light of the nature and quality of the services provided, and that the profitability to the Adviser of its relationship with the Fund appeared to be reasonable in relation to the nature and quality of the services performed.

Economies of Scale and Fee Levels Reflecting Those Economies

In reviewing the Fund’s fees and expenses, the Trustees examined the potential benefits of economies of scale and whether any economies of scale should be reflected in the Fund’s fee structure. They noted that the Fund has had a relatively stable asset base since commencement of operation and that there do not appear to have been any significant economies of scale realized since that time.

Other Benefits Derived from the Relationship with the Fund

The Board also considered other benefits that accrue to the Adviser and its affiliates from their relationship with the Fund. The Board concluded that, other than the services to be provided by the Adviser and its affiliates pursuant to their agreements with the Fund and the fees payable by the Fund therefore, the Fund and the Adviser may potentially benefit from their relationship with each other in other ways.

Convertible and High Income Fund
Trustee Approval of Management Agreement ANNUAL REPORT 31

Trustee Approval of Management Agreement (unaudited)

The Board also considered the Adviser’s use of a portion of the commissions paid by the Fund on their portfolio brokerage transactions to obtain research products and services benefiting the Fund and/or other clients of the Adviser and concluded, based on reports from the Fund’s Chief Compliance Officer, that the Adviser’s use of “soft” commission dollars to obtain research.

At the June 4 meeting, after full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement with the Adviser was in the best interest of the Fund and its shareholders.

  32
Convertible and High Income Fund
ANNUAL REPORT Trustee Approval of Management Agreement

Tax Information (unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In January 2009, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2008. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Fund hereby designates $20,227,620 as capital gain dividends for the fiscal year ended October 31, 2008.

Under Section 854(b)(2) of the Code, the Fund hereby designates $9,305,724 or the maximum amount allowable under the Code, as qualified dividends for the fiscal year ended October 31, 2008.

Under Section 854(b)(2) of the Code, the Fund hereby designates 8.41% of the ordinary income dividends as income qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2008.

Convertible and High Income Fund
Tax Information ANNUAL REPORT 33

Trustees & Officers (unaudited)

The management of the Trust, including general supervision of the duties performed for each Fund under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee’s earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 72 years.

The following table sets forth each trustee’s name, age at October 31, 2008, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each trustee oversees each Fund of the Trust.

		Portfolios in
		Fund ComplexÙ	Principal Occupation(s)
Name and Age	Position(s) with Trust	Overseen	and Other Directorships
Trustees who are interested persons of the Trust:
John P. Calamos, Sr., 68*	Trustee and President (since 2003)	21	Chairman, CEO, and Co-Chief Investment Officer Calamos Asset Management, Inc. (“CAM”), Calamos Holdings LLC (“CHLLC”) and Calamos Advisors LLC and its predecessor (“Calamos Advisors”), and President and Co-Chief Investment Officer, Calamos Financial Services LLC and its predecessor (“CFS”); Director, CAM
Trustees who are not interested persons of the Trust:
Joe F. Hanauer, 71	Trustee (since 2003)	21	Private investor; Chairman and Director, Move, Inc., (internet provider of real estate information and products); Director, Combined Investments, L.P. (investment management)
Weston W. Marsh, 58	Trustee (since 2003)	21	Of Counsel and, until December 31, 2006, Partner, Freeborn & Peters (law firm)
John E. Neal, 58	Trustee (since 2003)	21	Private investor; formerly Managing Director, Banc One Capital Markets, Inc. (investment banking) (2000-2004); Director, Focused Health Services (private disease management company), Equity Residential (publicly-owned REIT); Partner, Private Perfumery LLC (private label perfume company); Linden LLC (health care private equity) and Greenspire Properties LLC (private homebuilder and real estate development company)
William R. Rybak, 57	Trustee (since 2003)	21	Private investor; formerly Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager); Director, Howe Barnes Hoefer Arnett, Inc. (investment services firm) and PrivateBancorp, Inc. (bank holding company); Trustee, JNL Series Trust, JNL Investors Series Trust and JNL Variable Fund LLC**
Stephen B. Timbers, 64	Trustee (since 2004); Lead Independent Trustee (since 2005)	21	Private investor; formerly Vice Chairman, Northern Trust Corporation (bank holding company); formerly President and Chief Executive Officer, Northern Trust Investments, N.A. (investment manager); formerly President, Northern Trust Global Investments, a division of Northern Trust Corporation and Executive Vice President, The Northern Trust Corporation
David D. Tripple, 64	Trustee (since 2006)	21	Private investor; Trustee, Century Shares Trust and Century Small Cap Select Fund***

*	Mr. Calamos is an “interested person” of the Trust as defined in the 1940 Act because he is an affiliate of Calamos Advisors and CFS. Mr. Calamos is the uncle of Nick P. Calamos, Vice President of the Trust.
**	Overseeing 109 portfolios in fund complex
***	Overseeing 2 portfolios in fund complex
Ù	The Fund Complex consists of CALAMOS Investment Trust, CALAMOS Advisors Trust, CALAMOS Convertible Opportunities and Income Fund, CALAMOS Convertible and High Income Fund, CALAMOS Strategic Total Return Fund, CALAMOS Global Total Return Fund and CALAMOS Global Dynamic Income Fund.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

  34
Convertible and High Income Fund
ANNUAL REPORT Trustees & Officers

Trustees & Officers (unaudited)

Officers. The preceding table gives information about John P. Calamos, Sr., who is president of the Trust. The following table sets forth each other officer’s name, age at October 31, 2008, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

		Principal Occupation(s)
Name and Age	Position(s) with Trust	During Past 5 Years
Nimish S. Bhatt, 45	Vice President and Chief Financial Officer (since 2007)	Senior Vice President and Director of Operations, CAM, CHLLC, Calamos Advisors and CFS (since 2004); prior thereto, Senior Vice President, Alternative Investments and Tax Services, The BISYS Group, Inc.
Nick P. Calamos, 47	Vice President (since 2003)	Senior Executive Vice President and Co-Chief Investment Officer, CAM, CHLLC, Calamos Advisors and CFS
James J. Boyne, 42	Vice President (since 2008)	Senior Vice President, General Counsel and Secretary, Calamos Advisors (since 2008); prior thereto, Chief Operating Officer, General Counsel and Executive Managing Director of McDonnell Investment Management, LLC (2001-2008)
Cheryl L. Hampton, 39	Treasurer (since 2007)	Vice President, Calamos Advisors (since March 2007); Tax Director, PricewaterhouseCoopers LLP (1999-2007)
Stathy Darcy, 42	Secretary (since 2007)	Vice President and Deputy General Counsel—Mutual Funds, Calamos Advisors (since 2006); prior thereto, Partner, Chapman and Cutler LLP (law firm)
Mark Mickey, 57	Chief Compliance Officer (since 2005)	Chief Compliance Officer, Calamos Funds (since 2005) and Chief Compliance Officer, Calamos Advisors (2005-2006); Director of Risk Assessment and Internal Audit, Calamos Advisors (2003-2005);

The address of each officer is 2020 Calamos Court, Naperville, IL 60563.

Proxy Voting Policies. A description of the CALAMOS Proxy Voting Policies and Procedures is available by calling (800)•582•6959, by visiting its website at www.calamos.com or by writing CALAMOS at: CALAMOS INVESTMENTS, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the Securities and Exchange Commission’s website at www.sec.gov.

Convertible and High Income Fund
Trustees & Officers ANNUAL REPORT 35

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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 Directors.

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.

• Closed-End Structure Makes Sense for Less-Liquid Asset Classes—A closed-end structure makes sense for investors considering less-liquid asset classes, such as high-yield bonds or micro-cap stocks.

• Ability to Put Leverage to Work—Closed-end funds may issue senior securities (such as preferred shares or debentures) or borrow money to “leverage” their investment positions.

• No Minimum Investment Requirements

 OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS

Open-End Fund	Closed-End Fund
Issues new shares on an ongoing basis	Issues a fixed number of shares
Issues equity shares	Can issue senior securities such as preferred shares and bonds
Sold at NAV plus any sales charge	Price determined by the marketplace
Sold through the fund’s distributor	Traded in the secondary market
Fund redeems shares at NAV calculated at the close of business day	Fund does not redeem shares

  38
Convertible and High Income Fund
ANNUAL REPORT About Closed-End Funds

Level Rate Distribution Policy

Using a Level Rate Distribution Policy to Promote Dependable Income and Total Return

The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, contribute significantly to long-term total return.

We understand the importance that investors place on the stability of dividends and their ability to contribute to long-term total return, which is why we have instituted a level rate distribution policy for the Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. There is no guarantee that the Fund will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV.

Distributions from the Fund are generally subject to Federal income taxes. For purposes of maintaining the level rate distribution policy, the Fund may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the Fund.

Automatic Dividend Reinvestment Plan

Maximizing Investment with an Automatic Dividend Reinvestment Plan

The Automatic Dividend Reinvestment Plan offers a simple, cost-efficient and convenient way to reinvest your dividends and capital gains distributions in additional shares of the Fund, allowing you to increase your investment in the Fund.

Potential Benefits

• Compounded Growth: By automatically reinvesting with the Plan, you gain the potential to allow your dividends and capital gains to compound over time.

• Potential for Lower Commission Costs: Additional shares are purchased in large blocks, with brokerage commissions shared among all plan participants. There is no cost to enroll in the Plan.

• Convenience: After enrollment, the Plan is automatic and includes detailed statements for participants. Participants can terminate their enrollment at any time.

For additional information about the Plan, please contact the Plan Agent, The Bank of New York, at 800.432.8224. If you wish to participate in the Plan and your shares are held in your own name, simply call the Plan Agent. If your shares are not held in your name, please contact your brokerage firm, bank, or other nominee to request that they participate in the Plan on your behalf. If your brokerage firm, bank, or other nominee is unable to participate on your behalf, you may request that your shares be re-registered in your own name.

We’re pleased to provide our shareholders with the additional benefit of the Fund’s Dividend Reinvestment Plan and hope that it may serve your financial plan.

Convertible and High Income Fund
Level Rate Distribution Policy and Automatic Dividend Reinvestment Plan ANNUAL REPORT 39

The Calamos Investments Advantage

Calamos’ history is one of performing well for our clients through nearly 30 years of advances and declines in the market. We use proprietary risk-management strategies designed to control volatility, and maintain a balance between risk and reward throughout a market cycle.

Disciplined Investment Philosophy and Process

Calamos Investments has developed a proprietary research and monitoring process that goes far beyond traditional security analysis. This process applies to each of our investment strategies, with emphasis varying by strategy. When combined with the company-specific research and industry insights of our investment team, the goal is nimble, dynamic management of a portfolio that allows us to anticipate and adapt to changing market conditions. In each of our investment strategies, from the most conservative to the most aggressive, our goals include maximizing return while controlling risk, protecting principal during volatile markets, avoiding short-term market timing, and maintaining a vigilant long-term outlook.

Comprehensive Risk Management

Our approach to risk management includes continual monitoring, adherence to our discipline, and a focus on assuring a consistent risk profile during all phases of the market cycle. Incorporating qualitative and quantitative factors as well as a strong sell discipline, this risk-control policy seeks to help preserve investors’ capital over the long term.

Proven Investment Management Team

The Calamos Family of Funds benefits from our team’s decades of experience in the investment industry. We follow a one-team, one-process approach that leverages the expertise of more than 50 investment professionals, led by Co-Chief Investment Officers John P. Calamos, Sr. and Nick P. Calamos, whose investment industry experience dates back to 1970 and 1983, respectively. Through the collective industry experience and educational achievements of our research and portfolio staff, we can respond to the challenges of the market with innovative and timely ideas.

Sound Proprietary Research

Over the years, we have invested significant time and resources in developing and refining sophisticated analytical models that are the foundation of the firm’s research capabilities, which we apply in conjunction with our assessment of broad themes. We believe evolving domestic policies, the growing global economy, and new technologies present long-term investment opportunities for those who can detect them.

  40
Convertible and High Income Fund
ANNUAL REPORT The Calamos Investments Advantage

Calamos Closed-End Funds

Intelligent Asset Allocation in Five Distinct Closed-End Funds

Depending on which Calamos closed-end fund you currently own, you may want to consider one or more of our other closed-end strategies to further diversify your investment portfolio.

Seek the advice of your financial advisor, who can help you determine your financial goals, risk tolerance, time horizon and income needs. To learn more, you can also visit our website at www.calamos.com.

Fund Asset Allocation as of 10/31/08	Fund Profile
Calamos Convertible Opportunities and Income Fund (CHI)
	Providing Enhanced Fixed Income Potential Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below investment-grade (high-yield) fixed-income securities.
Calamos Convertible and High Income Fund (CHY)
	Providing Enhanced Fixed Income Potential Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below investment-grade (high-yield) fixed-income securities.
Calamos Global Dynamic Income Fund (CHW)
	Providing Global Enhanced Fixed Income Potential Objective: The Fund seeks to generate a high level of current income with a secondary objective of capital appreciation. The Fund has maximum flexibility to dynamically allocate among equities, fixed-income securities and alternative investments around the world.
Calamos Strategic Total Return Fund (CSQ)
	Providing Total Return Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of equity, convertible and below investment-grade (high-yield) fixed-income securities.
Calamos Global Total Return Fund (CGO)
	Providing Global Total Return Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of global equity, global convertible and below investment-grade (high-yield) fixed-income securities.

Fund asset allocations are based on total investments (excluding security lending collateral) and may vary over time.

Convertible and High Income Fund
Calamos Closed-End Funds ANNUAL REPORT 41

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions.

(b) No response required.

(c) The registrant has not amended its Code of Ethics as it relates to any element of the code of ethics definition enumerated in paragraph(b) of this Item 2 during the period covered by this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) The registrant’s Code of Ethics is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Trustees has determined that, for the period covered by the shareholder report presented in Item 1 hereto, it has four audit committee financial experts serving on its audit committee, each of whom is an independent Trustee for purpose of this N-CSR item: John E. Neal, William R. Rybak, Stephen B. Timbers and David D. Tripple. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liabilities of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fee — $41,265 and $61,906 are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees — $36,270 and $30,018 are the aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the

registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

(c) Tax Fees — $4,625 and $4,579 are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

(d) All Other Fees — $32,895 and $1,890 are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraph (a)-(c) of this Item 4.

(e) (1) Registrant’s audit committee meets with the principal accountants and management to review and pre-approve all audit services to be provided by the principal accountants.

     The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant, including the fees and other compensation to be paid to the principal accountants; provided that the pre-approval of non-audit services is waived if (i) the services were not recognized by management at the time of the engagement as non-audit services,(ii) the aggregate fees for all non-audit services provided to the registrant are less than 5% of the total fees paid by the registrant to its principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

     The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant, including the fees and other compensation to be paid to the principal accountants; provided that pre-approval of non-audit services to the adviser or an affiliate of the adviser is not required if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the adviser and all entities controlling, controlled by or under common control with the adviser are less than 5% of the total fees for non-audit services requiring pre-approval under paragraph (e)(1)of this Item 4 paid by the registrant, the adviser or its affiliates to the registrant’s principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves
them prior to the completion of the audit.

(e)(2) No percentage of the principal accountant’s fees or services described in each of paragraphs (b)–(d) of this Item were approved pursuant to the waiver provision paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) $37,520 and $38,377 are the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant. $0 and $0 are the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment adviser or any entity controlling, controlled by or under common control with the adviser.

(h) No disclosures are required by this Item 4(h).

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee. The members of the registrant’s audit committee are Joe F. Hanauer, Weston W. Marsh, John E. Neal, William R. Rybak, Stephen B. Timbers, and David D. Tripple.

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The registrant has delegated authority to vote all proxies relating to the Fund’s portfolio securities to the Fund’s investment advisor, Calamos Advisors LLC (“Calamos Advisors”). The Calamos Advisors Proxy Voting Policies and Procedures are included as an Exhibit hereto.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) As of October 31, 2008, the registrant is lead by a team of investment professionals. The Co-Chief Investment Officers and senior strategy analysts are responsible for the day-to-day management of the registrant’s portfolio:

During the past five years, John P. Calamos, Sr. has been President and Trustee of the Fund and chairman, CEO and Co-CIO of the Fund’s investment adviser, Calamos Advisors LLC and its predecessor company (“Calamos Advisors”). Nick P. Calamos has been Vice President and Trustee of the Fund (through June 2006) and Senior Executive Vice President and Co-CIO of Calamos Advisors and its predecessor company. John P. Calamos, Jr., Executive Vice President of Calamos Advisors, joined the firm in 1985 and has held various senior investment positions since that time. John Hillenbrand joined Calamos Advisors in 2002 and has been a senior strategy analyst since August 2002. Steve Klouda joined Calamos Advisors in 1994 and has been a senior strategy analyst since July 2002. Jeff Scudieri joined Calamos Advisors in 1997 and has been a senior strategy analyst since September 2002. Jon Vacko joined Calamos Advisors in 2000 and has been a senior strategy analyst since July 2002.

(a)(2) The portfolio managers also have responsibility for the day-to-day management of accounts other than the registrant. Information regarding these other accounts is set forth below.

NUMBER OF OTHER ACCOUNTS MANAGED AND ASSETS BY ACCOUNT TYPE AS OF OCTOBER 31, 2008

	Registered				Other Pooled
	Investment				Investment				Other
	Companies				Vehicles				Accounts
	Accounts		Assets		Accounts		Assets		Accounts		Assets
John P. Calamos Sr.		25		19,049,910,754		14		851,395,049		20,045		6,150,117,410
Nick P. Calamos		25		19,049,910,754		14		851,395,049		20,045		6,150,117,410
John P. Calamos, Jr.		23		18,797,563,645		14		851,395,049		20,045		6,150,117,410
John Hillenbrand		22		17,471,748,281		12		806,301,464		20,045		6,150,117,410
Steve Klouda		22		17,471,748,281		12		806,301,464		20,045		6,150,117,410
Jeff Scudieri		22		17,471,748,281		12		806,301,464		20,045		6,150,117,410
Jon Vacko		22		17,471,748,281		12		806,301,464		20,045		6,150,117,410

NUMBER OF ACCOUNTS AND ASSETS FOR WHICH ADVISORY FEE IS PERFORMANCE BASED AS OF OCTOBER 31, 2008

	Registered				Other Pooled
	Investment				Investment				Other
	Companies				Vehicles				Accounts
	Accounts		Assets		Accounts		Assets		Accounts		Assets
John P. Calamos Sr.		3		331,488,147		3		53,191,852		0		—
Nick P. Calamos		3		331,488,147		3		53,191,852		0		—
John P. Calamos, Jr.		3		331,488,147		3		53,191,852		0		—
John Hillenbrand		3		331,488,147		1		8,098,268		0		—
Steve Klouda		3		331,488,147		1		8,098,268		0		—
Jeff Scudieri		3		331,488,147		1		8,098,268		0		—
Jon Vacko		3		331,488,147		1		8,098,268		0		—

The registrant’s portfolio managers are responsible for managing the registrant and other accounts, including separate accounts and unregistered funds.

Other than potential conflicts between investment strategies, the side-by-side management of both the Fund and other accounts may raise
potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between a Fund and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Fund in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis.

The portfolio managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a portfolio manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the portfolio managers from such accounts due to unrealized appreciation as well as realized gains in the client’s account.

(a)(3) Calamos Advisors has developed and implemented a number of incentives that reward the professional staff to ensure that key employees are retained. Calamos Advisors’ senior management has established salary, short and long term incentive programs and benefit programs that we believe are competitive. Calamos Advisors’ incentive programs are based on investment performance, professional performance and an individual’s overall contribution. These goals and measures are established and reviewed on an annual basis during performance reviews. As of October 31, 2008, each portfolio manager receives compensation in the form of an annual base salary and a discretionary target bonus, each payable in cash. Their discretionary target bonus is set at a percentage of the respective base salary. The amounts paid to the portfolio managers and the criteria utilized to determine the amounts are benchmarked against industry specific data provided by a third party analytical agency. The compensation structure does not differentiate between the Funds and other accounts managed by the portfolio managers, and is determined on an overall basis, taking into consideration the performance of the various strategies managed by the portfolio managers. Portfolio performance, as measured by risk-adjusted portfolio performance, is utilized to determine the discretionary target bonus, as well as overall performance of Calamos Advisors. Portfolio managers are eligible to receive annual non-equity awards under a long term incentive compensation program, set at a percentage of the respective base salary.

(a)(4) As of October 31, 2008, the end of the registrant’s most recently completed fiscal year, the dollar range of securities beneficially owned by each portfolio manager in the registrant is shown below:

Portfolio Manager	Registrant
John P. Calamos Sr.	Over $1,000,000
Nick P. Calamos	None
John P. Calamos, Jr.	None
John Hillenbrand	None
Steve Klouda	None
Jeff Scudieri	None
Matthew Toms	None
Jon Vacko	None

(b) Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. CONTROLS AND PROCEDURES.

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) Certification of Principal Financial Officer.

(a)(2)(iii) Proxy

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos Convertible and High Income Fund

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	December 29, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	December 29, 2008
By:	/s/ Nimish S. Bhatt
Name:	Nimish S. Bhatt
Title:	Principal Financial Officer
Date:	December 29, 2008

EX-99.CODE ETH

CALAMOS INVESTMENT TRUST
CALAMOS ADVISORS TRUST
CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND
CALAMOS CONVERTIBLE AND HIGH INCOME FUND
CALAMOS STRATEGIC TOTAL RETURN FUND
CALAMOS GLOBAL TOTAL RETURN FUND
CALAMOS GLOBAL DYNAMIC INCOME FUND

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
SENIOR FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

     This Code of Ethics (the “Code”) for the investment companies within the Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund (collectively the “Funds” and each, a “Fund”) applies to the Funds’ Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer (the “Covered Officers”), or those performing similar functions, for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the Securities and Exchange Commission (“SEC”), and in other public communications made by a Fund;

• compliance with applicable laws and governmental rules and regulations;

• prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

     Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Administration of the Code

     The Code shall be administered by the Chief Compliance Officer of the Funds (the “Code Officer”). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

     Each Fund has designated its chief legal officer (the “Chief Legal Officer”) for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. The Chief Legal Officer shall assist the Code Officer in administration of this Code. The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it (in consultation with Fund counsel, where appropriate)

and has the authority to interpret this Code in any particular situation. However, any waiver sought by a Covered Officer with respect to any Fund must be approved by the Audit Committee of the Fund (the “Audit Committee”).

III. Actual and Apparent Conflicts of Interest

     Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a family member, receives improper personal benefits as a result of the Covered Officer’s position with a Fund.

     Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the “Company Act”) and the Investment Advisers Act of 1940 (the “Advisers Act”). For example, Covered Officers generally may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Fund. A Fund’s and its investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

     Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of a Fund. Thus, if performed in conformity with the provisions of the Company Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Boards of Trustees (each a “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

     Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

     Each Covered Officer must:

• not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer or a family member would benefit personally to the detriment of a Fund;

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• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer or a family member rather than the benefit of the Fund;

• not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• not use material non-public knowledge of portfolio transactions made or contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. ¹

     There are some potential conflict of interest situations that must be approved by the Code Officer, after consultation with the Chief Legal Officer. Those situations include, but are not limited to:

• service as director on the board of any public for-profit company;

• any ownership interest in, or any consulting or employment relationship with, any Fund service provider, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

     There are some potential conflict of interest situations that should be discussed with the Code Officer, if material. Those situations include, but are not limited to:

• receipt of any gift of substantial value (more than $100), a cash payment in any amount, a preferred personal investment opportunity, or other thing of more than de minimis value from any person or entity that does business, or is seeking to do business with a Fund or its investment adviser; and

• receipt of any entertainment from any company with which a Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety.

     It is not the intent of this Code to prohibit the ordinary courtesies of business life, such as token gifts or modest entertainment incidental to a business relationship.

¹ For purposes of this Code, personal trading activity of the Covered Officers shall be monitored in accordance with the Funds’ code. Each Covered Officer shall be considered an “Access Person” under such Code.

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IV. Disclosure and Compliance

     Each Covered Officer should:

• be familiar with the disclosure requirements generally applicable to the Funds;

• not knowingly misrepresent, or cause others to misrepresent, facts about any Fund to others, whether within or outside the Fund, including to the Fund’s trustees and auditors, and to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. Reporting and Accountability

     Each Covered Officer must:

• upon adoption of the Code (or after becoming a Covered Officer), affirm to the Code Officer that he/she has received, read and understands the Code;

• notify the Code Officer promptly if he/she knows of any violation of this Code; and

• respond to the trustee and officer questionnaires circulated periodically in connection with the preparation of disclosure documents for the Funds.

     The Code Officer shall maintain records of all activities related to this Code.

     The Funds will follow these procedures in investigating and enforcing this Code:

• The Code Officer will take all appropriate action to investigate any potential violations reported to him/her;

• If, after such investigation, the Code Officer believes that no violation has occurred, no further action is required;

• Any matter that the Code Officer believes is a violation will be reported to the Audit Committee;

• If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable

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	policies and procedures; notification to the Chief Executive Officer of the Funds; or a recommendation to dismiss the Covered Officer;
•	The Audit Committee will be responsible for granting waivers in its sole discretion; and
•	Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. Other Policies and Procedures

     This Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other polices or procedures of the Funds, the Funds’ advisers, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics and Insider Trading Policy of Funds and their investment advisers and principal underwriter under Rule 17j-1 under the Company Act and the advisers’ more detailed policies and procedures are separate requirements applying to the Covered Officers and others and are not part of this Code.

VII. Amendments

     Any amendment to this Code must be approved or ratified by the Board, including a majority of independent Board members.

VIII. Confidentiality

     All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Covered Officers, the Code, outside audit firms and legal counsel to the Funds and the adviser, and senior management of the adviser.

IX. Internal Use

     The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Adoption: March 2, 2004
Revised: December 20, 2007

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EX-99.CERT

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John P. Calamos, Sr., certify that:

1. I have reviewed this report on Form N-CSR of Calamos Convertible and High Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 29, 2008

/s/ John P. Calamos, Sr.

Principal Executive Officer

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Nimish S. Bhatt, certify that:

1. I have reviewed this report on Form N-CSR of Calamos Convertible and High Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 29, 2008

/s/ Nimish S. Bhatt

Principal Financial Officer

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, each of the undersigned officers of Calamos Convertible and High Income Fund (the “Company”), hereby certifies, to his knowledge, that the Company’s Report on Form N-CSR for the period ended October 31, 2008 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 29, 2008

/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
/s/ Nimish S. Bhatt
Name:	Nimish S. Bhatt
Title:	Principal Financial Officer

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.

A signed original of this certificate required by Section 906 has been provided to Calamos Convertible and High Income Fund and will be retained by Calamos Convertible and High Income Fund and furnished to the Securities and Exchange Commission or staff upon request.

EX-99

Amended and Restated: September 12, 2008

Calamos Advisors LLC
Calamos Partners LLC
Calamos Wealth Management LLC

Proxy Voting Policies and Procedures

Calamos Advisors LLC, Calamos Partners LLC and Calamos Wealth Management LLC (hereinafter collectively referred to as “Calamos”), as an investment adviser to clients who have granted them proxy voting discretion (including, in the case of Calamos Advisors LLC the Calamos mutual funds and closed-end funds (the “Funds”)), have adopted these proxy voting policies and procedures to help satisfy its fiduciary duties relating to proxy voting. Calamos recognizes the importance of maximizing and protecting the interests of its clients through its voting practices and of helping build stronger corporate governance within the companies in which its clients invest. To that end, these policies and procedures seek to further the voting of proxies in the best interests of our clients as investors.

I.

Responsibility of Calamos to Vote Proxies

A.

Delegation of Duties Calamos has delegated its administrative duties with respect to analysis and voting proxies to its Proxy Group of its Risk Management Group within Portfolio Management Department (the “Proxy Group”) and to its Corporate Actions Group within the Portfolio Management Department (“Corporate Actions”).

B.

Responsibilities of the Proxy Group The Proxy Group’s duties consist of analyzing proxy statements of issuers whose stock is owned by any client (including the Calamos Funds and any separate accounts managed by Calamos) that has delegated proxy voting administrative responsibility to Calamos and recommending how proxy votes should be cast. Unless otherwise directed by the client, the Proxy Group seeks to vote all proxies in the best interests of the client in terms of the perceived effect of the vote on the value of the client’s investment. The Proxy Group shall have responsibility for:

(i)	reviewing proxy statements for issuers in which Advisory Clients and/or the Calamos Funds invest;
(ii)	reviewing any and all relevant other information provided by the issuer or third parties regarding any proposals; and
(iii)	making a recommendation as to how shares should be voted.

C. Responsibilities of Corporate Actions Based on the guidance provided by the Proxy Group, Corporate Actions will process proxy votes on behalf of, and vote proxies solely in the interests of, the Calamos Funds, separate account clients, or, where employee benefit plan assets are involved, in the interests of the plan participants and beneficiaries (collectively, “Advisory Clients”) that have properly delegated such responsibility to Calamos. Corporate Actions shall have responsibility for:

(i)	identifying potential conflicts of interest and referring them to the Proxy Review Committee for resolution (as described in Section III, below);
(ii)	maintaining appropriate records pursuant to these procedures and SEC rules;
(iii)	voting proxies as directed by the Proxy Group or Proxy Review Committee; and
(iv)	overseeing the voting process.

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Amended and Restated: September 12, 2008

D.	Voting of Proxies All proxies received by the Proxy Group will be voted by Corporate Actions based upon Calamos’ instructions and/or policies. To assist it in analyzing proxies, Calamos subscribes to Institutional Shareholder Services (“ISS”), an unaffiliated third party corporate governance research service that provides in-depth analyses of shareholder meeting agendas, vote recommendations, record keeping and vote disclosure services. Although ISS’ analyses are thoroughly reviewed and considered in making a final voting decision, Calamos does not consider recommendations from ISS, or any other third party, to be determinative of Calamos’ ultimate decision. As a matter of policy, the officers, directors and employees of Calamos and the Proxy Group will not be influenced by outside sources whose interests conflict may with the interests of Advisory Clients.
E.	Voting of Proxies on Securities Not Held The Proxy Group will also decide whether to vote proxies for securities that are sold following a record date, but before a shareholder meeting date. In most cases, Calamos will not vote securities not held on the shareholder meeting date. The Proxy Group may, however, consider various factors in deciding whether to vote such proxies, including Calamos’ long-term view of the issuer’s securities for investment.
F.	Securities Lending Certain Calamos Funds and Advisory Client accounts may participate in securities lending programs with various counterparties. If a fund or account participates in a securities lending program, the Proxy Group may attempt to recall the portfolio securities and vote proxies relating to such securities under certain circumstances. For example, if the Proxy Group determines that the votes involve matters that could have a material effect on the fund’s or account’s investment in such loaned securities. There can be no guarantee that any such securities can be retrieved for such purpose. With respect to securities lending transactions, the Proxy Group seeks to balance the economic benefits of continuing to participate in an open securities lending transaction against the inability to vote proxies. As a result, Calamos generally will not attempt to recall portfolio securities to vote proxies relating to routine matters.
G.	Fund of Funds Calamos Multi-Fund Blend is structured as a fund of funds and invests its assets in shares of other Calamos Funds. The Proxy Group will vote Calamos Multi-Fund Blend shares in the underlying Calamos Funds in the same proportion as the vote of all other shareholders in the underlying Calamos Fund.
H.	Securities of Foreign Issuers In certain foreign jurisdictions the voting of proxies on portfolio securities may result in additional restrictions that may have an economic impact or cost to the security holder. We believe that in some instances the best interest of our clients is served by abstaining or not voting such proxies. Examples of issues unique to foreign securities include, but are not limited to, the following

(i)

Share Blocking In certain non-U.S. jurisdictions, a security holder that votes a proxy is prohibited from selling the security until the meeting for which the proxy has been voted is completed. This period of time may range from days to weeks. Since this blocking of sales prevents the sale of a security regardless of market conditions and developments, we believe it increases risk. Therefore, it often may be in the best interests of our investors not to vote such proxies. Whether we vote such proxies will be determined on a case by case basis.

(ii)

Lack of Notice or Information Foreign regulations do not standardize the notification period for a proxy vote. In some instances, the notice period is so short that we cannot research the issues presented. In instances where we have insufficient notice to permit us to cast a reasoned vote, we will abstain from voting on particular issues or not vote at all.

II. Conflicts of Interest

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Amended and Restated: September 12, 2008

A. Identification of Conflicts of Interest All conflicts of interest will be resolved in the interests of the Advisory Clients. Calamos makes its best efforts to avoid conflicts of interest. However, conflicts of interest can arise in situations where:

(i)	The issuer is a client of Calamos or its affiliates;
(ii)	The issuer is a vendor whose products or services are material or significant to the business of Calamos or its affiliates;
(iii)	The issuer is an entity participating, or which may participate, in the distribution of investment products advised, administered or sponsored by Calamos or its affiliates (e.g., a broker, dealer or bank);
(iv)	An employee of Calamos or its affiliates, or an immediate family member of such employee, also serves as a director or officer of the issuer;
(v)	A director of Calamos Asset Management, Inc. or a Trustee of a Calamos Fund, or an immediate family member of such director or trustee, also serves as an officer or director of the issuer; or
(vi)	The issuer is Calamos Asset Management, Inc. or any of its proprietary investment products.

	Material conflicts of interest are identified by Corporate Actions based upon analyses of client, broker and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings.
B.	Establishment and Operation of Proxy Review Committee In situations where a material conflict of interest is identified, the Proxy Group will refer the matter, along with the recommended course of action by Calamos, if any, to a Proxy Review Committee comprised of representatives from Portfolio Management (which may include portfolio managers and/or research analysts employed by Calamos), Operations, Legal and Compliance Departments within Calamos for evaluation and voting instructions. The Proxy Review Committee may defer to the voting recommendation of ISS, or those of another independent third party provider of proxy services or send the proxy directly to the relevant Advisory Clients with a recommendation regarding the vote for approval.
	The Proxy Review Committee will independently review proxies that are identified as presenting material conflicts of interest; determine the appropriate action to be taken in such situations; report the results of such votes to Calamos’ clients as may be requested; and recommend changes to the Proxy Voting Policies and Procedures as appropriate.
	The Proxy Review Committee will also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Proxy Review Committee may consider various factors in deciding whether to vote such proxies, including Calamos’ long-term view of the issuer’s securities for investment, or it may defer the decision to vote to the applicable Advisory Client.
C.	Records of Proxy Review Committee Actions The Proxy Review Committee will prepare a Conflicts Report for each situation where a material conflict of interest is identified that (1) describes any conflict of interest; (2) discusses the procedures used to address such conflict of interest; and (3) discloses any contacts from parties outside Calamos (other than routine communications from proxy solicitors) with respect to the proposal not otherwise reported. The Conflicts Report will also include written confirmation that any recommendation provided under circumstances where a conflict of interest is found to exist was made solely on the investment merits and without regard to any other consideration.

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Amended and Restated: September 12, 2008

II. Voting Guidelines

A.	General Proxy Voting Guidelines Calamos has adopted general guidelines for voting proxies as summarized below. In keeping with its fiduciary obligations to its Advisory Clients, Calamos reviews all proposals, even those that may be considered to be routine matters. Although these guidelines are to be followed as a general policy, in all cases each proxy and proposal will be considered based on the relevant facts and circumstances. Calamos may deviate from the general policies and procedures when it determines that the particular facts and circumstances warrant such deviation to protect the interests of the Advisory Clients. These guidelines cannot provide an exhaustive list of all the issues that may arise nor can Calamos anticipate all future situations. Corporate governance issues are diverse and continually evolving and Calamos devotes significant time and resources to monitor these changes. Calamos generally will not vote proxies for securities over which we do not have trading authority that may be held in Advisory Client accounts. In such instances, we will forward the proxy to the Advisory Client to vote.
B.	Specific Matters Submitted to Shareholders Calamos’ proxy voting positions have been developed based on years of experience with proxy voting and corporate governance issues. These principles have been reviewed by various members of Calamos’ organization, including Portfolio Management, Legal, Compliance, and Calamos’ officers. The Board of Trustees of the Calamos Funds is asked to approve the proxy voting policies and procedures annually.
	One of the primary factors Calamos considers when determining the desirability of investing in a particular company is the quality and depth of that company’s management. Accordingly, the recommendation of management on any issue is a factor that Calamos considers in determining how proxies should be voted. However, Calamos does not consider recommendations from management to be determinative of Calamos’ ultimate decision. As a matter of practice, the votes with respect to most issues are cast in accordance with the position of the company’s management. Each issue, however, is considered on its own merits, and Calamos will not support the position of a company’s management in any situation where it determines that the support of management’s position would adversely affect the investment merits of owning that company’s shares.
	The following guidelines reflect what Calamos believes to be good corporate governance and behavior:

1. Corporate Governance and Structure

a.

Board of Directors/Trustees The election of directors and an independent board are vital to good corporate governance. Directors are expected to be competent individuals and they should be accountable and responsive to shareholders. Calamos seeks to ensure that the board of directors of a company is sufficiently aligned with security holders’ interests and provides proper oversight of the company’s management. In many cases this may be best accomplished by having a majority of independent board members. Although we will examine board member elections on a case-by-case basis, Calamos generally supports an independent board of directors, and prefers that key committees such as audit, nominating, and compensation committees be comprised of independent directors. For all other votes regarding boards of directors, we will vote on a case-by-case basis.

b.

Ratification of Auditors In light of several high profile accounting scandals, Calamos will closely scrutinize the role and performance of auditors. On a case-by-case basis, Calamos will examine proposals relating to non-audit relationships and non-audit fees. Calamos will also consider, on a case-by-case

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Amended and Restated: September 12, 2008

	basis, proposals to rotate auditors, and will vote against the ratification of auditors when there is clear and compelling evidence of accounting irregularities or negligence attributable to the auditors.
c.	Merger, Acquisitions, Reincorporation and Other Transactions Companies ask their shareholders to vote on an enormous variety of different types of transactions, including mergers, acquisitions, reincorporations and reorganizations involving business combinations, liquidations and the sale of all or substantially all of a company’s assets. Voting on such proposals involves considerations unique to each transaction. Therefore, we will vote on proposals to effect these types of transactions on a case-by-case basis.
d.	Anti-Take Over Measures and Shareholder Voting Rights Calamos generally opposes anti-takeover measures since they tend to reduce shareholder rights. However, as with all proxy issues, Calamos conducts an independent review of each anti-takeover proposal. On occasion, Calamos may vote with management when the research analyst has concluded that the proposal is not onerous and would not harm Advisory Clients’ interests as stockholders. Calamos generally supports proposals that require shareholder rights plans (“poison pills”) to be subject to a shareholder vote. Calamos will closely evaluate shareholder rights’ plans on a case-by-case basis to determine whether or not they warrant support. Calamos will generally vote against any proposal to issue stock that has unequal or subordinate voting rights.
e.	Capital Structure Calamos realizes that a company’s financing decisions have a significant impact on its shareholders, particularly when they involve the issuance of additional shares of common or preferred stock or the assumption of additional debt. Calamos will carefully review, on a case-by-case basis, proposals by companies to increase authorized shares and the purpose for the increase. Calamos will generally not vote in favor of dual-class capital structures to increase the number of authorized shares where that class of stock would have superior voting rights. Calamos will generally vote in favor of the issuance of preferred stock in cases where the company specifies the voting, dividend, conversion and other rights of such stock and the terms of the preferred stock issuance are deemed reasonable. Calamos will review proposals seeking preemptive rights on a case-by-case basis.
f.	Social and Corporate Policy Issues As a fiduciary, Calamos is primarily concerned about the financial interests of its Advisory Clients. Calamos will generally give management discretion with regard to social, environmental and ethical issues although Calamos may vote in favor of proposals regarding those issues that are believed to have significant economic benefits or implications.
g.	Global Corporate Governance Calamos manages investments in countries worldwide. Many of the tenets discussed above are applied to Calamos’ proxy voting decisions for international investments. However, Calamos must be flexible in these worldwide markets and must be mindful of the varied market practices of each region.

2. Executive Compensation and Option Plans A company’s equity-based compensation plan should be in alignment with the shareholders’ long-term interests. Accordingly, proxy votes should be used to encourage the use of reasonably designed compensation plans that promote such alignment by providing officers and employees with an incentive to increase shareholder value. Calamos evaluates plans on a case-by-case basis by considering several factors to determine whether the plan is fair and reasonable. Calamos may review the ISS quantitative model utilized to assess such plans. Severance

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Amended and Restated: September 12, 2008

compensation arrangements will be reviewed on a case-by-case basis, although Calamos will oppose “golden parachutes” that are considered excessive. Calamos will normally support proposals that require that a percentage of directors’ compensation be in the form of common stock, as it aligns their interests with those of the shareholders.

3.

Other Business Matters Many proxy statements include the approval of routine business matters, such as changing the company’s name, and procedural matters relating to the shareholder meetings. Generally these routine matters do not materially affect shareholder interests adversely and are best left to the board of directors and senior management of the company. Thus, we will generally vote for board-approved proposals seeking to approve such matters.

IV. Record Retention and Disclosure

A.

Record Retention Corporate Actions shall be responsible for collecting and maintaining proxy related information on each vote cast as required by applicable law unless such function is outsourced. Such information shall include (i) the name of the shareholder whose proxy is being voted; (ii) the name of the company; (iii) the exchange ticker symbols of the company; (iv) CUSIP number; (v) proxy statements; (vi) shareholder meeting date; (vii) brief identification of the matter voted on; (viii) whether the matter was proposed by the company or by a security holder; (ix) whether a vote was cast on the matter; (x) how the vote was cast (e.g., for or against proposal, or abstained, for or withheld regarding election of directors); (xi) whether the vote was cast for or against management; (xii) Conflicts Reports; and (xiii) any information created by Calamos or a third party needed by the Committee to make a voting determination. The above information shall be maintained in an easily accessible place for a period of not less than six years from the end of the fiscal year in which the information was created, with the first two years in an appropriate office of Calamos unless record retention is outsourced.

B.

Disclosure Corporate Actions shall be responsible for appropriately disclosing proxy voting information, including these policies and procedures, the voting guidelines and the voting records of the Funds or clients as may be required by applicable law. Corporate Actions, in conjunction with legal staff responsible for coordinating Calamos Fund disclosure, will file all required Forms N-PX, on a timely basis with respect to investment company clients, disclose that its proxy voting record is available on the web site, and will make available the information disclosed in its Form N-PX as soon as is reasonable practicable after filing Form N-PX with the SEC. Corporate Actions, in conjunction with legal staff responsible for coordinating Fund disclosure, will ensure that all required disclosure about proxy voting of the investment company clients is made in such clients’ financial statements and disclosure documents.

V.	Reports to the Funds’ Boards and Non-Investment Company Clients of Calamos
	Corporate Actions shall provide proxy information to each Board of Trustee of the Funds as such Board may request from time to time.

For non-investment company clients of Calamos, Corporate Actions shall appropriately respond in writing to all written client requests for information on how it voted on behalf of the client. Such written request along with any written response to such written request or oral client request shall be maintained in an easily accessible place for a period of not less than five years from the end of the fiscal year, with the first two years in an appropriate office of Calamos.kd

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