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., Founder, Chairman and Global Chief Investment Officer 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, 2021

DATE OF REPORTING PERIOD: November 1, 2020 through October 31, 2021

ITEM 1(a). REPORT TO SHAREHOLDERS.

TIMELY INFORMATION INSIDE

Convertible and High Income Fund (CHY)

Annual REPORT October 31, 2021

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TABLE OF CONTENTS

Letter to Shareholders	1
The Calamos Closed-End Funds: An Overview	5
Additional Information About the Fund	6
Investment Team Discussion	10
Fund’s Investment Objective, Principal Investment Strategies and Principal Risks	17
Schedule of Investments	32
Statement of Assets and Liabilities	46
Statement of Operations	47
Statements of Changes in Net Assets	48
Statement of Cash Flows	49
Notes to Financial Statements	50
Financial Highlights	59
Report of Independent Registered Public Accounting Firm	60
Trustee Approval of Management Agreement	61
Tax Information	63
Trustees and Officers	64
About Closed-End Funds	66
Managed Distribution Policy	67
Automatic Dividend Reinvestment Plan	67

Experience and Foresight

Our Managed Distribution Policy

Closed-end fund investors often seek a steady stream of income. Recognizing this important need, Calamos closed-end funds adhere to a managed distribution policy in which we aim to provide consistent monthly distributions through the disbursement of the following:

•Net investment income

•Net realized short-term capital gains

•Net realized long-term capital gains

•And, if necessary, return of capital

We set distributions at levels that we believe are sustainable for the long term. Our team focuses on delivering an attractive monthly distribution, while maintaining a long-term emphasis on risk management. The level of the Fund’s distribution can be greatly influenced by market conditions, including the interest rate environment, the individual performance of securities held by the Fund, our view of retaining leverage, Fund tax considerations, and regulatory requirements.

You should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or from the terms of the Fund’s plan. The Fund’s Board of Trustees may amend or terminate the managed distribution policy at any time without prior notice to the Fund’s shareholders.

For more information about any Calamos closed-end funds, we encourage you to contact your investment professional or Calamos Investments at 800.582.6959 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). You can also visit us at www.calamos.com.

Note: The Fund adopted a managed distribution policy on January 1, 2018.

Maximizing Investment with an Automatic Dividend Reinvestment Plan

Calamos is committed to helping shareholders maximize the opportunities of our closed-end funds. 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. If shares are trading at a premium to NAV, you will purchase shares at lower-than-market price. For more information, please see page 67.

Letter to Shareholders

John P. calamos, sr.

Founder, Chairman,
and Global Chief
Investment Officer

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   1

Dear Fellow Shareholder:

Welcome to your annual report for the 12 months ending October 31, 2021. In this report you will find commentary from the Calamos portfolio management team, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Convertible and High Income Fund (CHY).

Market Review

During the annual period, the global economy continued on its recovery trajectory, supported by Covid-19 vaccination progress, reopening activity, strong corporate earnings and consumer activity, and accommodative monetary policy. Equities and convertible securities posted robust returns, with US markets leading. In fixed-income markets, high-yield bonds also advanced at a brisk clip, outpacing investment-grade issues.*

However, markets were choppy and rotational. Market turbulence increased during the second half of the period as economic recovery showed signs of moderating to a more sustainable pace. Although economic and company fundamentals remained strong, investors grappled with a challenging newsfeed. Inflation pressures intensified, supply chain disruptions persisted, and oil and other energy-related commodity prices soared. Meanwhile, anxiety around the Covid-19 delta variant temporarily dampened optimism about vaccination efforts. Fiscal policy uncertainty deepened in the United States as politicians debated additional stimulus, taxes, regulations, the debt ceiling, and a massive infrastructure plan.

Investor apprehension about interest rates and monetary policy also increased, particularly after the Federal Reserve announced in September that it would soon taper its asset purchase program and indicated it could begin raising short-term interest rates by late 2022. In the wake of this development, the yield of the 10-year Treasury bond spiked upward and closed the period nearly double where it started.

Letter to Shareholders

2   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Innovative Multi-Asset Approach Supports the Search for Income

Calamos’ experience with closed-end funds dates to 2002, and we have always recognized that many investors choose closed-end funds to support the search for income. Like all our closed-end funds, CHY is managed with the goal of providing steady (although not assured) monthly distributions. We believe our innovative approach will be an especially important differentiator given the economic and market environments we expect.

As a result of our effective active management and strong portfolio performance, CHY raised its monthly distribution during the period by $0.0150 per share, representing an approximate increase of 17.64%. As a result, the Fund now pays out $0.1000 per share, constituting an annualized distribution rate of 7.23%* of market price and 7.33% on NAV as of October 31, 2021. The distribution increase is our effort to enable you, our shareholders, to directly participate in the recent and expected performance of the portfolio.

To fully appreciate both the Fund’s attractive and competitive distribution rate and level, consider the low interest rates and limited yield opportunities in much of the marketplace. For example, as of October 31, 2021, the dividend yield of S&P 500 Index stocks averaged approximately 1.33%. The dividend yield of the ICE BofA All US Convertibles Index was 1.67%. Yields also were low within the US government bond market, with the 10-year US Treasury yielding 1.55%. And the ICE BofA US High Yield Index was yielding 4.36%, all well behind CHY’s distribution rate.

Outlook

As our teams will discuss in greater detail in the commentaries that follow, we see many opportunities across asset classes. However, this is not a period when “a rising tide will lift all boats.” A unique set of crosscurrents is shaping the markets as new growth themes emerge. There will be winners and losers as the world continues through a period of accelerated disruption and complex transitions.

Individual security selection will be especially important during this phase of the economic cycle. We expect saw-toothed and rotational markets to persist given the uncertainties surrounding inflation, interest rates and the pace of economic expansion. We are closely monitoring fiscal policy and remain attuned to the far-reaching impacts that spending, regulations and taxes may have on households, small businesses, large corporations and the economy as a whole.

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s 10/31/21 distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income or capital gains and that approximately $0.0000 represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s managed distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term and long-term capital gains, and return of capital. When the net investment income and net realized short-term and long-term capital gains are not sufficient, a portion of the distribution will be a return of capital. The distribution rate may vary.

Letter to Shareholders

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   3

In this environment, we believe market conditions will favor active managers who can respond to evolving conditions quickly and with a long-term perspective. Our teams use short-term sell-offs as opportunities to purchase attractive securities, with the goal of continually improving the risk and return characteristics of the Funds.

We encourage investors to maintain a similar long-term perspective and to avoid getting caught up in a single headline or data point. It’s important to remember that every cycle is different. Rising inflation and slowing growth have historically set the stage for “stagflation,” but this cycle is like no other. The global economy is in the midst of an extraordinary recovery period, and a moderation of economic growth from peak levels should come as no surprise. Additionally, although inflation may not be as “transitory” as we once thought it would be, we do not believe inflation data is signaling an imminent end to the recovery.

There are many positive factors that can sustain economic expansion. Vaccination efforts continue around the world, and promising results for emerging treatments are welcome news. Although we can never rule out a policy mistake, we expect the Federal Reserve to pursue a gradual course with the goal of supporting economic growth. The most recent round of corporate earnings announcements has included many upside surprises, corporate revenues are strong, and profit margins are improving. Inflation does not appear to have eroded pricing power for many businesses, which bodes well for earnings growth. Meanwhile, US unemployment numbers continue to drop, wages are rising, and many households have healthy savings and low debt. We are seeing encouraging data from other economies outside the United States, which can help set the stage for a more synchronized global recovery.

Asset Allocation Considerations

Although it is important to maintain long-term focus and avoid making short-term moves to try to time the markets, periodic asset allocation assessments help ensure your portfolio is aligned with evolving opportunities and your personal circumstances. Given the many crosscurrents in the markets, you may find that you need to rebalance your asset allocation to best address your financial goals.

There’s never a “perfect” time to invest—volatility is always a part of the investing landscape. However, with a risk-managed portfolio foundation in place, it may be easier to ride out the ups and downs in the market. We believe that CHY’s multi-asset-class approach that seeks lower volatility participation in the stock market especially makes sense for these times. In addition to corporate bonds, the Fund provides access to our decades of experience using convertible securities to pursue enhanced risk/reward. Convertible securities are hybrid instruments that blend stock and fixed-income characteristics. With active management, they can provide an attractive way to pursue stock market upside with potentially less exposure to the downside.

Letter to Shareholders

4   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Additionally, convertible securities have historically outperformed traditional bonds when interest rates rise, which makes them an especially attractive choice in the current environment.

Depending on your needs, your investment professional may recommend that you consider additional Calamos closed-end funds to help you address your search for income, capital appreciation or both. On page 5, we provide an overview of our enhanced fixed-income and total-return offerings.

Conclusion

On behalf of all of us at Calamos Investments, thank you for your trust. We are honored to serve you and help you achieve your asset allocation goals. I invite you to visit our website, www.calamos.com, for ongoing updates about the markets and thought leadership from our teams. We also provide information about asset allocation strategies for investors seeking income, capital appreciation, or both.

Sincerely,

John P. Calamos, Sr.
Founder, Chairman, and Global Chief Investment Officer

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800.582.6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

Diversification and asset allocation do not guarantee a profit or protection against a loss. Investments in alternative strategies may not be suitable for all investors.

*Returns for the 12 months ended October 31, 2021: The S&P 500 Index, a measure of the US stock market, returned 42.91%. The MSCI All Country World Index, a measure of global stock market performance, returned 37.86%. The MSCI Emerging Market Index, a measure of emerging market equity performance, returned 17.33%. The ICE BofA All US Convertibles Index, a measure of the US convertible securities market, returned 32.95%. The Refinitiv Global Convertible Bond Index, a measure of the global convertible bond market, returned 22.18%. The Bloomberg US Corporate High Yield 2% Issuer Capped Index, a measure of the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer, returned 10.53%. The Bloomberg US Aggregate Bond Index, a measure of the US investment-grade bond market, returned -0.48%.

Source: Calamos Advisors LLC

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Returns are in US dollar terms.

Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, which should be carefully considered prior to investing.

Investments in alternative strategies may not be suitable for all investors.

Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable.

Opinions are as of the publication date, subject to change and may not come to pass.

This information is being provided for informational purposes only and should not be considered investment advice or an offer to buy or sell any security in the portfolio.

The Calamos Closed-End Funds: An Overview

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   5

In our closed-end funds, we draw upon decades of investment experience, including a long history of opportunistically blending asset classes in an attempt to capture upside potential while seeking to manage downside risk. We launched our first closed-end fund in 2002.

Closed-end funds are long-term investments. Most focus on providing monthly distributions, but there are important differences among individual closed-end funds. Calamos closed-end funds can be grouped into multiple categories that seek to produce income while offering exposure to various asset classes and sectors.

Portfolios Positioned to Pursue High Current Income from Income and Capital Gains

Portfolios Positioned to Seek Current Income, with Increased Emphasis on Capital Gains Potential

OBJECTIVE: US ENHANCED FIXED INCOME Calamos Convertible Opportunities and Income Fund (Ticker: CHI) Invests in high yield and convertible securities, primarily in US markets Calamos Convertible and High Income Fund (Ticker: CHY) Invests in high yield and convertible securities, primarily in US markets OBJECTIVE: GLOBAL ENHANCED FIXED INCOME Calamos Global Dynamic Income Fund (Ticker: CHW) Invests in global fixed-income securities, alternative investments and equities

OBJECTIVE: GLOBAL TOTAL RETURN Calamos Global Total Return Fund (Ticker: CGO) Invests in equities and higher-yielding convertible securities and corporate bonds, in both US and non-US markets Calamos Long/Short Equity & Dynamic Income Trust (Ticker: CPZ) Invests in a globally diversified long/short portfolio of equity securities as well as globally diversified income-producing securities OBJECTIVE: US TOTAL RETURN Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities and higher-yielding convertible securities and corporate bonds, primarily in US markets Calamos Dynamic Convertible and Income Fund (Ticker: CCD) Invests in convertibles and other fixed income securities

Additional Information About the Fund

6   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

GROWTH OF $10,000: for the 10-year period ended 10/31/21

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/21

	1 YEAR	5 YEARS	10 YEARS
Calamos Convertible and High Income Fund
Market Value	55.69%	20.42%	13.28%
NAV	33.56	18.20	12.42
50%VXAO-50%BBGUSHY2%Cap Index	21.49	12.50	10.48
ICE BofA All US Convertibles Index (VXAO)	32.95	18.58	14.04
Bloomberg US Corp HY 2% Issuer Capped Index	10.53	6.38	6.78

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

†Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions.

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends.

The 50%VXAO-50%BBGUSHY2%Cap Index is blended from 50% - ICE BofA Convertible Index (VXAO) and 50% - Bloomberg US HY 2% Issuer Capped Index.

The ICE BofA All US Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

Additional Information About the Fund

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   7

Senior Securities

The following table sets forth information regarding the Fund’s outstanding bank loans, and MRP Shares as of the end of each of the Fund’s last ten fiscal years, as applicable. The information in the table shown below comes from the Fund’s financial statements for the fiscal year ended October 31, 2021, and each of the prior nine years then ended, all of which have been audited by Deloitte & Touche LLP, the Fund’s independent registered public accounting firm.

Fiscal Year Ended	Total Amount Outstanding	Asset Coverage		Liquidating Preference per Preferred Share(c)	Average Market Value per Preferred Share		Type of Senior Security
October 31, 2021	$435,400,000	$4,106	(a)	—	—		Loan
October 31, 2021	$145,000,000	308	(b)	25	25	(d)	MRPS
October 31, 2020	$318,400,000	4,386	(a)	—	—		Loan
October 31, 2020	$110,000,000	317	(b)	25	25	(d)	MRPS
October 31, 2019	$303,900,000	4,055	(a)	—	—		Loan
October 31, 2019	$110,000,000	280	(b)	25	25	(d)	MRPS
October 31, 2018	$315,500,000	3,904	(a)	—	—		Loan
October 31, 2018	$110,000,000	280	(b)	25	25	(d)	MRPS
October 31, 2017	$302,500,000	4,236	(a)	—	—		Loan
October 31, 2017	$110,000,000	291	(b)	25	25	(d)	MRPS
October 31, 2016	$337,000,000	3,440	(a)	—	—		Loan
October 31, 2015	$398,000,000	3,258	(a)	—	—		Loan
October 31, 2014	$400,000,000	3,575	(a)	—	—		Loan
October 31, 2013	$395,000,000	3,538	(a)	—	—		Loan
October 31, 2012	$314,000,000	4,006	(a)	—	—		Loan

(a)Calculated by subtracting the Fund’s total liabilities (not including notes payable and MRPS) from the Fund’s total assets and dividing this by the amount of notes payable outstanding, and by multiplying the result by 1,000.

(b)Calculated by subtracting the Fund’s total liabilities (not including MRPS) from the Fund’s total assets and dividing this by the number of MRPS outstanding, and by multiplying the result by 25.

(c)“Liquidating Preference per Preferred Share” means the amount to which a holder of preferred shares would be entitled upon the liquidation of the Fund in preference to common shareholders, expressed as a dollar amount per preferred share.

(d)The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.

Additional Information About the Fund

8   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Summary of Fund Expenses

The following table and example contain information about the costs and expenses that common shareholders will bear directly or indirectly. In accordance with Commission requirements, the table below shows our expenses, including interest payments on borrowed funds and preferred stock dividend payments, as a percentage of our average net assets as of October 31, 2021, and not as a percentage of gross assets or managed assets.

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2021. As of October 31, 2021, the Fund had utilized $435 million of the $480 million available under the SSB Agreement ($84 million in borrowings outstanding and $351 million in structural leverage consisting of collateral received from SSB in connection with securities on loan), representing 24.4% of the Fund’s managed assets as of that date, and had $145 million in MRP Shares outstanding, representing 8.1% of the Fund’s managed assets Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 32.5% of the Fund’s managed assets.

Shareholder Transaction Expenses
Sales Load (as a percentage of offering price)	—	(1)
Offering Expenses Borne by the Fund (as a percentage of offering price)	—	(1)
Dividend Reinvestment Plan Fees (per sales transaction fee)(2)	$15.00

Annual Expenses	Percentage of Average Net Assets Attributable to Common Shareholders
Management Fee(3)	1.16%
Interest Payments on Borrowed Funds(4)	0.20%
Preferred Stock Dividend Payments(5)	0.39%
Other Expenses(6)	0.09%
Total Annual Expenses	1.84%

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 1.84% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

	1 Year	3 Years	5 Years	10 Years
Total Expenses Paid by Common Shareholders(7)	$19	$58	$100	$217

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed. Moreover, our actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

(1)If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

(2)Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See “Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan.”

(3)The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 0.80% of the Fund’s average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund’s management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.16% of the Fund’s average weekly net assets as of October 31, 2021 by dividing the total dollar amount of the management fee by the Fund’s average weekly net assets (managed assets less outstanding leverage).

(4)Reflects interest expense paid on $86 million in average borrowings under the SSB Agreement, plus $323 million in additional average structural leverage related to certain securities lending programs, as described under “Leverage.”

(5)Reflects estimated dividend expense on $145 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See “Leverage.”

(6)“Other Expenses” are based on estimated amounts for the Fund’s current fiscal year.

(7)The example does not include sales load or estimated offering costs, which would cause the expenses shown in the example to increase. In connection with an offering of common shares, the applicable prospectus supplement will set forth an example including sales load and estimated offering costs.

Additional Information About the Fund

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   9

Market and Net Asset Value Information

Our common shares have traded both at a premium and a discount to NAV. We cannot predict whether our shares will trade in the future at a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company’s common stock (calculated within 48 hours of pricing). Our issuance of common shares may have an adverse effect on prices in the secondary market for our common shares by increasing the number of common shares available, which may put downward pressure on the market price for our common shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV.

The following table sets forth for each of the periods indicated the high and low closing market prices for our common shares on Nasdaq, the NAV per share and the premium or discount to NAV per share at which our common shares were trading. NAV is shown for the last business day of each quarter. See “Net Asset Value” for information as to the determination of our NAV.

Quarter Ended	Market Price(1)		Net Asset Value at Quarter End(2)	Premium/ (Discount) to Net Asset Value(3)
	High	Low		High	Low
January 31, 2019	$11.23	$8.72	$11.01	-0.80%	-12.54%
April 30, 2019	$11.13	$10.67	$11.47	-2.54%	-3.87%
July 31, 2019	$11.54	$10.42	$11.52	-0.77%	-3.52%
October 31, 2019	$11.40	$10.85	$11.18	-0.52%	-0.91%
January 31, 2020	$11.84	$11.17	$11.87	-2.07%	-0.98%
April 30, 2020	$12.25	$6.02	$10.41	-1.45%	-27.73%
July 31, 2020	$11.73	$9.43	$13.02	-9.91%	-7.91%
October 31, 2020	$12.62	$11.36	$13.22	-9.01%	-12.55%
January 31, 2021	$15.01	$11.54	$15.90	-8.75%	-12.91%
April 30, 2021	$16.10	$14.28	$16.18	-1.95%	-8.87%
July 31, 2021	$16.45	$14.91	$15.89	2.17%	-0.47%
October 31, 2021	$16.61	$15.50	$ 16.38	1.37%	-1.90%

Source: Fund Accounting Records

(1)Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

(2)Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

(3)Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

Investment Team Discussion

10   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

TOTAL RETURN* AS OF 10/31/21

Common Shares – Inception 5/28/03
	1 Year	Since Inception**
On Market Price	55.69%	10.43%
On NAV	33.56%	10.62%
* Total return measures net investment income and net realized gain or loss from Fund investments, and change in net unrealized appreciation and depreciation, assuming reinvestment of income and net realized gains distributions. **Annualized since inception.

SECTOR WEIGHTINGS

Consumer Discretionary	23.7%
Information Technology	22.7
Health Care	14.4
Communication Services	10.3
Industrials	8.9
Financials	6.6
Energy	3.4
Utilities	2.9
Materials	2.0
Consumer Staples	1.4
Real Estate	0.9
Airlines	0.7

Sector Weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

CONVERTIBLE AND
HIGH INCOME Fund (CHY)

INVESTMENT TEAM DISCUSSION

Please discuss the Fund’s strategy and role within an asset allocation.

Calamos Convertible and High Income Fund (CHY) is an enhanced fixed-income offering that seeks total return through a combination of capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, the Fund seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns.

We invest in a diversified portfolio of convertible securities and high-yield securities. The allocation to each asset class is dynamic and reflects our view of the economic landscape as well as the potential of individual securities. By combining these asset classes, we believe the Fund is well positioned to generate capital gains and income. We believe the broad range of security types also provides increased opportunities to manage the risk/reward characteristics of the portfolio over full market cycles. During the annual period, ended October 31, 2021, the Fund maintained a high proportional exposure to convertible assets. We believe such exposure, which constituted over 70% of the portfolio at the end of the period, not only was the catalyst for strong performance in 2021 but also positions us well to participate in equity markets in a risk-managed way in 2022.

We seek companies with respectable balance sheets, reliable debt servicing and good sustainable growth prospects. Although we invest primarily in US Issuers’ securities, we favor companies actively participating in globalization with geographically diverse revenue streams and global-scale business strategies.

How did the Fund perform over the annual period?

The Fund returned 33.56% on a net asset value (NAV) basis and 55.69% on a market price basis for the 12 months ended October 31, 2021 (“annual period”), versus 21.49% for the Comparator Index comprising 50% ICE BofA All US Convertibles Index and 50% Bloomberg US Corporate High Yield 2% Issuer Capped Index for the same period.

At the end of the annual period, the Fund’s shares traded at a 1.37% premium to NAV. On October 31, 2021, the per share closing market price and NAV were $16.61 and $16.38, respectively. This compares favorably to the per share closing market price and NAV of $11.50 and $13.22, respectively, as of October 31, 2020. The portfolio’s appreciation and management of the Fund had a favorable impact on both the price and NAV of the Fund over the past year.

How do NAV and market price return differ?

Closed-end funds trade on exchanges, where factors other than the value of the underlying securities may drive the price of shares. The price of a share in the market is called market value. Factors unrelated to the performance of the Fund’s holdings, such as general market sentiment or future expectations, may influence market price. A fund’s NAV return measures the actual return of the individual securities in the portfolio, less fund expenses. It also measures how a manager was able to capitalize

Investment Team Discussion

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   11

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/21

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund’s management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

ASSET ALLOCATION AS OF 10/31/21

on market opportunities. Because we believe closed-end funds are best used long term within asset allocations, we believe NAV return is the better measure of a fund’s performance. However, when managing the Fund, we strongly consider actions and policies that we believe will optimize its overall price performance and returns based on market value.

Please discuss the Fund’s distributions during the annual period.

We employ a managed distribution policy in this Fund with the goal of providing shareholders with a consistent distribution stream. In February, the Fund increased it’s monthly distribution rate from $0.085 per share, representing a 17.6% raise. On October 31, 2021, the annualized distribution rate on the Fund’s market price was 7.23%.

The Fund had no return of capital associated with distributions in 2020, nor are there any estimated return of capital components in distributions paid in fiscal year 2021.

We believe both the Fund’s distribution rate and level remained attractive and competitive, because low interest rates limited yield opportunities in much of the marketplace. For example, as of October 31, 2021, the dividend yield of S&P 500 Index stocks averaged approximately 1.33%. Yields also were low within the US government bond market, with the 10-year US Treasury yielding 1.55%.

What factors influenced performance over the annual period?

The equity and convertible markets posted very strong results during the period, and responded well to the Covid vaccination rollout, positive economic data, fiscal stimulus and accommodative monetary policies. The Fund’s performance was driven in part by its exposure to technology issuers whose products facilitate working, playing, learning and shopping from home as well as the companies offering support services—such as cloud computing, internet security and e-payments—to make it all happen. These businesses saw demand for and adoption of their products and services accelerate at breakneck speed because people worldwide were forced to communicate remotely. In addition, the portfolio benefited by including cyclical companies, such as cruise

Investment Team Discussion

12   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

lines, restaurants, airlines, retailers and live-event providers, that were well poised to participate in the economic recovery as Covid numbers continued to drop, and expectations for “getting back to normal” finally seemed palpable near the end of the period.

Along with strong performance, the convertible and equity markets worked through periods of higher volatility. The annual period included the presidential election, a run-off election in Georgia flipping congressional leadership, volatile interest rates, the storming of the US Capitol, the vaccine rollout, the Covid delta variant, commodity shortages, supply-chain disruptions, and rising inflation. Because these events created pockets of elevated volatility, our preference has been to focus on convertibles with balanced risk/reward attributes and to be overweight in the most equity-sensitive convertibles, which generally lack favorable downside risk mitigation.

Over the course of the annual period, the Federal Reserve has also continued to provide a remarkable level of monetary stimulus by holding its overnight borrowing rate at 0.0% while purchasing over $1 trillion of Treasury and mortgage-backed securities to maintain easy financial conditions. Continued progress toward the Fed’s goal of full employment is drawing us closer to a reduction of monetary stimulus, with the Fed expected to announce a taper of its asset purchases beginning in late 2021. Real interest rates, which measure the risk-free compensation an investor receives after inflation, have been negative since January 2020, which provides support for risk assets as market participants have allocated capital to investments that provide higher return opportunities in exchange for additional risk. In 2010, real interest rates also crossed into negative territory, and remained there for 42 consecutive months, which helped fuel the longest economic expansion in post-WWII history. If real rates were to remain negative for a similar duration now, then a similar scenario would extend into the middle of 2023. This consideration is one of the factors contributing to the market’s optimism for continued above-trend expansion.

Challenges certainly exist, and inflation is primary among them. Higher inflation eats into the financial benefit of economic growth, which affects the amount of real consumption by consumers. Headline inflation (inclusive of energy and food prices) is measuring above 5%, the highest rate in 30 years. Inflation related to wages and housing, which historically have signaled stickier inflation, are also climbing higher; this indicates inflation may not be as transitory as many hoped. One source of inflation has been ongoing supply-chain challenges stemming from the global economic shutdown that occurred at the onset of the Covid pandemic. The reopening of several industries has been stymied because component parts must be manufactured and delivered via congested ports and understaffed trucking companies. Despite these challenges, as measured by personal spending and GDP growth, consumer demand is expanding at healthy levels and informing the market’s expectations for continued strength.

During the first half of the annual period, corporate-credit markets continued to enjoy a rapid recovery from the environment that characterized the height of the pandemic, and collapsed from more than 500 basis points over like-maturity Treasuries to inside of 300 basis points. A tight trading range has been established since April, with spreads fluctuating in a 50-basis-points range between 265 and 315 basis points. Issuance volumes have trended lower in recent months but remain historically high with 2021 poised to be the largest volume year on record. The Bloomberg US High Yield 2% Issuer Capped Index closed the annual period with option-adjusted spreads at 288 basis points over like-maturity Treasuries, and a yield of 4.24%.

Investment Team Discussion

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   13

Performance during the annual period was directional, with lower-quality CCC-rated issuers delivering returns of 18.2%, trailed by B-rated issuers at 9.2% and BB companies returning 9.1%. At the beginning of the annual period, the trailing 12-month default rate was 6.3%, largely driven by energy-related businesses in both exploration and production and oil field services. At the end of the annual period, default rates had declined to 0.4%, the second lowest level in history following December 2007. Regarding our credit-quality positioning, our underweight to BB-rated bonds contributed to performance positively, whereas security selection among our CCC-rated holdings was a detractor.

Improvements in the convertible bond markets contributed to the Fund’s strong performance over the period. As measured by the ICE BofA All US Convertible Index, the convertible bond market returned 32.95% during the period. Additionally, convertible bond issuance was robust during the period, which presented us with a broad selection of investment opportunities. Good valuations in the stock relative to the NAV earlier in the period enhanced price performance, which served as an enticement to many investors.

Consequently, our overweight allocation in convertible securities relative to the Comparator Index was beneficial because convertibles markedly outperformed high-yield bonds during the period. As of October 31, 2021, convertible securities constituted approximately 71% of the portfolio.

Given our relatively low financing costs over the period, our use of leverage was markedly accretive to our returns because our reinvestment rate far surpassed that of the associated costs.

From an economic sector perspective, our overweight and selection in consumer discretionary (an overweight in automobile manufacturers) contributed to performance relative to the Comparator Index. In addition, the Fund was helped by its selection in the financials sector (an underweight and selection in diversified banks).

Conversely, our selection in the industrials sector (overweight and selections in trucking) was detrimental to performance. In addition, our selection in the application software industry of the information technology sector proved detrimental to performance relative to the Comparator Index.

How is the Fund positioned?

We continue to hold our largest rated-bond allocations in the BB tier, because we believe this exposure will offer investors a better risk/reward dynamic while continuing to provide regular income. The average credit quality of the portfolio of rated bonds (BB) is higher than that of the ICE BofA All US Convertibles Index. This is typical for the Fund, as our credit process tends to guide us away from the most speculative corporate securities. However, we do selectively invest in lower-credit securities when we believe the risk/reward dynamics are favorable for our investors.

We believe certain sectors should perform given where we are in the economic cycle and their ability to benefit from the current amount of available liquidity, improved employment statistics, and the US consumer’s spending power.

Our focus in positioning convertibles is to optimize the portfolio’s risk/reward trade-off by providing more exposure to upside than to the potential downside in the equity markets. We seek companies that are growing their intrinsic value and whose fundamentals are strengthening. The portfolio is positioned with slightly lower equity sensitivity than the benchmark index but has a more favorable risk/reward profile.

Investment Team Discussion

14   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

The portfolio’s largest exposures include growth-focused sectors, such as information technology and consumer discretionary, where we are finding secular opportunities in cloud computing, internet security, e-payments, e-commerce and many others supporting “at-home” trends that accelerated during the pandemic. We believe there are strong cyclical opportunities that can outperform as consumers drive the next leg of economic expansion. These span multiple industries, including airlines, cruise lines, retail, entertainment and semiconductors. The portfolio’s largest relative underweight exposures are to more defensive areas, such as the financial sector where we believe convertible structures are less attractive.

New convertible issuance was robust during the annual period; as $153.3 billion came to market globally with $83.9 billion introduced in the US. For some perspective, both amounts were larger than the full calendar year periods dating back to 2008. The new issuance expanded the convertible universe and provided an opportunity for us to rebalance the portfolio into convertibles displaying more attractive risk/reward profiles. The improved risk/reward should enable the Fund to participate in a diverse pool of equity upside with less susceptibility to downside corrections and volatile periods. In actively managing the portfolio, we have taken advantage of these periods by repositioning the portfolio into structurally stronger risk/reward convertibles. For example, we sold convertibles that have moved up and have exhibited pure equity-like characteristics (with more downside susceptibility) or we have sold those that have moved down and have exhibited pure credit-like characteristics (with limited upside potential). We believe this continual portfolio restructuring provides for the best opportunity achieving solid risk-adjusted returns over the long term.

We continue to maintain significant positions in convertible securities, which we believe can provide income and benefit from a rising equity market. We are taking advantage of the robust issuance in convertibles, which can offer our clients access to new companies and sectors. As of October 31, 2021, approximately 71% of our portfolio was invested in convertible securities. We believe this will enable our shareholders to take advantage of opportunities in the general equity markets, which we believe are poised for continued higher valuations with the post-pandemic recovery. We believe this representation will allow our shareholders to take advantage of opportunities in the general equity markets, in a risk-managed way, while being less vulnerable to rising interest rates than longer-duration bonds.

Long term, we believe patient investors will be rewarded for an allocation to convertibles and high yield at current levels, especially given the potential for higher interest rates and increased volatility moving into 2022.

Our portfolio is positioned with the risk of rising interest rates in mind, and we maintain a relatively low average duration level in bonds. As of October 31, 2021, the average duration of these types of securities was 1.8 years.

Moreover, where the risk/reward is compelling, we are investing in global businesses with the ability to seek the best opportunities worldwide and diversify their revenue streams. Overall, we believe our portfolio companies are performing very well fundamentally, earning attractive cash flow margins and improving their credit profiles, while using reasonable debt levels to fund their operations.

Given our relatively low cost of borrowing, we believe this is an environment to the prudent use of leverage as a means of enhancing total return and supporting the Fund’s distribution rate. As of October 31, 2021, our leverage was approximately 32%.

Investment Team Discussion

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   15

What are your closing thoughts for Fund shareholders?

We maintain a positive outlook on the convertible securities market based on the broad economic recovery combined with a fundamentally attractive issuer base. Companies seeking capital to take advantage of opportunities for growth, expansion, mergers, and increased research and development issued the $153.3 billion in convertibles brought to market globally during the annual period. We are excited by this broadening of the convertible market, which included a healthy mix of innovative companies comprising both established and first-time convertible market issuers.

We expect that the economy’s underlying strength will lead the Federal Reserve to taper its unprecedented stimulus levels in the coming months. Although this has the potential to add short-term volatility to the markets, we anticipate any changes will be communicated well in advance, and overall policy will remain accommodative on a historical basis. We believe policy decisions will continue to be made with the goal of avoiding restrictive outcomes that could cut off economic expansion prematurely.

Our view is that the economy is expanding, but not overheating, and that it will ultimately transition from early expansion to a mid-cycle growth phase. This likely means heightened volatility for the foreseeable future as market participants scrutinize each data point through the transition. However, an environment of real growth with moderate inflation could be a highly attractive backdrop for risk assets, including convertibles.

We believe investing in convertibles provides a means to participate in a portion of the equity market upside and to procure a measured degree of downside risk mitigation. We expect markets may have bouts of volatility as interest rates may continue to edge higher, which we see as relatively favorable for convertibles. In this respect, we believe returns are best viewed over a full market cycle. We are focused on the more balanced convertibles, which we believe can be beneficial in a volatile market as they are more likely to limit losses in down markets and participate in up markets. We are also encouraged by the issuance of convertibles, which should provide broad investment opportunities throughout the space. Our dynamic allocation mandate allows us to deploy assets over different asset classes to benefit our shareholders. Accordingly, we believe active management in the convertible and high-yield asset classes is essential to achieving desirable risk-managed results over time.

In some ways, fixed-income markets at the end of the annual period look quite like the environment from earlier this year, but significant changes at play are influencing our outlook of where interest rates and credit markets are headed in the last months of 2021 and into 2022. We expect greater volatility, particularly in Treasury yields, in coming months and quarters.

One source of potential volatility was related to the leadership of the Federal Reserve. Jerome Powell’s first term as Chair ends in early 2022 and following the resignation of two Federal Reserve presidents over ethical concerns related to personal trading, President Biden was pressured not to renominate Powell. A change at the helm of the Fed could have led to unknown shifts in policy or forward guidance. At the time of this writing in November, however, the president did renominate Powell to another four-year term, citing Powell’s deft leadership in guiding the economy through the pandemic-induced recession and subsequent recovery. Uncertainty regarding fiscal policy is another potential driver of interest-rate volatility. With an unknown price tag or timeline for approval on a social spending package, the market is left to hypothesize what the related inflationary pressure might be. One thing is certain— even in a much-reduced form, no one will characterize the budget as austere.

Investment Team Discussion

16   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Inflation will drive nominal GDP growth significantly higher as the economy moves from above trend inflation driven by transitory factors to stickier components, namely shelter and wages. Despite higher than trend inflation expectations, we expect real interest rates to remain in negative or very low territory which will support risk assets, including investment-grade and high-yield credit markets.

Spreads in risk assets are trading near all-time tights, and while we do not see a catalyst for materially wider levels from here, further tightening at a broad level will prove difficult. Our base case anticipates tight trading ranges in the coming quarter or two, which emphasizes the need for active management and our bond-by-bond driven investment philosophy.

From a thematic and sector perspective, we continue to be encouraged by the spending of the US consumer, whose actions are supported by high liquidity levels, higher employment rates, and a normalization of both social and economic activities. Accordingly, we see opportunities in the consumer discretionary sector as consumer optimism continues to improve. We believe the information technology sector will continue to flourish as both individuals and businesses have begun to rely increasingly on virtual experiences and communication, even as Covid restrictions on physical activities abate. In addition, we believe health care companies will continue to offer opportunities because post-pandemic preventive care will be an important emphasis for the foreseeable future. Moreover, the demographics of an aging population continue to support demand within the sector for several years.

The Fund’s use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   17

The Fund’s Investment Objective, Principal INVESTMENT Strategies and Principal Risks

Investment Objective

The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income.

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its managed assets in a diversified portfolio of convertible securities and below investment grade (high yield/high risk) non-convertible debt securities.* The portion of the Fund’s assets invested in convertible securities and below investment grade (high yield/high risk) non-convertible debt securities will vary from time to time consistent with the Fund’s investment objective, changes in equity prices and changes in interest rates and other economic and market factors, although, under normal circumstances, the Fund will invest at least 20% of its managed assets in convertible securities and at least 20% of its managed assets in below investment grade (high yield/high risk) non-convertible debt securities (so long as, under normal circumstances, the combined total equals at least 80% of the Fund’s managed assets). The Fund invests in securities with a broad range of maturities. The average term to maturity of the Fund’s securities typically will range from two to ten years. “Managed 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).

The Fund’s derivative activities are principally focused on the following derivatives: interest rate swaps, convertible securities, synthetic convertible instruments, options on individual securities, index options and forward currency exchange contracts. However, the Fund reserves the right to invest in other derivative instruments to the extent it is consistent with the Fund’s investment objective and restrictions.

Investment in convertible securities forms an important part of the Fund’s principal investment strategies. Under normal circumstances, the Fund will invest at least 20% of its managed assets in convertible securities. A convertible security is a debt security, debenture, note or preferred stock that is exchangeable for an equity security (typically common stock of the same issuer) at a predetermined price (the “conversion price”). Depending upon the relationship of the conversion price to the market value of the underlying security, a convertible security may trade more like an equity security than a debt instrument. The Fund may invest in convertible securities of any rating.

The Fund may invest in “synthetic” convertible instruments. A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of another instrument (i.e., a convertible security) through the combined economic features of a collection of other securities or assets. Calamos may create a synthetic convertible instrument by combining separate securities that possess the two principal characteristics of a true convertible security, i.e., a fixed-income security (“fixed-income component”, which may be a convertible or non-convertible security) and the right to acquire an equity security (“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.

The Fund may also invest in synthetic convertible instruments created by third parties, typically investment banks. Synthetic convertible instruments 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. Synthetic convertible 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. The Fund’s holdings of synthetic convertible instruments are considered convertible securities for purposes of the Fund’s policy to invest at least 20% of its managed assets in convertible securities and 80% of its managed assets in a diversified portfolio of convertible securities and below investment grade (high yield/high risk) non-convertible debt securities.

Investment in high yield securities forms an important part of the Fund’s principal investment strategies. The Fund will invest in high yield securities for either current income or capital appreciation or both. Under normal circumstances, the Fund will invest at least 20% of its managed assets in high yield non-convertible debt securities. These securities are rated Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BB or lower by Standard & Poor’s Financial Services, LLC, a subsidiary of The McGraw-Hill Companies, Inc. (“Standard & Poor’s”) or are unrated securities of comparable quality as determined by Calamos, the Fund’s investment adviser. The Fund may invest in high yield securities of any rating. The Fund may, but currently does not intend to, invest up to 5% of its managed assets in distressed securities that are in default or the issuers of which are in bankruptcy.

*This is a non-fundamental policy and may be changed by the Board of Trustees of the Fund provided that shareholders are provided with at least 60 days’ prior written notice of any change as required by the rules under the 1940 Act.

Calamos Convertible and High Income Fund (CHY) (unaudited)

18   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Although the Fund primarily invests in securities of US issuers, the Fund may invest up to 25% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. The Fund may invest up to 15% of its managed assets in securities of foreign issuers in emerging markets.

The Fund may invest without limit in certain securities (“Rule 144A Securities”), such as convertible and debt securities, that are typically purchased in transactions exempt from the registration requirements of the 1933 Act pursuant to Rule 144A under that Act. Under the supervision and oversight of the Fund’s Board of Trustees, Calamos will determine whether Rule 144A Securities are liquid. Typically, the Fund purchases Rule 144A Securities only if Calamos has determined them to be liquid.

The Fund may invest in loan participations and other direct claims against a borrower. The corporate loans in which the Fund may invest primarily consist of direct obligations of a borrower and may include debtor in possession financings pursuant to Chapter 11 of the US Bankruptcy Code, obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the US Bankruptcy Code, leveraged buy-out loans, leveraged recapitalization loans, receivables purchase facilities, and privately placed notes. The Fund may invest in a corporate loan at origination as a co-lender or by acquiring in the secondary market participations in, assignments of or novations of a corporate loan. Many such loans are secured, although some may be unsecured. Such loans may be in default at the time of purchase. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The markets in such loans are not regulated by federal securities laws or the Commission.

The Fund may seek to generate income from option premiums by writing (selling) options. The Fund may write (sell) call options (i) on a portion of the equity securities (including equity securities obtainable by the Fund through the exercise of its rights with respect to convertible securities it owns) in the Fund’s portfolio and (ii) on broad-based securities indices (such as the S&P 500 or MSCI EAFE, which is an index of international equity stocks) or certain ETFs (exchange traded funds) that trade like common stocks but seek to replicate such market indices.

In addition, to seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indices (such as the S&P 500 or MSCI EAFE) or certain ETFs that trade like common stocks but seek to replicate market indices.

The Fund may invest up to 10% of its managed assets in the equity securities (including common units) of master limited partnerships (“MLPs”). Convertible securities are excluded from this limitation. MLPs are investment vehicles generally organized under state law as limited partnerships or limited liability companies. MLPs typically issue general partner and limited partner interests, or managing member and member interests, and MLP-issued securities are often listed and traded on a securities exchange. Such securities are structured by contract and may incorporate both equity-like and debt-like components. The general partner or manager of the MLP generally controls the operation and management of the MLP, and typically is eligible for certain incentive distributions under the terms of the MLP. The Fund will not typically invest in general partner or manager interests of MLPs. Limited partner or member interests in MLPs may have either preferred or subordinated rights to MLP assets and distributions.

The Fund may invest in securities of real estate investment trusts (“REITs”), including debt securities they may issue. REITs primarily invest in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in addition to the expenses paid by the Fund. Debt securities issued by REITs are, for the most part, general and unsecured obligations and are subject to risks associated with REITs.

The Fund may invest in other securities of various types to the extent consistent with its investment objective. Normally, the Fund invests substantially all of its assets to meet its investment objective. For temporary defensive purposes, the Fund may depart from its principal investment strategies and invest part or all of its assets in securities with remaining maturities of less than one year or cash equivalents; or it may hold cash. During such periods, the Fund may not be able to achieve its investment objective. There are no restrictions as to the ratings of debt securities acquired by the Fund or the portion of the Fund’s assets that may be invested in debt securities in a particular ratings category.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company that allows the Fund to borrow up to $480 million and (ii) through the issuance of five series of Mandatory Redeemable Preferred Shares (“MRPS” or “MRP Shares”) with an aggregate

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   19

liquidation preference of $181.5 million.

Principal Risks

Debt Securities Risk. The Fund may invest in debt securities, including corporate bonds and high yield securities. In addition to the risks described elsewhere in the Fund’s prospectus (such as high yield securities risk and interest rate risk), debt securities are subject to certain additional risks, including issuer risk and reinvestment risk. Issuer risk is the risk that the value of debt securities may decline for a number of reasons which directly relate to the issuer, such as management performance, leverage and reduced demand for the issuer’s goods and services. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio’s current earnings rate. A decline in income could affect the market price of the Fund’s common shares or the overall return of the Fund.

Convertible Securities Risk. The value of a convertible security is influenced by both the yield of non- convertible securities of comparable issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its “investment value.” A convertible security’s investment value tends to decline as prevailing interest rate levels increase. Conversely, a convertible security’s investment value tends to increase as prevailing interest rate levels decline.

However, a convertible security’s market value tends to reflect the market price of the common stock of the issuing company when that stock price is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security and changes in interest rates. Thus, the convertible security may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would be paid before the company’s common stockholders.

High Yield Securities Risk. The Fund may invest in high yield securities of any rating. Investment in high yield securities involves substantial risk of loss. Below investment grade non-convertible debt securities or comparable unrated securities are commonly referred to as “junk bonds” and are considered predominantly speculative with respect to the issuer’s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for high yield securities tend to be very volatile, and these securities are less liquid than investment grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks:

•increased price sensitivity to changing interest rates and to a deteriorating economic environment;

•greater risk of loss due to default or declining credit quality;

•adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and

•if a negative perception of the high yield market develops, the price and liquidity of high yield securities may be depressed. This negative perception could last for a significant period of time.

Adverse changes in economic conditions are more likely to lead to a weakened capacity of a high yield issuer to make principal payments and interest payments than an investment grade issuer. The principal amount of high yield securities outstanding has proliferated in the past decade as an increasing number of issuers have used high yield securities for corporate financing. An economic downturn could severely affect the ability of highly leveraged issuers to service their debt obligations or to repay their obligations upon maturity. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings. In certain circumstances, the Fund may be required to foreclose on an issuer’s assets and take possession of its property or operations. In such circumstances, the Fund would incur additional costs in disposing of such assets and potential liabilities from operating any business acquired.

The secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular security. There are fewer dealers in the market for high yield securities than for investment grade obligations. The prices quoted by different dealers may vary significantly and the spread between the bid and asked price is generally much larger than for higher quality instruments. Under adverse market or economic conditions, the secondary market for securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and these instruments may become illiquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of

Calamos Convertible and High Income Fund (CHY) (unaudited)

20   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating the Fund’s net asset value (“NAV”).

Non-Convertible Income Securities Risk. The Fund will also invest in non-convertible income securities. The Fund’s investments in non-convertible income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features. Recent events in the fixed-income market may expose the Fund to heightened interest rate risk and volatility.

Market Disruption Risk. Certain events have a disruptive effect on the securities markets, such as terrorist attacks, war and other geopolitical events, earthquakes, storms and other disasters. The Fund cannot predict the effects of similar events in the future on the US economy or any foreign economy.

Recent Market Events. Since the 2008 financial crisis, financial markets throughout the world have experienced periods of increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates.

The recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (“COVID-19”) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund’s investments and operations. The transmission of this coronavirus and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff furloughs and reductions) and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, and the jobs market. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.

While the extreme volatility and disruption that US and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the coronavirus outbreak, generally subsided, uncertainty and periods of volatility still remained, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain interest rates may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund’s performance or impair the Fund’s ability to achieve its investment objective.

In June 2016, the United Kingdom approved a referendum to leave the European Union (“EU”) (“Brexit”). On March 29, 2017, the United Kingdom formally notified the European Council of its intention to leave the EU and commenced the formal process of withdrawing from the EU. The withdrawal agreement entered into between the United Kingdom and the EU entered into force on January 31, 2020, at which time the United Kingdom ceased to be a member of the EU. Following the withdrawal, there was an eleven-month transition period, ending December 31, 2020, during which the United Kingdom negotiated its future relationship with the EU. On January 1, 2021, the EU UK Trade and Cooperation Agreement, a bilateral trade and cooperation deal governing the future relationship between the UK and the EU, provisionally went into effect. The UK Parliament has already ratified the agreement, but the agreement will continue to be applied provisionally until it is formally ratified by the EU Parliament. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the United Kingdom and throughout Europe. There is considerable uncertainty about the potential consequences for Brexit, how it will be conducted, how the EU UK Trade and Cooperation Agreement will proceed, how future negotiations of trade relations will proceed, and how the financial markets will react to all of the preceding, and as this process unfolds, markets may be further disrupted. Given the size and importance of the United Kingdom’s economy, uncertainty about its legal, political, and economic relationship with the remaining member states of

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   21

the EU may continue to be a source of instability. Moreover, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the EU.

A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

As a result of political and military actions undertaken by Russia, the US and the EU have instituted sanctions against certain Russian officials and companies. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia in the future may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and a decline in the value and liquidity of Russian securities. Such actions could result in a freeze of Russian securities, impairing the ability of a fund to buy, sell, receive, or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents’ assets, and any such actions are likely to impair the value and liquidity of such assets.

Any or all of these potential results could have an adverse/recessionary effect on Russia’s economy. All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia. In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments.

Portfolio Selection Risk. The value of your investment may decrease if the investment adviser’s judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

Management Risk. Calamos’ judgment about the attractiveness, relative value or potential appreciation of a particular sector, security or investment strategy may prove to be incorrect.

Geographic Concentration Risk. Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

Sector Risk. To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund’s performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

Credit Risk. An issuer of a fixed income security could be downgraded or default. If the Fund holds securities that have been downgraded, or that default on payment, the Fund’s performance could be negatively affected.

Duration Risk. Duration measures the time-weighted expected cash flows of a fixed-income security, which can determine its sensitivity to changes in the general level of interest rates. The value of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. The longer the Fund’s dollar-weighted average duration, the more its value can generally be expected to be sensitive to interest rate changes than a fund with a shorter dollar-weighted average duration. Duration differs from maturity in that it considers a security’s coupon payments in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Fund’s duration. As the value of a security changes over time, so will its duration.

Equity Securities Risk. Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer’s business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments. The Fund may invest in preferred stocks and convertible securities of any rating, including below investment grade.

Below investment grade securities or comparable unrated securities are considered predominantly speculative with respect to the issuer’s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and

Calamos Convertible and High Income Fund (CHY) (unaudited)

22   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

business developments. The market values for below investment grade securities tend to be very volatile, and these securities are generally less liquid than investment-grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks:

•increased price sensitivity to changing interest rates and to a deteriorating economic environment;

•greater risk of loss due to default or declining credit quality;

•adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and

•if a negative perception of the below investment grade market develops, the price and liquidity of below investment grade securities may be depressed. This negative perception could last for a significant period of time.

Leverage Risk. The Fund has issued indebtedness and preferred shares and may borrow money or issue debt securities as permitted by the 1940 Act. As of October 31, 2021, the Fund has leverage in the form of borrowings under the Amended and Restated Liquidity Agreement (the “SSB Agreement”) between the Fund and State Street Bank and Trust Company (“SSB”) and outstanding MRP Shares. Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund’s investment. The borrowing of money or issuance of debt securities and preferred shares represents the leveraging of the Fund’s common shares. As a non-fundamental policy, the Fund may not issue preferred shares or borrow money and/or issue debt securities with an aggregate liquidation preference and aggregate principal amount exceeding 38% of the Fund’s managed assets as measured at the time of borrowing or issuance of the new securities. However, the Board of Trustees reserves the right to issue preferred shares or debt securities or borrow to the extent permitted by the 1940 Act and the Fund’s policies.

Leverage creates risks which may adversely affect the return for the holders of common shares, including:

•the likelihood of greater volatility in the NAV and market price of the Fund’s common shares;

•fluctuations in the dividend rates on any preferred shares borne by the Fund or in interest rates on borrowings and short-term debt;

•increased operating costs, which are effectively borne by common shareholders, may reduce the Fund’s total return; and

•the potential for a decline in the value of an investment acquired with borrowed funds, while the Fund’s obligations under such borrowing or preferred shares remain fixed.

In addition, the rights of lenders and the holders of preferred shares and debt securities issued by the Fund will be senior to the rights of the holders of common shares with respect to the payment of dividends or to the payment of assets upon liquidation. Holders of preferred shares have voting rights in addition to and separate from the voting rights of common shareholders. The holders of preferred shares or debt, if any, on the one hand, and the holders of the common shares, on the other, may have interests that conflict in certain situations.

Leverage is a speculative technique that could adversely affect the returns to common shareholders.

Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other distributions will be reduced or potentially eliminated.

The Fund will pay, and common shareholders will effectively bear, any costs and expenses relating to any borrowings and to the issuance and ongoing maintenance of preferred shares or debt securities. Such costs and expenses include the higher management fee resulting from the use of any such leverage, offering and/or issuance costs, and interest and/or dividend expense and ongoing maintenance. These conditions may, directly or indirectly, result in higher leverage costs to common shareholders.

Certain types of borrowings may result in the Fund being subject to covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and additional covenants that may affect the Fund’s ability to pay dividends and distributions on common shares in certain instances. The Fund may also be required to pledge its assets to the lenders in connection with certain types of borrowings. The Fund may be subject to certain restrictions on investments imposed by guidelines

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   23

of and covenants with rating agencies which may issue ratings for the preferred shares or short-term debt instruments issued by the Fund. These guidelines and covenants may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Board reserves the right to change the amount and type of leverage that the Fund uses, and reserves the right to implement changes to the Fund’s borrowings that it believes are in the long-term interests of the Fund and its shareholders, even if such changes impose a higher interest rate or other costs or impacts over the intermediate, or short-term time period. There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the right to raise, decrease, or eliminate the Fund’s leverage exposure.

Because Calamos’ investment management fee is a percentage of the Fund’s managed assets, Calamos’ fee will be higher if the Fund is leveraged and Calamos will have an incentive to be more aggressive and leverage the Fund. Consequently, the Fund and Calamos may have differing interests in determining whether to leverage the Fund’s assets. Any additional use of leverage by the Fund effected through new, additional or increased credit facilities or the issuance of preferred shares would require approval by the Board of Trustees of the Fund.

In considering whether to approve the use of additional leverage through those means, the Board would be presented with all relevant information necessary to make a determination whether or not additional leverage would be in the best interests of the Fund, including information regarding any potential conflicts of interest.

Effects of Leverage. The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $480 million. As of October 31, 2021, the Fund had utilized $435 million of the $480 million available under the SSB Agreement ($84 million in borrowings outstanding, and $351 million in structural leverage consisting of collateral received from SSB in connection with securities on loan), representing 24.4% of the Fund’s managed assets as of that date, and had $145 million of MRP Shares outstanding, representing 8.1% of the Fund’s managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 32.5% of the Fund’s managed assets. Interest on the SSB Agreement is charged on the drawn amount at the rate of Overnight LIBOR plus 0.80%, payable monthly in arrears. Interest on overdue amounts or interest on the drawn amount paid during an event of default will be charged at Overnight LIBOR** plus 2.80%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount. As of October 31, 2021, the interest rate charged under the SSB Agreement was 0.87%. “Net income” payments related to cash collateral in connection with securities lending were 0.44% of the borrowed amount on an annualized basis as of that date, although this amount can vary based on changes in underlying interest rates.

The Fund’s MRP Shareholders are entitled to receive monthly cash dividends, at a currently effective dividend rate per annum for each series of MRP Shares as follows (subject to adjustment as described in the Fund’s prospectus): 3.70% for Series A MRP Shares, 4.00% for Series B MRP Shares, 4.24% for Series C MRP Shares, 2.45% for Series D MRP Shares, and 2.68% for Series E MRP Shares.

To cover the interest expense on the borrowings under the SSB Agreement (including “net income” payments made with respect to borrowings offset by collateral for securities on loan) and the dividend payments associated with the MRP Shares, based on rates in effect on October 31, 2021, the Fund’s portfolio would need to experience an annual return of 0.39% (before giving effect to expenses associated with senior securities).

Leverage is a speculative technique that could adversely affect the returns to common shareholders. Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other distributions will be reduced or potentially eliminated.

The Fund will pay, and common shareholders will effectively bear, any costs and expenses relating to any borrowings and to the issuance and ongoing maintenance of preferred shares, including the MRP Shares, or debt securities. Such costs and expenses include the higher management fee resulting from the use of any such leverage, offering and/or issuance costs, and interest and/or dividend expense and ongoing maintenance.

Certain types of borrowings may result in the Fund being subject to covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and additional covenants that may affect the Fund’s ability to pay

**Effective January 1, 2022, the reference rate will change from Overnight LIBOR to the Overnight Bank Financing Rate (OBFR).

Calamos Convertible and High Income Fund (CHY) (unaudited)

24   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

dividends and distributions on common shares in certain instances. The Fund may also be required to pledge its assets to the lenders in connection with certain types of borrowings. The Fund may be subject to certain restrictions on investments imposed by guidelines of and covenants with rating agencies for the preferred shares or short-term debt instruments issued by the Fund. These guidelines and covenants may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act.

The following table illustrates the hypothetical effect on the return to a holder of the Fund’s common shares of the leverage obtained by us (and utilized on October 31, 2021). The purpose of this table is to assist you in understanding the effects of leverage. As the table shows, leverage generally increases the return to common shareholders when portfolio return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical and actual returns may be greater or less than those appearing in the table.

Assumed Portfolio Return (Net of Expenses)	(10.00)%	(5.00)%	0.00%	5.00%	10.00%
Corresponding Common Share Return	(15.38)%	(7.98)%	(0.58)%	6.82%	14.22%

(1)Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2021 of 0.87%, and dividend expense on the MRP Shares.

Reduction of Leverage Risk. We have previously taken, and may in the future take, action to reduce the amount of leverage employed by the Fund. Reduction of the leverage employed by the Fund, including by redemption of preferred shares, will in turn reduce the amount of assets available for investment in portfolio securities. This reduction in leverage may negatively impact our financial performance, including our ability to sustain current levels of distributions on common shares.

The Board reserves the right to change the amount and type of leverage that the Fund uses, and reserves the right to implement changes to the Fund’s borrowings that it believes are in the best interests of the Fund, even if such changes impose a higher interest rate or other costs or impacts over the intermediate, or short-term time period. There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the right to raise, decrease, or eliminate the Fund’s leverage exposure.

Market Discount Risk. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. Common shares of closed-end investment companies frequently trade at a discount from NAV, but in some cases trade above NAV. The risk of the Fund’s common shares trading at a discount is a risk separate from the risk of a decline in the Fund’s NAV as a result of investment activities. The Fund’s NAV may be reduced immediately following this offering by the offering costs for common shares or other securities, which will be borne entirely by all common shareholders. The Fund’s common shares are designed primarily for long-term investors, and you should not purchase common shares if you intend to sell them shortly after purchase.

Whether shareholders will realize a gain or loss upon the sale of the Fund’s common shares depends upon whether the market value of the shares at the time of sale is above or below the price the shareholder paid, taking into account transaction costs for the shares, and is not directly dependent upon the Fund’s NAV. Because the market value of the Fund’s common shares will be determined by factors such as the relative demand for and supply of the shares in the market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares will trade at, below or above the Fund’s NAV, or below or above the public offering price for the common shares.

Interest Rate Risk. In addition to the risks described above, debt securities, including high yield securities, are subject to certain risks, including:

•if interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline;

•during periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. Debt securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer;

•during periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the estimated period until the security is paid in full, and reduce the value of the security. This is known as extension risk;

•rising interest rates could result in an increase in the cost of the Fund’s leverage and could adversely affect the ability of the Fund to meet asset coverage requirements with respect to leverage;

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   25

•variable rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. When the Fund holds variable rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the NAV of the Fund’s shares; and

•the risks associated with rising interest rates may be particularly acute in the current market environment because market interest rates are currently near historically low levels. Thus, the Fund currently faces a heightened level of interest rate risk. To the extent the Federal Reserve Board raises interest rates, there is a risk that interest rates across the financial system may rise. Increases in volatility and interest rates in the fixed-income market may expose the Fund to heightened interest rate risk.

Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. LIBOR was expected to be phased out by the end of 2021. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the US dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests .can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments.

Synthetic Convertible Instruments Risk. The value of a synthetic convertible instrument may respond differently to market fluctuations than a convertible instrument because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

Maturity Risk. Interest rate risk will generally affect the price of a fixed income security more if the security has a longer maturity. Fixed income securities with longer maturities will therefore be more volatile than other fixed income securities with shorter maturities. Conversely, fixed income securities with shorter maturities will be less volatile but generally provide lower potential returns than fixed income securities with longer maturities. The average maturity of the Fund’s investments will affect the volatility of the Fund’s share price.

Default Risk. Default risk refers to the risk that a company that issues a convertible or debt security will be unable to fulfill its obligations to repay principal and interest. The lower a debt security is rated, the greater its default risk. As a result, the Fund may incur cost and delays in enforcing its rights against the defaulting issuer.

Rule 144A Securities Risk. The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision and oversight of the Board, Calamos will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund’s assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund’s adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

Decline in Net Asset Value Risk. A material decline in the Fund’s NAV may impair our ability to maintain required levels of asset coverage for any outstanding borrowings or any debt securities or preferred shares.

REIT Risk. Investing in real estate investment trusts (“REITs”) involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified.

REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to risks associated with such industry. REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT’s investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations. REITs may have limited financial

Calamos Convertible and High Income Fund (CHY) (unaudited)

26   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

resources, may utilize significant amounts of leverage, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities.

Historically, REITs have been more volatile in price than the larger capitalization stocks included in Standard & Poor’s 500 Stock Index.

Loan Risk. The Fund may invest in loans which may not be (i) rated at the time of investment, (ii) registered with the SEC or (iii) listed on a securities exchange. There may not be as much public information available regarding these loans as is available for other Fund investments, such as exchange-listed securities. As well, there may not be an active trading market for some loans, meaning they may be illiquid and more difficult to value than other more liquid securities. Settlement periods for loans are longer than for exchange-traded securities, typically ranging between 1 and 3 weeks, and in some cases much longer. There is no central clearinghouse for loan trades, and the loan market has not established enforceable settlement standards or remedies for failure to settle. Because the interest rates of floating-rate loans in which the Fund may invest may reset frequently, if market interest rates fall, the loans’ interest rates will be reset to lower levels, potentially reducing the Fund’s income. Because the adviser may wish to invest in the publicly-traded securities of an obligor, the Fund may not have access to material non-public information regarding the obligor to which other investors have access.

“Covenant-Lite” Loans Risk. Some of the loans in which the Fund may invest may be “covenant-lite” loans, which means the loans contain fewer or no maintenance covenants than other loans and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. The Fund may experience delays in enforcing its rights on its holdings of covenant-lite loans.

Risks Associated with Options. There are several risks associated with transactions in options. For example, there are significant differences between the securities markets and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The Fund’s ability to utilize options successfully will depend on Calamos’ ability to predict pertinent market movements, which cannot be assured.

The Fund may sell options on individual securities and securities indices. All call options sold by the Fund must be “covered.” Even though the Fund will receive the option premium to help protect it against loss, a call option sold by the Fund exposes the Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold a security or instrument that it might otherwise have sold. In addition, a loss on a call option sold may be greater than the premium received. The Fund may purchase and sell put options on individual securities and securities indices. In selling put options, there is a risk that the Fund may be required to buy the underlying security at a disadvantageous price above the market price. The Fund may purchase and sell put options on individual securities and securities indices. In selling put options, there is a risk that the Fund may be required to buy the underlying security at a disadvantageous price above the market price.

Derivatives Risk. Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indices and other assets. The Fund may utilize a variety of derivative instruments including, but not limited to, interest rate swaps, convertible securities, synthetic convertible instruments, options on individual securities, index options, long calls, covered calls, long puts, cash-secured short puts and protective puts for hedging, risk management and investment purposes. The Fund’s use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. The use of derivative instruments may have risks including, among others, leverage risk, volatility risk, duration mismatch risk, correlation risk, liquidity risk, interest rate risk, credit risk, management risk and counterparty risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Furthermore, the skills needed to employ derivatives strategies are different from those needed to select portfolio securities and, in connection with such strategies, the Fund makes predictions with respect to market conditions, liquidity, currency movements, market values, interest rates and other applicable factors, which may be inaccurate. Thus, the use of derivative investments may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. Tax rules governing the Fund’s transactions in derivative instruments may also affect whether gains and losses recognized by the Fund are treated as ordinary

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   27

or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund’s securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders. In addition, there may be situations in which the Fund elects not to use derivative instruments that result in losses greater than if they had been used.

Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund’s derivative instruments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.

Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

Foreign Securities Risk. Investments in non-US issuers may involve unique risks compared to investing in securities of US issuers. These risks are more pronounced to the extent that the Fund invests a significant portion of its non-U.S investments in one region or in the securities of emerging market issuers. These risks may include:

•less information may be available about non-US issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices in foreign jurisdictions;

•many non-US markets are smaller, less liquid and more volatile. In a changing market, Calamos may not be able to sell the Fund’s portfolio securities at times, in amounts and at prices it considers reasonable;

•an adverse effect of currency exchange rate changes or controls on the value of the Fund’s investments;

•the economies of non-US countries may grow at slower rates than expected or may experience a downturn or recession;

•economic, political and social developments may adversely affect the securities markets in foreign jurisdictions, including expropriation and nationalization;

•the difficulty in obtaining or enforcing a court judgment in non-US countries;

•restrictions on foreign investments in non-US jurisdictions;

•difficulties in effecting the repatriation of capital invested in non-US countries;

•withholding and other non-US taxes may decrease the Fund’s return;

•the ability for the Public Company Accounting Oversight Board, which regulates auditors of US public companies, is unable to inspect audit work papers in certain foreign countries;

•often limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Commission, the US Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited; and

•dividend income the Fund receives from foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income.

Based upon the Fund’s test for determining whether an issuer is a “foreign issuer” as described above, it is possible that an issuer of securities in which the Fund invests could be organized under the laws of a foreign country, yet still conduct a substantial portion of its business in the US or have substantial assets in the US In this case, such a “foreign issuer” may be subject to the market conditions in the US to a greater extent than it may be subject to the market conditions in the country of its organization.

Portfolio Turnover Risk. The portfolio managers may actively and frequently trade securities or other instruments in the Fund’s portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

Counterparty and Settlement Risk. Trading options, futures contracts, swaps and other derivative financial instruments entails credit risk with respect to the counterparties. Such instruments when traded over the counter do not include the same protections as may apply to trading derivatives on organized exchanges. Substantial losses may arise from the insolvency, bankruptcy or default of a counterparty and risk of settlement default of parties with whom it trades securities. This risk may be heightened during volatile market conditions. Settlement mechanisms in emerging markets are generally less developed and reliable than those in more

Calamos Convertible and High Income Fund (CHY) (unaudited)

28   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

developed countries, thus increasing the risks. In the past, broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although Calamos monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. Material exposure to a single or small group of counterparties increases the Fund’s counterparty risk.

Master Limited Partnerships Risk. Investments in MLPs involve risks that differ from investments in common stock. Holders of MLP common units are subject to certain risks inherent in the structure of MLPs, including (i) tax risks, (ii) risk related to limited control of management or the general partner or managing member, (iii) limited rights to vote on matters affecting the MLP, except with respect to extraordinary transactions, (iv) conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments or corporate opportunities, and (v) cash flow risks. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including cash flow growth, cash generating power and distribution coverage.

Although certain MLPs may trade on national securities exchanges, certain MLPs may trade less frequently than those of larger companies due to their market capitalizations. Due to limited trading volumes of certain MLPs, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to dispose of the securities at a fair price. Such a situation may prevent the Fund from limiting losses or realizing gains. This also may adversely affect the Fund’s ability to make dividend distributions to shareholders.

MLPs are generally treated as partnerships for US federal income tax purposes. Partnerships do not pay US federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation for US federal income tax purposes. As a result, the amount of cash available for distribution by the MLP would be reduced and the after-tax return to the Fund with respect to its investment in such MLPs would be materially reduced. Thus, if any of the MLPs owned by the Fund were treated as corporations for US federal income tax purposes, it could result in a reduction in the value of the Fund.

Cash Holdings Risk. To the extent the Fund holds cash positions, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment objective.

American Depositary Receipts Risk. The stocks of most foreign companies that trade in the US markets are traded as ADRs. US depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing a security on a US exchange, the risks inherently associated with foreign investing still apply to ADRs.

Other Investment Companies (including ETFs) Risk. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses indirectly paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection with the Fund’s own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, closed-end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

Currency Risk. To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   29

or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund’s investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

Emerging Markets Risk. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could adversely affect the value of the Fund’s investments and hurt those countries’ economies and securities markets.

US Government Security Risk. Some securities issued by US Government agencies or government sponsored enterprises are not backed by the full faith and credit of the US and may only be supported by the right of the agency or enterprise to borrow from the US Treasury. There can be no assurance that the US Government will always provide financial support to those agencies or enterprises.

Interest Rate Transactions Risk. The Fund may enter into an interest rate swap, cap or floor transaction to attempt to protect itself from increasing dividend or interest expenses on its leverage resulting from increasing short-term interest rates and to hedge its portfolio securities. A decline in interest rates may result in a decline in the value of the swap or cap, which may result in a decline in the NAV of the Fund.

Depending on the state of interest rates in general, the Fund’s use of interest rate swap or cap transactions could enhance or harm the overall performance of the common shares. To the extent there is a decline in interest rates, the value of the interest rate swap or cap could decline, and could result in a decline in the NAV of the common shares. In addition, if the counterparty to an interest rate swap or cap defaults, the Fund would not be able to use the anticipated net receipts under the swap or cap to offset the dividend or interest payments on the Fund’s leverage or offset certain losses in its portfolio.

Depending on whether the Fund would be entitled to receive net payments from the counterparty on the swap or cap, which in turn would depend on the general state of short-term interest rates at that point in time, such a default could negatively impact the performance of the common shares. In addition, at the time an interest rate swap or cap transaction reaches its scheduled termination date, there is a risk that the Fund would not be able to obtain a replacement transaction or that the terms of the replacement would not be as favorable as on the expiring transaction. If either of these events occurs, it could have a negative impact on the performance of the common shares.

If the Fund fails to maintain a required 200% asset coverage of the liquidation value of any outstanding preferred shares or if the Fund loses its rating on its preferred shares or fails to maintain other covenants with respect to the preferred shares, the Fund may be required to redeem some or all of the preferred shares. Similarly, the Fund could be required to prepay the principal amount of any debt securities or other borrowings. Such redemption or prepayment would likely result in the Fund seeking to terminate early all or a portion of any swap or cap transaction. Early termination of a swap could result in a termination payment by or to the Fund. Early termination of a cap could result in a termination payment to the Fund. The Fund intends to segregate with its custodian cash or liquid securities having a value at least equal to the Fund’s net payment obligations under any swap transaction, marked-to-market daily.

Currently, certain categories of interest rate swaps are subject to mandatory clearing, and more are expected to be cleared in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that a clearing house, or its members, will satisfy the clearing house’s obligations to the Fund.

Inflation Risk. Inflation is the reduction in the purchasing power of money resulting from an increase in the price of goods and services. Inflation risk is the risk that the inflation adjusted or “real” value of an investment in preferred stock or debt securities or the income from that investment will be worth less in the future. As inflation occurs, the real value of the preferred stock or debt securities and the dividend payable to holders of preferred stock or interest payable to holders of debt securities declines.

Diminished Voting Power and Excess Cash Risk. The voting power of current shareholders will be diluted to the extent that such shareholders do not purchase shares in any future common share offerings or do not purchase sufficient shares to maintain their percentage interest. In addition, if the Fund is unable to invest the proceeds of such offering as intended, its per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in market advances to the same extent as if such proceeds were fully invested as planned.

Calamos Convertible and High Income Fund (CHY) (unaudited)

30   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Forward Foreign Currency Contract Risk. Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund’s holdings.

Tax Risk. The Fund may invest in certain securities, such as certain convertible securities and high yield securities, for which the federal income tax treatment may not be clear or may be subject to re-characterization by the Internal Revenue Service (“IRS”). It could be more difficult for the Fund to comply with certain federal income tax requirements applicable to regulated investment companies if the tax characterization of the Fund’s investments is not clear or if the tax treatment of the income from such investments was successfully challenged by the IRS. In addition, the tax treatment of the Fund may be affected by future interpretations of the Internal Revenue Code of 1986, as amended (the “Code”), and changes in the tax laws and regulations, all of which may apply with retroactive effect.

Contingent Liabilities Risk. Entering into derivative contracts in order to pursue the Fund’s various hedging strategies could require the Fund to fund cash payments in the future under certain circumstances, including an event of default or other early termination event, or the decision by a counterparty to request margin in the form of securities or other forms of collateral under the terms of the derivative contract or applicable laws. The amounts due with respect to a derivative contract would generally be equal to the unrealized loss of the open positions with the respective counterparty and could also include other fees and charges. These payments are contingent liabilities and therefore may not appear on the Fund’s balance sheet. The Fund’s ability to fund these contingent liabilities will depend on the liquidity of the Fund’s assets and access to capital at the time, and the need to fund these contingent liabilities could adversely impact our financial condition.

Cybersecurity Risk. Investment companies, such as the Fund, and their service providers are exposed to operational and information security risks resulting from cyberattacks, which may result in financial losses to a fund and its shareholders. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, “ransomware” that renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity breaches. Cyber-attacks affecting the Fund or the Adviser, custodian, transfer agent, distributor, administrator, intermediaries, trading counterparties, and other third-party service providers may adversely impact the Fund or the companies in which the Fund invests, causing the Fund’s investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.

Antitakeover Provisions. The Fund’s Agreement and Declaration of Trust and By-Laws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to change the composition of its Board of Trustees. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions include staggered terms of office for the Trustees, advance notice requirements for shareholder proposals, and super-majority voting requirements for certain transactions with affiliates, converting the Fund to an open-end investment company or a merger, asset sale or similar transaction. Holders of preferred shares have voting rights in addition to and separate from the voting rights of common shareholders with respect to certain of these matters. Holders of any preferred shares, voting separately as a single class, have the right to elect at least two Trustees at all times. The holders of preferred shares or debt, if any, on the one hand, and the holders of the common shares, on the other, may have interests that conflict with each other in certain situations, including conflicts that relate to the fees and expenses of the Fund.

Market Impact Risk. The sale of our common shares (or the perception that such sales may occur) may have an adverse effect on prices in the secondary market for our common shares. An increase in the number of common shares available may put downward pressure on the market price for our common shares. These sales also might make it more difficult for us to sell additional equity securities in the future at a time and price the Fund deems appropriate.

Liquidity Risk. The Fund may invest up to 15% of its managed assets in securities that, at the time of investment, are illiquid (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Fund may also invest without limit in Rule 144A Securities determined to be liquid. Calamos, under the supervision and oversight of the Board of Trustees, will determine whether Rule 144A Securities are illiquid (that is, not readily marketable) and thus subject to the Fund’s limit on investing no more than 15% of its managed assets in illiquid securities. Illiquid securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. Investment of the Fund’s assets in illiquid securities may restrict the Fund’s ability to take advantage of market opportunities. The market price of illiquid securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of illiquid securities. Illiquid securities are also

Calamos Convertible and High Income Fund (CHY) (unaudited)

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   31

more difficult to value and may be fair valued by the Board, in which case Calamos’ judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid securities may restrict the Fund’s ability to take advantage of market opportunities. The risks associated with illiquid securities may be particularly acute in situations in which the Fund’s operations require cash and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid securities.

Senior Leverage Risk. Preferred shares will be junior in liquidation and with respect to distribution rights to debt securities and any other borrowings. Senior securities representing indebtedness may constitute a substantial lien and burden on preferred shares by reason of their prior claim against our income and against our net assets in liquidation. We may not be permitted to declare dividends or other distributions with respect to any series of preferred shares unless at such time we meet applicable asset coverage requirements and the payment of principal or interest is not in default with respect to any borrowings.

Ratings and Asset Coverage Risk. To the extent that senior securities are rated, a rating does not eliminate or necessarily mitigate the risks of investing in our senior securities, and a rating may not fully or accurately reflect all of the credit and market risks associated with that senior security. A rating agency could downgrade the rating of our shares of preferred stock or debt securities, which may make such securities less liquid in the secondary market, though potentially with higher resulting interest rates. If a rating agency downgrades the rating assigned to a senior security, we may alter our portfolio or redeem the senior security. We may voluntarily redeem senior securities under certain circumstances.

Non-US Government Obligation Risk. An investment in debt obligations of non-US governments and their political subdivisions involves special risks that are not present in corporate debt obligations. The non-US issuer of the sovereign debt or the non-US governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of US issuers.

Early Redemption Risk. The Fund may voluntarily redeem preferred shares or may be forced to redeem preferred shares to meet regulatory requirements and the asset coverage requirements of the preferred shares. Such redemptions may be at a time that is unfavorable to holders of the preferred shares.

Secondary Market Risk. The market value of exchange-listed preferred shares that the Fund may issue will be determined by factors such as the relative demand for and supply of the preferred shares in the market, general market conditions and other factors beyond the control of the Fund. It may be difficult to predict the trading patterns of preferred shares, including the effective costs of trading. There is a risk that the market for preferred shares may be thinly traded and relatively illiquid compared to the market for other types of securities.

Schedule of Investments October 31, 2021

32   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT			VALUE
Corporate Bonds (32.6%)
Airlines (0.9%)
1,726,685	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24	$	1,741,293
266,666	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		272,701
1,152,015	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		1,280,004
769,365	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		867,206
469,000	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		470,158
	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
783,000	5.500%, 04/20/26		821,578
261,000	5.750%, 04/20/29		281,196
1,195,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		1,208,288
937,405	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,102,294
381,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		426,899
361,757	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		371,412
869,345	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		890,471
576,886	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		572,721
		10,306,221
Communication Services (3.9%)
1,200,000	Altice France, SA / France* 5.500%, 10/15/29		1,177,452
520,000	APi Escrow Corp.* 4.750%, 10/15/29		532,199
1,625,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,660,457
1,075,000	Ashtead Capital, Inc.* 4.000%, 05/01/28		1,133,856
783,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		791,762
765,000	Brink’s Company*^ 5.500%, 07/15/25		803,349

PRINCIPAL AMOUNT			VALUE
1,885,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25	$	1,967,733
895,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		954,920
	CSC Holdings, LLC*
3,385,000	5.500%, 04/15/27^		3,497,822
2,300,000	5.750%, 01/15/30		2,270,077
1,630,000	5.375%, 02/01/28^		1,682,682
1,600,000	4.625%, 12/01/30		1,468,624
475,000	4.500%, 11/15/31		461,415
1,105,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		1,153,742
	Diamond Sports Group, LLC / Diamond Sports Finance Company*
750,000	6.625%, 08/15/27		225,398
585,000	5.375%, 08/15/26^		331,543
130,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		135,014
2,039,000	Embarq Corp. 7.995%, 06/01/36		2,256,867
	Entercom Media Corp.*^
522,000	6.750%, 03/31/29		518,148
495,000	6.500%, 05/01/27		498,232
615,000	Frontier Florida, LLC^& 6.860%, 02/01/28		660,836
1,555,000	Frontier North, Inc. 6.730%, 02/15/28		1,672,434
574,000	Gannett Holdings, LLC* 6.000%, 11/01/26		573,696
	Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
905,000	3.500%, 03/01/29		877,144
270,000	5.250%, 12/01/27		280,751
290,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		324,249
	Intelsat Jackson Holdings, SA@
790,000	9.750%, 07/15/25*		410,255
510,000	5.500%, 08/01/23		258,086
1,700,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,795,523
583,136	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		525,540
1,240,000	Lumen Technologies, Inc.* 4.000%, 02/15/27		1,246,026
522,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		507,415
910,000	Midas OpCo Holdings, LLC* 5.625%, 08/15/29		928,364
	Netflix, Inc.
835,000	4.875%, 06/15/30*		980,240
525,000	4.875%, 04/15/28		602,196

Schedule of Investments October 31, 2021

See accompanying Notes to Schedule of Investments CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   33

PRINCIPAL AMOUNT			VALUE
	Scripps Escrow II, Inc.*^
514,000	3.875%, 01/15/29	$	514,267
257,000	5.375%, 01/15/31		252,515
1,970,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		2,012,729
514,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.* 4.625%, 11/01/26		534,951
	Sirius XM Radio, Inc.*
1,350,000	5.500%, 07/01/29^		1,457,824
781,000	4.000%, 07/15/28		787,201
515,000	3.125%, 09/01/26		516,689
261,000	3.875%, 09/01/31		251,137
785,000	Spanish Broadcasting System, Inc.*^ 9.750%, 03/01/26		823,167
1,915,000	Sprint Corp. 7.125%, 06/15/24		2,166,133
805,000	Telecom Italia Capital, SA 6.000%, 09/30/34		896,480
1,450,000	United States Cellular Corp.^ 6.700%, 12/15/33		1,805,250
		47,182,390
Consumer Discretionary (5.1%)
1,090,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		1,158,245
	Ashton Woods USA, LLC / Ashton Woods Finance Company*
780,000	6.625%, 01/15/28		830,349
652,000	4.625%, 08/01/29^		651,302
261,000	4.625%, 04/01/30		258,202
307,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		324,407
	Bath & Body Works, Inc.
1,369,000	6.694%, 01/15/27		1,571,899
765,000	6.875%, 11/01/35		930,791
	Caesars Entertainment, Inc.*
657,000	4.625%, 10/15/29^		661,757
512,000	8.125%, 07/01/27^		574,147
512,000	6.250%, 07/01/25		539,290
	Carnival Corp.*
512,000	10.500%, 02/01/26		595,185
257,000	7.625%, 03/01/26		271,127
1,219,000	Carriage Services, Inc.* 4.250%, 05/15/29		1,222,559
775,000	Carvana Company* 5.625%, 10/01/25		792,957
	CCO Holdings, LLC / CCO Holdings Capital Corp.*
3,350,000	5.125%, 05/01/27		3,477,836
1,150,000	4.750%, 03/01/30		1,189,008
540,000	5.000%, 02/01/28		562,043
515,000	4.250%, 02/01/31		513,331
390,000	4.250%, 01/15/34		378,858

PRINCIPAL AMOUNT			VALUE
810,000	Cedar Fair, LP^ 5.250%, 07/15/29	$	840,286
	Century Communities, Inc.
1,350,000	6.750%, 06/01/27		1,435,684
260,000	3.875%, 08/15/29*		259,919
	DISH DBS Corp.^
828,000	7.750%, 07/01/26		923,096
650,000	7.375%, 07/01/28		684,535
800,000	Empire Resorts, Inc.* 7.750%, 11/01/26		818,224
782,000	Everi Holdings, Inc.* 5.000%, 07/15/29		801,886
645,000	Ford Motor Company 8.500%, 04/21/23		707,333
	Ford Motor Credit Company, LLC
1,650,000	4.000%, 11/13/30		1,724,167
1,400,000	4.063%, 11/01/24		1,472,142
1,250,000	4.134%, 08/04/25		1,322,687
1,225,000	3.664%, 09/08/24		1,273,265
500,000	4.389%, 01/08/26		535,060
	Gap, Inc.*
391,000	3.875%, 10/01/31		383,927
52,000	3.625%, 10/01/29		51,052
	goeasy, Ltd.*
1,795,000	5.375%, 12/01/24		1,847,576
962,000	4.375%, 05/01/26^		990,417
522,000	Goodyear Tire & Rubber Company*^ 5.000%, 07/15/29		551,013
510,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		510,388
1,033,000	Guitar Center, Inc.*& 8.500%, 01/15/26		1,106,219
	International Game Technology, PLC*
1,350,000	6.250%, 01/15/27		1,522,692
325,000	5.250%, 01/15/29^		342,397
200,000	4.125%, 04/15/26		206,874
	Liberty Interactive, LLC
1,045,000	8.250%, 02/01/30^		1,143,125
525,000	8.500%, 07/15/29		587,738
783,000	Life Time, Inc.*^ 8.000%, 04/15/26		823,137
	M/I Homes, Inc.
780,000	4.950%, 02/01/28		813,805
685,000	3.950%, 02/15/30*		677,266
	Macy’s Retail Holdings, LLC
1,092,000	6.700%, 07/15/34*		1,252,917
265,000	5.125%, 01/15/42		249,914
	Mattel, Inc.*
1,350,000	5.875%, 12/15/27		1,457,028
128,000	3.750%, 04/01/29^		133,106
1,200,000	Mclaren Finance, PLC* 7.500%, 08/01/26		1,202,244
1,200,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,211,352

Schedule of Investments October 31, 2021

34   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT			VALUE
1,183,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26	$	1,224,097
1,004,000	Newell Brands, Inc. 4.700%, 04/01/26		1,100,494
522,000	Papa John’s International, Inc.*^ 3.875%, 09/15/29		511,544
1,195,000	Penn National Gaming, Inc.* 4.125%, 07/01/29		1,172,510
1,200,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		1,224,588
2,564,000	Rite Aid Corp.* 8.000%, 11/15/26		2,593,460
	Royal Caribbean Cruises, Ltd.*
307,000	11.500%, 06/01/25		349,909
257,000	10.875%, 06/01/23		287,897
1,215,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*^ 4.625%, 03/01/29		1,228,523
652,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		654,341
1,350,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		1,380,105
810,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		891,972
261,000	Thor Industries, Inc.* 4.000%, 10/15/29		258,774
262,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		300,894
1,215,000	Vista Outdoor, Inc.*^ 4.500%, 03/15/29		1,217,722
1,045,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,041,259
258,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28		266,909
		62,070,762
Consumer Staples (1.6%)
1,191,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,199,087
	Edgewell Personal Care Company*
783,000	4.125%, 04/01/29		773,635
513,000	5.500%, 06/01/28		537,183
1,445,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		1,385,871
720,000	Fresh Market, Inc.*^ 9.750%, 05/01/23		742,162
1,295,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 6.750%, 02/15/28		1,400,737

PRINCIPAL AMOUNT			VALUE
429,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* 6.500%, 04/15/29	$	477,138
	Kraft Heinz Foods Company
1,585,000	4.375%, 06/01/46		1,852,596
259,000	4.250%, 03/01/31		292,201
259,000	3.875%, 05/15/27		281,305
672,000	New Albertsons, LP 7.750%, 06/15/26		773,620
1,043,000	Performance Food Group, Inc.* 4.250%, 08/01/29		1,046,046
1,525,000	Pilgrim’s Pride Corp.*^ 5.875%, 09/30/27		1,608,509
	Post Holdings, Inc.*
1,350,000	5.750%, 03/01/27		1,401,907
748,000	4.625%, 04/15/30^		753,236
986,000	Prestige Brands, Inc.* 3.750%, 04/01/31		954,142
1,130,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		1,224,976
	Vector Group, Ltd.*
1,625,000	5.750%, 02/01/29		1,622,871
630,000	10.500%, 11/01/26		665,828
		18,993,050
Energy (2.9%)
	Antero Resources Corp.*
386,000	7.625%, 02/01/29^		427,958
261,000	5.375%, 03/01/30		276,702
	Apache Corp.
1,037,000	5.100%, 09/01/40		1,163,006
518,000	4.625%, 11/15/25		558,622
	Buckeye Partners, LP
810,000	3.950%, 12/01/26^		831,481
545,000	5.850%, 11/15/43		537,866
386,000	ChampionX Corp. 6.375%, 05/01/26		404,038
	Cheniere Energy Partners, LP*
521,000	3.250%, 01/31/32		517,270
263,000	4.000%, 03/01/31		273,935
520,000	Cheniere Energy, Inc. 4.625%, 10/15/28		546,463
	Continental Resources, Inc.^
1,035,000	3.800%, 06/01/24		1,088,396
780,000	4.375%, 01/15/28		852,103
1,590,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		1,512,392
13,501	Diamond Foreign Asset Company / Diamond Finance, LLC 9.000%, 04/22/27 13.000% PIK rate		13,605
548,000	DT Midstream, Inc.* 4.125%, 06/15/29		552,779

Schedule of Investments October 31, 2021

See accompanying Notes to Schedule of Investments CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   35

PRINCIPAL AMOUNT			VALUE
	Energy Transfer, LP‡
1,520,000	3.149%, 11/01/66 3 mo. USD LIBOR + 3.02%	$	1,252,830
764,000	6.500%, 11/15/26^ 5 year CMT + 5.69%		793,200
	EnLink Midstream Partners, LP
1,300,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		1,045,785
1,125,000	4.850%, 07/15/26		1,171,901
	EQT Corp.
600,000	7.500%, 02/01/30^		769,674
430,000	6.625%, 02/01/25		484,679
250,000	5.000%, 01/15/29		278,285
1,017,000	Genesis Energy, LP / Genesis Energy Finance Corp.^ 6.250%, 05/15/26		986,398
	Gulfport Energy Operating Corp.
1,015,000	6.375%, 05/15/25@		58,362
296,997	8.000%, 05/17/26^		329,102
	Laredo Petroleum, Inc.
875,000	10.125%, 01/15/28		937,606
250,000	7.750%, 07/31/29*^		247,860
1,145,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		1,175,846
	Moss Creek Resources Holdings, Inc.*
540,000	10.500%, 05/15/27		536,404
495,000	7.500%, 01/15/26		450,678
528,000	Murphy Oil Corp.^ 6.375%, 07/15/28		558,413
	New Fortress Energy, Inc.*
522,000	6.500%, 09/30/26		508,115
521,000	6.750%, 09/15/25		508,084
260,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		282,997
	Occidental Petroleum Corp.
3,165,000	4.300%, 08/15/39		3,181,300
2,335,000	2.900%, 08/15/24		2,380,229
520,000	5.875%, 09/01/25^		577,845
250,000	Ovintiv, Inc. 6.500%, 08/15/34		336,172
947,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		955,182
810,000	Parkland Corp. / Canada* 5.875%, 07/15/27		856,664
1,040,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		944,518
424,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		436,720
130,000	Summit Midstream Holdings, LLC / Summit Midstream Finance Corp.* 8.500%, 10/15/26		131,022

PRINCIPAL AMOUNT			VALUE
261,000	Sunoco, LP / Sunoco Finance Corp.* 4.500%, 04/30/30	$	263,487
	Venture Global Calcasieu Pass, LLC*
260,000	4.125%, 08/15/31		269,550
260,000	3.875%, 08/15/29		265,054
520,000	Vine Energy Holdings, LLC* 6.750%, 04/15/29		559,770
550,000	Viper Energy Partners, LP* 5.375%, 11/01/27		573,589
725,000	W&T Offshore, Inc.* 9.750%, 11/01/23		706,911
519,000	Weatherford International, Ltd.* 8.625%, 04/30/30		534,155
		34,905,003
Financials (6.2%)
	Acrisure, LLC / Acrisure Finance, Inc.*
1,566,000	6.000%, 08/01/29		1,541,586
1,387,000	7.000%, 11/15/25^		1,405,045
782,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		840,885
1,081,000	AG Issuer, LLC* 6.250%, 03/01/28		1,128,683
	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*
2,250,000	6.750%, 10/15/27^		2,331,810
260,000	5.875%, 11/01/29		261,947
260,000	4.250%, 10/15/27		260,218
	Ally Financial, Inc.
918,000	4.700%, 05/15/26^‡ 5 year CMT + 3.87%		952,627
844,000	8.000%, 11/01/31		1,208,988
480,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		489,869
1,200,000	American Finance Trust, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		1,201,548
2,082,000	AmWINS Group, Inc.* 4.875%, 06/30/29		2,077,794
2,385,000	AssuredPartners, Inc.* 7.000%, 08/15/25		2,419,320
1,146,000	Aviation Capital Group, LLC*^ 3.500%, 11/01/27		1,197,203
1,564,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,538,554
	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LL*
2,070,000	4.500%, 04/01/27		2,022,162
1,282,000	5.750%, 05/15/26		1,326,934
	Credit Acceptance Corp.^
1,335,000	6.625%, 03/15/26		1,394,955
1,045,000	5.125%, 12/31/24*		1,070,885

Schedule of Investments October 31, 2021

36   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT			VALUE
320,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28	$	343,504
1,087,000	Enact Holdings, Inc.* 6.500%, 08/15/25		1,196,548
1,503,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,483,446
1,688,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		1,718,722
4,580,000	HUB International, Ltd.* 7.000%, 05/01/26		4,738,834
	Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
1,285,000	5.250%, 05/15/27		1,338,597
781,000	4.375%, 02/01/29		785,366
2,090,000	ILFC E-Capital Trust II*‡ 3.710%, 12/21/65 3 mo. USD LIBOR + 1.80%		1,795,143
2,390,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		2,497,502
2,640,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		2,679,706
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
2,029,000	5.250%, 10/01/25^		2,057,163
522,000	4.750%, 06/15/29		527,022
1,221,000	LD Holdings Group, LLC* 6.125%, 04/01/28		1,120,280
	Level 3 Financing, Inc.
1,125,000	5.375%, 05/01/25^		1,151,393
1,080,000	4.250%, 07/01/28*		1,070,280
1,299,000	LPL Holdings, Inc.* 4.000%, 03/15/29		1,329,682
2,250,000	MetLife, Inc.^ 6.400%, 12/15/66		2,855,857
	Navient Corp.
2,298,000	5.000%, 03/15/27		2,346,672
1,200,000	4.875%, 03/15/28^		1,206,288
	OneMain Finance Corp.
1,350,000	7.125%, 03/15/26		1,535,557
715,000	3.875%, 09/15/28		698,512
	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*
614,000	7.500%, 06/01/25		652,983
517,000	5.875%, 10/01/28		543,491
1,161,000	PHH Mortgage Corp.*^ 7.875%, 03/15/26		1,179,704
1,200,000	Prospect Capital Corp.µ 3.706%, 01/22/26		1,221,360
1,350,000	Radian Group, Inc. 4.875%, 03/15/27		1,474,146

PRINCIPAL AMOUNT			VALUE
1,200,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29	$	1,195,032
	RLJ Lodging Trust, LP*
783,000	3.750%, 07/01/26		791,558
518,000	4.000%, 09/15/29		517,498
	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
475,000	3.625%, 03/01/29^		472,791
470,000	3.875%, 03/01/31		464,877
240,000	2.875%, 10/15/26		238,402
625,000	SLM Corp.^ 4.200%, 10/29/25		661,469
1,300,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		1,367,639
1,047,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,116,290
1,212,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,186,984
1,041,000	VICI Properties, LP / VICI Note Company, Inc.*^ 3.750%, 02/15/27		1,072,115
	XHR, LP*
1,091,000	6.375%, 08/15/25		1,151,703
522,000	4.875%, 06/01/29		535,749
		74,990,878
Health Care (2.9%)
520,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		531,170
2,935,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		3,124,630
	Bausch Health Companies, Inc.*
1,460,000	5.250%, 02/15/31^		1,315,854
1,150,000	5.000%, 01/30/28		1,065,855
444,000	5.000%, 02/15/29^		407,832
	Centene Corp.
682,000	4.250%, 12/15/27		714,804
514,000	3.000%, 10/15/30		522,717
523,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		528,784
	CHS/Community Health Systems, Inc.*
2,075,000	6.125%, 04/01/30		2,042,132
1,180,000	8.000%, 03/15/26		1,247,225
594,000	6.875%, 04/15/29		611,790
	DaVita, Inc.*
1,561,000	4.625%, 06/01/30^		1,570,772
1,220,000	3.750%, 02/15/31		1,157,292
	Encompass Health Corp.
525,000	4.750%, 02/01/30		541,028
525,000	4.500%, 02/01/28		535,059
1,234,000	HCA, Inc. 7.500%, 11/06/33		1,777,861

Schedule of Investments October 31, 2021

See accompanying Notes to Schedule of Investments CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   37

PRINCIPAL AMOUNT			VALUE
391,000	HealthEquity, Inc.* 4.500%, 10/01/29	$	396,142
340,000	Jazz Securities DAC* 4.375%, 01/15/29		350,071
1,785,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23		804,464
	Mozart Debt Merger Sub, Inc.*
1,295,000	3.875%, 04/01/29		1,289,082
777,000	5.250%, 10/01/29		790,108
	Organon & Company / Organon Foreign Debt Co-Issuer, BV*
1,900,000	5.125%, 04/30/31		1,961,864
450,000	4.125%, 04/30/28		456,615
1,103,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		985,475
	Tenet Healthcare Corp.
2,465,000	6.250%, 02/01/27*		2,562,614
1,420,000	6.875%, 11/15/31		1,642,145
1,350,000	4.875%, 01/01/26*		1,390,054
607,000	4.625%, 07/15/24		615,401
	Teva Pharmaceutical Finance Netherlands III, BV
2,320,000	2.800%, 07/21/23		2,338,073
2,105,000	6.000%, 04/15/24		2,218,880
		35,495,793
Industrials (5.3%)
1,035,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,120,367
1,200,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		1,187,928
	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
1,303,000	4.875%, 02/15/30^		1,397,689
1,300,000	4.625%, 01/15/27		1,361,984
514,000	3.500%, 03/15/29^		507,164
	Allison Transmission, Inc.*
900,000	4.750%, 10/01/27		937,494
255,000	3.750%, 01/30/31^		245,341
260,000	Ambience Merger Sub, Inc.*^ 7.125%, 07/15/29		251,139
260,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		237,656
587,000	Arcosa, Inc.* 4.375%, 04/15/29		598,429
2,650,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		2,778,525
540,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		585,803

PRINCIPAL AMOUNT			VALUE
1,082,000	Beacon Roofing Supply, Inc.*^ 4.125%, 05/15/29	$	1,072,446
1,044,000	BWX Technologies, Inc.* 4.125%, 04/15/29		1,060,746
	Cascades, Inc. / Cascades USA, Inc.*
810,000	5.125%, 01/15/26^		858,511
540,000	5.375%, 01/15/28		565,396
261,000	Catalent Pharma Solutions, Inc.*^ 3.500%, 04/01/30		259,251
	Delta Air Lines, Inc.
257,000	7.375%, 01/15/26^		302,335
257,000	3.800%, 04/19/23		266,452
	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
257,000	4.750%, 10/20/28		285,833
128,000	4.500%, 10/20/25µ		136,892
1,042,000	Endure Digital, Inc.*^ 6.000%, 02/15/29		963,558
500,000	EnerSys* 4.375%, 12/15/27		525,620
1,200,000	Fly Leasing, Ltd.*^ 7.000%, 10/15/24		1,203,768
518,000	GFL Environmental, Inc.* 3.750%, 08/01/25		533,571
	Golden Nugget, Inc.*^
790,000	6.750%, 10/15/24		793,484
540,000	8.750%, 10/01/25		560,380
582,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		599,483
535,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		586,965
	Graphic Packaging International, LLC*
675,000	4.750%, 07/15/27		731,707
484,000	3.500%, 03/01/29		481,783
1,141,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		1,162,314
2,438,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,431,295
1,150,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,208,604
1,350,000	Herc Holdings, Inc.*^ 5.500%, 07/15/27		1,410,655
	Howmet Aerospace, Inc.
1,550,000	5.125%, 10/01/24^		1,709,386
14,000	6.875%, 05/01/25		16,249
1,210,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,195,795
1,319,000	JELD-WEN, Inc.* 4.625%, 12/15/25		1,336,028
488,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		527,035

Schedule of Investments October 31, 2021

38   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT			VALUE
1,174,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28	$	1,191,657
515,000	MasTec, Inc.* 4.500%, 08/15/28		530,177
1,169,000	Meritor, Inc.* 4.500%, 12/15/28		1,171,280
650,000	Moog, Inc.* 4.250%, 12/15/27		671,145
1,415,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,452,356
1,040,000	Novelis Corp.* 4.750%, 01/30/30		1,082,786
1,200,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC / Reynolds Gro* 4.000%, 10/15/27		1,175,640
1,210,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		1,153,324
1,167,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,161,900
1,260,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		1,345,844
522,000	PGT Innovations, Inc.*^ 4.375%, 10/01/29		518,508
256,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		270,031
1,040,000	QVC, Inc. 4.375%, 09/01/28		1,064,544
805,000	Scientific Games International, Inc.* 5.000%, 10/15/25		830,052
496,000	SEG Holding, LLC / SEG Finance Corp.* 5.625%, 10/15/28		524,421
400,000	Sensata Technologies, BV* 4.000%, 04/15/29		406,600
519,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		513,955
	Sinclair Television Group, Inc.*
515,000	5.500%, 03/01/30^		493,066
514,000	4.125%, 12/01/30		491,297
	Standard Industries, Inc.*
1,030,000	5.000%, 02/15/27		1,057,820
256,000	4.375%, 07/15/30^		257,044
2,125,000	Station Casinos, LLC*^ 4.500%, 02/15/28		2,144,125
513,000	Stericycle, Inc.* 3.875%, 01/15/29		505,151
779,000	STL Holding Company, LLC* 7.500%, 02/15/26		822,904
1,400,000	TransDigm UK Holdings, PLC^ 6.875%, 05/15/26		1,477,756

PRINCIPAL AMOUNT			VALUE
	TransDigm, Inc.
1,360,000	6.250%, 03/15/26*	$	1,422,057
815,000	7.500%, 03/15/27		857,551
522,000	Tronox, Inc.* 4.625%, 03/15/29		512,359
	United Rentals North America, Inc.
520,000	3.750%, 01/15/32		519,724
258,000	3.875%, 02/15/31^		260,288
1,039,000	Vertiv Group Corp.* 4.125%, 11/15/28		1,036,953
1,095,000	Wabash National Corp.* 4.500%, 10/15/28		1,066,070
655,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		649,347
	WESCO Distribution, Inc.*
520,000	7.125%, 06/15/25^		553,639
260,000	7.250%, 06/15/28		287,191
		63,473,623
Information Technology (1.5%)
521,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		527,877
540,000	CDK Global, Inc.* 5.250%, 05/15/29		580,106
1,136,000	CommScope Technologies, LLC* 6.000%, 06/15/25		1,124,947
955,000	CommScope, Inc.* 4.750%, 09/01/29		937,886
	Dell International, LLC / EMC Corp.
1,265,000	6.020%, 06/15/26µ		1,490,891
825,000	6.100%, 07/15/27^		1,003,522
500,000	5.850%, 07/15/25µ		576,105
520,000	Fair Isaac Corp.* 4.000%, 06/15/28		527,821
1,130,000	KBR, Inc.* 4.750%, 09/30/28		1,157,583
	MPH Acquisition Holdings, LLC*
1,130,000	5.750%, 11/01/28^		1,032,210
520,000	5.500%, 09/01/28		517,228
522,000	NCR Corp.*^ 5.125%, 04/15/29		534,549
1,193,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		1,167,816
771,000	ON Semiconductor Corp.* 3.875%, 09/01/28		782,650
780,000	Open Text Corp.* 3.875%, 02/15/28		787,543
523,000	Playtika Holding Corp.* 4.250%, 03/15/29		524,857
715,000	PTC, Inc.* 4.000%, 02/15/28		727,534
1,200,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		1,190,508

Schedule of Investments October 31, 2021

See accompanying Notes to Schedule of Investments CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   39

PRINCIPAL AMOUNT			VALUE
	Twilio, Inc.
725,000	3.625%, 03/15/29	$	732,728
259,000	3.875%, 03/15/31		261,652
1,300,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,291,797
1,200,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,193,388
		18,671,198
Materials (1.6%)
600,000	Alcoa Nederland Holding, BV*^ 4.125%, 03/31/29		624,756
500,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		525,630
555,000	ArcelorMittal, SA 7.000%, 10/15/39		774,902
780,000	Chemours Company* 4.625%, 11/15/29		751,717
1,640,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		1,670,127
1,210,000	Constellium, SE*^ 3.750%, 04/15/29		1,171,933
700,000	First Quantum Minerals, Ltd.*^ 7.250%, 04/01/23		712,719
	Freeport-McMoRan, Inc.
700,000	5.000%, 09/01/27^		731,297
520,000	5.450%, 03/15/43		654,581
460,000	5.400%, 11/14/34^		562,203
770,000	HB Fuller Company 4.250%, 10/15/28		784,676
1,043,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		1,051,083
800,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		856,704
	Kaiser Aluminum Corp.*^
555,000	4.625%, 03/01/28		560,611
130,000	4.500%, 06/01/31		128,085
522,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		523,274
1,108,000	Mercer International, Inc.^ 5.125%, 02/01/29		1,102,981
1,120,000	OCI, NV* 4.625%, 10/15/25		1,167,746
517,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		552,637
519,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		407,322
1,000,000	SCIL IV, LLC / SCIL USA Holdings, LLC* 5.375%, 11/01/26		1,011,940

PRINCIPAL AMOUNT			VALUE
1,194,000	Silgan Holdings, Inc. 4.125%, 02/01/28	$	1,217,080
521,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		522,636
807,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		846,914
516,000	Valvoline, Inc.* 3.625%, 06/15/31		505,551
		19,419,105
Real Estate (0.4%)
834,000	EPR Properties 3.750%, 08/15/29		856,368
	Forestar Group, Inc.*
750,000	5.000%, 03/01/28		776,392
551,000	3.850%, 05/15/26		551,678
776,000	iStar, Inc. 5.500%, 02/15/26		810,074
	Service Properties Trust
1,350,000	4.350%, 10/01/24		1,362,150
485,000	5.250%, 02/15/26		490,641
		4,847,303
Utilities (0.3%)
780,000	Calpine Corp.* 4.500%, 02/15/28		790,686
159,000	NRG Energy, Inc. 6.625%, 01/15/27		165,342
379,000	PPL Capital Funding, Inc.^‡ 2.797%, 03/30/67 3 mo. USD LIBOR + 2.67%		364,037
270,000	Talen Energy Supply, LLC*^ 7.250%, 05/15/27		258,887
1,300,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,392,781
520,000	Vistra Corp.*‡ 8.000%, 10/15/26 5 year CMT + 6.93%		546,640
		3,518,373
	Total Corporate Bonds (Cost $381,331,721)	393,873,699
Convertible Bonds (91.6%)
Communication Services (9.2%)
4,032,000	Eventbrite, Inc.*µ 0.750%, 09/15/26		4,149,815
	Liberty Media Corp.
10,000,000	0.500%, 12/01/50*		12,773,300
9,499,000	1.375%, 10/15/23		13,783,429
4,750,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		7,273,010

Schedule of Investments October 31, 2021

40   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT			VALUE
5,750,000	Match Group Financeco 3, Inc.*^~ 2.000%, 01/15/30	$	11,265,400
5,000,000	Sea, Ltd. 2.375%, 12/01/25		19,080,650
	Snap, Inc.^
12,750,000	0.000%, 05/01/27*		12,930,795
6,000,000	0.750%, 08/01/26		14,343,600
5,500,000	Twitter, Inc.^ 0.250%, 06/15/24		6,491,210
8,100,000	Zynga, Inc. 0.250%, 06/01/24		9,202,005
		111,293,214
Consumer Discretionary (27.3%)
6,250,000	Airbnb, Inc.*^ 0.000%, 03/15/26		6,146,563
10,000,000	Booking Holdings, Inc.^ 0.750%, 05/01/25		14,858,200
7,000,000	Burlington Stores, Inc.^ 2.250%, 04/15/25		10,058,090
9,250,000	Chegg, Inc.^ 0.000%, 09/01/26		8,622,295
2,750,000	Dick’s Sporting Goods, Inc. 3.250%, 04/15/25		10,468,068
	DISH Network Corp.
5,750,000	0.000%, 12/15/25*		6,604,565
1,968,000	2.375%, 03/15/24		1,914,943
12,500,000	DraftKings, Inc.*µ 0.000%, 03/15/28		10,923,500
14,000,000	Etsy, Inc.µ^ 0.125%, 09/01/27		20,746,600
18,500,000	Ford Motor Company*µ 0.000%, 03/15/26		21,818,900
6,000,000	LCI Industries* 1.125%, 05/15/26		6,308,520
4,598,000	MakeMyTrip, Ltd.* 0.000%, 02/15/28		4,879,903
12,250,000	Marriott Vacations Worldwide Corp.*^ 0.000%, 01/15/26		13,810,405
	NCL Corp. Ltd.
4,642,000	5.375%, 08/01/25		7,733,758
3,500,000	6.000%, 05/15/24^		7,231,455
995,000	Peloton Interactive, Inc.*^ 0.000%, 02/15/26		889,142
5,000,000	RH^~ 0.000%, 09/15/24		15,585,950
16,750,000	Royal Caribbean Cruises, Ltd. 4.250%, 06/15/23		22,595,917
6,250,000	Shake Shack, Inc.* 0.000%, 03/01/28		5,132,688
4,790,000	Tesla, Inc.~ 2.000%, 05/15/24		85,956,933
4,000,000	Under Armour, Inc. 1.500%, 06/01/24		7,939,720

PRINCIPAL AMOUNT			VALUE
16,250,000	Vail Resorts, Inc.*^ 0.000%, 01/01/26	$	17,862,487
13,750,000	Wayfair, Inc. 0.625%, 10/01/25		13,566,437
6,500,000	Winnebago Industries, Inc. 1.500%, 04/01/25		8,304,400
		329,959,439
Consumer Staples (0.5%)
6,500,000	Beyond Meat, Inc.*^ 0.000%, 03/15/27	5,439,330
Energy (1.2%)
7,750,000	Pioneer Natural Resources Company^ 0.250%, 05/15/25		13,760,047
	SunEdison, Inc.@
10,545,000	0.250%, 01/15/20		163,131
1,027,000	2.000%, 10/01/18		15,888
		13,939,066
Financials (1.8%)
6,000,000	Coinbase Global, Inc.* 0.500%, 06/01/26		7,106,580
6,000,000	Realogy Group, LLC / Realogy Co-Issuer Corp.*^ 0.250%, 06/15/26		6,107,760
6,000,000	Upstart Holdings, Inc.*^ 0.250%, 08/15/26		8,389,200
		21,603,540
Health Care (13.9%)
6,000,000	Alphatec Holdings, Inc.* 0.750%, 08/01/26		5,758,380
2,250,000	Bridgebio Pharma, Inc.^ 2.500%, 03/15/27		3,241,192
3,000,000	CONMED Corp.^ 2.625%, 02/01/24		5,150,670
15,500,000	Dexcom, Inc.^ 0.250%, 11/15/25		19,856,740
2,599,000	Envista Holdings Corp.µ 2.375%, 06/01/25		5,092,351
7,500,000	Exact Sciences Corp.µ^ 0.375%, 03/15/27		8,516,250
6,500,000	Halozyme Therapeutics, Inc.*µ 0.250%, 03/01/27		5,743,270
15,000,000	Insulet Corp.µ^ 0.375%, 09/01/26		22,246,050
9,750,000	Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		10,619,310
10,905,000	Jazz Investments I, Ltd.^ 2.000%, 06/15/26		12,712,286
11,250,000	NeoGenomics, Inc.^ 0.250%, 01/15/28		11,362,950
4,250,000	NuVasive, Inc.^ 0.375%, 03/15/25		4,030,785

Schedule of Investments October 31, 2021

See accompanying Notes to Schedule of Investments CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   41

PRINCIPAL AMOUNT			VALUE
6,000,000	Oak Street Health, Inc.* 0.000%, 03/15/26	$	5,612,760
9,500,000	Omnicell, Inc. 0.250%, 09/15/25		17,751,130
8,750,000	Pacira BioSciences, Inc.^ 0.750%, 08/01/25		9,235,537
7,085,000	Repligen Corp. 0.375%, 07/15/24		18,009,007
1,840,000	Sarepta Therapeutics, Inc. 1.500%, 11/15/24		2,488,913
		167,427,581
Industrials (6.4%)
3,750,000	Air Canadaµ 4.000%, 07/01/25		5,312,625
4,250,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		4,528,630
4,150,000	Atlas Air Worldwide Holdings, Inc.^ 1.875%, 06/01/24		6,057,216
12,500,000	JetBlue Airways Corp.*^ 0.500%, 04/01/26		12,092,125
6,000,000	John Bean Technologies Corp.* 0.250%, 05/15/26		6,555,960
4,750,000	Middleby Corp. 1.000%, 09/01/25		7,155,733
10,750,000	Southwest Airlines Company~ 1.250%, 05/01/25		15,119,767
21,750,000	Uber Technologies, Inc.*^ 0.000%, 12/15/25		21,018,547
		77,840,603
Information Technology (29.2%)
10,000,000	Bentley Systems, Inc.* 0.125%, 01/15/26		11,378,300
	Bill.com Holdings, Inc.*^
6,268,000	0.000%, 04/01/27		6,737,222
5,755,000	0.000%, 12/01/25		11,150,197
15,500,000	Coupa Software, Inc. 0.375%, 06/15/26		17,070,150
5,000,000	CyberArk Software, Ltd.^ 0.000%, 11/15/24		6,480,550
8,000,000	Datadog, Inc.^ 0.125%, 06/15/25		15,174,480
	Enphase Energy, Inc.*µ
6,500,000	0.000%, 03/01/26		7,048,795
6,500,000	0.000%, 03/01/28^		7,240,350
2,750,000	Everbridge, Inc.µ 0.125%, 12/15/24		4,188,718
6,250,000	Five9, Inc.µ 0.500%, 06/01/25		8,384,875
5,250,000	LivePerson, Inc.* 0.000%, 12/15/26		5,140,695
21,511,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		24,102,860

PRINCIPAL AMOUNT			VALUE
7,500,000	MongoDB, Inc. 0.250%, 01/15/26	$	18,843,900
6,250,000	Nova, Ltd. 0.000%, 10/15/25		9,554,375
	Okta, Inc.
8,000,000	0.125%, 09/01/25^		11,626,560
4,250,000	0.375%, 06/15/26		5,326,185
12,000,000	ON Semiconductor Corp.*^ 0.000%, 05/01/27		14,557,320
9,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23		18,323,600
2,250,000	Q2 Holdings, Inc. 0.750%, 06/01/26		2,511,428
12,250,000	Repay Holdings Corp.*^ 0.000%, 02/01/26		11,372,043
	RingCentral, Inc.
4,750,000	0.000%, 03/15/26^		4,634,385
4,250,000	0.000%, 03/01/25		4,367,130
	Shift4 Payments, Inc.*
15,000,000	0.000%, 12/15/25		16,265,400
765,000	0.500%, 08/01/27^		712,544
1,981,000	Shopify, Inc.^ 0.125%, 11/01/25		2,509,590
8,500,000	Silicon Laboratories, Inc.^ 0.625%, 06/15/25		13,668,765
12,750,000	Splunk, Inc.^ 1.125%, 06/15/27		13,305,900
	Square, Inc.*^
10,000,000	0.250%, 11/01/27		12,231,500
10,000,000	0.000%, 05/01/26		11,811,900
6,250,000	Tyler Technologies, Inc.* 0.250%, 03/15/26		7,614,875
8,750,000	Wix.com, Ltd.^ 0.000%, 08/15/25		8,289,750
5,750,000	Workday, Inc. 0.250%, 10/01/22		11,375,340
11,000,000	Zendesk, Inc. 0.625%, 06/15/25		12,902,890
7,952,000	Zscaler, Inc. 0.125%, 07/01/25		17,179,660
		353,082,232
Materials (1.2%)
6,000,000	Ivanhoe Mines, Ltd.*^ 2.500%, 04/15/26		7,810,980
6,858,000	MP Materials Corp.* 0.250%, 04/01/26		7,247,672
			15,058,652
Real Estate (0.9%)
4,000,000	IH Merger Sub, LLCµ 3.500%, 01/15/22		7,266,000

Schedule of Investments October 31, 2021

42   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT			VALUE
3,199,000	Redfin Corp. 0.000%, 10/15/25	$	3,263,556
		10,529,556
	Total Convertible Bonds (Cost $807,195,041)	1,106,173,213
Bank Loans (4.3%) ¡
Airlines (0.2%)
880,000	AAdvantage Loyalty IP, Ltd.‡ 5.500%, 04/20/28 3 mo. LIBOR + 4.75%		917,677
1,293,500	United Airlines, Inc.‡ 4.500%, 04/21/28 3 mo. LIBOR + 3.75%		1,313,595
		2,231,272
Communication Service (1.1%)
1,274,000	Clear Channel Outdoor Holdings, Inc.‡ 3.629%, 08/21/26 3 mo. LIBOR + 3.50%		1,255,546
671,164	Consolidated Communications, Inc.‡ 4.250%, 10/02/27 1 mo. LIBOR + 3.50%		671,943
2,930,000	DIRECTV Financing, LLC‡ 5.750%, 07/22/27 3 mo. LIBOR + 5.00%		2,935,494
2,414,870	Frontier Communications Corp.‡ 4.500%, 05/01/28 3 mo. LIBOR + 3.75%		2,417,285
931,452	iHeartCommunications, Inc.‡ 3.087%, 05/01/26 1 mo. LIBOR + 3.00%		925,630
2,444,090	Intelsat Jackson Holdings, SA 8.625%, 01/02/24		2,480,311
2,000,000	Intelsat Jackson Holdings, SA‡ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		2,028,400
485,000	Nexstar Broadcasting, Inc.‡ 2.582%, 09/18/26 1 mo. LIBOR + 2.50%		484,818
		13,199,427
Consumer Discretionary (0.9%)
780,000	At Home Group, Inc.‡ 4.750%, 07/24/28 3 mo. LIBOR + 4.25%		778,214
321,912	Life Time Fitness, Inc.‡ 5.750%, 12/16/24 3 mo. LIBOR + 4.75%		325,099
1,558,095	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		1,592,989
1,825,825	Petco Health and Wellness Company, Inc.‡ 4.000%, 03/03/28 3 mo. LIBOR + 3.25%		1,827,459

PRINCIPAL AMOUNT			VALUE
2,104,725	PetSmart, Inc.‡ 4.500%, 02/11/28 3 mo. LIBOR + 3.75%	$	2,110,176
1,216,166	Rent-A-Center, Inc.‡ 3.750%, 02/17/28 1 mo. LIBOR + 3.25%		1,221,870
786,022	TKC Holdings, Inc.‡ 6.500%, 05/15/28 3 mo. LIBOR + 5.50%		786,144
428,106	TKC Holdings, Inc.! 0.000%, 05/15/28		428,173
1,850,363	WW International, Inc.‡ 4.000%, 04/13/28 1 mo. LIBOR + 3.50%		1,831,470
		10,901,594
Consumer Staples (0.0%)
196,443	United Natural Foods, Inc.‡ 3.587%, 10/22/25 1 mo. LIBOR + 3.50%	196,856
Financials (0.2%)
2,094,750	Jazz Financing Lux Sarl‡ 4.000%, 05/05/28 1 mo. LIBOR + 3.50%		2,100,249
286,729	Level 3 Financing, Inc.‡ 1.837%, 03/01/27 1 mo. LIBOR + 1.75%		283,298
		2,383,547
Health Care (0.7%)
2,525,470	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		2,507,854
894,368	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.25%		895,486
222,832	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.25%		223,111
1,041,956	Mallinckrodt International Finance, SA‡ 6.000%, 09/24/24 6 mo. LIBOR + 5.25%		972,854
260,000	Medline Industries, Inc.‡ 3.750%, 10/23/28 3 mo. LIBOR + 3.25%		260,487
1,225,000	Padagis, LLC‡ 5.250%, 07/06/28 3 mo. LIBOR + 4.75%		1,228,828
2,375,924	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		2,275,934
			8,364,554

Schedule of Investments October 31, 2021

See accompanying Notes to Schedule of Investments CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   43

PRINCIPAL AMOUNT			VALUE
Industrials (0.7%)
518,700	ACProducts, Inc.‡ 4.750%, 05/17/28 3 mo. LIBOR + 4.25%	$	517,971
650,000	Air Canada‡ 4.250%, 08/11/28 3 mo. LIBOR + 3.50%		657,719
1,672,380	Berry Global, Inc.‡ 1.836%, 07/01/26 1 mo. LIBOR + 1.75%		1,663,708
1,050,667	BW Gas & Convenience Holdings, LLC‡ 4.000%, 03/17/28 1 mo. LIBOR + 3.50%		1,055,920
1,054,010	Dun & Bradstreet Corp.‡ 3.338%, 02/06/26 1 mo. LIBOR + 3.25%		1,051,001
798,910	Granite Holdings US Acquisition Company‡ 4.132%, 09/30/26 3 mo. LIBOR + 4.00%		798,910
569,422	RegionalCare Hospital Partners Holdings, Inc.‡ 3.837%, 11/16/25 1 mo. LIBOR + 3.75%		568,739
1,694,275	Scientific Games International, Inc.‡ 2.837%, 08/14/24 1 mo. LIBOR + 2.75%		1,689,556
268,141	TransDigm, Inc.‡ 2.337%, 12/09/25 1 mo. LIBOR + 2.25%		265,163
		8,268,687
Information Technology (0.4%)
660,000	AP Core Holdings II, LLC‡ 6.250%, 09/01/27 1 mo. LIBOR + 5.50%		662,340
560,000	AP Core Holdings II, LLC! 0.000%, 09/01/27		561,985
1,083,049	Banff Merger Sub, Inc.‡ 3.882%, 10/02/25 3 mo. LIBOR + 3.75%		1,077,092
1,277,250	Camelot U.S. Acquisition 1 Company‡ 3.087%, 10/30/26 1 mo. LIBOR + 3.00%		1,271,981
699,713	Camelot U.S. Acquisition 1 Company‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		701,899
1,110,978	VFH Parent, LLC‡ 3.089%, 03/01/26 1 mo. LIBOR + 3.00%		1,110,023
			5,385,320

PRINCIPAL AMOUNT			VALUE
Materials (0.1%)
763,375	Innophos, Inc.‡ 3.837%, 02/07/27 1 mo. LIBOR + 3.75%	$	765,760
260,000	LSF11 A5 HoldCo, LLC‡ 4.250%, 10/15/28 3 mo. LIBOR + 3.75%		260,052
260,000	LSF11 A5 HoldCo, LLC! 0.000%, 10/15/28		260,052
		1,285,864
	Total Bank Loans (Cost $52,243,134)	52,217,121

NUMBER OF SHARES			VALUE
Convertible Preferred Stocks (14.3%)
Communication Services (0.7%)
8,500	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		8,913,550
Consumer Discretionary (1.4%)
86,550	Aptiv, PLC 5.500%, 06/15/23		16,721,460
Energy (0.0%)
29	Gulfport Energy Operating Corp. 10.000%, 11/29/21 15.00% PIK rate		173,275
Financials (1.4%)
5,000	Bank of America Corp.‡‡ 7.250%			7,161,100
91,925	KKR & Company, Inc.^ 6.000%, 09/15/23			9,196,177
		16,357,277
Health Care (3.8%)
124,785	Avantor, Inc.^ 6.250%, 05/15/22			15,445,887
78,100	Boston Scientific Corp.^ 5.500%, 06/01/23			9,140,824
9,990	Danaher Corp. 4.750%, 04/15/22			20,831,648
		45,418,359
Industrials (0.7%)
80,725	Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		8,711,842
Information Technology (2.3%)
16,850	Broadcom, Inc. 8.000%, 09/30/22		28,263,179

Schedule of Investments October 31, 2021

44   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Schedule of Investments

NUMBER OF SHARES			VALUE
Utilities (4.0%)
154,145	AES Corp. 6.875%, 02/15/24		$	15,570,186
74,740	Dominion Energy, Inc.µ 7.250%, 06/01/22			7,486,706
	NextEra Energy, Inc.
194,315	6.219%, 09/01/23			10,648,462
151,240	4.872%, 09/01/22			9,561,393
85,265	5.279%, 03/01/23~			4,644,385
		47,911,132
	Total Convertible Preferred Stocks (Cost $133,041,078)	172,470,074
Common Stocks (0.7%)
Communication Services (0.1%)
21,970	Altice USA, Inc. - Class A#			358,111
8,220	Cumulus Media, Inc. - Class A#			102,092
		460,203
Energy (0.6%)
42,604	Calfrac Well Services, Ltd.^#			212,594
10,051	Chaparral Energy, Inc. - Class A#			381,938
3,106	Chesapeake Energy Corp.			197,976
2,010	Chevron Corp.^			230,125
5,396	Civitas Resources, Inc.			302,931
2,088	Denbury, Inc.#			176,770
25,342	Diamond Offshore Drilling, Inc.#			142,549
45,585	Energy Transfer, LP			433,513
43,085	Enterprise Products Partners, LP			977,168
7,238	EP Energy Corp.&#			647,801
13,895	Magellan Midstream Partners, LP~			680,855
25,171	Ranger Oil Corp. - Class A#			831,650
7,475	Schlumberger, NV			241,143
16,148	Superior Energy Services, Inc.#			730,697
5,165	Targa Resources Corp.^			282,371
16,409	Weatherford International, PLC^#			476,846
9,185	Williams Companies, Inc.			258,007
		7,204,934
	Total Common Stocks (Cost $8,877,178)	7,665,137
Warrants (0.1%) #
Energy (0.1%)
3,544	Chesapeake Energy Corp. 02/09/26, Strike $31.71		118,369
3,190	Chesapeake Energy Corp. 02/09/26, Strike $27.27		122,241
1,969	Chesapeake Energy Corp. 02/09/26, Strike $35.71		60,192

NUMBER OF SHARES			VALUE
5,271	Denbury, Inc. 09/18/25, Strike $32.59		$276,675
1,922	Denbury, Inc. 09/18/23, Strike $35.41		96,004
52,447	Mcdermott International, Ltd. 06/30/27, Strike $15.98		5
47,202	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5
	Total Warrants (Cost $1,158,966)		673,491
Preferred Stocks (0.4%)
Consumer Discretionary (0.1%)
6,662	Guitar Center, Inc.		832,750
Energy (0.3%)
64,841	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%			1,468,649
28,745	NuStar Energy, LP^‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%			704,540
47,000	NuStar Logistics, LP^‡ 6.866%, 01/15/43 3 mo. USD LIBOR + 6.73%			1,185,810
		3,358,999
Financials (0.0%)
20,757	B Riley Financial, Inc. 5.250%, 08/31/28	518,510
	Total Preferred Stocks (Cost $4,902,518)	4,710,259

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
Purchased Options (0.7%) #
Communication Services (0.2%)
	Sea, Ltd.
545 18,724,565	Put, 01/21/22, Strike $310.00		803,875
545 18,724,565	Put, 01/21/22, Strike $260.00		226,175
545 18,724,565	Put, 01/21/22, Strike $200.00		44,963
2,550 13,407,900	Snap, Inc. Put, 01/21/22, Strike $55.00		1,587,375
		2,662,388
Consumer Discretionary (0.2%)
	Tesla, Inc.
770 85,778,000	Put, 01/21/22, Strike $700.00		999,075

Schedule of Investments October 31, 2021

See accompanying Notes to Schedule of Investments CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   45

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
265 29,521,000		Put, 11/05/21, Strike $850.00		$90,762
265 29,521,000		Put, 01/21/22, Strike $1,000.00		1,796,700
			2,886,537
Financials (0.1%)
		Upstart Holdings, Inc.
155 4,991,620		Put, 11/19/21, Strike $380.00		1,056,325
155 4,991,620		Put, 11/19/21, Strike $300.00		277,450
				1,333,775
Health Care (0.1%)
465 13,508,250		Repligen Corp. Put, 12/17/21, Strike $300.00		971,850
Other (0.1%)
1,500 57,916,500		Invesco QQQ Trust Series Put, 12/17/21, Strike $350.00		362,250
1,300 59,702,500		SPDR S&P 500 ETF Trust Put, 12/17/21, Strike $425.00		401,050
				763,300
		Total Purchased Options (Cost $25,292,115)		8,617,850
	TOTAL INVESTMENTS (144.7%) (Cost $1,414,041,751)			1,746,400,844
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-12.0%)				(145,000,000)
LIABILITIES, LESS OTHER ASSETS (-32.7%)				(394,242,473)
NET ASSETS (100.0%)				$1,207,158,371
Written Options (-0.1%) #
Communication Services (0.0%)
96 156,480		Altice USA, Inc. Put, 01/21/22, Strike $15.00		(11,760)
545 18,724,565		Sea, Ltd. Call, 01/21/22, Strike $390.00		(720,763)
				(732,523)
Consumer Discretionary (-0.1%)
385 42,889,000		Tesla, Inc. Call, 01/21/22, Strike $1,500.00		(1,058,750)
		Total Written Options (Premium $4,472,239)		(1,791,273)

NOTES TO SCHEDULE OF INVESTMENTS

*Securities issued and sold pursuant to a Rule 144A transaction are exempted 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 from such registration requirements.

µSecurity, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $127,143,518.

^Security, or portion of security, is on loan.

&Illiquid security.

@In default status and considered non-income producing.

‡Variable rate security. The rate shown is the rate in effect at October 31, 2021.

~Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $17,744,352.

¡Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

!This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

‡‡Perpetual maturity.

#Non-income producing security.

Note: The date 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.

46   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Financial Statements

Statement of Assets and Liabilities October 31, 2021

ASSETS
Investments in securities, at value (cost $1,414,041,751)	$	1,746,400,844
Cash with custodian		43,315,439
Receivables:
Accrued interest and dividends		7,611,320
Investments sold		629,340
Fund shares sold		608,819
Prepaid expenses		464,205
Other assets		181,229
Total assets		1,799,211,196
LIABILITIES
Options written, at value (premium $4,472,239)		1,791,273
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to 5,800,000 shares authorized, issued, and outstanding) (net of deferred offering costs of $772,705) (Note 7)		144,227,295
Payables:
Notes payable (Note 6)		435,400,000
Distributions payable to Mandatory Redeemable Preferred Shareholders		436,531
Investments purchased		8,416,912
Affiliates:
Investment advisory fees		1,196,962
Deferred compensation to trustees		181,229
Trustees’ fees and officer compensation		7,512
Other accounts payable and accrued liabilities		395,111
Total liabilities		592,052,825
NET ASSETS	$	1,207,158,371
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized 73,692,072 shares issued and outstanding	$	873,806,084
Accumulated distributable earnings (loss)		333,352,287
NET ASSETS	$	1,207,158,371
Net asset value per common shares based upon 73,692,072 shares issued and outstanding	$	16.38

Statement of Operations Year Ended October 31, 2021

See accompanying Notes to Financial Statements  CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   47

INVESTMENT INCOME
Interest	$	29,355,888
(Amortization)/accretion of investment securities		(38,483,754	)
Net interest		(9,127,866	)
Dividends		8,623,808
Total investment income (loss)		(504,058	)
EXPENSES
Investment advisory fees		13,476,822
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 7)		4,757,491
Interest expense on Notes Payable (Note 6)		2,255,877
Printing and mailing fees		134,129
Accounting fees		105,416
Legal fees		105,131
Fund administration fees		104,830
Trustees’ fees and officer compensation		75,119
Audit fees		64,531
Transfer agent fees		32,589
Custodian fees		26,823
Registration fees		18,699
Other		156,637
Total expenses		21,314,094
NET INVESTMENT INCOME (LOSS)		(21,818,152	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		106,933,360
Purchased options		(7,792,630	)
Written options		(895,509	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		255,762,231
Purchased options		(16,067,859	)
Written options		560,401
NET GAIN (LOSS)		338,499,994
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	316,681,842

Statements of Changes in Net Assets

48   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT See accompanying Notes to Financial Statements

		Year Ended October 31, 2021			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	(21,818,152	)	$	38,531,639
Net realized gain (loss)		98,245,221			40,853,760
Change in unrealized appreciation/(depreciation)		240,254,773			144,660,347
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		316,681,842			224,045,746
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Total distributions		(84,712,428	)		(74,712,913	)
Net decrease in net assets from distributions to common shareholders		(84,712,428	)		(74,712,913	)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		4,858,550			—
Reinvestment of distributions resulting in the issuance of stock		2,253,556			332,386
Net increase (decrease) in net assets from capital stock transactions		7,112,106			332,386
TOTAL INCREASE (DECREASE) IN NET ASSETS		239,081,520			149,665,219
NET ASSETS
Beginning of year	$	968,076,851		$	818,411,632
End of year	$	1,207,158,371		$	968,076,851

Statement of Cash Flows

See accompanying Notes to Financial Statements  CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   49

		Year Ended October 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	316,681,842
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by operating activities:
Purchase of investment securities, including purchased options		(1,098,785,835	)
Net proceeds from disposition of short term investments		12,458,330
Proceeds paid on closing written options		(6,336,772	)
Proceeds from disposition of investment securities, including purchased options		1,035,693,336
Premiums received from written options		7,697,537
Amortization and accretion of fixed-income securities		38,483,754
Amortization of offering costs on Mandatory Redeemable Preferred Shares		216,088
Net realized gains/losses from investments, excluding purchased options		(106,934,459	)
Net realized gains/losses from purchased options		7,792,630
Net realized gains/losses from written options		895,509
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(255,762,231	)
Change in unrealized appreciation or depreciation on purchased options		16,067,859
Change in unrealized appreciation or depreciation on written options		(560,401	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		1,862,703
Prepaid expenses		(87,437	)
Other assets		(42,976	)
Increase/(decrease) in liabilities:
Payables to affiliates		274,393
Other accounts payable and accrued liabilities		88,802
Net cash provided by/(used in) operating activities	$	(30,297,328	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		4,249,731
Distributions to shareholders		(82,458,872	)
Issuance of Distributions to Mandatory Redeemable Preferred Shareholders		35,071,589
Offering costs on Mandatory Redeemable Preferred Shares		(338,872	)
Proceeds from Note payable		117,000,000
Net cash provided by/(used in) financing activities	$	73,523,576
Net increase/(decrease) in cash	$	43,226,248
Cash at beginning of year	$	89,191
Cash at end of year	$	43,315,439
Supplemental disclosure
Cash paid for interest on Notes Payable	$	2,184,551
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	4,685,902
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	2,253,556

Notes to Financial Statements

50   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

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 strategy is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund will invest at least 80% of its managed assets in a diversified portfolio of convertibles and below investment grade (high yield) non-convertible debt securities and under normal circumstances, the Fund will invest at least 20% of its managed assets in convertible securities and at least 20% of its managed assets in below investment grade (high yield/high risk) non-convertible debt securities. The Fund invests in securities with a broad range of maturities. The average term to maturity of the Fund’s securities typically will range from five to ten years. “Managed 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).

Significant Accounting Policies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), and the Fund is considered an investment company under US GAAP and follows the accounting and reporting guidance applicable to investment companies. Under US GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

Fund securities that are traded on US securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each 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 the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a US securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a US 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 either by an independent pricing agent approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

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 in 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 US 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.

Notes to Financial Statements

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   51

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.

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. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

Investment Transactions. Investment transactions are recorded on a trade date basis as of October 31, 2021. 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. Discounts from and premiums to the expected maturity/call value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into US 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 US taxes recorded on the ex-date or accrual date and the US 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.

Allocation of Expenses Among Funds. Expenses directly attributable to the Fund are charged to the Fund; certain other common 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, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, and Calamos Long/Short Equity & Dynamic Income Trust are allocated proportionately among each Fund to which the expenses relate in relation to the net assets of each Fund or on another reasonable basis.

Income Taxes. No provision has been made for US 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 the Fund’s taxable income and net realized gains.

Dividends and distributions paid to common 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 US 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 for fixed income securities. The financial statements are not adjusted for temporary differences.

Distributions to holders of mandatory redeemable preferred shares (“MRPS”) as described in Note 7 are accrued on a daily basis and are treated as an operating expense due to the fixed term of the obligation. The distributions are shown on the Statement of

Notes to Financial Statements

52   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Operations as Interest expense and amortization of offering costs on MRPS. For tax purposes, the distributions made to the holders of the MRPS are treated as dividends.

The Fund recognized no liability for uncertain tax positions. 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 2018 - 2020 remain subject to examination by the US 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.

Note 2 – Investment Adviser 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.

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 the “Trustees’ fees and officer compensation” expense on the Statement of Operations.

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) and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of their 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 amounts 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 of $181,229 is included in “Other assets” on the Statement of Assets and Liabilities at October 31, 2021. 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, 2021.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments for the year ended October 31, 2021 were as follows:

	US Government Securities	Other
Cost of purchases	$—	$778,663,181
Proceeds from sales	—	720,582,365

The cost basis of investments for federal income tax purposes at October 31, 2021 was as follows:

Cost basis of investments	$1,421,058,831
Gross unrealized appreciation	362,085,473
Gross unrealized depreciation	(38,534,733	)
Net unrealized appreciation (depreciation)	$323,550,740

Note 4 – Income Taxes

For the fiscal year ended October 31, 2021, 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	$(135,075	)
Undistributed net investment income/(loss)	47,639,903
Accumulated net realized gain/(loss) on investments	(47,504,828	)

Notes to Financial Statements

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   53

The Fund intends to make monthly distributions from its income available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, and net realized gains on stock investments. At least annually, the Fund intends to distribute all or substantially all of its net realized capital gains, if any. Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in-capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.

Distributions for the year ended October 31, 2021 were characterized for federal income tax purposes as follows:

	Year Ended October 31, 2021	Year Ended October 31, 2020
Distributions paid from:
Ordinary income	$89,253,831	$76,524,785
Long-term capital gains	—	2,567,428
Return of capital	—	—

As of October 31, 2021, the components of accumulated earnings/(loss) on a tax basis were as follows:

Undistributed ordinary income	$3,335,325
Undistributed capital gains	6,593,338
Total undistributed earnings	9,928,663
Accumulated capital and other losses	—
Net unrealized gains/(losses)	323,550,740
Total accumulated earnings/(losses)	333,479,403
Other	(127,116	)
Paid-in-capital	873,806,084
Net assets applicable to common shareholders	$1,207,158,371

Note 5 – Derivative Instruments

Foreign Currency Risk. The Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward 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 the US dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between the Fund and the counterparty and the amount of collateral due from the Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, the Fund’s custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among the Fund, the custodian and the counterparty.  The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that the Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement.  When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to the

Notes to Financial Statements

54   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Fund’s custodian.  The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither the Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. 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 foreign exchange rates. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward foreign currency contracts at October 31, 2021.

Equity Risk. The Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds (“ETFs”). The Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. 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. Gain or loss on written options and purchased options is presented separately on the Statement of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by the Fund do not typically give rise to counterparty credit risk since options written obligate the Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to the Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of October 31, 2021, the Fund had outstanding purchased options and/or written options as listed on the Schedule of Investments.

Interest Rate Risk. The Fund may engage in interest rate swaps primarily to hedge the interest rate risk on the Fund’s borrowings (see Note 6 – Notes Payable). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. If interest rates rise, resulting in a diminution in the value of the Fund’s portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. 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 change in net unrealized appreciation/depreciation on interest rate swaps in the Statement of Operations. A realized gain or loss is recorded in net realized gain (loss) on interest rate swaps in the Statement of Operations upon payment or receipt of a periodic 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. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy of the Fund. Please see the disclosure regarding ISDA Master Agreements under Foreign Currency Risk within this note.

Premiums paid to or by a 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 upon third party vendor 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, counterparty’s creditworthiness, and the possible lack of liquidity with respect to the contracts.

Notes to Financial Statements

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   55

As of October 31, 2021, the Fund had no outstanding interest rate swap agreements.

As of October 31, 2021, the Fund had outstanding derivative contracts which are reflected on the Statement of Assets and Liabilities as follows:

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Purchased options(1)	$	8,617,850	$	—
Written options(2)		—		1,791,273
	$	8,617,850	$	1,791,273

(1)Generally, the Statement of Assets and Liabilities location for “Purchased options” is “Investments in securities, at Value.”

(2)Generally, the Statement of Assets and Liabilities location for “Written options” is “Options written, at value.”

For the year ended October 31, 2021, the volume of derivative activity for the Fund is reflected below:*

	Volume
Options purchased	28,860
Options written	4,666

*Activity during the period is measured by opened number of contracts for options purchased or written.

Note 6 – Notes Payable

The Fund has entered into an Amended and Restated Liquidity Agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”) that allows the Fund to borrow up to a limit of $480.0 million, as well as engage in securities lending and securities repurchase transactions. Borrowings under the SSB Agreement are secured by assets of the Fund that are held with the Fund’s custodian (the “pledged collateral”). Interest on the SSB Agreement is charged on the drawn amount at the rate of Overnight LIBOR** (as defined in the SSB Agreement) plus 0.80%. In the event of a Rate Termination Event (as defined in the SSB Agreement), the rate of interest will adjust to the Federal Funds Rate (as defined in the SSB Agreement) plus 0.45%. A commitment fee of 0.10% is payable on any undrawn balance. For the year ended October 31, 2021, the average borrowings under the Agreement were $409.5 million. For the year ended October 31, 2021, the average net interest rate was 0.52%. As of October 31, 2021, the amount of total outstanding borrowings was $435.4 million, which approximates fair value. The net interest rate applicable to the borrowings on October 31, 2021 was 0.51%.

Under the terms of the SSB Agreement, all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral received by SSB on behalf of a Fund is treated as refinancing a portion of the amounts borrowed under the SSB Agreement. Under the terms of the SSB Agreement, the Funds is required to return the value of the collateral to the borrower at the termination of the selected securities loan(s), which will eliminate the credit against the borrowings under the SSB Agreement and will cause the amount drawn under the SSB Agreement to increase in an amount equal to the returned collateral. The cash collateral credits against the amounts borrowed are not reflected separately in the Statement of Assets and Liabilities but as a component of the Notes Payable. Under the terms of the SSB Agreement, the Fund will receive a rebate payment related to the securities lending and/or securities repurchase transactions which is reflected in interest expense in the Statement of Operations. The Fund has the right to call a loan and obtain the securities loaned at any time. As of October 31, 2021, approximately $344.1 million of securities were on loan ($324.3 million of fixed income securities and $19.8 million of equity securities) under the SSB Agreement which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities. The borrowings are categorized as Level 2 within the fair value hierarchy.

Note 7 – Mandatory Redeemable Preferred Shares

The Fund issued MRPS on August 24, 2021 and September 6, 2017. On August 24, 2021, 2,860,000 MRPS were issued with an aggregate liquidation preference of $71.5 million. Of the 2,860,000 MRPS that were issued, 1,460,000 MRPS with an aggregate liquidation preference of $36.5 million have a delayed funding date of May 24, 2022. On September 6, 2017, 4,400,000 MRPS were issued with an aggregate liquidation preference of $110.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on MRPS over the respective life of each series of MRPS and shown in the Statement of Operations.

**Effective January 1, 2022, the reference rate will change from Overnight LIBOR to the Overnight Bank Financing Rate (OBFR).

Notes to Financial Statements

56   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

The MRPS are divided into five series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at October 31, 2021.

Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series A	9/06/22	3.70%	1,460	$25	$36,500,000
Series B	9/06/24	4.00%	1,460	$25	$36,500,000
Series C	9/06/27	4.24%	1,480	$25	$37,000,000
Series D	8/24/26	2.45%	1,400	$25	$35,000,000
Series E*	5/24/27	2.68%	1,460	$25	$36,500,000
				Total	$181,500,000

*Series E MRPS were issued on August 24, 2021, with a delayed funding date of May 24, 2022. Series E MRPS are not included on the Statement of Assets and Liabilities.

The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the MRPS, is recorded as a liability in the Statement of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.

Previously, Series A, B, and C of the MRPS had been assigned a rating of “AA” by Fitch Ratings, Inc. (“Fitch”). As of December 17, 2020, Kroll Bond Rating Agency LLC (“Kroll”) replaced Fitch as the rating agency for the MRPS. Series A, B, and C of the MRPS have been assigned a rating of `AA-’ by Kroll. As of August 24, 2021, the Series D MRP Shares and Series E MRP Shares have each been assigned a rating of `AA-’ by Kroll. If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by Kroll. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Kroll, the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS’ dividend rate is also subject to increase during periods when the Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” within the Statement of Operations.

The MRPS rank junior to the Fund’s borrowings under the SSB Agreement and senior to the Fund’s outstanding common stock. The Fund may, at its option, subject to various terms and conditions, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends, plus a make whole premium equal to the discounted value of the remaining scheduled payments. Each class of MRPS is subject to mandatory redemption on the term redemption date specified in the table above. With regard to the Series A MRP Shares, Series B MRP Shares or Series C MRP Shares, so long as any MRP Shares are outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRP Shares, unless (1) the Fund has satisfied the MRP Shares Overcollateralization Test (as defined below) on at least one “valuation date” in the preceding 65 calendar days, (2) immediately after such transaction the Fund would satisfy the MRP Shares Asset Coverage Test (as defined below), (3) full cumulative dividends on the MRP Shares due on or prior to the date of the transaction have been declared and paid to the holders of MRP Shares and (4) the Fund has redeemed the full number of MRP Shares required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund’s paying agent for that purpose, subject to certain grace periods and exceptions.

MRP Shares Asset Coverage Test: Asset coverage with respect to all outstanding senior securities and preferred shares, including the MRP Shares, determined in accordance with Section 18(h) of the 1940 Act, on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of determination, must be greater than or equal to 225%.

MRP Shares Overcollateralization Test: So long as Fitch or any other NSRSO, such as Kroll, is then rating any class of the outstanding MRP Shares pursuant to the request of the Fund, satisfaction of only those overcollateralization ratios applicable to closed-end fund issuers with the same rating(s) as the Fund’s MRP Shares’ then-current rating(s) issued by Fitch or such other NSRSO, such as Kroll, by application of the applicable rating agency guidelines.

Notes to Financial Statements

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   57

With regard to Series D MRP Shares and Series E MRP Shares, for so long as any MRP Shares are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRP Shares as to dividends or upon liquidation (collectively “non-cash distributions”)) with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRP Shares as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRP Shares as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRP Shares as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRP Shares Asset Coverage Test, (2) full cumulative dividends on the MRP Shares due on or prior to the date of the transaction have been declared and paid to the Holders of MRP Shares, and (3) the Fund has redeemed the full number of MRP Shares required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”).  For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of Preferred Shares.

Except as otherwise required pursuant to the Fund’s governing documents or applicable law, the holders of the MRPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS have the right to elect at least two trustees of the Fund, voting separately as a class. Except during any time when the Fund has failed to make a dividend or redemption payment in respect of MRPS outstanding, the holders of MRPS have agreed to vote in accordance with the recommendation of the board of trustees on any matter submitted to them for their vote or to the vote of shareholders of the Fund generally.

Note 8 – Common Shares

There are unlimited common shares of beneficial interest authorized and 73,662,605 shares outstanding at October 31, 2021. Calamos Advisors did not own any of the outstanding shares at October 31, 2021. Transactions in common shares were as follows:

	YEAR ENDED October 31, 2021	YEAR ENDED October 31, 2020
Beginning shares	73,250,403	73,220,936
Shares sold	300,133	—
Shares issued through reinvestment of distributions	141,536	29,467
Ending shares	73,692,072	73,250,403

Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Fund may from time to time purchase its shares of common stock in the open market.

The Fund also may offer and sell common shares from time to time at an offering price equal to or in excess of the net asset value per share of the Fund’s common shares at the time such common shares are initially sold. For the year ended October 31, 2021, the Fund sold shares that were $0.0007 in excess of net asset value at an average sales price of $16.2709.

Note 9 – Fair Value Measurement

Various inputs are used to determine the value of the Fund’s investments. These inputs are categorized into three broad levels as follows:

•Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

•Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

Notes to Financial Statements

58   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

•Level 3 – Prices reflect unobservable market inputs (including the Fund’s own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund’s investments.

The following is a summary of the inputs used in valuing the Fund’s holdings at fair value:

	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
Assets:
Corporate Bonds	$—	$393,873,699	$—	$393,873,699
Convertible Bonds	—	1,106,173,213	—	1,106,173,213
Bank Loans	—	52,217,121	—	52,217,121
Convertible Preferred Stocks	163,383,249	9,086,825	—	172,470,074
Common Stocks US	5,762,152	1,902,985	—	7,665,137
Warrants	396,806	276,685	—	673,491
Preferred Stocks	3,877,509	832,750	—	4,710,259
Purchased Options	8,617,850	—	—	8,617,850
Total	$182,037,566	$1,564,363,278	$—	$1,746,400,844
Liabilities:
Written Options	$1,791,273	$—	$—	$1,791,273
Total	$1,791,273	$—	$—	$1,791,273

Financial Highlights

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   59

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

	Year Ended October 31,
	2021		2020		2019		2018		2017
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$13.22		$11.18		$11.02		$11.96		$11.33
Income from investment operations:
Net investment income (loss)*	(0.30	)	0.53		0.54		0.60		0.61
Net realized and unrealized gain (loss)	4.61		2.53		0.64		(0.35	)	1.22
Total from investment operations	4.31		3.06		1.18		0.25		1.83
Less distributions to common shareholders from:
Net investment income	(0.29	)	(0.46	)	(0.51	)	(1.19	)	(0.70	)
Net realized gains	(0.86	)	(0.56	)	(0.34	)	—		—
Return of capital	—		—		(0.17	)	—		(0.50	)
Total distributions	(1.15	)	(1.02	)	(1.02	)	(1.19	)	(1.20	)
Capital charge resulting from issuance of common and preferred shares and related offering costs	—		—		—		0.00	(a)	—
Premiums from shares sold in at the market offerings	0.00	(a)	—		—		0.00	(a)	—
Net asset value, end of year	$16.38		$13.22		$11.18		$11.02		$11.96
Market value, end of year	$16.61		$11.50		$11.10		$10.86		$11.96
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value	33.56%		29.87%		11.46%		1.75%		17.28%
Market value	55.69%		13.79%		12.29%		0.28%		26.91%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)	1.84%		2.22%		2.91%		2.54%		1.89%
Net investment income (loss)	(1.88)%		4.45%		4.85%		5.13%		5.25%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$1,207,158		$968,077		$818,412		$806,342		$868,817
Portfolio turnover rate	44%		76%		47%		58%		89%
Average commission rate paid	$0.0216		$0.0225		$0.0187		$0.0260		$0.0282
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted)	$145,000		$110,000		$110,000		$110,000		$110,000
Notes Payable (000’s omitted)	$435,400		$318,400		$303,900		$315,500		$302,500
Asset coverage per $1,000 of loan outstanding(d)	$4,106		$4,386		$4,055		$3,904		$4,236
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e)	$308		$317		$280		$280		$291

*Net investment income calculated based on average shares method.

(a)Amount is less than $0.005 per common share.

(b)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.

(c)Ratio of net expenses, excluding interest expense on Notes payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.23%, 1.27%, 1.30%, 1.28% and 1.24%, respectively.

(d)Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of notes payable outstanding, and by multiplying the result by 1,000.

(e)Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25.

Report of Independent Registered Public Accounting Firm

60   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Calamos Convertible and High Income Fund (the “Fund”), including the schedule of investments, as of October 31, 2021, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Chicago, Illinois
December 20, 2021

We have served as the auditor of one or more Calamos Advisors LLC investment companies since 2003.

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   61

Trustee Approval of Management Agreement (Unaudited)

The Board of Trustees (“Board” or the “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 LLC (“Adviser”) pursuant to which the Adviser 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 the Adviser.

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 the Adviser 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 the Adviser, they met separately in executive session with their counsel.

At a meeting held on June 30, 2021,* based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangements between the Fund and the Adviser were fair in light of the nature, quality and extent of the services provided by the Adviser 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, 2022, 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 and other, comparable clients of the Adviser, (iii) the fees and other expenses paid by the Fund as well as expense information for comparable funds and for other, comparable clients of the Adviser, (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 potential economies may be shared, in some measure, with Fund investors 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 agreement, and each Trustee may have afforded different weight to the various factors.

Nature, Quality and Extent of Services. The Board’s consideration of the nature, quality and extent of the Adviser’s services to the Fund took into account the knowledge gained from the Board’s meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser’s long-term history of managing the Fund; the consistency of investment approach; the background and experience of the Adviser’s investment personnel responsible for managing the Fund; and 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. The Board also reviewed the Adviser’s resources and key personnel involved in providing investment management services to the Fund. The Board noted the personal investments that the Adviser’s key investment personnel have made in the Fund, which further aligns the interests of the Adviser and its personnel with those of the Fund’s shareholders. In addition, the Board considered compliance reports about the Adviser from the Fund’s Chief Compliance Officer.

The Board also considered the information provided by the Adviser regarding the Fund’s performance and the steps the Adviser is taking to improve performance. In particular, the Board noted the additional personnel added to the Adviser’s investment team, which includes portfolio managers, research analysts, research associates and risk management personnel. The Board also noted the Adviser’s significant investment into its infrastructure and investment processes.

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 median performance of a group of comparable funds (the Fund’s “Category”) selected by an independent third-party service provider. The performance periods considered by the Board ended on March 31, 2021. The Board considered one-, three-, five- and ten-year performance.

The Board considered that the Fund outperformed its Category median for all periods.

Costs of Services Provided and Profits Realized by the Adviser. Using information provided by an independent third-party service provider, the Board evaluated the Fund’s actual management fee rate compared to the median management fee rate for other closed-end funds similar in size, character and investment strategy (the Fund’s “Expense Group”), and the Fund’s total expense ratio compared to the median total expense ratio of the Fund’s Expense Group.

The Board also reviewed the Adviser’s management fee rates for its institutional separate accounts and sub-advisory accounts. The Board took into account that although, generally, the rates of fees paid by institutional clients or for sub-advisory services were lower

*The meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission on June 19, 2020.

62   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Trustee Approval of Management Agreement (Unaudited)

than the rates of fees paid by the Fund, the differences reflected the Adviser’s greater level of responsibilities and significantly broader scope of services regarding the Fund, the more extensive regulatory obligations and risks associated with managing the Fund, and other financial considerations with respect to creation and sponsorship of the Fund. The Board considered factors that lead to more expenses for registered funds including but not limited to: (i) capital expenditures to establish a fund, (ii) length of time to reach critical mass, and the related expenses, (iii) higher servicing costs of intermediaries and shareholders, (iv) higher redemption rates of assets under management, (v) entrepreneurial risk assumed by the Adviser and (vi) greater exposure to “make whole” errors.

The Board also considered the Adviser’s costs in serving as the Fund’s investment adviser and manager, including but not limited to 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 reviewed the financial statements of the Adviser’s parent company and discussed its corporate structure.

The Board considered that the Fund’s management fee rate is higher than its Expense Group median, though the Fund’s total expense ratio is lower than the Fund’s Expense Group. The Board reviewed the Fund’s expenses in light of its performance record.

Economies of Scale. The Board considered whether the Fund’s management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board also considered the benefits accruing to shareholders from the Adviser’s investments into its infrastructure and investment processes.

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 while the Adviser may potentially benefit from its relationship with the Fund in ways other than the fees payable by the Fund, the Fund also may benefit from its relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreement with the Fund and the fees payable by the Fund.

The Board also considered the Adviser’s use of a portion of the commissions paid by the Fund on its 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 products and services was consistent with regulatory requirements.

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.

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   63

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 February 2022, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2021. 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 854(b)(2) of the Code, the Fund hereby designates $7,389,845 or the maximum amount allowable under the Code, as qualified dividends for the fiscal year ended October 31, 2021.

Under Section 854(b)(2) of the Code, the Fund hereby designates 6.85% of the ordinary income dividends as income qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2021.

64   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

Trustees and Officers (Unaudited)

The management of the Fund, including general supervision of the duties performed for the Fund under the investment management agreement between the Fund and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the terms noted below or until such trustee’s earlier resignation, death or removal; however, each trustee who is not an interested person of the Fund shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years. The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

The following table sets forth each trustee’s name, year of birth, position(s) with the Fund, 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.

NAME AND YEAR OF BIRTH	POSITION(S) AND LENGTH OF TIME WITH THE FUND	PORTFOLIOS IN FUND COMPLEX^ OVERSEEN	PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS AND OTHER DIRECTORSHIPS
Trustees who are interested persons of the Fund:
John P. Calamos, Sr., (1940)*	Chairman, Trustee and President (since 2003) Term Expires 2023	26	Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. (“CAM”), Calamos Investments LLC (“CILLC”), Calamos Advisors LLC and its predecessor (“Calamos Advisors”) and Calamos Wealth Management LLC (“CWM”); Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor (“CFS”), CAM, CILLC, Calamos Advisors, and CWM
Trustees who are not interested persons of the Fund:
John E. Neal, (1950)	Trustee (since 2003) Lead Independent Trustee (since July 2019) Term Expires 2024	26	Retired; Private investor; formerly, Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook Illinois community bank); Director, Neuro-ID (private company providing prescriptive analytics for the risk industry); formerly Partner, Linden LLC (health care private equity) (until 2018)
William R. Rybak, (1951)	Trustee (since 2003) Term Expires 2023	26	Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series Trust, JNL Variable Fund LLC (2007-2020), and JNL Investors Series Trust (since 2007); Jackson Variable Series Trust (2018-2020); JNL Strategic Income Fund LLC (2007-2018) (open-end mutual funds)**; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000)
Virginia G. Breen, (1964)	Trustee (since 2015) Term Expires 2022	26	Private Investor; Director, Tech and Energy Transition Corporation (blank check company) (since 2021); Director, Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)****; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (since 2004); Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)*****
Lloyd A. Wennlund, (1957)	Trustee (since 2018) Term Expires 2022	26	Trustee and Chairman, Datum One Series Trust (since 2020) Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019)
Karen L. Stuckey, (1953)	Trustee (since 2019) Term Expires 2024	26	Member (2015-2021) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2007) of Lehigh University; Member, Women’s Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of Oppenheimer Funds (open-end mutual funds) (2012-2019)
Christopher M. Toub, (1959)	Trustee (since 2019) Term Expires 2023	26	Private investor; formerly, Director of Equities, AllianceBernstein LP (until 2012)

*Mr. Calamos, Sr. is an “interested person” of the Fund as defined in the 1940 Act because he is an officer of the Fund and an affiliate of Calamos Advisors and CFS.

**Overseeing 131 portfolios in fund complex.

***Overseeing eighteen portfolios in fund complex.

****Overseeing four portfolios in fund complex.

^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, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund and Calamos Long/Short Equity & Dynamic Income Trust.

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

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   65

Trustees and Officers (Unaudited)

Officers. The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee and President of the Fund. The following table sets forth each other officer’s name, year of birth, position with the Fund 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.

NAME AND YEAR OF BIRTH	POSITION(S) AND LENGTH OF TIME WITH THE FUND	PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS
John S. Koudounis, (1966)	Vice President (since 2016)	President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM and CFS (since 2016); Director CAM (since 2016); President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.
Thomas E. Herman, (1961)	Vice President (since 2016) and Chief Financial Officer (2016-2017 and since August 2019)	Executive Vice President (since February 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors and CWM (since 2016); Chief Financial Officer and Treasurer, Harris Associates (2010-2016)
Stephen Atkins, (1965)	Treasurer (since March 2020)	Senior Vice President, Head of Fund Administration (since February 2020), Calamos Advisors; prior thereto, Consultant, Fund Accounting and Administration, Vx Capital Partners (March 2019-February 2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018)
Robert F. Behan, (1964)	Vice President (since 2013)	Executive Vice President and Chief Distribution Officer (since February 2021), CAM, CILLC, Calamos Advisors and CFS; prior thereto, President (2015-February 2021); Head of Global Distribution (2013-February 2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013); Head of US Intermediary Distribution (2010-2013)
J. Christopher Jackson, (1951)	Vice President and Secretary (since 2010)	Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM and CFS (since 2010); Director, Calamos Global Funds plc (since 2011)
Mark J. Mickey, (1951)	Chief Compliance Officer (since 2005)	Chief Compliance Officer, Calamos Funds (since 2005)
Daniel Dufresne, (1974)	Vice President (since June 30, 2021)	Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since April 2021); prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020)

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

Results of 2021 Annual Meeting

The Fund held its annual meeting of shareholders on June 29, 2021. The purposes of the annual meeting were (i) to elect two trustees, to be elected by the holders of common shares and the holders of preferred shares, to the Fund’s board of trustees for a three-year term, or until the trustee’s successor is duly elected and qualified; and (ii) to conduct any other lawful business of the Fund.

Mr. John E. Neal and Ms. Karen L. Stuckey were nominated for reelection as trustee by the holders of the common shares and preferred shares for a three-year term until the 2024 annual meeting or until his or her successor is duly elected and qualified; and each was elected as such by a majority of the outstanding shares as follows:

Trustee	Votes For	Number of Shares Withheld
John E. Neal	60,203,885.585	1,183,085
Karen L. Stuckey	60,150,428.585	1,236,542

Messrs. Calamos, Rybak, Toub and Wennlund and Ms. Breen’s terms of office as trustees continued after the meeting.

About Closed-End Funds

66   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

What is a Closed-End Fund?

A closed-end fund is a publicly traded investment company that raises its initial investment capital through the issuance of a fixed number of shares to investors in a public offering. Shares of a closed-end fund are listed on a stock exchange or traded in the over-the-counter market. Like all investment companies, a closed-end fund is professionally managed and offers investors a unique investment solution based on its investment objective approved by the fund’s Board of Trustees.

Potential Advantages of Closed-End Fund Investing

•Defined Asset Pool Allows Efficient Portfolio Management—Although closed-end fund shares trade actively on a securities exchange, this doesn’t affect the closed-end fund manager because there are no new investors buying into or selling out of the fund’s portfolio.

•More Flexibility in the Timing and Price of Trades—Investors can purchase and sell shares of closed-end funds throughout the trading day, just like the shares of other publicly traded securities.

•Lower Expense Ratios—The expense ratios of closed-end funds are oftentimes less than those of mutual funds. Over time, a lower expense ratio could enhance investment performance.

•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	Generally issues a fixed number of shares
Issues common equity shares	Can issue common equity shares and 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

You can purchase or sell common shares of closed-end funds daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount, which is a market price that is below their net asset value.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares and fluctuations in the variable rates of the leverage financing.

Each open-end or closed-end fund should be evaluated individually. Before investing carefully consider the fund’s investment objectives, risks, charges and expenses.

Managed Distribution Policy

CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT   67

Using a Managed Distribution Policy to Promote Dependable Income and Total Return

The goal of the managed distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can serve either as a stable income stream or, through reinvestment, may 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 managed distribution policy for the Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains, net realized long-term capital gains and, if necessary, return of capital. During the last fiscal year, the fund made [monthly] distributions totaling $[ ] per share, which were characterized as $[ ] per share of net realized gain, $[ ] per share return of capital and $[ ] per share of net investment income.

[Distributions of capital decrease the fund’s total assets and total assets per share and, therefore, could have the effect of increasing the fund’s expense ratio. In general, the policy of fixing the fund’s distributions at a targeted rate does not affect the fund’s investment strategy. However, in order to make these distributions, on occasion the fund may have to sell portfolio securities at a less than opportune time.]

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.

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.

Pursuant to the Plan, unless a shareholder is ineligible or elects otherwise, all dividend and capital gains on common shares distributions are automatically reinvested by Computershare, as agent for shareholders in administering the Plan (“Plan Agent”), in additional common shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends and distributions payable in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee) by Plan Agent, as dividend paying agent. Shareholders may elect not to participate in the Plan and to receive all dividends and distributions in cash by sending written instructions to the Plan Agent, as dividend paying agent, at: Dividend Reinvestment Department, P.O. BOX 505000, Louisville, KY 40233. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by giving notice in writing to the Plan Agent; such termination will be effective with respect to a particular dividend or distribution if notice is received prior to the record date for the applicable distribution.

The shares are acquired by the Plan Agent for the participant’s account either (i) through receipt of additional common shares from the Fund (“newly issued shares”) or (ii) by purchase of outstanding common shares on the

Automatic Dividend Reinvestment Plan

68   CALAMOS CONVERTIBLE AND HIGH INCOME FUND ANNUAL REPORT

open market (“open-market purchases”) on the NASDAQ or elsewhere. If, on the payment date, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (a “market premium”), the Plan Agent will receive newly issued shares from the Fund for each participant’s account. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend or distribution by the greater of (i) the net asset value per common share on the payment date, or (ii) 95% of the market price per common share on the payment date.

If, on the payment date, the net asset value per common share exceeds the market price plus estimated brokerage commissions (a “market discount”), the Plan Agent has a limited period of time to invest the dividend or distribution amount in shares acquired in open-market purchases. If, before the Plan Agent has completed its open-market purchases, the market price plus estimated brokerage commissions exceeds the net asset value of the common shares as of the payment date, the purchase price paid by Plan Agent may exceed the net asset value of the common shares, resulting in the acquisition of fewer common shares than if such dividend or distribution had been paid in common shares issued by the Fund. The weighted average price (including brokerage commissions) of all common shares purchased by the Plan Agent as Plan Agent will be the price per common share allocable to each participant. If the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will invest the uninvested portion of the dividend or distribution amount in newly issued shares at the net asset value per common share at the close of business on the last purchase date.

The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends even though no cash is received by participants.

There are no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold, plus a $15 transaction fee. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

A participant may request the sale of all of the common shares held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his shares, the Plan Agent is authorized to deduct from the proceeds a $15.00 fee plus the brokerage commissions incurred for the transaction. A participant may re-enroll in the Plan in limited circumstances.

The terms and conditions of the Plan may be amended by the Plan Agent or the Fund at any time upon notice as required by the Plan.

This discussion of the Plan is only summary, and is qualified in its entirety by the Terms and Conditions of the Dividend Reinvestment Plan filed as part of the Fund’s registration statement.

For additional information about the Plan, please contact the Plan Agent, Computershare, at 866.226.8016. 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.

	STAY CONNECTED
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detailed fund profiles, fund news and insightful
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MANAGING YOUR CALAMOS
FUNDS INVESTMENTS

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

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 the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

A description of the Calamos Proxy Voting Policies and Procedures and the Fund’s proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Fund’s proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Fund files its complete list of portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its report on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov.

The Fund’s report to the SEC on Form N-CSR contains certifications by the fund’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act, relating to, among other things, the quality of the Fund’s disclosure controls and procedures and internal control over financial reporting.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 866.226.8016

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

INVESTMENT ADVISER:

Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:

State Street Bank and Trust Company
Boston, MA

TRANSFER AGENT:

Computershare
P.O. BOX 505000
Louisville, KY 40233-5000
866.226.8016

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:

Ropes & Gray LLP
Chicago, IL

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

© 2021 Calamos Investments LLC. All Rights Reserved.
Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

CHYANR 1791 2021

ITEM 1(b). Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

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, it has five 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, Virginia G. Breen, Karen L. Stuckey and Christopher M. Toub. 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 trustees.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Fiscal Years Ended	10/31/2020		10/31/2021
Audit Fees(a)	$	43,767	$	48,724
Audit-Related Fees(b)	$	15,518	$	16,010
Tax Fees(c)	$	42,012	$	53,121
All Other Fees(d)	$	—	$	—
Total	$	101,297	$	117,855

(a) Audit Fees 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 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 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 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) The following table presents the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant and 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 of the adviser.

Fiscal Years Ended	10/31/2020		10/31/2021
Registrant	$	42,012	$	53,121
Investment Adviser	$	2,000	$	2,000

(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 John E. Neal, William R. Rybak, Virginia G. Breen, Karen L. Stuckey, Christopher M. Toub, and Lloyd Wennlund.

ITEM 6. SCHEDULE OF INVESTMENTS

(a) Included in the Report to Shareholders in Item 1.

(b) Not applicable.

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 the date of this filing, the registrant is led by a team of investment professionals. The Global Chief Investment Officer and Co-Portfolio Managers are responsible for the day-to-day management of the registrant’s portfolio:

John P. Calamos, Sr. has been President, Trustee and Co-Portfolio Manager of the Fund since inception and for Calamos: Founder, Chairman and Global Chief Investment Officer (“CIO”) since August 2016; Chairman and Global CIO from April to August 2016; Chairman, Chief Executive Officer and Global Co-CIO between April 2013 and April 2016; Chief Executive Officer and Global Co-CIO between August 2012 and April 2013; and Chief Executive Officer and Co-CIO prior thereto. R. Matthew Freund joined Calamos in November 2016 as a Co-CIO, Head of Fixed Income Strategies, as well as a Senior Co-Portfolio Manager. Previously, he was SVP of Investment Portfolio Management and Chief Investment Officer at USAA Investments since 2010. John Hillenbrand joined Calamos in 2002 and since September 2015 is a Co-CIO, Head of Multi-Asset Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March 2013 to September 2015, he was a Co-Portfolio Manager. Between August 2002 and March 2013, he was a senior strategy analyst. Nick Niziolek joined Calamos in March 2005 and has been a Co-CIO, Head of Global Strategies, as well as a Senior Co-Portfolio Manager since September 2015. Between August 2013 and September 2015 he was a Co-Portfolio Manager, Co-Head of Research. Between March 2013 and August 2013 he was a Co-Portfolio Manager. Between March 2005 and March 2013 he was a senior strategy analyst. Eli Pars joined Calamos in May 2013 and has been a Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, as well as Senior Co-Portfolio Manager, since September 2015. Between May 2013 and September 2015, he was a Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February 2009 to November 2012. Dennis Cogan joined Calamos in March 2005 and since February 2021 has been a Senior Co-Portfolio Manager. From March 2013 to February 2021, he was Co-Portfolio Manager. Between March 2005 and March 2013, he was a senior strategy analyst. Jon Vacko joined Calamos in June 2000 and has been a Senior Co-Portfolio Manager since September 2015. Previously, he was a Co-Portfolio Manager from August 2013 to September 2015; prior thereto he was a Co-Head of Research and Investments from July 2010 to August 2013. Joe Wysocki joined Calamos in October 2003 and since February 2021 has been a Senior Co-Portfolio Manager. Previously, Mr. Wysocki was a Co-Portfolio Manager from March 2015 to January 2021; sector head from March 2014 to March 2015; a Co-Portfolio Manager from March 2013 to March 2014; and a senior strategy analyst from February 2007 to March 2013.

(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.

Other Accounts Managed and Assets by Account Type as of October 31, 2021

	Registered Investment Companies				Other Pooled Investment Vehicles				Other Accounts
	Accounts		Assets		Accounts		Assets		Accounts		Assets
John P. Calamos Sr.		23		35,543,246,637		5		1,411,657,418		4,688		3,862,886,001
R. Matthew Freund		16		17,722,374,975		1		746,338,157		4,360		3,795,563,782
John Hillenbrand		18		16,103,438,276		5		1,411,657,418		3,671		3,133,231,674
Nick Niziolek		10		10,231,059,157		4		665,319,261		3,215		1,916,438,314
Eli Pars		18		33,035,297,173		5		1,411,657,418		3,615		3,024,739,052
Dennis Cogan		10		10,231,059,157		4		665,319,261		3,215		1,916,438,314
Jon Vacko		19		16,645,921,003		5		1,411,657,418		3,634		3,065,977,905
Joe Wysocki		12		15,443,544,058		4		1,408,353,373		3,057		2,221,077,369
Number of Accounts and Assets for which Advisory Fee is Performance Based as of October 31, 2021
	Registered Investment Companies				Other Pooled Investment Vehicles				Other Accounts
	Accounts		Assets		Accounts		Assets		Accounts		Assets
John P. Calamos Sr.		2		439,526,949		0		—		0		—
R. Matthew Freund		0		—		0		—		0		—
John Hillenbrand		2		439,526,949		0		—		0		—
Nick Niziolek		2		439,526,949		0		—		0		—
Eli Pars		2		439,526,949		0		—		0		—
Dennis Cogan		2		439,526,949		0		—		0		—
Jon Vacko		2		439,526,949		0		—		0		—
Joe Wysocki		0		—		0		—		0		—

(a)(2) 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 the 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 allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given Calamos Advisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a “rotational” method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients. A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors’ head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to the Calamos Advisors’ Chief Compliance Officer on a monthly basis.

Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors may consider subjective elements in attempting to allocate a trade, in which case the Fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

The Co-Portfolio Managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a Co-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 Co-Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in the client’s account.

(a)(3) As of October 31, 2021, John P. Calamos, Sr., our Global CIO, aside from distributions arising from his ownership from various entities, receives all of his compensation from Calamos. He has entered into an employment agreement that provides for compensation in the form of an annual base salary and a target bonus, both components payable in cash. His target bonus is set at a percentage of the respective base salary. Similarly, Mr. Calamos is eligible for a Long-Term Incentive (“LTI”). The LTI program at Calamos currently consists of two types of awards: (1) Mutual Fund Incentive Awards for investment professionals and (2) Phantom Equity Incentive Awards for non-investment professionals.

As of October 31, 2021, R. Matthew Freund, John Hillenbrand, Nick Niziolek, Eli Pars, Jon Vacko, Dennis Cogan, and Joe Wysocki receive all of their compensation from Calamos. These individuals each receive compensation in the form of an annual base salary, a bonus (payable in cash) and are eligible for LTI awards. Each of these individuals is also eligible for discretionary LTI awards based on individual and collective performance, however these awards are not guaranteed from year to year. The LTI program at Calamos for investment professionals is a Mutual Fund Incentive Award with amounts deemed to be invested in one or more funds. “Funds” mean mutual funds, ETFs or private funds managed by Calamos or a subsidiary of Calamos.

The amounts paid to all Co-Portfolio Managers and the criteria utilized to determine the amounts are benchmarked against industry specific data provided by third party analytical agencies. The Co-Portfolio Managers' compensation structure does not differentiate between the Funds and other accounts managed by the Co-Portfolio Managers, and is determined on an overall basis, taking into consideration annually the performance of the various strategies managed by the Co-Portfolio Managers. Portfolio performance is utilized as one factor in determining the annual discretionary bonus, as well as overall performance of Calamos.

(a)(4) As of October 31, 2021, 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
R. Matthew Freund	None
John Hillenbrand	None
Nick Niziolek	None
Eli Pars	None
Jon Vacko	None
Dennis Cogan	None
Joe Wysocki	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 timely reported.

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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Securities Lending Activities

(1) Gross income from securities lending activities: $0

(2) Fees and/or compensation for:

Any share of revenue generated by the securities lending program paid to the securities lending agent: $0

Rebates paid to borrower: $0

(3) Aggregate fees and/or compensation $0

(4) Net income from securities lending activities: $0

(b) Under the terms of an Amended and Restated Liquidity Agreement (the “Agreement”) with State Street Bank and Trust Company (“SSB”), all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral held by SSB on behalf of the Fund may be credited against the amounts borrowed under the Agreement. Any amounts credited against borrowings under the Agreement would count against the Fund's leverage limitations under the 1940 Act, unless otherwise covered in accordance with SEC Release IC-10666. Under the terms of the Agreement, SSB will return the value of the collateral to the borrower at the termination of the selected securities loan(s), which will eliminate the credit against the borrowings under the Agreement and will cause the amount drawn under the Agreement to increase in an amount equal to the returned collateral. The Fund is obligated to make payment to the entity in the event SSB is unable to return the value of the collateral. The Fund would continue to be entitled to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned. 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.

ITEM 13. 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 Voting Policies and Procedures.

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 23, 2021

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	December 23, 2021

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 23, 2021

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	December 23, 2021

EX-99.COE

Calamos Convertible and High Income Fund N-CSR

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Revised: June 30, 2021

I. Covered Officers/Purpose of the Code

This Code of Ethics (the “Code”) for the investment companies within the Trusts and Funds¹, 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 (defined as the Chief Executive Officer and Chief Financial Officer of the Funds) 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”).

¹ See Appendix A for a complete list of entities cover by this policy.

1 

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.

2 

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;

• 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.²

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

² 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.

3 

• 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.

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;

4 

• 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 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.

5 

Appendix A – In-Scope Entities

This policy pertains to the entities listed in the following tables.

Funds for U.S. Investors

Open-End Fund Name

Calamos Investment Trust

Calamos Advisors Trust

Closed-End Fund Name

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

Calamos Dynamic Convertible and Income Fund

Calamos Long/Short Equity & Dynamic Income Trust

Calamos Global Convertible and Dynamic Income Fund

Table 1 - List of In-Scope U.S. Funds

Revision Date

Date

Adoption: March 2, 2004

Revised: December 20, 2007

Revised: September 25, 2014

Revised: December 15, 2015

Revised: October 18, 2017

Revised: June 30, 2021

Table 2 – List of Revision Dates for Policy

6 

EX-99.CERT

Calamos Convertible and High Income Fund N-CSR

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; and

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 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 trustees (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 23, 2021

/s/ John P. Calamos, Sr.                                        

Principal Executive Officer                                

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Thomas E. Herman, 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; and

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 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 trustees (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 23, 2021

/s/ Thomas E. Herman                                     

Principal Financial Officer

EX-99.906CERT

Calamos Convertible and High Income Fund N-CSR

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 year ended October 31, 2021 (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 23, 2021

/s/ John P. Calamos, Sr.

Name: John P. Calamos, Sr.

Title: Principal Executive Officer

/s/ Thomas E. Herman

Name: Thomas E. Herman

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.(A)(2)(III)

Calamos Convertible and High Income Fund N-CSR

Exhibit 99(a)(2)(iii)

 Internal Use Only

Proxy Voting Policies and Procedures for Non-ESG Strategies

(Legacy Policy)

Amended: December 14, 2021

Introduction

Calamos¹, as an investment adviser, (including, in the case of Calamos Advisors LLC, the Calamos mutual funds, and closed-end funds (the “Funds”)), has adopted these proxy voting policies and procedures². They are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. 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.

Voting proxies on behalf of our clients is established by Calamos advisory contracts or comparable documents, and our proxy voting guidelines have been tailored to reflect these specific contractual obligations.

General Proxy Voting Guidelines

Calamos' proxy voting positions have been developed based on its 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.

While Calamos has adopted general guidelines for voting proxies as summarized below, 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. Each proxy and proposal will be considered based on the relevant facts and circumstances. These guidelines below 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.

Two 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.

¹ See Appendix A for a complete list of covered entities.

² Calamos Advisors LLC as sub-adviser will vote the proxies of clients of Calamos Wealth Management LLC except when such proxies relate to the Calamos mutual funds. In this case, the proxy will be mailed to the client.

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The following guidelines reflect what Calamos believes to be good corporate governance and behavior:

A. Corporate Governance and Structure

(i) Merger, Acquisitions, Reincorporation and Other Transactions. Companies ask their shareholders to vote on a wide variety of transactions, including mergers, acquisitions, re- incorporations 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 affect these types of transactions on a case-by-case basis.

(ii) 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 shareholders. 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 they warrant support. Calamos will generally vote against any proposal to issue stock that has unequal or subordinate voting rights.

(iii) 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. Calamos generally prefers that key committees such as audit, nominating, and compensation committees be comprised of independent directors.

(iv) Ratification of Auditors. As needed, Calamos will examine proposals relating to non-audit relationships and non-audit fees. Calamos will vote against the ratification of auditors when there is clear and compelling evidence of accounting irregularities or negligence attributable to the auditors.

(v) 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. In general, Calamos respects management’s capital structure judgment and forecasting abilities. As needed, and with collaboration from our research analysts, Calamos will carefully review proposals by companies to increase authorized shares and the purpose for the increase.

(vi) 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 regarding social, environmental and ethical issues.

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(vii) 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.

B. 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 its proxy voting service’s analysis to assess such plans. Severance 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.

C. 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 have a material adverse effect on shareholder interests 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 routine matters.

Responsibility of Calamos to Vote Proxies

Calamos has assigned its administrative duties with respect to the proxy analysis and voting decisions to the “Proxy Group” (the Investment team – research analysts and portfolio management), and administrative processing to its Corporate Actions Group (“Corporate Actions”) within the Operations Department.

Calamos utilizes two vendors which provide distinct services relevant to Calamos’ proxy duties. Calamos subscribes to a supplementary, unaffiliated, third-party corporate proxy research service, Glass Lewis, which provides in-depth analyses of shareholder meeting agendas and vote recommendations. Glass Lewis facilitates the voting decision of each proxy in accordance with Calamos’ proxy voting policy (“custom policies”)³ as described above. Said differently, Glass Lewis analyzes the ballot item and recommends a vote for the ballot item based on Calamos’ proxy voting rules.

Calamos will generally follow its custom policies unless the Proxy Group and/or the Proxy Review Committee⁴ determines that the client’s interests are best served by voting otherwise or unless otherwise directed by the client.

³ It should be noted for the following strategies: Global Sustainable Equities, International Sustainable Equities and U.S. Sustainable Equities there is a separate proxy policy in place.

⁴ The Proxy Review Committee is comprised of representatives from Portfolio Management (which may include portfolio managers and/or research analysts employed by Calamos), Operations, and advisory, non-voting members from the Legal and Compliance Departments.

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Calamos also utilizes two systems owned by Broadridge to monitor and manage the processes associated with proxies: Proxy Edge and Proxy Disclosure. Proxy Edge receives the voting decisions from Glass Lewis which it uses to votes the ballots for Calamos shares. Proxy Edge provides the record keeping, voting, account administration and reporting for Calamos. Proxy Edge feeds meetings, agenda items and related votes by account to Proxy Disclosure which facilitates additional reporting as well as the annual N-PX filing for the Calamos Funds.

Proxy Edge systematically votes shares based on Calamos’ custom policies that are maintained within Glass Lewis. A ballot is systematically voted based on the shares on holding reconciliation date (record date) or as soon as Glass Lewis has applied the Calamos custom policies to the ballot after that date. Calamos performs a reconciliation versus shares held at the custodian when the ballot is received by Proxy Edge. The shares from the custodian are continually updated until record date on Proxy Edge based on account trade activity.

Any ballot that includes one or more “case by case” items will not be systematically voted. All items on this type of ballot are manually voted. Case by case items are sent to the Proxy Group along with the written guidance and other relevant information produced by Glass Lewis to assist with the Proxy Group’s analysis. Any named Portfolio Manager on a Fund and/or Account may provide the voting instructions to the Proxy Group.

Based on the instruction provided by the Proxy Group, the Corporate Actions Group will process the Calamos votes on Proxy Edge which will then vote each client proxy accordingly (unless otherwise directed by a client).

Proxies are voted solely in the best interests of Calamos clients; namely the Calamos Funds, separate account clients, and 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 is responsible for maintaining oversight of all facets of the proxy process as described above and including:

• overseeing account administration on both Broadridge systems Proxy Edge and Proxy Disclosure;

• identifying potential conflicts of interest and reporting them to the Proxy Review Committee;

• consulting with Proxy Group for the relevant portfolio security (and the Proxy Review Committee if necessary);

• monitoring proxies to ensure Glass Lewis applies Calamos’ custom policies to the ballot on a timely basis;

• ensuring proxies that have case by case items are voted as directed by the Proxy Group or Calamos’ custom policies as needed;

• ensuring the voting process is timely;

• validating meetings by Fund in Proxy Disclosure and reconciling to Proxy Edge data;

• facilitating a timely filing of the Funds’ annual N-PX through Proxy Disclosure; and

• maintaining proxy voting records.

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Limitations Relating to Proxy Voting

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, upon direction by the Portfolio Manager(s) prior to record date, the Proxy Group will attempt to recall the portfolio securities and vote proxies relating to such securities. For example, if the Investment Team determines that the votes involve matters that could have a material effect on the fund’s or account’s investment in such loaned securities. Based on the timing of when the ballot is received in Proxy Edge versus the record date of the meeting, there can be no guarantee that any such securities can be retrieved without proactive knowledge of the upcoming meeting. ThePortfolio Managers 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.

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.

Additional Information Provided by Issuer Before Voting Deadline. Glass Lewis has the ability to alert Calamos of any updates that were made to its analysis document for each meeting based on issuer feedback. Calamos must indicate its’ interest in the issuer meeting for Glass Lewis to know to alert Calamos of the new information. Calamos indication of this interest is a manual process handled by Calamos accessing the original analysis document. Corporate Actions has created a process to help ensure Calamos interest in certain meetings is properly communicated to Glass Lewis.

Conflicts of Interest

Directors and employees of Calamos including the Proxy Group should be sensitive to the possibility that their interests may conflict with the interests of Advisory Clients.

A. Identification of Conflicts of Interest. Conflicts of interest can arise in situations where:

• The issuer is a client of Calamos or its affiliates;

• The issuer is a vendor whose products or services are material or significant to the business of Calamos or its affiliates;

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• The issuer is an entity participating, or which may participate, in the distribution of investment products⁵ advised, administered or sponsored by Calamos or its affiliates

• An employee of Calamos or its affiliates also serves as a director or officer of the issuer (it should be noted, Calamos does not generally allow its employees to serve on the board of a public company);

• A director of Calamos Asset Management, Inc. or a Trustee of a Calamos Fund, also serves as an officer or director of the issuer; or

• The issuer is a Calamos proprietary product; e.g. a Calamos closed-end fund.

• Rule 12d1-4 conflicts – a Calamos Fund and its affiliates must vote their respective securities in a non-Calamos “Acquired” Fund in the same proportion as the vote of all other holders of such securities under certain circumstances.⁶

Even while a proxy may involve an entity with which a relationship exists, generally the matters put to vote do not cause a conflict of interest between Calamos and the client.

Potential conflicts of interest are identified 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 relative to the matters for which the Company is seeking shareholder approval.

B. Resolution of Conflicts of Interest. Calamos will generally apply its custom policies to proxy matters regardless if a conflict has been identified. However, in these situations, the Proxy Group will refer the matter, along with the recommended course of action by Calamos (based on its custom policies), if any, to the Proxy Review Committee⁷ for evaluation. The Proxy Review Committee will independently review proxies, determine the appropriate action to be taken which in limited circumstances includes sending the proxy directly to the relevant Advisory Clients with a recommendation regarding the vote for approval. To the extent the shares have been systematically voted and the Proxy Committee decides to vote differently than its custom policies, Corporate Actions will manually change the vote within Proxy Edge.

C. Records of Corporate Actions. Corporate Actions with Legal will prepare a Conflicts Report for each situation where a conflict of interest is identified. The Conflict Report (1) describes any conflict of interest; (2) discusses the procedures used to address such conflict of interest; and (3) discloses any

⁵ e.g., a broker, dealer, investment adviser, or bank.

⁶ To the extent a Calamos Fund and its affiliates in the aggregate hold more than 25% of outstanding voting securities of a non-Calamos Acquired fund that is a registered open-end fund or unit investment trust as a result of a decrease in the outstanding voting securities of the non-Calamos fund or the Calamos Fund and its affiliates in the aggregate hold more than 10% of the outstanding voting securities of a non-Calamos Closed-end fund or business development company, the Calamos Fund and its affiliates must mirror or echo vote (i.e.,vote their respective securities in the same proportion as the vote of all other holders of such securities; provided, however, that in circumstances where all holders of the outstanding voting securities of the Acquired Fund are required to mirror or echo vote, the Calamos Fund and its affiliates will seek instructions from shareholders with regard to the voting of all proxies with respect to such Acquired Fund and vote such proxies only in accordance with such instructions. See also Procedures for Compliance with Section 12(d)(1), Related Rules and Exemptive Orders.

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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 was made solely on the investment merits and without regard to any other consideration.

Record Retention and Disclosure

A. Record Retention. The Adviser shall be responsible for collecting and maintaining proxy related information on each vote cast as required by applicable law. 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) Security Identifier; (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. The Adviser 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 the Legal department will file all required SEC 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, and will, upon request, furnish a copy of the proxy policies and procedures to the requesting client. Corporate Actions, in conjunction with the Legal department will ensure that all required disclosure about proxy voting of the investment company clients is made in such clients' financial statements and disclosure documents.

Reports to the Funds’ Boards and Non-Investment Company Clients of Calamos

Corporate Actions shall provide proxy information to each Board of Trustees 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 the written response 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.

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Appendix A – In-Scope Entities

This policy pertains to the entities listed in the following tables.

Companies

Company name	Description
Calamos Advisors LLC	U.S. Investment Adviser
Calamos Wealth Management LLC	U.S. Investment Adviser

Table 1 - List of In-Scope Companies

Revision Date

Date

Adopted: March 11, 2014

Amended: June 21, 2017

Amended: February 23, 2018

Amended: December 15, 2020

Amended: December 14, 2021

Table 2 – List of Revision Dates for Policy

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