Edgar Filing: CALAMOS CONVERTIBLE & HIGH INCOME FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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, 2018

DATE OF REPORTING PERIOD: January 31, 2018

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
CORPORATE BONDS (51.4%)
		*Consumer Discretionary (8.8%)*
	1,016,000		AV Homes, Inc. 6.625%, 05/15/22	$	1,062,975
	1,416,000		Beverages & More, Inc.* 11.500%, 06/15/22		1,339,444
	2,965,000		CalAtlantic Group, Inc. 6.625%, 05/01/20		3,181,252
			CCO Holdings, LLC / CCO Holdings Capital Corp.*
	2,686,000		5.125%, 05/01/27		2,622,825
	567,000		5.000%, 02/01/28		548,927
			Century Communities, Inc.
	2,150,000		6.875%, 05/15/22		2,237,516
	781,000		5.875%, 07/15/25		793,754
	1,319,000		CRC Escrow Issuer, LLC*^ 5.250%, 10/15/25		1,316,705
	3,810,000		Dana Financing Luxembourg Sarl* 6.500%, 06/01/26		4,135,031
	3,057,000		DISH DBS Corp.^ 5.875%, 11/15/24		2,905,633
	2,374,000		Eldorado Resorts, Inc. 6.000%, 04/01/25		2,485,910
	1,221,000		GameStop Corp.*^µ 6.750%, 03/15/21		1,265,029
	1,783,000		goeasy, Ltd.*µ 7.875%, 11/01/22		1,903,094
	752,000		Guitar Center, Inc.* 6.500%, 04/15/19		736,445
	5,372,000		Hasbro, Inc.~ 6.600%, 07/15/28		6,314,356
	1,216,000		Horizon Pharma, Inc. / Horizon Pharma USA, Inc.*^ 8.750%, 11/01/24		1,334,578
	4,210,000		L Brands, Inc.^ 6.875%, 11/01/35		4,326,364
	1,138,000		Lions Gate Entertainment Corp.*^ 5.875%, 11/01/24		1,212,300
	1,382,000		M/I Homes, Inc. 5.625%, 08/01/25		1,410,027
	2,667,000		Mattel, Inc.*^ 6.750%, 12/31/25		2,705,778
	347,000		Mclaren Finance, PLC*^ 5.750%, 08/01/22		358,132
	2,134,000		Meritage Homes Corp. 7.000%, 04/01/22		2,410,268
	2,735,000		Penske Automotive Group, Inc. 5.375%, 12/01/24		2,775,492
			PetSmart, Inc.*^
	948,000		5.875%, 06/01/25		733,103
	293,000		8.875%, 06/01/25		186,421
			Rite Aid Corp.
	2,369,000		7.700%, 02/15/27		2,122,873
	2,310,000		6.125%, 04/01/23*^		2,158,037
	2,594,000		Royal Caribbean Cruises, Ltd. 7.500%, 10/15/27		3,267,454
	2,335,000		Salem Media Group, Inc.* 6.750%, 06/01/24		2,303,081
	1,765,000		Sally Holdings, LLC / Sally Capital, Inc.^ 5.625%, 12/01/25		1,760,535
			Service Corp. International
	4,151,000		7.500%, 04/01/27		4,960,777
	464,000		5.375%, 05/15/24		487,926

PRINCIPAL AMOUNT				VALUE
	2,720,000		SFR Group, SA*^ 7.375%, 05/01/26	$	2,678,778
	1,270,000		Sotheby’s* 4.875%, 12/15/25		1,247,127
	3,147,000		Taylor Morrison Communities, Inc.* 5.250%, 04/15/21		3,196,754
	254,000		VOC Escrow, Ltd.* 5.000%, 02/15/28		253,888
			ZF North America Capital, Inc.*
	1,516,000		4.750%, 04/29/25		1,565,573
	817,000		4.500%, 04/29/22µ		846,052
					77,150,214
		*Consumer Staples (2.2%)*
	1,299,000		Albertsons Companies, LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s, LLC^ 5.750%, 03/15/25		1,164,216
	4,005,000		Fidelity & Guaranty Life Holdings, Inc.*~ 6.375%, 04/01/21		4,092,149
	2,344,000		Fresh Market, Inc.*^ 9.750%, 05/01/23		1,643,730
			JBS USA LUX SA / JBS USA Finance, Inc.*
	7,497,000		7.250%, 06/01/21		7,660,734
	1,270,000		8.250%, 02/01/20		1,277,639
			New Albertson’s, Inc.
	1,074,000		7.450%, 08/01/29^		946,801
	611,000		8.000%, 05/01/31		547,416
	327,000		7.750%, 06/15/26		297,268
			Pilgrim’s Pride Corp.*
	259,000		5.750%, 03/15/25		262,955
	195,000		5.875%, 09/30/27		195,999
			Post Holdings, Inc.*
	1,319,000		5.750%, 03/01/27		1,327,574
	254,000		5.625%, 01/15/28^		253,695
					19,670,176
		*Energy (7.0%)*
	1,499,000		Bill Barrett Corp. 7.000%, 10/15/22		1,529,917
	2,217,000		Blue Racer Midstream, LLC / Blue Racer Finance Corp.*^ 6.125%, 11/15/22		2,309,604
	1,319,000		Buckeye Partners, LP^‡ 6.375%, 01/22/78 3 mo. USD LIBOR + 4.02%		1,347,068
	2,418,000		Calfrac Holdings, LP*^ 7.500%, 12/01/20		2,427,068
	1,333,000		California Resources Corp.*^ 8.000%, 12/15/22		1,123,886
	2,001,000		Carrizo Oil & Gas, Inc.^ 6.250%, 04/15/23		2,071,665
	1,319,000		Chesapeake Energy Corp.* 8.000%, 01/15/25		1,334,459
	264,000		CONSOL Energy, Inc.* 11.000%, 11/15/25		284,422
	264,000		Crown Rock, LP / Crown Rock Finance, Inc.* 5.625%, 10/15/25		267,483
	2,735,000		DCP Midstream Operating, LP*^‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		2,629,484

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	513,000	DCP Midstream, LP^‡ 7.375%, 12/15/22 3 mo. USD LIBOR + 5.15%	$	528,428
	567,000	Diamond Offshore Drilling, Inc.^ 7.875%, 08/15/25		601,856
		Energy Transfer Equity, LP
	2,051,000	5.875%, 01/15/24		2,227,263
	869,000	5.500%, 06/01/27		917,916
	2,735,000	Energy Transfer Partners, LPµ‡ 4.791%, 11/01/66 3 mo. USD LIBOR + 3.02%		2,452,953
	1,172,000	EP Energy, LLC / Everest Acquisition Finance, Inc.*^ 8.000%, 02/15/25		925,915
		Genesis Energy, LP / Genesis Energy Finance Corp.
	1,309,000	6.500%, 10/01/25^		1,334,735
	1,270,000	6.250%, 05/15/26		1,269,733
		Gulfport Energy Corp.^
	1,270,000	6.375%, 05/15/25		1,291,654
	708,000	6.000%, 10/15/24		715,172
	2,515,000	Halcon Resources Corp. 6.750%, 02/15/25		2,659,613
	537,000	Lonestar Resources America, Inc.* 11.250%, 01/01/23		559,396
	791,000	Moss Creek Resources Holdings, Inc.* 7.500%, 01/15/26		823,585
	132,000	Nabors Industries, Inc.*^ 5.750%, 02/01/25		129,992
	1,060,000	Oasis Petroleum, Inc.^ 6.500%, 11/01/21		1,085,260
	1,319,000	Par Petroleum, LLC / Petroleum Finance Corp.* 7.750%, 12/15/25		1,325,015
	1,270,000	PDC Energy, Inc.*^ 5.750%, 05/15/26		1,299,274
	1,115,000	Petroleum Geo Services Company*^ 7.375%, 12/15/20		1,084,940
	1,299,000	Plains All American Pipeline, LP^‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		1,308,872
	1,289,000	QEP Resources, Inc.^ 5.625%, 03/01/26		1,321,315
	6,349,000	SEACOR Holdings, Inc. 7.375%, 10/01/19		6,569,977
	2,481,000	SESI, LLC*^ 7.750%, 09/15/24		2,672,533
	508,000	SM Energy Company^ 6.750%, 09/15/26		530,672
	1,094,000	Southwestern Energy Company^ 7.500%, 04/01/26		1,146,676
	835,000	Sunoco, LP / Sunoco Finance Corp.* 5.500%, 02/15/26		852,393
	1,226,000	Transocean, Inc.* 7.500%, 01/15/26		1,277,578
	1,270,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.* 8.750%, 04/15/23		1,278,896
		W&T Offshore, Inc.*
	1,626,332	8.500%, 06/15/21
		10.000% PIK rate		1,360,288
	1,175,667	9.000%, 05/15/20
		10.750% PIK rate		1,131,574

PRINCIPAL AMOUNT				VALUE
	2,466,000		Weatherford International, Ltd.^
			8.250%, 06/15/23	$	2,613,442
	1,270,000		Whiting Petroleum Corp.*^
			6.625%, 01/15/26		1,299,686
	1,607,000		WildHorse Resource Development Corp.
			6.875%, 02/01/25		1,667,624
					61,589,282
		Financials (6.8%)
	2,554,000		Acrisure, LLC / Acrisure Finance, Inc.*
			7.000%, 11/15/25		2,548,866
	3,750,000		Ally Financial, Inc.~
			8.000%, 11/01/31		4,789,331
	2,320,000		Ardonagh Midco 3, PLC*
			8.625%, 07/15/23		2,420,502
	2,330,000		AssuredPartners, Inc.*^
			7.000%, 08/15/25		2,398,339
	2,254,000		Brookfield Residential Properties, Inc.*
			6.375%, 05/15/25		2,394,255
	2,525,000		Charles Schwab Corp.^‡
			5.000%, 12/01/27
			3 mo. USD LIBOR + 2.58%		2,498,967
	254,000		Citadel, LP*µ
			5.375%, 01/17/23		263,482
			CyrusOne, LP / CyrusOne
			Finance Corp.
	1,172,000		5.375%, 03/15/27		1,220,609
	332,000		5.000%, 03/15/24µ		342,536
	2,296,000		Dell International, LLC / EMC Corp.*µ
			6.020%, 06/15/26		2,514,062
	1,285,000		Discover Financial Services‡
			5.500%, 10/30/27
			3 mo. USD LIBOR + 3.85%		1,306,954
	2,247,000		Equinix, Inc.
			5.375%, 04/01/23		2,308,096
	508,000		Greystar Real Estate Partners, LLC*^
			5.750%, 12/01/25		524,645
	1,104,000		HUB International, Ltd.*
			7.875%, 10/01/21		1,148,850
	2,042,000		ILFC E-Capital Trust II*‡
			4.620%, 12/21/65
			3 mo. USD LIBOR + 1.80%		2,006,265
	1,553,000		Iron Mountain, Inc.*^
			5.250%, 03/15/28		1,509,128
			Jefferies Finance, LLC*
	3,370,000		7.375%, 04/01/20		3,439,220
	2,735,000		7.250%, 08/15/24		2,842,882
	1,221,000		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
			5.250%, 10/01/25		1,224,095
	1,099,000		Level 3 Financing, Inc.
			5.375%, 05/01/25		1,102,715
	1,368,000		LPL Holdings, Inc.*
			5.750%, 09/15/25		1,396,995
	1,954,000		MetLife, Inc.µ
			6.400%, 12/15/66		2,234,067
	2,530,000		Nationstar Mortgage, LLC / Nationstar Capital Corp.
			6.500%, 07/01/21		2,565,230

See accompanying Notes to Schedule of Investments

Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
			Navient Corp.
	1,661,000		6.750%, 06/25/25^	$	1,742,821
	674,000		6.500%, 06/15/22		711,966
	1,133,000		NexBank Capital, Inc.*‡&
			6.375%, 09/30/27
			3 mo. USD LIBOR + 4.59%		1,148,465
	1,490,000		Oil Insurance, Ltd.*‡
			4.677%, 03/05/18
			3 mo. USD LIBOR + 2.98%		1,449,681
	3,644,000		Quicken Loans, Inc.*^
			5.750%, 05/01/25		3,725,498
	523,000		Radian Group, Inc.
			4.500%, 10/01/24		527,051
			Springleaf Finance Corp.
	1,990,000		8.250%, 10/01/23^		2,203,835
	159,000		5.625%, 03/15/23		159,482
	713,000		Towne Bank‡
			4.500%, 07/30/27
			3 mo. USD LIBOR + 2.55%		726,269
	2,593,000		Tronox Finance, PLC*
			5.750%, 10/01/25		2,662,363
					60,057,522
		Health Care (6.6%)
	4,493,000		Acadia Healthcare Company, Inc.^
			5.625%, 02/15/23		4,574,660
			Community Health Systems, Inc.^
	4,181,000		7.125%, 07/15/20		3,659,316
	1,294,000		6.875%, 02/01/22		921,975
	552,000		8.000%, 11/15/19		517,975
	3,829,000		DaVita, Inc.
			5.125%, 07/15/24		3,861,451
	789,000		Endo International, PLC*
			7.250%, 01/15/22		690,817
	3,458,000		Endo, Ltd.*^
			6.000%, 07/15/23		2,718,368
	2,300,000		Greatbatch, Ltd.*
			9.125%, 11/01/23		2,504,849
			HCA, Inc.
	4,274,000		5.875%, 05/01/23		4,587,348
	3,946,000		5.375%, 02/01/25		4,038,948
	1,275,000		7.500%, 11/06/33		1,422,333
	1,299,000		Magellan Health, Inc.
			4.400%, 09/22/24		1,299,838
	2,134,000		Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*^
			5.625%, 10/15/23		1,827,664
	249,000		Team Health Holdings, Inc.*^
			6.375%, 02/01/25		232,581
			Tenet Healthcare Corp.^
	3,712,000		6.750%, 06/15/23		3,666,658
	2,564,000		5.125%, 05/01/25*		2,560,539
	2,393,000		Teva Pharmaceutical Finance Company, BV^
			2.950%, 12/18/22		2,185,323
	1,836,000		Teva Pharmaceutical Finance IV, BV^
			3.650%, 11/10/21		1,779,203
	527,000		Teva Pharmaceutical Finance IV, LLCµ
			2.250%, 03/18/20		512,342
	1,368,000		Teva Pharmaceutical Finance Netherlands III, BV^
			2.200%, 07/21/21		1,275,674

PRINCIPAL AMOUNT				VALUE
			Valeant Pharmaceuticals International, Inc.*
	9,363,000		7.250%, 07/15/22	$	9,306,588
	2,589,000		9.000%, 12/15/25^		2,666,592
	1,060,000		West Street Merger Sub, Inc.*^
			6.375%, 09/01/25		1,074,172
					57,885,214
		Industrials (5.3%)
	1,563,000		ACCO Brands Corp.*
			5.250%, 12/15/24		1,596,081
			Allison Transmission, Inc.*
	904,000		4.750%, 10/01/27		902,025
	567,000		5.000%, 10/01/24µ		573,308
	469,000		American Greetings Corp.*
			7.875%, 02/15/25		500,519
	527,000		American Woodmark Corp.*
			4.875%, 03/15/26		528,976
	1,368,000		ARD Securities Finance SARL*
			8.750%, 01/31/23
			8.750% PIK rate		1,415,388
	1,294,000		Beacon Escrow Corp.*
			4.875%, 11/01/25		1,290,894
	1,270,000		Bombardier, Inc.*^
			7.500%, 12/01/24		1,337,088
	777,000		Catalent Pharma Solutions, Inc.*
			4.875%, 01/15/26		777,746
			Covanta Holding Corp.
	977,000		5.875%, 03/01/24^		1,001,259
	303,000		5.875%, 07/01/25		308,148
	1,294,000		Delphi Technologies, PLC*
			5.000%, 10/01/25		1,293,327
	1,319,000		Fly Leasing, Ltd.^
			5.250%, 10/15/24		1,326,030
	259,000		FXI Holdings, Inc.*
			7.875%, 11/01/24		258,773
	2,628,000		Garda World Security Corp.*
			7.250%, 11/15/21		2,695,500
	3,766,000		Golden Nugget, Inc.*
			6.750%, 10/15/24		3,898,111
	1,143,000		Great Lakes Dredge & Dock Corp.
			8.000%, 05/15/22		1,203,836
	1,959,000		H&E Equipment Services, Inc.*
			5.625%, 09/01/25		2,034,255
	283,000		Hertz Corp.*
			7.625%, 06/01/22		296,383
			Icahn Enterprises, LP
	1,406,000		6.750%, 02/01/24µ		1,464,672
	1,270,000		6.375%, 12/15/25*^		1,293,768
	391,000		James Hardie International Finance, Ltd.*^
			4.750%, 01/15/25		396,353
	1,288,000		Jeld-Wen, Inc.*
			4.625%, 12/15/25		1,290,673
	684,000		JPW Industries Holding Corp.*
			9.000%, 10/01/24		719,684
	2,005,000		Meritor, Inc.
			6.250%, 02/15/24		2,107,716
	264,000		Multi-Color Corp.*
			4.875%, 11/01/25		265,221
	1,788,000		Navistar International Corp.*
			6.625%, 11/01/25		1,877,150
			Park Aerospace Holdings, Ltd.*^
	1,138,000		5.500%, 02/15/24		1,128,128
	796,000		4.500%, 03/15/23		767,758

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
	2,247,000		Park-Ohio Industries, Inc.^ 6.625%, 04/15/27	$	2,412,559
	1,177,000		Scientific Games International, Inc.*^ 5.000%, 10/15/25		1,180,537
	830,000		Tennant Company* 5.625%, 05/01/25		867,317
	132,000		Trident Merger Sub, Inc.* 6.625%, 11/01/25		133,150
	274,000		TriMas Corp.* 4.875%, 10/15/25		276,973
			United Continental Holdings, Inc.^
	2,540,000		6.375%, 06/01/18		2,570,975
	791,000		4.250%, 10/01/22		796,308
	2,027,000		United Rentals North America, Inc.^ 4.875%, 01/15/28		2,028,743
	640,000		Waste Pro USA, Inc.* 5.500%, 02/15/26		651,850
	690,000		WESCO Distribution, Inc. 5.375%, 06/15/24		710,390
					46,177,572

		*Information Technology (3.7%)*
			Alliance Data Systems Corp.*
	2,030,000		6.375%, 04/01/20		2,043,357
	977,000		5.375%, 08/01/22^		989,515
			Amkor Technology, Inc.
	3,624,000		6.375%, 10/01/22^		3,737,939
	1,436,000		6.625%, 06/01/21		1,456,528
			Cardtronics, Inc.
	2,315,000		5.125%, 08/01/22		2,251,905
	1,661,000		5.500%, 05/01/25*		1,550,029
	1,459,000		CBS Radio, Inc.* 7.250%, 11/01/24		1,534,306
	1,172,000		CDK Global, Inc.* 4.875%, 06/01/27		1,177,374
	964,000		CDW, LLC / CDW Finance Corp. 5.000%, 09/01/23		990,269
	3,307,000		Clear Channel Worldwide Holdings, Inc.^ 7.625%, 03/15/20		3,270,652
	2,154,000		CommScope Technologies, LLC* 6.000%, 06/15/25		2,272,438
	3,712,000		First Data Corp. - Class A*^ 7.000%, 12/01/23		3,920,187
	1,270,000		Harland Clarke Holdings Corp.* 8.375%, 08/15/22		1,324,718
			Nuance Communications, Inc.
	1,514,000		6.000%, 07/01/24^µ		1,605,430
	1,465,000		5.625%, 12/15/26		1,518,414
	1,294,000		TTM Technologies, Inc.* 5.625%, 10/01/25		1,332,341
	1,133,000		VFH Parent, LLC*^ 6.750%, 06/15/22		1,192,052
					32,167,454

		*Materials (3.7%)*
	2,298,000		AK Steel Corp.^ 6.375%, 10/15/25		2,279,961
	2,032,000		Alcoa Nederland Holding, BV*µ 7.000%, 09/30/26		2,253,904
	4,137,000		ArcelorMittal, SA^ 7.500%, 10/15/39		5,344,487
	1,514,000		Arconic, Inc.^ 5.125%, 10/01/24		1,598,754

PRINCIPAL AMOUNT				VALUE
	2,383,000		Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.* 6.000%, 02/15/25	$	2,467,751
			First Quantum Minerals, Ltd.*
	799,000		7.000%, 02/15/21		827,189
	586,000		7.250%, 04/01/23		622,021
			Freeport-McMoRan, Inc.^
	2,042,000		4.550%, 11/14/24		2,074,876
	645,000		3.550%, 03/01/22		640,272
	1,954,000		INEOS Group Holdings, SA*^ 5.625%, 08/01/24		2,009,103
	811,000		Kinross Gold Corp.* 4.500%, 07/15/27		818,056
	400,000		Koppers, Inc.*^ 6.000%, 02/15/25		423,552
	855,000		New Gold, Inc.*^ 6.375%, 05/15/25		907,206
	3,375,000		PBF Holding Company, LLC / PBF Finance Corp.^ 7.250%, 06/15/25		3,565,671
	2,589,000		PH Glatfelter Companyµ 5.375%, 10/15/20		2,635,654
	1,162,000		Steel Dynamics, Inc. 5.000%, 12/15/26		1,210,816
	2,520,000		United States Steel Corp.^ 6.875%, 08/15/25		2,647,121
	132,000		Warrior Met Coal, Inc.* 8.000%, 11/01/24		139,166
					32,465,560

		Real Estate (0.6%)
	1,276,000		Crescent Communities, LLC/Crescent Ventures, Inc.* 8.875%, 10/15/21		1,358,506
	2,427,000		MPT Operating Partnership, LP / MPT Finance Corp. 5.000%, 10/15/27		2,410,521
	1,270,000		Starwood Property Trust, Inc.*
			4.750%, 03/15/25		1,258,748
					5,027,775

		Telecommunication Services (5.4%)
	1,074,000		Altice Financing, SA*^ 7.500%, 05/15/26		1,117,728
			Altice Luxembourg, SA*
	586,000		7.625%, 02/15/25^		538,519
	508,000		7.750%, 05/15/22		487,680
	1,794,000		Altice US Finance I Corp.* 5.500%, 05/15/26		1,836,204
	260,000		Block Communications, Inc.* 6.875%, 02/15/25		271,682
	1,280,000		CB Escrow Corp.* 8.000%, 10/15/25		1,292,038
	464,000		CenturyLink, Inc.^ 7.500%, 04/01/24		467,538
	5,045,000		CSC Holdings, LLC*^ 5.500%, 04/15/27		5,117,976
	5,215,000		Embarq Corp. 7.995%, 06/01/36		5,077,559
			Frontier Communications Corp.^
	3,765,000		7.625%, 04/15/24		2,490,604
	2,149,000		11.000%, 09/15/25		1,684,042
	1,309,000		8.500%, 04/15/20		1,280,477
	1,270,000		Hughes Satellite Systems Corp. 6.625%, 08/01/26		1,346,117

See accompanying Notes to Schedule of Investments

Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
			Intelsat Jackson Holdings, SA
	2,178,000		9.750%, 07/15/25*	$	2,009,858
	1,582,000		7.500%, 04/01/21^		1,352,388
	1,035,000		8.000%, 02/15/24*		1,088,090
	1,319,000		Qwest Corp.^ 6.875%, 09/15/33		1,287,674
	537,000		SBA Communications Corp.* 4.000%, 10/01/22		530,508
			Sprint Corp.
	7,502,000		7.875%, 09/15/23^		7,944,055
	1,651,000		7.125%, 06/15/24		1,675,914
			T-Mobile USA, Inc.
	2,755,000		6.625%, 04/01/23µ		2,864,236
	762,000		4.750%, 02/01/28^		765,376
	2,379,000		United States Cellular Corp. 6.700%, 12/15/33		2,519,266
			Windstream Services, LLC
	1,674,000		8.625%, 10/31/25*		1,566,203
	945,000		7.750%, 10/01/21		715,133
	175,000		7.750%, 10/15/20		150,179
					47,477,044

		Utilities (1.3%)
	2,002,000		AES Corp.µ 7.375%, 07/01/21		2,234,372
	2,325,000		Dynegy, Inc.*^ 8.125%, 01/30/26		2,564,638
			NRG Energy, Inc.^
	2,217,000		6.625%, 01/15/27		2,349,931
	781,000		5.750%, 01/15/28*		782,890
	1,158,000		PPL Capital Funding, Inc.^µ‡ 4.358%, 03/30/67 3 mo. USD LIBOR + 2.67%		1,151,428
	772,000		Talen Energy Supply, LLC*^ 10.500%, 01/15/26		779,508
	1,270,000		TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,252,862
					11,115,629

		TOTAL CORPORATE BONDS (Cost $445,495,273)			450,783,442

	CONVERTIBLE BONDS (69.9%)
		*Consumer Discretionary (12.6%)*
	3,500,000		Ctrip.com International, Ltd. 1.000%, 07/01/20		3,751,790
			DISH Network Corp.
	10,250,000		2.375%, 03/15/24*		9,610,297
	4,250,000		3.375%, 08/15/26^		4,502,875
	5,984,000		Liberty Expedia Holdings, Inc.*^ 1.000%, 06/30/47		6,070,379
			Liberty Interactive, LLC
	5,982,000		1.750%, 09/30/46*		7,391,838
	3,459,977		4.000%, 11/15/29^		2,451,688
	3,450,000		3.750%, 02/15/30		2,418,088
			Liberty Media Corp.^
	9,499,000		1.375%, 10/15/23		11,817,468
	5,900,000		2.250%, 09/30/46		6,220,665
	3,000,000		Liberty Media Corp. / Liberty Formula One* 1.000%, 01/30/23		3,530,145
	3,750,000		Marriott Vacations Worldwide Corp.* 1.500%, 09/15/22		4,429,519

PRINCIPAL AMOUNT					VALUE
	8,750,000			Priceline Group, Inc. 0.350%, 06/15/20	$	13,035,312
	3,750,000			RH* 0.000%, 07/15/20		3,817,781
	25,075,000			Tesla, Inc. 1.250%, 03/01/21		28,846,907
	2,125,000			Wayfair, Inc.* 0.375%, 09/01/22		2,361,991
						110,256,743

			*Energy (2.9%)*
	5,750,000			Nabors Industries, Inc.*^ 0.750%, 01/15/24		4,628,319
	4,180,000			Oil States International, Inc.* 1.500%, 02/15/23		4,285,378
	5,150,000			PDC Energy, Inc. 1.125%, 09/15/21		5,172,145
	6,062,000			SM Energy Company 1.500%, 07/01/21		6,183,210
				SunEdison, Inc.@
	10,545,000			0.250%, 01/15/20*		210,900
	1,027,000			2.000%, 10/01/18		20,540
	4,850,000			Weatherford International, Ltd.^ 5.875%, 07/01/21		5,075,476
						25,575,968

			*Financials (3.8%)*
	5,750,000			Ares Capital Corp.*^
				3.750%, 02/01/22		5,894,067
	6,057,000	CAD		Element Fleet Management Corp.* 4.250%, 06/30/20		4,835,111
	3,688,000			IAC FinanceCo, Inc.*^ 0.875%, 10/01/22		4,182,948
	15,390,000			JPMorgan Chase Financial Company 0.000%, 05/01/23		15,428,475
	3,425,000			TCP Capital Corp.
				4.625%, 03/01/22		3,506,001
						33,846,602

			*Health Care (10.5%)*
				BioMarin Pharmaceutical, Inc.
	6,375,000			1.500%, 10/15/20^		7,466,241
	5,000,000			0.750%, 10/15/18		5,324,725
	2,950,000			Flexion Therapeutics, Inc.* 3.375%, 05/01/24		3,321,995
	7,000,000			Illumina, Inc.^ 0.000%, 06/15/19		7,693,175
				Innoviva, Inc.
	4,000,000			2.125%, 01/15/23^		3,967,980
	1,385,000			2.500%, 08/15/25*		1,503,501
	2,000,000			Insmed, Inc. 1.750%, 01/15/25		1,904,450
	7,500,000			Insulet Corp.* 1.375%, 11/15/24		7,966,275
	3,200,000			Ionis Pharmaceuticals, Inc. 1.000%, 11/15/21		3,430,752
	2,800,000			Ironwood Pharmaceuticals, Inc. 2.250%, 06/15/22		3,228,428
	5,193,000			Medidata Solutions, Inc. 1.000%, 08/01/18		6,285,114
	4,775,000			Molina Healthcare, Inc. 1.625%, 08/15/44		7,717,594
	3,000,000			Neurocrine Biosciences, Inc.*^ 2.250%, 05/15/24		4,056,900

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
	3,500,000		Nevro Corp.
			1.750%, 06/01/21	$	3,914,277
	4,475,000		NuVasive, Inc.
			2.250%, 03/15/21		4,795,074
	11,750,000		Pacira Pharmaceuticals, Inc.*^
			2.375%, 04/01/22		11,397,147
	3,750,000		Sarepta Therapeutics, Inc.*
			1.500%, 11/15/24		4,318,631
	3,250,000		Teladoc, Inc.*
			3.000%, 12/15/22		3,766,653
					92,058,912
		Industrials (5.9%)
	2,258,000		Air Lease Corp.
			3.875%, 12/01/18		3,793,406
	4,250,000		Air Transport Services Group, Inc.*
			1.125%, 10/15/24		4,479,946
	4,150,000		Atlas Air Worldwide Holdings, Inc.^
			2.250%, 06/01/22		4,665,700
	5,750,000		Dycom Industries, Inc.^
			0.750%, 09/15/21		7,687,491
	3,750,000		Echo Global Logistics, Inc.
			2.500%, 05/01/20		3,951,956
	8,750,000		Greenbrier Companies, Inc.*^
			2.875%, 02/01/24		10,098,594
	4,000,000		Kaman Corp.*
			3.250%, 05/01/24		4,625,460
	3,500,000		Meritor, Inc.*^
			3.250%, 10/15/37		3,868,865
	2,078,000		Patrick Industries, Inc.*
			1.000%, 02/01/23		2,097,346
	5,700,000		Tutor Perini Corp.
			2.875%, 06/15/21		6,224,543
					51,493,307
		Information Technology (32.0%)
	2,500,000		Advanced Micro Devices, Inc.
			2.125%, 09/01/26		4,686,512
	6,500,000		Altaba, Inc.
			0.000%, 12/01/18		9,807,330
	6,143,000		Blackhawk Network Holdings, Inc.^
			1.500%, 01/15/22		6,862,407
	3,700,000		Citrix Systems, Inc.^
			0.500%, 04/15/19		4,925,810
	3,677,000		Coupa Software, Inc.*
			0.375%, 01/15/23		4,008,941
			Cypress Semiconductor Corp.
	1,900,000		4.500%, 01/15/22		2,701,354
	1,125,000		2.000%, 02/01/23*		1,219,793
	1,728,000		Envestnet, Inc.
			1.750%, 12/15/19		1,851,431
	2,834,000		Everbridge, Inc.
			1.500%, 11/01/22		3,308,355
	6,914,000		Finisar Corp.^
			0.500%, 12/15/36		6,319,016
	6,000,000		II-VI, Inc.*
			0.250%, 09/01/22		6,770,730
	9,100,000		Inphi Corp.^
			0.750%, 09/01/21		8,487,297
	7,075,000		Intel Corp.~
			3.250%, 08/01/39		16,349,971
	4,300,000		Knowles Corp.
			3.250%, 11/01/21		4,815,892

PRINCIPAL AMOUNT				VALUE
	6,500,000		Lumentum Holdings, Inc.*^
			0.250%, 03/15/24	$	6,951,880
	18,000,000		Microchip Technology, Inc.*
			1.625%, 02/15/27		21,983,940
	11,000,000		Micron Technology, Inc.
			3.000%, 11/15/43		16,738,260
	6,000,000		Nice Systems, Inc.^
			1.250%, 01/15/24		7,327,470
	2,750,000		Novellus Systems, Inc.~
			2.625%, 05/15/41		15,718,092
	3,906,000		Nutanix, Inc.*
			0.000%, 01/15/23		3,806,573
			ON Semiconductor Corp.
	6,472,000		1.000%, 12/01/20		9,249,362
	5,750,000		1.625%, 10/15/23*^		7,869,162
	6,000,000		OSI Systems, Inc.*
			1.250%, 09/01/22		5,563,890
	8,200,000		Proofpoint, Inc.^
			0.750%, 06/15/20		11,158,888
	3,825,000		Quotient Technology, Inc.*
			1.750%, 12/01/22		3,753,281
	6,000,000		RealPage, Inc.*
			1.500%, 11/15/22		7,929,570
	3,000,000		Red Hat, Inc.^
			0.250%, 10/01/19		5,382,585
	5,650,000		Rovi Corp.^
			0.500%, 03/01/20		5,373,687
	9,700,000		Salesforce.com, Inc.^
			0.250%, 04/01/18		16,595,875
	6,000,000		Servicenow, Inc.*^
			0.000%, 06/01/22		7,349,220
	6,000,000		Silicon Laboratories, Inc.*^
			1.375%, 03/01/22		7,203,630
	3,033,000		Synaptics, Inc.*^
			0.500%, 06/15/22		2,874,450
	2,700,000		Teradyne, Inc.
			1.250%, 12/15/23		4,125,681
	5,750,000		Veeco Instruments, Inc.
			2.700%, 01/15/23		5,160,194
	6,000,000		Viavi Solutions, Inc.*^
			1.000%, 03/01/24		5,860,260
	3,750,000		Weibo Corp.*
			1.250%, 11/15/22		4,551,713
	15,000,000		Workday, Inc.*^
			0.250%, 10/01/22		15,690,225
					280,332,727
		Materials (1.0%)
	5,100,000		Royal Gold, Inc.^
			2.875%, 06/15/19		5,505,782
	3,200,000		RTI International Metals, Inc.
			1.625%, 10/15/19		3,776,592
					9,282,374
		Real Estate (1.2%)
	2,500,000		Empire State Realty OP, LP*
			2.625%, 08/15/19		2,698,987
	4,000,000		IH Merger Sub, LLC*
			3.500%, 01/15/22		4,504,800
	3,000,000		Starwood Property Trust, Inc.^
			4.375%, 04/01/23		3,020,340
					10,224,127
		TOTAL CONVERTIBLE BONDS
		(Cost $588,944,559)			613,070,760

See accompanying Notes to Schedule of Investments

Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (0.8%)
	7,326,000		United States Treasury Note^
			1.875%, 05/31/22
			(Cost $7,259,385)	$	7,150,255

BANK LOANS (1.2%)
		Consumer Discretionary (0.3%)
	2,800,000		Weight Watchers International, Inc.
			6.426%, 11/29/24		2,842,868
		Financials (0.1%)
	1,270,000		GLP Financing, LLC
			3.060%, 04/28/21		1,268,419
		Health Care (0.2%)
	1,660,000		Team Health Holdings, Inc.!
			0.000%, 02/06/24		1,633,025
		Industrials (0.2%)
	1,285,000		TransDigm, Inc.!
			0.000%, 08/22/24		1,297,587
		Telecommunication Services (0.4%)
	250,000		CSC Holdings, LLC!
			0.000%, 01/25/26		252,188
	1,400,000		Intelsat Jackson Holdings, SA
			6.625%, 01/14/24		1,411,375
	1,396,491		New Media Holdings II, LLC!
			0.000%, 06/04/20		1,412,202
					3,075,765
		TOTAL BANK LOANS
		(Cost $10,048,271)			10,117,664

SYNTHETIC CONVERTIBLE SECURITIES (1.4%) ¤

*Corporate Bonds (1.2%)*
		Consumer Discretionary (0.2%)
	24,000		AV Homes, Inc.
			6.625%, 05/15/22		25,110
	34,000		Beverages & More, Inc.*
			11.500%, 06/15/22		32,162
	70,000		CalAtlantic Group, Inc.
			6.625%, 05/01/20		75,105
			CCO Holdings, LLC / CCO
			Holdings Capital Corp.*
	64,000		5.125%, 05/01/27		62,495
	13,000		5.000%, 02/01/28		12,585
			Century Communities, Inc.
	51,000		6.875%, 05/15/22		53,076
	19,000		5.875%, 07/15/25		19,310
	31,000		CRC Escrow Issuer, LLC*^
			5.250%, 10/15/25		30,946
	90,000		Dana Financing Luxembourg Sarl*
			6.500%, 06/01/26		97,678
	73,000		DISH DBS Corp.^
			5.875%, 11/15/24		69,385
	56,000		Eldorado Resorts, Inc.
			6.000%, 04/01/25		58,640
	29,000		GameStop Corp.*^µ
			6.750%, 03/15/21		30,046
	42,000		goeasy, Ltd.*µ
			7.875%, 11/01/22		44,829

PRINCIPAL AMOUNT				VALUE
	18,000		Guitar Center, Inc.*
			6.500%, 04/15/19	$	17,628
	128,000		Hasbro, Inc.~
			6.600%, 07/15/28		150,454
	29,000		Horizon Pharma, Inc. / Horizon Pharma USA, Inc.*^
			8.750%, 11/01/24		31,828
	100,000		L Brands, Inc.^
			6.875%, 11/01/35		102,764
	27,000		Lions Gate Entertainment Corp.*^
			5.875%, 11/01/24		28,763
	33,000		M/I Homes, Inc.
			5.625%, 08/01/25		33,669
	63,000		Mattel, Inc.*^
			6.750%, 12/31/25		63,916
	8,000		Mclaren Finance, PLC*^
			5.750%, 08/01/22		8,257
	51,000		Meritage Homes Corp.
			7.000%, 04/01/22		57,602
	65,000		Penske Automotive Group, Inc.
			5.375%, 12/01/24		65,962
			PetSmart, Inc.*^
	22,000		5.875%, 06/01/25		17,013
	7,000		8.875%, 06/01/25		4,454
			Rite Aid Corp.
	56,000		7.700%, 02/15/27		50,182
	55,000		6.125%, 04/01/23*^		51,382
	62,000		Royal Caribbean Cruises, Ltd.
			7.500%, 10/15/27		78,096
	55,000		Salem Media Group, Inc.*
			6.750%, 06/01/24		54,248
	42,000		Sally Holdings, LLC / Sally Capital, Inc.^
			5.625%, 12/01/25		41,894
			Service Corp. International
	99,000		7.500%, 04/01/27		118,313
	11,000		5.375%, 05/15/24		11,567
	65,000		SFR Group, SA*^
			7.375%, 05/01/26		64,015
	30,000		Sotheby’s*
			4.875%, 12/15/25		29,460
	75,000		Taylor Morrison Communities, Inc.*
			5.250%, 04/15/21		76,186
	6,000		VOC Escrow, Ltd.*
			5.000%, 02/15/28		5,997
			ZF North America Capital, Inc.*
	36,000		4.750%, 04/29/25		37,177
	19,000		4.500%, 04/29/22µ		19,676
					1,831,870
		Consumer Staples (0.1%)
	31,000		Albertsons Companies, LLC /
			Safeway, Inc. / New Albertson’s,
			Inc. / Albertson’s, LLC^
			5.750%, 03/15/25		27,783
	95,000		Fidelity & Guaranty Life Holdings, Inc.*~
			6.375%, 04/01/21		97,067
	56,000		Fresh Market, Inc.*^
			9.750%, 05/01/23		39,270
			JBS USA LUX SA / JBS USA Finance, Inc.*
	178,000		7.250%, 06/01/21		181,887
	30,000		8.250%, 02/01/20		30,180

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
			New Albertson’s, Inc.
	26,000		7.450%, 08/01/29^	$	22,921
	14,000		8.000%, 05/01/31		12,543
	8,000		7.750%, 06/15/26		7,273
			Pilgrim’s Pride Corp.*
	6,000		5.750%, 03/15/25		6,092
	5,000		5.875%, 09/30/27		5,026
			Post Holdings, Inc.*
	31,000		5.750%, 03/01/27		31,201
	6,000		5.625%, 01/15/28^		5,993
					467,236
		Energy (0.2%)
	36,000		Bill Barrett Corp.
			7.000%, 10/15/22		36,742
	53,000		Blue Racer Midstream, LLC / Blue
			Racer Finance Corp.*^
			6.125%, 11/15/22		55,214
	31,000		Buckeye Partners, LP^‡
			6.375%, 01/22/78
			3 mo. USD LIBOR + 4.02%		31,660
	57,000		Calfrac Holdings, LP*^
			7.500%, 12/01/20		57,214
	32,000		California Resources Corp.*^
			8.000%, 12/15/22		26,980
	48,000		Carrizo Oil & Gas, Inc.^
			6.250%, 04/15/23		49,695
	31,000		Chesapeake Energy Corp.*
			8.000%, 01/15/25		31,363
	6,000		CONSOL Energy, Inc.*
			11.000%, 11/15/25		6,464
	6,000		Crow nRock, LP / Crow nRock
			Finance, Inc.*
			5.625%, 10/15/25		6,079
	65,000		DCP Midstream Operating, LP*^‡
			5.850%, 05/21/43
			3 mo. USD LIBOR + 3.85%		62,492
	12,000		DCP Midstream, LP^‡
			7.375%, 12/15/22
			3 mo. USD LIBOR + 5.15%		12,361
	13,000		Diamond Offshore Drilling, Inc.^
			7.875%, 08/15/25		13,799
			Energy Transfer Equity, LP
	49,000		5.875%, 01/15/24		53,211
	21,000		5.500%, 06/01/27		22,182
	65,000		Energy Transfer Partners, LPµ‡
			4.791%, 11/01/66
			3 mo. USD LIBOR + 3.02%		58,297
	28,000		EP Energy, LLC / Everest
			Acquisition Finance, Inc.*^
			8.000%, 02/15/25		22,121
			Genesis Energy, LP / Genesis
			Energy Finance Corp.
	31,000		6.500%, 10/01/25^		31,609
	30,000		6.250%, 05/15/26		29,994
			Gulfport Energy Corp.^
	30,000		6.375%, 05/15/25		30,511
	17,000		6.000%, 10/15/24		17,172
	60,000		Halcon Resources Corp.
			6.750%, 02/15/25		63,450
	13,000		Lonestar Resources America, Inc.*
			11.250%, 01/01/23		13,542
	19,000		Moss Creek Resources Holdings, Inc.*
			7.500%, 01/15/26		19,783

PRINCIPAL AMOUNT					VALUE
	3,000		Nabors Industries, Inc.*^
			5.750%, 02/01/25	$	2,954
	25,000		Oasis Petroleum, Inc.^
			6.500%, 11/01/21		25,596
	31,000		Par Petroleum, LLC / Petroleum
			Finance Corp.*
			7.750%, 12/15/25		31,141
	30,000		PDC Energy, Inc.*^
			5.750%, 05/15/26		30,691
	26,000		Petroleum Geo-Services
			Company*^
			7.375%, 12/15/20		25,299
	31,000		Plains All American Pipeline, LP^‡
			6.125%, 11/15/22
			3 mo. USD LIBOR + 4.11%		31,236
	31,000		QEP Resources, Inc.^
			5.625%, 03/01/26		31,777
	151,000		SEACOR Holdings, Inc.
			7.375%, 10/01/19		156,256
	59,000		SESI, LLC*^
			7.750%, 09/15/24		63,555
	12,000		SM Energy Company^
			6.750%, 09/15/26		12,536
	26,000		Southwestern Energy Company^
			7.500%, 04/01/26		27,252
	20,000		Sunoco, LP / Sunoco Finance Corp.*
			5.500%, 02/15/26		20,417
	29,000		Transocean, Inc.*
			7.500%, 01/15/26		30,220
	30,000		Vine Oil & Gas, LP / Vine Oil &
			Gas Finance Corp.*
			8.750%, 04/15/23		30,210
			W&T Offshore, Inc.*
	39,000		8.500%, 06/15/21
			10.000% PIK rate		32,620
	28,000		9.000%, 05/15/20
			10.750% PIK rate		26,950
	59,000		Weatherford International, Ltd.^
			8.250%, 06/15/23		62,528
	30,000		Whiting Petroleum Corp.*^
			6.625%, 01/15/26		30,701
	38,000		WildHorse Resource
			Development Corp.
			6.875%, 02/01/25		39,434
					1,463,308
		Financials (0.2%)
	61,000		Acrisure, LLC / Acrisure Finance, Inc.*
			7.000%, 11/15/25		60,877
	89,000		Ally Financial, Inc.~
			8.000%, 11/01/31		113,667
	55,000		Ardonagh Midco 3, PLC*
			8.625%, 07/15/23		57,383
	55,000		AssuredPartners, Inc.*^
			7.000%, 08/15/25		56,613
	54,000		Brookfield Residential Properties, Inc.*
			6.375%, 05/15/25		57,360
	60,000		Charles Schwab Corp.^‡
			5.000%, 12/10/27
			3 mo. USD LIBOR + 2.58%		59,381
	6,000		Citadel, LP*µ
			5.375%, 01/17/23		6,224

See accompanying Notes to Schedule of Investments

Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
			CyrusOne, LP / CyrusOne Finance Corp.
	28,000		5.375%, 03/15/27	$	29,161
	8,000		5.000%, 03/15/24µ		8,254
	54,000		Dell International, LLC / EMC Corp.*µ 6.020%, 06/15/26		59,129
	30,000		Discover Financial Services‡ 5.500%, 10/30/27 3 mo. USD LIBOR + 3.85%		30,513
	53,000		Equinix, Inc. 5.375%, 04/01/23		54,441
	12,000		Greystar Real Estate Partners, LLC*^ 5.750%, 12/01/25		12,393
	26,000		HUB International, Ltd.* 7.875%, 10/01/21		27,056
	48,000		ILFC E-Capital Trust II*‡ 4.620%, 12/21/65 3 mo. USD LIBOR + 1.80%		47,160
	37,000		Iron Mountain, Inc.*^ 5.250%, 03/15/28		35,955
			Jefferies Finance, LLC*
	80,000		7.375%, 04/01/20		81,643
	65,000		7.250%, 08/15/24		67,564
	29,000		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		29,074
	26,000		Level 3 Financing, Inc. 5.375%, 05/01/25		26,088
	32,000		LPL Holdings, Inc.* 5.750%, 09/15/25		32,678
	46,000		MetLife, Inc.µ 6.400%, 12/15/66		52,593
	60,000		Nationstar Mortgage, LLC / Nationstar Capital Corp. 6.500%, 07/01/21		60,836
			Navient Corp.
	39,000		6.750%, 06/25/25^		40,921
	16,000		6.500%, 06/15/22		16,901
	27,000		NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		27,369
	35,000		Oil Insurance, Ltd.*‡ 4.677%, 03/05/18 3 mo. USD LIBOR + 2.98%		34,053
	86,000		Quicken Loans, Inc.*^ 5.750%, 05/01/25		87,923
	12,000		Radian Group, Inc. 4.500%, 10/01/24		12,093
			Springleaf Finance Corp.
	47,000		8.250%, 10/01/23^		52,050
	4,000		5.625%, 03/15/23		4,012
	17,000		Towne Bank‡ 4.500%, 07/30/27 3 mo. USD LIBOR + 2.55%		17,316
	62,000		Tronox Finance, PLC* 5.750%, 10/01/25		63,659
					1,422,340
		*Health Care (0.1%)*
	107,000		Acadia Healthcare Company, Inc.^ 5.625%, 02/15/23		108,945


PRINCIPAL AMOUNT				VALUE
			Community Health Systems, Inc.^
	99,000		7.125%, 07/15/20	$	86,647
	31,000		6.875%, 02/01/22		22,088
	13,000		8.000%, 11/15/19		12,199
	91,000		DaVita, Inc. 5.125%, 07/15/24		91,771
	19,000		Endo International, PLC* 7.250%, 01/15/22		16,636
	82,000		Endo, Ltd.*^ 6.000%, 07/15/23		64,461
	55,000		Greatbatch, Ltd.* 9.125%, 11/01/23		59,899
			HCA, Inc.
	101,000		5.875%, 05/01/23		108,405
	94,000		5.375%, 02/01/25		96,214
	30,000		7.500%, 11/06/33		33,467
	31,000		Magellan Health, Inc. 4.400%, 09/22/24		31,020
	51,000		Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*^ 5.625%, 10/15/23		43,679
	6,000		Team Health Holdings, Inc.*^ 6.375%, 02/01/25		5,604
			Tenet Healthcare Corp.^
	88,000		6.750%, 06/15/23		86,925
	61,000		5.125%, 05/01/25*		60,918
	57,000		Teva Pharmaceutical Finance Company, BV^ 2.950%, 12/18/22		52,053
	44,000		Teva Pharmaceutical Finance IV, BV^ 3.650%, 11/10/21		42,639
	13,000		Teva Pharmaceutical Finance IV, LLCµ 2.250%, 03/18/20		12,638
	32,000		Teva Pharmaceutical Finance Netherlands III, BV^ 2.200%, 07/21/21		29,840
			Valeant Pharmaceuticals International, Inc.*
	222,000		7.250%, 07/15/22		220,662
	61,000		9.000%, 12/15/25^		62,828
	25,000		West Street Merger Sub, Inc.*^ 6.375%, 09/01/25		25,334
					1,374,872
		*Industrials (0.1%)*
	37,000		ACCO Brands Corp.* 5.250%, 12/15/24		37,783
			Allison Transmission, Inc.*
	21,000		4.750%, 10/01/27		20,954
	13,000		5.000%, 10/01/24µ		13,145
	11,000		American Greetings Corp.* 7.875%, 02/15/25		11,739
	13,000		American Woodmark Corp.* 4.875%, 03/15/26		13,049
	32,000		ARD Securities Finance SARL*
			8.750%, 01/31/23
			8.750% PIK rate		33,109
	31,000		Beacon Escrow Corp.* 4.875%, 11/01/25		30,926
	30,000		Bombardier, Inc.*^ 7.500%, 12/01/24		31,585
	18,000		Catalent Pharma Solutions, Inc.* 4.875%, 01/15/26		18,017

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
			Covanta Holding Corp.
	23,000		5.875%, 03/01/24^	$	23,571
	7,000		5.875%, 07/01/25		7,119
	31,000		Delphi Technologies, PLC*
			5.000%, 10/01/25		30,984
	31,000		Fly Leasing, Ltd.^
			5.250%, 10/15/24		31,165
	6,000		FXI Holdings, Inc.*
			7.875%, 11/01/24		5,995
	62,000		Garda World Security Corp.*
			7.250%, 11/15/21		63,592
	89,000		Golden Nugget, Inc.*
			6.750%, 10/15/24		92,122
	27,000		Great Lakes Dredge & Dock Corp.
			8.000%, 05/15/22		28,437
	46,000		H&E Equipment Services, Inc.*
			5.625%, 09/01/25		47,767
	7,000		Hertz Corp.* 7.625%, 06/01/22		7,331
			Icahn Enterprises, LP
	33,000		6.750%, 02/01/24µ		34,377
	30,000		6.375%, 12/15/25*^		30,561
	9,000		James Hardie International Finance, Ltd.*^ 4.750%, 01/15/25		9,123
	31,000		Jeld-Wen, Inc.*
			4.625%, 12/15/25		31,064
	16,000		JPW Industries Holding Corp.*
			9.000%, 10/01/24		16,835
	48,000		Meritor, Inc.
			6.250%, 02/15/24		50,459
	6,000		Multi-Color Corp.*
			4.875%, 11/01/25		6,028
	42,000		Navistar International Corp.*
			6.625%, 11/01/25		44,094
			Park Aerospace Holdings, Ltd.*^
	27,000		5.500%, 02/15/24		26,766
	19,000		4.500%, 03/15/23		18,326
	53,000		Park-Ohio Industries, Inc.^
			6.625%, 04/15/27		56,905
	28,000		Scientific Games International, Inc.*^
			5.000%, 10/15/25		28,084
	20,000		Tennant Company*
			5.625%, 05/01/25		20,899
	3,000		Trident Merger Sub, Inc.*
			6.625%, 11/01/25		3,026
	6,000		TriMas Corp.*
			4.875%, 10/15/25		6,065
			United Continental Holdings, Inc.^
	60,000		6.375%, 06/01/18		60,732
	19,000		4.250%, 10/01/22		19,128
	48,000		United Rentals North America, Inc.^
			4.875%, 01/15/28		48,041
	15,000		Waste Pro USA, Inc.*
			5.500%, 02/15/26		15,278
	16,000		WESCO Distribution, Inc.
			5.375%, 06/15/24		16,473
					1,090,654
		*Information Technology (0.1%)*
			Alliance Data Systems Corp.*
	48,000		6.375%, 04/01/20		48,316
	23,000		5.375%, 08/01/22^		23,295

PRINCIPAL
AMOUNT				VALUE
			Amkor Technology, Inc.
	86,000		6.375%, 10/01/22^	$	88,704
	34,000		6.625%, 06/01/21		34,486
			Cardtronics, Inc.
	55,000		5.125%, 08/01/22		53,501
	39,000		5.500%, 05/01/25*		36,394
	35,000		CBS Radio, Inc.* 7.250%, 11/01/24		36,807
	28,000		CDK Global, Inc.* 4.875%, 06/01/27		28,128
	23,000		CDW, LLC / CDW Finance Corp. 5.000%, 09/01/23		23,627
	78,000		Clear Channel Worldwide Holdings, Inc.^ 7.625%, 03/15/20		77,141
	51,000		CommScope Technologies, LLC* 6.000%, 06/15/25		53,804
	88,000		First Data Corp. - Class A*^ 7.000%, 12/01/23		92,935
	30,000		Harland Clarke Holdings Corp.* 8.375%, 08/15/22		31,293
			Nuance Communications, Inc.
	36,000		6.000%, 07/01/24^µ		38,174
	35,000		5.625%, 12/15/26		36,276
	31,000		TTM Technologies, Inc.* 5.625%, 10/01/25		31,919
	27,000		VFH Parent, LLC*^ 6.750%, 06/15/22		28,407
					763,207
		*Materials (0.1%)*
	55,000		AK Steel Corp.^ 6.375%, 10/15/25		54,568
	48,000		Alcoa Nederland Holding, BV*µ 7.000%, 09/30/26		53,242
	98,000		ArcelorMittal, SA^ 7.500%, 10/15/39		126,604
	36,000		Arconic, Inc.^ 5.125%, 10/01/24		38,015
	57,000		Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.* 6.000%, 02/15/25		59,027
			First Quantum Minerals, Ltd.*
	19,000		7.000%, 02/15/21		19,670
	14,000		7.250%, 04/01/23		14,861
			Freeport-McMoRan, Inc.^
	48,000		4.550%, 11/14/24		48,773
	15,000		3.550%, 03/01/22		14,890
	46,000		INEOS Group Holdings, SA*^ 5.625%, 08/01/24		47,297
	19,000		Kinross Gold Corp.* 4.500%, 07/15/27		19,165
	10,000		Koppers, Inc.*^ 6.000%, 02/15/25		10,589
	20,000		New Gold, Inc.*^ 6.375%, 05/15/25		21,221
	80,000		PBF Holding Company, LLC / PBF Finance Corp.^ 7.250%, 06/15/25		84,520
	61,000		PH Glatfelter Companyµ 5.375%, 10/15/20		62,099
	28,000		Steel Dynamics, Inc. 5.000%, 12/15/26		29,176
	60,000		United States Steel Corp.^ 6.875%, 08/15/25		63,027

See accompanying Notes to Schedule of Investments

Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	3,000	Warrior Met Coal, Inc.* 8.000%, 11/01/24	$	3,163
				769,907

		Real Estate (0.0%)
	30,000	Crescent Communities, LLC/Crescent Ventures, Inc.* 8.875%, 10/15/21		31,940
	58,000	MPT Operating Partnership, LP / MPT Finance Corp. 5.000%, 10/15/27		57,606
	30,000	Starwood Property Trust, Inc.* 4.750%, 03/15/25		29,734
				119,280

		Telecommunication Services (0.1%)
	26,000	Altice Financing, SA*^ 7.500%, 05/15/26		27,058
		Altice Luxembourg, SA*
	14,000	7.625%, 02/15/25^		12,866
	12,000	7.750%, 05/15/22		11,520
	43,000	Altice US Finance I Corp.* 5.500%, 05/15/26		44,011
	6,000	Block Communications, Inc.* 6.875%, 02/15/25		6,269
	30,000	CB Escrow Corp.* 8.000%, 10/15/25		30,282
	11,000	CenturyLink, Inc.^ 7.500%, 04/01/24		11,084
	120,000	CSC Holdings, LLC*^ 5.500%, 04/15/27		121,736
	124,000	Embarq Corp. 7.995%, 06/01/36		120,732
		Frontier Communications Corp.^
	89,000	7.625%, 04/15/24		58,875
	51,000	11.000%, 09/15/25		39,966
	31,000	8.500%, 04/15/20		30,324
	30,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		31,798
		Intelsat Jackson Holdings, SA
	52,000	9.750%, 07/15/25*		47,986
	38,000	7.500%, 04/01/21^		32,485
	25,000	8.000%, 02/15/24*		26,282
	31,000	Qwest Corp.^ 6.875%, 09/15/33		30,264
	13,000	SBA Communications Corp.* 4.000%, 10/01/22		12,843
		Sprint Corp.
	178,000	7.875%, 09/15/23^		188,489
	39,000	7.125%, 06/15/24		39,588
		T-Mobile USA, Inc.
	65,000	6.625%, 04/01/23µ		67,577
	18,000	4.750%, 02/01/28^		18,080
	56,000	United States Cellular Corp. 6.700%, 12/15/33		59,302
		Windstream Services, LLC
	40,000	8.625%, 10/31/25*		37,424
	22,000	7.750%, 10/01/21		16,649
	4,000	7.750%, 10/15/20		3,433
				1,126,923

		Utilities (0.0%)
	48,000	AES Corp.µ 7.375%, 07/01/21		53,571
	55,000	Dynegy, Inc.*^ 8.125%, 01/30/26		60,669

PRINCIPAL AMOUNT			VALUE
		NRG Energy, Inc.^
	53,000	6.625%, 01/15/27	$	56,178
	19,000	5.750%, 01/15/28*		19,046
	27,000	PPL Capital Funding, Inc.^µ‡ 4.358%, 03/30/67 3 mo. USD LIBOR + 2.67%		26,847
	18,000	Talen Energy Supply, LLC*^ 10.500%, 01/15/26		18,175
	30,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		29,595
				264,081
		TOTAL CORPORATE BONDS		10,693,678

*U.S. Government and Agency Securities (0.0%)*
	174,000	United States Treasury Note^ 1.875%, 05/31/22		169,826

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

*Purchased Options (0.2%) #*
		Financials (0.1%)
	2,500	Bank of America Corp.
	250,000	Call, 01/18/19, Strike $30.00		1,112,500

		Industrials (0.1%)
	525	Stanley Black & Decker, Inc.
	52,500	Call, 01/18/19, Strike $170.00		782,250

		Materials (0.0%)
	207	Alcoa Corp.
	20,700	Call, 04/20/18, Strike $60.00		23,287
		TOTAL PURCHASED OPTIONS		1,918,037

		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $12,284,757)		12,781,541

	NUMBER OF SHARES		VALUE

CONVERTIBLE PREFERRED STOCKS (16.0%)
		*Consumer Staples (0.8%)*
	62,000	Bunge, Ltd. 4.875%, 03/10/18	7,006,440

		*Energy (3.0%)*
	104,300	CenterPoint Energy, Inc. (Time Warner, Inc., Charter Communications Time, Inc.)**§ 3.399%, 09/15/29	7,562,063
	129,275	Hess Corp. 8.000%, 02/01/19	7,739,694
		NuStar Energy, LP‡
	190,650	7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%	4,505,060
	61,245	8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%	1,544,599

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)


NUMBER OF SHARES					VALUE
	80,500		WPX Energy, Inc. 6.250%, 07/31/18	$	5,060,230
					26,411,646

			*Financials (2.2%)*
	52,500		AMG Capital Trust II 5.150%, 10/15/37		3,312,918
	5,000		Bank of America Corp. 7.250%, 12/31/49		6,310,000
	29,835		Virtus Investment Partners, Inc. 7.250%, 02/01/20		3,252,015
	4,800		Wells Fargo & Company 7.500%, 12/31/49		6,144,000
					19,018,933

			*Health Care (4.7%)*
	27,500		Allergan, PLC 5.500%, 03/01/18		17,811,750
	258,165		Anthem, Inc. 5.250%, 05/01/18		15,505,390
	118,000		Becton Dickinson and Company 6.125%, 05/01/20		7,400,960
					40,718,100

			*Industrials (0.8%)*
	115,600		Rexnord Corp.^ 5.750%, 11/15/19		7,089,748

			*Real Estate (1.9%)*
	7,300		Crown Castle International Corp. 6.875%, 08/01/20		8,167,532
	143,750		Welltower, Inc. 6.500%, 04/16/18		8,318,812
					16,486,344

		*Utilities (2.6%)*
	117,650		DTE Energy Company 6.500%, 10/01/19		6,221,744
			NextEra Energy, Inc.
	262,576		6.123%, 09/01/19		14,851,298
	27,809		6.371%, 09/01/18		1,973,327
					23,046,369

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $136,771,189)			139,777,580

COMMON STOCKS (3.4%)
			*Consumer Discretionary (0.1%)*
	25,005		GameStop Corp. - Class A^		420,334

			*Energy (1.6%)*
	80,690		Enterprise Products Partners, LP		2,228,658
	61,326		Gulfmark Offshore, Inc.^#		1,747,178
	22,139		Gulfmark Offshore, Inc.		630,740
	36,105		Magellan Midstream Partners, LP~		2,577,536
	58,235		Ocean Rig UDW, Inc. - Class A#		1,567,686
	3,425		Schlumberger, Ltd.		252,011
	378,369		Southwestern Energy Company^#		1,604,285
	67,155		Spectra Energy Partners, LP~		2,870,205
	19,385		Targa Resources Corp.^		930,480
					14,408,779


NUMBER OF SHARES			VALUE
	*Financials (0.1%)*
17,300	American International Group, Inc.	$	1,105,816

	*Health Care (1.6%)*
165,000	Gilead Sciences, Inc.~		13,827,000

	TOTAL COMMON STOCKS (Cost $44,375,616)		29,761,929


	NUMBER OF CONTRACTS/ NOTIONAL AMOUNT		VALUE

PURCHASED OPTIONS (0.1%) #
		*Consumer Discretionary (0.1%)*
	56	Priceline Group, Inc.
	5,600	Put, 06/15/18, Strike $1,900.00	649,600

		*Materials (0.0%)*
	207	Alcoa Corp.
	20,700	Put, 04/20/18, Strike $50.00	52,268

		TOTAL PURCHASED OPTIONS (Cost $773,214)	701,868


	NUMBER OF SHARES				VALUE

SHORT TERM INVESTMENTS (3.9%)
	17,142,070		Fidelity Prime Money Market Fund - Institutional Class, 1.51%***		17,147,213
	17,093,958		Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 1.21%***		17,093,958
		TOTAL SHORT TERM INVESTMENTS (Cost $34,241,404)			34,241,171

	TOTAL INVESTMENTS (148.1%) (Cost $1,280,193,668)				1,298,386,210

MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-12.5%)					(110,000,000	)

LIABILITIES, LESS OTHER ASSETS (-35.6%)					(311,696,044	)

NET ASSETS (100.0%)				$	876,690,166


	NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

WRITTEN OPTIONS (0.0%) #
		*Consumer Discretionary (0.0%)*
	56		Priceline Group, Inc.
	5,600		Put, 06/15/18, Strike $1,650.00	(195,720	)

		*Health Care (0.0%)*
	1,650		Gilead Sciences, Inc.
	165,000		Call, 06/15/18, Strike $105.00	(125,400	)

See accompanying Notes to Schedule of Investments

Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2018 (UNAUDITED)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Materials (0.0%)
	207	Alcoa Corp.
	20,700	Put, 04/20/18, Strike $55.00	$	(107,640	)

		TOTAL WRITTEN OPTIONS
		(Premium $575,524)		(428,760	)

NOTES TO SCHEDULE OF INVESTMENTS

Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

Security, or portion of security, is on loan.

Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $26,135,119.

Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $2,853,749.

‡

Variable rate security. The rate shown is the rate in effect at January 31, 2018.

Illiquid security.

In default status and considered non-income producing.

Non-income producing security.

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.

The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at January 31, 2018.

Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

***

The rate disclosed is the 7 day net yield as of January 31, 2018.

FOREIGN CURRENCY ABBREVIATION

CAD

Canadian Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date 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.

See accompanying Notes to Schedule of Investments

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 non-convertible income 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. “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 schedule of investments have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. 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 U.S. 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 a 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 U.S. 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 U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, 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, 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 U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

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

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

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

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

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

Note 2 – Investments

The cost basis of investments for federal income tax purposes at January 31, 2018 was as follows*:

Cost basis of investments	$	1,279,618,144
Gross unrealized appreciation		78,837,293
Gross unrealized depreciation		(60,497,987	)
Net unrealized appreciation (depreciation)	$	18,339,306

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Note 3 – Mandatory Redeemable Preferred Shares

On September 6, 2017, the Fund issued 4,400,000 mandatory redeemable preferred shares (“MRPS”) 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 Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at January 31, 2018.

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
								Total	$	110,000,000

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 Statements of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.

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 Fitch Ratings, Inc. (“Fitch”). If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Fitch (or lower than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund), 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 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” with 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. Periodically, the Fund is subject to an overcollateralization test based on applicable rating agency criteria (the “OC Test”) and an asset coverage test with respect to its outstanding senior securities (the “AC Test”). The Fund may be required to redeem MRPS before their term redemption date if it does not comply with one or both tests. So long as any MRPS are outstanding, the Fund may not declare, pay or set aside for payment cash dividends or other distributions on shares of its common stock unless (1) the Fund has satisfied the OC Test on at least one testing date in the preceding 65 days, (2) immediately after such transaction, the Fund would comply with the AC Test, (3) full cumulative dividends on the MRPS due on or prior to the date of such transaction have been declared and paid and (4) the Fund has redeemed all MRPS required to have been redeemed on such date or has deposited funds sufficient for such redemption, subject to certain grace periods and exceptions.

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 4 – Fair Value Measurements

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.

●

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. Transfers between the levels for investment securities or other financial instruments are measured at the end of the reporting period.

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	$	—	$	450,783,442	$	—	$	450,783,442
Convertible Bonds		—		613,070,760		—		613,070,760
U.S. Government and Agency Securities		—		7,150,255		—		7,150,255
Bank Loans		—		10,117,664		—		10,117,664
Synthetic Convertible Securities (Corporate Bonds)		—		10,693,678		—		10,693,678
Synthetic Convertible Securities (U.S. Government and Agency Security)		—		169,826		—		169,826
Synthetic Convertible Securities (Purchased Options)		1,918,037		—		—		1,918,037
Convertible Preferred Stocks		115,674,415		24,103,165		—		139,777,580
Common Stocks U.S.		29,131,189		630,740		—		29,761,929
Purchased Options		701,868		—		—		701,868
Short Term Investments		34,241,171		—		—		34,241,171
TOTAL	$	181,666,680	$	1,116,719,530	$	—	$	1,298,386,210
Liabilities:
Written Options	$	428,760	$	—	$	—	$	428,760
TOTAL	$	428,760	$	—	$	—	$	428,760

ITEM 2. 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-Q was recorded, processed, summarized, and reported timely.

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

ITEM 3. EXHIBITS.

(a) Certification of Principal Executive Officer.

(b) Certification of Principal Financial Officer.

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 & High Income Fund

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	March 8, 2018

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.

Calamos Convertible & High Income Fund

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	March 8, 2018

By:	/s/ Curtis Holloway
Name:	Curtis Holloway
Title:	Principal Financial Officer
Date:	March 8, 2018