Edgar Filing: CALAMOS CONVERTIBLE & HIGH INCOME FUND

N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-21319


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

ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:		2020 Calamos Court, Naperville, Illinois 60563-2787

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

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

DATE OF FISCAL YEAR END: October 31, 2015

DATE OF REPORTING PERIOD: November 1, 2014 through April 30, 2015

Item 1. Report to Shareholders

LOGO

Experience and Foresight

About Calamos Investments

For over 35 years, we have helped investors like you manage and build wealth to meet their long-term individual objectives by working to capitalize on the opportunities of the evolving global marketplace. We launched our first mutual fund in 1985 and our first closed-end fund in 2002. Today, we manage six closed-end funds. These include income-oriented total return offerings, which seek current income, with increased emphasis on capital gains potential, and enhanced fixed income offerings, which pursue high current income from income and capital gains. Calamos Convertible and High Income Fund (CHY) falls into this latter category. Please see page 5 for a more detailed overview of our closed-end offerings.

We are dedicated to helping our clients build and protect wealth. We understand when you entrust us with your assets, you also entrust us with your achievements, goals and aspirations. We believe we best honor this trust by making investment decisions guided by integrity, by discipline, and by our conscientious research.

We believe an active, risk-conscious approach is essential for wealth creation. In the 1970s, we pioneered strategies that seek to participate in equity market upside and mitigate some of the potential risks of equity market volatility. Our investment process seeks to manage risk at multiple levels and draws upon our experience investing through multiple market cycles.

We have a global perspective. We believe globalization offers tremendous opportunities for countries and companies all over the world. In our view, this creates significant opportunities for investors. In our U.S., global and international portfolios, we are seeking to capitalize on the potential growth of the global economy.

We believe there are opportunities in all markets. Our history traces back to the 1970s, a period of significant volatility and economic concerns. We have invested through multiple market cycles, each with its own challenges. Out of this experience comes our belief that the flipside of volatility is opportunity.


TABLE OF CONTENTS
Letter to Shareholders			1
The Calamos Closed-End Funds: An Overview			5
Investment Team Discussion			6
Schedule of Investments			9
Statement of Assets and Liabilities			19
Statement of Operations			20
Statements of Changes In Net Assets			21
Statement of Cash Flows			22
Notes to Financial Statements			23
Financial Highlights			32
Report of Independent Registered Public Accounting Firm			33
About Closed-End Funds			34
Level Rate Distribution Policy			35
Automatic Dividend Reinvestment Plan			35

Letter to Shareholders

LOGO

JOHN P. CALAMOS, SR.

CEO and Global Co-CIO

Dear Fellow Shareholder:

Welcome to your semiannual report for the six-month period ended April 30, 2015. In this report, you will find commentary from the management team, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the Fund’s performance and positioning. I invite you to review not only the commentary for this Fund, but also to discuss with your financial advisor if there are other Calamos funds that could be suitable for your asset allocation.

Calamos Convertible and High Income Fund (CHY) is an enhanced fixed income fund. We utilize dynamic asset allocation to pursue high current income with a less rate sensitive approach, while also maintaining a focus on capital gains. We believe the flexibility to invest in high yield corporate bonds and convertible securities is an important differentiator, especially given the speculation surrounding the Federal Reserve’s fiscal activities and the potential impact on interest rates and the fixed income markets.

Distribution

During the period, the Fund provided a steady monthly distribution of $0.1000 per share. We believe the Fund’s current annualized distribution rate, which was 8.46%* on a market price basis as of April 30, 2015, was very competitive, given the low interest rates in many segments of the bond market. In our view, the Fund’s distributions illustrate the benefits of a multi-asset class approach and flexible allocation strategy.

We understand that many closed-end fund investors seek steady, predictable distributions instead of distributions that fluctuate. Therefore, this Fund has a level rate distribution policy. As part of this policy, we aim to keep distributions consistent from month to month, and at a level that we believe can be sustained over the long term. In setting the Fund’s distribution rate, the investment management team and the Fund’s Board of Trustees consider the interest rate, market and economic environment. We also factor in our assessment of individual securities and asset classes. (For additional

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 4/15/15 distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income 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 level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			1

Letter to Shareholders

information on our level rate distribution policy, please see “The Calamos Closed-End Funds: An Overview” on page 5 and “Level Rate Distribution Policy” on page 35.)

Market Review

Convertible securities, which combine attributes of stocks and fixed income securities, captured a substantial measure of the stock market’s gains. U.S. convertibles advanced 3.64%, as measured by the BofA Merrill Lynch All U.S. Convertibles ex-Mandatory Index. In the high yield bond market, the Credit Suisse High Yield Index advanced 1.33%.

These gains were earned despite headwinds related to energy prices, unrest in Ukraine, political wrangling in the euro zone, global growth rates, and the potential impact of a strengthening dollar. In the U.S., unemployment continued to fall, the Federal Reserve maintained accommodative monetary policy, and corporate profits remained healthy. Outside the U.S., positive economic surprises in Europe and Japan boosted investor sentiment. Markets responded favorably to the European Central Bank’s decision to move forward with quantitative easing as well as to Japan’s concerted and coordinated efforts to promote economic recovery.

Our Use of Leverage**

We have the flexibility to utilize leverage in this Fund. Over the long term, we believe that the judicious use of leverage provides us with opportunities to enhance total return and support the Fund’s distribution rate. Leverage strategies typically entail borrowing at short-term interest rates and investing the proceeds at higher rates of return. During the reporting period, we believed the prudent use of leverage would be advantageous given the economic environment, specifically the low borrowing costs we were able to secure. Overall, use of leverage contributed favorably to the returns of the Fund, as the performance of the Fund’s holdings exceeded the cost of borrowing.

Consistent with our focus on risk management, we have employed techniques to hedge against a rise in interest rates. We have used interest rate swaps to manage the borrowing costs associated with the Fund’s use of leverage. Interest rate swaps allow us to “lock down” an interest rate we believe to be attractive. Although rates are at historically low levels across much of the fixed income market, history has taught us that rates can rise quickly, in some cases, in a matter of months. We believe the Fund’s use of interest rate swaps is

**	Leverage creates risks that 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.

The Fund has a non-fundamental policy that it will not issue preferred shares, borrow money, or issue debt securities with an aggregate liquidation preference and aggregate principal amount exceeding 38% of the Fund’s managed assets as measured immediately after the issuance of any preferred shares or debt. Prior to May 22, 2015, this leverage limitation was measured according to the Fund’s total assets.


2		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Letter to Shareholders

beneficial because it provides a degree of protection should a rise in rates occur. However, we will continue to assess the costs versus benefits of employing swaps as part of our leverage strategy.

Outlook

Our team is optimistic about the global markets. Although the U.S. economy grew slowly during the first quarter of the year—due in large measure to unseasonably cold weather and turmoil in the energy sector—we believe the U.S. can resume its steady expansion for the remainder of 2015, as energy prices stabilize, inflation remains contained, and the Federal Reserve maintains its accommodative stance. We also expect the global economy to expand in 2015, benefiting from ranging factors including central bank policy in the euro zone, Japan, and select emerging markets.

While we see opportunities among convertibles and high yield securities, we are concerned about the potential risks associated with oversized allocations to traditional fixed-income securities, as history has shown that interest rates can rise quickly. We believe investors should work proactively with their financial advisors to ensure appropriate diversification, which may include convertibles strategies and liquid alternative strategies.

While we see a good deal of opportunity, this is an environment where active management, rigorous research and keen awareness of risk will be important drivers of success. We anticipate market volatility will persist as investors respond to the activities of central banks (particularly those of the Federal Reserve), as well as geopolitical uncertainties. We are confident that our disciplined, tested, and fundamentally driven approach will serve the Fund well.

In closing, I invite you to visit us at www.calamos.com. We’re continually updating our site with thought leadership, blogs and commentary designed to help you and your financial advisor decide which opportunities are most appropriate for you.

On behalf of all of us at Calamos Investments, I thank you for your trust. We are honored you have chosen us to help you pursue your investment goals.

Sincerely,

LOGO

John P. Calamos, Sr.

CEO and Global Co-CIO

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.

The BofA Merrill Lynch All U.S. Convertibles Index (VXA0) represents the U.S. convertible market. The BofA Merrill Lynch All U.S. Convertibles Ex Mandatory Index (V0A0) represents the U.S. convertible market excluding mandatory convertibles. The Credit Suisse High Yield index represents the U.S. high yield bond market. Source: Lipper.


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			3

Letter to Shareholders

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. 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. Fund holdings are subject to change daily. The Fund is 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 the accuracy or completeness, has been obtained from sources we believe to be reliable. 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, that should be carefully considered prior to investing. 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.


4		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

The Calamos Closed-End Funds: An Overview

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: U.S. ENHANCED FIXED INCOME		OBJECTIVE: GLOBAL TOTAL RETURN
Calamos Convertible Opportunities and Income Fund (Ticker: CHI) Invests in high yield and convertible securities, primarily in U.S. markets		Calamos Global Total Return Fund (Ticker: CGO) Invests in equities and higher-yielding convertible securities and corporate bonds, in both U.S. and non-U.S. markets

		OBJECTIVE: U.S. TOTAL RETURN
Calamos Convertible and High Income Fund (Ticker: CHY) Invests in high yield and convertible securities, primarily in U.S. markets		Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities and higher-yielding convertible securities and corporate bonds, primarily in U.S. markets

OBJECTIVE: GLOBAL ENHANCED FIXED INCOME
Calamos Global Dynamic Income Fund (Ticker: CHW) Invests in global fixed income securities, alternative investments and equities		Calamos Dynamic Convertible and Income Fund (Ticker: CCD) Invests in convertibles and other fixed income securities

Our Level Rate Distribution Policy

Closed-end fund investors often look for a steady stream of income. Recognizing this, Calamos closed-end funds have a level rate distribution policy in which we aim to keep monthly income consistent through the disbursement of net investment income, net realized short-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 is focused on delivering an attractive monthly distribution, while maintaining a long-term focus on risk management. The level of the funds’ distributions can be greatly influenced by market conditions, including the interest rate environment. The funds’ distributions will depend on the individual performance of positions the funds hold, our view of the benefits of retaining leverage, fund tax considerations, and maintaining regulatory requirements.

For more information about any of these funds, we encourage you to contact your financial advisor 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.

For more information on our level rate distribution policy, please see page 35.


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			5

Investment Team Discussion



*TOTAL RETURN AS OF 04/30/15**
Common Shares – Inception 5/28/03
	6 Months	1 Year		Since Inception**
On Market Price	2.44%		9.89%		9.12%
On NAV	1.23%		5.01%		9.29%

*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
Information Technology	21.9	%
Health Care	17.6
Consumer Discretionary	15.2
Energy	10.5
Financials	9.7
Industrials	9.1
Materials	4.1
Telecommunication Services	3.7
Consumer Staples	3.1
Utilities	2.4

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 six Calamos closed-end funds, the Fund seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes.

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 that the Fund is well positioned to generate capital gains as well as income. We believe this broader range of security types also provides increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles.

How did the Fund perform over the reporting period?

The Fund gained 1.23% on a net asset value (NAV) basis and 2.44% on a market price basis for the six-month period ended April 30, 2015, versus the 1.33% return of the Credit Suisse High Yield Index and 3.91% return of the BofA ML All U.S. Convertibles Index.

At the end of the reporting period, the Fund’s shares traded at a 2.83% premium to net asset value, improving from a 1.62% premium at the beginning of the period.

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 04/30/15

LOGO

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.

How do NAV and market price return differ?

Closed-end funds trade on exchanges, where the price of shares may be driven by factors other than the value of the underlying securities. The price of a share in the market is called market value. Market price may be influenced by factors unrelated to the performance of the Fund’s holdings, such as general market sentiment or future


6		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Investment Team Discussion

expectation. 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 on market opportunities. Because we believe closed-end funds are best utilized as a long-term holding within asset allocations, we believe that 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 semi-annual period.

We employ a level rate distribution policy with the goal of providing shareholders with a consistent distribution stream. In each month of the period, the Fund distributed $0.1000 per share, resulting in a current annualized distribution rate of 8.46% of market price as of April 30, 2015.

We believe that both the Fund’s distribution rate and level remained attractive and competitive, as low interest rates limited yield opportunities in much of the marketplace. For example, as of April 30, 2015, the dividend yield of the S&P 500 Index stocks averaged 1.99%. Yields also remained low within the U.S. government bond market, with the 10-year Treasury and the 30-year Treasury yielding 2.03% and 2.74%, respectively. Our yield was even higher than more speculative measures including the Credit Suisse High Yield Index and the BofA Merrill Lynch All U.S. Convertibles Index, which offered yields on April 30, 2015, of 7.07% and 2.79%, respectively.

What factors influenced performance over the reporting period?

Solid returns in the high-yield and convertible bond markets contributed to the Fund’s performance. The Fund benefitted from high exposure to convertible securities as the asset class rallied in concert with the equity market. The Fund comprised 53% convertibles at the end of the period.

From an economic sector perspective, performance was driven by selection in and an overweight to health care, especially within pharmaceuticals and managed health care. In addition, the Fund was helped by selection in and an underweight to industrials, mainly related to holdings in aerospace and defense. Selection in alternative carriers (telecommunication services) hindered performance. While the Fund’s position in information technology aided performance, selection in technology hardware, storage and peripherals, and semiconductors hindered it.

How is the Fund positioned?

We continue to maintain our positions in convertible securities, which we believe will provide income and benefit from a rising equity market. We should note that our bullish position in the equity and convertible markets was not deterred by market volatility near period end. Minor corrections are not uncommon in a bull market. In addition, we continue to favor growth-oriented equities.

The Fund’s highest credit quality allocation is to the BB credit tier. We believe this exposure offers investors a better risk/return dynamic while continuing to provide regular income. We view the mid-grade credit space as particularly well-priced, offering both attractive levels of income with less exposure to potential inflation and higher interest rates. Our credit process tends to guide us away from the most speculative corporate securities in the high-yield market, as only 2% of the Fund is weighted toward securities with weightings of CCC or less.

ASSET ALLOCATION AS OF 04/30/15

LOGO

Fund asset allocations are based on total investments and may vary over time.


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			7

Investment Team Discussion

From a sector perspective, our heaviest exposures are to the consumer discretionary, information technology and health care sectors. We believe that these sectors will outperform in the economic recovery cycle.

The Fund is leveraged at 28% of total assets at the end of the period, which we believe is a moderate amount. We borrow through floating rate bank debt and, given low borrowing rates, this has been beneficial to the performance of the Fund. In addition, some of our floating rate debt is hedged through interest rate swaps. This is a defensive strategy that mitigates the Fund’s overall exposure to a quick rise in short-term interest rates.

Through dynamic asset allocation we are able to optimize the total return of the Fund by adjusting our exposure to take advantage of market opportunities within various sectors and asset classes. For example, our exposure to fixed income securities allows us to maintain a competitive distribution. However, given the weighting of the asset classes represented in the portfolio, the exposure to convertibles and the overall low duration of the Fund, we believe the Fund is well defended against the potential for rising interest rates.

What are your closing thoughts for Fund shareholders?

When the Fed’s first rate hike approaches, it will likely be counteracted by the historically low level of government-bond yields in Europe with continued quantitative easing. In high yield, we expect volatility with some pressure on technicals, and we believe ultimately the market will price in the likelihood of higher default rates and higher liquidity premiums.

Convertible securities have tended to perform well in a slow-growth environment, when stocks are rising and interest rates are increasing slowly. Convertibles can also benefit from market volatility, as their embedded option can become more valuable. Because convertibles combine equity and fixed income characteristics, they offer the opportunity for upside equity participation with potential downside protection when equity markets decline. Against this backdrop, we believe the benefits of convertible securities are especially pronounced.


8		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (55.6%)
		Consumer Discretionary (10.7%)
	1,662,000	Altice, SA* 7.750%, 05/15/22	$	1,682,775
	646,000	Argos Merger Sub, Inc.* 7.125%, 03/15/23		679,915
	369,000	Brunswick Corp.*µ 4.625%, 05/15/21		371,998
	3,269,000	Century Communities, Inc.µ 6.875%, 05/15/22		3,236,310
	6,308,000	Cooper Tire & Rubber Companyµ^ 8.000%, 12/15/19		7,167,465
	5,583,000	Dana Holding Corp.µ^ 6.750%, 02/15/21		5,921,470
	6,000,000	DISH DBS Corp.µ 7.875%, 09/01/19		6,780,000
	4,523,000	Dufry Finance, SCA*µ 5.500%, 10/15/20		4,718,054
	2,216,000	FCA US, LLCµ 8.000%, 06/15/19		2,318,933
	1,662,000	GameStop Corp.*µ 5.500%, 10/01/19		1,719,131
	3,195,000	Golden Nugget Escrow, Inc.*µ^ 8.500%, 12/01/21		3,370,725
	960,000	Goodyear Tire & Rubber Companyµ^ 8.250%, 08/15/20		1,016,400
	5,077,000	Hasbro, Inc.µ^ 6.600%, 07/15/28		5,973,497
		L Brands, Inc.µ
	2,769,000	7.600%, 07/15/37		3,215,501
	1,108,000	5.625%, 02/15/22		1,213,260
	799,000	6.950%, 03/01/33		869,412
	1,519,000	Liberty Interactive, LLCµ^ 8.250%, 02/01/30		1,688,938
		Meritage Homes Corp.µ
	3,785,000	7.150%, 04/15/20		4,118,553
	2,017,000	7.000%, 04/01/22		2,170,796
	1,939,000	NCL Corp., Ltd. - Class Cµ 5.000%, 02/15/18		1,988,687
	3,005,000	Netflix, Inc.µ 5.375%, 02/01/21		3,151,494
	3,139,000	Numericable Group, SA*µ 6.000%, 05/15/22		3,213,551
	2,853,000	Outerwall, Inc.µ 6.000%, 03/15/19		2,815,554
	2,585,000	Penske Automotive Group, Inc. 5.375%, 12/01/24		2,701,325
	2,096,000	Reliance Intermediate Holdings, LP* 6.500%, 04/01/23		2,204,730
	2,774,000	Royal Caribbean Cruises, Ltd.µ^ 7.500%, 10/15/27		3,275,054
		Ryland Group, Inc.µ
	5,539,000	6.625%, 05/01/20		6,085,976
	1,551,000	5.375%, 10/01/22		1,586,867


PRINCIPAL AMOUNT			VALUE
	3,923,000	Service Corp. Internationalµ 7.500%, 04/01/27	$	4,602,169
	3,028,000	Six Flags Entertainment Corp.*µ 5.250%, 01/15/21		3,141,550
	2,974,000	Taylor Morrison Communities, Inc.*µ 5.250%, 04/15/21		2,996,305
	3,323,000	Time, Inc.*µ^ 5.750%, 04/15/22		3,266,924
		Toll Brothers Finance Corp.
	4,663,000	5.625%, 01/15/24		5,085,585
	1,246,000	4.000%, 12/31/18µ		1,290,389
		ZF North America Capital, Inc.
	1,015,000	4.750%, 04/29/25		1,018,172
	462,000	4.500%, 04/29/22*		464,310

				107,121,775

		Consumer Staples (2.4%)
	1,108,000	Alphabet Holding Company, Inc. 7.750%, 11/01/17		1,106,615
	3,785,000	Fidelity & Guaranty Life Holdings, Inc.*µ 6.375%, 04/01/21		3,993,175
	6,070,000	JBS USA, LLC*µ 7.250%, 06/01/21		6,422,819
	5,539,000	Land O’Lakes, Inc.*µ 6.000%, 11/15/22		5,975,196
	2,823,000	Post Holdings, Inc.µ 7.375%, 02/15/22		2,937,685
	3,323,000	Smithfield Foods, Inc.µ 6.625%, 08/15/22		3,584,686

				24,020,176

		Energy (9.4%)
	3,445,000	Atwood Oceanics, Inc.µ 6.500%, 02/01/20		3,382,559
		Berry Petroleum Company, LLCµ
	2,769,000	6.375%, 09/15/22		2,284,425
	831,000	6.750%, 11/01/20		700,637
	1,417,000	Bill Barrett Corp.µ^ 7.000%, 10/15/22		1,264,673
	1,288,000	Blue Racer Midstream, LLC / Blue Racer Finance Corp.*µ 6.125%, 11/15/22		1,356,425
	2,769,000	Bonanza Creek Energy, Inc.µ 6.750%, 04/15/21		2,820,919
	3,000,000	Calfrac Holdings, LP*µ 7.500%, 12/01/20		2,752,500
		Calumet Specialty Products Partners, LP
	3,046,000	7.625%, 01/15/22µ		3,110,728
	756,000	6.500%, 04/15/21		754,110
		Carrizo Oil & Gas, Inc.
	4,523,000	7.500%, 09/15/20µ		4,783,072
	1,431,000	6.250%, 04/15/23		1,458,726
	6,407,000	Cimarex Energy Companyµ^ 5.875%, 05/01/22		6,831,464


See accompanying Notes to Schedule of Investments		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			9

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	7,108,000	Drill Rigs Holdings, Inc.*µ 6.500%, 10/01/17	$	6,170,632
	3,231,000	Energy Transfer Equity, LPµ 5.875%, 01/15/24		3,410,724
	6,005,000	Gulfmark Offshore, Inc.µ^ 6.375%, 03/15/22		4,743,950
	2,289,000	Gulfport Energy Corp.µ 7.750%, 11/01/20		2,422,048
	485,000	Halcon Resources Corp.* 8.625%, 02/01/20		504,703
	923,000	Holly Energy Partners, LPµ 6.500%, 03/01/20		921,269
	6,000,000	Laredo Petroleum, Inc.µ 7.375%, 05/01/22		6,401,250
		Linn Energy, LLCµ
	1,846,000	7.750%, 02/01/21^		1,584,099
	1,385,000	8.625%, 04/15/20		1,258,619
	923,000	Linn Energy, LLC / Linn Energy Finance Corp.µ^ 6.500%, 05/15/19		812,240
		Oasis Petroleum, Inc.µ
	4,302,000	6.500%, 11/01/21		4,331,576
	1,385,000	6.875%, 01/15/23		1,412,700
	2,373,000	Pacific Drilling, SA*µ 5.375%, 06/01/20		2,028,915
	2,568,000	Petroleum Geo-Services, ASA*µ 7.375%, 12/15/18		2,421,945
		Rice Energy, Inc.
	765,000	6.250%, 05/01/22^		772,650
	577,000	7.250%, 05/01/23*		601,162
	6,000,000	SEACOR Holdings, Inc.µ 7.375%, 10/01/19		6,172,500
	1,542,000	Seventy Seven Operating, LLCµ 6.625%, 11/15/19		1,232,636
	3,508,000	SM Energy Companyµ 6.500%, 11/15/21		3,661,475
	3,740,000	Trinidad Drilling, Ltd.*µ 7.875%, 01/15/19		3,658,188
	7,128,000	W&T Offshore, Inc.µ^ 8.500%, 06/15/19		5,118,795
	2,871,000	Western Refining, Inc.µ 6.250%, 04/01/21		2,908,682

				94,050,996

		Financials (2.5%)
	2,709,000	AON Corp.µ 8.205%, 01/01/27		3,542,018
	2,347,000	Black Knight InfoServ, LLC 5.750%, 04/15/23		2,502,583
	1,292,000	DuPont Fabros Technology, LPµ 5.875%, 09/15/21		1,343,680
	2,654,000	First Cash Financial Services, Inc.µ 6.750%, 04/01/21		2,771,771
	2,049,000	iStar Financial, Inc.µ 4.875%, 07/01/18		2,055,403


PRINCIPAL AMOUNT			VALUE
		Jefferies Finance, LLC*µ
	3,185,000	7.375%, 04/01/20	$	3,153,150
	1,366,000	6.875%, 04/15/22		1,307,091
	2,391,000	Nationstar Mortgage, LLC / Nationstar Capital Corp.µ 6.500%, 07/01/21		2,350,652
	6,000,000	Neuberger Berman Group, LLC*µ 5.875%, 03/15/22		6,455,970

				25,482,318

		Health Care (7.3%)
	4,247,000	Acadia Healthcare Company, Inc.*µ 5.625%, 02/15/23		4,353,175
	3,416,000	Alere, Inc.µ 6.500%, 06/15/20		3,599,610
	3,951,000	Community Health Systems, Inc.µ 7.125%, 07/15/20		4,232,509
	3,291,000	Crimson Merger Sub, Inc.* 6.625%, 05/15/22		2,926,933
	3,416,000	DaVita HealthCare Partners, Inc.µ 5.125%, 07/15/24		3,477,915
		Endo International, PLC*µ
	6,185,000	7.000%, 12/15/20^		6,536,772
	1,385,000	7.000%, 07/15/19		1,443,863
		HCA Holdings, Inc.µ
	1,962,000	6.250%, 02/15/21		2,149,616
	1,846,000	5.875%, 05/01/23		1,997,141
	8,955,000	HCA, Inc.µ^ 7.750%, 05/15/21		9,559,462
	8,313,000	Hologic, Inc.µ 6.250%, 08/01/20		8,645,520
	989,000	Surgical Care Affiliates, Inc.* 6.000%, 04/01/23		1,014,961
	5,539,000	Teleflex, Inc.µ 6.875%, 06/01/19		5,725,941
	6,324,000	Tenet Healthcare Corp.µ 6.750%, 02/01/20		6,683,678
		Valeant Pharmaceuticals International, Inc.*µ^
	6,924,000	7.000%, 10/01/20		7,270,200
	2,123,000	7.250%, 07/15/22		2,267,629
	1,015,000	VPII Escrow Corp.*µ 6.750%, 08/15/18		1,077,169
		VRX Escrow Corp.*
	217,000	6.125%, 04/15/25		224,595
	217,000	5.875%, 05/15/23		222,561

				73,409,250

		Industrials (8.5%)
	4,847,000	ACCO Brands Corp.µ^ 6.750%, 04/30/20		5,110,555
	6,462,000	Deluxe Corp.µ 6.000%, 11/15/20		6,853,759
	2,973,000	DigitalGlobe, Inc.*µ 5.250%, 02/01/21		3,006,446


10		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	5,749,000	Dycom Investments, Inc.µ^ 7.125%, 01/15/21	$	6,061,602
	2,880,000	Edgen Murray Corp.*µ 8.750%, 11/01/20		3,146,400
	2,483,000	Garda World Security Corp.*µ 7.250%, 11/15/21		2,486,104
	2,931,000	GrafTech International, Ltd.µ 6.375%, 11/15/20		2,452,881
	5,133,000	H&E Equipment Services, Inc.µ 7.000%, 09/01/22		5,389,650
		Icahn Enterprises, LPµ
	4,355,000	5.875%, 02/01/22		4,510,147
	2,437,000	6.000%, 08/01/20		2,572,558
	572,000	4.875%, 03/15/19		582,725
	3,231,000	Manitowoc Company, Inc.µ 8.500%, 11/01/20		3,461,209
	1,671,000	Meritor, Inc.µ 6.750%, 06/15/21		1,753,506
		Michael Baker International, LLC*µ
	3,231,000	8.250%, 10/15/18		3,180,516
	1,640,000	8.875%, 04/15/19		1,415,525
	3,102,000	Navistar International Corp.^ 8.250%, 11/01/21		3,082,612
	1,758,000	Nortek, Inc.µ 8.500%, 04/15/21		1,908,529
	7,141,000	Rexel, SA*µ 6.125%, 12/15/19		7,453,419
	5,040,000	Terex Corp.µ 6.000%, 05/15/21		5,118,750
	2,308,000	Titan International, Inc.µ 6.875%, 10/01/20		2,093,067
	2,446,000	TransDigm, Inc.µ 5.500%, 10/15/20		2,423,069
	2,400,000	United Continental Holdings, Inc.µ^ 6.375%, 06/01/18		2,566,500
	6,000,000	United Rentals North America, Inc.µ 7.625%, 04/15/22		6,637,500
	1,569,000	6.125%, 06/15/23		1,651,372

				84,918,401

		Information Technology (6.0%)
	3,508,000	Activision Blizzard, Inc.*µ^
		5.625%, 09/15/21		3,753,560
		Amkor Technology, Inc.µ^
	3,425,000	6.375%, 10/01/22		3,514,906
	2,713,000	6.625%, 06/01/21		2,819,824
	8,770,000	Belden, Inc.*µ 5.500%, 09/01/22		9,055,025
	2,769,000	Cardtronics, Inc.*µ 5.125%, 08/01/22		2,756,886
	2,123,000	Equinix, Inc.µ 5.375%, 04/01/23		2,202,613
	7,385,000	Hughes Satellite Systems Corp.µ 7.625%, 06/15/21		8,261,969


PRINCIPAL AMOUNT			VALUE
	7,385,000	J2 Global, Inc.µ 8.000%, 08/01/20	$	7,961,953
	3,379,000	Nuance Communications, Inc.*µ 5.375%, 08/15/20		3,429,685
	1,846,000	NXP Semiconductors, NV*µ 5.750%, 02/15/21		1,974,066
	4,676,000	Sungard Data Systems, Inc.µ 6.625%, 11/01/19		4,892,265
	3,600,000	ViaSat, Inc.µ 6.875%, 06/15/20		3,831,750
	5,539,000	Viasystems, Inc.*µ 7.875%, 05/01/19		5,840,183

				60,294,685

		Materials (4.2%)
	1,476,000	Chemtura Corp.µ 5.750%, 07/15/21		1,527,660
		First Quantum Minerals, Ltd.*
	1,724,000	7.000%, 02/15/21µ		1,604,397
	1,724,000	6.750%, 02/15/20^		1,606,552
		FMG Resources*^
	2,194,000	8.250%, 11/01/19		1,918,379
	895,000	9.750%, 03/01/22		925,766
	6,351,000	Greif, Inc.µ 7.750%, 08/01/19		7,228,232
		INEOS Group Holdings, SA*^
	2,585,000	6.125%, 08/15/18		2,651,241
	1,292,000	5.875%, 02/15/19		1,310,572
		New Gold, Inc.*µ
	5,077,000	7.000%, 04/15/20^		5,302,292
	1,375,000	6.250%, 11/15/22		1,360,391
	2,446,000	PH Glatfelter Companyµ 5.375%, 10/15/20		2,514,794
	960,000	Sealed Air Corp.*µ 5.250%, 04/01/23		1,006,200
		Trinseo Materials Operating, SCA
	5,312,000	8.750%, 02/01/19^		5,638,635
	4,293,000	6.750%, 05/01/22*†		4,362,761
	2,871,000	United States Steel Corp.µ 6.875%, 04/01/21		2,892,532

				41,850,404

		Telecommunication Services (3.5%)
	2,265,000	CenturyLink, Inc.µ 6.750%, 12/01/23		2,468,386
		Frontier Communications Corp.µ
	2,967,000	7.625%, 04/15/24		3,030,049
	305,000	6.875%, 01/15/25		296,231
		Intelsat, SA
	5,853,000	7.750%, 06/01/21^		5,384,760
	425,000	8.125%, 06/01/23		387,813
	2,446,000	SBA Communications Corp.µ 5.625%, 10/01/19		2,571,357


See accompanying Notes to Schedule of Investments		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			11

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT				VALUE
			Sprint Corp.
	12,412,000		7.875%, 09/15/23	$	12,450,787
	1,560,000		7.125%, 06/15/24µ		1,506,375
	1,089,000		7.250%, 09/15/21µ		1,096,487
	5,207,000		T-Mobile USA, Inc.µ 6.625%, 04/01/23		5,434,806

					34,627,051

			Utilities (1.1%)
	1,892,000		AES Corp. 7.375%, 07/01/21		2,117,857
	5,331,000		AmeriGas Finance Corp.µ^ 7.000%, 05/20/22		5,737,489
	2,418,000		Calpine Corp.*µ 7.875%, 01/15/23		2,679,446

					10,534,792

			TOTAL CORPORATE BONDS (Cost $545,585,361)		556,309,848


	CONVERTIBLE BONDS (54.0%)
			Consumer Discretionary (9.1%)
	2,200,000		Iconix Brand Group, Inc.µ^ 2.500%, 06/01/16		2,289,320
			Jarden Corp.µ
	9,000,000		1.125%, 03/15/34^		10,418,490
	6,800,000		1.500%, 06/15/19		9,427,554
	2,650,000		KB Homeµ^ 1.375%, 02/01/19		2,526,272
	19,150,000		Liberty Interactive, LLC (Time Warner Cable, Inc., Time Warner, Inc.)§ 0.750%, 03/30/43		27,735,328
	5,699,000		Liberty Media Corp.µ^ 1.375%, 10/15/23		5,703,958
	9,852,000		Priceline Group, Inc.µ^ 1.000%, 03/15/18		13,800,731
	5,600,000		Standard Pacific Corp.µ^ 1.250%, 08/01/32		6,536,824
	13,675,000		Tesla Motors, Inc.µ^ 1.250%, 03/01/21		12,656,691

					91,095,168

			Energy (2.3%)
	8,770,000		Chesapeake Energy Corp. 2.250%, 12/15/38		8,108,610
	12,200,000		Whiting Petroleum Corp.* 1.250%, 04/01/20		14,542,705

					22,651,315

			Financials (3.7%)
			Ares Capital Corp.µ^
	8,200,000		4.750%, 01/15/18		8,634,026
	4,500,000		5.750%, 02/01/16		4,641,840
	1,800,000	EUR	Azimut Holding, S.p.A.µ 2.125%, 11/25/20		2,551,678


PRINCIPAL AMOUNT			VALUE
	4,000,000	IAS Operating Partnership, LP*µ 5.000%, 03/15/18	$	3,859,680
	5,000,000	MGIC Investment Corp.µ^ 2.000%, 04/01/20		7,862,825
	4,800,000	Spirit Realty Capital, Inc.µ 2.875%, 05/15/19		4,755,984
	4,600,000	Starwood Property Trust, Inc.µ 4.550%, 03/01/18		5,006,525

				37,312,558

		Health Care (13.1%)
	5,795,000	Acorda Therapeutics, Inc.µ 1.750%, 06/15/21		5,646,098
	14,400,000	Anthem, Inc.µ 2.750%, 10/15/42		29,087,064
	6,375,000	BioMarin Pharmaceutical, Inc.µ^ 1.500%, 10/15/20		8,958,628
	6,600,000	Cepheidµ 1.250%, 02/01/21		7,345,041
	5,048,000	Depomed, Inc.µ 2.500%, 09/01/21		6,944,130
	3,500,000	Emergent Biosolutions, Inc.µ^ 2.875%, 01/15/21		4,146,520
	680,000	Gilead Sciences, Inc. 1.625%, 05/01/16		3,002,237
	3,100,000	Hologic, Inc.µ‡ 2.000%, 12/15/37		4,663,454
	5,862,000	Horizon Pharma Investment, Ltd.*^ 2.500%, 03/15/22		7,285,264
		Illumina, Inc.*^
	7,400,000	0.000%, 06/15/19		8,246,375
	7,250,000	0.500%, 06/15/21		8,415,256
	1,610,000	Incyte Corp.µ 1.250%, 11/15/20		3,124,269
	3,600,000	Insulet Corp.µ 2.000%, 06/15/19		3,484,566
	5,950,000	Isis Pharmaceuticals, Inc.*µ 1.000%, 11/15/21		6,463,812
	3,700,000	Jazz Investments I, Ltd.*^ 1.875%, 08/15/21		4,433,729
	3,943,000	Medidata Solutions, Inc.µ^ 1.000%, 08/01/18		4,622,655
		Molina Healthcare, Inc.µ
	4,400,000	1.625%, 08/15/44^		5,221,832
	3,520,000	1.625%, 08/15/44*		4,110,938
	1,207,000	NuVasive, Inc. 2.750%, 07/01/17		1,487,410
	4,382,000	Wright Medical Group, Inc.*µ 2.000%, 02/15/20		4,582,104

				131,271,382

		Industrials (0.7%)
	2,258,000	Air Lease Corp.µ 3.875%, 12/01/18		3,314,620


12		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	3,500,000	Echo Global Logistics, Inc. 2.500%, 05/01/20	$	3,587,500

				6,902,120

		Information Technology (23.8%)
	7,400,000	AOL, Inc.*µ 0.750%, 09/01/19		7,485,211
	3,700,000	Citrix Systems, Inc.*µ^ 0.500%, 04/15/19		3,954,560
	5,680,000	Euronet Worldwide, Inc.*µ^ 1.500%, 10/01/44		6,206,621
	3,000,000	Finisar Corp. 0.500%, 12/15/33		3,036,525
	7,200,000	Homeaway, Inc.^ 0.125%, 04/01/19		6,815,700
	10,800,000	Intel Corp. 3.250%, 08/01/39		17,623,278
	6,900,000	InvenSense, Inc.µ^ 1.750%, 11/01/18		6,685,583
	7,300,000	LinkedIn Corp.*µ 0.500%, 11/01/19		8,103,292
	4,400,000	Mentor Graphics Corp.µ 4.000%, 04/01/31		5,505,258
	10,300,000	Microchip Technology, Inc.* 1.625%, 02/15/25		10,530,771
	3,250,000	Micron Technology, Inc.µ^ 2.125%, 02/15/33		8,383,147
	2,500,000	Novellus Systems, Inc.µ^ 2.625%, 05/15/41		5,499,938
	9,550,000	NVIDIA Corp. 1.000%, 12/01/18		11,658,735
	3,800,000	NXP Semiconductors, NV* 1.000%, 12/01/19		4,447,026
	9,000,000	ON Semiconductor Corp.µ 2.625%, 12/15/26		11,228,940
	5,537,000	Palo Alto Networks, Inc.*µ^ 0.000%, 07/01/19		7,936,847
	7,100,000	Rovi Corp.*µ^ 0.500%, 03/01/20		6,899,247
	9,700,000	Salesforce.com, Inc.µ^ 0.250%, 04/01/18		12,134,215
	19,200,000	SanDisk Corp.µ^ 0.500%, 10/15/20		19,872,288
	6,680,000	ServiceNow, Inc.µ^ 0.000%, 11/01/18		8,030,963
		SunEdison, Inc.µ
	11,825,000	0.250%, 01/15/20*^		13,276,873
	1,750,000	2.000%, 10/01/18		3,147,323
	5,725,000	SunPower Corp.µ 0.750%, 06/01/18		8,143,326
	3,525,000	Synchronoss Technologies, Inc.µ 0.750%, 08/15/19		4,084,065


PRINCIPAL AMOUNT			VALUE
	2,900,000	Take-Two Interactive Software, Inc.µ 1.000%, 07/01/18	$	3,635,078
		Twitter, Inc.*µ^
	12,050,000	1.000%, 09/15/21		10,959,113
	3,450,000	0.250%, 09/15/19		3,193,286
	4,000,000	Verint Systems, Inc.µ^ 1.500%, 06/01/21		4,674,640
	5,650,000	Workday, Inc.µ 0.750%, 07/15/18		7,132,871
	7,400,000	Yahoo!, Inc.µ 0.000%, 12/01/18		7,875,339

				238,160,059

		Materials (1.3%)
	7,700,000	Cemex, SAB de CVµ 3.250%, 03/15/16		8,933,309
	3,200,000	RTI International Metals, Inc.µ 1.625%, 10/15/19		3,800,688

				12,733,997

		TOTAL CONVERTIBLE BONDS (Cost $499,784,410)		540,126,599

	U.S. GOVERNMENT AND AGENCY SECURITIES (0.1%)
		United States Treasury Note
	508,000	0.250%, 12/15/15~		508,367
	46,000	0.375%, 06/30/15		46,027

		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $553,893)		554,394

	SYNTHETIC CONVERTIBLE SECURITIES (5.4%) ¤
	Corporate Bonds (4.6%)
		Consumer Discretionary (0.9%)
	138,000	Altice, SA* 7.750%, 05/15/22		139,725
	54,000	Argos Merger Sub, Inc.* 7.125%, 03/15/23		56,835
	31,000	Brunswick Corp.*µ 4.625%, 05/15/21		31,252
	272,000	Century Communities, Inc.µ 6.875%, 05/15/22		269,280
	525,000	Cooper Tire & Rubber Companyµ^ 8.000%, 12/15/19		596,531
	465,000	Dana Holding Corp.µ^ 6.750%, 02/15/21		493,191
	500,000	DISH DBS Corp.µ 7.875%, 09/01/19		565,000
	377,000	Dufry Finance, SCA*µ 5.500%, 10/15/20		393,258
	184,000	FCA US, LLCµ 8.000%, 06/15/19		192,547
	138,000	GameStop Corp.*µ 5.500%, 10/01/19		142,744
	266,000	Golden Nugget Escrow, Inc.*µ^ 8.500%, 12/01/21		280,630


See accompanying Notes to Schedule of Investments		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			13

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	80,000	Goodyear Tire & Rubber Companyµ^ 8.250%, 08/15/20	$	84,700
	423,000	Hasbro, Inc.µ^ 6.600%, 07/15/28		497,693
		L Brands, Inc.µ
	231,000	7.600%, 07/15/37		268,249
	92,000	5.625%, 02/15/22		100,740
	66,000	6.950%, 03/01/33		71,816
	126,000	Liberty Interactive, LLCµ^ 8.250%, 02/01/30		140,096
		Meritage Homes Corp.µ
	315,000	7.150%, 04/15/20		342,759
	168,000	7.000%, 04/01/22		180,810
	161,000	NCL Corp., Ltd. - Class Cµ 5.000%, 02/15/18		165,126
	250,000	Netflix, Inc.µ 5.375%, 02/01/21		262,188
	261,000	Numericable Group, SA*µ 6.000%, 05/15/22		267,199
	237,000	Outerwall, Inc.µ 6.000%, 03/15/19		233,889
	215,000	Penske Automotive Group, Inc. 5.375%, 12/01/24		224,675
	174,000	Reliance Intermediate Holdings, LP* 6.500%, 04/01/23		183,026
	231,000	Royal Caribbean Cruises, Ltd.µ^ 7.500%, 10/15/27		272,724
		Ryland Group, Inc.µ
	461,000	6.625%, 05/01/20		506,524
	129,000	5.375%, 10/01/22		131,983
	327,000	Service Corp. Internationalµ 7.500%, 04/01/27		383,612
	252,000	Six Flags Entertainment Corp.*µ 5.250%, 01/15/21		261,450
	248,000	Taylor Morrison Communities, Inc.*µ 5.250%, 04/15/21		249,860
	277,000	Time, Inc.*µ^ 5.750%, 04/15/22		272,326
		Toll Brothers Finance Corp.
	388,000	5.625%, 01/15/24		423,162
	104,000	4.000%, 12/31/18µ		107,705
		ZF North America Capital, Inc.
	85,000	4.750%, 04/29/25		85,266
	38,000	4.500%, 04/29/22*		38,190

				8,916,761

		Consumer Staples (0.2%)
	92,000	Alphabet Holding Company, Inc. 7.750%, 11/01/17		91,885
	315,000	Fidelity & Guaranty Life Holdings, Inc.*µ 6.375%, 04/01/21		332,325
	505,000	JBS USA, LLC*µ 7.250%, 06/01/21		534,353


PRINCIPAL AMOUNT			VALUE
	461,000	Land O’Lakes, Inc.*µ 6.000%, 11/15/22	$	497,304
	235,000	Post Holdings, Inc.µ 7.375%, 02/15/22		244,547
	277,000	Smithfield Foods, Inc.µ 6.625%, 08/15/22		298,814

				1,999,228

		Energy (0.8%)
	287,000	Atwood Oceanics, Inc.µ 6.500%, 02/01/20		281,798
		Berry Petroleum Company, LLCµ
	231,000	6.375%, 09/15/22		190,575
	69,000	6.750%, 11/01/20		58,176
	118,000	Bill Barrett Corp.µ^ 7.000%, 10/15/22		105,315
	107,000	Blue Racer Midstream, LLC / Blue Racer Finance Corp.*µ 6.125%, 11/15/22		112,684
	231,000	Bonanza Creek Energy, Inc.µ 6.750%, 04/15/21		235,331
	250,000	Calfrac Holdings, LP*µ 7.500%, 12/01/20		229,375
		Calumet Specialty Products Partners, LP
	254,000	7.625%, 01/15/22µ		259,398
	63,000	6.500%, 04/15/21		62,843
		Carrizo Oil & Gas, Inc.
	377,000	7.500%, 09/15/20µ		398,677
	119,000	6.250%, 04/15/23		121,306
	533,000	Cimarex Energy Companyµ^ 5.875%, 05/01/22		568,311
	592,000	Drill Rigs Holdings, Inc.*µ 6.500%, 10/01/17		513,930
	269,000	Energy Transfer Equity, LPµ 5.875%, 01/15/24		283,963
	500,000	Gulfmark Offshore, Inc.µ^ 6.375%, 03/15/22		395,000
	191,000	Gulfport Energy Corp.µ 7.750%, 11/01/20		202,102
	40,000	Halcon Resources Corp.* 8.625%, 02/01/20		41,625
	77,000	Holly Energy Partners, LPµ 6.500%, 03/01/20		76,856
	500,000	Laredo Petroleum, Inc.µ 7.375%, 05/01/22		533,437
		Linn Energy, LLCµ
	154,000	7.750%, 02/01/21^		132,151
	115,000	8.625%, 04/15/20		104,506
	77,000	Linn Energy, LLC / Linn Energy Finance Corp.µ^ 6.500%, 05/15/19		67,760
		Oasis Petroleum, Inc.µ
	358,000	6.500%, 11/01/21		360,461
	115,000	6.875%, 01/15/23		117,300


14		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	197,000	Pacific Drilling, SA*µ 5.375%, 06/01/20	$	168,435
	214,000	Petroleum Geo-Services, ASA*µ 7.375%, 12/15/18		201,829
		Rice Energy, Inc.
	64,000	6.250%, 05/01/22^		64,640
	48,000	7.250%, 05/01/23*		50,010
	500,000	SEACOR Holdings, Inc.µ 7.375%, 10/01/19		514,375
	128,000	Seventy Seven Operating LLCµ 6.625%, 11/15/19		102,320
	292,000	SM Energy Companyµ 6.500%, 11/15/21		304,775
	311,000	Trinidad Drilling, Ltd.*µ 7.875%, 01/15/19		304,197
	593,000	W&T Offshore, Inc.µ^ 8.500%, 06/15/19		425,848
	239,000	Western Refining, Inc.µ 6.250%, 04/01/21		242,137

				7,831,446

		Financials (0.2%)
	226,000	AON Corp.µ 8.205%, 01/01/27		295,495
	195,000	Black Knight InfoServ, LLC 5.750%, 04/15/23		207,927
	108,000	DuPont Fabros Technology, LPµ 5.875%, 09/15/21		112,320
	221,000	First Cash Financial Services, Inc.µ 6.750%, 04/01/21		230,807
	171,000	iStar Financial, Inc.µ 4.875%, 07/01/18		171,534
		Jefferies Finance, LLC*µ
	265,000	7.375%, 04/01/20		262,350
	114,000	6.875%, 04/15/22		109,084
	199,000	Nationstar Mortgage, LLC / Nationstar Capital Corp.µ 6.500%, 07/01/21		195,642
	500,000	Neuberger Berman Group, LLC*µ 5.875%, 03/15/22		537,997

				2,123,156

		Health Care (0.6%)
	353,000	Acadia Healthcare Company, Inc.*µ 5.625%, 02/15/23		361,825
	284,000	Alere, Inc.µ 6.500%, 06/15/20		299,265
	329,000	Community Health Systems, Inc.µ 7.125%, 07/15/20		352,441
	274,000	Crimson Merger Sub, Inc.* 6.625%, 05/15/22		243,689
	284,000	DaVita HealthCare Partners, Inc.µ 5.125%, 07/15/24		289,147


PRINCIPAL AMOUNT			VALUE
		Endo International, PLC*µ
	515,000	7.000%, 12/15/20^	$	544,291
	115,000	7.000%, 07/15/19		119,888
		HCA Holdings, Inc.µ
	163,000	6.250%, 02/15/21		178,587
	154,000	5.875%, 05/01/23		166,609
	745,000	HCA, Inc.µ^ 7.750%, 05/15/21		795,287
	692,000	Hologic, Inc.µ 6.250%, 08/01/20		719,680
	82,000	Surgical Care Affiliates, Inc.* 6.000%, 04/01/23		84,153
	461,000	Teleflex, Inc.µ 6.875%, 06/01/19		476,559
	526,000	Tenet Healthcare Corp.µ 6.750%, 02/01/20		555,916
		Valeant Pharmaceuticals International, Inc.*µ^
	576,000	7.000%, 10/01/20		604,800
	177,000	7.250%, 07/15/22		189,058
	85,000	VPII Escrow Corp.*µ 6.750%, 08/15/18		90,206
		VRX Escrow Corp.*
	18,000	6.125%, 04/15/25		18,630
	18,000	5.875%, 05/15/23		18,461

				6,108,492

		Industrials (0.7%)
	403,000	ACCO Brands Corp.µ^ 6.750%, 04/30/20		424,913
	538,000	Deluxe Corp.µ 6.000%, 11/15/20		570,616
	247,000	DigitalGlobe, Inc.*µ 5.250%, 02/01/21		249,779
	479,000	Dycom Investments, Inc.µ^ 7.125%, 01/15/21		505,046
	240,000	Edgen Murray Corp.*µ 8.750%, 11/01/20		262,200
	207,000	Garda World Security Corp.*µ 7.250%, 11/15/21		207,259
	244,000	GrafTech International, Ltd.µ 6.375%, 11/15/20		204,198
	427,000	H&E Equipment Services, Inc.µ 7.000%, 09/01/22		448,350
		Icahn Enterprises, LPµ
	363,000	5.875%, 02/01/22		375,932
	203,000	6.000%, 08/01/20		214,292
	48,000	4.875%, 03/15/19		48,900
	269,000	Manitowoc Company, Inc.µ 8.500%, 11/01/20		288,166
	139,000	Meritor, Inc.µ 6.750%, 06/15/21		145,863
		Michael Baker International, LLC*µ
	269,000	8.250%, 10/15/18		264,797
	136,000	8.875%, 04/15/19		117,385


See accompanying Notes to Schedule of Investments		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			15

Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	258,000	Navistar International Corp.^ 8.250%, 11/01/21	$	256,387
	146,000	Nortek, Inc.µ 8.500%, 04/15/21		158,501
	594,000	Rexel, SA*µ 6.125%, 12/15/19		619,987
	420,000	Terex Corp.µ 6.000%, 05/15/21		426,562
	192,000	Titan International, Inc.µ 6.875%, 10/01/20		174,120
	204,000	TransDigm, Inc.µ 5.500%, 10/15/20		202,088
	200,000	United Continental Holdings, Inc.µ^ 6.375%, 06/01/18		213,875
		United Rentals North America, Inc.µ
	500,000	7.625%, 04/15/22		553,125
	131,000	6.125%, 06/15/23		137,878

				7,070,219

		Information Technology (0.5%)
	292,000	Activision Blizzard, Inc.*µ^ 5.625%, 09/15/21		312,440
		Amkor Technology, Inc.µ^
	285,000	6.375%, 10/01/22		292,481
	226,000	6.625%, 06/01/21		234,899
	730,000	Belden, Inc.*µ 5.500%, 09/01/22		753,725
	231,000	Cardtronics, Inc.*µ 5.125%, 08/01/22		229,989
	177,000	Equinix, Inc.µ 5.375%, 04/01/23		183,638
	615,000	Hughes Satellite Systems Corp.µ 7.625%, 06/15/21		688,031
	615,000	J2 Global, Inc.µ 8.000%, 08/01/20		663,047
	281,000	Nuance Communications, Inc.*µ 5.375%, 08/15/20		285,215
	154,000	NXP Semiconductors, NV*µ 5.750%, 02/15/21		164,684
	389,000	Sungard Data Systems, Inc.µ 6.625%, 11/01/19		406,991
	300,000	ViaSat, Inc.µ 6.875%, 06/15/20		319,312
	461,000	Viasystems, Inc.*µ 7.875%, 05/01/19		486,067

				5,020,519

		Materials (0.3%)
	123,000	Chemtura Corp.µ 5.750%, 07/15/21		127,305
		First Quantum Minerals, Ltd.*
	144,000	7.000%, 02/15/21µ		134,010
	144,000	6.750%, 02/15/20^		134,190
		FMG Resources*^
	183,000	8.250%, 11/01/19		160,011


PRINCIPAL AMOUNT			VALUE
	75,000	9.750%, 03/01/22	$	77,578
	529,000	Greif, Inc.µ 7.750%, 08/01/19		602,068
		INEOS Group Holdings, SA*^
	215,000	6.125%, 08/15/18		220,509
	108,000	5.875%, 02/15/19		109,553
		New Gold, Inc.*µ
	423,000	7.000%, 04/15/20^		441,771
	115,000	6.250%, 11/15/22		113,778
	204,000	PH Glatfelter Companyµ 5.375%, 10/15/20		209,737
	80,000	Sealed Air Corp.*µ 5.250%, 04/01/23		83,850
		Trinseo Materials Operating, SCA
	442,000	8.750%, 02/01/19^		469,179
	357,000	6.750%, 05/01/22*†		362,801
	239,000	United States Steel Corp.µ 6.875%, 04/01/21		240,792

				3,487,132

		Telecommunication Services (0.3%)
	189,000	CenturyLink, Inc.µ 6.750%, 12/01/23		205,971
		Frontier Communications Corp.µ
	247,000	7.625%, 04/15/24		252,249
	25,000	6.875%, 01/15/25		24,281
		Intelsat, SA
	487,000	7.750%, 06/01/21^		448,040
	35,000	8.125%, 06/01/23		31,938
	204,000	SBA Communications Corp.µ 5.625%, 10/01/19		214,455
		Sprint Corp.
	1,033,000	7.875%, 09/15/23		1,036,228
	130,000	7.125%, 06/15/24µ		125,531
	91,000	7.250%, 09/15/21µ		91,626
	433,000	T-Mobile USA, Inc.µ 6.625%, 04/01/23		451,944

				2,882,263

		Utilities (0.1%)
	158,000	AES Corp. 7.375%, 07/01/21		176,861
	444,000	AmeriGas Finance Corp.µ^ 7.000%, 05/20/22		477,855
	201,000	Calpine Corp.*µ 7.875%, 01/15/23		222,733

				877,449

		TOTAL CORPORATE BONDS		46,316,665

	U.S. Government and Agency Securities (0.0%)
		United States Treasury Note
	42,000	0.250%, 12/15/15~		42,031
	4,000	0.375%, 06/30/15		4,002

		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES		46,033


16		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF CONTRACTS			VALUE
	Purchased Options (0.8%) #
		Consumer Discretionary (0.0%)
	4,025	Lennar Corp. Call, 05/15/15, Strike $47.00	$	209,300

		Health Care (0.5%)
	265	Biogen, Inc. Call, 10/16/15, Strike $425.00		461,100
	1,650	Gilead Sciences, Inc. Call, 05/15/15, Strike $97.50		825,000
	4,200	Mylan, NV Call, 07/17/15, Strike $67.50		3,559,500

				4,845,600

		Information Technology (0.3%)
	4,485	Micron Technology, Inc. Call, 01/15/16, Strike $25.00		2,264,925
	1,030	Twitter, Inc. Call, 06/19/15, Strike $40.00		196,730
	2,645	Xilinx, Inc. Call, 01/15/16, Strike $45.00		663,895

				3,125,550

		TOTAL PURCHASED OPTIONS		8,180,450

		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $55,406,950)		54,543,148

NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (19.6%)
		Consumer Discretionary (0.7%)
	51,300	Fiat Chrysler Automobiles, NV 7.875%		6,596,436

		Consumer Staples (1.7%)
	62,000	Bunge, Ltd.µ 4.875%		6,676,625
	34,250	Post Holdings, Inc. 5.250%		3,270,875
	150,000	Tyson Foods, Inc. 4.750%		7,378,500

				17,326,000

		Energy (2.3%)
	20,816	Chesapeake Energy Corp. 5.750%		18,251,876
	76,400	Southwestern Energy Company 6.250%		4,532,048

				22,783,924

		Financials (5.2%)
	296,627	Affiliated Managers Group, Inc.µ 5.150%		18,261,100


NUMBER OF SHARES			VALUE
	71,400	American Tower Corp. 5.250%	$	7,402,752
	105,000	Crown Castle International Corp. 4.500%		10,993,500
	143,750	Health Care REIT, Inc. 6.500%		9,164,062
	116,667	Weyerhaeuser Company 6.375%		6,228,851

				52,050,265

		Health Care (3.1%)
	24,000	Actavis, PLC 5.500%		24,015,840
	54,765	Amsurg Corp. 5.250%		6,900,938

				30,916,778

		Industrials (2.9%)
		Stanley Black & Decker, Inc.
	102,760	4.750%µ		14,136,180
	18,250	6.250%^		2,132,695
	220,000	United Technologies Corp.µ^ 7.500%		12,940,400

				29,209,275

		Telecommunication Services (1.5%)
	181,000	Intelsat, SA^ 5.750%		6,358,530
	138,600	T-Mobile USA, Inc. 5.500%		8,641,710

				15,000,240

		Utilities (2.2%)
	66,876	Dominion Resources, Inc. 6.375%		3,320,393
	145,000	Exelon Corp.^ 6.500%		7,144,150
	208,000	NextEra Energy, Inc.^ 5.799%		11,833,120

				22,297,663

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $194,897,616)		196,180,581

	COMMON STOCKS (1.9%)
		Financials (1.9%)
	17,300	American International Group, Inc.µ		973,817
	299,522	MetLife, Inc.^		15,362,483
	215,000	Och-Ziff Capital Management Group, LLC - Class Aµ		2,775,650

		TOTAL COMMON STOCKS (Cost $19,023,835)		19,111,950


See accompanying Notes to Schedule of Investments		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			17

Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (3.4%)
	33,704,792	Fidelity Prime Money Market Fund - Institutional Class (Cost $33,704,792)	$	33,704,792

	TOTAL INVESTMENTS (140.0%) (Cost $1,348,956,857)			1,400,531,312


	LIABILITIES, LESS OTHER ASSETS (-40.0%)			(400,138,386	)


	NET ASSETS (100.0%)		$	1,000,392,926

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.

µ	Security, or portion of security, is held in a segregated account as collateral for notes payable aggregating a total value of $831,283,013. $184,257,481 of the collateral has been re-registered by the counterparty, BNP (see Note 7 – Borrowings).

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

†	Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2015.

~	Security, or portion of security, is segregated as collateral for swaps. The aggregate value of such securities is $550,398.

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

#	Non-income producing security.

FOREIGN CURRENCY ABBREVIATION


EUR		European Monetary Unit

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.

INTEREST RATE SWAPS


COUNTERPARTY	FIXED RATE (FUND PAYS)	FLOATING RATE (FUND RECEIVES)	TERMINATION DATE	NOTIONAL AMOUNT		UNREALIZED APPRECIATION/ (DEPRECIATION)
BNP Paribas, SA	1.160% quarterly	3 month LIBOR	04/19/17	$	68,000,000	$	(514,045	)

						$	(514,045	)


18		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statement of Assets and Liabilities April 30, 2015 (Unaudited)


ASSETS
Investments in securities, at value (cost $1,348,956,857)	$	1,400,531,312
Receivables:
Accrued interest and dividends		12,979,565
Investments sold		3,261,649
Prepaid expenses		75,725
Other assets		207,269
Total assets		1,417,055,520
LIABILITIES
Unrealized depreciation on interest rate swaps		514,045
Payables:
Notes payable		400,000,000
Investments purchased		14,757,027
Affiliates:
Investment advisory fees		921,751
Deferred compensation to trustees		207,269
Financial accounting fees		13,275
Trustees’ fees and officer compensation		10,470
Other accounts payable and accrued liabilities		238,757
Total liabilities		416,662,594
NET ASSETS	$	1,000,392,926
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized 72,480,130 shares issued and outstanding	$	964,586,876
Undistributed net investment income (loss)		(26,203,984	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and interest rate swaps		10,949,973
Unrealized appreciation (depreciation) of investments, foreign currency translations and interest rate swaps		51,060,061
NET ASSETS	$	1,000,392,926
Net asset value per common shares based upon 72,480,130 shares issued and outstanding	$	13.80


See accompanying Notes to Financial Statements		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			19

Statement of Operations Six Months Ended April 30, 2015 (Unaudited)


INVESTMENT INCOME
Interest	$	30,091,327
Dividends		4,486,701
Securities lending income		52,037
Total investment income		34,630,065

EXPENSES
Investment advisory fees		5,551,754
Interest expense and related fees		1,584,860
Printing and mailing fees		87,037
Financial accounting fees		79,932
Legal fees		45,023
Accounting fees		44,052
Trustees’ fees and officer compensation		35,045
Audit fees		33,370
Custodian fees		15,222
Transfer agent fees		12,319
Registration fees		7,354
Other		48,791
Total expenses		7,544,759
NET INVESTMENT INCOME (LOSS)		27,085,306

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		8,867,485
Purchased options		12,961,107
Foreign currency transactions		(5,581	)
Written options		234,182
Interest rate swaps		(315,061	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(21,418,697	)
Purchased options		(15,840,377	)
Foreign currency translations		815
Interest rate swaps		(33,146	)
NET GAIN (LOSS)		(15,549,273	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,536,033


20		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014
OPERATIONS
Net investment income (loss)	$	27,085,306		$	57,311,993
Net realized gain (loss)		21,742,132			29,653,922
Change in unrealized appreciation/(depreciation)		(37,291,405	)		19,565,836
Net increase (decrease) in net assets applicable to shareholders resulting from operations		11,536,033			106,531,751

DISTRIBUTIONS FROM
Net investment income		(43,428,226	)		(81,214,711	)

CAPITAL STOCK TRANSACTIONS
Reinvestment of distributions resulting in the issuance of stock		2,383,404			2,266,548
Net increase (decrease) in net assets from capital stock transactions		2,383,404			2,266,548
TOTAL INCREASE (DECREASE) IN NET ASSETS		(29,508,789	)		27,583,588

NET ASSETS
Beginning of period	$	1,029,901,715		$	1,002,318,127
End of period		1,000,392,926			1,029,901,715
Undistributed net investment income (loss)	$	(26,203,984	)	$	(9,861,064	)


See accompanying Notes to Financial Statements		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			21

Statement of Cash Flows Six Months Ended April 30, 2015 (Unaudited)


CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	11,536,033
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		(270,276,017	)
Net proceeds from disposition of short term investments		3,188,353
Proceeds paid on closing written options		(37,512	)
Proceeds from disposition of investment securities, including purchased options		283,715,411
Premiums received from written options		271,694
Amortization and accretion of fixed-income securities		(4,357,288	)
Net realized gains/losses from investments, excluding purchased options		(8,867,485	)
Net realized gains/losses from purchased options		(12,961,107	)
Net realized gains/losses from written options		(234,182	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		21,418,697
Change in unrealized appreciation or depreciation on purchased options		15,840,377
Change in unrealized appreciation or depreciation on interest rate swaps		33,146
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		1,850,718
Prepaid expenses		(62,404	)
Other assets		(8,349	)
Increase/(decrease) in liabilities:
Payables to affiliates		(21,368	)
Other accounts payable and accrued liabilities		16,105
Net cash provided by/(used in) operating activities	$	41,044,822

CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(41,044,822	)
Net cash provided by/(used in) financing activities	$	(41,044,822	)
Net increase/(decrease) in cash	$	—
Cash at beginning of period	$	—
Cash at end of period	$	—
Supplemental disclosure
Cash paid for interest and related fees	$	1,589,060
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions:	$	2,383,404


22		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Notes to Financial Statements (Unaudited)

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).

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.


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			23

Notes to Financial Statements (Unaudited)

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

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2015. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

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

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

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

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 ETF 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 and Calamos Dynamic Convertible and Income Fund 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.

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

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

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

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 2011 – 2014 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

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


24		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

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.

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

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

A trustee and certain officers of the Fund are also officers and directors of Calamos Advisors. Such trustee and officers serve without direct compensation from the Fund.

The Fund has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) 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 $207,269 is included in “Other assets” on the Statement of Assets and Liabilities at April 30, 2015. The Fund 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 April 30, 2015.

Note 3 – Investments

The cost of purchases and proceeds from sale of long-term investments for the period ended April 30, 2015 were as follows:


Cost of purchases	$	260,566,033
Proceeds from sales		273,601,035

The following information is presented on a federal income tax basis as of April 30, 2015. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at April 30, 2015 was as follows:


Cost basis of investments	$	1,368,950,794

Gross unrealized appreciation		89,971,402
Gross unrealized depreciation		(58,390,884	)

Net unrealized appreciation (depreciation)	$	31,580,518

Note 4 – Income Taxes

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


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			25

Notes to Financial Statements (Unaudited)

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.

The tax character of distributions for the period ended April 30, 2015 will be determined at the end of the Fund’s current fiscal year.

Distributions for the year ended October 31, 2014 were characterized for federal income tax purposes as follows:


	YEAR ENDED OCTOBER 31, 2014
Distributions paid from:
Ordinary income	$	81,214,711

As of October 31, 2014, the components of accumulated earnings/(loss) on a tax basis were as follows:


Undistributed ordinary income	$	—
Undistributed capital gains		—

Total undistributed earnings		—
Accumulated capital and other losses		(10,483	)
Net unrealized gains/(losses)		67,868,447

Total accumulated earnings/(losses)		67,857,964
Other		(159,721	)
Paid-in capital		962,203,472

Net assets applicable to common shareholders	$	1,029,901,715

The Regulated Investment Company Modernization Act of 2010 (the “Act”) modernized various tax rules for regulated investment companies, and was effective for taxable years beginning after the enactment date of December 22, 2010. One significant change is to the treatment of capital loss carryforwards. Now, any capital losses recognized will retain their character as either short-term or long-term capital losses, will be utilized before the pre-Act capital loss carryforwards, and will be carried forward indefinitely, until applied in offsetting future capital gains.

As of October 31, 2014, the Fund had pre-Act capital loss carryforwards which, if not used, will expire as follows:


2019		$	(10,483	)

Note 5 – Common Shares

There are unlimited common shares of beneficial interest authorized and 72,480,130 shares outstanding at April 30, 2015. Calamos Advisors owned 40,255 of the outstanding shares at April 30, 2015. Transactions in common shares were as follows:


	PERIOD ENDED APRIL 30, 2015		YEAR ENDED OCTOBER 31, 2014
Beginning shares		72,306,146		72,148,383
Shares sold		—		—
Shares issued through reinvestment of distributions		173,984		157,763

Ending shares		72,480,130		72,306,146

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.


26		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

Note 6 – 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 U.S. 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. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The Fund’s net counterparty exposure is reflected in the counterparty table below. 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 April 30, 2015.

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 the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the 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 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 April 30, 2015, the Fund had outstanding purchased options as listed on the Schedule of Investments.


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			27

Notes to Financial Statements (Unaudited)

For the period ended April 30, 2015, the Fund had the following transactions in options written:


	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2014		—		$	—
Option written		1,030			271,694
Options closed		(1,030	)		(271,694	)
Options exercised		—			—
Options expired		—			—

Options outstanding at April 30,2015		—		$	—

Interest Rate Risk. The Fund engages in interest rate swaps primarily to hedge the interest rate risk on the Fund’s borrowings (see Note 7 – Borrowings). 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.

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.

As of April 30, 2015, the Fund had outstanding interest rate swap agreements as listed on the Schedule of Investments.

As of April 30, 2015, 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:
Interest Rate Swaps⁽¹⁾	$	—	$	514,045
Options purchased⁽²⁾		8,180,450		—

	$	8,180,450	$	514,045


28		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

The following table presents the outstanding derivative contracts, organized by counterparty, that are subject to enforceable master netting agreements as of April 30, 2015:


		GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
		GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES				COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty		ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
BNP Paribas, SA	ISDA	$	—	$	514,045	$	514,045	$	—	$	—

		$	—	$	514,045	$	514,045	$	—	$	—

(1)	Generally, the Statement of Assets and Liabilities location for ‘Interest rate swaps” is “Unrealized appreciation (depreciation) on interest rate swaps.”

(2)	Generally, the Statement of Assets and Liabilities location for “Options purchased” is “Investments in securities, at value”.

For the period ended April 30, 2015, the volume of derivative activity for the Fund is reflected below:*


	DERIVATIVE TYPE
Options purchased		18,675
Options written		1,030

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

Note 7 – Borrowings

The Fund, with the approval of its board of trustees, including its independent trustees, has entered into a financing package that includes a Committed Facility Agreement (the “BNP Agreement”) with BNP Paribas Prime Brokerage International Ltd. (“BNP”) that allows the Fund to borrow up to $240.0 million and a lending agreement, “Lending Agreement” as defined below. In addition, the financing package also includes a Credit Agreement (the “SSB Agreement”, together with the BNP Agreement, “Agreements”) with State Street Bank and Trust Company (“SSB”) that allows the Fund to borrow up to a limit of $240.0 million, and a related securities lending authorization agreement (“Authorized Agreement”). Borrowings under the BNP Agreement and the SSB Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account (the “pledged collateral”). BNP and SSB share an equal claim on the pledged collateral, subject to any adjustment that may be agreed upon between the lenders. Interest on the BNP Agreement is charged at the three month LIBOR (London Inter-bank Offered Rate) plus .65% on the amount borrowed and .55% on the undrawn balance. Interest on the SSB Agreement is charged on the drawn amount at the rate of Overnight LIBOR plus .80% and .10% on the undrawn balance (if the undrawn amount is more than 75% of the borrowing limit, the commitment fee is .20%). For the period ended April 30, 2015, the average borrowings under the Agreements were $400.0 million. For the period ended April 30, 2015, the average interest rate was 0.73%. As of April 30, 2015, the amount of total outstanding borrowings was $400.0 million ($200.0 million under the BNP Agreement and $200.0 million under the SSB Agreement), which approximates fair value. The interest rate applicable to the borrowings on April 30, 2015 was 0.81%.

The Lending Agreement with BNP is a separate side-agreement between the Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the “Lent Securities”) in an amount not to exceed the outstanding borrowings owed by the Fund to BNP under the BNP Agreement. The Lending Agreement is intended to permit the Fund to significantly reduce the cost of its borrowings under the BNP Agreement. BNP may re-register the Lent Securities in its own name or in another name other than the Fund, and may pledge, re-pledge, sell, lend or otherwise transfer or use the Lent Securities with all attendant rights of ownership. (It is the Fund’s understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) The Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by the Fund. During the period in which the Lent Securities are outstanding, BNP must remit payment to the Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities.

Under the terms of the Lending Agreement with BNP, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the “Current


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			29

Notes to Financial Statements (Unaudited)

Borrowings”), BNP must, on that day, either (1) return Lent Securities to the Fund’s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with the Fund’s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, the Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. The Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to the Fund’s custodian no later than three business days after such request. If the Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable to the Fund’s custodian for the ultimate delivery of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings.

Under the terms of the Authorized Agreement with SSB, all securities lent through SSB must be secured continuously by collateral received in cash, cash equivalents, or U.S. Treasury bills and maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral held by SSB on behalf of the Fund may be credited against the amounts borrowed under the SSB Agreement. Any amounts credited against the SSB 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 Authorized Agreement with SSB, SSB will return the value of the collateral to the borrower upon the return of the lent securities, which will eliminate the credit against the SSB Agreement and will cause the amount drawn under the SSB Agreement to increase in an amount equal to the returned collateral. Under the terms of the Authorized Agreement with SSB, the Fund will make a variable “net income” payment related to any collateral credited against the SSB Agreement which will be paid to the securities borrower, less any payments due to the Fund or SSB under the terms of the Authorized Agreement. The Fund has the right to call a loan and obtain the securities loaned at any time. As of April 30, 2015, the Fund used approximately $99.7 million of its cash collateral to offset the SSB Agreement, representing 7.1% of managed assets, and was required to pay a “net income” payment equal to an annualized interest rate of 0.46%, which can fluctuate depending on interest rates. As of April 30, 2015, approximately $96.3 million of securities were on loan ($66.3 million of fixed income securities and $30.0 million of equity securities) which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities.

On May 22, 2015, the Fund’s board of trustees amended the Fund’s non-fundamental policy with respect to borrowings to be measured based on managed assets rather than total assets. The policy, as amended, is as follows:

As a non-fundamental policy, the Fund may not issue debt securities, borrow money or issue preferred shares in an aggregate amount exceeding 38% of the Fund’s managed assets measured at the time of issuance of the new securities.

For purposed of this non-fundamental policy, “managed assets” shall mean the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of liabilities (other than debt representing financial leverage). The policy is measured at each incurrence of the debt, and is not a maintenance test.

Note 8 – 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.

•

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


30		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

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	$	—	$	556,309,848	$	—	$	556,309,848
Convertible Bonds		—		540,126,599		—		540,126,599
U.S. Government and Agency Securities		—		554,394		—		554,394
Synthetic Convertible Securities (Corporate Bonds)		—		46,316,665		—		46,316,665
Synthetic Convertible Securities (U.S. Government and Agency Securities)		—		46,033		—		46,033
Synthetic Convertible Securities (Purchased Options)		8,180,450		—		—		8,180,450
Convertible Preferred Stocks		143,123,669		53,056,912		—		196,180,581
Common Stocks U.S		19,111,950		—		—		19,111,950
Short Term Investment		33,704,792		—		—		33,704,792

Total	$	204,120,861	$	1,196,410,451	$	—	$	1,400,531,312

Liabilities:
Interest Rate Swaps	$	—	$	514,045	$	—	$	514,045

Total	$	—	$	514,045	$	—	$	514,045


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			31

Financial Highlights

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


	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$14.24			$13.89			$13.08			$12.72			$13.03			$11.92
Income from investment operations:
Net investment income (loss)*		0.37			0.79			0.83			0.86			0.91			0.96
Net realized and unrealized gain (loss)		(0.21	)		0.69			1.00			0.52			(0.20	)		1.17
Total from investment operations		0.16			1.48			1.83			1.38			0.71			2.13
Less distributions to common shareholders from:
Net investment income		(0.60	)		(1.13	)		(1.02	)		(1.02	)		(0.86	)		(1.02	)
Return of capital		—			—			—			—			(0.16	)		—
Total distributions		(0.60	)		(1.13	)		(1.02	)		(1.02	)		(1.02	)		(1.02	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—			—	(a)		—	(a)		—	(a)		—	(a)
Premiums from shares sold in at the market offerings		—			—			—			—			—	(a)		—	(a)
Net asset value, end of period		$13.80			$14.24			$13.89			$13.08			$12.72			$13.03
Market value, end of period		$14.19			$14.47			$12.85			$12.43			$11.96			$13.19
Total investment return based on:(b)
Net asset value		1.23%			11.22%			15.13%			11.66%			5.80%			18.88%
Market value		2.44%			22.16%			12.08%			12.85%			(1.73%	)		30.29%
Net assets, end of period (000)		$1,000,393			$1,029,902			$1,002,318			$943,813			$917,539			$921,278
Ratios to average net assets applicable to common shareholders:
Net expenses		1.52%	(c)		1.47%			1.50%			1.60%			1.61%			1.73%
Gross expenses prior to expense reductions and earnings credits		1.52%	(c)		1.47%			1.50%			1.60%			1.64%			1.79%
Net expenses, excluding interest expense		1.20%	(c)		1.18%			1.17%			1.16%			1.20%			1.20%
Net investment income (loss)		5.47%	(c)		5.57%			6.18%			6.70%			6.99%			7.75%
Portfolio turnover rate		19%			35%			62%			54%			42%			39%
Average commission rate paid		$0.0303			$0.0292			$0.0288			$0.0214			$0.0211			$—
Asset coverage per $1,000 of loan outstanding(d)		$3,501			$3,575			$3,538			$4,006			$3,922			$4,412

*	Net investment income allocated based on average shares method.

(a)	Amount equated to 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)	Annualized.

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


32		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Report of Independent Registered Public Accounting Firm

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

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, for Calamos Convertible and High Income Fund (the “Fund”) as of April 30, 2015, and the related statements of operations, changes in net assets, and cash flows and the financial highlights for the sixth month period then ended. These interim financial statements and financial highlights are the responsibility of the Fund’s management.

We conducted our review in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to such interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of changes in net assets of the Fund for the year ended October 31, 2014 and the financial highlights for each of the five years in the period then ended; and in our report dated December 17, 2014, we expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

LOGO

Chicago, Illinois

June 17, 2015


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			33

About Closed-End Funds

What is a Closed-End Fund?

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

Potential Advantages of Closed-End Fund Investing

•

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

•

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

•

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

•

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

•

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

•

No Minimum Investment Requirements

OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS


OPEN-END FUND		CLOSED-END FUND
Issues new shares on an ongoing basis		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.


34		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

Level Rate Distribution Policy

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

The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, 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 level rate distribution policy for the Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. There is no guarantee that the Fund will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV.

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

Automatic Dividend Reinvestment Plan

Maximizing Investment with an Automatic Dividend Reinvestment Plan

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

Potential Benefits

•

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

•

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

•

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

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 358016, Pittsburgh, PA 15252. 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


		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT			35

Automatic Dividend Reinvestment Plan

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. 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 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.


36		CALAMOS CONVERTIBLE AND HIGH INCOME FUND SEMIANNUAL REPORT

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.


		STAY CONNECTED www.calamos.com

Visit our Web site for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

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, 2014, 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 on Form N-Q . The Forms N-Q 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. You may also review or, for a fee, copy the forms at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.732.0330.

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 30170

College Station, TX 77842-3170

866.226.8016

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP

Chicago, IL

LEGAL COUNSEL:

Ropes & Gray LLP

Chicago, IL

LOGO

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

Calamos^® and Calamos Investments^® are registered

trademarks of Calamos Investments LLC.

CHYSAN 1791 2015

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

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

Not applicable.

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

(a) Not applicable.

(b) Effective May 15, 2015, Steve Klouda was no longer a member of the investment team managing the Fund.

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics - Not applicable.

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

(a)(2)(ii) 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 and High Income Fund



By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		June 19, 2015



By:		/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		June 19, 2015

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:		June 19, 2015



By:		/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		June 19, 2015