Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (38.9%)

		*Airlines (0.9%)*
	173,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25	$	172,055
	1,005,037	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		973,177
	522,856	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		527,624
	1,132,040	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		998,878
		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	717,750	5.500%, 04/20/26		707,766
	261,000	5.750%, 04/20/29		253,199
	1,079,900	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		969,199
	1,082,121	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,090,994
	1,366,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		1,382,537

				7,075,429


		*Communication Services (4.1%)*
	600,000	Altice France Holding, SA* 10.500%, 05/15/27		254,838
	1,200,000	Altice France, SA* 5.500%, 10/15/29		853,344
	1,255,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,118,481
	1,018,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,020,779
	1,100,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		871,596
		Audacy Capital Corp.*
	1,307,000	6.750%, 03/31/29		28,558
	490,000	6.500%, 05/01/27		11,785
	801,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		658,046
	1,585,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		1,238,947
		CSC Holdings, LLC*
	1,685,000	5.500%, 04/15/27		1,446,977
	1,630,000	5.375%, 02/01/28		1,362,468
	1,600,000	4.625%, 12/01/30		808,832
	1,220,000	4.500%, 11/15/31		876,521
	1,150,000	5.750%, 01/15/30		596,976
		Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	750,000	6.625%, 08/15/27		22,162
	585,000	5.375%, 08/15/26		18,650
	1,430,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		1,292,134


PRINCIPAL AMOUNT			VALUE
	727,000	Embarq Corp. 7.995%, 06/01/36	$	413,307
	1,060,000	Frontier California, Inc. 6.750%, 05/15/27		979,398
		Frontier Communications Holdings, LLC*
	658,000	5.000%, 05/01/28		558,227
	261,000	8.750%, 05/15/30		251,781
	1,165,000	Frontier Florida, LLC@ 6.860%, 02/01/28		1,093,376
	1,555,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,405,798
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	905,000	3.500%, 03/01/29		780,047
	270,000	5.250%, 12/01/27		259,748
		iHeartCommunications, Inc.
	395,000	8.375%, 05/01/27^		270,575
	395,000	5.250%, 08/15/27*		311,667
		Intelsat Jackson Holdings, SA@&
	790,000	0.000%, 07/15/25*		1
	510,000	0.000%, 08/01/23		1
	1,295,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,216,769
	791,137	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		274,896
		Lumen Technologies, Inc.
	785,000	7.600%, 09/15/39		288,558
	525,000	4.000%, 02/15/27*^		345,450
	522,000	Match Group Holdings II, LLC*^ 3.625%, 10/01/31		430,739
	718,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		593,140
	367,000	Qwest Corp. 7.250%, 09/15/25		358,434
		Scripps Escrow II, Inc.*
	514,000	3.875%, 01/15/29		427,679
	257,000	5.375%, 01/15/31^		195,849
	930,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		778,233
		Sirius XM Radio, Inc.*
	1,350,000	5.500%, 07/01/29		1,235,250
	1,044,000	4.000%, 07/15/28		909,491
	515,000	3.125%, 09/01/26		464,566
	261,000	3.875%, 09/01/31		204,603
	957,000	Spanish Broadcasting System, Inc.*^ 9.750%, 03/01/26		663,613
	1,915,000	Sprint, LLCµ 7.125%, 06/15/24		1,933,441
	910,000	Stagwell Global, LLC* 5.625%, 08/15/29		775,438
	1,170,000	TEGNA, Inc. 4.625%, 03/15/28		1,054,825
	805,000	Telecom Italia Capital, SA 6.000%, 09/30/34		651,817
	1,042,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		625,784
	420,000	Time Warner Cable, LLC 7.300%, 07/01/38		428,744
	1,705,000	United States Cellular Corp.^ 6.700%, 12/15/33		1,475,882

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	390,000	Univision Communications, Inc.* 8.000%, 08/15/28	$	393,323

				34,531,544


		*Consumer Discretionary (8.3%)*
	1,257,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25		1,277,288
	1,305,000	Adient Global Holdings Company*^ 8.250%, 04/15/31		1,341,971
	830,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		790,708
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	913,000	4.625%, 08/01/29^		791,589
	780,000	6.625%, 01/15/28		752,614
	1,325,000	At Home Group, Inc.* 4.875%, 07/15/28		770,541
		Bath & Body Works, Inc.
	1,369,000	6.694%, 01/15/27		1,375,640
	1,285,000	6.875%, 11/01/35		1,193,418
	600,000	Benteler International AG*^ 10.500%, 05/15/28		613,806
		Caesars Entertainment Corp.*^
	657,000	4.625%, 10/15/29		578,948
	512,000	8.125%, 07/01/27		526,249
		Carnival Corp.*
	523,000	4.000%, 08/01/28		465,491
	520,000	7.625%, 03/01/26^		513,677
	512,000	10.500%, 02/01/26		539,868
	1,219,000	Carriage Services, Inc.*^ 4.250%, 05/15/29		1,058,019
	775,000	Carvana Company* 4.875%, 09/01/29		481,372
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	3,350,000	5.125%, 05/01/27		3,146,085
	1,200,000	6.375%, 09/01/29		1,148,292
	1,150,000	4.750%, 03/01/30		997,130
	1,035,000	4.250%, 02/01/31		850,915
	550,000	4.500%, 08/15/30		465,806
	540,000	5.000%, 02/01/28		499,802
	522,000	4.750%, 02/01/32		432,822
	522,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		485,491
	810,000	Cedar Fair, LP^ 5.250%, 07/15/29		728,117
	520,000	Churchill Downs, Inc.* 6.750%, 05/01/31		508,919
		Dana, Inc.^
	855,000	4.250%, 09/01/30		734,462
	782,000	4.500%, 02/15/32		656,982
		DISH DBS Corp.
	1,300,000	5.250%, 12/01/26*		1,067,521
	828,000	7.750%, 07/01/26		536,842
	650,000	7.375%, 07/01/28		366,542
	530,000	5.125%, 06/01/29		268,238
	1,049,000	DISH Network Corp.* 11.750%, 11/15/27		1,056,469
	1,510,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,225,984
	1,142,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,013,890


PRINCIPAL AMOUNT			VALUE
	1,075,000	Ford Motor Company^ 6.100%, 08/19/32	$	1,040,890
		Ford Motor Credit Company, LLC
	2,100,000	7.350%, 11/04/27		2,160,438
	1,650,000	4.000%, 11/13/30		1,423,867
	1,350,000	7.200%, 06/10/30		1,388,664
	1,280,000	5.113%, 05/03/29		1,195,571
	800,000	2.900%, 02/16/28		689,600
	450,000	7.350%, 03/06/30		466,340
	200,000	4.950%, 05/28/27		190,324
		Gap, Inc.*
	391,000	3.875%, 10/01/31		279,948
	52,000	3.625%, 10/01/29		38,790
		goeasy, Ltd.*
	1,795,000	5.375%, 12/01/24		1,752,117
	962,000	4.375%, 05/01/26^		881,788
	445,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		393,892
	1,116,000	Guitar Center, Inc.*^& 8.500%, 01/15/26		1,028,104
		International Game Technology, PLC*
	1,350,000	6.250%, 01/15/27		1,352,322
	200,000	4.125%, 04/15/26		190,546
	665,000	Kohl’s Corp. 5.550%, 07/17/45		433,414
	1,040,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,057,295
	1,045,000	Liberty Interactive, LLC 8.250%, 02/01/30		391,875
		Life Time, Inc.*
	1,008,000	8.000%, 04/15/26^		1,009,845
	525,000	5.750%, 01/15/26		515,456
	390,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		403,014
	672,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		651,396
	685,000	M/I Homes, Inc. 3.950%, 02/15/30		598,587
		Macy’s Retail Holdings, LLC
	1,744,000	6.700%, 07/15/34*		1,452,403
	500,000	4.300%, 02/15/43		314,720
	1,200,000	Mclaren Finance, PLC* 7.500%, 08/01/26		1,072,020
	1,329,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,183,355
	759,000	Mohegan Tribal Gaming Authority*^ 8.000%, 02/01/26		695,988
		Newell Brands, Inc.^
	250,000	6.375%, 09/15/27		245,955
	129,000	6.625%, 09/15/29		129,307
		Nordstrom, Inc.
	500,000	5.000%, 01/15/44		341,215
	499,000	4.250%, 08/01/31		394,265
	1,195,000	Penn Entertainment, Inc.*^ 4.125%, 07/01/29		988,492
		PetSmart, Inc. / PetSmart Finance Corp.*
	650,000	7.750%, 02/15/29		635,187
	325,000	4.750%, 02/15/28		298,610

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	1,460,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29	$	1,117,426
	2,957,000	Rite Aid Corp.* 8.000%, 11/15/26		1,481,664
	520,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		527,613
	1,475,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,230,578
	2,090,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31		2,001,614
	1,173,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		1,006,270
	753,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		705,448
	2,125,000	Station Casinos, LLC* 4.500%, 02/15/28		1,930,137
	636,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		621,315
	260,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		267,316
	1,215,000	Vista Outdoor, Inc.*^ 4.500%, 03/15/29		1,034,536
	525,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		528,339
		ZF North America Capital, Inc.*
	1,025,000	7.125%, 04/14/30		1,055,668
	300,000	6.875%, 04/14/28		304,968

				70,360,000


		*Consumer Staples (1.6%)*
	1,178,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		1,182,794
	1,191,000	Central Garden & Pet Company* 4.125%, 04/30/31		998,415
	1,188,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,040,308
		Energizer Holdings, Inc.*^
	1,445,000	4.375%, 03/31/29		1,257,540
	260,000	6.500%, 12/31/27		254,137
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	1,575,000	5.500%, 01/15/30^		1,524,773
	650,000	5.125%, 02/01/28µ		632,320
	390,000	5.750%, 04/01/33		374,638
	672,000	New Albertsons, LP 7.750%, 06/15/26		696,259
	1,043,000	Performance Food Group, Inc.*^ 4.250%, 08/01/29		926,560
		Pilgrim’s Pride Corp.
	815,000	5.875%, 09/30/27*		805,685
	775,000	4.250%, 04/15/31		669,817
	477,000	Post Holdings, Inc.* 5.750%, 03/01/27		467,932
	986,000	Prestige Brands, Inc.*^ 3.750%, 04/01/31		831,287
	605,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		504,939


PRINCIPAL AMOUNT			VALUE
	1,628,000	Vector Group, Ltd.* 5.750%, 02/01/29	$	1,420,088

				13,587,492


		*Energy (4.5%)*
	1,041,000	Antero Resources Corp.*^ 5.375%, 03/01/30		971,170
	1,037,000	Apache Corp. 5.100%, 09/01/40		881,709
		Buckeye Partners, LP
	810,000	3.950%, 12/01/26		746,861
	545,000	5.850%, 11/15/43		422,043
	1,460,000	Callon Petroleum Company*^ 7.500%, 06/15/30		1,419,573
	520,000	Cheniere Energy, Inc. 4.625%, 10/15/28		489,944
	780,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		777,231
	286,000	Civitas Resources, Inc.* 8.750%, 07/01/31		296,173
		Continental Resources, Inc.*
	775,000	2.875%, 04/01/32		603,159
	515,000	5.750%, 01/15/31		499,087
	808,000	DT Midstream, Inc.* 4.125%, 06/15/29		717,334
		Earthstone Energy Holdings, LLC*
	1,024,000	8.000%, 04/15/27		1,019,781
	390,000	9.875%, 07/15/31^		403,517
	600,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		595,164
		Energy Transfer, LP‡
	1,520,000	8.651%, 11/01/66 3 mo. SOFR + 3.28%		1,219,526
	764,000	6.500%, 11/15/26 5 year CMT + 5.69%		697,333
		EnLink Midstream Partners, LP
	1,300,000	9.618%, 08/31/23^‡ 3 mo. LIBOR + 4.11%		1,124,994
	1,125,000	4.850%, 07/15/26		1,094,254
	650,000	Enlink Midstream, LLC* 6.500%, 09/01/30		655,662
	1,200,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,220,964
		Genesis Energy, LP / Genesis Energy Finance Corp.
	1,017,000	6.250%, 05/15/26^		976,656
	260,000	8.875%, 04/15/30		259,691
		Gulfport Energy Corp.
	1,105,000	8.000%, 05/17/26*		1,120,061
	1,015,000	0.000%, 05/15/25@&		1
	310,206	8.000%, 05/17/26^		314,434
	1,460,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,350,412
	782,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		758,564
	1,015,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		995,390
		Moss Creek Resources Holdings, Inc.*
	540,000	10.500%, 05/15/27^		527,985
	495,000	7.500%, 01/15/26		463,879

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	780,000	Nabors Industries, Inc.* 7.375%, 05/15/27	$	763,792
	780,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		718,910
		New Fortress Energy, Inc.*
	1,041,000	6.750%, 09/15/25		991,990
	522,000	6.500%, 09/30/26		479,525
	1,110,000	Parkland Corp.* 5.875%, 07/15/27		1,080,363
	1,043,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		967,821
	1,040,000	Plains All American Pipeline, LP‡ 9.431%, 08/31/23 3 mo. LIBOR + 4.11%		944,850
	935,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		860,097
		Southwestern Energy Company
	525,000	5.375%, 02/01/29		496,645
	521,000	4.750%, 02/01/32		464,612
	261,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		232,381
	1,303,000	Transocean, Inc.* 8.750%, 02/15/30		1,353,166
		Venture Global Calcasieu Pass, LLC*
	650,000	6.250%, 01/15/30		636,201
	260,000	4.125%, 08/15/31		220,914
	260,000	3.875%, 08/15/29		225,638
		Venture Global LNG, Inc.*
	1,300,000	8.375%, 06/01/31		1,320,306
	780,000	8.125%, 06/01/28		793,190
		Vital Energy, Inc.
	605,000	7.750%, 07/31/29*		519,731
	519,000	9.500%, 01/15/25^		518,626
	1,045,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		972,184
	1,045,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,071,804

				38,255,298


		*Financials (6.6%)*
	1,387,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		1,343,129
	1,562,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,559,032
	1,601,000	AG Issuer, LLC* 6.250%, 03/01/28		1,548,967
	1,830,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		1,742,910
		Ally Financial, Inc.
	1,173,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		894,987
	480,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		338,856
	434,000	8.000%, 11/01/31		460,934
	2,082,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,910,610
	1,146,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		1,033,681
	425,000	Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		413,198


PRINCIPAL AMOUNT			VALUE
	2,084,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29	$	1,862,617
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	985,000	4.500%, 04/01/27		852,843
	657,000	5.750%, 05/15/26		617,041
	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		915,540
	913,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		843,365
		Credit Acceptance Corp.
	1,335,000	6.625%, 03/15/26^		1,309,969
	1,045,000	5.125%, 12/31/24*		1,024,831
	1,346,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		1,333,159
	1,503,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*^ 3.750%, 12/15/27		1,201,228
	1,688,000	Greystar Real Estate Partners, LLC*^ 5.750%, 12/01/25		1,666,275
		HUB International, Ltd.*
	1,571,000	5.625%, 12/01/29		1,406,296
	1,144,000	7.000%, 05/01/26		1,142,845
	781,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		634,211
	1,420,000	ILFC E-Capital Trust II*‡ 7.314%, 12/21/65 3 mo. LIBOR + 1.80%		1,029,500
		Iron Mountain, Inc.*
	2,155,000	5.250%, 03/15/28		2,028,027
	262,000	7.000%, 02/15/29		263,239
	2,640,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		2,256,593
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	2,029,000	5.250%, 10/01/25		1,945,608
	522,000	4.750%, 06/15/29		440,375
	1,481,000	LD Holdings Group, LLC* 6.125%, 04/01/28		973,787
		Level 3 Financing, Inc.*
	1,394,000	3.400%, 03/01/27		1,231,738
	1,080,000	4.250%, 07/01/28		766,066
	525,000	4.625%, 09/15/27		399,725
	774,000	LPL Holdings, Inc.* 4.000%, 03/15/29		694,472
	2,250,000	MetLife, Inc. 6.400%, 12/15/66		2,265,862
	1,415,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,284,452
		Navient Corp.
	1,133,000	5.000%, 03/15/27		1,026,759
	565,000	4.875%, 03/15/28^		494,206
	1,200,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		941,916
		OneMain Finance Corp.
	730,000	9.000%, 01/15/29^		742,417

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	715,000	3.875%, 09/15/28	$	589,711
	518,000	7.125%, 03/15/26^		513,442
	517,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 5.875%, 10/01/28		479,543
	1,602,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,452,517
	260,000	PNC Financial Services Group, Inc.µ^‡ 6.000%, 05/15/27 5 year CMT + 3.00%		241,275
	1,200,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,070,424
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	475,000	3.625%, 03/01/29		404,966
	470,000	3.875%, 03/01/31		387,708
	240,000	2.875%, 10/15/26		214,286
	1,047,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,061,532
		United Wholesale Mortgage, LLC*
	1,212,000	5.500%, 04/15/29		1,066,815
	525,000	5.750%, 06/15/27		491,615
		Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	525,000	6.500%, 02/15/29		366,072
	520,000	10.500%, 02/15/28		517,270
	1,200,000	VZ Secured Financing, BV* 5.000%, 01/15/32		976,632
	1,091,000	XHR, LP*^ 6.375%, 08/15/25		1,076,828

				55,751,902


		*Health Care (2.7%)*
		Bausch Health Companies, Inc.*^
	2,092,000	11.000%, 09/30/28		1,551,636
	413,000	14.000%, 10/15/30		263,622
	391,000	6.125%, 02/01/27		258,255
		CHS/Community Health Systems, Inc.*
	2,075,000	6.125%, 04/01/30		1,311,358
	1,180,000	8.000%, 03/15/26^		1,160,554
	594,000	6.875%, 04/15/29^		395,747
	130,000	5.250%, 05/15/30		104,098
		DaVita, Inc.*
	2,079,000	4.625%, 06/01/30		1,776,797
	1,220,000	3.750%, 02/15/31		976,366
		Embecta Corp.*
	783,000	5.000%, 02/15/30		646,766
	260,000	6.750%, 02/15/30		229,551
		Encompass Health Corp.
	525,000	4.750%, 02/01/30		478,522
	525,000	4.500%, 02/01/28^		488,413
	1,234,000	HCA, Inc. 7.500%, 11/06/33		1,362,607
	340,000	Jazz Securities DAC* 4.375%, 01/15/29		302,872
	445,578	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		74,091
		Medline Borrower, LP*
	1,297,000	5.250%, 10/01/29^		1,152,722
	1,295,000	3.875%, 04/01/29		1,135,780


PRINCIPAL AMOUNT			VALUE
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	1,900,000	5.125%, 04/30/31	$	1,612,701
	450,000	4.125%, 04/30/28		403,627
	1,103,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		571,828
		Tenet Healthcare Corp.
	2,465,000	6.250%, 02/01/27		2,421,098
	1,420,000	6.875%, 11/15/31		1,423,380
		Teva Pharmaceutical Finance Netherlands III, BV
	1,320,000	5.125%, 05/09/29^		1,213,885
	1,000,000	4.750%, 05/09/27		932,070
	500,000	3.150%, 10/01/26		452,695

				22,701,041


		*Industrials (5.8%)*
	1,200,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		1,031,640
	825,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		799,838
	1,055,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		766,310
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	1,750,000	4.625%, 01/15/27		1,661,450
	1,039,000	3.500%, 03/15/29		904,917
	780,000	5.875%, 02/15/28		763,682
	1,200,000	Allegiant Travel Company* 7.250%, 08/15/27		1,188,300
	260,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		248,396
	587,000	Arcosa, Inc.* 4.375%, 04/15/29		532,180
	2,650,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		2,158,372
	821,000	Beacon Roofing Supply, Inc.*^ 4.125%, 05/15/29		726,511
	1,044,000	BWX Technologies, Inc.* 4.125%, 04/15/29		948,265
		Cascades, Inc. / Cascades USA, Inc.*
	540,000	5.375%, 01/15/28		510,791
	520,000	5.125%, 01/15/26		501,691
	257,000	Delta Air Lines, Inc. 7.375%, 01/15/26		267,044
	257,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		249,033
	1,360,000	Deluxe Corp.*^ 8.000%, 06/01/29		1,142,998
	783,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		756,174
	260,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		258,885
	500,000	EnerSys*^ 4.375%, 12/15/27		464,580
	634,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		558,231

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
		Graphic Packaging International, LLC*
	675,000	4.750%, 07/15/27	$	650,916
	484,000	3.500%, 03/01/29		423,650
	1,141,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		971,778
	2,438,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,142,929
	1,549,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,463,898
	1,350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,298,295
	1,210,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,184,300
	1,319,000	JELD-WEN, Inc.*^ 4.625%, 12/15/25		1,298,819
	1,690,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,489,921
	1,040,000	Knife River Holding Company* 7.750%, 05/01/31		1,065,230
	515,000	MasTec, Inc.*^ 4.500%, 08/15/28		479,146
	650,000	Moog, Inc.* 4.250%, 12/15/27		602,973
	1,302,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		961,970
	1,040,000	Novelis Corp.* 4.750%, 01/30/30		936,031
	390,000	OI European Group, BV* 4.750%, 02/15/30		353,956
	1,200,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^ 4.000%, 10/15/27		1,082,256
	1,573,000	Patrick Industries, Inc.*^ 4.750%, 05/01/29		1,368,982
	525,000	QVC, Inc. 5.450%, 08/15/34		266,128
		Sealed Air Corp.*
	809,000	6.125%, 02/01/28		808,223
	261,000	5.000%, 04/15/29		243,962
	400,000	Sensata Technologies, BV* 4.000%, 04/15/29		354,568
	519,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		439,178
		Sinclair Television Group, Inc.*
	774,000	4.125%, 12/01/30		504,772
	515,000	5.500%, 03/01/30^		271,729
	1,030,000	Standard Industries, Inc.* 5.000%, 02/15/27		987,832
	835,000	Stericycle, Inc.* 3.875%, 01/15/29		738,532
	779,000	STL Holding Company, LLC* 7.500%, 02/15/26		726,098
	1,400,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		1,394,848
		TransDigm, Inc.
	1,404,000	6.250%, 03/15/26*		1,399,016
	815,000	7.500%, 03/15/27		814,862
	790,000	6.750%, 08/15/28*		794,874
	780,000	Tronox, Inc.* 4.625%, 03/15/29		647,283


PRINCIPAL AMOUNT			VALUE
	421,811	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29	$	380,200
	1,039,000	Vertiv Group Corp.* 4.125%, 11/15/28		933,812
	1,095,000	Wabash National Corp.* 4.500%, 10/15/28		924,366
	915,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		866,999
	260,000	WESCO Distribution, Inc.* 7.250%, 06/15/28		265,777
		Williams Scotsman International, Inc.*
	1,121,000	6.125%, 06/15/25		1,117,603
	258,000	4.625%, 08/15/28		238,374

				49,333,374


		*Information Technology (1.7%)*
	521,000	Booz Allen Hamilton, Inc.*^ 4.000%, 07/01/29		471,437
	604,000	Coherent Corp.*^ 5.000%, 12/15/29		544,391
	1,136,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		1,032,136
	955,000	CommScope, Inc.*^ 4.750%, 09/01/29		735,942
	660,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		669,319
	522,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		463,077
	520,000	Fair Isaac Corp.* 4.000%, 06/15/28		477,958
	1,130,000	KBR, Inc.* 4.750%, 09/30/28		1,035,475
		MPH Acquisition Holdings, LLC*
	1,130,000	5.750%, 11/01/28^		866,337
	520,000	5.500%, 09/01/28		453,929
	522,000	NCR Corp.* 5.125%, 04/15/29		467,686
	771,000	ON Semiconductor Corp.* 3.875%, 09/01/28		699,243
		Open Text Corp.*
	780,000	3.875%, 02/15/28		695,526
	525,000	6.900%, 12/01/27		537,201
	391,000	3.875%, 12/01/29		331,021
	391,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		325,015
	523,000	Playtika Holding Corp.*^ 4.250%, 03/15/29		462,071
	1,450,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		1,237,328
		Twilio, Inc.
	725,000	3.625%, 03/15/29		623,863
	259,000	3.875%, 03/15/31^		219,458
	1,300,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,121,029
	1,200,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,033,176

				14,502,618


		*Materials (1.7%)*
	555,000	ArcelorMittal, SA^ 7.000%, 10/15/39		575,829

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	500,000	ATI, Inc. 5.875%, 12/01/27	$	488,535
	258,000	Carpenter Technology Corp. 7.625%, 03/15/30		263,653
	780,000	Chemours Company*^ 4.625%, 11/15/29		661,097
	1,640,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,453,844
	780,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		760,757
		Commercial Metals Company
	522,000	4.125%, 01/15/30		469,852
	261,000	4.375%, 03/15/32		228,137
	1,210,000	Constellium, SE*^ 3.750%, 04/15/29		1,053,535
	770,000	HB Fuller Company 4.250%, 10/15/28		691,637
	525,000	INEOS Finance, PLC*^ 6.750%, 05/15/28		501,034
	800,000	JW Aluminum Continuous Cast Company*^ 10.250%, 06/01/26		792,976
		Kaiser Aluminum Corp.*^
	1,180,000	4.625%, 03/01/28		1,061,127
	130,000	4.500%, 06/01/31		106,690
	260,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		218,590
	1,367,000	Mercer International, Inc.^ 5.125%, 02/01/29		1,122,239
	1,015,000	OCI, NV* 6.700%, 03/16/33		1,005,154
		Owens-Brockway Glass Container, Inc.*^
	785,000	7.250%, 05/15/31		798,840
	760,000	6.625%, 05/13/27		758,092
	1,194,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,094,349
	521,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		306,681

				14,412,648


		*Other (0.1%)*
		Gen Digital, Inc.*^
	475,000	7.125%, 09/30/30		479,161
	475,000	6.750%, 09/30/27		477,095

				956,256


		*Real Estate (0.4%)*
	834,000	EPR Properties 3.750%, 08/15/29		686,732
		Forestar Group, Inc.*
	750,000	5.000%, 03/01/28		698,693
	551,000	3.850%, 05/15/26		513,504
	1,168,000	MIWD Holdco II, LLC / MIWD Finance Corp.*^ 5.500%, 02/01/30		994,097
	485,000	Service Properties Trust 5.250%, 02/15/26		443,256

				3,336,282


		*Special Purpose Acquisition Companies (0.2%)*
		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	1,045,000	6.750%, 01/15/30^		898,825


PRINCIPAL AMOUNT			VALUE
	524,000	4.625%, 01/15/29	$	459,768

				1,358,593


		*Utilities (0.3%)*
	379,000	PPL Capital Funding, Inc.‡ 8.203%, 03/30/67 3 mo. LIBOR + 2.67%		343,518
	1,300,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,209,988
		Vistra Corp.*‡
	525,000	7.000%, 12/15/26 5 year CMT + 5.74%		473,329
	270,000	8.000%, 10/15/26 5 year CMT + 6.93%		257,383

				2,284,218


		TOTAL CORPORATE BONDS (Cost $353,222,739)		328,446,695


	CONVERTIBLE BONDS (98.5%)

		*Communication Services (8.9%)*
	780,000	Cable One, Inc.µ 0.000%, 03/15/26		642,299
		Liberty Media Corp.*
	10,000,000	0.500%, 12/01/50		10,921,500
	9,750,000	2.250%, 08/15/27		10,294,050
	9,250,000	3.750%, 03/15/28		10,079,262
	5,750,000	Match Group Financeco 3, Inc.*µ~ 2.000%, 01/15/30		5,378,953
	6,750,000	Perficient, Inc.µ 0.125%, 11/15/26		5,384,205
	16,500,000	Sea, Ltd. 0.250%, 09/15/26		13,296,360
		Snap, Inc.µ
	11,500,000	0.000%, 05/01/27		8,637,075
	6,000,000	0.750%, 08/01/26		5,560,620
	3,750,000	Zillow Group, Inc. 1.375%, 09/01/26		4,961,400

				75,155,724


		*Consumer Discretionary (19.5%)*
	12,250,000	Airbnb, Inc.µ 0.000%, 03/15/26		11,025,123
	5,000,000	Booking Holdings, Inc.µ 0.750%, 05/01/25		8,081,250
	4,500,000	Carnival Corp.*µ 5.750%, 12/01/27		7,487,865
	7,500,000	Chegg, Inc.µ 0.000%, 09/01/26		5,640,675
		DISH Network Corp.
	14,525,000	0.000%, 12/15/25		8,870,418
	2,063,000	2.375%, 03/15/24µ		1,901,900
	12,500,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		9,658,875
	14,000,000	Etsy, Inc.µ 0.125%, 09/01/27		12,328,820
	18,500,000	Ford Motor Company 0.000%, 03/15/26		18,940,115
	9,250,000	Liberty Broadband Corp.*µ 3.125%, 03/31/53		9,453,500
	2,620,000	Lucid Group, Inc.* 1.250%, 12/15/26		1,756,998
	11,000,000	Marriott Vacations Worldwide Corp.*µ 3.250%, 12/15/27		10,627,320

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	8,750,000	Rivian Automotive, Inc.* 4.625%, 03/15/29	$	14,087,587
	6,250,000	Shake Shack, Inc.µ 0.000%, 03/01/28		5,022,750
	16,250,000	Vail Resorts, Inc.µ^ 0.000%, 01/01/26		14,417,000
	14,500,000	Wayfair, Inc.* 3.250%, 09/15/27		20,816,345
	4,500,000	Wynn Macau, Ltd.* 4.500%, 03/07/29		4,984,425

				165,100,966


		*Consumer Staples (0.6%)*
	5,000,000	Post Holdings, Inc.*µ 2.500%, 08/15/27		4,985,700


		*Energy (2.6%)*
	1,675,000	EQT Corp.µ 1.750%, 05/01/26		4,834,988
	5,265,000	Nabors Industries, Inc.*µ 1.750%, 06/15/29		4,597,819
	4,500,000	Northern Oil And Gas, Inc.* 3.625%, 04/15/29		5,496,525
	3,000,000	Pioneer Natural Resources Company 0.250%, 05/15/25		7,193,670
		SunEdison, Inc.@
	10,545,000	0.000%, 01/15/49*		105,450
	1,027,000	0.000%, 10/01/49		10,270

				22,238,722


		*Financials (1.2%)*
	9,250,000	Morgan Stanley Finance, LLC 1.000%, 11/23/27		10,372,025


		*Health Care (22.4%)*
	5,000,000	Alnylam Pharmaceuticals, Inc.*µ 1.000%, 09/15/27		4,882,200
	6,000,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26		6,911,100
	6,019,000	BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		5,883,452
	10,250,000	CONMED Corp. 2.250%, 06/15/27		10,770,597
	13,500,000	CryoPort, Inc.*µ 0.750%, 12/01/26		10,732,770
		Dexcom, Inc.
	17,458,000	0.250%, 11/15/25µ		18,382,052
	8,750,000	0.375%, 05/15/28*		8,850,888
	2,599,000	Envista Holdings Corp.µ 2.375%, 06/01/25		4,414,895
	7,500,000	Exact Sciences Corp. 0.375%, 03/15/27		8,272,575
	7,750,000	Halozyme Therapeutics, Inc.*µ 1.000%, 08/15/28		7,770,305
	4,750,000	Insmed, Inc. 0.750%, 06/01/28		4,116,730
	5,000,000	Insulet Corp. 0.375%, 09/01/26		6,644,700
	9,750,000	Integer Holdings Corp.* 2.125%, 02/15/28		11,944,822
	4,750,000	Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		4,449,610
	4,750,000	Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		4,485,473


PRINCIPAL AMOUNT			VALUE
	10,905,000	Jazz Investments I, Ltd. 2.000%, 06/15/26	$	11,333,239
	4,040,000	Lantheus Holdings, Inc.* 2.625%, 12/15/27		5,366,413
	11,250,000	NeoGenomics, Inc.µ 0.250%, 01/15/28		8,337,375
	4,500,000	NextGen Healthcare, Inc.*µ 3.750%, 11/15/27		4,440,285
	4,250,000	NuVasive, Inc.µ 0.375%, 03/15/25		3,881,100
	9,500,000	Omnicell, Inc.µ 0.250%, 09/15/25		9,128,360
	8,750,000	Pacira BioSciences, Inc.µ 0.750%, 08/01/25		8,081,325
	2,700,000	Repligen Corp.^ 0.375%, 07/15/24		4,159,404
	4,000,000	Sarepta Therapeutics, Inc.*µ 1.250%, 09/15/27		4,261,680
	7,250,000	Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25		6,762,438
	4,301,000	TransMedics Group, Inc.* 1.500%, 06/01/28		5,246,231

				189,510,019


		*Industrials (6.4%)*
	4,750,000	Axon Enterprise, Inc.* 0.500%, 12/15/27		4,907,510
	7,750,000	John Bean Technologies Corp. 0.250%, 05/15/26		7,431,243
	4,750,000	Middleby Corp. 1.000%, 09/01/25		5,990,130
	5,500,000	Parsons Corp. 0.250%, 08/15/25		6,440,225
	7,750,000	Southwest Airlines Company^~ 1.250%, 05/01/25		8,553,520
	21,750,000	Uber Technologies, Inc.µ 0.000%, 12/15/25		20,833,672

				54,156,300


		*Information Technology (30.6%)*
	4,750,000	Akamai Technologies, Inc. 0.375%, 09/01/27		4,682,123
	10,000,000	Bentley Systems, Inc.µ 0.125%, 01/15/26		10,225,300
	11,750,000	BILL Holdings, Inc.µ 0.000%, 04/01/27		9,701,975
	6,750,000	Camtek Ltd.* 0.000%, 12/01/26		6,893,505
	6,250,000	Confluent, Inc.µ 0.000%, 01/15/27		5,222,000
	8,250,000	CyberArk Software, Ltd. 0.000%, 11/15/24		9,692,347
	6,875,000	Datadog, Inc.µ 0.125%, 06/15/25		9,471,344
	6,750,000	DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		5,387,107
	10,012,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		9,223,155
	6,250,000	Five9, Inc.µ 0.500%, 06/01/25		6,210,312
	15,000,000	Microchip Technology, Inc.µ^ 0.125%, 11/15/24		17,366,100
	2,250,000	MongoDB, Inc.µ 0.250%, 01/15/26		4,589,820
		NCL Corp. Ltd.µ
	6,500,000	1.125%, 02/15/27		6,100,120

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	5,000,000	2.500%, 02/15/27	$	4,808,700
	3,250,000	5.375%, 08/01/25		4,530,988
		Okta, Inc.µ
	8,000,000	0.125%, 09/01/25		7,288,320
	4,250,000	0.375%, 06/15/26		3,674,295
	18,500,000	ON Semiconductor Corp.* 0.500%, 03/01/29		22,665,645
	6,000,000	Palo Alto Networks, Inc.µ 0.375%, 06/01/25		15,131,760
	2,250,000	Q2 Holdings, Inc.µ 0.750%, 06/01/26		1,977,683
	12,250,000	Repay Holdings Corp.*µ 0.000%, 02/01/26		10,124,625
	15,000,000	Shift4 Payments, Inc. 0.000%, 12/15/25		16,316,700
	4,000,000	SK Hynix, Inc. 1.750%, 04/11/30		5,259,200
	12,750,000	Splunk, Inc.µ 1.125%, 06/15/27		11,009,625
	10,750,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		10,805,470
	13,250,000	Unity Software, Inc.µ 0.000%, 11/15/26		10,633,125
	7,000,000	Wix.com, Ltd. 0.000%, 08/15/25		6,234,130
		Wolfspeed, Inc.µ
	9,500,000	1.875%, 12/01/29*		8,237,735
	5,711,000	0.250%, 02/15/28		4,774,053
	8,500,000	Zscaler, Inc. 0.125%, 07/01/25		10,460,100

				258,697,362


		*Materials (2.5%)*
	1,500,000	ATI, Inc. 3.500%, 06/15/25		4,672,125
	3,750,000	Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		5,719,575
	5,407,000	Lithium Americas Corp.µ 1.750%, 01/15/27		4,173,663
	6,858,000	MP Materials Corp.*µ 0.250%, 04/01/26		6,233,168

				20,798,531


		*Other (0.1%)*
	525,000	Multiplan Corp.* 6.000%, 10/15/27 7.000% PIK rate		358,192


		*Real Estate (0.7%)*
	6,500,000	Pebblebrook Hotel Trustµ 1.750%, 12/15/26		5,676,710


		*Utilities (3.0%)*
	4,500,000	CMS Energy Corp.* 3.375%, 05/01/28		4,487,265
	16,500,000	PPL Capital Funding, Inc.* 2.875%, 03/15/28		15,939,825
	4,750,000	Southern Company* 3.875%, 12/15/25		4,770,662

				25,197,752


		TOTAL CONVERTIBLE BONDS (Cost $855,153,989)		832,248,003


PRINCIPAL AMOUNT			VALUE

	BANK LOANS (6.4%) ¡

		*Airlines (0.2%)*
	836,000	American Airlines, Inc.‡ 10.338%, 04/20/28 3 mo. SOFR + 4.75%	$	866,999
	860,000	Mileage Plus Holdings, LLC‡ 10.764%, 06/21/27 3 mo. LIBOR + 5.25%		898,162

				1,765,161


		*Communication Services (0.6%)*
	1,248,000	Clear Channel Outdoor Holdings, Inc.‡ 9.131%, 08/21/26 3 mo. SOFR + 3.50%		1,212,120
	3,250	Clear Channel Outdoor Holdings, Inc.‡ 8.933%, 08/21/26 1 mo. SOFR + 3.50%		3,156
	770,353	CMG Media Corp.‡ 8.842%, 12/17/26 3 mo. SOFR + 3.50%		701,572
	1,425,635	DIRECTV Financing, LLC‡ 10.433%, 08/02/27 1 mo. SOFR + 5.00%		1,418,956
	1,527,000	Entercom Media Corp.‡ 8.131%, 11/18/24 3 mo. SOFR + 2.50%		840,942
	286,362	Nexstar Broadcasting, Inc.‡ 7.933%, 09/18/26 1 mo. SOFR + 2.50%		286,697
	525,000	Telesat Canada‡ 8.183%, 12/07/26 1 mo. SOFR + 2.75%		322,922
	519,750	Univision Communications, Inc.‡ 9.492%, 06/24/29 3 mo. SOFR + 4.25%		520,239

				5,306,604


		*Consumer Discretionary (1.3%)*
	1,072,313	Caesars Entertainment Corp.‡ 8.555%, 02/06/30 1 mo. SOFR + 3.25%		1,074,323
	1,047,375	Hanesbrands, Inc.‡ 9.055%, 03/08/30 1 mo. SOFR + 3.75%		1,048,359
	596,912	Life Time Fitness, Inc.‡ 10.050%, 01/15/26 3 mo. SOFR + 4.75%		600,147
	514,602	PENN Entertainment, Inc.‡ 8.169%, 05/03/29 1 mo. SOFR + 2.75%		514,602
	1,738,123	Petco Health and Wellness Company, Inc.‡ 8.754%, 03/03/28 3 mo. SOFR + 3.25%		1,734,699
	2,588,502	PetSmart, Inc.‡ 9.169%, 02/11/28 1 mo. SOFR + 3.75%		2,590,805
	960,500	SkyMiles IP, Ltd.‡ 9.076%, 10/20/27 3 mo. SOFR + 3.75%		999,957
	653,688	TKC Holdings, Inc.‡ 10.933%, 05/15/28 1 mo. LIBOR + 5.50%		616,033

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	265,000	Windsor Holdings III, LLC! 0.000%, 06/21/30	$	264,559
	1,752,975	WW International, Inc.‡ 8.933%, 04/13/28 1 mo. SOFR + 3.50%		1,324,224

				10,767,708


		*Consumer Staples (0.1%)*
	550,000	United Natural Foods, Inc.! 0.000%, 10/22/25		551,524


		*Energy (0.1%)*
	1,072,313	Par Petroleum, LLC‡ 9.614%, 02/28/30 3 mo. SOFR + 4.25%		1,067,846


		*Financials (1.0%)*
	1,057,343	Alliant Holdings Intermediate, LLC‡ 8.722%, 11/05/27 1 mo. SOFR + 3.50%		1,056,572
	780,000	Amynta Agency Borrower, Inc.‡ 10.419%, 02/28/28 1 mo. SOFR + 5.00%		770,316
	1,042,085	AssuredPartners, Inc.‡ 8.819%, 02/12/27 1 mo. SOFR + 3.50%		1,038,178
	790,000	Avolon TLB Borrower 1 (US), LLC‡ 7.755%, 06/22/28 1 mo. SOFR + 2.50%		791,149
	522,375	Castlelake Aviation, Ltd.‡ 8.004%, 10/22/27 3 mo. SOFR + 2.75%		522,748
	1,044,750	Hub International, Ltd.‡ 9.060%, 11/10/29 3 mo. SOFR + 4.00%		1,048,119
	1,854,774	Jazz Financing Lux Sarl‡ 8.933%, 05/05/28 1 mo. LIBOR + 3.50%		1,854,904
	1,440,450	VFH Parent, LLC‡ 8.405%, 01/13/29 1 mo. SOFR + 3.00%		1,435,769

				8,517,755


		*Health Care (0.8%)*
	1,820,006	Amneal Pharmaceuticals, LLC‡ 8.933%, 05/04/25 1 mo. SOFR + 3.50%		1,735,830
	251,750	Bausch Health Companies, Inc.‡ 10.605%, 02/01/27 1 mo. SOFR + 5.25%		206,206
	617,988	Icon Luxembourg Sarl‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		619,286
	1,009,592	Mallinckrodt International Finance, SA‡ 10.619%, 09/30/27 1 mo. SOFR + 5.25%		767,133
	1,152,941	Padagis, LLC‡ 10.280%, 07/06/28 3 mo. SOFR + 4.75%		1,116,433
	153,972	PRA Health Sciences, Inc.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		154,296


PRINCIPAL AMOUNT			VALUE
	2,600,610	Team Health Holdings, Inc.‡ 10.569%, 03/02/27 1 mo. SOFR + 5.25%	$	1,798,127

				6,397,311


		*Industrials (0.7%)*
	509,600	ACProducts, Inc.‡ 9.754%, 05/17/28 3 mo. SOFR + 4.25%		439,912
	643,500	Air Canada‡ 8.839%, 08/11/28 3 mo. LIBOR + 3.50%		644,649
	1,315,063	ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%		1,320,816
	647,136	Emrld Borrower, LP‡ 8.264%, 05/31/30 3 mo. SOFR + 3.00%		648,353
	1,188,000	Scientific Games International, Inc.‡ 8.302%, 04/14/29 1 mo. SOFR + 3.00%		1,187,905
	547,250	Summit Materials, LLC‡ 8.492%, 12/14/27 6 mo. SOFR + 3.00%		551,012
	1,011,413	United Airlines, Inc.‡ 9.292%, 04/21/28 3 mo. LIBOR + 3.75%		1,014,574

				5,807,221


		*Information Technology (0.4%)*
	1,031,437	Banff Merger Sub, Inc.‡ 9.183%, 10/02/25 1 mo. SOFR + 3.75%		1,030,153
	864,199	Camelot U.S. Acquisition, LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		864,471
	342,686	Camelot U.S. Acquisition, LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		342,847
	268,650	CDK Global, Inc.‡ 9.492%, 07/06/29 3 mo. SOFR + 4.25%		269,082
	957,901	II-VI, Inc.‡ 8.183%, 07/02/29 1 mo. SOFR + 2.75%		958,859

				3,465,412


		*Information Technology (0.1%)*
	1,007,091	Dun & Bradstreet Corp.‡ 8.291%, 02/06/26 1 mo. SOFR + 3.00%		1,007,248


		*Materials (0.7%)*
	550,963	American Axle and Manufacturing, Inc.‡ 8.777%, 12/13/29 1 mo. SOFR + 3.50%		551,194
	237,037	American Axle and Manufacturing, Inc.‡ 8.436%, 12/13/29 6 mo. SOFR + 3.50%		237,137
	1,050,000	Ineos US Finance, LLC‡ 8.805%, 02/18/30 1 mo. SOFR + 3.50%		1,040,487

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	1,292,010	Innophos, Inc.‡ 8.683%, 02/05/27 1 mo. SOFR + 3.25%	$	1,294,032
	525,000	LSF11 A5 Holdco, LLC‡ 9.669%, 10/15/28 1 mo. SOFR + 4.25%		524,016
	513,500	LSF11 A5 Holdco, LLC‡ 8.933%, 10/15/28 1 mo. SOFR + 3.50%		509,436
	508,702	Trinseo Materials Operating SCA! 0.000%, 05/03/28		405,654
	1,075,880	WR Grace & Company‡ 9.313%, 09/22/28 3 mo. LIBOR + 3.75%		1,075,746

				5,637,702


		*Special Purpose Acquisition Companies (0.4%)*
	967,500	AP Core Holdings II, LLC‡ 10.933%, 09/01/27 1 mo. SOFR + 5.50%		938,277
	524,700	Clydesdale Acquisition Holdings, Inc.‡ 9.594%, 04/13/29 1 mo. SOFR + 4.18%		520,626
	261,688	Fertitta Entertainment, LLC‡ 9.319%, 01/27/29 1 mo. SOFR + 4.00%		259,323
	1,121,525	Oscar AcquisitionCo, LLC‡ 9.842%, 04/29/29 3 mo. SOFR + 4.50%		1,108,683
	1,052,050	Patagonia Holdco, LLC‡ 10.789%, 08/01/29 3 mo. SOFR + 5.75%		909,150

				3,736,059


		TOTAL BANK LOANS (Cost $56,040,457)		54,027,551


	ASSET BACKED SECURITY (0.1%)

		*Other (0.1%)*
	850,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $778,427)		765,699


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (6.8%)

		*Energy (0.0%)*
	29	Gulfport Energy Corp. 10.000%, 08/31/23 15.000% PIK rate		213,875


		*Financials (1.8%)*
	8,775	Bank of America Corp.‡ ‡‡ 7.250%, 12/31/49		10,687,950
	68,230	KKR & Company, Inc.^ 6.000%, 09/15/23		4,766,548

				15,454,498


		*Industrials (0.7%)*
	81,495	Chart Industries, Inc. 6.750%, 12/15/25		5,883,124


NUMBER OF SHARES			VALUE

		*Utilities (4.3%)*
	154,145	AES Corp.^ 6.875%, 02/15/24	$	13,193,271
		NextEra Energy, Inc.^
	283,165	6.219%, 09/01/23		14,016,667
	194,000	6.926%, 09/01/25		8,871,620

				36,081,558


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $60,848,891)		57,633,055


	COMMON STOCKS (0.5%)

		*Communication Services (0.0%)*
	21,970	Altice USA, Inc. - Class Aµ#		74,479
	7,383	Cumulus Media, Inc. - Class Aµ#		46,808

				121,287


		*Energy (0.5%)*
	10,051	Chaparral Energy, Inc. - Class A&#		427,167
	3,106	Chesapeake Energy Corp.^		261,960
	72,575	Energy Transfer, LP		964,522
	43,085	Enterprise Products Partners, LP		1,142,183
	7,238	Ep Energy Corp.&#		50,666
	13,895	Magellan Midstream Partners, LP~		920,822

				3,767,320


		*Health Care (0.0%)*
	15,649	Mallinckrodt, PLC^#		25,351


		*Special Purpose Acquisition Company (0.0%)*
	12,300	Intelsat Emergence, SA&#		282,900


		TOTAL COMMON STOCKS (Cost $6,617,825)		4,196,858


	WARRANTS (0.0%) #

		*Energy (0.0%)*
	52,447	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		5
	47,202	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5


		TOTAL WARRANTS (Cost $20,125)		10


	PREFERRED STOCKS (0.4%)

		*Consumer Discretionary (0.1%)*
	6,662	Guitar Center, Inc.&		849,405


		*Energy (0.3%)*
	52,270	NuStar Energy, LP‡ 11.151%, 08/30/23 3 mo. LIBOR + 5.64%		1,269,116
	18,195	NuStar Energy, LP‡ 12.274%, 08/30/23 3 mo. LIBOR + 6.77%		465,064

See accompanying Notes to Schedule of Investments

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


NUMBER OF SHARES			VALUE
	47,000	NuStar Logistics, LP‡ 12.304%, 01/15/43 3 mo. LIBOR + 6.73%	$	1,234,690

				2,968,870


		TOTAL PREFERRED STOCKS (Cost $3,786,999)		3,818,275


	*Rights (0.0%) #*

		*Communication Services (0.0%)*
	2	Intelsat Jackson Holdings, SA, (Expires 12/5/25)		—
	2	Intelsat Jackson Holdings, SA, (Expires 12/5/25)		—


		TOTAL RIGHTS (Cost $—)		—


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.2%) #

		*Information Technology (0.1%)*
	320 7,998,720	Palo Alto Networks, Inc. Call, 01/19/24, Strike $250.00		864,000


		*Consumer Discretionary (0.1%)*
	625 8,355,000	Amazon.com, Inc. Call, 01/19/24, Strike $127.50		1,087,500


		TOTAL PURCHASED OPTIONS (Cost $1,693,766)		1,951,500


		TOTAL INVESTMENTS (151.8%) (Cost $1,338,163,218)		1,283,087,646

	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-17.2%)			(145,000,000	)


	LIABILITIES, LESS OTHER ASSETS (-34.6%)			(292,823,206	)

	NET ASSETS (100.0%)		$	845,264,440

NOTES TO SCHEDULE OF INVESTMENTS

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

µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $444,076,799.

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

@	In default status and considered non-income producing.

&	Illiquid security.

‡	Variable rate security. The rate shown is the rate in effect at July 31, 2023.

~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $2,376,051.

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

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

‡‡	Perpetual maturity.

#	Non-income producing security.

Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

Notes to Schedule of Investments (Unaudited)

Note 1 – Organization and Significant Accounting Policies

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

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

Significant Accounting Policies. The Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and the Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

Fund Valuation. The Trust’s Board of Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, have designated Calamos Advisors LLC (“Calamos Advisors”, or the “Advisor”) to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As “valuation designee” the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Fund’s NAVs are determined. The valuation of the Fund’s investments is in accordance with these procedures.

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 the Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a 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 either by an independent pricing agent approved by the Board of Trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board of Trustees.

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

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board of Trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the 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.

The Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, 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 Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

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

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

Note 2 – Investments

The cost basis of investments for federal income tax purposes at July 31, 2023 was as follows*:


Cost basis of investments		$1,338,163,218

Gross unrealized appreciation		65,602,233
Gross unrealized depreciation		(120,677,805)

Net unrealized appreciation (depreciation)		$(55,075,572)

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

Note 3 – Mandatory Redeemable Preferred Shares

The Fund has MRPS issued with an aggregate liquidation preference of $145,000,000, divided into four series with different mandatory redemption dates and dividend rates.

The table below summarizes the key terms of each series of the MRPS at July 31, 2023.


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

				Total	$145,000,000

On September 6, 2022, $36,500,000 of Series A MRPS were redeemed at $25.01 per share.

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

During the period ended July 31, 2023, all MRPS were rated `AA-’ by Kroll Bond Rating Agency LLC (“KBRA”). If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

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

With regard to the Series B and C MRPS, so long as any MRPS are outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRPS, unless (1) the Fund has satisfied the MRPS Overcollateralization Test (as defined below) on at least one “valuation date” in the preceding 65 calendar days, (2) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test (as defined below), (3) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the holders of MRPS and (4) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund’s paying agent for that purpose, subject to certain grace periods and exceptions.

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

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

With regard to Series D and E MRPS, for so long as any MRPS are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively “non-cash distributions”) with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with

the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

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

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