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

1

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

2

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

3

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

4

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

5

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

6

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

7

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

8

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

9

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

10

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

11

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

12

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.