Fund Description: Calamos Dynamic Convertible & Income Fund is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Calamos Dynamic Convertible & Income Fund seeks to provide total return through a combination of capital appreciation and current income. The Fund's Term limit will allow shareholders to elect collectively whether or not to liquidate the Fund on its 15th anniversary on March 26, 2030. The Fund may extend the termination date for one year, to March 26, 2031, without a shareholder vote (see prospectus for details). <p> FUND STRATEGY: Under normal circumstances, the Fund will invest primarily in a portfolio of convertible securities (including synthetic convertibles, which are single instruments, or multiple instruments held in concert, that are composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities) and debt and equity income-producing securities, as well as other investments that generate current income and dividends, including but not limited to common and preferred stocks, investment grade and below investment grade (high-yield or junk) bonds, loans, equity-linked notes, and floating rate securities (income-producing securities). The Fund may invest up to 50% of its managed assets in securities of foreign issuers, with up to 15% of its managed assets in securities issued by foreign issuers in emerging markets. The Fund may invest up to 20% of its managed assets in high-yield non-convertible bonds and up to 15% of its managed assets in illiquid securities. The Fund may invest up to 10% of its managed assets in the equity securities of REITs and up to 10% of its managed assets in the equity securities of MLPs. The Fund intends to seek to generate income from option premiums by writing (selling) options. <p> FUND MANAGEMENT: Calamos Advisors LLC is the Fund’s investment adviser.