Fund Description: Calamos Convertible and High Income Fund is a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below-investment-grade (high-yield) fixed-income securities. FUND STRATEGY: Under normal circumstances, the Fund will invest at least 80% of its managed assets in a diversified portfolio of convertible securities and below investment grade (high yield/high risk) non-convertible debt securities. The portion of the Fund's assets invested in convertible securities and below investment grade (high yield/ high risk) non-convertible debt securities will vary from time to time consistent with the Fund's investment objective, changes in equity prices and changes in interest rates and other economic and market factors, although, 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. FUND MANAGEMENT: The fund has an investment advisory agreement with Calamos Asset Management, Inc., a wholly owned subsidiary of Calamos Holdings, Inc. (NASDAQ: CLMS).