Calamos Convertible Opportunities and Income Fund specializing in convertible securities management and research since 1977, has pioneered convertible investment strategies that seek to improve portfolio performance while substantially reducing risk. Central to Calamos' investment process is the belief that the financial markets operate in a manner, which precludes using a single all-encompassing method of analysis, and that instead, market fluctuations call for a more flexible approach. Calamos' long-term strategy is therefore focused on the main value drivers in the marketplace, most notably long-term sustainable earnings power and cash flow return on capital. In addition, all aspects of Calamos' evaluation process are centered on maintaining a disciplined risk/reward ratio for the portfolios throughout the entire market cycle. Currently managing approximately $11.3 billion in assets as of May 31, 2002, Calamos offers balanced and fixed-income investment programs for institutional and individual investors, pension fund sponsors and trustees of foundations and estates. Calamos is located in Naperville, Illinois, and is a registered investment advisor with the Securities and Exchange Commission.