CHY - 9% Yield 9% Deep Discount Monthly Payer: Calamos Convertible And High Income Fund

Trying to find a different slice of the high-yield market for your portfolio? Convertible high-yield bonds and preferreds can offer investors an attractive yield and an additional play on the underlying equity, but the devil is in the details - with high market volatility, the conversion factor can turn sour, and the bond price may not always reflect that change.

If the general idea of convertibles sounds appealing, you may want to consider Calamos Convertible And High Income Fund (CHY). It's a closed-end fund with 514 holdings, whose investment objective is to provide