Calamos High Income Opportunities Fund (CCHYX)

Overview

Through its multi-sector fixed income strategy, the fund invests mainly in high yield securities from U.S. issuers with the goal of generating a high level of current income and total return, which provides consistent excess returns above the benchmark over full market cycles.

Key Features

  • Employs bond-by-bond portfolio construction with a focus on being well compensated for risks taken. We believe a disciplined process, grounded in fundamental research, enables us to achieve higher total returns with less volatility.
  • Draws on a broader investable universe to enhance portfolio construction and risk management. Expanding the universe to include bank loans and preferred securities provides additional opportunities.
  • Utilizes robust, independent credit research. Our investment process unites quantitative and qualitative analyses into historical and forward-looking models. The result is a credit rating that reflects where a company is heading.
  • Applies a macro overlay to capitalize on opportunities in misunderstood industries and sectors. The overlay acts as a risk control that also considers the business cycle, geopolitical factors, inflation and real rate expectations.

Portfolio Fit

The fund can complement investment grade credit exposure, providing attractive income and total return potential for more risk-tolerant investors.

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos High Income Opportunities Fund include: high yield risk consisting of increased credit and liquidity risks, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, portfolio selection risk, foreign securities risk and liquidity risk.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.46%, C Shares 2.22% and I Shares 1.21%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Fund Details
As of 7/15/19
Inception Date: 12/21/00
Current NAV: $8.96
$ Change: $0.00
% Change: 0.00%
Total Net Assets (As of 3/31/19): $46.1 M
Morningstar Category: High Yield Bond

Zephyr Analysis

Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 3/31/19
Date Calamos High Income Opportunities Fund (NAV) Calamos High Income Opportunities Fund Load-Adjusted ICE BofAML High Yield BB-B Constrained Index (HUC4) Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond
YTD 2019 7.61 6.61 0 7.26
2018 -4.95 -5.85 0 -2.08
2017 5.18 4.18 0 7.5
2016 11.04 10.04 0 17.13
2015 -5.29 -6.2 0 -4.43
2014 0.04 -0.89 0 2.46
2013 5.29 4.3 0 7.44
2012 10.46 9.46 0 15.78
2011 3.29 2.32 0 4.96
2010 9.88 8.88 0 14.94
2009 45.44 44.44 0 58.76
2008 -27.98 -28.67 0 -25.88
2007 3.43 2.47 0 2.26
2006 9.46 8.46 0 10.76
2005 1.37 0.43 0 2.76
2004 10.01 9.01 0 11.14
2003 23.99 22.99 0 28.78
2002 -0.44 -1.4 0 -0.24
2001 10.51 9.51 0 5.46
2000* 2.06 1.06 0 0

Growth of 10K

As of 3/31/19
Date Calamos High Income Opportunities Fund Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond
8/2/1999 12:00:00 AM 10000 10000
8/31/1999 12:00:00 AM 9960 9889.45
9/30/1999 12:00:00 AM 10000 9818.29
10/31/1999 12:00:00 AM 9940 9753.07
11/30/1999 12:00:00 AM 9930 9867.77
12/31/1999 12:00:00 AM 9961.83 9978.76
1/31/2000 12:00:00 AM 9931.34 9935.76
2/29/2000 12:00:00 AM 9961.83 9954.65
3/31/2000 12:00:00 AM 9852.22 9745.39
4/30/2000 12:00:00 AM 9903.91 9760.96
5/31/2000 12:00:00 AM 9945.27 9661.12
6/30/2000 12:00:00 AM 10066.22 9858.41
7/31/2000 12:00:00 AM 10224 9933.75
8/31/2000 12:00:00 AM 10318.67 10001.04
9/30/2000 12:00:00 AM 10299.73 9911.97
10/31/2000 12:00:00 AM 10289.04 9600.59
11/30/2000 12:00:00 AM 10107.22 9223.14
12/31/2000 12:00:00 AM 10075.64 9400.85
1/31/2001 12:00:00 AM 10837.3 10106.17
2/28/2001 12:00:00 AM 10804.66 10245.31
3/31/2001 12:00:00 AM 10553.89 10010.16
4/30/2001 12:00:00 AM 10808.07 9886.78
5/31/2001 12:00:00 AM 10929.63 10067.95
6/30/2001 12:00:00 AM 10870.37 9787.2
7/31/2001 12:00:00 AM 10971.54 9930.93
8/31/2001 12:00:00 AM 10881.61 10048.65
9/30/2001 12:00:00 AM 10444.62 9374.74
10/31/2001 12:00:00 AM 10376.28 9604.61
11/30/2001 12:00:00 AM 10911.61 9953.91
12/31/2001 12:00:00 AM 11102.02 9914.25
1/31/2002 12:00:00 AM 11333.56 9983.54
2/28/2002 12:00:00 AM 11125.18 9847.42
3/31/2002 12:00:00 AM 11501.13 10085.11
4/30/2002 12:00:00 AM 11664.59 10244.72
5/31/2002 12:00:00 AM 11711.3 10193.3
6/30/2002 12:00:00 AM 11190.6 9581.22
7/31/2002 12:00:00 AM 10423.31 9171.91
8/31/2002 12:00:00 AM 10541.35 9414.47
9/30/2002 12:00:00 AM 10306.38 9293.91
10/31/2002 12:00:00 AM 10378.2 9198.5
11/30/2002 12:00:00 AM 11132.33 9759.1
12/31/2002 12:00:00 AM 11154.57 9890.37
1/31/2003 12:00:00 AM 11422.18 10208.96
2/28/2003 12:00:00 AM 11483 10340.76
3/31/2003 12:00:00 AM 11792.47 10632.76
4/30/2003 12:00:00 AM 12431.23 11262.14
5/31/2003 12:00:00 AM 12664.62 11376.38
6/30/2003 12:00:00 AM 12916.65 11706.5
7/31/2003 12:00:00 AM 12829.46 11588.94
8/31/2003 12:00:00 AM 12866.82 11712.75
9/30/2003 12:00:00 AM 13112.24 12032.02
10/31/2003 12:00:00 AM 13428.96 12273.71
11/30/2003 12:00:00 AM 13593.66 12457.69
12/31/2003 12:00:00 AM 13918.49 12736.87
1/31/2004 12:00:00 AM 14138.59 12981.38
2/29/2004 12:00:00 AM 14151.54 12951.31
3/31/2004 12:00:00 AM 14253.62 13039.56
4/30/2004 12:00:00 AM 14135.49 12951.96
5/31/2004 12:00:00 AM 13846.75 12731.59
6/30/2004 12:00:00 AM 14075.05 12913.27
7/31/2004 12:00:00 AM 14155.33 13088.88
8/31/2004 12:00:00 AM 14369.39 13346.4
9/30/2004 12:00:00 AM 14624.5 13539.17
10/31/2004 12:00:00 AM 14882.5 13782.78
11/30/2004 12:00:00 AM 15183.67 13948.51
12/31/2004 12:00:00 AM 15439.81 14155.36
1/31/2005 12:00:00 AM 15313.72 14137.05
2/28/2005 12:00:00 AM 15453.82 14344.2
3/31/2005 12:00:00 AM 15061.52 13928.09
4/30/2005 12:00:00 AM 14844.07 13792.67
5/31/2005 12:00:00 AM 15073.1 14037.13
6/30/2005 12:00:00 AM 15307.23 14289.63
7/31/2005 12:00:00 AM 15626.44 14515.34
8/31/2005 12:00:00 AM 15728 14560.51
9/30/2005 12:00:00 AM 15776.09 14430.6
10/31/2005 12:00:00 AM 15452.63 14302.04
11/30/2005 12:00:00 AM 15670.02 14413.03
12/31/2005 12:00:00 AM 15782.02 14545.49
1/31/2006 12:00:00 AM 16282.8 14717.88
2/28/2006 12:00:00 AM 16328.32 14861.44
3/31/2006 12:00:00 AM 16434.55 14923.98
4/30/2006 12:00:00 AM 16611.09 15017.04
5/31/2006 12:00:00 AM 16456.13 14997.15
6/30/2006 12:00:00 AM 16333.59 14913.49
7/31/2006 12:00:00 AM 16364.94 15041.15
8/31/2006 12:00:00 AM 16615.75 15263.39
9/30/2006 12:00:00 AM 16710.22 15474.49
10/31/2006 12:00:00 AM 16979.74 15685.43
11/30/2006 12:00:00 AM 17292.04 15933.32
12/31/2006 12:00:00 AM 17396.87 16110.1
1/31/2007 12:00:00 AM 17511 16294.2
2/28/2007 12:00:00 AM 17706.66 16532.34
3/31/2007 12:00:00 AM 17814.72 16560.75
4/30/2007 12:00:00 AM 18160.8 16776.38
5/31/2007 12:00:00 AM 18276.15 16892.73
6/30/2007 12:00:00 AM 17941.6 16586.56
7/31/2007 12:00:00 AM 17390.83 16009.78
8/31/2007 12:00:00 AM 17657.87 16249.02
9/30/2007 12:00:00 AM 18230.99 16652.9
10/31/2007 12:00:00 AM 18535.4 16765.29
11/30/2007 12:00:00 AM 18180.25 16412.55
12/31/2007 12:00:00 AM 18119.86 16474.87
1/31/2008 12:00:00 AM 17602.66 16223.1
2/29/2008 12:00:00 AM 17531.32 16022.57
3/31/2008 12:00:00 AM 17405.29 15985.16
4/30/2008 12:00:00 AM 18124.52 16642.42
5/31/2008 12:00:00 AM 18322.31 16709.7
6/30/2008 12:00:00 AM 17756.57 16297.34
7/31/2008 12:00:00 AM 17489.57 16092.87
8/31/2008 12:00:00 AM 17434.51 16142.04
9/30/2008 12:00:00 AM 15932.66 14903.04
10/31/2008 12:00:00 AM 13233.78 12504.83
11/30/2008 12:00:00 AM 12526.49 11407.55
12/31/2008 12:00:00 AM 13148.53 12211.11
1/31/2009 12:00:00 AM 13660.07 13024.12
2/28/2009 12:00:00 AM 13584.28 12671.27
3/31/2009 12:00:00 AM 14097.04 13018.45
4/30/2009 12:00:00 AM 15321.21 14554.06
5/31/2009 12:00:00 AM 16181.95 15530.29
6/30/2009 12:00:00 AM 16453.73 15986.85
7/31/2009 12:00:00 AM 17366.75 16946.05
8/31/2009 12:00:00 AM 17658.14 17271.68
9/30/2009 12:00:00 AM 18472.32 18258.05
10/31/2009 12:00:00 AM 18828.32 18588.74
11/30/2009 12:00:00 AM 19006.31 18771.15
12/31/2009 12:00:00 AM 19264.95 19386.79
1/31/2010 12:00:00 AM 19290.9 19640.37
2/28/2010 12:00:00 AM 19420.98 19665.65
3/31/2010 12:00:00 AM 19862.7 20261.3
4/30/2010 12:00:00 AM 20168.53 20744.49
5/31/2010 12:00:00 AM 19586.1 20002.09
6/30/2010 12:00:00 AM 19747.72 20248.69
7/31/2010 12:00:00 AM 20162.19 20960.8
8/31/2010 12:00:00 AM 20421.6 20967.51
9/30/2010 12:00:00 AM 20846.69 21587.89
10/31/2010 12:00:00 AM 21325.33 22139.74
11/30/2010 12:00:00 AM 21043.76 21886.8
12/31/2010 12:00:00 AM 21335.77 22282.51
1/31/2011 12:00:00 AM 21641.74 22774.71
2/28/2011 12:00:00 AM 21993.59 23074.77
3/31/2011 12:00:00 AM 22077.55 23149.8
4/30/2011 12:00:00 AM 22372.99 23507.52
5/31/2011 12:00:00 AM 22343.73 23622.89
6/30/2011 12:00:00 AM 22087.13 23393.06
7/31/2011 12:00:00 AM 22373.73 23663.14
8/31/2011 12:00:00 AM 21595.83 22712.02
9/30/2011 12:00:00 AM 21111.96 21965.14
10/31/2011 12:00:00 AM 22097.41 23283.22
11/30/2011 12:00:00 AM 21869.36 22781.09
12/31/2011 12:00:00 AM 22202.31 23387.75
1/31/2012 12:00:00 AM 22744.32 24097.62
2/29/2012 12:00:00 AM 23204.16 24670.81
3/31/2012 12:00:00 AM 23052.75 24638.98
4/30/2012 12:00:00 AM 23173.51 24892.51
5/31/2012 12:00:00 AM 22796.35 24560.85
6/30/2012 12:00:00 AM 23151.67 25079.5
7/31/2012 12:00:00 AM 23532.52 25556.59
8/31/2012 12:00:00 AM 23760.39 25855.75
9/30/2012 12:00:00 AM 24075.31 26215.59
10/31/2012 12:00:00 AM 24172.78 26445.92
11/30/2012 12:00:00 AM 24301.66 26657.51
12/31/2012 12:00:00 AM 24695.95 27077.53
1/31/2013 12:00:00 AM 25052.19 27440.5
2/28/2013 12:00:00 AM 25046.76 27579.84
3/31/2013 12:00:00 AM 25315.05 27860.69
4/30/2013 12:00:00 AM 25768.69 28364.72
5/31/2013 12:00:00 AM 25731.84 28200.2
6/30/2013 12:00:00 AM 24875.22 27460.73
7/31/2013 12:00:00 AM 25399.4 27981.2
8/31/2013 12:00:00 AM 25184.45 27811.24
9/30/2013 12:00:00 AM 25367.05 28087.43
10/31/2013 12:00:00 AM 25916.62 28789.14
11/30/2013 12:00:00 AM 26026.23 28934.93
12/31/2013 12:00:00 AM 26207.7 29091.47
1/31/2014 12:00:00 AM 26340.14 29295.66
2/28/2014 12:00:00 AM 26863.43 29886.79
3/31/2014 12:00:00 AM 26963.63 29957.77
4/30/2014 12:00:00 AM 27110.5 30147.34
5/31/2014 12:00:00 AM 27359.4 30423.07
6/30/2014 12:00:00 AM 27566.02 30678.53
7/31/2014 12:00:00 AM 27241.86 30270.88
8/31/2014 12:00:00 AM 27568.81 30751.73
9/30/2014 12:00:00 AM 26984.69 30106.93
10/31/2014 12:00:00 AM 27240.82 30463.97
11/30/2014 12:00:00 AM 27029.3 30243.53
12/31/2014 12:00:00 AM 26427.8 29806.81
1/31/2015 12:00:00 AM 26447.42 30002.61
2/28/2015 12:00:00 AM 27175.08 30725.65
3/31/2015 12:00:00 AM 27044.08 30557.73
4/30/2015 12:00:00 AM 27430.3 30927.48
5/31/2015 12:00:00 AM 27546.34 31020.82
6/30/2015 12:00:00 AM 27099.83 30559.75
7/31/2015 12:00:00 AM 26791.54 30382.45
8/31/2015 12:00:00 AM 26273.15 29850.42
9/30/2015 12:00:00 AM 25649.69 29083.41
10/31/2015 12:00:00 AM 26356.77 29880.65
11/30/2015 12:00:00 AM 25822.95 29221.03
12/31/2015 12:00:00 AM 25199.58 28485.33
1/31/2016 12:00:00 AM 24635.6 28027.55
2/29/2016 12:00:00 AM 24790.94 28187.75
3/31/2016 12:00:00 AM 25489.69 29440.5
4/30/2016 12:00:00 AM 26179 30593.13
5/31/2016 12:00:00 AM 26231.36 30782.04
6/30/2016 12:00:00 AM 26375.63 31065.33
7/31/2016 12:00:00 AM 27074.58 31905.3
8/31/2016 12:00:00 AM 27502.36 32572.73
9/30/2016 12:00:00 AM 27667.38 32789.83
10/31/2016 12:00:00 AM 27739.32 32916.43
11/30/2016 12:00:00 AM 27694.94 32760.17
12/31/2016 12:00:00 AM 28201.76 33364.66
1/31/2017 12:00:00 AM 28562.74 33849.02
2/28/2017 12:00:00 AM 28868.36 34341.18
3/31/2017 12:00:00 AM 28657.62 34264.6
4/30/2017 12:00:00 AM 29119.01 34660.02
5/31/2017 12:00:00 AM 29267.52 34960.52
6/30/2017 12:00:00 AM 29311.42 35008.06
7/31/2017 12:00:00 AM 29554.34 35396.3
8/31/2017 12:00:00 AM 29586.85 35382.14
9/30/2017 12:00:00 AM 29779.16 35699.52
10/31/2017 12:00:00 AM 29856.59 35851.25
11/30/2017 12:00:00 AM 29719.25 35760.18
12/31/2017 12:00:00 AM 29193.22 35868.18
1/31/2018 12:00:00 AM 29429.69 36083.39
2/28/2018 12:00:00 AM 29103.02 35776.68
3/31/2018 12:00:00 AM 28779.98 35560.59
4/30/2018 12:00:00 AM 28995.83 35792.09
5/31/2018 12:00:00 AM 29048.02 35782.42
6/30/2018 12:00:00 AM 29167.12 35925.91
7/31/2018 12:00:00 AM 29476.29 36317.86
8/31/2018 12:00:00 AM 29697.36 36585.53
9/30/2018 12:00:00 AM 29914.15 36789.31
10/31/2018 12:00:00 AM 29265.01 36201.05
11/30/2018 12:00:00 AM 28858.23 35889.36
12/31/2018 12:00:00 AM 27928.99 35120.61
1/31/2019 12:00:00 AM 29367.33 36708.06
2/28/2019 12:00:00 AM 29931.18 37318.51
3/31/2019 12:00:00 AM 30131.72 37669.68

Annualized Total Returns

As of 3/31/19
TimeFrame Calamos High Income Opportunities Fund (NAV) Calamos High Income Opportunities Fund Load-Adjusted ICE BofAML High Yield BB-B Constrained Index (HUC4) Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond
6 Month 0.41 -0.57 3.21 2.39
1 Year 3.87 2.89 6.33 5.93
3 Year 5.75 5.75 7.75 8.56
5 Year 1.95 1.95 4.74 4.69
10 Year 7.34 7.34 10.09 11.21
15 Year 4.5 4.5 6.76 7.33
Since Inception 5.69 5.69 6.51 6.98

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos High Income Opportunities Fund include: high yield risk consisting of increased credit and liquidity risks, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, portfolio selection risk, foreign securities risk and liquidity risk.

10k Performance is for the Fund's Class A shares at net asset value and does not include the Fund's maximum front-end sales charge of 2.25%-had it been included, the Fund's return would have been lower. Index data shown is from 7/31/99, since comparative index data is available only for full monthly periods.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.

The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond Index measures the performance of high yield corporate bonds with a maximum allocation of 2% to any one issuer. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. 

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.46%, C Shares 2.22% and I Shares 1.21%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Sector Weightings

As of 3/31/19
Sector %
Basic Materials 4.5
Communications 18.0
Consumer, Cyclical 11.4
Consumer, Non-cyclical 20.6
Diversified 0.0
Energy 16.8
Financial 14.1
Industrial 7.0
Technology 1.9
Utilities 0.7

Market Sector Allocation

As of 3/31/19
Name % of Assets
Investment Grade Corporate Debt 4.9%
High Yield Corporate Debt 76.5%
Preferred Shares 0.9%
Equity 1.6%
Options 0.0%
Syndicated Loans 10.9%
Cash and Receivables/Payables 5.1%

Month-End Yield

As of 6/30/19
Name %
30-day SEC yield 4.94%
Distribution Yield 4.99%

Top 10 Holdings

As of 3/31/19
Company Coupon Maturity %
Ally Financial, Inc. 8.00% 11/01/2031 1.4%
Jefferies Finance, LLC 7.25% 08/15/2024 1.4%
Embarq Corp. 8.00% 06/01/2036 1.4%
Teva Pharmaceutical Finance Netherlands III, BV 6.00% 04/15/2024 1.3%
ArcelorMittal, SA 7.00% 10/15/2039 1.2%
JBS USA LUX, SA / JBS USA Finance, Inc. 7.25% 06/01/2021 1.1%
CCO Holdings, LLC / CCO Holdings Capital Corp. 5.13% 05/01/2027 1.0%
PBF Holding Company, LLC / PBF Finance Corp. 7.25% 06/15/2025 0.9%
Endo DAC / Endo Finance, LLC / Endo Finco, Inc. 6.00% 07/15/2023 0.9%
Sprint Corp. 7.88% 09/15/2023 0.8%

Fund Facts

As of 3/31/19
Name Fund Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond
Number of Holdings 286 1,923
Average Effective Duration 3.59 years N/A
Average Effective Maturity 7.75 years N/A
Option Adjusted Spread 483 bps N/A
Portfolio Turnover (12 months) 35.8% N/A
Net Assets $46.1 M N/A
Yield to Worst 7.34% 6.35%

Top Country Exposures

As of 3/31/19
Country %
United States 78.7%
Luxembourg 5.2%
Ireland 2.9%
United Kingdom 2.6%
Canada 2.3%
Netherlands 1.9%
France 0.7%
Bermuda 0.4%
Norway 0.3%
Monacco 0.1%

Credit Quality of Bonds

As of 3/31/19
Class %
AAA 0.0%
AA 0.0%
A 0.0%
BBB 5.4%
BB 37.6%
B 41.9%
CCC and Below 11.7%
Unrated Securities 3.4%

Maturity Schedule

As of 3/31/19
Range %
Under 1 Year 5.3%
1 To 3 Years 3.7%
3 To 5 Years 19.7%
5 To 7 Years 40.7%
7 To 10 Years 16.4%
10 To 20 Years 6.8%
Over 20 Years 3.6%
Equity & Other 3.9%

Risk Statistics

As of 3/31/19
Name Fund
Annualized Standard Deviation 5.50%
Beta 0.98

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos High Income Opportunities Fund include: high yield risk consisting of increased credit and liquidity risks, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, portfolio selection risk, foreign securities risk and liquidity risk.

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Notes

Bond Credit Quality allocation reflects the higher of the ratings of Standards & Poor's Corporation; Moody's Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor's scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security's credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund's Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

Distribution Yield -Is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. Distributions may include income, short-term capital gains, and long-term capital gains. Short-term and long-term capital gains represent the net trading profits realized over the trailing 12 months in the fund and are not guaranteed. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

Duration- provides a measure of the Fund's interest rate sensitivity-the longer a fund's duration, the more sensitive it is to shifts in interest rates

Option adjusted spread is the yield spread which has to be added to a benchmark yield curve to discount a security's payments to match its market price; uses a dynamic pricing model that accounts for embedded options and is usually measured in basis points.

Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

Yield-to-worst is the lowest potential yield that can be received on a bond without the issuer defaulting.

The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond Index measures the performance of high yield corporate bonds with a maximum allocation of 2% to any one issuer. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. 

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Total Capital Gains

Year Capital Gains
2018 0.0000
2017 0.0000
2016 0.0000
2015 0.0000
2014 0.2449
2013 0.1912
2012 0.1336
2011 0.1305
2010 0.0000
2009 0.0000
2008 0.0000

Schedule

Name Frequency
Distributions MONTHLY
Capital Gains ANNUAL

Distributions

Frequency Income Total Reinvest
June 2019 $0.0368 $0.0368 8.93000
May 2019 $0.0394 $0.0394 8.79000
April 2019 $0.0396 $0.0396 8.97000
March 2019 $0.0287 $0.0287 8.86000
February 2019 $0.0337 $0.0337 8.84000
January 2019 $0.0406 $0.0406 8.71000
December 2018 $0.0407 $0.0407 8.33000
November 2018 $0.0392 $0.0392 8.65000
October 2018 $0.0375 $0.0375 8.82000
September 2018 $0.0365 $0.0365 9.05000
August 2018 $0.0379 $0.0379 9.04000
July 2018 $0.0349 $0.0349 9.02000
June 2018 $0.0389 $0.0389 8.96000
May 2018 $0.0394 $0.0394 8.97000
April 2018 $0.0383 $0.0383 9.00000
March 2018 $0.0380 $0.0380 8.97000
February 2018 $0.0368 $0.0368 9.11000
January 2018 $0.0355 $0.0355 9.26000
December 2017 $0.0453 $0.0453 9.22000
November 2017 $0.0338 $0.0338 9.23000
October 2017 $0.0176 $0.0176 9.31000
September 2017 $0.0218 $0.0218 9.32000
August 2017 $0.0334 $0.0334 9.29000
July 2017 $0.0311 $0.0311 9.31000
June 2017 $0.0267 $0.0267 9.25000
May 2017 $0.0284 $0.0284 9.28000
April 2017 $0.0352 $0.0352 9.26000
March 2017 $0.0288 $0.0288 9.15000
February 2017 $0.0287 $0.0287 9.26000
January 2017 $0.0256 $0.0256 9.19000
December 2016 $0.0311 $0.0311 9.11000
November 2016 $0.0320 $0.0320 8.98000
October 2016 $0.0271 $0.0271 9.03000
September 2016 $0.0259 $0.0259 9.05000
August 2016 $0.0284 $0.0284 9.02000
July 2016 $0.0354 $0.0354 8.91000
June 2016 $0.0409 $0.0409 8.73000
May 2016 $0.0315 $0.0315 8.72000
April 2016 $0.0253 $0.0253 8.74000
March 2016 $0.0288 $0.0288 8.55000
February 2016 $0.0247 $0.0247 8.34000
January 2016 $0.0320 $0.0320 8.32000
December 2015 $0.0406 $0.0406 8.55000
November 2015 $0.0312 $0.0312 8.81000
October 2015 $0.0262 $0.0262 9.03000
September 2015 $0.0284 $0.0284 8.82000
August 2015 $0.0326 $0.0326 9.07000
July 2015 $0.0310 $0.0310 9.28000
June 2015 $0.0348 $0.0348 9.42000
May 2015 $0.0230 $0.0230 9.62000
April 2015 $0.0337 $0.0337 9.61000
March 2015 $0.0297 $0.0297 9.51000
February 2015 $0.0312 $0.0312 9.60000
January 2015 $0.0303 $0.0303 9.38000
December 2014 $0.0526 $0.0526 9.40000
November 2014 $0.0403 $0.0403 9.93000
October 2014 $0.0342 $0.0342 10.06000
September 2014 $0.0350 $0.0350 10.00000
August 2014 $0.0311 $0.0311 10.27000
July 2014 $0.0460 $0.0460 10.18000
June 2014 $0.0387 $0.0387 10.35000
May 2014 $0.0536 $0.0536 10.32000
April 2014 $0.0373 $0.0373 10.29000
March 2014 $0.0507 $0.0507 10.28000
February 2014 $0.0375 $0.0375 10.29000
January 2014 $0.0315 $0.0315 10.13000
December 2013 $0.0405 $0.0405 10.12000
November 2013 $0.0373 $0.0373 10.29000
October 2013 $0.0341 $0.0341 10.29000
September 2013 $0.0341 $0.0341 10.11000
August 2013 $0.0399 $0.0399 10.08000
July 2013 $0.0371 $0.0371 10.21000
June 2013 $0.0484 $0.0484 10.05000
May 2013 $0.0288 $0.0288 10.44000
April 2013 $0.0417 $0.0417 10.50000
March 2013 $0.0401 $0.0401 10.36000
February 2013 $0.0317 $0.0317 10.30000
January 2013 $0.0345 $0.0345 10.34000
December 2012 $0.0405 $0.0405 10.23000
November 2012 $0.0411 $0.0411 10.24000
November 2012 $0.0398 $0.0398 10.25000
September 2012 $0.0440 $0.0440 10.24000
August 2012 $0.0380 $0.0380 10.16000
July 2012 $0.0417 $0.0417 10.11000
June 2012 $0.0327 $0.0327 9.99000
May 2012 $0.0451 $0.0451 9.87000
April 2012 $0.0446 $0.0446 10.09000
March 2012 $0.0396 $0.0396 10.08000
February 2012 $0.0401 $0.0401 10.19000
January 2012 $0.0363 $0.0363 10.04000
December 2011 $0.0409 $0.0409 9.84000
November 2011 $0.0352 $0.0352 9.86000
October 2011 $0.0480 $0.0480 10.01000
September 2011 $0.0489 $0.0489 9.62000
August 2011 $0.0567 $0.0567 9.90000
July 2011 $0.0518 $0.0518 10.32000
June 2011 $0.0478 $0.0478 10.24000
May 2011 $0.0404 $0.0404 10.42000
April 2011 $0.0475 $0.0475 10.48000
March 2011 $0.0419 $0.0419 10.39000
February 2011 $0.0457 $0.0457 10.40000
January 2011 $0.0352 $0.0352 10.28000
December 2010 $0.0485 $0.0485 10.18000
November 2010 $0.0537 $0.0537 10.10000
October 2010 $0.0485 $0.0485 10.29000
September 2010 $0.0445 $0.0445 10.12000
August 2010 $0.0472 $0.0472 9.96000
July 2010 $0.0516 $0.0516 9.88000
June 2010 $0.0515 $0.0515 9.74000
May 2010 $0.0525 $0.0525 9.71000
April 2010 $0.0521 $0.0521 10.07000
March 2010 $0.0499 $0.0499 9.97000
February 2010 $0.0485 $0.0485 9.81000
January 2010 $0.0136 $0.0136 9.80000
December 2009 $0.2115 $0.2115 9.76000
September 2009 $0.1502 $0.1502 9.51000
June 2009 $0.1160 $0.1160 8.69000
March 2009 $0.0563 $0.0563 7.44000
December 2008 $0.1050 $0.1050 6.90000
September 2008 $0.1080 $0.1080 9.17000
June 2008 $0.1285 $0.1285 10.20000
March 2008 $0.0587 $0.0587 9.87000
December 2007 $0.3562 $0.3562 10.42000
September 2007 $0.1193 $0.1193 10.97000
June 2007 $0.1147 $0.1147 11.06000
March 2007 $0.0949 $0.0949 11.06000
December 2006 $0.2238 $0.2238 10.93000
September 2006 $0.1010 $0.1010 10.76000
June 2006 $0.1010 $0.1010 10.50000
April 2006 $0.2009 $0.2009 10.91000
December 2005 $0.1811 $0.1811 10.64000
September 2005 $0.1230 $0.1230 10.89000
June 2005 $0.1255 $0.1255 10.73000
April 2005 $0.2043 $0.2043 10.76000
December 2004 $0.1729 $0.1729 11.24000
September 2004 $0.1408 $0.1408 10.97000
June 2004 $0.1834 $0.1834 10.70000
March 2004 $0.1303 $0.1303 11.00000
December 2003 $0.2146 $0.2146 10.95000
September 2003 $0.1578 $0.1578 10.52000
June 2003 $0.1308 $0.1308 10.58000
March 2003 $0.0836 $0.0836 9.76000
December 2002 $0.1337 $0.1337 9.31000
September 2002 $0.1067 $0.1067 8.81000
June 2002 $0.0940 $0.0940 9.70000
March 2002 $0.0773 $0.0773 10.04000
December 2001 $0.1412 $0.1412 9.77000
September 2001 $0.1110 $0.1110 9.34000
June 2001 $0.1610 $0.1610 9.80000
March 2001 $0.1650 $0.1650 9.70000
December 2000 $0.1738 $0.1738 9.44000

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos High Income Opportunities Fund include: high yield risk consisting of increased credit and liquidity risks, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, portfolio selection risk, foreign securities risk and liquidity risk.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.46%, C Shares 2.22% and I Shares 1.21%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.46% 2.22% 1.21%
Net Expense Ratio 1.00% 1.75% 0.75%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 8/02/99 12/21/00 3/01/02
Ticker Symbol CHYDX CCHYX CIHYX
CUSIP number 128119815 128119799 128119781

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 2.25 1.00 N/A
US Bank Fund Number 608 622 632
Dividends MONTHLY MONTHLY MONTHLY
Capital Gains ANNUAL ANNUAL ANNUAL

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos High Income Opportunities Fund include: high yield risk consisting of increased credit and liquidity risks, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, portfolio selection risk, foreign securities risk and liquidity risk.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2022 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.00%, 1.75%, and 0.75% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expenses limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

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The Credit Market Is Sending Mixed Signals

A recession isn’t imminent, but some measures in credit markets point to building pressure in the economy. Associate Portfolio Manager Christian Brobst discusses credit conditions and the mixed signals our fixed income team sees today.

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Calamos High Income Opportunities Fund Quarterly Commentary

A quarterly update of the Calamos High Income Opportunities Fund’s performance, positioning, related market commentary and outlook.

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Calamos High Income Opportunities Fund Fact Sheet

The High Income Opportunities Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

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Preparing Your Portfolio for Rising Rates

The Fed’s decision to raise interest rates can cause headwinds for portfolios with traditional fixed-income securities. Convertible securities can potentially diversify asset allocations beyond bonds and stocks.

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Calamos High Income Opportunities Fund Prospectus

This summary contains important information about the High Income Opportunities Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

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Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

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SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

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Semi-Annual Report

The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

calamos-mutual-funds-annual-report.pdf
Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.