Calamos High Income Opportunities Fund (CHYDX)

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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 3/1/2021 are as follows: A Shares 1.37%, C Shares 2.11% and I Shares 1.12%.

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 7/30/21
Inception Date: 8/02/99
Current NAV: $8.64
$ Change: $-0.04
% Change: -0.46%
Total Net Assets (As of 6/30/21): $44.4 M
Morningstar Category: High Yield Bond

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Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 6/30/21
Date Calamos High Income Opportunities Fund (NAV) Calamos High Income Opportunities Fund Load-Adjusted BBgBarc US Corp High Yield 2% Issuer Capped Index
YTD 2021 4.93 2.62 3.61
2020 4.78 2.37 7.05
2019 14.29 11.74 14.32
2018 -4.31 -6.45 -2.08
2017 6.05 1.05 7.5
2016 11.93 6.58 17.13
2015 -4.65 -9.18 -4.43
2014 0.84 -3.99 2.46
2013 6.12 1.1 7.44
2012 11.23 5.99 15.78

Growth of 10K

As of 6/30/21
Date Calamos High Income Opportunities Fund BBgBarc US Corp High Yield 2% Issuer Capped Index
7/31/1999 12:00:00 AM 10000 10000
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 9961.84 9978.76
1/31/2000 12:00:00 AM 9931.34 9935.76
2/29/2000 12:00:00 AM 9961.84 9954.65
3/31/2000 12:00:00 AM 9852.23 9745.39
4/30/2000 12:00:00 AM 9903.92 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 10299.74 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 10075.65 9400.85
1/31/2001 12:00:00 AM 10837.31 10106.17
2/28/2001 12:00:00 AM 10804.66 10245.31
3/31/2001 12:00:00 AM 10553.9 10010.16
4/30/2001 12:00:00 AM 10808.07 9886.78
5/31/2001 12:00:00 AM 10929.64 10067.95
6/30/2001 12:00:00 AM 10870.38 9787.2
7/31/2001 12:00:00 AM 10971.55 9930.93
8/31/2001 12:00:00 AM 10881.62 10048.65
9/30/2001 12:00:00 AM 10444.63 9374.74
10/31/2001 12:00:00 AM 10376.29 9604.61
11/30/2001 12:00:00 AM 10911.62 9953.91
12/31/2001 12:00:00 AM 11102.04 9914.25
1/31/2002 12:00:00 AM 11333.57 9983.54
2/28/2002 12:00:00 AM 11125.19 9847.42
3/31/2002 12:00:00 AM 11501.14 10085.11
4/30/2002 12:00:00 AM 11664.6 10244.72
5/31/2002 12:00:00 AM 11711.31 10193.3
6/30/2002 12:00:00 AM 11190.61 9581.22
7/31/2002 12:00:00 AM 10423.32 9171.91
8/31/2002 12:00:00 AM 10541.36 9414.47
9/30/2002 12:00:00 AM 10306.39 9293.91
10/31/2002 12:00:00 AM 10378.22 9198.5
11/30/2002 12:00:00 AM 11132.34 9759.1
12/31/2002 12:00:00 AM 11154.58 9890.37
1/31/2003 12:00:00 AM 11422.19 10208.96
2/28/2003 12:00:00 AM 11483.01 10340.76
3/31/2003 12:00:00 AM 11792.48 10632.76
4/30/2003 12:00:00 AM 12431.24 11262.14
5/31/2003 12:00:00 AM 12664.63 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 12866.83 11712.75
9/30/2003 12:00:00 AM 13112.25 12032.02
10/31/2003 12:00:00 AM 13428.97 12273.71
11/30/2003 12:00:00 AM 13593.67 12457.69
12/31/2003 12:00:00 AM 13918.5 12736.87
1/31/2004 12:00:00 AM 14138.6 12981.38
2/29/2004 12:00:00 AM 14151.55 12951.31
3/31/2004 12:00:00 AM 14253.63 13039.56
4/30/2004 12:00:00 AM 14135.51 12951.96
5/31/2004 12:00:00 AM 13846.76 12731.59
6/30/2004 12:00:00 AM 14075.07 12913.27
7/31/2004 12:00:00 AM 14155.34 13088.88
8/31/2004 12:00:00 AM 14369.41 13346.4
9/30/2004 12:00:00 AM 14624.52 13539.17
10/31/2004 12:00:00 AM 14882.52 13782.78
11/30/2004 12:00:00 AM 15183.69 13948.51
12/31/2004 12:00:00 AM 15439.84 14155.36
1/31/2005 12:00:00 AM 15313.74 14137.05
2/28/2005 12:00:00 AM 15453.85 14344.2
3/31/2005 12:00:00 AM 15061.55 13928.09
4/30/2005 12:00:00 AM 14844.1 13792.67
5/31/2005 12:00:00 AM 15073.13 14037.13
6/30/2005 12:00:00 AM 15307.26 14289.63
7/31/2005 12:00:00 AM 15626.46 14515.34
8/31/2005 12:00:00 AM 15728.03 14560.51
9/30/2005 12:00:00 AM 15776.12 14430.6
10/31/2005 12:00:00 AM 15452.65 14302.04
11/30/2005 12:00:00 AM 15670.05 14413.03
12/31/2005 12:00:00 AM 15782.05 14545.49
1/31/2006 12:00:00 AM 16282.83 14717.88
2/28/2006 12:00:00 AM 16328.35 14861.44
3/31/2006 12:00:00 AM 16434.58 14923.98
4/30/2006 12:00:00 AM 16611.12 15017.04
5/31/2006 12:00:00 AM 16456.17 14997.15
6/30/2006 12:00:00 AM 16333.62 14913.49
7/31/2006 12:00:00 AM 16364.97 15041.15
8/31/2006 12:00:00 AM 16615.78 15263.39
9/30/2006 12:00:00 AM 16710.24 15474.49
10/31/2006 12:00:00 AM 16979.76 15685.43
11/30/2006 12:00:00 AM 17292.06 15933.32
12/31/2006 12:00:00 AM 17396.89 16110.1
1/31/2007 12:00:00 AM 17511.02 16294.2
2/28/2007 12:00:00 AM 17706.68 16532.34
3/31/2007 12:00:00 AM 17814.74 16560.75
4/30/2007 12:00:00 AM 18160.82 16776.38
5/31/2007 12:00:00 AM 18276.18 16892.73
6/30/2007 12:00:00 AM 17941.62 16586.56
7/31/2007 12:00:00 AM 17390.85 16009.78
8/31/2007 12:00:00 AM 17657.89 16249.02
9/30/2007 12:00:00 AM 18231.02 16652.9
10/31/2007 12:00:00 AM 18535.43 16765.29
11/30/2007 12:00:00 AM 18180.28 16412.55
12/31/2007 12:00:00 AM 18119.89 16474.87
1/31/2008 12:00:00 AM 17602.69 16223.1
2/29/2008 12:00:00 AM 17531.35 16022.57
3/31/2008 12:00:00 AM 17405.33 15985.16
4/30/2008 12:00:00 AM 18124.56 16642.42
5/31/2008 12:00:00 AM 18322.34 16709.7
6/30/2008 12:00:00 AM 17756.6 16297.34
7/31/2008 12:00:00 AM 17489.6 16092.87
8/31/2008 12:00:00 AM 17434.54 16142.04
9/30/2008 12:00:00 AM 15932.69 14903.04
10/31/2008 12:00:00 AM 13233.81 12504.83
11/30/2008 12:00:00 AM 12526.52 11407.55
12/31/2008 12:00:00 AM 13148.55 12211.11
1/31/2009 12:00:00 AM 13660.09 13024.12
2/28/2009 12:00:00 AM 13584.31 12671.27
3/31/2009 12:00:00 AM 14097.07 13018.45
4/30/2009 12:00:00 AM 15321.24 14554.06
5/31/2009 12:00:00 AM 16181.98 15530.29
6/30/2009 12:00:00 AM 16453.76 15986.85
7/31/2009 12:00:00 AM 17366.78 16946.05
8/31/2009 12:00:00 AM 17658.17 17271.68
9/30/2009 12:00:00 AM 18472.35 18258.05
10/31/2009 12:00:00 AM 18828.35 18588.74
11/30/2009 12:00:00 AM 19006.35 18771.15
12/31/2009 12:00:00 AM 19264.99 19386.79
1/31/2010 12:00:00 AM 19290.94 19640.37
2/28/2010 12:00:00 AM 19421.02 19665.65
3/31/2010 12:00:00 AM 19862.74 20261.3
4/30/2010 12:00:00 AM 20168.57 20744.49
5/31/2010 12:00:00 AM 19586.14 20002.09
6/30/2010 12:00:00 AM 19747.75 20248.69
7/31/2010 12:00:00 AM 20162.22 20960.8
8/31/2010 12:00:00 AM 20421.64 20967.51
9/30/2010 12:00:00 AM 20846.73 21587.89
10/31/2010 12:00:00 AM 21325.37 22139.74
11/30/2010 12:00:00 AM 21043.8 21886.8
12/31/2010 12:00:00 AM 21335.81 22282.51
1/31/2011 12:00:00 AM 21641.78 22774.71
2/28/2011 12:00:00 AM 21993.63 23074.77
3/31/2011 12:00:00 AM 22077.59 23149.8
4/30/2011 12:00:00 AM 22373.02 23507.52
5/31/2011 12:00:00 AM 22343.76 23622.89
6/30/2011 12:00:00 AM 22087.16 23393.06
7/31/2011 12:00:00 AM 22373.76 23663.14
8/31/2011 12:00:00 AM 21595.86 22712.02
9/30/2011 12:00:00 AM 21112 21965.14
10/31/2011 12:00:00 AM 22097.45 23283.22
11/30/2011 12:00:00 AM 21869.39 22781.09
12/31/2011 12:00:00 AM 22208.5 23387.75
1/31/2012 12:00:00 AM 22744.35 24097.62
2/29/2012 12:00:00 AM 23204.18 24670.81
3/31/2012 12:00:00 AM 23052.77 24638.98
4/30/2012 12:00:00 AM 23173.52 24892.51
5/31/2012 12:00:00 AM 22796.37 24560.85
6/30/2012 12:00:00 AM 23151.68 25079.5
7/31/2012 12:00:00 AM 23532.53 25556.59
8/31/2012 12:00:00 AM 23760.4 25855.75
9/30/2012 12:00:00 AM 24075.33 26215.59
10/31/2012 12:00:00 AM 24172.8 26445.92
11/30/2012 12:00:00 AM 24301.68 26657.51
12/31/2012 12:00:00 AM 24695.98 27077.53
1/31/2013 12:00:00 AM 25052.22 27440.5
2/28/2013 12:00:00 AM 25046.79 27579.84
3/31/2013 12:00:00 AM 25315.08 27860.69
4/30/2013 12:00:00 AM 25768.72 28364.72
5/31/2013 12:00:00 AM 25731.87 28200.2
6/30/2013 12:00:00 AM 24875.25 27460.73
7/31/2013 12:00:00 AM 25399.43 27981.2
8/31/2013 12:00:00 AM 25184.48 27811.24
9/30/2013 12:00:00 AM 25367.08 28087.43
10/31/2013 12:00:00 AM 25916.66 28789.14
11/30/2013 12:00:00 AM 26026.27 28934.93
12/31/2013 12:00:00 AM 26207.75 29091.47
1/31/2014 12:00:00 AM 26340.18 29295.66
2/28/2014 12:00:00 AM 26863.48 29886.79
3/31/2014 12:00:00 AM 26963.68 29957.77
4/30/2014 12:00:00 AM 27110.54 30147.34
5/31/2014 12:00:00 AM 27359.45 30423.07
6/30/2014 12:00:00 AM 27566.07 30678.53
7/31/2014 12:00:00 AM 27241.9 30270.88
8/31/2014 12:00:00 AM 27568.85 30751.73
9/30/2014 12:00:00 AM 26984.73 30106.93
10/31/2014 12:00:00 AM 27240.86 30463.97
11/30/2014 12:00:00 AM 27029.34 30243.53
12/31/2014 12:00:00 AM 26427.83 29806.81
1/31/2015 12:00:00 AM 26447.46 30002.61
2/28/2015 12:00:00 AM 27175.11 30725.65
3/31/2015 12:00:00 AM 27044.12 30557.73
4/30/2015 12:00:00 AM 27430.33 30927.48
5/31/2015 12:00:00 AM 27546.37 31020.82
6/30/2015 12:00:00 AM 27099.86 30559.75
7/31/2015 12:00:00 AM 26791.57 30382.45
8/31/2015 12:00:00 AM 26273.18 29850.42
9/30/2015 12:00:00 AM 25649.72 29083.41
10/31/2015 12:00:00 AM 26356.81 29880.65
11/30/2015 12:00:00 AM 25822.98 29221.03
12/31/2015 12:00:00 AM 25199.61 28485.33
1/31/2016 12:00:00 AM 24635.62 28027.55
2/29/2016 12:00:00 AM 24790.96 28187.75
3/31/2016 12:00:00 AM 25489.72 29440.5
4/30/2016 12:00:00 AM 26178.54 30593.13
5/31/2016 12:00:00 AM 26231.27 30782.04
6/30/2016 12:00:00 AM 26376.82 31065.33
7/31/2016 12:00:00 AM 27075.7 31905.3
8/31/2016 12:00:00 AM 27503.09 32572.73
9/30/2016 12:00:00 AM 27669.39 32789.83
10/31/2016 12:00:00 AM 27742.17 32916.43
11/30/2016 12:00:00 AM 27699.14 32760.17
12/31/2016 12:00:00 AM 28206.55 33364.66
1/31/2017 12:00:00 AM 28568.56 33849.02
2/28/2017 12:00:00 AM 28875.36 34341.18
3/31/2017 12:00:00 AM 28663.52 34264.6
4/30/2017 12:00:00 AM 29125.3 34660.02
5/31/2017 12:00:00 AM 29273.93 34960.52
6/30/2017 12:00:00 AM 29318.43 35008.06
7/31/2017 12:00:00 AM 29606.76 35396.3
8/31/2017 12:00:00 AM 29639.95 35382.14
9/30/2017 12:00:00 AM 29832.74 35699.52
10/31/2017 12:00:00 AM 29911.71 35851.25
11/30/2017 12:00:00 AM 29773.04 35760.18
12/31/2017 12:00:00 AM 29911.71 35868.18
1/31/2018 12:00:00 AM 30155.13 36083.39
2/28/2018 12:00:00 AM 29821.2 35776.68
3/31/2018 12:00:00 AM 29490.9 35560.59
4/30/2018 12:00:00 AM 29711.68 35792.09
5/31/2018 12:00:00 AM 29765.37 35782.42
6/30/2018 12:00:00 AM 29887.82 35925.91
7/31/2018 12:00:00 AM 30205.42 36317.86
8/31/2018 12:00:00 AM 30432.17 36585.53
9/30/2018 12:00:00 AM 30653.07 36789.31
10/31/2018 12:00:00 AM 29987.86 36201.05
11/30/2018 12:00:00 AM 29572.3 35889.36
12/31/2018 12:00:00 AM 28621.23 35120.61
1/31/2019 12:00:00 AM 30094.28 36708.06
2/28/2019 12:00:00 AM 30673.28 37318.51
3/31/2019 12:00:00 AM 30880.16 37669.68
4/30/2019 12:00:00 AM 31380.82 38205.27
5/31/2019 12:00:00 AM 30921.35 37751.23
6/30/2019 12:00:00 AM 31560.89 38611.62
7/31/2019 12:00:00 AM 31679.06 38829.32
8/31/2019 12:00:00 AM 31647.38 38984.63
9/30/2019 12:00:00 AM 31666.37 39126.61
10/31/2019 12:00:00 AM 31742.37 39234.68
11/30/2019 12:00:00 AM 31866.17 39362.78
12/31/2019 12:00:00 AM 32710.62 40149.76
1/31/2020 12:00:00 AM 32746.6 40160.44
2/29/2020 12:00:00 AM 32219.38 39594.14
3/31/2020 12:00:00 AM 27744.11 35056.81
4/30/2020 12:00:00 AM 28773.42 36644.64
5/31/2020 12:00:00 AM 30148.79 38245.61
6/30/2020 12:00:00 AM 30558.81 38610.36
7/31/2020 12:00:00 AM 31817.83 40407.86
8/31/2020 12:00:00 AM 32311.01 40797.55
9/30/2020 12:00:00 AM 32029.9 40378.32
10/31/2020 12:00:00 AM 32100.37 40577.1
11/30/2020 12:00:00 AM 33576.99 42184.56
12/31/2020 12:00:00 AM 34272.03 42979.4
1/31/2021 12:00:00 AM 34508.51 43122.57
2/28/2021 12:00:00 AM 34825.99 43280.01
3/31/2021 12:00:00 AM 35017.53 43347.18
4/30/2021 12:00:00 AM 35406.22 43816.67
5/31/2021 12:00:00 AM 35537.22 43946.06
6/30/2021 12:00:00 AM 35960.11 44532.74

Annualized Total Returns

As of 6/30/21
TimeFrame Calamos High Income Opportunities Fund (NAV) Calamos High Income Opportunities Fund Load-Adjusted BBgBarc US Corp High Yield 2% Issuer Capped Index
1 Year 17.69 15 15.34
3 Year 6.36 5.54 7.42
5 Year 6.4 5.36 7.47
10 Year 5 4.49 6.65
Since Inception 6.01 5.78 7.05

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. Corporate High Yield 2% Issuer Capped 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 3/1/2021 are as follows: A Shares 1.37%, C Shares 2.11% and I Shares 1.12%.

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 6/30/21
Sector % of Assets BBgBarc US Corp High Yield 2% Issuer Capped Index
Basic Industry 3.8% 5.4%
Capital Goods 6.2% 8.4%
Communications 15.0% 16.0%
Consumer Cyclical 16.1% 21.4%
Consumer Non Cyclical 16.1% 13.2%
Energy 10.8% 13.2%
Finance Companies 3.1% 2.2%
Insurance 4.9% 2.2%
REITs 3.7% 1.8%
Technology 4.8% 6.9%

Market Sector Allocation

As of 6/30/21
Name % of Assets
High Yield Corporate Debt 74.2
Investment Grade Corporate Debt 5.9
Syndicated Loans 10.4
Cash and Receivables/Payables 5.5
Equity 1.6
Preferred Shares 1.3
Mutual Funds 1.0

Top 10 Holdings

As of 6/30/21
Company Coupon Maturity %
iShares iBoxx High Yield Corporate Bond ETF - - 1.0%
HUB International, Ltd. 7.00% 5/1/2026 1.0%
Embarq Corp. 8.00% 6/1/2036 1.0%
Acrisure, LLC / Acrisure Finance, Inc. 7.00% 11/15/2025 0.8%
CSC Holdings, LLC 5.75% 1/15/2030 0.7%
Brookfield Property Reit, Inc. / Bpr Cumulus, Llc 5.75% 5/15/2026 0.6%
Occidental Petroleum Corp. 4.30% 8/15/2039 0.6%
Sprint Corp. 7.13% 6/15/2024 0.6%
CSC Holdings, LLC 5.38% 2/1/2028 0.6%
Bausch Health Americas, Inc. 8.50% 1/31/2027 0.6%
Total - - 7.5%

Fund Facts

As of 6/30/21
Name Fund BBgBarc US Corp High Yield 2% Issuer Capped Index
Number of Holdings 456 2,180
Average Effective Duration 3.3 years 3.8 years
Average Effective Maturity 6.84 years 6.62 years
Option Adjusted Spread 298 bps 266 bps
Portfolio Turnover (12 months) 45.8% N/A
Net Assets $44.4 M N/A

Top Country Exposures

As of 6/30/21
Country %
United States 87.9%
Canada 2.3%
Luxembourg 2.1%
Israel 1.4%
United Kingdom 0.4%
Italy 0.2%
Germany 0.2%
Ireland 0.0%
Australia 0.0%
Austria 0.0%

Credit Quality of Bonds

As of 6/30/21
Class %
AAA 0.0%
AA 0.0%
A 0.3%
BBB 6.7%
BB 50.3%
B 31.3%
CCC and below 9.2%
Unrated Securities 2.3%

Maturity Schedule

As of 6/30/21
Range %
< 1 Year 5.5%
1 to 3 Years 7.2%
3 to 5 Years 26.3%
5 to 7 Years 27.6%
7 to 10 Years 22.0%
10 to 20 Years 4.6%
> 20 Years 1.8%
Equities and Other 5.1%

Risk Statistics

As of 6/30/21
Name Fund
Annualized Standard Deviation 8.59%
Beta 1.14

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 or 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.

Top Country exposure is measured by country of risk.

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. Corporate High Yield 2% Issuer Capped 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.

Schedule

Name Frequency
Distributions MONTHLY
Capital Gains ANNUAL

2020 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 22, 2020. To view the report, click here.

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 3/1/2021 are as follows: A Shares 1.37%, C Shares 2.11% and I Shares 1.12%.

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.

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
Maximum Sales Charge 2.25 1.00 N/A
Redemption Fee 1.00% 1.00% 1.00%
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.

Calamos High Income Opportunities Fund has a redemption fee of 1.00% on shares held sixty days or less (as a percentage of amount redeemed) for all Class A, Class C, and Class I Shares.

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, 2023 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 extra- ordinary 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.

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.

Calamos High Income Opportunities Fund has a redemption fee of 1.00% on shares held sixty days or less (as a percentage of amount redeemed) for all Class A, Class C, and Class I Shares.

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, 2023 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 extra- ordinary 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.

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.

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.

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.

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.

Calamos Fixed Income Credit Analysis Process

Credit analysis is the foundation of our fixed income investment process. We provide an overview of how our team of dedicated credit analysts evaluate a company’s ability to meet its debt obligations utilizing rigorous bottom-up fundamental analysis informed by macroeconomic insights.

Measuring Yield

When comparing bond mutual funds, investors may find themselves confronted by an array of yield metrics. Here, we will look at some of the most common metrics for bond yields and explain what they represent. Then, we will take a look at some additional metrics that apply to bond portfolios.

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.

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.

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.

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.

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.