Fund Stats

  • NAV

    $7.45

    $0.03 (0.40%)

    As of 6/24/22

  • Daily YTD Return

    11.47%

    As of 6/24/22

  • Total Net Assets

    $41.8 Million

    As of 3/31/22

  • Inception Date

    8/2/99

Overview

Through its multi-sector fixed income strategy, the fund invests mainly in high yield securities from US issuers with the goal of generating high current income and total return in excess of 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 that unites quantitative and qualitative analyses into historical and forward-looking models. The result is a credit rating reflective of where a company is heading.

Portfolio Fit

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

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Performance

Calendar Year Total Returns

As of 3/31/22
Date Calamos High Income Opportunities Fund (NAV) Calamos High Income Opportunities Fund Load-Adjusted Bloomberg US High Yield 2% Issuer Capped Index
YTD 2022 -3.82 -6.01 -4.82
2021 6.44 4.1 5.26
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

Annualized Total Returns

As of 3/31/22 As of 5/31/22
TimeFrame Calamos High Income Opportunities Fund (NAV) Calamos High Income Opportunities Fund Load-Adjusted Bloomberg US High Yield 2% Issuer Capped Index
1 Year 0.2 -2.1 -0.66
3 Year 4.35 3.58 4.56
5 Year 4.13 3.66 4.68
10 Year 4.29 3.78 5.74
Since Inception 5.69 5.47 6.65
TimeFrame Calamos High Income Opportunities Fund (NAV) Calamos High Income Opportunities Fund Load-Adjusted Bloomberg US High Yield 2% Issuer Capped Index
1 Year -4.74 -6.91 -5.28
3 Year 3.07 2.3 3.31
5 Year 2.95 2.49 3.55
10 Year 4.03 3.52 5.42
Since Inception 5.49 5.26 6.44

Important Fund Information

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. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 8/31/99, since comparative index data is available only for full monthly periods. Source: Calamos Investments

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 US 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, 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 3/1/2022 are as follows: A Shares 1.33%, C Shares 2.08% and I Shares 1.08%.

Portfolio

Sector Weightings

As of 3/31/22
Sector % of Assets Bloomberg US High Yield 2% Issuer Capped Index
Basic Industry 4.4% 4.7%
Capital Goods 7.1% 8.7%
Communications 15.0% 16.6%
Consumer Cyclical 16.1% 20.7%
Consumer Non Cyclical 15.7% 13.6%
Energy 10.0% 12.7%
Finance Companies 3.6% 2.6%
Insurance 4.5% 2.5%
Technology 5.5% 6.5%
Transportation 3.5% 2.5%

Market Sector Allocation

As of 3/31/22
Name % of Assets
High Yield Corporate Debt 78.3
Investment Grade Corporate Debt 7.1
Syndicated Loans 8.4
Cash and Receivables/Payables 3.3
Equity 1.7
Preferred Shares 0.9

Month-End Yield

As of 5/31/22
Name %
30-day SEC yield 5.78%
Unsubsidized 30-day SEC yield 5.37%
Distribution Yield 4.76%

Top 10 Holdings

As of 3/31/22
Company Coupon Maturity %
Bausch Health Americas, Inc. 8.50% 1/31/2027 0.8%
HUB International, Ltd. 7.00% 5/1/2026 0.8%
Occidental Petroleum Corp. 4.30% 8/15/2039 0.7%
CSC Holdings, LLC 5.75% 1/15/2030 0.7%
Albertsons, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC 4.63% 1/15/2027 0.6%
Jefferies Finance, LLC / JFIN Co-Issuer Corp. 5.00% 8/15/2028 0.6%
Sprint Corp. 7.13% 6/15/2024 0.6%
CSC Holdings, LLC 5.38% 2/1/2028 0.6%
Petsmart, Inc. / PetSmart Finance Corp. 4.75% 2/15/2028 0.6%
Iron Mountain, Inc. 5.25% 3/15/2028 0.5%
Total - - 6.5%

Fund Facts

As of 3/31/22
Name Fund Bloomberg US High Yield 2% Issuer Capped Index
Number of Holdings 485 2,204
Average Effective Duration 3.6 years 4.0 years
Average Effective Maturity 6.80 years 6.36 years
Option Adjusted Spread 339 bps 321 bps
Portfolio Turnover (12 months) 42.5% N/A
Net Assets $41.8 M N/A

Top Country Exposures

As of 3/31/22
Country %
United States 90.4%
Canada 2.1%
Luxembourg 0.9%
United Kingdom 0.7%
Israel 0.7%
Netherlands 0.4%
France 0.4%
Ireland 0.3%
India 0.2%
Germany 0.2%

Credit Quality of Bonds

As of 3/31/22
Class %
AAA 0.0%
AA 0.0%
A 0.3%
BBB 8.0%
BB 46.9%
B 36.1%
CCC and below 7.4%
Unrated Securities 1.2%

Maturity Schedule

As of 3/31/22
Range %
< 1 Year 3.9%
1 to 3 Years 5.2%
3 to 5 Years 24.6%
5 to 7 Years 32.8%
7 to 10 Years 23.6%
10 to 20 Years 3.5%
> 20 Years 2.0%
Equities and Other 4.4%

Risk Statistics

As of 3/31/22
Name Fund
Annualized Standard Deviation 8.62%
Beta 1.12

Distributions

Total Capital Gains

Schedule: ANNUAL
Year Capital Gains
2008 0.0000
2009 0.0000
2010 0.0000
2011 0.1305
2012 0.1336
2013 0.1912
2014 0.2449
2015 0.0000
2016 0.0000
2017 0.0000
2018 0.0000
2019 0.0000
2020 0.0000
2021 0.0000

Schedule

Name Frequency
Distributions MONTHLY
Capital Gains ANNUAL

2021 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 20, 2021. To view the report, click here.

Distributions

Schedule: MONTHLY
Most Recent Distributions
Frequency Income Reinvest
May 2022 $0.0304 7.81000
April 2022 $0.0330 7.87000
March 2022 $0.0329 8.16000
February 2022 $0.0312 8.24000
January 2022 $0.0292 8.36000
December 2021 $0.0287 8.58000
November 2021 $0.0289 8.47000
October 2021 $0.0287 8.58000
September 2021 $0.0287 8.61000
August 2021 $0.0358 8.64000
July 2021 $0.0319 8.64000
June 2021 $0.0323 8.64000
May 2021 $0.0319 8.57000
April 2021 $0.0344 8.57000
March 2021 $0.0367 8.51000
March 2021 $0.0367 8.51000
February 2021 $0.0379 8.50000
January 2021 $0.0283 8.46000
December 2020 $0.0317 8.43000
November 2020 $0.0364 8.29000
October 2020 $0.0279 7.96000
September 2020 $0.0298 7.97000
August 2020 $0.0335 8.07000
July 2020 $0.0372 7.98000
June 2020 $0.0341 7.70000
May 2020 $0.0396 7.63000
April 2020 $0.0432 7.32000
March 2020 $0.0475 7.10000
February 2020 $0.0433 8.30000
January 2020 $0.0395 8.48000
December 2019 $0.0411 8.51000
November 2019 $0.0422 8.33000
October 2019 $0.0400 8.34000
September 2019 $0.0351 8.36000
August 2019 $0.0416 8.39000
July 2019 $0.0416 8.44000
June 2019 $0.0421 8.45000
May 2019 $0.0457 8.32000
April 2019 $0.0462 8.49000
March 2019 $0.0365 8.40000
February 2019 $0.0389 8.38000
January 2019 $0.0466 8.26000
December 2018 $0.0460 7.90000
November 2018 $0.0440 8.21000
October 2018 $0.0434 8.37000
September 2018 $0.0423 8.60000
August 2018 $0.0443 8.58000
July 2018 $0.0404 8.56000
June 2018 $0.0451 8.51000
May 2018 $0.0455 8.52000
April 2018 $0.0439 8.55000
March 2018 $0.0440 8.53000
February 2018 $0.0424 8.67000
January 2018 $0.0415 8.81000
December 2017 $0.0509 8.78000
November 2017 $0.0389 8.79000
October 2017 $0.0235 8.87000
September 2017 $0.0275 8.87000
August 2017 $0.0399 8.84000
July 2017 $0.0367 8.87000
June 2017 $0.0334 8.82000
May 2017 $0.0351 8.84000
April 2017 $0.0406 8.83000
March 2017 $0.0352 8.73000
February 2017 $0.0342 8.83000
January 2017 $0.0315 8.77000
December 2016 $0.0370 8.69000
November 2016 $0.0366 8.57000
October 2016 $0.0327 8.62000
September 2016 $0.0321 8.63000
August 2016 $0.0343 8.61000
July 2016 $0.0407 8.51000
June 2016 $0.0462 8.33000
May 2016 $0.0368 8.33000
April 2016 $0.0305 8.35000
March 2016 $0.0346 8.16000
February 2016 $0.0301 7.97000
January 2016 $0.0372 7.95000
December 2015 $0.0467 8.17000
November 2015 $0.0352 8.42000
October 2015 $0.0324 8.63000
September 2015 $0.0343 8.43000
August 2015 $0.0382 8.67000
July 2015 $0.0374 8.88000
June 2015 $0.0407 9.02000
May 2015 $0.0289 9.21000
April 2015 $0.0401 9.20000
March 2015 $0.0357 9.11000
February 2015 $0.0371 9.19000
January 2015 $0.0367 8.98000
December 2014 $0.0587 9.01000
November 2014 $0.0451 9.53000
October 2014 $0.0411 9.65000
September 2014 $0.0413 9.60000
August 2014 $0.0373 9.85000
July 2014 $0.0531 9.77000
June 2014 $0.0448 9.94000
May 2014 $0.0607 9.91000
April 2014 $0.0438 9.88000
March 2014 $0.0569 9.87000
February 2014 $0.0435 9.89000
January 2014 $0.0392 9.74000
December 2013 $0.0471 9.73000
November 2013 $0.0419 9.90000
October 2013 $0.0408 9.90000
September 2013 $0.0403 9.73000
August 2013 $0.0468 9.70000
July 2013 $0.0438 9.83000
June 2013 $0.0551 9.67000
May 2013 $0.0355 10.06000
April 2013 $0.0488 10.11000
March 2013 $0.0463 9.98000
February 2013 $0.0378 9.92000
January 2013 $0.0422 9.96000
December 2012 $0.0465 9.86000
November 2012 $0.0458 9.88000
November 2012 $0.0470 9.89000
September 2012 $0.0499 9.88000
August 2012 $0.0444 9.80000
July 2012 $0.0486 9.75000
June 2012 $0.0385 9.64000
May 2012 $0.0515 9.53000
April 2012 $0.0510 9.74000
March 2012 $0.0457 9.74000
February 2012 $0.0461 9.85000
January 2012 $0.0422 9.70000
December 2011 $0.0474 9.51000
November 2011 $0.0401 9.54000
October 2011 $0.0541 9.68000
September 2011 $0.0556 9.30000
August 2011 $0.0630 9.57000
July 2011 $0.0586 9.98000
June 2011 $0.0542 9.91000
May 2011 $0.0467 10.08000
April 2011 $0.0546 10.14000
March 2011 $0.0484 10.06000
February 2011 $0.0519 10.07000
January 2011 $0.0414 9.96000
December 2010 $0.0557 9.86000
November 2010 $0.0584 9.78000
October 2010 $0.0550 9.97000
September 2010 $0.0509 9.80000
August 2010 $0.0533 9.65000
July 2010 $0.0581 9.58000
June 2010 $0.0577 9.44000
May 2010 $0.0582 9.42000
April 2010 $0.0589 9.76000
March 2010 $0.0563 9.67000
February 2010 $0.0541 9.51000
January 2010 $0.0228 9.50000
December 2009 $0.2298 9.47000
September 2009 $0.1671 9.23000
June 2009 $0.1316 8.44000
March 2009 $0.0693 7.23000
December 2008 $0.1199 6.70000
September 2008 $0.1268 8.92000
June 2008 $0.1482 9.92000
March 2008 $0.0788 9.61000
December 2007 $0.3769 10.16000
September 2007 $0.1423 10.70000
June 2007 $0.1375 10.79000
March 2007 $0.1162 10.80000
December 2006 $0.2460 10.68000
September 2006 $0.1200 10.52000
June 2006 $0.1191 10.26000
April 2006 $0.2253 10.67000
December 2005 $0.2055 10.41000
September 2005 $0.1423 10.67000
June 2005 $0.1430 10.51000
April 2005 $0.2285 10.54000
December 2004 $0.1963 11.03000
September 2004 $0.1605 10.76000
June 2004 $0.2036 10.50000
March 2004 $0.1479 10.79000
December 2003 $0.2364 10.75000
September 2003 $0.1767 10.33000
June 2003 $0.1455 10.39000
March 2003 $0.0942 9.58000
December 2002 $0.1479 9.13000
September 2002 $0.1214 8.64000
June 2002 $0.1044 9.51000
March 2002 $0.0847 9.84000
December 2001 $0.1569 9.57000
September 2001 $0.1210 9.15000
June 2001 $0.1650 9.59000
March 2001 $0.1500 9.58000
December 2000 $0.1610 9.29000
September 2000 $0.1620 9.63000
June 2000 $0.1670 9.57000
March 2000 $0.1620 9.52000
December 1999 $0.1620 9.81000

Fees & Expenses

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.33% 2.08% 1.08%
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
Redemption Fee 1.00% 1.00% 1.00%
US Bank Fund Number 608 622 632
Dividends MONTHLY MONTHLY MONTHLY
Capital Gains ANNUAL ANNUAL ANNUAL

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.

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.

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.

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.

Literature

Latest Related Blog Posts

Videos

About the Fund

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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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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.

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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.

Prospectus and Reports

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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.

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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.