Site navigation
Fund Stats
-
NAV
$7.38
$0.01 (0.14%)
-
Daily YTD Return
3.73%
-
Total Net Assets
$34.3 Million
-
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.
Compare Fund
Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Investment Professional site.
ComparePerformance
Calendar Year Total Returns
| Date | Calamos High Income Opportunities Fund (NAV) | Calamos High Income Opportunities Fund Load-Adjusted | Bloomberg US High Yield 2% Issuer Capped Index |
|---|---|---|---|
| YTD 2023 | 2.54 | 0.21 | 3.57 |
| 2022 | -10.35 | -12.39 | -11.18 |
| 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 |
Annualized Total Returns
| TimeFrame | Calamos High Income Opportunities Fund (NAV) | Calamos High Income Opportunities Fund Load-Adjusted | Bloomberg US High Yield 2% Issuer Capped Index |
|---|---|---|---|
| 1 Year | -4.43 | -6.6 | -3.35 |
| 3 Year | 6.52 | 5.73 | 5.88 |
| 5 Year | 2.6 | 2.13 | 3.19 |
| 10 Year | 2.85 | 2.35 | 4.09 |
| Since Inception | 5.25 | 5.03 | 6.21 |
| TimeFrame | Calamos High Income Opportunities Fund (NAV) | Calamos High Income Opportunities Fund Load-Adjusted | Bloomberg US High Yield 2% Issuer Capped Index |
|---|---|---|---|
| 1 Year | -0.75 | -2.98 | 0.05 |
| 3 Year | 3.68 | 2.88 | 2.88 |
| 5 Year | 2.46 | 1.98 | 3.08 |
| 10 Year | 2.71 | 2.21 | 3.98 |
| Since Inception | 5.22 | 5 | 6.17 |
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.
Index and Morningstar category data shown reflects full month periods only. If share class inception date is on or before the 15th of the month, the index or category calculation inception date begins on the first day of that month. If share class inception date is after the 15th of the month, the index or category calculation inception date begins on the first day of the following month.
The Bloomberg US 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, 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 3/1/2023 are as follows: A Shares 1.40%, C Shares 2.15% and I Shares 1.15%.
Portfolio
Sector Weightings
| Sector | % of Assets | Bloomberg US High Yield 2% Issuer Capped Index |
|---|---|---|
| Basic Industry | 5.1% | 4.9% |
| Capital Goods | 7.9% | 10.1% |
| Communications | 14.3% | 16.1% |
| Consumer Cyclical | 15.8% | 22.6% |
| Consumer Non Cyclical | 13.1% | 11.3% |
| Energy | 11.8% | 12.3% |
| Finance Companies | 4.1% | 2.7% |
| Insurance | 3.9% | 1.7% |
| Technology | 5.8% | 6.6% |
| Transportation | 4.1% | 2.7% |
Market Sector Allocation
| Name | % of Assets |
|---|---|
| High Yield Corporate Debt | 74.5 |
| Investment Grade Corporate Debt | 8.5 |
| Syndicated Loans | 12.2 |
| Cash and Receivables/Payables | 2.7 |
| Equity | 1.1 |
| Preferred Shares | 0.7 |
| Securitized Debt | 0.3 |
Month-End Yield
| Name | % |
|---|---|
| 30-day SEC yield | 7.58% |
| Unsubsidized 30-day SEC yield | 7.12% |
| Distribution Yield | 5.93% |
Top 10 Holdings
| Company | Coupon | Maturity | % |
|---|---|---|---|
| Petsmart, Inc. / PetSmart Finance Corp. | 4.75% | 2/15/2028 | 0.7% |
| Jefferies Finance, LLC / JFIN Co-Issuer Corp. | 5.00% | 8/15/2028 | 0.6% |
| Constellium, SE | 3.75% | 4/15/2029 | 0.6% |
| CSC Holdings, LLC | 5.38% | 2/1/2028 | 0.6% |
| Tenet Healthcare Corp. | 6.25% | 2/1/2027 | 0.6% |
| Team Health Holdings, Inc. | 10.05% | 2/2/2027 | 0.6% |
| Jazz Securities DAC | 4.38% | 1/15/2029 | 0.6% |
| Ford Motor Credit Company, LLC | 5.11% | 5/3/2029 | 0.5% |
| Iron Mountain, Inc. | 5.25% | 3/15/2028 | 0.5% |
| MetLife, Inc. | 6.40% | 12/15/2036 | 0.5% |
| Total | - | - | 5.8% |
Fund Facts
| Name | Fund | Bloomberg US High Yield 2% Issuer Capped Index |
|---|---|---|
| Net Assets | $34.3 M | N/A |
| Number of Holdings | 456 | 2,044 |
| Average Effective Duration | 3.3 years | 3.6 years |
| Average Effective Maturity | 6.01 years | 5.44 years |
| Option Adjusted Spread | 504 bps | 465 bps |
| Portfolio Turnover (12 months) | 21.3% | N/A |
Top Country Exposures
| Country | % |
|---|---|
| United States | 90.1% |
| Canada | 2.6% |
| Luxembourg | 1.2% |
| United Kingdom | 1.2% |
| Ireland | 0.7% |
| Netherlands | 0.5% |
| France | 0.4% |
| Germany | 0.2% |
| Italy | 0.2% |
| India | 0.2% |
Credit Quality of Bonds
| Class | % |
|---|---|
| AAA | 0.0% |
| AA | 0.0% |
| A | 0.6% |
| BBB | 9.5% |
| BB | 46.7% |
| B | 34.3% |
| CCC and below | 7.2% |
| Unrated Securities | 1.7% |
Maturity Schedule
| Range | % |
|---|---|
| < 1 Year | 3.5% |
| 1 to 3 Years | 11.6% |
| 3 to 5 Years | 30.2% |
| 5 to 7 Years | 36.0% |
| 7 to 10 Years | 10.7% |
| 10 to 20 Years | 3.0% |
| > 20 Years | 1.6% |
| Equities and Other | 3.6% |
Risk Statistics
| Name | Fund |
|---|---|
| Annualized Standard Deviation | 9.79% |
| Beta | 1.04 |
Distributions
Total Capital Gains
| 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 |
| 2022 | 0.0000 |
Schedule
| Name | Frequency |
|---|---|
| Distributions | MONTHLY |
| Capital Gains | ANNUAL |
2022 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 21, 2022. To view the report, click here.
Distributions
| Frequency | Income | Reinvest |
|---|---|---|
| May 2023 | $0.0395 | 7.31000 |
| April 2023 | $0.0359 | 7.42000 |
| March 2023 | $0.0429 | 7.37000 |
| February 2023 | $0.0363 | 7.40000 |
| January 2023 | $0.0365 | 7.53000 |
| December 2022 | $0.0380 | 7.30000 |
| November 2022 | $0.0378 | 7.38000 |
| October 2022 | $0.0328 | 7.30000 |
| September 2022 | $0.0337 | 7.14000 |
| August 2022 | $0.0334 | 7.47000 |
| July 2022 | $0.0321 | 7.64000 |
| June 2022 | $0.0349 | 7.31000 |
| 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 | 1.40% | 2.15% | 1.15% |
| 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, 2024 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 LLC ("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, 2024 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 LLC ("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
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.
Yield Calculations Primer
Knowing the yield of your investments is vitally important, but understanding how that yield is calculated can be confusing. This primer steps through the different yield calculations, how they’re often applied, and their pros/cons.
Investor Education: Measuring Yield, August 2022
When comparing bond mutual funds, investors may find themselves confronted by an array of yield metrics. In this piece, we explain the differences among some of the most common metrics for bond yields.
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.
Prospectus and Reports
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.