The Calamos Convertible Opportunities and Income Fund (CHI) is a CEF that attempts, through a combination of capital appreciation and current income, to provide optimum results investing in a diversified portfolio of convertible securities and below investment grade fixed income securities.
According to the Calamos Fund managers: The Fund's enhanced fixed income strategy uses all ranges of credit quality and a variety of debt instruments to achieve its objective. The strategy provides an alternative to investment-grade fixed income instruments. Offering potential capital appreciation while delivering an attractive, stable monthly distribution, the Fund may be suitable for investors who are focused on long-term total return and are looking for dynamic allocation to maintain a consistent risk/reward balance throughout the market cycle.
A representative basic sampling of convertible securities/bonds includes Intel Conv. Bond, VeriSign Conv. Bond, Freeport-McMoran Pref.,Schering Plough Pref., Mandalay Resort Group 8.38% Bond, Invitrogen Conv. Bond, Amazon.com Conv. Bond, Bayer Conv. Pref. Stock, Linear Technology Conv. Bond and L-3 Communications Conv. Bond.
The average rating of bonds held by percentage of quality works out to a BBB overall and high yield.