Summary

• For Q1 2026, Calamos High Income Opportunities Fund returned -0.06% (Class I shares at NAV) compared to the Bloomberg US High Yield 2% Issuer Capped Index's -0.50% decrease.
• The US high-yield bond market, as represented by the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned -0.50% in the first quarter.
• Our base case is that turmoil in the Middle East resolves or stabilizes within a couple of months, energy prices retreat by mid-year, and the Fed resumes easing in the back half of 2026.

Fund 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 complete

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