Edgar Filing: CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND

N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-21080

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:

Calamos Convertible Opportunities and Income Fund


ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:		2020 Calamos Court, Naperville Illinois 60563-2787

NAME AND ADDRESS OF AGENT FOR SERVICE:		John P. Calamos, Sr., Chairman, CEO and Co-CIO Calamos Advisors LLC, 2020 Calamos Court, Naperville, Illinois 60563-2787

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

DATE OF FISCAL YEAR END: 2014

DATE OF REPORTING PERIOD: January 31, 2014

ITEM 1. SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (54.0%)
		*Consumer Discretionary (10.2%)*
	1,401,000	Bon-Ton Department Stores, Inc.^µ 8.000%, 06/15/21	$	1,358,970
	287,000	Brunswick Corp.µ* 4.625%, 05/15/21		272,471
	238,000	Claire’s Stores, Inc.^* 7.750%, 06/01/20		207,060
	885,000	Cogeco Cable, Inc.µ* 4.875%, 05/01/20		867,300
	5,008,000	Cooper Tire & Rubber Company^µ 8.000%, 12/15/19		5,483,760
	4,411,000	Dana Holding Corp.µ 6.750%, 02/15/21		4,772,151
		DISH DBS Corp.µ
	5,540,000	5.125%, 05/01/20		5,550,387
	4,475,000	7.875%, 09/01/19^		5,112,687
	3,278,000	Dufry Finance, SCAµ* 5.500%, 10/15/20		3,384,535
	2,323,000	Golden Nugget Escrow, Inc.µ* 8.500%, 12/01/21		2,375,268
	1,086,000	Goodyear Tire & Rubber Companyµ 8.250%, 08/15/20		1,208,854
	1,942,000	Hasbro, Inc.^µ 6.600%, 07/15/28		2,135,452
		Icahn Enterprises, LP*
	3,164,000	5.875%, 02/01/22		3,144,225
	1,934,000	6.000%, 08/01/20		1,987,185
	447,000	4.875%, 03/15/19		446,441
	4,098,000	Jaguar Land Rover Automotive, PLC^* 8.125%, 05/15/21		4,666,597
		L Brands, Inc.µ
	2,459,000	7.600%, 07/15/37		2,489,738
	557,000	6.950%, 03/01/33		551,430
	549,000	Lear Corp.µ* 4.750%, 01/15/23		524,295
	1,155,000	Liberty Interactive, LLC^µ 8.250%, 02/01/30		1,229,353
		Meritage Homes Corp.µ
	2,787,000	7.150%, 04/15/20		3,044,797
	1,564,000	7.000%, 04/01/22		1,677,390
	1,533,000	NCL Corp. Ltd- Class C 5.000%, 02/15/18		1,592,404
		Neiman Marcus Group LTD, LLC*
	504,000	8.750%, 10/15/21		530,460
	402,000	8.000%, 10/15/21µ		421,849
	2,315,000	Netflix, Inc.^µ 5.375%, 02/01/21		2,352,619
	4,672,000	Outerwall, Inc.µ 6.000%, 03/15/19		4,818,000
	877,000	Quiksilver, Inc. / QS Wholesale, Inc.µ* 7.875%, 08/01/18		955,382
	3,168,000	Royal Caribbean Cruises, Ltd.^ 7.500%, 10/15/27		3,387,780
		Ryland Group, Inc.µ
	4,508,000	6.625%, 05/01/20^		4,843,282
	1,221,000	5.375%, 10/01/22		1,177,502


PRINCIPAL AMOUNT			VALUE

		Sally Holdings, LLC / Sally Capital, Inc.µ
	1,533,000	5.750%, 06/01/22	$	1,560,786
	787,000	5.500%, 11/01/23		778,146
		Service Corp. Internationalµ
	2,869,000	7.500%, 04/01/27^		3,051,899
	1,992,000	5.375%, 01/15/22*		2,023,125
	2,393,000	Six Flags Entertainment Corp.µ* 5.250%, 01/15/21		2,373,557
	2,457,000	Taylor Morrison Communities, Inc.µ* 5.250%, 04/15/21		2,400,182
		Toll Brothers Finance Corp.
	2,705,000	5.625%, 01/15/24^		2,726,978
	943,000	4.000%, 12/31/18µ		958,913
	3,114,000	Viking Cruises, Ltd.µ* 8.500%, 10/15/22		3,546,067

				91,989,277

		*Consumer Staples (2.6%)*
	795,000	Alphabet Holding Company, Inc.* 7.750%, 11/01/17		823,819
	2,991,000	Fidelity & Guaranty Life Holdings, Inc.µ* 6.375%, 04/01/21		3,125,595
	4,072,000	JBS USA, LLCµ* 7.250%, 06/01/21		4,265,420
	4,426,000	Land O’Lakes, Inc.^µ* 6.000%, 11/15/22		4,586,442
		Post Holdings, Inc.µ
	6,192,000	7.375%, 02/15/22		6,594,480
	352,000	7.375%, 02/15/22*		375,100
	2,582,000	Smithfield Foods, Inc.µ 6.625%, 08/15/22		2,732,079
	1,313,000	Wells Enterprises, Inc.µ* 6.750%, 02/01/20		1,350,749

				23,853,684

		*Energy (11.6%)*
	2,738,000	Atwood Oceanics, Inc.µ 6.500%, 02/01/20		2,933,082
	2,049,000	Berry Petroleum Company 6.375%, 09/15/22		2,087,419
	2,049,000	Bonanza Creek Energy, Inc.µ 6.750%, 04/15/21		2,146,328
	1,410,000	BreitBurn Energy Partners, LP / BreitBurn Finance Corp.^ 7.875%, 04/15/22		1,506,056
	2,759,000	Bristow Group, Inc.^µ 6.250%, 10/15/22		2,926,264
	1,844,000	Calfrac Holdings, LPµ* 7.500%, 12/01/20		1,918,913
		Calumet Specialty Products Partners, LP
	1,885,000	7.625%, 01/15/22		1,994,566
	1,393,000	9.375%, 05/01/19µ		1,546,230
	1,229,000	9.625%, 08/01/20µ		1,397,219
		Carrizo Oil & Gas, Inc.µ
	3,623,000	7.500%, 09/15/20		3,967,185
	2,676,000	8.625%, 10/15/18		2,896,770
	1,361,000	Chesapeake Oilfield Finance, Inc.µ 6.625%, 11/15/19		1,436,706
	4,918,000	Cimarex Energy Company^µ 5.875%, 05/01/22		5,271,481

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	5,737,000	Drill Rigs Holdings, Inc.µ* 6.500%, 10/01/17	$	6,145,761
	2,377,000	Energy Transfer Equity, LPµ 5.875%, 01/15/24		2,379,971
	1,721,000	EPL Oil & Gas, Inc.µ 8.250%, 02/15/18		1,856,529
	479,000	Forum Energy Technologies, Inc.µ* 6.250%, 10/01/21		504,746
	4,508,000	Gulfmark Offshore, Inc.µ 6.375%, 03/15/22		4,558,715
	5,229,000	Gulfport Energy Corp.µ 7.750%, 11/01/20		5,647,320
	2,459,000	Holly Energy Partners, LPµ 6.500%, 03/01/20		2,578,876
	4,508,000	Laredo Petroleum, Inc. 7.375%, 05/01/22		4,967,252
		Linn Energy, LLCµ
	4,098,000	8.625%, 04/15/20		4,456,575
	1,639,000	7.000%, 11/01/19*		1,666,658
	1,229,000	7.750%, 02/01/21		1,303,508
	820,000	6.500%, 05/15/19		843,575
	1,065,000	Midstates Petroleum Company, Inc. / Midstates Petroleum Company, LLC^ 10.750%, 10/01/20		1,159,519
		Oasis Petroleum, Inc.µ
	3,434,000	6.500%, 11/01/21		3,672,234
	1,024,000	6.875%, 01/15/23		1,102,080
	1,860,000	Pacific Drilling, SAµ* 5.375%, 06/01/20		1,863,488
	2,253,000	Petroleum Geo-Services, ASAµ* 7.375%, 12/15/18		2,419,159
	1,168,000	Pioneer Energy Services Corp.µ 9.875%, 03/15/18		1,235,890
	4,098,000	SEACOR Holdings, Inc.µ 7.375%, 10/01/19		4,510,361
	2,049,000	SESI, LLCµ 7.125%, 12/15/21		2,271,829
	1,475,000	SM Energy Companyµ 6.500%, 11/15/21		1,573,641
	2,787,000	Swift Energy Companyµ 8.875%, 01/15/20		2,962,929
	2,951,000	Trinidad Drilling, Ltd.^* 7.875%, 01/15/19		3,166,792
	7,622,000	W&T Offshore, Inc.^ 8.500%, 06/15/19		8,155,540
	2,278,000	Western Refining, Inc.µ 6.250%, 04/01/21		2,323,560

				105,354,727

		*Financials (2.5%)*
	1,968,000	AON Corp.µ 8.205%, 01/01/27		2,406,057
	1,065,000	DuPont Fabros Technology, LP 5.875%, 09/15/21		1,104,937
	1,623,000	iStar Financial, Inc.µ 4.875%, 07/01/18		1,637,201
	3,483,000	Jefferies Finance, LLCµ* 7.375%, 04/01/20		3,659,327
	2,377,000	Michael Baker International, LLC / CDL Acquisition Company, Inc.µ* 8.250%, 10/15/18		2,467,623
	1,877,000	Nationstar Mortgage, LLC / Nationstar Capital Corp.µ 6.500%, 07/01/21		1,772,592


PRINCIPAL AMOUNT			VALUE

	4,508,000	Neuberger Berman Group LLCµ* 5.875%, 03/15/22	$	4,755,940
		Nuveen Investments, Inc.^*
	2,418,000	9.500%, 10/15/20		2,495,074
	2,418,000	9.125%, 10/15/17		2,478,450

				22,777,201

		*Health Care (5.9%)*
	2,643,000	Alere, Inc.µ 6.500%, 06/15/20		2,733,853
		Community Health Systems, Inc.
	7,130,000	7.125%, 07/15/20µ		7,624,644
	984,000	6.875%, 02/01/22^*		1,011,675
		Endo Health Solutions, Inc.
	6,147,000	7.000%, 12/15/20		6,573,448
	820,000	7.000%, 07/15/19		876,888
		HCA Holdings, Inc.µ
	6,557,000	5.875%, 05/01/23		6,684,042
	1,590,000	6.250%, 02/15/21		1,694,344
	2,459,000	HCA, Inc.^ 7.750%, 05/15/21		2,695,679
	4,717,000	Hologic, Inc.µ 6.250%, 08/01/20		4,938,109
	1,262,000	Salix Pharmaceuticals, Ltd.µ* 6.000%, 01/15/21		1,319,579
	4,508,000	Teleflex, Inc.^µ 6.875%, 06/01/19		4,753,122
	5,040,000	Tenet Healthcare Corp.^ 6.750%, 02/01/20		5,269,950
		Valeant Pharmaceuticals International, Inc.µ*
	5,081,000	7.000%, 10/01/20		5,493,831
	787,000	7.500%, 07/15/21		878,489
	779,000	VPII Escrow Corp.* 6.750%, 08/15/18		855,926

				53,403,579

		*Industrials (7.8%)*
	3,852,000	ACCO Brands Corp.µ 6.750%, 04/30/20		3,832,740
	6,557,000	Belden, Inc.^µ* 5.500%, 09/01/22		6,438,154
	5,081,000	Deluxe Corp.µ 6.000%, 11/15/20		5,262,011
	2,360,000	Digitalglobe, Inc.µ 5.250%, 02/01/21		2,326,075
	4,479,000	Dycom Investments, Inc.µ 7.125%, 01/15/21		4,730,944
	2,237,000	Edgen Murray Corp.* 8.750%, 11/01/20		2,589,327
	1,807,000	Garda World Security Corp.* 7.250%, 11/15/21		1,864,598
	2,315,000	GrafTech International, Ltd.^ 6.375%, 11/15/20		2,390,237
	3,733,000	H&E Equipment Services, Inc.µ 7.000%, 09/01/22		4,066,637
	2,869,000	Manitowoc Company, Inc.^ 8.500%, 11/01/20		3,243,763
	1,172,000	Meritor, Inc. 6.750%, 06/15/21		1,225,473
	2,459,000	Navistar International Corp.µ 8.250%, 11/01/21		2,540,454
	1,479,000	Nortek, Inc.µ 8.500%, 04/15/21		1,637,993
	5,368,000	Rexel, SA^µ* 6.125%, 12/15/19		5,619,625

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

		Terex Corp.µ
	3,983,000	6.000%, 05/15/21	$	4,139,831
	361,000	6.500%, 04/01/20		388,526
	1,660,000	Titan International, Inc.µ* 6.875%, 10/01/20		1,755,450
		TransDigm, Inc.
	1,926,000	5.500%, 10/15/20^		1,912,759
	1,143,000	7.750%, 12/15/18µ		1,224,439
	1,639,000	Triumph Group, Inc.µ 4.875%, 04/01/21		1,602,123
	1,885,000	United Continental Holdings, Inc.^ 6.375%, 06/01/18		1,980,428
		United Rentals North America, Inc.µ
	4,508,000	7.625%, 04/15/22		5,085,587
	4,426,000	6.125%, 06/15/23		4,591,975

				70,449,149

		*Information Technology (6.0%)*
	795,000	ACI Worldwide, Inc.µ* 6.375%, 08/15/20		820,837
	2,623,000	Activision Blizzard, Inc.µ* 5.625%, 09/15/21		2,718,084
		Amkor Technology, Inc.µ
	2,696,000	6.375%, 10/01/22^		2,768,455
	770,000	6.625%, 06/01/21		805,613
	4,663,000	Black Knight InfoServ, LLC 5.750%, 04/15/23		4,917,320
	1,043,000	ConvaTec Finance International, SAµ* 8.250%, 01/15/19		1,077,549
	1,639,000	Equinix, Inc.µ 5.375%, 04/01/23		1,612,366
	5,327,000	Hughes Satellite Systems Corp.µ 7.625%, 06/15/21		6,022,839
	3,278,000	J2 Global, Inc.µ 8.000%, 08/01/20		3,534,094
	2,459,000	Magnachip Semiconductor, Inc.^ 6.625%, 07/15/21		2,525,086
	6,893,000	Nuance Communications, Inc.^µ* 5.375%, 08/15/20		6,755,140
		NXP Semiconductors, NVµ*
	1,639,000	5.750%, 02/15/21		1,700,462
	656,000	5.750%, 03/15/23		658,460
	5,303,000	Sanmina Corp.µ* 7.000%, 05/15/19		5,644,381
	3,692,000	Sungard Data Systems, Inc.µ 6.625%, 11/01/19		3,876,600
	2,787,000	ViaSat, Inc.µ 6.875%, 06/15/20		2,943,769
	4,508,000	Viasystems, Inc.µ* 7.875%, 05/01/19		4,826,377
	1,475,000	WEX, Inc.µ* 4.750%, 02/01/23		1,357,000

				54,564,432

		*Materials (3.6%)*
	1,176,000	Chemtura Corp.µ 5.750%, 07/15/21		1,203,930
	6,147,000	FMG Resources^* 8.250%, 11/01/19		6,792,435
	2,172,000	FQM (Akubra), Inc.µ* 8.750%, 06/01/20		2,477,438
	3,614,000	Greif, Inc.µ 7.750%, 08/01/19		4,110,925


PRINCIPAL AMOUNT			VALUE

	1,803,000	INEOS Group Holdings, SA^* 6.125%, 08/15/18	$	1,853,709
		New Gold, Inc.µ*
	3,278,000	7.000%, 04/15/20		3,349,706
	902,000	6.250%, 11/15/22		869,303
	1,926,000	PH Glatfelter Companyµ 5.375%, 10/15/20		1,940,445
		Sealed Air Corp.µ*
	1,684,000	6.500%, 12/01/20		1,817,668
	926,000	5.250%, 04/01/23		916,161
	4,672,000	Trinseo Op/ Trinseo Finance, Inc.* 8.750%, 02/01/19		4,794,640
	2,295,000	United States Steel Corp.^µ 6.875%, 04/01/21		2,422,659

				32,549,019

		*Telecommunication Services (2.7%)*
	3,791,000	Brightstar Corp.* 7.250%, 08/01/18		4,091,911
	1,669,000	CenturyLink, Inc.µ 6.750%, 12/01/23		1,704,308
	2,280,000	Frontier Communications Corp.µ 7.625%, 04/15/24		2,265,750
		Intelsat, SA*
	4,590,000	7.750%, 06/01/21		4,937,119
	328,000	8.125%, 06/01/23^		356,290
	3,852,000	MetroPCS Wireless, Inc.* 6.625%, 04/01/23		3,996,450
	1,926,000	SBA Communications Corp.µ 5.625%, 10/01/19		1,991,002
		Sprint Corp.*
	2,639,000	7.875%, 09/15/23µ		2,820,431
	1,213,000	7.125%, 06/15/24		1,225,888
	848,000	7.250%, 09/15/21^µ		914,780

				24,303,929

		*Utilities (1.1%)*
	2,459,000	AES Corp.µ 7.375%, 07/01/21		2,726,416
	4,065,000	AmeriGas Finance Corp.^µ 7.000%, 05/20/22		4,420,688
		Calpine Corp.*
	2,459,000	7.875%, 07/31/20^		2,695,679
	354,000	7.500%, 02/15/21		387,851

				10,230,634

		TOTAL CORPORATE BONDS (Cost $470,212,040)		489,475,631

	CONVERTIBLE BONDS (49.3%)
		*Consumer Discretionary (9.0%)*
		Iconix Brand Group, Inc.
	5,600,000	1.500%, 03/15/18*		7,343,756
	2,000,000	2.500%, 06/01/16µ		2,618,260
		Jarden Corp.µ
	6,000,000	1.500%, 06/15/19*		7,293,930
	5,198,000	1.875%, 09/15/18^		7,283,983
	2,350,000	KB Home^ 1.375%, 02/01/19		2,448,888
	16,850,000	Liberty Interactive, LLC (Time Warner Cable, Inc., Time Warner, Inc.)µ*§ 0.750%, 03/30/43		20,451,519
	5,050,000	Liberty Media Corp.* 1.375%, 10/15/23		4,698,495

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	10,500,000	MGM Resorts International^µ 4.250%, 04/15/15	$	14,781,532
	6,027,000	Priceline.com, Inc.^µ 1.000%, 03/15/18		8,303,097
	4,800,000	Standard Pacific Corp.^µ 1.250%, 08/01/32		6,234,264

				81,457,724

		*Energy (1.2%)*
	8,500,000	Chesapeake Energy Corp.^µ 2.250%, 12/15/38		7,927,227
	3,300,000	Energy XXI Bermuda, Ltd.µ* 3.000%, 12/15/18		3,153,266

				11,080,493

		*Financials (4.9%)*
		Ares Capital Corp.µ
	7,300,000	4.750%, 01/15/18		7,830,929
	4,027,000	5.750%, 02/01/16^		4,363,416
	2,850,000	Health Care REIT, Inc.µ 3.000%, 12/01/29		3,317,756
	3,500,000	IAS Operating Partnership, LPµ* 5.000%, 03/15/18		3,336,498
	1,215,000	Jefferies Group, Inc.µ 3.875%, 11/01/29		1,291,490
		MGIC Investment Corp.
	5,400,000	5.000%, 05/01/17µ		6,193,179
	4,400,000	2.000%, 04/01/20		6,156,238
	3,047,000	Portfolio Recovery Associates, Inc.µ* 3.000%, 08/01/20		3,299,764
	4,800,000	ProLogis, LP^ 3.250%, 03/15/15		5,499,048
	2,900,000	Starwood Property Trust, Inc. 4.550%, 03/01/18		3,323,864

				44,612,182

		*Health Care (10.9%)*
		BioMarin Pharmaceutical, Inc.
	3,742,000	0.750%, 10/15/18		4,010,114
	3,536,000	1.500%, 10/15/20^µ		3,838,841
	12,250,000	Cubist Pharmaceuticals, Inc.^µ* 1.875%, 09/01/20		14,520,415
	3,050,000	Emergent Biosolutions, Inc.* 2.875%, 01/15/21		3,194,875
	2,277,000	Fluidigm Corp. 2.750%, 02/01/34		2,516,085
	4,100,000	Gilead Sciences, Inc. 1.625%, 05/01/16		14,522,651
	4,800,000	Hologic, Inc.µ‡ 2.000%, 12/15/37		5,494,656
	2,644,000	Illumina, Inc.µ* 0.250%, 03/15/16		4,867,551
	1,435,000	Incyte Corp, Ltd.µ* 1.250%, 11/15/20		2,089,059
	1,800,000	Medicines Company 1.375%, 06/01/17		2,505,060
	5,689,000	Medidata Solutions, Inc.^* 1.000%, 08/01/18		7,498,500
	5,745,000	Molina Healthcare, Inc.* 1.125%, 01/15/20		6,219,192
	5,450,000	Salix Pharmaceuticals, Ltd.µ 1.500%, 03/15/19		8,753,490
	2,850,000	Vivus, Inc.* 4.500%, 05/01/20		2,235,469


PRINCIPAL AMOUNT			VALUE

	12,700,000	WellPoint, Inc.µ 2.750%, 10/15/42	$	16,511,778

				98,777,736

		*Industrials (3.2%)*
	4,237,000	Air Lease Corp.^ 3.875%, 12/01/18		5,829,561
	3,650,000	Alliant Techsystems, Inc.^µ 3.000%, 08/15/24		6,856,890
	1,550,000	Greenbrier Companies, Inc.^ 3.500%, 04/01/18		1,977,351
	10,500,000	Trinity Industries, Inc.^µ 3.875%, 06/01/36		14,352,817

				29,016,619

		*Information Technology (17.5%)*
	3,300,000	Cardtronics, Inc.* 1.000%, 12/01/20		3,124,605
	6,400,000	Concur Technologies, Inc.^µ* 0.500%, 06/15/18		8,248,992
	3,450,000	Cornerstone OnDemand, Inc.* 1.500%, 07/01/18		4,355,901
	759,000	Electronic Arts, Inc.^ 0.750%, 07/15/16		844,376
	4,400,000	Finisar Corp.^* 0.500%, 12/15/33		4,699,332
	6,200,000	InvenSense, Inc.* 1.750%, 11/01/18		7,061,273
	1,343,000	Ixiaµ 3.000%, 12/15/15		1,422,613
	8,600,000	JDS Uniphase Corp.^* 0.625%, 08/15/33		8,814,183
	11,944,000	Linear Technology Corp.^µ 3.000%, 05/01/27		13,136,967
	14,250,000	Mentor Graphics Corp. 4.000%, 04/01/31		17,300,782
	9,800,000	Micron Technology, Inc.^µ 1.875%, 06/01/14		15,804,705
	6,400,000	Netsuite, Inc.^* 0.250%, 06/01/18		7,179,488
	3,300,000	NVIDIA Corp.µ* 1.000%, 12/01/18		3,360,159
	3,600,000	Salesforce.com, Inc.^µ* 0.250%, 04/01/18		4,155,732
	25,000,000	SanDisk Corp.^µ* 0.500%, 10/15/20		24,928,750
	9,300,000	ServiceNow, Inc.* 0.000%, 11/01/18		10,078,084
	6,200,000	SINA Corp.* 1.000%, 12/01/18		5,760,420
	1,531,000	SunEdison, Inc.* 2.000%, 10/01/18		1,822,479
	6,700,000	Take-Two Interactive Software, Inc.^µ 1.000%, 07/01/18		7,537,802
		Workday, Inc.µ*
	3,450,000	1.500%, 07/15/20		4,407,841
	3,450,000	0.750%, 07/15/18		4,292,939

				158,337,423

		*Materials (2.6%)*
	7,700,000	Cemex SAB de CV 4.875%, 03/15/15		9,312,457
	5,200,000	Glencore Finance Europe, SAµ 5.000%, 12/31/14		5,796,486

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

		RTI International Metals, Inc.
	2,800,000	1.625%, 10/15/19	$	2,845,836
	2,600,000	3.000%, 12/01/15		2,821,897
	2,600,000	Steel Dynamics, Inc.µ 5.125%, 06/15/14		2,755,675

				23,532,351

		TOTAL CONVERTIBLE BONDS (Cost $396,174,507)		446,814,528

	U.S. GOVERNMENT AND AGENCY SECURITY (0.1%)
	1,188,000	United States Treasury Note 0.125%, 12/31/14 (Cost $1,188,000)		1,188,046

	SYNTHETIC CONVERTIBLE SECURITIES (14.3%)¤
	*Corporate Bonds (12.2%)*
		*Consumer Discretionary (2.2%)*
	309,000	Bon-Ton Department Stores, Inc.^µ 8.000%, 06/15/21		299,730
	63,000	Brunswick Corp.µ* 4.625%, 05/15/21		59,811
	52,000	Claire’s Stores, Inc.^* 7.750%, 06/01/20		45,240
	195,000	Cogeco Cable, Inc.µ* 4.875%, 05/01/20		191,100
	1,103,000	Cooper Tire & Rubber Company^µ 8.000%, 12/15/19		1,207,785
	971,000	Dana Holding Corp.µ 6.750%, 02/15/21		1,050,501
		DISH DBS Corp.µ
	1,220,000	5.125%, 05/01/20		1,222,287
	985,000	7.875%, 09/01/19^		1,125,362
	722,000	Dufry Finance, SCAµ* 5.500%, 10/15/20		745,465
	511,000	Golden Nugget Escrow, Inc.µ* 8.500%, 12/01/21		522,498
	239,000	Goodyear Tire & Rubber Companyµ 8.250%, 08/15/20		266,037
	428,000	Hasbro, Inc.^µ 6.600%, 07/15/28		470,635
		Icahn Enterprises, LP*
	696,000	5.875%, 02/01/22		691,650
	426,000	6.000%, 08/01/20		437,715
	98,000	4.875%, 03/15/19		97,878
	902,000	Jaguar Land Rover Automotive, PLC^* 8.125%, 05/15/21		1,027,152
		L Brands, Inc.µ
	541,000	7.600%, 07/15/37		547,763
	123,000	6.950%, 03/01/33		121,770
	121,000	Lear Corp.µ* 4.750%, 01/15/23		115,555
	254,000	Liberty Interactive, LLC^µ 8.250%, 02/01/30		270,351
		Meritage Homes Corp.µ
	613,000	7.150%, 04/15/20		669,703
	344,000	7.000%, 04/01/22		368,940
	337,000	NCL Corp. Ltd- Class C 5.000%, 02/15/18		350,059


PRINCIPAL AMOUNT			VALUE

		Neiman Marcus Group LTD, LLC*
	111,000	8.750%, 10/15/21	$	116,828
	88,000	8.000%, 10/15/21µ		92,345
	510,000	Netflix, Inc.^µ 5.375%, 02/01/21		518,288
	1,028,000	Outerwall, Inc.µ 6.000%, 03/15/19		1,060,125
	193,000	Quiksilver, Inc. / QS Wholesale, Inc.µ* 7.875%, 08/01/18		210,249
	697,000	Royal Caribbean Cruises, Ltd.^ 7.500%, 10/15/27		745,354
		Ryland Group, Inc.µ
	992,000	6.625%, 05/01/20^		1,065,780
	269,000	5.375%, 10/01/22		259,417
		Sally Holdings, LLC / Sally Capital, Inc.µ
	337,000	5.750%, 06/01/22		343,108
	173,000	5.500%, 11/01/23		171,054
		Service Corp. Internationalµ
	631,000	7.500%, 04/01/27^		671,226
	438,000	5.375%, 01/15/22*		444,844
	527,000	Six Flags Entertainment Corp.µ* 5.250%, 01/15/21		522,718
	541,000	Taylor Morrison Communities, Inc.µ* 5.250%, 04/15/21		528,489
		Toll Brothers Finance Corp.
	595,000	5.625%, 01/15/24^		599,834
	207,000	4.000%, 12/31/18µ		210,493
	686,000	Viking Cruises, Ltd.µ* 8.500%, 10/15/22		781,182

				20,246,321

		*Consumer Staples (0.6%)*
	175,000	Alphabet Holding Company, Inc.* 7.750%, 11/01/17		181,344
	659,000	Fidelity & Guaranty Life Holdings, Inc.µ* 6.375%, 04/01/21		688,655
	896,000	JBS USA, LLCµ* 7.250%, 06/01/21		938,560
	974,000	Land O’ Lakes, Inc.^µ* 6.000%, 11/15/22		1,009,307
		Post Holdings, Inc.µ
	1,363,000	7.375%, 02/15/22		1,451,595
	78,000	7.375%, 02/15/22*		83,119
	568,000	Smithfield Foods, Inc.µ 6.625%, 08/15/22		601,015
	289,000	Wells Enterprises, Inc.µ* 6.750%, 02/01/20		297,309

				5,250,904

		*Energy (2.6%)*
	603,000	Atwood Oceanics, Inc.µ 6.500%, 02/01/20		645,964
	451,000	Berry Petroleum Company 6.375%, 09/15/22		459,456
	451,000	Bonanza Creek Energy, Inc.µ 6.750%, 04/15/21		472,422
	310,000	BreitBurn Energy Partners, LP / BreitBurn Finance Corp.^ 7.875%, 04/15/22		331,119
	607,000	Bristow Group, Inc.^µ 6.250%, 10/15/22		643,799

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	406,000	Calfrac Holdings, LPµ* 7.500%, 12/01/20	$	422,494
		Calumet Specialty Products Partners, LP
	415,000	7.625%, 01/15/22		439,122
	307,000	9.375%, 05/01/19µ		340,770
	271,000	9.625%, 08/01/20µ		308,093
		Carrizo Oil & Gas, Inc.µ
	797,000	7.500%, 09/15/20		872,715
	589,000	8.625%, 10/15/18		637,592
	299,000	Chesapeake Oilfield Operating, LLCµ 6.625%, 11/15/19		315,632
	1,082,000	Cimarex Energy Company^µ 5.875%, 05/01/22		1,159,769
	1,263,000	Drill Rigs Holdings, Inc.µ* 6.500%, 10/01/17		1,352,989
	523,000	Energy Transfer Equity, LPµ 5.875%, 01/15/24		523,654
	379,000	EPL OIl & Gas, Inc.µ 8.250%, 02/15/18		408,846
	106,000	Forum Energy Technologies, Inc.µ* 6.250%, 10/01/21		111,698
	992,000	Gulfmark Offshore, Inc.µ 6.375%, 03/15/22		1,003,160
	1,151,000	Gulfport Energy Corp.µ 7.750%, 11/01/20		1,243,080
	541,000	Holly Energy Partners, LPµ 6.500%, 03/01/20		567,374
	992,000	Laredo Petroleum, Inc. 7.375%, 05/01/22		1,093,060
		Linn Energy, LLCµ
	902,000	8.625%, 04/15/20		980,925
	361,000	7.000%, 11/01/19*		367,092
	271,000	7.750%, 02/01/21		287,429
	180,000	6.500%, 05/15/19		185,175
	235,000	Midstates Petroleum Company, Inc. / Midstates Petroleum Company, LLC^ 10.750%, 10/01/20		255,856
		Oasis Petroleum, Inc.µ
	756,000	6.500%, 11/01/21		808,447
	226,000	6.875%, 01/15/23		243,233
	410,000	Pacific Drilling, SAµ* 5.375%, 06/01/20		410,769
	496,000	Petroleum Geo-Services, ASAµ* 7.375%, 12/15/18		532,580
	257,000	Pioneer Energy Services Corp.µ 9.875%, 03/15/18		271,938
	902,000	SEACOR Holdings, Inc.µ 7.375%, 10/01/19		992,764
	451,000	SESI, LLCµ 7.125%, 12/15/21		500,046
	325,000	SM Energy Companyµ 6.500%, 11/15/21		346,734
	613,000	Swift Energy Companyµ 8.875%, 01/15/20		651,696
	649,000	Trinidad Drilling, Ltd.^* 7.875%, 01/15/19		696,458
	1,678,000	W&T Offshore, Inc.^ 8.500%, 06/15/19		1,795,460
	502,000	Western Refining, Inc.µ 6.250%, 04/01/21		512,040

				23,191,450


PRINCIPAL AMOUNT			VALUE

		*Financials (0.6%)*
	433,000	AON Corp.µ 8.205%, 01/01/27	$	529,381
	235,000	DuPont Fabros Technology, LP 5.875%, 09/15/21		243,813
	357,000	iStar Financial, Inc.µ 4.875%, 07/01/18		360,124
	767,000	Jefferies Finance, LLCµ* 7.375%, 04/01/20		805,829
	523,000	Michael Baker International, LLC / CDL Acquisition Company, Inc.µ* 8.250%, 10/15/18		542,939
	413,000	Nationstar Mortgage, LLC / Nationstar Capital Corp.µ 6.500%, 07/01/21		390,027
	992,000	Neuberger Berman Group LLCµ* 5.875%, 03/15/22		1,046,560
		Nuveen Investments, Inc.^*
	532,000	9.500%, 10/15/20		548,958
	532,000	9.125%, 10/15/17		545,300

				5,012,931

		*Health Care (1.3%)*
	582,000	Alere, Inc.µ 6.500%, 06/15/20		602,006
		Community Health Systems, Inc.
	1,570,000	7.125%, 07/15/20µ		1,678,919
	216,000	6.875%, 02/01/22^*		222,075
		Endo Health Solutions, Inc.
	1,353,000	7.000%, 12/15/20		1,446,864
	180,000	7.000%, 07/15/19		192,488
		HCA Holdings, Inc.µ
	1,443,000	5.875%, 05/01/23		1,470,958
	350,000	6.250%, 02/15/21		372,969
	541,000	HCA, Inc.^ 7.750%, 05/15/21		593,071
	1,038,000	Hologic, Inc.µ 6.250%, 08/01/20		1,086,656
	278,000	Salix Pharmaceuticals, Ltd.µ* 6.000%, 01/15/21		290,684
	992,000	Teleflex, Inc.^µ 6.875%, 06/01/19		1,045,940
	1,110,000	Tenet Healthcare Corp.^ 6.750%, 02/01/20		1,160,644
		Valeant Pharmaceuticals International, Inc.µ*
	1,119,000	7.000%, 10/01/20		1,209,919
	173,000	7.500%, 07/15/21		193,111
	171,000	VPII Escrow Corp.* 6.750%, 08/15/18		187,886

				11,754,190

		*Industrials (2.0%)*
	848,000	ACCO Brands Corp.µ 6.750%, 04/30/20		843,760
	1,443,000	Belden, Inc.^µ* 5.500%, 09/01/22		1,416,846
	2,575,000	Clean Harbors, Inc.µ 5.125%, 06/01/21		2,581,438
	1,119,000	Deluxe Corp.µ 6.000%, 11/15/20		1,158,864
	520,000	Digitalglobe, Inc.µ 5.250%, 02/01/21		512,525
	986,000	Dycom Investments, Inc.µ 7.125%, 01/15/21		1,041,462

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	493,000	Edgen Murray Corp.* 8.750%, 11/01/20	$	570,647
	398,000	Garda World Security Corp.* 7.250%, 11/15/21		410,686
	510,000	GrafTech International, Ltd.^ 6.375%, 11/15/20		526,575
	822,000	H&E Equipment Services, Inc.µ 7.000%, 09/01/22		895,466
	631,000	Manitowoc Company, Inc.^ 8.500%, 11/01/20		713,424
	258,000	Meritor, Inc. 6.750%, 06/15/21		269,771
	541,000	Navistar International Corp.µ 8.250%, 11/01/21		558,921
	325,000	Nortek, Inc.µ 8.500%, 04/15/21		359,938
	1,182,000	Rexel, SA^µ* 6.125%, 12/15/19		1,237,406
		Terex Corp.µ
	877,000	6.000%, 05/15/21		911,532
	79,000	6.500%, 04/01/20		85,024
	365,000	Titan International, Inc.µ* 6.875%, 10/01/20		385,988
		TransDigm, Inc.
	424,000	5.500%, 10/15/20^		421,085
	252,000	7.750%, 12/15/18µ		269,955
	361,000	Triumph Group, Inc.µ 4.875%, 04/01/21		352,878
	415,000	United Continental Holdings, Inc.^ 6.375%, 06/01/18		436,009
		United Rentals North America, Inc.µ
	992,000	7.625%, 04/15/22		1,119,100
	974,000	6.125%, 06/15/23		1,010,525

				18,089,825

		*Information Technology (1.3%)*
	175,000	ACI Worldwide, Inc.µ* 6.375%, 08/15/20		180,688
	577,000	Activision Blizzard, Inc.µ* 5.625%, 09/15/21		597,916
		Amkor Technology, Inc.µ
	594,000	6.375%, 10/01/22^		609,964
	169,000	6.625%, 06/01/21		176,816
	1,027,000	Black Knight InfoServ, LLC 5.750%, 04/15/23		1,083,013
	229,000	ConvaTec Finance International, SAµ* 8.250%, 01/15/19		236,586
	361,000	Equinix, Inc.µ 5.375%, 04/01/23		355,134
	1,173,000	Hughes Satellite Systems Corp.µ 7.625%, 06/15/21		1,326,223
	722,000	J2 Global, Inc.µ 8.000%, 08/01/20		778,406
	541,000	Magnachip Semiconductor, Inc.^ 6.625%, 07/15/21		555,539
	1,517,000	Nuance Communications, Inc.^µ* 5.375%, 08/15/20		1,486,660
		NXP Semiconductors, NVµ*
	361,000	5.750%, 02/15/21		374,537
	144,000	5.750%, 03/15/23		144,540
	1,167,000	Sanmina Corp.µ* 7.000%, 05/15/19		1,242,126
	813,000	Sungard Data Systems, Inc.µ 6.625%, 11/01/19		853,650


PRINCIPAL AMOUNT			VALUE

	613,000	ViaSat, Inc.µ 6.875%, 06/15/20	$	647,481
	992,000	Viasystems, Inc.µ* 7.875%, 05/01/19		1,062,060
	325,000	WEX, Inc.µ* 4.750%, 02/01/23		299,000

				12,010,339

		*Materials (0.8%)*
	259,000	Chemtura Corp.µ 5.750%, 07/15/21		265,151
	1,353,000	FMG Resources^* 8.250%, 11/01/19		1,495,065
	478,000	FQM (Akubra), Inc.µ* 8.750%, 06/01/20		545,219
	796,000	Greif, Inc.µ 7.750%, 08/01/19		905,450
	397,000	INEOS Group Holdings, SA^* 6.125%, 08/15/18		408,166
		New Gold, Inc.µ*
	722,000	7.000%, 04/15/20		737,794
	198,000	6.250%, 11/15/22		190,822
	424,000	PH Glatfelter Companyµ 5.375%, 10/15/20		427,180
		Sealed Air Corp.µ*
	371,000	6.500%, 12/01/20		400,448
	204,000	5.250%, 04/01/23		201,832
	1,028,000	Trinseo Op/ Trinseo Finance, Inc.* 8.750%, 02/01/19		1,054,985
	505,000	United States Steel Corp.^µ 6.875%, 04/01/21		533,091

				7,165,203

		*Telecommunication Services (0.6%)*
	834,000	Brightstar Corp.* 7.250%, 08/01/18		900,199
	367,000	CenturyLink, Inc.µ 6.750%, 12/01/23		374,764
	502,000	Frontier Communications Corp.µ 7.625%, 04/15/24		498,862
		Intelsat, SA*
	1,010,000	7.750%, 06/01/21		1,086,381
	72,000	8.125%, 06/01/23^		78,210
	848,000	MetroPCS Wireless, Inc.* 6.625%, 04/01/23		879,800
	424,000	SBA Communications Corp.µ 5.625%, 10/01/19		438,310
		Sprint Corp.*
	581,000	7.875%, 09/15/23µ		620,944
	267,000	7.125%, 06/15/24		269,837
	187,000	7.250%, 09/15/21^µ		201,726

				5,349,033

		*Utilities (0.2%)*
	541,000	AES Corp.µ 7.375%, 07/01/21		599,834
	895,000	AmeriGas Finance Corp.^µ 7.000%, 05/20/22		973,312
		Calpine Corp.*
	541,000	7.875%, 07/31/20^		593,071
	78,000	7.500%, 02/15/21		85,459

				2,251,676

		TOTAL CORPORATE BONDS		110,321,872

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	U.S. GOVERNMENT AND AGENCY SECURITY (0.0%)
	262,000	United States Treasury Note~ 0.125%, 12/31/14	$	262,010

NUMBER OF CONTRACTS			VALUE
	*Purchased Options (2.1%) #*
		*Consumer Discretionary (0.2%)*
	1,775	Lennar Corp. Call, 01/17/15, Strike $37.00		1,229,188
	515	Michael Kors Holdings, Ltd. Call, 01/17/15, Strike $82.50		533,025

				1,762,213

		*Energy (0.1%)*
	736	Continental Resources, Inc. Call, 01/17/15, Strike $105.00		1,335,840

		*Health Care (1.3%)*
	560	Celgene Corp. Call, 01/17/15, Strike $135.00		1,778,000
	3,825	Gilead Sciences, Inc. Call, 01/17/15, Strike $72.50		6,129,562
	3,760	Mylan, Inc. Call, 01/17/15, Strike $45.00		2,209,000
	190	Regeneron Pharmaceuticals, Inc. Call, 01/17/15, Strike $250.00		1,333,800

				11,450,362

		*Information Technology (0.5%)*
	200	Apple, Inc. Call, 01/17/15, Strike $500.00		862,500
	180	Google, Inc. Call, 01/17/15, Strike $1,020.00		3,731,400

				4,593,900

		TOTAL PURCHASED OPTIONS		19,142,315

		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $121,591,153)		129,726,197

NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (17.5%)
		*Consumer Staples (0.6%)*
	54,000	Bunge, Ltd.µ 4.875%		5,575,500

		*Energy (3.0%)*
		Chesapeake Energy Corp.µ*
	19,133	5.750%^		21,751,830
	4,744	5.750%		5,464,495

				27,216,325

		*Financials (4.7%)*
	350,000	Affiliated Managers Group, Inc.^µ 5.150%		21,196,875
	539,000	MetLife, Inc.µ 5.000%		15,711,850


NUMBER OF SHARES			VALUE

	103,333	Weyerhaeuser Company^ 6.375%	$	5,538,649

				42,447,374

		*Industrials (5.8%)*
	58,200	Genesee & Wyoming, Inc.^ 5.000%		7,126,590
		Stanley Black & Decker, Inc.^
	91,966	4.750%µ		11,048,795
	33,500	6.250%		3,408,625
	480,000	United Technologies Corp.^µ 7.500%		30,926,400

				52,510,410

		*Telecommunication Services (2.0%)*
	93,000	Crown Castle International Corp. 4.500%		9,122,370
	161,000	Intelsat, SAµ 5.750%		8,456,525

				17,578,895

		*Utilities (1.4%)*
		NextEra Energy, Inc.
	185,000	5.799%^		9,805,000
	46,000	5.599%µ		2,822,100

				12,627,100

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $ 141,069,040)		157,955,604

	COMMON STOCK (0.1%)
		*Financials (0.1%)*
	13,850	American International Group, Inc.µ (Cost $ 623,250)		664,246

	SHORT TERM INVESTMENT (2.3%)
	20,914,444	Fidelity Prime Money Market Fund - Institutional Class (Cost $ 20,914,444)		20,914,444

	TOTAL INVESTMENTS (137.6%) (Cost $1,151,772,434)			1,246,738,696

	LIABILITIES, LESS OTHER ASSETS (-37.6%)			(340,928,107	)

	NET ASSETS (100.0%)		$	905,810,589

NOTES TO SCHEDULE OF INVESTMENTS


^		Security, or portion of security, is on loan.
µ		Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $735,902,628. $159,813,816 of the collateral has been re-registered by the counterparty, BNP (see Note 3 - Borrowings).

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2014 (UNAUDITED)


*		Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
§		Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
‡		Variable rate or step bond security. The rate shown is the rate in effect at January 31, 2014.


~		Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for swaps. The aggregate value of such securities is $1,450,057.
¤		The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.
#		Non-income producing security.

See accompanying Notes to Schedule of Investments

Calamos Convertible Opportunities and Income Fund

INTEREST RATE SWAPS


Counterparty	Fixed Rate (Fund Pays)	Floating Rate (Fund Receives)	Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas, SA	2.430% quarterly	3 month LIBOR	04/14/14	$	80,000,000	$	(442,326	)
BNP Paribas, SA	1.160% quarterly	3 month LIBOR	04/19/17		55,000,000		(502,741	)
BNP Paribas, SA	1.140% quarterly	3 month LIBOR	03/14/17		40,000,000		(414,675	)

						$	(1,359,742	)

See accompanying Notes to Schedule of Investments

NOTE 1 — ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization. Calamos Convertible Opportunities and Income Fund (the “Fund”) was organized as a Delaware statutory trust on April 17, 2002 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on June 26, 2002. The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund will invest at least 80% of its managed assets in a diversified portfolio of convertibles and non-convertible income securities. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

Fund Valuation. The valuation of the Fund’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principle exchange at the time each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principle exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Investment Transactions. Investment transactions are recorded on a trade date basis as of January 31, 2014.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

NOTE 2 — INVESTMENTS

The following information is presented on a federal income tax basis as of January 31, 2014. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at January 31, 2014 was as follows:


Cost basis of investments	$	1,173,820,375

Gross unrealized appreciation		97,298,420
Gross unrealized depreciation		(24,380,099	)

Net unrealized appreciation (depreciation)	$	72,918,321

NOTE 3 — BORROWINGS

The Fund, with the approval of its board of trustees, including its independent trustees, has entered into a financing package that includes a Committed Facility Agreement (the “BNP Agreement”) with BNP Paribas Prime Brokerage International Ltd. (“BNP”) that allows the Fund to borrow up to $200.0 million and a lending agreement, as defined below. In addition, the financing package also includes a Credit Agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”) that allows the Fund to borrow up to an initial limit of $200.0 million, and a related securities lending authorization agreement (“Authorized Agreement”). Borrowings under the BNP Agreement and the SSB Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account (the “pledged collateral”). BNP and SSB share an equal claim on the pledged collateral, subject to any adjustment that may be agreed upon between the lenders. Interest on the BNP agreement is charged at the three month LIBOR (London Inter-bank Offered Rate) plus .65% on the amount borrowed and .55% on the undrawn balance. Interest on the SSB agreement is charged on the drawn amount at the rate of Overnight LIBOR plus .80% and .10% on the undrawn balance (if the undrawn amount is more than 75% of the borrowing limit, the commitment fee is .20%). For the period ended January 31, 2014, the average borrowings under the Agreements were $350.0 million. For the period ended January 31, 2014, the average interest rate was 0.54%. As of January 31, 2014, the amount of total outstanding borrowings was $350.0 million, which approximates fair value. The interest rate applicable to the borrowings on January 31, 2014 was 0.89%.

The Lending Agreement with BNP is a separate side-agreement between the Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the “Lent Securities”) in an amount not to exceed the outstanding borrowings owed by the Fund to BNP under the BNP Agreement. The Lending Agreement is intended to permit the Fund to significantly reduce the cost of its borrowings under the Agreement. BNP may re-register the Lent Securities in its own name or in another name other than the Fund, and may pledge, re-pledge, sell, lend or otherwise transfer or use the Lent Securities with all attendant rights of ownership. (It is the Fund’s understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) The Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by the Fund. During the period in which the Lent Securities are outstanding, BNP must remit payment to the Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities.

Under the terms of the Lending Agreement with BNP, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the “Current Borrowings”), BNP must, on that day, either (1) return Lent Securities to the Fund’s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with the Fund’s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, the Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. The Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to the Fund’s custodian no later than three business days after such request. If the Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable to the Fund’s custodian for the ultimate delivery of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings.

Under the terms of the Authorized Agreement with SSB, all securities lent through SSB must be secured continuously by collateral received in cash, cash equivalents, or U.S. Treasury bills and maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral held by SSB on behalf of the Fund may be credited against the amounts borrowed under the SSB Agreement. Any amounts credited against the SSB Agreement would count against the Fund’s leverage limitations under the 1940 Act, unless otherwise covered in accordance with SEC release IC-10666. Under the terms of the Authorized Agreement with SSB, SSB will return the value of the collateral to the borrower upon the return of the lent securities, which will eliminate the credit against the SSB Agreement and will cause the amount drawn under the SSB Agreement to increase in an amount equal to the returned collateral. Under the terms of the securities Authorized Agreement with SSB, the Fund will make a variable “net income” payment related to any collateral credited against the SSB Agreement which will be paid to the securities borrower, less any payments due to the Fund or SSB under the terms of the Authorized Agreement. As of January 31, 2014, the Fund used approximately $116.4 million of its cash collateral to offset the SSB Agreement, representing 9.3% of managed assets, and was required to pay a “net income” payment equal to an annualized interest rate of 0.22%, which can fluctuate depending on interest rates.

NOTE 4 — INTEREST RATE SWAPS

The Fund engages in interest rate swaps primarily to hedge the interest rate risk on the Fund’s borrowings (see Note 3 — Borrowings). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. If interest rates rise, resulting in a diminution in the value of the Fund’s portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy of the Fund.

NOTE 5 — FAIR VALUE MEASUREMENTS

Various inputs are used to determine the value of the Fund’s investments. These inputs are categorized into three broad levels as follows:

•

Level 1 — Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

•

Level 2 — Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

•

Level 3 — Prices reflect unobservable market inputs (including the Fund’s own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Funds’ investments. Transfers between the levels for investment securities or other financial instruments are measured at the end of the reporting period.

The following is a summary of the inputs used in valuing the Fund’s holdings at fair value:


	Level 1		Level 2		Level 3		Total
Assets:
Corporate Bonds	$	—	$	489,475,631	$	—	$	489,475,631
Convertible Bonds		—		446,814,528		—		446,814,528
U.S. Government and Agency Securities		—		1,188,046		—		1,188,046
Synthetic Convertible Securities (Corporate Bonds)		—		110,321,872		—		110,321,872
Synthetic Convertible Securities (U.S. Government and Agency Securities)		—		262,010		—		262,010
Synthetic Convertible Securities (Purchased Options)		19,142,315		—		—		19,142,315
Convertible Preferred Stocks		101,144,804		56,810,800		—		157,955,604
Common Stock		664,246		—		—		664,246
Short Term Investment		20,914,444		—		—		20,914,444

Total	$	141,865,809	$	1,104,872,887	$	—	$	1,246,738,696


Liabilities:
Interest Rate Swaps	$	—	$	1,359,742	$	—	$	1,359,742

Total	$	—	$	1,359,742	$	—	$	1,359,742

ITEM 2. CONTROLS AND PROCEDURES.

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

(a) Certification of Principal Executive Officer.

(b) Certification of Principal Financial Officer.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Calamos Convertible Opportunities and Income Fund

By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		March 24, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Calamos Convertible Opportunities and Income Fund

By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		March 24, 2014

By:		/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		March 24, 2014