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: 1111 East Warrenville Road, Naperville, Illinois 60563 NAME AND ADDRESS OF AGENT FOR SERVICE: James S. Hamman, Jr., Secretary, Calamos Asset Management, Inc., 1111 East Warrenville Road, Naperville, Illinois 60563-1493 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200 DATE OF FISCAL YEAR END: October 31, 2005 DATE OF REPORTING PERIOD: November 1, 2004 through January 31, 2005 CONVERTIBLE OPPORTUNITIES AND INCOME FUND Item 1. SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------- CORPORATE BONDS (85.5%) CONSUMER DISCRETIONARY (27.0%) $ 1,709,000 Accuride Corp.(a) 8.500%, 02/01/15 $ 1,768,815 6,137,000 Aztar Corp.(b) 7.875%, 06/15/14 6,781,385 10,099,000 Beazer Homes USA, Inc. 8.375%, 04/15/12 11,134,147 777,000 CanWest Media, Inc. 7.625%, 04/15/13 843,045 3,107,000 Charter Communications, Inc.(b) 9.625%, 11/15/09 2,547,740 3,884,000 DEX Media, Inc.(b) 8.000%, 11/15/13 4,146,170 4,273,000 DIRECTV Financing Company, Inc. 8.375%, 03/15/13 4,833,831 6,192,000 GBP EMI Group, PLC 9.750%, 05/20/08 12,833,549 6,215,000 General Motors Corp.(b) 8.250%, 07/15/23 6,282,221 1,554,000 Global Cash Access, L.L.C.(b) 8.750%, 03/15/12 1,693,860 Goodyear Tire & Rubber Company 6,603,000 7.000%, 03/15/28 5,711,595 3,107,000 7.857%, 08/15/11(b) 3,153,605 3,107,000 Hasbro, Inc. 6.600%, 07/15/28 3,138,070 6,195,000 Hovnanian Enterprises, Inc.(b) 7.750%, 05/15/13 6,737,062 3,107,000 IMAX Corp.(b) 9.625%, 12/01/10 3,378,862 2,331,000 Intrawest Corp.(a) 7.500%, 10/15/13 2,459,205 10,876,000 Isle of Capri Casinos, Inc.(b) 9.000%, 03/15/12 12,058,765 1,795,000 Jarden Corp. 9.750%, 05/01/12 1,965,525 3,321,000 Kellwood Company 7.625%, 10/15/17 3,653,100 7,069,000 La Quinta, Corp. 8.875%, 03/15/11 7,837,754 2,331,000 Landry's Restaurants, Inc.(a) 7.500%, 12/15/14 2,284,380 13,595,000 Mandalay Resort Group 10.250%, 08/01/07 15,430,325 6,059,000 NCL Holding, ASA(a) 10.625%, 07/15/14 6,119,590 3,496,000 Oxford Industries, Inc. 8.875%, 06/01/11 3,740,720 3,884,000 Phillips-Van Heusen Corp. 8.125%, 05/01/13 4,233,560 1,554,000 Reader's Digest Association, Inc. 6.500%, 03/01/11 1,643,355 2,214,000 RH Donnelley Financial Corp.(a) 10.875%, 12/15/12 2,601,450 2,913,000 CAD Rogers Cable, Inc.(a) 7.250%, 12/15/11 2,432,880 PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------ $ 3,496,000 CAD Rogers Wireless Communications, Inc.(a) 7.625%, 12/15/11 $ 2,947,967 10,177,000 Royal Caribbean Cruises, Ltd.(b) 8.750%, 02/02/11 11,983,418 12,041,000 Russell Corp. 9.250%, 05/01/10 13,004,280 7,769,000 Spanish Broadcasting Systems, Inc. 9.625%, 11/01/09 8,176,873 3,807,000 Stoneridge, Inc. 11.500%, 05/01/12 4,397,085 6,215,000 Time Warner 7.625%, 04/15/31 7,679,751 9,866,000 Vail Resorts, Inc.(b) 6.750%, 02/15/14 10,001,658 Warner Music Group(a) 5,438,000 7.375%, 04/15/14 5,709,900 777,000 GBP 8.125%, 04/15/14 1,520,455 6,603,000 WCI Communities, Inc. 7.875%, 10/01/13 7,081,718 ----------- 213,947,671 ----------- CONSUMER STAPLES (8.9%) 1,554,000 Central Garden & Pet Company 9.125%, 02/01/13 1,713,285 3,884,000 Chattem, Inc. 7.000%, 03/01/14 3,995,665 3,379,000 Chiquita Brands International, Inc.(a)(b) 7.500%, 11/01/14 3,446,580 4,817,000 Del Monte Foods Company 8.625%, 12/15/12 5,376,976 4,661,000 DIMON, Inc.(b) 7.750%, 06/01/13 5,057,185 Dole Food Company, Inc.(b) 6,992,000 7.250%, 06/15/10 7,175,540 3,107,000 8.625%, 05/01/09 3,421,584 9,322,000 Jean Coutu Group, Inc.(a)(b) 8.500%, 08/01/14 9,345,305 777,000 Pilgrim's Pride Corp. 9.250%, 11/15/13 878,010 4,661,000 Pinnacle Foods Holding(a)(b) 8.250%, 12/01/13 4,288,120 4,350,000 Playtex Products, Inc.(b) 8.000%, 03/01/11 4,763,250 8,545,000 Rayovac Corp. 8.500%, 10/01/13 9,207,237 Revlon Consumer Products Corp.(e) 777,000 8.840%, 07/11/05 810,994 777,000 8.520%, 03/14/05 810,994 777,000 8.420%, 02/10/05 810,994 777,000 8.240%, 04/11/05 810,994 7,769,000 Smithfield Foods, Inc. 7.750%, 05/15/13 8,643,012 ---------- 70,555,725 ---------- ENERGY (10.7%) 6,603,000 Chesapeake Energy Corp. 6.875%, 01/15/16 6,900,135 See accompanying Notes to Schedule of Investments CONVERTIBLE OPPORTUNITIES AND INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------- $5,050,000 Comstock Resources, Inc. 6.875%, 03/01/12 $ 5,176,250 2,331,000 Forest Oil Corp. 8.000%, 12/15/11 2,654,426 9,089,000 General Maritime Corp.(b) 10.000%, 03/15/13 10,429,628 4,555,000 Giant Industries, Inc.(b) 11.000%, 05/15/12 5,261,025 3,574,000 KCS Energy, Inc. 7.125%, 04/01/12 3,761,635 5,333,000 Overseas Shipholding Group, Inc. 7.500%, 02/15/24 5,412,995 8,778,000 Petroleo Brasileiro, SA 8.375%, 12/10/18 9,238,845 3,884,000 Plains All American Pipeline, L.P. 7.750%, 10/15/12 4,577,212 4,972,000 Premcor Refining Group Inc. 9.500%, 02/01/13(b) 5,742,660 2,117,000 7.500%, 06/15/15 2,286,360 2,331,000 Range Resources Corp. 7.375%, 07/15/13 2,482,515 5,438,000 Swift Energy Company 9.375%, 05/01/12 6,063,370 4,129,000 Tesoro Petroleum Corp.(b) 9.625%, 04/01/12 4,717,383 Williams Companies, Inc. 7,769,000 7.750%, 06/15/31 8,584,745 1,554,000 7.500%, 01/15/31(b) 1,686,090 ---------- 84,975,274 ---------- FINANCIALS (2.9%) 2,331,000 GATX Corp. 8.875%, 06/01/09 2,690,930 5,826,000 Leucadia National Corp.(b) 7.000%, 08/15/13 6,044,475 8,545,000 LNR Property Corp. 7.250%, 10/15/13 9,751,981 1,321,000 Omega Healthcare Investors, Inc.(b) 7.000%, 04/01/14 1,340,815 3,030,000 Senior Housing Properties Trust 7.875%, 04/15/15 3,333,000 ---------- 23,161,201 ---------- HEALTH CARE (5.4%) 1,748,000 Alpharma, Inc.(a) 8.625%, 05/01/11 1,822,290 3,185,000 Ameripath, Inc.(b) 10.500%, 04/01/13 3,344,250 6,564,000 Bausch & Lomb, Inc. 7.125%, 08/01/28 7,222,829 2,331,000 Beverly Enterprises, Inc.(a) 7.875%, 06/15/14 2,622,375 3,496,000 Elan Corp. PLC(a) 7.750%, 11/15/11 3,670,800 3,107,000 MedCath Corp. 9.875%, 07/15/12 3,355,560 5,050,000 Quintiles Transnational Corp. 10.000%, 10/01/13 5,731,750 PRINCIPAL AMOUNT VALUE --------------------------------------------------------------------------------------------- $ 6,603,000 Tenet Healthcare Corp.(a)(b) 9.250%, 02/01/15 $ 6,636,015 2,331,000 Valeant Pharmaceuticals International(b) 7.000%, 12/15/11 2,447,550 5,050,000 Vanguard Health Systems, Inc.(a)(b) 9.000%, 10/01/14 5,428,750 ---------- 42,282,169 ---------- INDUSTRIALS (7.8%) 777,000 EUR AGCO Corp. 6.875%, 04/15/14 1,091,355 1,942,000 Armor Holdings, Inc. 8.250%, 08/15/13 2,170,185 5,050,000 General Cable Corp. 9.500%, 11/15/10 5,706,500 4,661,000 Hutchison Whampoa, Ltd.(a)(b) 6.250%, 01/24/14 4,975,995 2,331,000 Jacuzzi Brands, Inc. 9.625%, 07/01/10 2,610,720 JLG Industries, Inc.(b) 3,496,000 8.250%, 05/01/08 3,688,280 777,000 8.375%, 06/15/12 815,850 4,972,000 Laidlaw Global Securities, Inc. 10.750%, 06/15/11 5,742,660 9,711,000 EUR Legrand Holding, SA 11.000%, 02/15/13 15,538,643 2,641,000 Monitronics International, Inc. 11.750%, 09/01/10 2,891,895 858,000 Orbital Sciences Corp. 9.000%, 07/15/11 965,250 5,438,000 Shaw Group, Inc.(b) 10.750%, 03/15/10 6,049,775 6,992,000 Terex Corp.(b) 7.375%, 01/15/14 7,376,560 2,082,000 United Agri Products, Inc.(a) 6.250%, 12/15/11 2,253,765 ---------- 61,877,433 ---------- INFORMATION TECHNOLOGY (8.0%) 5,050,000 Advanced Micro Devices, Inc.(a)(b) 7.750%, 11/01/12 5,062,625 6,992,000 Avnet, Inc.(b) 9.750%, 02/15/08 8,023,320 3,107,000 Celestica, Inc. 7.875%, 07/01/11 3,254,582 1,165,000 Communications & Power Industries Holding Corp. 8.000%, 02/01/12 1,223,250 3,884,000 Flextronics International, Ltd.(b) 6.500%, 05/15/13 3,951,970 3,884,000 Freescale Semiconductor, Inc.(b) 7.125%, 07/15/14 4,209,285 Iron Mountain, Inc. 3,884,000 GBP 7.250%, 04/15/14(a) 6,995,954 1,554,000 6.625%, 01/01/16 1,472,415 Lucent Technologies, Inc. 3,418,000 6.500%, 01/15/28 3,059,110 See accompanying Notes to Schedule of Investments CONVERTIBLE OPPORTUNITIES AND INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------- $1,631,000 6.450%, 03/15/29(b) $ 1,463,823 8,118,000 Sanmina-Sci Corp.(b) 10.375%, 01/15/10 9,254,520 1,554,000 Stratus Technologies, Inc. 10.375%, 12/01/08 1,484,070 Xerox Corp.(b) 7,380,000 8.000%, 02/01/27 7,730,550 5,438,000 7.625%, 06/15/13 5,886,635 ----------- 63,072,109 ----------- MATERIALS (13.2%) 6,215,000 AK Steel Holding Corp.(b) 7.750%, 06/15/12 6,416,987 4,661,000 Arch Western Finance, LLC 6.750%, 07/01/13 4,777,525 6,992,000 Buckeye Technologies, Inc. 8.500%, 10/01/13 7,551,360 3,884,000 Equistar Chemicals, LP(b) 10.625%, 05/01/11 4,486,020 6,658,000 Freeport-McMoRan Copper & Gold, Inc. 10.125%, 02/01/10 7,556,830 13,207,000 Georgia-Pacific Corp.(b) 8.125%, 05/15/11 15,254,085 4,661,000 Graham Packaging Holdings Company(a)(b) 9.875%, 10/15/14 4,905,702 1,864,000 IMCO Recycling, Inc. 10.375%, 10/15/10 2,106,320 5,791,000 IPSCO, Inc. 8.750%, 06/01/13 6,572,785 2,804,000 Ispat Inland ULC(b) 9.750%, 04/01/14 3,469,950 1,554,000 Neenah Paper, Inc.(a) 7.375%, 11/15/14 1,569,540 2,136,000 Novelis, Inc.(a) 7.250%, 02/15/15 2,178,720 6,992,000 Polyone Corp.(b) 10.625%, 05/15/10 7,831,040 3,496,000 Pope & Talbot, Inc. 8.375%, 06/01/13 3,705,760 6,215,000 Sealed Air Corp.(a) 6.875%, 07/15/33 6,911,279 Steel Dynamics, Inc. 2,331,000 9.500%, 03/15/09(b) 2,564,100 1,554,000 9.500%, 03/15/09 1,709,400 6,564,000 Texas Industries, Inc. 10.250%, 06/15/11 7,647,060 Union Carbide Corp.(b) 3,107,000 7.500%, 06/01/25 3,239,048 2,408,000 7.875%, 04/01/23 2,576,560 1,554,000 6.700%, 04/01/09 1,651,125 ----------- 104,681,196 ----------- TELECOMMUNICATION SERVICES (1.3%) 1,554,000 IPCS Escrow Company 11.500%, 05/01/12 1,783,215 7,769,000 Nextel Communications, Inc. 7.375%, 08/01/15 8,604,168 ----------- 10,387,383 ----------- PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------- UTILITIES (0.3%) $ 1,824,000 NRG Energy, Inc.(a)(b) 8.000%, 12/15/13 $ 1,974,480 ----------- TOTAL CORPORATE BONDS (Cost $626,794,545) 676,914,641 ----------- CONVERTIBLE BONDS (6.2%) CONSUMER DISCRETIONARY (0.6%) 5,625,000 General Motors Corp.(d) 5.250%, 03/06/32 4,995,000 ----------- FINANCIALS (0.8%) 5,700,000 Assurant, Inc.(a) 7.750%, 01/26/08 5,985,000 ----------- INFORMATION TECHNOLOGY (4.8%) 5,500,000 Advanced Micro Devices, Inc.(b)(e) 4.750%, 02/01/22 5,596,250 6,500,000 ASML Holding, NV 5.750%, 10/15/06 7,280,175 12,000,000 Corning, Inc.(b) 4.875%, 03/01/08 12,480,000 4,000,000 Lucent Technologies, Inc. 2.750%, 06/15/25 5,260,000 7,562,000 Richardson Electronics, Ltd. 8.250%, 06/15/06 7,647,072 ----------- 38,263,497 ----------- TOTAL CONVERTIBLE BONDS (Cost $45,904,020) 49,243,497 ----------- SYNTHETIC CONVERTIBLE SECURITIES (28.9%) CORPORATE BONDS (24.6%) CONSUMER DISCRETIONARY (7.8%) 491,000 Accuride Corp.(a) 8.500%, 02/01/15 508,185 1,763,000 Aztar Corp.(b) 7.875%, 06/15/14 1,948,115 2,901,000 Beazer Homes USA, Inc. 8.375%, 04/15/12 3,198,352 223,000 CanWest Media, Inc. 7.625%, 04/15/13 241,955 893,000 Charter Communications, Inc.(b) 9.625%, 11/15/09 732,260 1,116,000 DEX Media, Inc.(b) 8.000%, 11/15/13 1,191,330 1,227,000 DIRECTV Financing Company, Inc. 8.375%, 03/15/13 1,388,044 1,778,000 GBP EMI Group, PLC 9.750%, 05/20/08 3,685,086 1,785,000 General Motors Corp.(b) 8.250%, 07/15/23 1,804,307 446,000 Global Cash Access, L.L.C.(b) 8.750%, 03/15/12 486,140 Goodyear Tire & Rubber Company 1,897,000 7.000%, 03/15/28 1,640,905 893,000 7.857%, 08/15/11(b) 906,395 See accompanying Notes to Schedule of Investments CONVERTIBLE OPPORTUNITIES AND INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) PRINCIPAL AMOUNT VALUE ---------------------------------------------------------------------------------------------- $ 893,000 Hasbro, Inc. 6.600%, 07/15/28 $ 901,930 1,780,000 Hovnanian Enterprises, Inc.(b) 7.750%, 05/15/13 1,935,750 893,000 IMAX Corp.(b) 9.625%, 12/01/10 971,137 669,000 Intrawest Corp.(a) 7.500%, 10/15/13 705,795 3,124,000 Isle of Capri Casinos, Inc.(b) 9.000%, 03/15/12 3,463,735 515,000 Jarden Corp. 9.750%, 05/01/12 563,925 954,000 Kellwood Company 7.625%, 10/15/17 1,049,400 2,031,000 La Quinta, Corp. 8.875%, 03/15/11 2,251,871 669,000 Landry's Restaurants, Inc.(a) 7.500%, 12/15/14 655,620 3,905,000 Mandalay Resort Group 10.250%, 08/01/07 4,432,175 1,741,000 NCL Holding, ASA(a) 10.625%, 07/15/14 1,758,410 1,004,000 Oxford Industries, Inc. 8.875%, 06/01/11 1,074,280 1,116,000 Phillips-Van Heusen Corp. 8.125%, 05/01/13 1,216,440 446,000 Reader's Digest Association, Inc. 6.500%, 03/01/11 471,645 636,000 RH Donnelley Financial Corp.(a) 10.875%, 12/15/12 747,300 837,000 CAD Rogers Cable, Inc.(a) 7.250%, 12/15/11 699,046 1,004,000 CAD Rogers Wireless Communications, Inc.(a) 7.625%, 12/15/11 846,613 2,923,000 Royal Caribbean Cruises, Ltd.(b) 8.750%, 02/02/11 3,441,832 3,459,000 Russell Corp. 9.250%, 05/01/10 3,735,720 2,231,000 Spanish Broadcasting Systems, Inc. 9.625%, 11/01/09 2,348,127 1,093,000 Stoneridge, Inc. 11.500%, 05/01/12 1,262,415 1,785,000 Time Warner 7.625%, 04/15/31 2,205,689 2,834,000 Vail Resorts, Inc.(b) 6.750%, 02/15/14 2,872,968 Warner Music Group(a) 1,562,000 7.375%, 04/15/14 1,640,100 223,000 GBP 8.125%, 04/15/14 436,372 1,897,000 WCI Communities, Inc. 7.875%, 10/01/13 2,034,533 ---------- 61,453,902 ---------- CONSUMER STAPLES (2.6%) 446,000 Central Garden & Pet Company 9.125%, 02/01/13 491,715 1,116,000 Chattem, Inc. 7.000%, 03/01/14 1,148,085 PRINCIPAL AMOUNT VALUE --------------------------------------------------------------------------------------------- $ 971,000 Chiquita Brands International, Inc.(a)(b) 7.500%, 11/01/14 $ 990,420 1,383,000 Del Monte Foods Company 8.625%, 12/15/12 1,543,774 1,339,000 DIMON, Inc.(b) 7.750%, 06/01/13 1,452,815 Dole Food Company, Inc.(b) 2,008,000 7.250%, 06/15/10 2,060,710 893,000 8.625%, 05/01/09 983,416 2,678,000 Jean Coutu Group, Inc.(a)(b) 8.500%, 08/01/14 2,684,695 223,000 Pilgrim's Pride Corp. 9.250%, 11/15/13 251,990 1,339,000 Pinnacle Foods Holding(a)(b) 8.250%, 12/01/13 1,231,880 1,250,000 Playtex Products, Inc.(b) 8.000%, 03/01/11 1,368,750 2,455,000 Rayovac Corp. 8.500%, 10/01/13 2,645,263 Revlon Consumer Products Corp.(e) 223,000 8.840%, 07/11/05 232,756 223,000 8.520%, 03/14/05 232,756 223,000 8.420%, 02/10/05 232,756 223,000 8.240%, 04/11/05 232,756 2,231,000 Smithfield Foods, Inc. 7.750%, 05/15/13 2,481,988 ----------- 20,266,525 ----------- ENERGY (3.1%) 1,897,000 Chesapeake Energy Corp. 6.875%, 01/15/16 1,982,365 1,450,000 Comstock Resources, Inc. 6.875%, 03/01/12 1,486,250 669,000 Forest Oil Corp. 8.000%, 12/15/11 761,824 2,611,000 General Maritime Corp.(b) 10.000%, 03/15/13 2,996,122 1,308,000 Giant Industries, Inc.(b) 11.000%, 05/15/12 1,510,740 1,026,000 KCS Energy, Inc. 7.125%, 04/01/12 1,079,865 1,532,000 Overseas Shipholding Group, Inc. 7.500%, 02/15/24 1,554,980 2,522,000 Petroleo Brasileiro, SA 8.375%, 12/10/18 2,654,405 1,116,000 Plains All American Pipeline, L.P. 7.750%, 10/15/12 1,315,183 1,428,000 Premcor Refining Group Inc. 9.500%, 02/01/13(b) 1,649,340 608,000 7.500%, 06/15/15 656,640 669,000 Range Resources Corp. 7.375%, 07/15/13 712,485 1,562,000 Swift Energy Company 9.375%, 05/01/12 1,741,630 1,186,000 Tesoro Petroleum Corp.(b) 9.625%, 04/01/12 1,355,005 Williams Companies, Inc. 2,231,000 7.750%, 06/15/31 2,465,255 See accompanying Notes to Schedule of Investments CONVERTIBLE OPPORTUNITIES AND INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) PRINCIPAL AMOUNT VALUE --------------------------------------------------------------------------------------------------- $ 446,000 7.500%, 01/15/31(b) $ 483,910 ---------------- 24,405,999 ---------------- FINANCIALS (0.8%) 669,000 GATX Corp. 8.875%, 06/01/09 772,300 1,674,000 Leucadia National Corp.(b) 7.000%, 08/15/13 1,736,775 2,455,000 LNR Property Corp. 7.250%, 10/15/13 2,801,769 379,000 Omega Healthcare Investors, Inc.(b) 7.000%, 04/01/14 384,685 870,000 Senior Housing Properties Trust 7.875%, 04/15/15 957,000 ---------------- 6,652,529 ---------------- HEALTH CARE (1.5%) 502,000 Alpharma, Inc.(a) 8.625%, 05/01/11 523,335 915,000 Ameripath, Inc.(b) 10.500%, 04/01/13 960,750 1,886,000 Bausch & Lomb, Inc. 7.125%, 08/01/28 2,075,298 669,000 Beverly Enterprises, Inc.(a) 7.875%, 06/15/14 752,625 1,004,000 Elan Corp. PLC(a) 7.750%, 11/15/11 1,054,200 893,000 MedCath Corp. 9.875%, 07/15/12 964,440 1,450,000 Quintiles Transnational Corp. 10.000%, 10/01/13 1,645,750 1,897,000 Tenet Healthcare Corp.(a)(b) 9.250%, 02/01/15 1,906,485 669,000 Valeant Pharmaceuticals International(b) 7.000%, 12/15/11 702,450 1,450,000 Vanguard Health Systems, Inc.(a)(b) 9.000%, 10/01/14 1,558,750 ---------------- 12,144,083 ---------------- INDUSTRIALS (2.2%) 223,000 EUR AGCO Corp. 6.875%, 04/15/14 313,220 558,000 Armor Holdings, Inc. 8.250%, 08/15/13 623,565 1,450,000 General Cable Corp. 9.500%, 11/15/10 1,638,500 1,339,000 Hutchison Whampoa, Ltd.(a)(b) 6.250%, 01/24/14 1,429,491 669,000 Jacuzzi Brands, Inc. 9.625%, 07/01/10 749,280 JLG Industries, Inc.(b) 1,004,000 8.250%, 05/01/08 1,059,220 223,000 8.375%, 06/15/12 234,150 1,428,000 Laidlaw Global Securities, Inc. 10.750%, 06/15/11 1,649,340 2,789,000 EUR Legrand Holding, SA 11.000%, 02/15/13 4,462,700 PRINCIPAL AMOUNT VALUE --------------------------------------------------------------- ----------------- $ 759,000 Monitronics International, Inc. 11.750%, 09/01/10 $ 831,105 247,000 Orbital Sciences Corp. 9.000%, 07/15/11 277,875 1,562,000 Shaw Group, Inc.(b) 10.750%, 03/15/10 1,737,725 2,008,000 Terex Corp.(b) 7.375%, 01/15/14 2,118,440 598,000 United Agri Products, Inc.(a) 8.250%, 12/15/11 647,335 ---------- 17,771,946 ---------- INFORMATION TECHNOLOGY (2.3%) 1,450,000 Advanced Micro Devices, Inc.(a)(b) 7.750%, 11/01/12 1,453,625 2,008,000 Avnet, Inc.(b) 9.750%, 02/15/08 2,304,180 893,000 Celestica, Inc. 7.875%, 07/01/11 935,417 335,000 Communications & Power Industries Holding Corp. 8.000%, 02/01/12 351,750 1,116,000 Flextronics International, Ltd.(b) 6.500%, 05/15/13 1,135,530 1,116,000 Freescale Semiconductor, Inc.(b) 7.125%, 07/15/14 1,209,465 Iron Mountain, Inc. 1,116,000 GBP 7.250%, 04/15/14(a) 2,010,166 446,000 6.625%, 01/01/16 422,585 Lucent Technologies, Inc. 982,000 6.500%, 01/15/28 878,890 469,000 6.450%, 03/15/29(b) 420,928 2,332,000 Sanmina-Sci Corp.(b) 10.375%, 01/15/10 2,658,480 446,000 Stratus Technologies, Inc. 10.375%, 12/01/08 425,930 Xerox Corp.(b) 2,120,000 8.000%, 02/01/27 2,220,700 1,562,000 7.625%, 06/15/13 1,690,865 ---------- 18,118,511 ---------- MATERIALS (3.8%) 1,785,000 AK Steel Holding Corp.(b) 7.750%, 06/15/12 1,843,012 1,339,000 Arch Western Finance, LLC 6.750%, 07/01/13 1,372,475 2,008,000 Buckeye Technologies, Inc. 8.500%, 10/01/13 2,168,640 1,116,000 Equistar Chemicals, LP(b) 10.625%, 05/01/11 1,288,980 1,912,000 Freeport-McMoRan Copper & Gold, Inc. 10.125%, 02/01/10 2,170,120 3,793,000 Georgia-Pacific Corp.(b) 8.125%, 05/15/11 4,380,915 1,339,000 Graham Packaging Holdings Company(a)(b) 9.875%, 10/15/14 1,409,297 See accompanying Notes to Schedule of Investments CONVERTIBLE OPPORTUNITIES AND INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) PRINCIPAL AMOUNT VALUE ---------------------------------------------------------------------------------------------------------- $ 536,000 IMCO Recycling, Inc. 10.375%, 10/15/10 $ 605,680 1,664,000 IPSCO, Inc. 8.750%, 06/01/13 1,888,640 805,000 Ispat Inland ULC(b) 9.750%, 04/01/14 996,188 446,000 Neenah Paper, Inc.(a) 7.375%, 11/15/14 450,460 614,000 Novelis, Inc.(a) 7.250%, 02/15/15 626,280 2,008,000 Polyone Corp.(b) 10.625%, 05/15/10 2,248,960 1,004,000 Pope & Talbot, Inc. 8.375%, 06/01/13 1,064,240 1,785,000 Sealed Air Corp.(a) 6.875%, 07/15/33 1,984,977 Steel Dynamics, Inc. 669,000 9.500%, 03/15/09(b) 735,900 446,000 9.500%, 03/15/09 490,600 1,886,000 Texas Industries, Inc. 10.250%, 06/15/11 2,197,190 Union Carbide Corp.(b) 893,000 7.500%, 06/01/25 930,953 692,000 7.875%, 04/01/23 740,440 446,000 6.700%, 04/01/09 473,875 ----------------- 30,067,822 ----------------- TELECOMMUNICATION SERVICES (0.4%) 446,000 IPCS Escrow Company 11.500%, 05/01/12 511,785 2,231,000 Nextel Communications, Inc. 7.375%, 08/01/15 2,470,832 ----------------- 2,982,617 ----------------- UTILITIES (0.1%) 524,000 NRG Energy, Inc.(a)(b) 8.000%, 12/15/13 567,230 ----------------- TOTAL CORPORATE BONDS 194,431,164 ----------------- NUMBER OF CONTRACTS VALUE ---------------------------------------------------------------------------------------------------------- OPTIONS (4.3%) CONSUMER DISCRETIONARY (1.8%) 2,000 Carnival Corp.(c) Call, 01/20/07, Strike 60.00 1,470,000 750 eBay, Inc.(c) Call, 01/20/07, Strike 110.00 772,500 2,650 Home Depot, Inc.(c) Call, 01/20/07, Strike 40.00 1,590,000 1,700 International Game Technology(c) Call, 01/20/07, Strike 35.00 680,000 1,300 J.C. Penney Company, Inc.(c) Call, 01/21/06, Strike 40.00 799,500 3,800 Metro-Goldwyn-Mayer, Inc.(c) Call, 01/21/06, Strike 9.50 997,500 1,400 Nike, Inc.(c) Call, 01/20/07, Strike 80.00 2,135,000 1,500 Nordstrom, Inc.(c) Call, 01/21/06, Strike 40.00 1,620,000 NUMBER OF CONTRACTS VALUE ---------------------------------------------------------------------------------------------------------- 1,800 Starbucks Corp.(c) Call, 01/20/07, Strike 55.00 $ 1,710,000 2,250 YUM! Brands, Inc.(c) Call, 01/20/07, Strike 40.00 2,328,750 ----------------- 14,103,250 ----------------- CONSUMER STAPLES (0.5%) 1,400 Avon Products, Inc.(c) Call, 01/20/07, Strike 45.00 672,000 1,300 Constellation Brands, Inc.(c) Call, 01/20/07, Strike 35.00 2,626,000 1,800 Sara Lee Corp.(c) Call, 01/20/07, Strike 22.50 441,000 ----------------- 3,739,000 ----------------- ENERGY (0.6%) 2,300 Apache Corp.(c) Call, 01/21/06, Strike 45.00 2,840,500 2,500 Transocean, Inc.(c) Call, 01/21/06, Strike 40.00 2,150,000 ----------------- 4,990,500 ----------------- HEALTH CARE (0.6%) 1,400 Bausch & Lomb, Inc.(c) Call, 01/21/06, Strike 60.00 2,198,000 1,500 Guidant Corp.(c) Call, 01/21/06, Strike 70.00 967,500 800 UnitedHealth Group, Inc.(c) Call, 01/20/07, Strike 85.00 1,380,000 ----------------- 4,545,500 ----------------- INDUSTRIALS (0.1%) 1,950 American Standard Companies, Inc.(c) Call, 01/21/06, Strike 36.63 1,179,750 ----------------- INFORMATION TECHNOLOGY (0.7%) 900 Apple Computer, Inc.(c) Call, 01/20/07, Strike 75.00 1,854,000 450 Electronic Arts, Inc.(c) Call, 01/20/07, Strike 50.00 900,000 4,200 Motorola, Inc.(c) Call, 01/21/06, Strike 20.00 546,000 4,400 Nokia Corp.(c) Call, 01/20/07, Strike 15.00 1,122,000 1,800 QUALCOMM, Inc.(c) Call, 01/20/07, Strike 37.50 1,332,000 ----------------- 5,754,000 ----------------- TOTAL OPTIONS 34,312,000 ----------------- TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $209,964,589) 228,743,164 ----------------- NUMBER OF SHARES VALUE ---------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS (23.8%) CONSUMER DISCRETIONARY (3.2%) 511,000 Ford Motor Company Capital Trust II 6.500% 25,539,780 ----------------- See accompanying Notes to Schedule of Investments CONVERTIBLE OPPORTUNITIES AND INCOME FUND SCHEDULE OF INVESTMENTS JANUARY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------------------------------------------------------------------------------------ CONSUMER STAPLES (2.9%) 935,500 Albertson's, Inc. 7.250% $ 22,788,780 -------------------- FINANCIALS (5.7%) 135,500 Capital One Financial Corp.(b) 6.250% 7,235,700 465,000 Lehman Brothers Holdings, Inc. 6.250% 13,066,500 650,000 National Australia Bank, Ltd. 7.875% 25,090,000 -------------------- 45,392,200 -------------------- HEALTH CARE (0.3%) 50,000 Baxter International, Inc.(b) 7.000% 2,730,000 -------------------- INDUSTRIALS (2.7%) 2,500,000 GBP BAE Systems, PLC 7.750% 6,239,398 179,000 Cummins, Inc. 7.000% 15,192,625 -------------------- 21,432,023 -------------------- INFORMATION TECHNOLOGY (1.7%) 235,000 Pioneer-Standard Financial Trust 6.750% 13,101,250 -------------------- TELECOMMUNICATION SERVICES (2.1%) 330,000 ALLTEL Corp. 7.750% 16,582,500 -------------------- UTILITIES (5.2%) 410,000 AES Corp. Trust III 6.750% 19,721,000 350,000 CenterPoint Energy, Inc.(e) 2.000% 12,817,700 140,000 TXU Corp. 8.125% 8,414,000 -------------------- 40,952,700 -------------------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $157,260,636) 188,519,233 -------------------- PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------ SHORT-TERM INVESTMENT (0.5%) $ 4,257,000 Exxon Mobil Corporation 2.300%, 02/01/05 4,257,000 ------------------- TOTAL SHORT-TERM INVESTMENT (Cost $4,257,000) 4,257,000 ------------------- NUMBER OF SHARES VALUE ------------------------------------------------------------------------------------------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (24.1%) $ 190,391,869 Bank of New York Institutional Cash Reserve Fund current rate 2.519% $ 190,391,869 ------------------ TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $190,391,869) 190,391,869 ------------------ TOTAL INVESTMENTS (169.0%) (Cost $1,234,572,659) 1,338,069,404 ------------------ PAYABLE UPON RETURN OF SECURITIES ON LOAN (-24.1%) (190,391,869) ------------------ OTHER ASSETS, LESS LIABILITIES (3.6%) 28,281,457 ------------------ PREFERRED SHARES AT REDEMPTION VALUE INCLUDING DIVIDENDS PAYABLE (-48.5%) (384,288,292) ------------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%) $ 791,670,700 ------------------ NOTES TO SCHEDULE OF INVESTMENTS Note: Market Value for Securities denominated in foreign currencies are shown in U.S. dollars. (a) 144A securities are those that are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are generally issued to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is exempt from registration (e.g. a sale to another QIB), or the security must be registered for public sale. At January 31, 2005 the market value of 144A securities that could not be exchanged to the registered form were $133,847,879 or 16.9 % of net assets applicable to common shareholders of the Fund. (b) Security, or portion of security, is on loan. (c) Non-Income producing security. (d) Security is purchased at a price that takes into account the value, if any, of accrued but unpaid interest. (e) Variable Rate Security. The interest rate shown is the rate in effect at January 31,2005. FOREIGN CURRENCY ABBREVIATIONS CAD Canadian Dollar EUR European Monetary Unit GBP British Pound Sterling See accompanying Notes to Schedule of Investments NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED) NOTE 1 PORTFOLIO VALUATION. In computing the net asset value of the Fund, portfolio securities, including options, that are traded on a national securities exchange are valued at the last reported sales price. Securities quoted on the NASDAQ National Market System are valued at the Nasdaq Official Closing Price ("NOCP"), as determined by Nasdaq, or lacking an NOCP, the last current reported sale price as of the time of valuation. Securities traded in the over-the-counter market and listed securities for which no sales were reported are valued at the mean of the most recently quoted bid and asked prices. Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value. When market quotations are not readily available or when the valuation methods mentioned above are not reflective of the fair value of the security, the security is priced at a fair value following procedures and/or guidelines approved by the Board of Trustees, which may include utilizing a systematic fair valuation model provided by an independent pricing system. The Fund may also use fair value pricing, if the value of a security it holds is, pursuant to Board of Trustees' guidelines, materially affected by events occurring before the Fund's pricing time but after the closed of the primary market or exchange on which the security is traded. These 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 is employed, the value of the portfolio security used to calculate the Fund's net asset value may differ from quoted or official closing prices. Securities that are principally traded in a foreign market are valued as of the close of the appropriate exchange or other designated time. Trading in securities on European and Far Eastern securities exchanges and over-the-counter markets is normally completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Trading of these 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 net asset value is not calculated. As stated above, if the market prices are not readily available or are not reflective of the fair value of the security, the security will be priced at a fair value following procedures approved by the Board of Trustees. In light of the judgement involved in fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate. INVESTMENT TRANSACTIONS. Short-term investment transactions are recorded on a trade date basis. Long-term investment transactions are recorded on a trade date plus one basis, except for fiscal quarter ends, which are recorded on trade date. FOREIGN CURRENCY TRANSLATION. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the spot market rate of exchange at the date of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transaction. 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 among others, 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 market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. A 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 an income tax basis as of January 31, 2005. Differences between amounts for financial statements and Federal income tax purposes are primarily due to timing differences. The cost basis of investments for Federal income tax purposes at January 31, 2005 was as follows: Cost basis of investments $ 1,239,487,385 --------------- Gross unrealized appreciation $ 108,276,468 Gross unrealized depreciation (9,694,449) --------------- Net unrealized appreciation (depreciation) $ 98,582,019 =============== NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED) NOTE 3 SYNTHETIC CONVERTIBLE SECURITIES. The Fund may establish a "synthetic" convertible instrument by combining separate securities that possess economic characteristics similar to a convertible security, i.e., fixed-income securities ("fixed-income component") and the right to acquire equity securities ("convertible component"). The fixed-income component is achieved by investing in non-convertible, fixed-income securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic instrument, the Fund may pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times. The Fund may purchase synthetic securities created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible securities may offer more flexibility than purchasing a convertible security. Different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times. NOTE 4 PREFERRED SHARES. There are unlimited shares of Auction Market Preferred Shares ("Preferred Shares") authorized. The Preferred Shares have rights as determined by Board of Trustees. The 15,360 shares of Preferred Shares outstanding consist of seven series, 2,040 shares of M, 2,040 shares of TU, 2,040 shares of W7, 2,400 shares of W28, 2,400 shares of TH7, 2,040 shares of TH28, and 2,400 shares of F. The Preferred Shares have a liquidation value of $25,000 per share plus any accumulated but unpaid dividends whether or not declared. Dividends on the Preferred Shares are cumulative at a rate typically reset every seven or twenty-eight days based on the results of an auction. Dividend rates ranged from 1.85% to 2.70% for the year ended January 31, 2005. Under the Investment Company Act of 1940, the Fund may not declare dividends or make other distributions on shares of common stock or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares would be less than 200%. The Preferred Shares are redeemable at the option of the Fund, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated but unpaid dividends. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated but unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of the Fund as set forth in the Statement of Preferences are not satisfied. The holders of Preferred Shares have voting rights equal to the holders of common stock (one vote per share) and will vote together with holders of shares of common stock as a single class except on matters affecting only the holders of Preferred Shares or the holders of common shares. NOTE 5 INTEREST RATE TRANSACTIONS. The Fund may enter into interest rate swap or cap transactions to attempt to protect itself from increasing dividend or interest expense on its leverage resulting from increasing short-term interest rates. A decline in interest rates may result in a decline in the value of the swap or cap, which may result in a decline in the net asset value of the Fund. In addition, if the counterparty to an interest rate swap or cap defaults, the Fund would not be able to use the anticipated receipts under the swap or cap to offset the dividend or interest payments on the Fund's leverage. At the time an interest rate swap or cap reaches its scheduled termination, there is a risk that the Fund would not be able to obtain a replacement transaction or that the terms of the replacement would not be as favorable as on the expiring transaction. In addition, if the Fund is required to terminate any swap or cap early due to the Fund failing to maintain a required 200% asset coverage of the liquidation value of the outstanding preferred shares or the Fund loses its credit rating on its preferred shares, then the Fund could be required to make a termination payment, in addition to redeeming all or some of the preferred shares. Details of the swap agreements outstanding as of January 31, 2005 were as follows: UNREALIZED TERMINATION NOTIONAL FIXED RATE FLOATING RATE APPRECIATION COUNTERPARTY DATE AMOUNT (000) (FUND PAYS) (FUND RECEIVES) (DEPRECIATION) -------------- ---------------- ------------ ----------- --------------- -------------- Merrill Lynch July 3, 2006 $ 65,000 1.91% 1 month LIBOR $ 1,335,284 Merrill Lynch July 3, 2007 65,000 2.33% 1 month LIBOR 1,983,180 Merrill Lynch July 3, 2008 70,000 2.69% 1 month LIBOR 2,506,880 Merrill Lynch November 28, 2006 60,000 2.82% 1 month LIBOR 710,740 Merrill Lynch November 28, 2007 60,000 3.26% 1 month LIBOR 714,519 Merrill Lynch November 28, 2008 60,000 3.60% 1 month LIBOR 534,833 ----------- $ 7,785,436 =========== NOTE 6 SECURITIES LENDING. During the period ended January 31, 2005, the Fund lent certain of its securities to broker-dealers and banks. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. The Fund continues to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and also receives an additional return that may be in the form of a fixed fee or a percentage of the collateral. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund has the right to call the loan and obtain the securities loaned at any time on notice of not more than five business days. The Fund does not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, Calamos Advisors, LLC and the security lending agent will monitor the creditworthiness of the firms to which each Fund lends securities. At January 31, 2005 the Fund had securities valued at $185,974,201 on loan to broker-dealers and banks and had $190,391,869 in cash collateral. 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 on a timely basis. 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, 2005 By: /s/ Patrick H. Dudasik ----------------------------------------------------------------------------- Name: Patrick H. Dudasik Title: Principal Financial Officer Date: March 24, 2005 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, 2005 By: /s/ Patrick H. Dudasik ----------------------------------------------------------------------------- Name: Patrick H. Dudasik Title: Principal Financial Officer Date: March 24, 2005