<SEC-DOCUMENT>0001193125-19-048466.txt : 20190401
<SEC-HEADER>0001193125-19-048466.hdr.sgml : 20190401
<ACCEPTANCE-DATETIME>20190222171902
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-048466
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND
		CENTRAL INDEX KEY:			0001171471
		IRS NUMBER:				030426532
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60653
		BUSINESS PHONE:		6302451046

	MAIL ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60653
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Calamos Convertible Opportunities &amp;amp; Income Fund</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="5">


<IMG SRC="g680490004.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ROPES&nbsp;&amp; GRAY LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">191 NORTH WACKER DRIVE</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">32nd FLOOR</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CHICAGO, ILLINOIS 60606-4302</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">WWW.ROPESGRAY.COM</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;22, 2019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Lisa&nbsp;N. Larkin </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549-4720 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Calamos Convertible Opportunities and Income Fund (File Nos.
<FONT STYLE="white-space:nowrap">333-229042,</FONT> <FONT STYLE="white-space:nowrap">811-21080)</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(the
&#147;<U>Registrant</U>&#148; or the &#147;<U>Fund</U>&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Larkin: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter is in response to the comments of the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) that you provided by telephone on February&nbsp;6, 2019, with respect to the Registrant&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> filed with the Commission pursuant to the
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), and the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;), on December&nbsp;27, 2018 (the &#147;<U>Registration Statement</U>&#148;). We have, for the
convenience of the Staff, repeated below the comments followed by the Fund&#146;s response. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We respectfully submit this response letter on behalf of the
Registrant. We believe that the disclosure changes and supplemental responses discussed in this letter resolve the matters raised. The Registrant is filing this response in advance of filing of <FONT STYLE="white-space:nowrap">Pre-Effective</FONT>
Amendment No.&nbsp;1 to the Registration Statement. Capitalized terms not otherwise defined herein have the meanings ascribed to them in the Registration Statement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PROSPECTUS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. Please make sure to complete all blank data points in the
<FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment to the Registrant&#146;s Registration Statement. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>. The requested change has been made. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. The Staff notes that General Instruction F of Form <FONT STYLE="white-space:nowrap">N-2</FONT>
indicates, in relevant part, that a Registrant may &#147;may incorporate by reference into the prospectus or the SAI in response to Item 4.1 or 24 of this form the information contained in Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> [17 CFR
249.331 and 274.128] or any report to shareholders meeting the requirements of Section&nbsp;30(e) of the 1940 Act [15 U.S.C. <FONT STYLE="white-space:nowrap">80a-29(e)]</FONT> and Rule <FONT STYLE="white-space:nowrap">30e-1</FONT> [17 CFR <FONT
STYLE="white-space:nowrap">270.30e-1]</FONT> thereunder&#133;&#148; provided certain proscribed disclosure is contained in the prospectus and/or the SAI. Should the Registrant elect to incorporate the financial highlights and/or financial statements
by reference into the prospectus and/or SAI, please add the disclosure set forth in General Instruction F. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. The Registrant acknowledges the requirements of General Instruction F,
but notes that it is electing to include the financial highlights and financial statements in the Fund&#146;s prospectus and SAI, respectively. Accordingly, the Registrant declines to make any changes to Items 4.1 or 24 at this time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Outside Front Cover </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. The Staff notes that paragraph (l)&nbsp;was added to Item 1 of Form <FONT
STYLE="white-space:nowrap">N-2,</FONT> effective January&nbsp;1, 2019, pursuant to Optional Internet Availability of Investment Company Shareholder Reports, Investment Company Act Release No.&nbsp;33115 (June 5, 2018). If applicable, please add the
statement required under Item 1.1(l) of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. The
Registrant has added the following statement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>Beginning on March</U><U></U><U>&nbsp;1, 2021, as permitted by regulations adopted by the
Securities and Exchange Commission, paper copies of the Fund&#146;s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the
reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any
action. You may elect to receive shareholder reports and other communications from the Fund electronically by calling 800.582.6959. If you own these shares through a financial intermediary, you may contact your financial intermediary.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><U>You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper
copies of your shareholder reports by calling 800.582.6959. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive
paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.</U> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary &#150; The Offering </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. Please consider whether it is possible to streamline the disclosure contained in paragraphs one
and three of &#147;The Offering.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. The Registrant believes that the disclosure identified by
the Staff sets forth relevant information important to Fund shareholders. In the Registrant&#146;s view, the disclosure is appropriately tailored and important for Fund shareholders. Accordingly, the Registrant respectfully declines to modify the
disclosure at this time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary &#150; Investment Policies </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. Please make sure that the Registrant&#146;s primary investment strategies and principal risks
are aligned. The Staff notes that, for example, the Registrant discloses &#147;REIT Risk&#148; in the &#147;Investment Policies&#148; section of the Prospectus Summary, but that there is not a corollary description of REITs as a primary investment.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. In light of the Staff&#146;s comment, the Registrant has reviewed the Fund&#146;s primary
investments and principal risk factors and confirms that all principal investment strategies and principal risks are aligned. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. The Staff notes that the Fund invests in
<FONT STYLE="white-space:nowrap">non-convertible</FONT> income securities. Please either state the types of <FONT STYLE="white-space:nowrap">non-convertible</FONT> income securities in which the Fund invests or add a cross-reference indicating that
such securities are described below. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. The Registrant has added the following disclosure to <FONT
STYLE="white-space:nowrap">&#147;Non-Convertible</FONT> Income Securities&#148;: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Fund will also invest in <FONT
STYLE="white-space:nowrap">non-convertible</FONT> income securities <U>such as bonds, preferred stocks and money market instruments</U>. The Fund&#146;s investments in <FONT STYLE="white-space:nowrap">non-convertible</FONT> income securities may
have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary &#150; Fund Risks </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. Please confirm that all of the <FONT STYLE="white-space:nowrap">non-convertible</FONT> income
securities in which the Fund invests have corollary risk disclosure. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. In response to the
Staff&#146;s comment, the Registrant has added the following bullet under &#147;Interest Rate Risk&#148; to provide corresponding risk disclosure to the type of <FONT STYLE="white-space:nowrap">non-convertible</FONT> income securities in which the
Fund may invest: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>v</U><U>ariable rate securities generally are less sensitive to interest rate changes but may decline in value
if their interest rates do not rise as much, or as quickly, as interest rates in general. When the Fund holds variable rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the NAV of
the Fund</U><U>&#146;</U><U>s shares; and</U><U> </U> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. Please consider updating the disclosure concerning &#147;Brexit&#148; under &#147;Recent Market
Events&#148; in light of recent developments. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. The Registrant has revised the &#147;Recent Market Events&#148;
disclosure as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In June 2016, the United Kingdom approved a referendum to leave the European Union (&#147;EU&#148;). As a
consequence of the United Kingdom&#146;s vote to withdraw from the EU, the government of the United Kingdom gave notice of its withdrawal from the EU (&#147;Brexit&#148;) on March&nbsp;29, 2017. The United Kingdom <U>has remained and </U>will remain
a member state, subject to European law, with privileges to provide services under the single market directives for at least two years from that date. <U>Brexit has resulted in volatility in European and global markets and could have negative
long-term impacts on financial markets in the United Kingdom and throughout Europe. Considerable uncertainty exists over the potential consequences and precise timeframe for Brexit, how it will be conducted, how negotiations of trade agreements will
proceed, and how the financial markets will react, and as this process unfolds markets may be further disrupted.</U><STRIKE> As a result of this decision, the financial markets experienced high levels of volatility and it is likely that, in the near
term, Brexit will continue to bring about higher levels of uncertainty and volatility.</STRIKE> During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but the broader global economy, could be
significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues.<U> If no agreement is reached as to the terms of the
United Kingdom&#146;s exit from the EU prior to the March 2019 exit date (&#147;hard Brexit&#148;), these impacts may be exaggerated. Brexit (and in particular a hard Brexit) may cause greater market volatility and illiquidity, currency
fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the United Kingdom.</U><STRIKE> It is possible that certain economic activity will be curtailed until some signs of
clarity begin to emerge, including negotiations around the terms for United Kingdom&#146;s exit out of the EU.</STRIKE> Any further exits from the EU, any abandonment of the euro, the common currency of the EU, or the possibility of such exits
and/or abandonments, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>STATEMENT OF ADDITIONAL INFORMATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management of the Fund </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. In the Trustee biography table on page <FONT STYLE="white-space:nowrap">S-24,</FONT> please add
a clarifying parenthetical that states the principal business of Bates Group, LLC for Lloyd Wennlund. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. The requested change has been made. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Fund Accounting and Administration Arrangements </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>. The Staff notes that the Fund has entered into a new agreement with State Street Bank and Trust
Company (&#147;State Street&#148;) to provide certain administration services to the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Fund. While the Staff recognizes that the Fund has not paid State Street for services under the new agreement, the services provided to the Fund are not, in themselves, new, but rather were
provided by a different service provider under a former agreement. Please add the amounts paid to the former service provider for administration services during the three most recent fiscal years. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>. The requested change has been made. In response to the Staff&#146;s comment, the Registrant has revised the disclosure
as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Fund has not paid State Street any fees for administration services during the three most recent fiscal years ended
October 31. <U>Under a prior agreement for administration services, the Fund paid the previous service provider $135,065, $126,750 and $123,657 for the fiscal years ended, October</U><U></U><U>&nbsp;31, 2018, October</U><U></U><U>&nbsp;31, 2017 and
October</U><U></U><U>&nbsp;31, 2016, respectively. </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope that the foregoing responses adequately address your comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should you have any further questions or comments, please do not hesitate to contact me at (312) <FONT STYLE="white-space:nowrap">845-1376.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew&nbsp;A.&nbsp;Brunmeier</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Matthew A. Brunmeier, Esq.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MB/cc: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John P. Calamos, Sr.,
Chairman, Trustee and President, Calamos Convertible Opportunities and Income Fund </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J. Christopher Jackson, Esq., Vice President and Secretary, Calamos
Convertible Opportunities and Income Fund </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeremy C. Smith, Esq., Ropes&nbsp;&amp; Gray LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paulita A. Pike, Esq., Ropes&nbsp;&amp; Gray LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g680490004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g680490004.jpg
M_]C_X  02D9)1@ !  $ 8 !@  #__@ ?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$  @&!@<&!0@'!P<*"0@*#18.#0P,#1L3%! 6(!PB(1\<
M'QXC*#,K(R8P)AX?+#TM,#4V.3HY(BL_0SXX0S,X.3<!"0H*#0L-&@X.&C<D
M'R0W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W
M-S<W-S<W-__$ :(   $% 0$! 0$!           ! @,$!08'" D*"P$  P$!
M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M8$]!1T#J$UI<GXF6]T+:4VPLV4R[#L!STSTS0+J=92*"@ H * "@ H * "@
+H * "@ H * /_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
