CALAMOS Convertible Opportunities and Income Fund (CHI) Announces Regular Dividend

NAPERVILLE, Ill., Aug. 2, 2004 (PRIMEZONE) -- CALAMOS Convertible Opportunities and Income Fund (NYSE:CHI) (Cusip No.: 128117108) announced today the declaration of a dividend distribution of $0.15 per share, payable on August 31, 2004, to shareholders of record on August 16, 2004. Assuming the foregoing, the ex-dividend date should be August 12, 2004. The dividend equates to a current annualized yield of 9.13%(1) based on the $19.71 market price as of July 30, 2004. Past performance is no guarantee of future results.

The dividend offers shareholders the opportunity to accumulate more shares in the Fund, via the automatic dividend reinvestment plan. For example, if the Fund's shares are trading at a premium, dividends will be automatically reinvested through the plan at NAV or 95% of the market price, whichever is greater; if shares are trading at a discount, dividends will be reinvested at the market price. Thus, the plan offers current shareholders an efficient method of accumulating additional shares with a potential for cost savings. Please see the dividend reinvestment plan for more information.

The Fund began trading on the New York Stock Exchange on June 26, 2002. Additional information on the Fund, including a monthly commentary, portfolio holdings, and a description of the Fund's dividend reinvestment plan is posted on the firm's website,


CALAMOS INVESTMENTS provides professional money management services to major corporations, public and private institutions, pension funds, insurance companies and individuals and is an investment advisor to open-end and closed-end funds. With roots dating back to 1977, we offer equity, high yield, global/international, convertible growth, convertible and alternative investment strategies.

You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Due to ongoing market volatility, performance is subject to substantial short-term fluctuations.

(1) Annualized yield on market price is the rate at which the Fund distributes dividend and interest income earned on the Fund's portfolio, expressed as an annualized percentage of the Fund's current market price per share. Investments by the Fund in lower rated securities involve substantial risk of loss and present greater risks than investments in higher rated securities, including less liquidity and increased price sensitivity to changing interest rates and to a deteriorating economic environment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.



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