Calamos Investment Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER:	811-05443

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos Investment Trust

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


NAME AND ADDRESS OF AGENT FOR SERVICE:	John P Calamos, Sr., Founder, Chairman and
	Global Chief Investment Officer
	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:

October 31, 2024

DATE OF REPORTING PERIOD:

November 1, 2023 through April 30, 2024

ITEM 1(a). REPORT TO SHAREHOLDERS.

TIMELY INFORMATION INSIDE

Visit www.calamos.com/paperless to enroll. You can view shareholder communications, including fund prospectuses, annual reports and other shareholder materials online long before the printed publications arrive by traditional mail.

Family of Funds

SEMIANNUAL REPORT APRIL 30, 2024

Alternative

Calamos Market Neutral Income Fund

Calamos Hedged Equity Fund

Calamos Phineus Long/Short Fund

Calamos Merger Arbitrage Fund

Convertible

Calamos Convertible Fund

Calamos Global Convertible Fund

US Equity

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Dividend Growth Fund

Calamos Select Fund

Global Equity

Calamos International Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos International Small Cap Growth Fund

Fixed Income

Calamos Total Return Bond Fund

Calamos High Income Opportunities Fund

Calamos Short-Term Bond Fund

Experience and Foresight

About Calamos Investments

For over 40 years, we have helped investors like you manage and build wealth to meet long-term objectives. Because investors have different time horizons, risk tolerances and goals, we offer funds to suit a variety of asset allocation needs. Our 20 mutual funds include equity, fixed income, convertible and alternative funds. We offer US funds as well as global and international choices.

We are dedicated to helping our clients build and protect wealth. We understand when you entrust us with your assets, you also entrust us with your achievements, goals and aspirations. We believe we best honor this trust by making investment decisions guided by integrity, discipline and our conscientious research.

We believe an active, risk-conscious approach is essential for wealth creation. In our early years, we pioneered the use of convertible securities as a means to control risk in volatile markets. We followed with strategies that combine convertibles and stocks, with the aim of participating in equity market upside with potentially less volatility than an all-stock portfolio. In 1990, we introduced our first stock fund, which invests in growth companies both large and small. Across our funds, our investment process seeks to manage risk at multiple levels and draws upon our experience investing through many market cycles. In a rapidly changing environment, we believe that this active management is essential.

We are global in our perspective. We believe globalization offers tremendous opportunities for countries and companies all over the world. In our US, global and international portfolios, we are seeking to capitalize on the potential growth of the global economy.

We believe there are opportunities in all markets. Our history traces back to the 1970s, a period of significant volatility and economic concerns. Since then, we have invested through the ebb and flow of multiple markets, each with its own set of challenges. Out of this experience comes our belief that the flipside of volatility is opportunity.

TABLE OF CONTENTS

The Funds					1
Expense Overview					2
Statements of Assets and Liabilities					6
Statements of Operations					11
Statements of Changes In Net Assets					15
Financial Highlights					22
Schedules of Investments					87
Notes to Financial Statements					183
Report of Independent Registered Public Accounting Firm					221
Liquidity Risk Management Program					223

This semi-annual shareholder report contains important information about the Funds for the period of November 1, 2023 to April 30, 2024. You can find additional information about the Funds at www.calamos.com. You can also request this information by contacting us at 800.582.6959.

The Funds

Fund

Class A

Class C

Class I

Class R6

Calamos Market Neutral Income Fund

CVSIX

CVSCX

CMNIX

CVSOX

Calamos Hedged Equity Fund

CAHEX

CCHEX

CIHEX

Calamos Phineus Long/Short Fund

CPLSX

CPCLX

CPLIX

Calamos Merger Arbitrage Fund

CMRAX

CMRCX

CMRGX

Calamos Convertible Fund

CCVIX

CCVCX

CICVX

Calamos Global Convertible Fund

CAGCX

CCGCX

CXGCX

Calamos Timpani Small Cap Growth Fund

CTASX

CTCSX

CTSIX

CTSOX

Calamos Timpani SMID Growth Fund

CTAGX

CTIGX

CTOGX

Calamos Growth Fund

CVGRX

CVGCX

CGRIX

Calamos Growth and Income Fund

CVTRX

CVTCX

CGIIX

CGIOX

Calamos Dividend Growth Fund

CADVX

CCDVX

CIDVX

Calamos Select Fund

CVAAX

CVACX

CVAIX

Calamos International Growth Fund

CIGRX

CIGCX

CIGIX

CIGOX

Calamos Evolving World Growth Fund

CNWGX

CNWDX

CNWIX

Calamos Global Equity Fund

CAGEX

CCGEX

CIGEX

CGEOX

Calamos Global Opportunities Fund

CVLOX

CVLCX

CGCIX

Calamos International Small Cap Growth Fund

CAISX

CCISX

CSGIX

CISOX

Calamos Total Return Bond Fund

CTRAX

CTRCX

CTRIX

Calamos High Income Opportunities Fund

CHYDX

CCHYX

CIHYX

Calamos Short-Term Bond Fund

CSTBX

CSTIX

www.calamos.com
1

Expense Overview

EXPENSE OVERVIEW

As a shareholder of a mutual fund, you incur two types of costs. You incur:

1) Transaction costs, including sales charges, or loads, on purchase payment and redemption fees.

2) Ongoing costs, including management fees, distribution and/or service (12b-1) fees and other fund expenses.

The examples in this report are based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024. It is intended to help you understand the ongoing costs associated with investing in each mutual fund and to compare these costs with the ongoing costs of investing in other mutual funds.

There are two parts of each Fund's chart:

Actual

In this part of the chart, you'll see the actual expenses you would have paid on a $1,000 investment made at the beginning of the period and held for the entire period in each fund from November 1, 2023 to April 30, 2024, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of the fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the Actual Expenses per $1,000 row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you'll see the hypothetical expenses you would have paid on a $1,000 investment from November 1, 2023 to April 30, 2024, and the hypothetical returns, after expenses, you would have earned during that time. The Securities and Exchange Commission (SEC) has established the guidelines for this chart, including the assumed 5% annual rate of return before expenses, which is what you'll see in the chart. Note that this chart will not help you determine your own expenses, but will help you compare expenses of the fund you own to the expenses of another fund since the information for that fund should be calculated using the same assumptions.

Please note that the expenses shown in the chart are meant to highlight your ongoing costs only and do not include any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the chart is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
2

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2023 and held through April 30, 2024.

	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
CALAMOS MARKET NEUTRAL INCOME FUND
Actual Expenses per $1,000*	$	5.33		$	9.12		$	4.06		$	3.56
Actual – Ending Balance	$	1,040.80		$	1,037.30		$	1,041.90		$	1,043.10
Hypothetical Expenses per $1,000*	$	5.27		$	9.02		$	4.02		$	3.52
Hypothetical – Ending Value	$	1,019.64		$	1,015.91		$	1,020.88		$	1,021.38
Annualized expense ratio^(1),(2)		1.05	%		1.80	%		0.80	%		0.70	%
CALAMOS HEDGED EQUITY FUND
Actual Expenses per $1,000**	$	6.11		$	10.04		$	4.80		$	—
Actual – Ending Balance	$	1,118.40		$	1,114.60		$	1,119.90		$	—
Hypothetical Expenses per $1,000**	$	5.82		$	9.57		$	4.57		$	—
Hypothetical – Ending Value	$	1,019.10		$	1,015.37		$	1,020.34		$	—
Annualized expense ratio		1.16	%		1.91	%		0.91	%		—
CALAMOS PHINEUS LONG/SHORT FUND
Actual Expenses per $1,000**	$	12.69		$	16.66		$	11.42		$	—
Actual – Ending Balance	$	1,144.60		$	1,140.60		$	1,146.20		$	—
Hypothetical Expenses per $1,000**	$	11.91		$	15.64		$	10.72		$	—
Hypothetical – Ending Value	$	1,013.03		$	1,009.30		$	1,014.22		$	—
Annualized expense ratio⁽²⁾		2.38	%		3.13	%		2.14	%		—
CALAMOS MERGER ARBITRAGE FUND
Actual Expenses per $1,000**	$	10.63		$	14.34		$	9.40		$	—
Actual – Ending Balance	$	998.40		$	996.00		$	1,000.70		$	—
Hypothetical Expenses per $1,000**	$	10.72		$	14.45		$	9.47		$	—
Hypothetical – Ending Value	$	1,014.22		$	1,010.49		$	1,015.46		$	—
Annualized expense ratio^(2),(3)		2.14	%		2.89	%		1.89	%		—
CALAMOS CONVERTIBLE FUND
Actual Expenses per $1,000**	$	5.98		$	9.90		$	4.67		$	—
Actual – Ending Balance	$	1,109.90		$	1,106.00		$	1,111.40		$	—
Hypothetical Expenses per $1,000**	$	5.72		$	9.47		$	4.47		$	—
Hypothetical – Ending Value	$	1,019.19		$	1,015.47		$	1,020.44		$	—
Annualized expense ratio		1.14	%		1.89	%		0.89	%		—
CALAMOS GLOBAL CONVERTIBLE FUND
Actual Expenses per $1,000**	$	7.09		$	11.00		$	5.78		$	—
Actual – Ending Balance	$	1,111.90		$	1,107.30		$	1,112.50		$	—
Hypothetical Expenses per $1,000**	$	6.77		$	10.52		$	5.52		$	—
Hypothetical – Ending Value	$	1,018.15		$	1,014.42		$	1,019.39		$	—
Annualized expense ratio⁽³⁾		1.35	%		2.10	%		1.10	%		—
CALAMOS TIMPANI SMALL CAP GROWTH FUND
Actual Expenses per $1,000*	$	7.46		$	11.74		$	6.03		$	5.34
Actual – Ending Balance	$	1,308.60		$	1,303.80		$	1,310.30		$	1,311.10
Hypothetical Expenses per $1,000*	$	6.52		$	10.27		$	5.27		$	4.67
Hypothetical – Ending Value	$	1,018.40		$	1,014.67		$	1,019.64		$	1,020.24
Annualized expense ratio⁽³⁾		1.30	%		2.05	%		1.05	%		0.93	%

* Expenses for all Fund Classes A, C, I, and R6, are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

** Expenses for all Fund Classes A, C, and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

(1) Annualized Expense Ratios for Market Neutral Income Fund are adjusted to reflect fee waiver related to its investment in an affiliated fund.

(2) Includes 0.18%, 0.74% and 0.64% related to dividend expense on short positions for Market Neutral Income Fund, Phineus Long/Short Fund and Merger Arbitrage Fund, respectively.

(3) Annualized Expense Ratios for Merger Arbitrage Fund, Global Convertible Fund, and Timpani Small Cap Growth Fund are adjusted to reflect an expense limitation agreement.

www.calamos.com
3

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2023 and held through April 30, 2024.

	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
CALAMOS TIMPANI SMID GROWTH
Actual Expenses per $1,000***	$	7.75		$	—		$	6.32		$	6.14
Actual – Ending Balance	$	1,308.00		$	—		$	1,310.90		$	1,309.40
Hypothetical Expenses per $1,000***	$	6.77		$	—		$	5.52		$	5.37
Hypothetical – Ending Value	$	1,018.15		$	—		$	1,019.39		$	1,019.54
Annualized expense ratio⁽⁴⁾		1.35	%		—			1.10	%		1.07	%
CALAMOS GROWTH FUND
Actual Expenses per $1,000**	$	7.25		$	11.41		$	5.86		$	—
Actual – Ending Balance	$	1,242.70		$	1,237.90		$	1,244.20		$	—
Hypothetical Expenses per $1,000**	$	6.52		$	10.27		$	5.27		$	—
Hypothetical – Ending Value	$	1,018.40		$	1,014.67		$	1,019.64		$	—
Annualized expense ratio		1.30	%		2.05	%		1.05	%		—
CALAMOS GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	5.65		$	9.66		$	4.31		$	3.93
Actual – Ending Balance	$	1,163.50		$	1,159.40		$	1,165.20		$	1,165.50
Hypothetical Expenses per $1,000*	$	5.27		$	9.02		$	4.02		$	3.67
Hypothetical – Ending Value	$	1,019.64		$	1,015.91		$	1,020.88		$	1,021.23
Annualized expense ratio		1.05	%		1.80	%		0.80	%		0.73	%
CALAMOS DIVIDEND GROWTH FUND
Actual Expenses per $1,000**	$	7.39		$	11.46		$	6.02		$	—
Actual – Ending Balance	$	1,201.00		$	1,195.50		$	1,201.60		$	—
Hypothetical Expenses per $1,000**	$	6.77		$	10.52		$	5.52		$	—
Hypothetical – Ending Value	$	1,018.15		$	1,014.42		$	1,019.39		$	—
Annualized expense ratio⁽⁴⁾		1.35	%		2.10	%		1.10	%		—
CALAMOS SELECT FUND
Actual Expenses per $1,000**	$	6.35		$	10.47		$	4.97		$	—
Actual – Ending Balance	$	1,219.30		$	1,215.40		$	1,221.30		$	—
Hypothetical Expenses per $1,000**	$	5.77		$	9.52		$	4.52		$	—
Hypothetical – Ending Value	$	1,019.14		$	1,015.42		$	1,020.39		$	—
Annualized expense ratio⁽⁴⁾		1.15	%		1.90	%		0.90	%		—
CALAMOS INTERNATIONAL GROWTH FUND
Actual Expenses per $1,000*	$	6.74		$	10.93		$	5.34		$	4.78
Actual – Ending Balance	$	1,259.60		$	1,255.20		$	1,261.20		$	1,261.60
Hypothetical Expenses per $1,000*	$	6.02		$	9.77		$	4.77		$	4.27
Hypothetical – Ending Value	$	1,018.90		$	1,015.17		$	1,020.14		$	1,020.64
Annualized expense ratio⁽⁴⁾		1.20	%		1.95	%		0.95	%		0.85	%
CALAMOS EVOLVING WORLD GROWTH FUND
Actual Expenses per $1,000**	$	7.08		$	11.13		$	5.72		$	—
Actual – Ending Balance	$	1,189.10		$	1,184.30		$	1,190.80		$	—
Hypothetical Expenses per $1,000**	$	6.52		$	10.27		$	5.27		$	—
Hypothetical – Ending Value	$	1,018.40		$	1,014.67		$	1,019.64		$	—
Annualized expense ratio⁽⁴⁾		1.30	%		2.05	%		1.05	%		—

* Expenses for all Fund Classes A, C, I, and R6, are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

** Expenses for all Fund Classes A, C, and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

*** Expenses for all Fund Classes A, I, and R6 are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

(4) Annualized Expense Ratios for Timpani SMID Growth Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund and Global Equity Fund are adjusted to reflect an expense limitation agreement.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
4

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2023 and held through April 30, 2024.

	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
CALAMOS GLOBAL EQUITY FUND
Actual Expenses per $1,000*	$	7.91		$	12.20		$	6.47		$	6.06
Actual – Ending Balance	$	1,321.20		$	1,315.00		$	1,322.00		$	1,323.10
Hypothetical Expenses per $1,000*	$	6.87		$	10.62		$	5.62		$	5.27
Hypothetical – Ending Value	$	1,018.05		$	1,014.32		$	1,019.29		$	1,019.64
Annualized expense ratio⁽⁵⁾		1.37	%		2.12	%		1.12	%		1.05	%
CALAMOS GLOBAL OPPORTUNITIES FUND
Actual Expenses per $1,000**	$	6.78		$	10.92		$	5.39		$	—
Actual – Ending Balance	$	1,234.70		$	1,229.30		$	1,236.50		$	—
Hypothetical Expenses per $1,000**	$	6.12		$	9.87		$	4.87		$	—
Hypothetical – Ending Value	$	1,018.80		$	1,015.07		$	1,020.04		$	—
Annualized expense ratio⁽⁵⁾		1.22	%		1.97	%		0.97	%		—
CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND
Actual Expenses per $1,000*	$	7.58		$	11.86		$	6.23		$	6.11
Actual – Ending Balance	$	1,275.90		$	1,270.80		$	1,276.10		$	1,276.10
Hypothetical Expenses per $1,000*	$	6.72		$	10.52		$	5.52		$	5.42
Hypothetical – Ending Value	$	1,018.20		$	1,014.42		$	1,019.39		$	1,019.49
Annualized expense ratio⁽⁵⁾		1.34	%		2.10	%		1.10	%		1.08	%
CALAMOS TOTAL RETURN BOND FUND
Actual Expenses per $1,000**	$	4.60		$	8.41		$	3.32		$	—
Actual – Ending Balance	$	1,054.10		$	1,050.20		$	1,054.10		$	—
Hypothetical Expenses per $1,000**	$	4.52		$	8.27		$	3.27		$	—
Hypothetical – Ending Value	$	1,020.39		$	1,016.66		$	1,021.63		$	—
Annualized expense ratio⁽⁵⁾		0.90	%		1.65	%		0.65	%		—
CALAMOS HIGH INCOME OPPORTUNITIES FUND
Actual Expenses per $1,000**	$	5.19		$	9.06		$	3.89		$	—
Actual – Ending Balance	$	1,085.90		$	1,082.60		$	1,087.20		$	—
Hypothetical Expenses per $1,000**	$	5.02		$	8.77		$	3.77		$	—
Hypothetical – Ending Value	$	1,019.89		$	1,016.16		$	1,021.13		$	—
Annualized expense ratio⁽⁵⁾		1.00	%		1.75	%		0.75	%		—
CALAMOS SHORT-TERM BOND FUND
Actual Expenses per $1,000****	$	3.24		$	—		$	1.92		$	—
Actual – Ending Balance	$	1,034.30		$	—		$	1,035.60		$	—
Hypothetical Expenses per $1,000****	$	3.22		$	—		$	1.91		$	—
Hypothetical – Ending Value	$	1,021.68		$	—		$	1,022.97		$	—
Annualized expense ratio⁽⁵⁾		0.64	%		—			0.38	%		—

* Expenses for all Fund Classes A, C, I, and R6, are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

** Expenses for all Fund Classes A, C, and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

**** Expenses for all Fund Classes A and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.

(5) Annualized Expense Ratios for Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Global Sustainable Equities Fund, Total Return Bond Fund and High Income Opportunities Fund are adjusted to reflect fee waiver.

www.calamos.com
5

Statements of Assets and Liabilities April 30, 2024 (Unaudited)

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND		PHINEUS LONG/SHORT FUND		MERGER ARBITRAGE FUND			CONVERTIBLE FUND
ASSETS
Investments in securities, at cost	$	11,695,265,323		$	505,348,460	$	884,315,337	$	2,004,447		$	793,824,001
Investments in affiliated funds, at cost		350,000,000			—		—		—			—
Investment in securities, at value*	$	14,492,499,071		$	697,809,019	$	1,011,940,492	$	1,972,124		$	842,480,988
Investments in affiliated funds, at value		329,398,865			—		—		—			—
Cash with custodian		393,819,672			9,133,282		5,870,040		66,579			21,358,499
Foreign currency (cost $31,192,836 and $98)		31,192,836			—		98		—			—
Restricted cash		11,978,723			—		—		—			—
Restricted cash for short positions		2,608,707,198			—		622,593,621		756,927			338
Restricted foreign currency for short positions (cost $127,413,013)		118,100,272			—		—		—			—
Unrealized appreciation on forward foreign currency contracts		304,634			—		—		—			119,064
Receivables:
Investments sold		8,061,173			—		24,166,854		—			4,266,681
Accrued interest and dividends		26,229,894			385,247		618,255		2,468			2,679,476
Fund shares sold		23,596,009			2,214,640		1,911,677		—			1,402,396
Prepaid expenses		398,569			48,486		60,872		8,362			52,035
Deferred offering costs		—			—		—		53,587			—
Other assets		996,898			—		1,489,482		2,430			173,870
Total assets		18,045,283,814			709,590,674		1,668,651,391		2,862,477			872,533,347
LIABILITIES
Due to custodian bank		791,961			—		—		—			—
Due to custodian bank for restricted cash		510,000			—		—		—			—
Due to Investment advisor		—			—		—		8,990			—
Foreign currency overdraft (cost $24,929,115 and $286)		24,898,826			—		286		—			—
Collateral for securities loaned		286,199,425			29,457,698		1,998,709		—			40,054,905
Securities sold short, at value (proceeds $2,467,804,068, $607,087,424, and $601,780)		2,654,250,921			—		612,361,339		665,011			—
Options written, at value (premium $731,575,854, $20,314,508, $14,457,888, and $1,800)		598,836,740			25,336,700		13,028,680		575			—
Unrealized depreciation on total return swaps		120,071			—		—		—			—
Unrealized depreciation on forward foreign currency contracts		156,345			—		—		—			18,667
Payables:
Investments purchased		7,283,114			970,922		2,231,256		—			669,980
Fund shares redeemed		13,591,847			345,684		458,018		—			1,392,962
Affiliates:
Investment Advisory fees		7,658,698			391,806		1,029,486		1,724			505,093
Distribution fees		25,454			962		2,896		7			5,083
Deferred revenue		—			—		—		25,076			—
Deferred compensation to trustees		170,013			—		—		—			173,870
Trustees' fees and officer compensation		95,344			5,435		8,304		1,271			9,003
Other accounts payable and accrued liabilities		4,754,841			112,286		186,837		87,263			208,874
Total liabilities		3,599,343,600			56,621,493		631,305,811		789,917			43,038,437
NET ASSETS	$	14,445,940,214		$	652,969,181	$	1,037,345,580	$	2,072,560		$	829,494,910
COMPOSITION OF NET ASSETS
Paid in capital	$	13,505,137,295		$	527,080,619	$	913,620,819	$	2,139,361		$	792,809,972
Accumulated distributable earnings (loss)		940,802,919			125,888,562		123,724,761		(66,801	)		36,684,938
NET ASSETS	$	14,445,940,214		$	652,969,181	$	1,037,345,580	$	2,072,560		$	829,494,910
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	938,967,577		$	28,051,974	$	74,805,882	$	145,116		$	248,184,994
Shares outstanding		64,312,850			1,790,730		4,452,795		15,015			12,500,233
Net asset value and redemption price per share	$	14.60		$	15.67	$	16.80	$	9.66		$	19.85
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	15.01	#	$	16.45	$	17.64	$	10.14		$	20.31	#
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	230,467,066		$	10,459,868	$	34,055,687	$	96,762		$	30,482,499
Shares outstanding		15,711,977			687,699		2,138,186		10,043			1,586,768
Net asset value and redemption price per share	$	14.67		$	15.21	$	15.93	$	9.64		$	19.21

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
6

Statements of Assets and Liabilities April 30, 2024 (Unaudited)

	MARKET NEUTRAL INCOME FUND		HEDGED EQUITY FUND		PHINEUS LONG/SHORT FUND		MERGER ARBITRAGE FUND		CONVERTIBLE FUND
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	13,174,743,073	$	614,457,339	$	928,484,011	$	1,830,682	$	550,827,417
Shares outstanding		914,167,585		39,152,191		54,433,548		189,210		32,531,116
Net asset value and redemption price per share	$	14.41	$	15.69	$	17.06	$	9.68	$	16.93
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	101,762,498	$	—	$	—	$	—	$	—
Shares Outstanding		7,058,593		—		—		—		—
Net asset value and redemption price per share	$	14.42	$	—	$	—	$	—	$	—
* Includes securities on loan	$	381,871,888	$	37,879,720	$	32,813,958	$	—	$	56,443,320

# For Market Neutral Income Fund maximum offering price per share is Net asset value plus 2.75% of offering price. For Convertible Fund maximum offering price per share is Net asset value plus 2.25% of offering price.

† No par value; unlimited number of shares authorized.

** Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

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7

Statements of Assets and Liabilities April 30, 2024 (Unaudited)

	GLOBAL CONVERTIBLE FUND			TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND		GROWTH FUND		GROWTH AND INCOME FUND
ASSETS
Investments in securities, at cost	$	127,737,342		$	214,306,311		$	16,837,103	$	785,624,288	$	1,315,826,817
Investment in securities, at value*	$	126,066,234		$	277,189,110		$	21,485,682	$	1,384,716,157	$	2,465,016,902
Cash with custodian		1,588,423			2,155,663			314,782		23,334,729		157,717,369
Variation margin on open futures contracts		—			—			—		632,815		—
Receivables:
Investments sold		—			1,867,137			245,760		1,200,735		12,252,592
Accrued interest		376,507			11,313			1,031		330,465		3,054,267
Fund shares sold		73,225			631,010			19,893		104,564		2,711,815
Due from Investment advisor		—			8,502			7,692		—		—
Prepaid expenses		31,150			34,423			16,135		61,789		96,218
Other assets		—			—			—		839,163		363,903
Total assets		128,135,539			281,897,158			22,090,975		1,411,220,417		2,641,213,066
LIABILITIES
Due to Investment advisor		898			—			—		—		—
Collateral for securities loaned		4,238,237			—			—		1,921,091		38,876,871
Foreign currency overdraft (cost $54)		—			—			—		—		54
Options written, at value (premium $184,831, $148,767, and $2,506,527)		195,014			—			—		283,800		1,666,625
Payables:
Investments purchased		—			2,938,450			224,208		1,455,792		1,029,199
Fund shares redeemed		15,431			757,758			—		900,835		1,532,352
Affiliates:
Investment advisory fees		88,027			209,238			17,415		1,064,721		1,467,770
Distribution fees		228			588			—		15,615		23,474
Deferred compensation to trustees		—			—			—		842,756		363,903
Trustees' fees and officer compensation		3,431			4,143			2,518		10,144		17,779
Other accounts payable and accrued liabilities		44,355			108,952			21,857		307,992		380,505
Total liabilities		4,585,621			4,019,129			265,998		6,802,746		45,358,532
NET ASSETS	$	123,549,918		$	277,878,029		$	21,824,977	$	1,404,417,671	$	2,595,854,534
COMPOSITION OF NET ASSETS
Paid in capital	$	138,794,412		$	327,938,393		$	18,880,358	$	730,224,793	$	1,435,809,748
Accumulated distributable earnings (loss)		(15,244,494	)		(50,060,364	)		2,944,619		674,192,878		1,160,044,786
NET ASSETS	$	123,549,918		$	277,878,029		$	21,824,977	$	1,404,417,671	$	2,595,854,534
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	8,704,334		$	24,602,597		$	221,164	$	1,081,628,312	$	1,307,994,708
Shares outstanding		782,346			846,875			18,589		28,006,329		29,635,522
Net asset value and redemption price per share	$	11.13		$	29.05		$	11.90	$	38.62	$	44.14
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	11.39	#	$	30.50		$	12.49	$	40.55	$	46.34
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	1,923,771		$	4,440,700		$	—	$	10,150,283	$	97,147,820
Shares outstanding		180,985			151,513			—		732,332		2,195,578
Net asset value and redemption price per share	$	10.63		$	29.31		$	—	$	13.86	$	44.25
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	112,921,813		$	216,345,212		$	21,174,290	$	312,639,076	$	1,158,280,998
Shares outstanding		10,104,648			7,174,910			1,755,883		5,221,422		27,659,111
Net asset value and redemption price per share	$	11.18		$	30.15		$	12.06	$	59.88	$	41.88
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	—		$	32,489,520		$	429,523	$	—	$	32,431,008
Shares Outstanding		—			1,072,290			35,598		—		774,025
Net asset value and redemption price per share	$	—		$	30.30		$	12.07	$	—	$	41.90
* Includes securities on loan	$	5,643,521		$	—		$	—	$	55,458,352	$	112,515,978

# For Global Convertible Fund, maximum offering price per share is Net asset value plus 2.25% of offering price.

† No par value; unlimited number of shares authorized.

** Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
8

Statements of Assets and Liabilities April 30, 2024 (Unaudited)

	DIVIDEND GROWTH FUND		SELECT FUND		INTERNATIONAL GROWTH FUND		EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND
ASSETS
Investments in securities, at cost	$	9,954,092	$	31,216,564	$	171,282,220	$	276,118,234		$	77,832,030
Investment in securities, at value*	$	18,430,473	$	49,722,340	$	232,692,586	$	371,589,991		$	124,061,065
Cash with custodian		623,693		1,347,109		—		—			425,345
Restricted cash		—		—		260,000		—			—
Unrealized appreciation on forward foreign currency contracts		—		—		—		138,146			—
Receivables:
Investments sold		138,855		—		8,532,942		3,222,122			1,078,400
Accrued dividends		8,273		13,085		514,671		112,214			105,966
Fund shares sold		24,490		4,883		24,521		298,016			310,770
Due from Investment advisor		10,098		16,579		38,119		100,666			7,793
Prepaid expenses		16,642		28,618		42,601		29,961			36,517
Other assets		—		90,349		56,868		16,758			29,169
Total assets		19,252,524		51,222,963		242,162,308		375,507,874			126,055,025
LIABILITIES
Due to custodian bank		—		—		460,093		1,924,933			—
Due to custodian bank for restricted cash		—		—		—		7,586			—
Collateral for securities loaned		167,603		—		8,359,046		762,792			5,271,615
Foreign currency overdraft (cost $4,423 and $1)		—		—		—		4,393			1
Unrealized depreciation on forward foreign currency contracts		—		—		377,091		—			—
Payables:
Investments purchased		58,161		—		669,267		—			447,551
Fund shares redeemed		—		1,929		146,193		245,833			916
Affiliates:
Investment advisory fees		15,816		42,332		170,202		333,880			88,236
Distribution fees		237		194		769		747			400
Deferred compensation to trustees		—		90,349		56,868		16,758			29,169
Trustees' fees and officer compensation		2,558		2,716		3,625		4,900			3,724
Other accounts payable and accrued liabilities		20,902		25,547		1,556,551		6,411,187			383,161
Total liabilities		265,277		163,067		11,799,705		9,713,009			6,224,773
NET ASSETS	$	18,987,247	$	51,059,896	$	230,362,603	$	365,794,865		$	119,830,252
COMPOSITION OF NET ASSETS
Paid in capital	$	10,253,285	$	30,586,806	$	183,081,061	$	409,914,158		$	69,255,455
Accumulated distributable earnings (loss)		8,733,962		20,473,090		47,281,542		(44,119,293	)		50,574,797
NET ASSETS	$	18,987,247	$	51,059,896	$	230,362,603	$	365,794,865		$	119,830,252
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	6,467,000	$	13,407,625	$	49,478,816	$	40,372,638		$	25,864,684
Shares outstanding		387,315		682,874		2,416,882		2,289,827			1,620,022
Net asset value and redemption price per share	$	16.70	$	19.63	$	20.47	$	17.63		$	15.97
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	17.53	$	20.61	$	21.49	$	18.51		$	16.77
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	2,669,200	$	140,257	$	1,476,701	$	3,391,670		$	770,098
Shares outstanding		169,627		8,748		87,467		209,431			60,652
Net asset value and redemption price per share	$	15.74	$	16.03	$	16.88	$	16.20		$	12.70
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	9,851,047	$	37,512,014	$	172,916,158	$	322,030,557		$	93,127,462
Shares outstanding		587,230		1,830,543		8,081,113		18,091,405			5,527,099
Net asset value and redemption price per share	$	16.78	$	20.49	$	21.40	$	17.80		$	16.85
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	—	$	—	$	6,490,928	$	—		$	68,008
Shares Outstanding		—		—		299,870		—			4,033
Net asset value and redemption price per share	$	—	$	—	$	21.65	$	—		$	16.86
* Includes securities on loan	$	684,704	$	1,195,315	$	14,881,890	$	1,930,219		$	5,934,290

† No par value; unlimited number of shares authorized.

** Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

www.calamos.com
9

Statements of Assets and Liabilities April 30, 2024 (Unaudited)

	GLOBAL OPPORTUNITIES FUND		INTERNATIONAL SMALL CAP GROWTH FUND		TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
ASSETS
Investments in securities, at cost	$	155,530,900	$	3,080,673	$	47,594,363		$	39,872,092		$	375,310,812
Investment in securities, at value*	$	229,932,652	$	3,762,327	$	43,239,412		$	37,208,252		$	369,363,686
Cash with custodian		10,406,824		—		790,575			793,823			4,461,674
Restricted cash for futures		—		—		30,800			—			857,247
Foreign currency (cost $78,631)		—		78,187		—			—			—
Receivables:
Investments sold		—		27,177		28,826			22,946			305,611
Accrued interest and dividends		647,862		8,124		420,503			503,148			2,778,057
Fund shares sold		2,395,775		—		12,768			134,756			32,870
Due from Investment advisor		40,129		12,843		7,477			9,890			—
Prepaid expenses		27,998		41,595		13,528			23,652			20,181
Other assets		136,857		—		32,823			99,564			—
Total assets		243,588,097		3,930,253		44,576,712			38,796,031			377,819,326
LIABILITIES
Due to custodian bank		—		58,280		—			—			—
Collateral for securities loaned		2,676,099		—		675,600			1,658,493			11,639,293
Variation margin on open futures contracts		—		—		620			—			480,073
Payables:
Investments purchased		—		28,672		124,686			1,660,563			3,090,688
Fund shares redeemed		71,857		—		166,125			156,657			39,598
Dividends payable		—		—		13,968			8,182			1,258,722
Affiliates:
Investment advisory fees		195,274		2,976		16,235			17,300			88,997
Distribution fees		1,785		—		163			383			48
Deferred compensation to trustees		136,857		—		32,823			99,564			—
Trustees' fees and officer compensation		3,663		1,892		2,687			2,702			4,699
Other accounts payable and accrued liabilities		210,691		10,057		28,187			41,558			56,055
Total liabilities		3,296,226		101,877		1,061,094			3,645,402			16,658,173
NET ASSETS	$	240,291,871	$	3,828,376	$	43,515,618		$	35,150,629		$	361,161,153
COMPOSITION OF NET ASSETS
Paid in capital	$	174,669,967	$	3,678,666	$	50,110,412		$	50,331,310		$	383,464,965
Accumulated distributable earnings (loss)		65,621,904		149,710		(6,594,794	)		(15,180,681	)		(22,303,812	)
NET ASSETS	$	240,291,871	$	3,828,376	$	43,515,618		$	35,150,629		$	361,161,153
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	92,021,084	$	99,060	$	11,137,381		$	26,318,269		$	3,533,166
Shares outstanding		7,807,575		10,295		1,285,656			3,471,088			376,433
Net asset value and redemption price per share	$	11.79	$	9.62	$	8.66		$	7.58		$	9.39
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	12.38	$	10.10	$	8.86	#	$	7.75	#	$	9.61	#
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	9,354,016	$	9,523	$	210,387		$	394,148		$	—
Shares outstanding		946,424		1,005		24,299			48,358			—
Net asset value and redemption price per share	$	9.88	$	9.48	$	8.66		$	8.15		$	—
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	138,916,771	$	3,710,063	$	32,167,850		$	8,438,212		$	357,627,987
Shares outstanding		11,303,822		384,043		3,712,177			1,112,614			38,136,062
Net asset value and redemption price per share	$	12.29	$	9.66	$	8.67		$	7.58		$	9.38
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	—	$	9,730	$	—		$	—		$	—
Shares Outstanding		—		1,007		—			—			—
Net asset value and redemption price per share	$	—	$	9.66	$	—		$	—		$	—
* Includes securities on loan	$	5,942,120	$	—	$	704,862		$	2,143,945		$	19,728,120

# For Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, maximum offering price per share is Net asset value plus 2.25% of offering price.

† No par value; unlimited number of shares authorized.

** Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
10

Statements of Operations Six Months Ended April 30, 2024 (Unaudited)^(a)

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			PHINEUS LONG/SHORT FUND			MERGER ARBITRAGE FUND			CONVERTIBLE FUND
INVESTMENT INCOME
Interest	$	45,126,895		$	82,803		$	1,930,829		$	3,453		$	5,290,182
Interest on short sales		64,651,125			—			14,732,838			12,946			334
(Amortization)/accretion of investment securities		(35,108,285	)		—			—			6,139			(3,445,270	)
Net interest		74,669,735			82,803			16,663,667			22,538			1,845,246
Dividends		65,233,091			4,756,076			6,615,015			10,456			1,059,915
Dividends from affiliated funds		8,408,879			—			—			—			—
Dividend taxes withheld		(34,826	)		(1,737	)		(80,777	)		(35	)		—
Securities lending income, net of rebates received or paid to borrowers		155,440			3,500			41,217			—			33,769
Total investment income		148,432,319			4,840,642			23,239,122			32,959			2,938,930
EXPENSES
Investment advisory fees		46,132,336			2,264,857			6,028,215			10,682			3,130,893
Distribution fees
Class A		1,205,574			33,609			88,282			171			317,599
Class C		1,212,857			49,079			166,792			495			159,681
Dividend or interest expense on short positions		12,350,560			—			3,666,102			6,814			—
Transfer agent fees		6,334,716			310,690			484,805			3,054			447,029
Fund administration fees		421,308			17,124			29,120			728			27,075
Accounting fees		384,011			24,033			31,529			8,059			27,981
Printing and mailing fees		356,149			19,561			31,053			3,195			30,885
Tax fees		313,402			12,148			16,229			582			18,685
Trustees' fees and officer compensation		301,849			18,808			26,722			6,228			24,610
Legal fees		257,484			15,060			21,142			6,734			25,276
Audit fees		182,744			11,713			16,187			5,518			14,919
Custodian fees		143,908			7,342			86,481			3,097			7,913
Registration fees		103,310			36,184			40,266			3,271			33,998
Offering costs		—			—			—			64,792			—
Other		302,926			20,146			33,837			2,512			22,663
Total expenses		70,003,134			2,840,354			10,766,762			125,932			4,289,207
Less expense reductions		(493,879	)		—			—			(105,099	)		—
Net expenses		69,509,255			2,840,354			10,766,762			20,833			4,289,207
NET INVESTMENT INCOME (LOSS)		78,923,064			2,000,288			12,472,360			12,126			(1,350,277	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		316,948,486			14,689,192			122,548,630			29,594			6,157,129
Purchased options		(146,320,478	)		(15,521,433	)		(35,336,574	)		(2,876	)		1,694,232
Foreign currency transactions		(328,889	)		—			22,444			118			(27,049	)
Forward foreign currency contracts		(85,604	)		—			—			—			441,118
Written options		(855,391,847	)		(9,637,375	)		10,774,663			2,267			—
Short positions		(98,552,694	)		—			(63,268,939	)		(5,059	)		—
Total return swaps		(5,770,192	)		—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		1,619,373,630			93,479,528			121,305,097			37,456			84,062,851
Affiliated funds		3,160,543			—			—			—			—
Purchased options		(81,902,506	)		(6,969,329	)		2,574,282			(101	)		419,880
Foreign currency translations		446,291			—			208			1			—
Forward foreign currency contracts		219,009			—			—			—			29,645
Written options		14,103,266			(10,895,075	)		187,005			1,225			—
Short positions		(262,932,763	)		—			(38,449,716	)		(76,684	)		—
Total return swaps		(348,931	)		—			—			—			—
NET GAIN (LOSS)		502,617,321			65,145,508			120,357,100			(14,059	)		92,777,806
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	581,540,385		$	67,145,796		$	132,829,460		$	(1,933	)	$	91,427,529

See accompanying Notes to Financial Statements

www.calamos.com
11

Statements of Operations Six Months Ended April 30, 2024 (Unaudited)

	GLOBAL CONVERTIBLE FUND			TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND
INVESTMENT INCOME
Interest	$	705,141		$	31,501		$	2,800		$	599,687		$	7,612,143
Interest on short sales		—			—			—			49,334			—
(Amortization)/accretion of investment securities		(554,054	)		—			—			—			(5,163,808	)
Net interest		151,087			31,501			2,800			649,021			2,448,335
Dividends		81,821			330,516			19,983			3,664,557			13,523,898
Dividend taxes withheld		—			—			—			(33,444	)		—
Securities lending income, net of rebates received or paid to borrowers		21,591			—			—			28,661			97,026
Total investment income		254,499			362,017			22,783			4,308,795			16,069,259
EXPENSES
Investment advisory fees		524,270			1,184,094			93,985			6,251,826			8,607,849
Distribution fees
Class A		11,215			27,702			357			1,328,172			1,619,733
Class C		11,364			21,192			—			52,313			456,195
Transfer agent fees		72,893			162,028			6,916			635,291			1,037,791
Fund administration fees		3,839			8,247			528			37,861			70,873
Accounting fees		11,276			15,506			6,592			40,870			68,948
Printing and mailing fees		6,542			13,880			3,579			61,703			63,448
Tax fees		2,624			5,783			346			25,295			46,707
Trustees' fees and officer compensation		9,152			12,222			6,982			32,512			55,935
Legal fees		8,938			11,371			6,130			26,133			52,622
Audit fees		5,967			7,446			4,641			19,993			33,857
Custodian fees		3,133			8,873			4,289			16,799			19,453
Registration fees		23,639			34,608			22,465			27,666			45,275
Other		8,070			8,785			4,595			25,491			53,352
Total expenses		702,922			1,521,737			161,405			8,581,925			12,232,038
Less expense reductions		(1,876	)		(108,865	)		(52,279	)		—			—
Net expenses		701,046			1,412,872			109,126			8,581,925			12,232,038
NET INVESTMENT INCOME (LOSS)		(446,547	)		(1,050,855	)		(86,343	)		(4,273,130	)		3,837,221
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		565,993			32,110,908			2,064,270			102,706,366			56,748,692
Purchased options		(416,173	)		—			—			(9,364,190	)		(6,424,629	)
Foreign currency transactions		840			—			—			—			(3,835	)
Written options		139,955			—			—			2,155,550			660,303
Futures contracts		—			—			—			334,345			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		13,635,161			37,624,428			2,977,558			195,439,766			317,137,983
Purchased options		(409,092	)		—			—			242,756			(1,680,790	)
Foreign currency translations		2,694			—			—			221			30
Written options		(91,918	)		—			—			(132,011	)		839,902
Futures contracts		—			—			—			171,075			—
NET GAIN (LOSS)		13,427,460			69,735,336			5,041,828			291,553,878			367,277,656
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,980,913		$	68,684,481		$	4,955,485		$	287,280,748		$	371,114,877

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
12

Statements of Operations Six Months Ended April 30, 2024 (Unaudited)

	DIVIDEND GROWTH FUND			SELECT FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND
INVESTMENT INCOME
Interest	$	4,253		$	34,176		$	38,196		$	237,903		$	51,922
(Amortization)/accretion of investment securities		—			—			—			(516,069	)		—
Net interest		4,253			34,176			38,196			(278,166	)		51,922
Dividends		119,575			240,612			1,245,697			2,564,268			492,924
Dividend taxes withheld		—			—			(185,834	)		(398,942	)		(43,304	)
Securities lending income, net of rebates received or paid to borrowers		376			325			11,697			12,834			4,523
Total investment income		124,204			275,113			1,109,756			1,899,994			506,065
EXPENSES
Investment advisory fees		88,723			247,163			1,121,060			2,032,899			518,563
Performance fees		—			—			(170,901	)		—			(59,515	)
Distribution fees
Class A		7,636			16,357			59,758			49,559			30,017
Class C		13,127			688			7,363			18,778			3,592
Transfer agent fees		11,455			15,235			121,823			262,706			31,842
Fund administration fees		546			1,358			5,959			11,881			2,800
Accounting fees		8,037			8,020			14,074			16,255			11,008
Printing and mailing fees		3,891			4,584			9,307			24,427			4,967
Tax fees		330			888			13,530			22,804			11,564
Trustees' fees and officer compensation		6,953			7,527			10,754			14,825			8,542
Legal fees		6,135			6,583			29,254			14,970			7,990
Audit fees		4,631			4,990			6,921			8,855			5,617
Custodian fees		3,062			619			39,264			186,824			10,011
Registration fees		21,718			22,156			29,290			33,190			28,445
Other		4,595			4,947			9,384			13,277			6,029
Total expenses		180,839			341,115			1,306,840			2,711,250			621,472
Less expense reductions		(62,480	)		(101,624	)		(182,955	)		(703,899	)		(7,914	)
Net expenses		118,359			239,491			1,123,885			2,007,351			613,558
NET INVESTMENT INCOME (LOSS)		5,845			35,622			(14,129	)		(107,357	)		(107,493	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		310,490			2,068,925			9,344,740	^(a)		(7,748,780	)^(a)		6,443,258	^(a)
Purchased options		(2,584	)		—			(1,393,906	)		(8,213,965	)		(1,000,058	)
Foreign currency transactions		—			—			(261,510	)		(314,804	)		(21,308	)
Forward foreign currency contracts		—			—			(154,010	)		(42,401	)		—
Written options		421			—			—			108,559			61,601
Change in net unrealized appreciation/(depreciation) on:
Investments		2,730,083			7,363,460			41,960,631	^(b)		76,744,196	^(b)		22,600,233	^(b)
Purchased options		—			—			397,960			4,298,242			6,763
Foreign currency translations		—			—			1,822			(7,430	)		(99	)
Forward foreign currency contracts		—			—			(336,193	)		(70,546	)		—
NET GAIN (LOSS)		3,038,410			9,432,385			49,559,534			64,753,071			28,090,390
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,044,255		$	9,468,007		$	49,545,405		$	64,645,714		$	27,982,897

(a) Net of foreign capital gains tax of $102,443, $1,059,538, and $24,380 respectively.

(b) Net of change of $(1,229,318), $(4,204,400), and $(286,299), respectively in deferred capital gains tax.

See accompanying Notes to Financial Statements

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13

Statements of Operations Six Months Ended April 30, 2024 (Unaudited)

	GLOBAL OPPORTUNITIES FUND			INTERNATIONAL SMALL CAP GROWTH FUND			TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
INVESTMENT INCOME
Interest	$	934,177		$	1,064		$	898,958		$	1,173,306		$	7,467,876
(Amortization)/accretion of investment securities		(890,703	)		—			(7,067	)		61,565			275,193
Net interest		43,474			1,064			891,891			1,234,871			7,743,069
Dividends		924,390			14,207			—			20,312			—
Dividend taxes withheld		(69,216	)		(1,457	)		—			—			—
Securities lending income, net of rebates received or paid to borrowers		8,009			—			4,713			10,617			17,502
Total investment income		906,657			13,814			896,604			1,265,800			7,760,571
EXPENSES
Investment advisory fees		1,109,539			15,093			91,807			105,340			541,427
Distribution fees
Class A		112,674			38			14,810			32,827			4,410
Class C		43,452			45			1,594			2,159			—
Transfer agent fees		112,680			3,818			19,423			19,192			29,547
Fund administration fees		6,229			73			977			1,035			11,020
Accounting fees		12,684			4,149			11,094			16,296			22,820
Printing and mailing fees		11,841			3,047			4,761			4,982			4,385
Tax fees		13,704			4,470			1,387			740			7,112
Trustees' fees and officer compensation		10,967			7,025			7,243			7,292			14,221
Legal fees		29,358			6,140			6,500			6,608			14,033
Audit fees		6,942			4,460			4,859			4,855			8,876
Custodian fees		14,518			8,597			1,148			1,808			4,245
Registration fees		24,493			28,810			22,625			22,406			17,396
Other		8,371			4,554			8,224			15,274			19,698
Total expenses		1,517,452			90,319			196,452			240,814			699,190
Less expense reductions		(285,073	)		(72,762	)		(47,438	)		(74,154	)		—
Net expenses		1,232,379			17,557			149,014			166,660			699,190
NET INVESTMENT INCOME (LOSS)		(325,722	)		(3,743	)		747,590			1,099,140			7,061,381
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		9,782,128	^(a)		125,675			(263,458	)		(437,219	)		(1,429,545	)
Purchased options		(2,070,212	)		(11,953	)		—			—			—
Foreign currency transactions		6,725			(1,504	)		—			—			—
Forward foreign currency contracts		—			231			—			—			—
Written options		165,649			—			—			—			—
Futures contracts		—			—			(10,118	)		—			(178,138	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		37,438,321	^(b)		579,958			836,207			2,248,406			6,882,457
Purchased options		693,951			(1,252	)		—			—			—
Foreign currency translations		(1,557	)		(681	)		—			—			—
Futures contracts		—			—			(2,579	)		—			66,931
NET GAIN (LOSS)		46,015,005			690,474			560,052			1,811,187			5,341,705
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	45,689,283		$	686,731		$	1,307,642		$	2,910,327		$	12,403,086

(a) Net of foreign capital gains tax of $30,647.

(b) Net of change of $(97,095) in deferred capital gains tax.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
14

Statements of Changes in Net Assets

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	78,923,064		$	40,375,378		$	2,000,288		$	4,394,317		$	12,472,360		$	13,173,074
Net realized gain (loss)		(789,501,218	)		692,476,533			(10,469,616	)		14,531,487			34,740,224			(11,277,824	)
Change in unrealized appreciation/(depreciation)		1,292,118,539			421,007,207			75,615,124			25,605,802			85,616,876			14,298,404
Net increase (decrease) in net assets resulting from operations		581,540,385			1,153,859,118			67,145,796			44,531,606			132,829,460			16,193,654
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(46,646,843	)		(15,497,256	)		(91,788	)		(195,091	)		(1,127,444	)		—
Class C		(10,989,928	)		(2,020,518	)		(16,785	)		(22,845	)		(317,398	)		—
Class I		(629,015,862	)		(222,576,278	)		(2,469,867	)		(4,621,754	)		(16,078,836	)		(229,407	)
Class R6		(4,431,146	)		(814,421	)		—			—			—			—
Total distributions		(691,083,779	)		(240,908,473	)		(2,578,440	)		(4,839,690	)		(17,523,678	)		(229,407	)
CAPITAL SHARE TRANSACTIONS		620,996,886			(3,042,937,950	)		27,521,252			(67,675,834	)		(13,856,481	)		135,307,620
TOTAL INCREASE (DECREASE) IN NET ASSETS		511,453,492			(2,129,987,305	)		92,088,608			(27,983,918	)		101,449,301			151,271,867
NET ASSETS
Beginning of period	$	13,934,486,722		$	16,064,474,027		$	560,880,573		$	588,864,491		$	935,896,279		$	784,624,412
End of period	$	14,445,940,214		$	13,934,486,722		$	652,969,181		$	560,880,573		$	1,037,345,580		$	935,896,279

See accompanying Notes to Financial Statements

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15

Statements of Changes in Net Assets

	MERGER ARBITRAGE FUND						CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023^(a)			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	12,126		$	1,494		$	(1,350,277	)	$	(2,837,135	)	$	(446,547	)	$	(1,620,030	)
Net realized gain (loss)		24,044			2,908			8,265,430			24,280,554			290,615			(5,794,012	)
Change in unrealized appreciation/(depreciation)		(38,103	)		(56,226	)		84,512,376			(27,235,822	)		13,136,845			13,327,423
Net increase (decrease) in net assets resulting from operations		(1,933	)		(51,824	)		91,427,529			(5,792,403	)		12,980,913			5,913,381
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(864	)		—			(4,142,333	)		(2,369,927	)		—			(25,216	)
Class C		(440	)		—			(457,686	)		(135,629	)		—			—
Class I		(11,740	)		—			(11,732,135	)		(8,355,601	)		—			(474,967	)
Class R6		—			—			—			—			—			—
Total distributions		(13,044	)		—			(16,332,154	)		(10,861,157	)		—			(500,183	)
CAPITAL SHARE TRANSACTIONS		28,893			2,110,468			(80,795,761	)		(164,628,325	)		(9,819,425	)		(16,914,443	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		13,916			2,058,644			(5,700,386	)		(181,281,885	)		3,161,488			(11,501,245	)
NET ASSETS
Beginning of period	$	2,058,644		$	—		$	835,195,296		$	1,016,477,181		$	120,388,430		$	131,889,675
End of period	$	2,072,560		$	2,058,644		$	829,494,910		$	835,195,296		$	123,549,918		$	120,388,430

(a) Calamos Merger Arbitrage Fund commenced operations on September 29, 2023.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
16

Statements of Changes in Net Assets

	TIMPANI SMALL CAP GROWTH FUND						TIMPANI SMID GROWTH FUND						GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	(1,050,855	)	$	(2,430,769	)	$	(86,343	)	$	(141,277	)	$	(4,273,130	)	$	(4,616,398	)
Net realized gain (loss)		32,110,908			(15,959,746	)		2,064,270			(1,063,992	)		95,832,071			58,089,443
Change in unrealized appreciation/(depreciation)		37,624,428			(28,976,215	)		2,977,558			(604,298	)		195,721,807			113,924,834
Net increase (decrease) in net assets resulting from operations		68,684,481			(47,366,730	)		4,955,485			(1,809,567	)		287,280,748			167,397,879
DISTRIBUTIONS TO SHAREHOLDERS
Class A		—			—			—			—			(44,789,166	)		—
Class C		—			—			—			—			(1,169,236	)		—
Class I		—			—			—			—			(8,400,902	)		—
Class R6		—			—			—			—			—			—
Total distributions		—			—			—			—			(54,359,304	)		—
CAPITAL SHARE TRANSACTIONS		(29,067,177	)		(56,927,569	)		713,803			806,907			(26,186,026	)		(128,729,370	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		39,617,304			(104,294,299	)		5,669,288			(1,002,660	)		206,735,418			38,668,509
NET ASSETS
Beginning of period	$	238,260,725		$	342,555,024		$	16,155,689		$	17,158,349		$	1,197,682,253		$	1,159,013,744
End of period	$	277,878,029		$	238,260,725		$	21,824,977		$	16,155,689		$	1,404,417,671		$	1,197,682,253

See accompanying Notes to Financial Statements

www.calamos.com
17

Statements of Changes in Net Assets

	GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND						SELECT FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	3,837,221		$	13,001,357		$	5,845		$	54,612		$	35,622		$	148,202
Net realized gain (loss)		50,980,531			96,697,010			308,327			926,669			2,068,925			1,968,869
Change in unrealized appreciation/(depreciation)		316,297,125			44,937,566			2,730,083			279,558			7,363,460			1,474,054
Net increase (decrease) in net assets resulting from operations		371,114,877			154,635,933			3,044,255			1,260,839			9,468,007			3,591,125
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(48,687,751	)		(45,490,533	)		(249,190	)		(20,668	)		(520,261	)		(301,604	)
Class C		(3,121,424	)		(2,715,457	)		(109,241	)		(4,734	)		(6,362	)		(4,429	)
Class I		(45,047,724	)		(40,538,603	)		(358,151	)		(41,829	)		(1,384,807	)		(747,170	)
Class R6		(1,282,480	)		(774,460	)		—			—			—			—
Total distributions		(98,139,379	)		(89,519,053	)		(716,582	)		(67,231	)		(1,911,430	)		(1,053,203	)
CAPITAL SHARE TRANSACTIONS		53,768,333			(74,053,714	)		1,427,891			(3,540,025	)		187,185			(1,679,203	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		326,743,831			(8,936,834	)		3,755,564			(2,346,417	)		7,743,762			858,719
NET ASSETS
Beginning of period	$	2,269,110,703		$	2,278,047,537		$	15,231,683		$	17,578,100		$	43,316,134		$	42,457,415
End of period	$	2,595,854,534		$	2,269,110,703		$	18,987,247		$	15,231,683		$	51,059,896		$	43,316,134

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
18

Statements of Changes in Net Assets

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	(14,129	)	$	962,484		$	(107,357	)	$	1,337,925		$	(107,493	)	$	165,369
Net realized gain (loss)		7,535,314			(5,526,414	)		(16,211,391	)		(27,545,373	)		5,483,493			(241,991	)
Change in unrealized appreciation/(depreciation)		42,024,220			15,599,473			80,964,462			36,235,155			22,606,897			6,428,619
Net increase (decrease) in net assets resulting from operations		49,545,405			11,035,543			64,645,714			10,027,707			27,982,897			6,351,997
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(19,035	)		—			(117,314	)		(273,392	)		—			(892,677	)
Class C		—			—			—			—			—			(36,318	)
Class I		(472,228	)		—			(1,785,078	)		(3,280,771	)		(71,037	)		(2,193,473	)
Class R6		(21,914	)		—			—			—			(193	)		(477	)
Total distributions		(513,177	)		—			(1,902,392	)		(3,554,163	)		(71,230	)		(3,122,945	)
CAPITAL SHARE TRANSACTIONS		(8,250,938	)		4,712,379			(58,330,641	)		(3,991,771	)		4,571,332			10,701,040
TOTAL INCREASE (DECREASE) IN NET ASSETS		40,781,290			15,747,922			4,412,681			2,481,773			32,482,999			13,930,092
NET ASSETS
Beginning of period	$	189,581,313		$	173,833,391		$	361,382,184		$	358,900,411		$	87,347,253		$	73,417,161
End of period	$	230,362,603		$	189,581,313		$	365,794,865		$	361,382,184		$	119,830,252		$	87,347,253

See accompanying Notes to Financial Statements

www.calamos.com
19

Statements of Changes in Net Assets

	GLOBAL OPPORTUNITIES FUND						INTERNATIONAL SMALL CAP GROWTH FUND						TOTAL RETURN BOND FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	(325,722	)	$	125,988		$	(3,743	)	$	3,820		$	747,590		$	1,171,064
Net realized gain (loss)		7,884,290			(4,398,037	)		112,449			(352,518	)		(273,576	)		(1,142,910	)
Change in unrealized appreciation/(depreciation)		38,130,715			15,913,561			578,025			298,871			833,628			204,471
Net increase (decrease) in net assets resulting from operations		45,689,283			11,641,512			686,731			(49,827	)		1,307,642			232,625
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(269,370	)		(328,166	)		—			(77	)		(237,512	)		(492,871	)
Class C		(13,157	)		(6,784	)		—			(182	)		(5,274	)		(12,234	)
Class I		(488,994	)		(565,211	)		—			(14,635	)		(611,881	)		(755,052	)
Class R6		—			—			—			(56	)		—			—
Total distributions		(771,521	)		(900,161	)		—			(14,950	)		(854,667	)		(1,260,157	)
CAPITAL SHARE TRANSACTIONS		(961,443	)		(26,126,629	)		779,623			658,512			11,739,092			(1,481,529	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		43,956,319			(15,385,278	)		1,466,354			593,735			12,192,067			(2,509,061	)
NET ASSETS
Beginning of period	$	196,335,552		$	211,720,830		$	2,362,022		$	1,768,287		$	31,323,551		$	33,832,612
End of period	$	240,291,871		$	196,335,552		$	3,828,376		$	2,362,022		$	43,515,618		$	31,323,551

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
20

Statements of Changes in Net Assets

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	1,099,140		$	2,173,903		$	7,061,381		$	11,692,368
Net realized gain (loss)		(437,219	)		(857,251	)		(1,607,683	)		(3,915,440	)
Change in unrealized appreciation/(depreciation)		2,248,406			500,890			6,949,388			6,757,549
Net increase (decrease) in net assets resulting from operations		2,910,327			1,817,542			12,403,086			14,534,477
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(893,396	)		(1,629,693	)		(85,646	)		(124,683	)
Class C		(12,051	)		(25,964	)		—			—
Class I		(289,691	)		(529,918	)		(9,127,091	)		(13,801,746	)
Class R6		—			—			—			—
Total distributions		(1,195,138	)		(2,185,575	)		(9,212,737	)		(13,926,429	)
CAPITAL SHARE TRANSACTIONS		(41,578	)		(2,550,728	)		338,363			(2,011,700	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,673,611			(2,918,761	)		3,528,712			(1,403,652	)
NET ASSETS
Beginning of period	$	33,477,018		$	36,395,779		$	357,632,441		$	359,036,093
End of period	$	35,150,629		$	33,477,018		$	361,161,153		$	357,632,441

See accompanying Notes to Financial Statements

www.calamos.com
21

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.72		$	13.84		$	14.63		$	13.77		$	13.47		$	13.52
Income from investment operations:
Net investment income (loss)(a)		0.07			0.01			(0.04	)		(0.45	)		0.19			0.27
Net realized and unrealized gain (loss)		0.52			1.07			(0.72	)		1.37			0.24			0.28
Total from investment operations		0.59			1.08			(0.76	)		0.92			0.43			0.55
Distributions:
Dividends from net investment income		(0.20	)		(0.20	)		(0.03	)		(0.06	)		(0.13	)		(0.19	)
Dividends from net realized gains		(0.51	)		—			—			—			—			(0.41	)
Total distributions**		(0.71	)		(0.20	)		(0.03	)		(0.06	)		(0.13	)		(0.60	)
Net asset value, end of period	$	14.60		$	14.72		$	13.84		$	14.63		$	13.77		$	13.47
Ratios and supplemental data:
Total return(b)		4.08	%		7.76	%		(5.22	%)		6.67	%		3.27	%		4.32	%
Net assets, end of period (000)	$	938,968		$	1,009,976		$	1,244,117		$	1,334,984		$	817,405		$	744,356
Ratio of net expenses to average net assets		1.20	%(c)(i)		1.20	%(d)		1.16	%(e)		1.14	%(f)		1.20	%(g)		1.24	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		1.21	%(i)		1.21	%		1.17	%		1.14	%		1.21	%		1.24	%
Ratio of net investment income (loss) to average net assets		0.91	%(i)		0.06	%		(1.12	%)		(3.15	%)		1.43	%		2.04	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(j)		15	%		28	%		41	%		49	%		77	%		74	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.02% for the period ended April 30, 2024.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the year ended October 31, 2023.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.01% for the year ended October 31, 2022.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the year ended October 31, 2021.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.05% for the year ended October 31, 2020.

(h) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.06% for the year ended October 31, 2019.

(i) Annualized.

(j) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
22

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.79		$	13.92		$	14.80		$	13.98		$	13.70		$	13.73
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.10	)		(0.27	)		(0.57	)		0.10			0.18
Net realized and unrealized gain (loss)		0.53			1.07			(0.61	)		1.39			0.24			0.28
Total from investment operations		0.54			0.97			(0.88	)		0.82			0.34			0.46
Distributions:
Dividends from net investment income		(0.15	)		(0.10	)		—			(0.00	)*		(0.06	)		(0.08	)
Dividends from net realized gains		(0.51	)		—			—			—			—			(0.41	)
Total distributions**		(0.66	)		(0.10	)		—			(0.00	)*		(0.06	)		(0.49	)
Net asset value, end of period	$	14.67		$	14.79		$	13.92		$	14.80		$	13.98		$	13.70
Ratios and supplemental data:
Total return(b)		3.73	%		6.93	%		(5.95	%)		5.88	%		2.46	%		3.56	%
Net assets, end of period (000)	$	230,467		$	254,478		$	306,312		$	322,432		$	252,490		$	261,352
Ratio of net expenses to average net assets		1.95	%(c)(i)		1.95	%(d)		1.91	%(e)		1.89	%(f)		1.95	%(g)		1.98	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		1.96	%(i)		1.96	%		1.92	%		1.89	%		1.96	%		1.99	%
Ratio of net investment income (loss) to average net assets		0.16	%(i)		(0.69	%)		(1.87	%)		(3.92	%)		0.70	%		1.31	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the period ended April 30, 2024.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.77% for the year ended October 31, 2023.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.76% for the year ended October 31, 2022.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the year ended October 31, 2021.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.80% for the year ended October 31, 2020.

(h) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.80% for the year ended October 31, 2019.

(i) Annualized.

www.calamos.com
23

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.54		$	13.68		$	14.45		$	13.60		$	13.30		$	13.36
Income from investment operations:
Net investment income (loss)(a)		0.08			0.04			(0.12	)		(0.41	)		0.22			0.30
Net realized and unrealized gain (loss)		0.52			1.06			(0.59	)		1.35			0.24			0.28
Total from investment operations		0.60			1.10			(0.71	)		0.94			0.46			0.58
Distributions:
Dividends from net investment income		(0.22	)		(0.24	)		(0.06	)		(0.09	)		(0.16	)		(0.23	)
Dividends from net realized gains		(0.51	)		—			—			—			—			(0.41	)
Total distributions**		(0.73	)		(0.24	)		(0.06	)		(0.09	)		(0.16	)		(0.64	)
Net asset value, end of period	$	14.41		$	14.54		$	13.68		$	14.45		$	13.60		$	13.30
Ratios and supplemental data:
Total return(b)		4.19	%		8.07	%		(5.01	%)		6.92	%		3.51	%		4.62	%
Net assets, end of period (000)	$	13,174,743		$	12,620,874		$	14,470,090		$	14,780,637		$	9,207,961		$	7,709,445
Ratio of net expenses to average net assets		0.95	%(c)(i)		0.95	%(d)		0.91	%(e)		0.89	%(f)		0.95	%(g)		0.99	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		0.96	%(i)		0.95	%		0.92	%		0.89	%		0.96	%		0.99	%
Ratio of net investment income (loss) to average net assets		1.15	%(i)		0.31	%		(0.87	%)		(2.90	%)		1.66	%		2.28	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the period ended April 30, 2024.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.77% for the year ended October 31, 2023.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.76% for the year ended October 31, 2022.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2021.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.80% for the year ended October 31, 2020.

(h) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.81% for the year ended October 31, 2019.

(i) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
24

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,									June 23, 2020• through October 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	14.54		$	13.68		$	14.46		$	13.61		$	13.35
Income from investment operations:
Net investment income (loss)(a)		0.09			0.06			(0.11	)		(0.38	)		0.05
Net realized and unrealized gain (loss)		0.52			1.05			(0.60	)		1.33			0.21
Total from investment operations		0.61			1.11			(0.71	)		0.95			0.26
Distributions:
Dividends from net investment income		(0.22	)		(0.25	)		(0.07	)		(0.10	)		—
Dividends from net realized gains		(0.51	)		—			—			—			—
Total distributions**		(0.73	)		(0.25	)		(0.07	)		(0.10	)		—
Net asset value, end of period	$	14.42		$	14.54		$	13.68		$	14.46		$	13.61
Ratios and supplemental data:
Total return(b)		4.31	%		8.08	%		(4.94	%)		6.99	%		1.95	%
Net assets, end of period (000)	$	101,762		$	49,159		$	43,956		$	8,846		$	10
Ratio of net expenses to average net assets		0.86	%(c)(h)		0.86	%(d)		0.86	%(e)		0.82	%(f)		0.77	%(g)(h)
Ratio of gross expenses to average net assets prior to expense reductions		0.87	%(h)		0.87	%		0.87	%		0.83	%		0.77	%(h)
Ratio of net investment income (loss) to average net assets		1.27	%(h)		0.40	%		(0.82	%)		(2.64	%)		1.06	%(h)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.70% for the period ended April 30, 2024.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2023.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2022.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.70% for the year ended October 31, 2021.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.66% for the year ended October 31, 2020.

(h) Annualized.

www.calamos.com
25

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.05		$	13.08		$	14.66		$	12.35		$	11.88		$	11.44
Income from investment operations:
Net investment income (loss)(a)		0.03			0.08			0.06			0.06			0.10			0.10
Net realized and unrealized gain (loss)		1.64			0.98			(1.60	)		2.32			0.47			0.64
Total from investment operations		1.67			1.06			(1.54	)		2.38			0.57			0.74
Distributions:
Dividends from net investment income		(0.05	)		(0.09	)		(0.04	)		(0.07	)		(0.10	)		(0.05	)
Dividends from net realized gains		—			—			—			—			—			(0.25	)
Total distributions**		(0.05	)		(0.09	)		(0.04	)		(0.07	)		(0.10	)		(0.30	)
Net asset value, end of period	$	15.67		$	14.05		$	13.08		$	14.66		$	12.35		$	11.88
Ratios and supplemental data:
Total return(b)		11.84	%		8.10	%		(10.51	%)		19.20	%		4.92	%		6.65	%
Net assets, end of period (000)	$	28,052		$	24,754		$	33,814		$	34,309		$	15,782		$	10,412
Ratio of net expenses to average net assets		1.16	%(c)		1.17	%		1.16	%		1.17	%		1.15	%		1.21	%
Ratio of gross expenses to average net assets prior to expense reductions		1.16	%(c)		1.17	%		1.16	%		1.17	%		1.20	%		1.21	%
Ratio of net investment income (loss) to average net assets		0.43	%(c)		0.58	%		0.42	%		0.44	%		0.84	%		0.86	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		13	%		19	%		32	%		39	%		57	%		82	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
26

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.67		$	12.78		$	14.39		$	12.18		$	11.72		$	11.35
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.03	)		(0.04	)		(0.04	)		0.01			0.01
Net realized and unrealized gain (loss)		1.59			0.96			(1.57	)		2.28			0.48			0.63
Total from investment operations		1.57			0.93			(1.61	)		2.24			0.49			0.64
Distributions:
Dividends from net investment income		(0.03	)		(0.04	)		—			(0.03	)		(0.03	)		(0.02	)
Dividends from net realized gains		—			—			—			—			—			(0.25	)
Total distributions**		(0.03	)		(0.04	)		—			(0.03	)		(0.03	)		(0.27	)
Net asset value, end of period	$	15.21		$	13.67		$	12.78		$	14.39		$	12.18		$	11.72
Ratios and supplemental data:
Total return(b)		11.46	%		7.28	%		(11.19	%)		18.43	%		4.19	%		5.88	%
Net assets, end of period (000)	$	10,460		$	8,703		$	7,884		$	6,960		$	3,429		$	2,151
Ratio of net expenses to average net assets		1.91	%(c)		1.92	%		1.91	%		1.92	%		1.90	%		1.96	%
Ratio of gross expenses to average net assets prior to expense reductions		1.91	%(c)		1.92	%		1.91	%		1.92	%		1.95	%		1.96	%
Ratio of net investment income (loss) to average net assets		(0.32	%)(c)		(0.20	%)		(0.31	%)		(0.30	%)		0.08	%		0.11	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
27

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.07		$	13.09		$	14.66		$	12.34		$	11.87		$	11.45
Income from investment operations:
Net investment income (loss)(a)		0.05			0.11			0.10			0.10			0.13			0.13
Net realized and unrealized gain (loss)		1.64			0.99			(1.61	)		2.31			0.47			0.64
Total from investment operations		1.69			1.10			(1.51	)		2.41			0.60			0.77
Distributions:
Dividends from net investment income		(0.07	)		(0.12	)		(0.06	)		(0.09	)		(0.13	)		(0.10	)
Dividends from net realized gains		—			—			—			—			—			(0.25	)
Total distributions**		(0.07	)		(0.12	)		(0.06	)		(0.09	)		(0.13	)		(0.35	)
Net asset value, end of period	$	15.69		$	14.07		$	13.09		$	14.66		$	12.34		$	11.87
Ratios and supplemental data:
Total return(b)		11.99	%		8.41	%		(10.33	%)		19.60	%		5.09	%		7.01	%
Net assets, end of period (000)	$	614,457		$	527,423		$	547,166		$	514,903		$	342,851		$	224,234
Ratio of net expenses to average net assets		0.91	%(c)		0.92	%		0.91	%		0.92	%		0.90	%		0.96	%
Ratio of gross expenses to average net assets prior to expense reductions		0.91	%(c)		0.92	%		0.91	%		0.92	%		0.95	%		0.96	%
Ratio of net investment income (loss) to average net assets		0.68	%(c)		0.81	%		0.69	%		0.73	%		1.09	%		1.12	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
28

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.93		$	14.60		$	15.46		$	11.18		$	11.63		$	12.15
Income from investment operations:
Net investment income (loss)(a)		0.19			0.19			(0.06	)		(0.13	)		(0.08	)		0.04
Net realized and unrealized gain (loss)		1.94			0.14			(0.80	)		4.41			(0.36	)		(0.12	)
Total from investment operations		2.13			0.33			(0.86	)		4.28			(0.44	)		(0.08	)
Distributions:
Dividends from net investment income		(0.26	)		—			—			—			(0.01	)		—
Dividends from net realized gains		—			—			—			—			—			(0.44	)
Return of capital		—			—			—			—			(0.00	)*		—
Total distributions**		(0.26	)		—			—			—			(0.01	)		(0.44	)
Net asset value, end of period	$	16.80		$	14.93		$	14.60		$	15.46		$	11.18		$	11.63
Ratios and supplemental data:
Total return(b)		14.46	%		2.12	%		(5.44	%)		38.19	%		(3.77	%)		(0.45	%)
Net assets, end of period (000)	$	74,806		$	65,214		$	55,800		$	51,971		$	40,748		$	76,689
Ratio of net expenses to average net assets		2.38	%(c)(i)		2.38	%(d)		2.38	%(e)		2.34	%(f)		2.91	%(g)		2.95	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		2.38	%(i)		2.38	%		2.38	%		2.34	%		2.92	%		2.96	%
Ratio of net investment income (loss) to average net assets		2.34	%(i)		1.21	%		(0.43	%)		(0.88	%)		(0.68	%)		0.33	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(j)		141	%		194	%		214	%		211	%		206	%		135	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the period ended April 30, 2024.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2023.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2022.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.67% for the year ended October 31, 2021.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.71% for the year ended October 31, 2020.

(h) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2019.

(i) Annualized.

(j) Not annualized.

www.calamos.com
29

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.11		$	13.90		$	14.83		$	10.80		$	11.32		$	11.92
Income from investment operations:
Net investment income (loss)(a)		0.12			0.07			(0.17	)		(0.24	)		(0.16	)		(0.05	)
Net realized and unrealized gain (loss)		1.84			0.14			(0.76	)		4.27			(0.36	)		(0.11	)
Total from investment operations		1.96			0.21			(0.93	)		4.03			(0.52	)		(0.16	)
Distributions:
Dividends from net investment income		(0.14	)		—			—			—			—			—
Dividends from net realized gains		—			—			—			—			—			(0.44	)
Return of capital		—			—			—			—			(0.00	)*		—
Total distributions**		(0.14	)		—			—			—			(0.00	)*		(0.44	)
Net asset value, end of period	$	15.93		$	14.11		$	13.90		$	14.83		$	10.80		$	11.32
Ratios and supplemental data:
Total return(b)		14.06	%		1.37	%		(6.20	%)		37.31	%		(4.59	%)		(1.15	%)
Net assets, end of period (000)	$	34,056		$	32,461		$	31,352		$	29,980		$	22,528		$	38,072
Ratio of net expenses to average net assets		3.13	%(c)(i)		3.13	%(d)		3.12	%(e)		3.09	%(f)		3.65	%(g)		3.69	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		3.13	%(i)		3.13	%		3.12	%		3.09	%		3.65	%		3.70	%
Ratio of net investment income (loss) to average net assets		1.59	%(i)		0.46	%		(1.19	%)		(1.63	%)		(1.43	%)		(0.42	%)

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the period ended April 30, 2024.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2023.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2022.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.42% for the year ended October 31, 2021.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.46% for the year ended October 31, 2020.

(h) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2019.

(i) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
30

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	15.17		$	14.81		$	15.64		$	11.28		$	11.75		$	12.23
Income from investment operations:
Net investment income (loss)(a)		0.21			0.23			(0.02	)		(0.10	)		(0.05	)		0.07
Net realized and unrealized gain (loss)		1.98			0.13			(0.81	)		4.46			(0.37	)		(0.11	)
Total from investment operations		2.19			0.36			(0.83	)		4.36			(0.42	)		(0.04	)
Distributions:
Dividends from net investment income		(0.30	)		(0.00	)*		—			—			(0.02	)		—
Dividends from net realized gains		—			—			—			—			—			(0.44	)
Return of capital		—			—			—			—			(0.03	)		—
Total distributions**		(0.30	)		(0.00	)*		—			—			(0.05	)		(0.44	)
Net asset value, end of period	$	17.06		$	15.17		$	14.81		$	15.64		$	11.28		$	11.75
Ratios and supplemental data:
Total return(b)		14.62	%		2.40	%		(5.25	%)		38.69	%		(3.67	%)		(0.16	%)
Net assets, end of period (000)	$	928,484		$	838,221		$	697,472		$	476,965		$	344,843		$	678,157
Ratio of net expenses to average net assets		2.14	%(c)(i)		2.13	%(d)		2.14	%(e)		2.09	%(f)		2.64	%(g)		2.68	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		2.14	%(i)		2.13	%		2.14	%		2.09	%		2.65	%		2.69	%
Ratio of net investment income (loss) to average net assets		2.59	%(i)		1.48	%		(0.12	%)		(0.63	%)		(0.42	%)		0.57	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the period ended April 30, 2024.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2023.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.38% for the year ended October 31, 2022.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.42% for the year ended October 31, 2021.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.46% for the year ended October 31, 2020.

(h) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2019.

(i) Annualized.

www.calamos.com
31

Calamos Merger Arbitrage Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30, 2024			September 29, 2023• through October 31, 2023
Net asset value, beginning of period	$	9.73		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.05			0.00
Net realized and unrealized gain (loss)		(0.07	)		(0.27	)
Total from investment operations		(0.02	)		(0.27	)
Distributions:
Dividends from net investment income		(0.04	)		—
Dividends from net realized gains		(0.01	)		—
Total distributions**		(0.05	)		—
Net asset value, end of period	$	9.66		$	9.73
Ratios and supplemental data:
Total return(b)		(0.16	%)		(2.70	%)
Net assets, end of period (000)	$	145		$	97
Ratio of net expenses to average net assets		2.14	%(c)(d)		1.50	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		11.98	%(c)		6.06	%(c)
Ratio of net investment income (loss) to average net assets		0.97	%(c)		0.52	%(c)
	(Unaudited) Six Months Ended April 30, 2024			September 29, 2023• through October 31, 2023
Portfolio turnover rate(e)		81	%		13	%

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.50% for the period ended April 30, 2024.

(e) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
32

Calamos Merger Arbitrage Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30, 2024			September 29, 2023• through October 31, 2023
Net asset value, beginning of period	$	9.72		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.01			0.00
Net realized and unrealized gain (loss)		(0.05	)		(0.28	)
Total from investment operations		(0.04	)		(0.28	)
Distributions:
Dividends from net investment income		(0.03	)		—
Dividends from net realized gains		(0.01	)		—
Total distributions**		(0.04	)		—
Net asset value, end of period	$	9.64		$	9.72
Ratios and supplemental data:
Total return(b)		(0.40	%)		(2.80	%)
Net assets, end of period (000)	$	97		$	97
Ratio of net expenses to average net assets		2.89	%(c)(d)		2.25	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		12.73	%(c)		6.81	%(c)
Ratio of net investment income (loss) to average net assets		0.20	%(c)		(0.23	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.25% for the period ended April 30, 2024.

www.calamos.com
33

Calamos Merger Arbitrage Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30, 2024			September 29, 2023• through October 31, 2023
Net asset value, beginning of period	$	9.73		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.06			0.01
Net realized and unrealized gain (loss)		(0.05	)		(0.28	)
Total from investment operations		0.01			(0.27	)
Distributions:
Dividends from net investment income		(0.05	)		—
Dividends from net realized gains		(0.01	)		—
Total distributions**		(0.06	)		—
Net asset value, end of period	$	9.68		$	9.73
Ratios and supplemental data:
Total return(b)		0.07	%		(2.70	%)
Net assets, end of period (000)	$	1,831		$	1,864
Ratio of net expenses to average net assets		1.89	%(c)(d)		1.25	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		11.73	%(c)		5.81	%(c)
Ratio of net investment income (loss) to average net assets		1.20	%(c)		1.13	%(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.25% for the period ended April 30, 2024.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
34

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	18.18		$	18.57		$	27.25		$	22.78		$	17.45		$	18.11
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.08	)		(0.27	)		(0.61	)		0.47			0.51
Net realized and unrealized gain (loss)		2.03			(0.15	)		(5.20	)		6.68			4.99			1.00
Total from investment operations		1.99			(0.23	)		(5.47	)		6.07			5.46			1.51
Distributions:
Dividends from net investment income		(0.10	)		(0.16	)		(0.02	)		(0.06	)		(0.13	)		(0.35	)
Dividends from net realized gains		(0.22	)		—			(3.19	)		(1.54	)		—			(1.82	)
Total distributions**		(0.32	)		(0.16	)		(3.21	)		(1.60	)		(0.13	)		(2.17	)
Net asset value, end of period	$	19.85		$	18.18		$	18.57		$	27.25		$	22.78		$	17.45
Ratios and supplemental data:
Total return(b)		10.99	%		(1.26	%)		(22.29	%)		27.09	%		31.58	%		10.02	%
Net assets, end of period (000)	$	248,185		$	243,516		$	294,233		$	422,476		$	333,481		$	245,948
Ratio of net expenses to average net assets		1.14	%(c)		1.13	%		1.10	%		1.08	%		1.13	%		1.16	%
Ratio of gross expenses to average net assets prior to expense reductions		1.14	%(c)		1.13	%		1.10	%		1.08	%		1.13	%		1.16	%
Ratio of net investment income (loss) to average net assets		(0.45	%)(c)		(0.44	%)		(1.30	%)		(2.35	%)		2.37	%		2.98	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		21	%		40	%		39	%		41	%		71	%		37	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
35

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	17.62		$	18.03		$	26.73		$	22.48		$	17.27		$	17.92
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.22	)		(0.42	)		(0.80	)		0.32			0.39
Net realized and unrealized gain (loss)		1.97			(0.13	)		(5.09	)		6.59			4.93			0.99
Total from investment operations		1.86			(0.35	)		(5.51	)		5.79			5.25			1.38
Distributions:
Dividends from net investment income		(0.05	)		(0.06	)		—			—			(0.04	)		(0.21	)
Dividends from net realized gains		(0.22	)		—			(3.19	)		(1.54	)		—			(1.82	)
Total distributions**		(0.27	)		(0.06	)		(3.19	)		(1.54	)		(0.04	)		(2.03	)
Net asset value, end of period	$	19.21		$	17.62		$	18.03		$	26.73		$	22.48		$	17.27
Ratios and supplemental data:
Total return(b)		10.60	%		(2.01	%)		(22.88	%)		26.16	%		30.53	%		9.21	%
Net assets, end of period (000)	$	30,482		$	31,773		$	41,804		$	71,925		$	56,935		$	56,070
Ratio of net expenses to average net assets		1.89	%(c)		1.88	%		1.85	%		1.83	%		1.88	%		1.91	%
Ratio of gross expenses to average net assets prior to expense reductions		1.89	%(c)		1.88	%		1.85	%		1.83	%		1.88	%		1.91	%
Ratio of net investment income (loss) to average net assets		(1.20	%)(c)		(1.19	%)		(2.04	%)		(3.10	%)		1.65	%		2.34	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
36

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	15.55		$	15.91		$	23.82		$	20.05		$	15.38		$	16.23
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.03	)		(0.19	)		(0.48	)		0.46			0.49
Net realized and unrealized gain (loss)		1.74			(0.12	)		(4.49	)		5.86			4.39			0.88
Total from investment operations		1.72			(0.15	)		(4.68	)		5.38			4.85			1.37
Distributions:
Dividends from net investment income		(0.12	)		(0.21	)		(0.04	)		(0.07	)		(0.18	)		(0.40	)
Dividends from net realized gains		(0.22	)		—			(3.19	)		(1.54	)		—			(1.82	)
Total distributions**		(0.34	)		(0.21	)		(3.23	)		(1.61	)		(0.18	)		(2.22	)
Net asset value, end of period	$	16.93		$	15.55		$	15.91		$	23.82		$	20.05		$	15.38
Ratios and supplemental data:
Total return(b)		11.14	%		(1.04	%)		(22.09	%)		27.40	%		31.91	%		10.31	%
Net assets, end of period (000)	$	550,827		$	559,907		$	680,441		$	1,161,030		$	773,460		$	442,907
Ratio of net expenses to average net assets		0.89	%(c)		0.88	%		0.85	%		0.83	%		0.88	%		0.91	%
Ratio of gross expenses to average net assets prior to expense reductions		0.89	%(c)		0.88	%		0.85	%		0.83	%		0.88	%		0.91	%
Ratio of net investment income (loss) to average net assets		(0.20	%)(c)		(0.19	%)		(1.04	%)		(2.09	%)		2.60	%		3.21	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
37

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.01		$	9.59		$	14.85		$	13.48		$	11.08		$	10.81
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.15	)		(0.01	)		(0.44	)		0.24			0.10
Net realized and unrealized gain (loss)		1.17			0.60			(3.45	)		2.95			2.37			0.70
Total from investment operations		1.12			0.45			(3.46	)		2.51			2.61			0.80
Distributions:
Dividends from net investment income		—			(0.03	)		(0.01	)		(0.01	)		(0.06	)		(0.22	)
Dividends from net realized gains		—			—			(1.79	)		(1.13	)		(0.15	)		(0.31	)
Total distributions**		—			(0.03	)		(1.80	)		(1.14	)		(0.21	)		(0.53	)
Net asset value, end of period	$	11.13		$	10.01		$	9.59		$	14.85		$	13.48		$	11.08
Ratios and supplemental data:
Total return(b)		11.19	%		4.78	%		(26.01	%)		18.86	%		23.93	%		7.90	%
Net assets, end of period (000)	$	8,704		$	8,455		$	10,698		$	17,865		$	11,231		$	8,998
Ratio of net expenses to average net assets		1.35	%(c)		1.34	%		1.28	%		1.25	%		1.33	%		1.32	%
Ratio of gross expenses to average net assets prior to expense reductions		1.35	%(c)		1.34	%		1.28	%		1.25	%		1.34	%		1.32	%
Ratio of net investment income (loss) to average net assets		(0.94	%)(c)		(1.48	%)		(0.11	%)		(2.96	%)		1.96	%		0.91	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		14	%		27	%		31	%		35	%		48	%		45	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
38

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.60		$	9.23		$	14.47		$	13.25		$	10.93		$	10.69
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.22	)		(0.09	)		(0.54	)		0.14			0.02
Net realized and unrealized gain (loss)		1.12			0.59			(3.36	)		2.89			2.35			0.69
Total from investment operations		1.03			0.37			(3.45	)		2.35			2.49			0.71
Distributions:
Dividends from net investment income		—			—			—			—			(0.02	)		(0.16	)
Dividends from net realized gains		—			—			(1.79	)		(1.13	)		(0.15	)		(0.31	)
Total distributions**		—			—			(1.79	)		(1.13	)		(0.17	)		(0.47	)
Net asset value, end of period	$	10.63		$	9.60		$	9.23		$	14.47		$	13.25		$	10.93
Ratios and supplemental data:
Total return(b)		10.73	%		4.01	%		(26.58	%)		17.95	%		23.09	%		7.01	%
Net assets, end of period (000)	$	1,924		$	2,615		$	3,425		$	5,448		$	4,824		$	3,409
Ratio of net expenses to average net assets		2.10	%(c)		2.09	%		2.03	%		2.00	%		2.08	%		2.07	%
Ratio of gross expenses to average net assets prior to expense reductions		2.10	%(c)		2.09	%		2.03	%		2.00	%		2.09	%		2.07	%
Ratio of net investment income (loss) to average net assets		(1.69	%)(c)		(2.23	%)		(0.85	%)		(3.72	%)		1.21	%		0.16	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
39

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.04		$	9.60		$	14.87		$	13.50		$	11.08		$	10.82
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.13	)		0.01			(0.40	)		0.26			0.12
Net realized and unrealized gain (loss)		1.18			0.61			(3.46	)		2.94			2.39			0.70
Total from investment operations		1.14			0.48			(3.45	)		2.54			2.65			0.82
Distributions:
Dividends from net investment income		—			(0.04	)		(0.03	)		(0.04	)		(0.08	)		(0.25	)
Dividends from net realized gains		—			—			(1.79	)		(1.13	)		(0.15	)		(0.31	)
Total distributions**		—			(0.04	)		(1.82	)		(1.17	)		(0.23	)		(0.56	)
Net asset value, end of period	$	11.18		$	10.04		$	9.60		$	14.87		$	13.50		$	11.08
Ratios and supplemental data:
Total return(b)		11.25	%		5.00	%		(25.82	%)		19.09	%		24.36	%		8.09	%
Net assets, end of period (000)	$	112,922		$	109,319		$	117,766		$	260,688		$	192,475		$	120,526
Ratio of net expenses to average net assets		1.10	%(c)		1.09	%		1.03	%		1.00	%		1.08	%		1.07	%
Ratio of gross expenses to average net assets prior to expense reductions		1.10	%(c)		1.09	%		1.03	%		1.00	%		1.09	%		1.07	%
Ratio of net investment income (loss) to average net assets		(0.69	%)(c)		(1.23	%)		0.13	%		(2.71	%)		2.19	%		1.16	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
40

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A*
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												May 31, 2019 through October 31,			July 1, 2018 through May 31,
	2024			2023			2022			2021			2020			2019			2019^†
Net asset value, beginning of period	$	22.20		$	26.35		$	42.31		$	29.18		$	22.31		$	22.51		$	25.02
Income from investment operations:
Net investment income (loss)(a)		(0.14	)		(0.26	)		(0.24	)		(0.45	)		(0.28	)		(0.11	)		(0.29	)
Net realized and unrealized gain (loss)		6.99			(3.89	)		(15.72	)		14.95			8.29			(0.09	)		(0.80	)
Total from investment operations		6.85			(4.15	)		(15.96	)		14.50			8.01			(0.20	)		(1.09	)
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			—			—			(1.37	)		(1.14	)		—			(1.42	)
Return of capital		—			—			—			(0.00	)**		—			—			—
Total distributions***		—			—			—			(1.37	)		(1.14	)		—			(1.42	)
Net asset value, end of period	$	29.05		$	22.20		$	26.35		$	42.31		$	29.18		$	22.31		$	22.51
Ratios and supplemental data:
Total return(b)		30.86	%		(15.75	%)		(37.71	%)		50.42	%		37.60	%		(0.89	%)		(3.52	%)
Net assets, end of period (000)	$	24,603		$	18,283		$	23,762		$	35,274		$	9,313		$	6,857		$	5,551
Ratio of net expenses to average net assets		1.30	%(c)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%(c)		1.50	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.38	%(c)		1.37	%		1.37	%		1.37	%		1.40	%		1.35	%(c)		1.71	%(c)
Ratio of net investment income (loss) to average net assets		(1.03	%)(c)		(1.03	%)		(0.78	%)		(1.15	%)		(1.16	%)		(1.18	%)(c)		(1.31	%)(c)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												May 31, 2019 through October 31,			July 1, 2018 through May 31,
	2024			2023			2022			2021			2020			2019			2019^†
Portfolio turnover rate(d)		128	%		215	%		197	%		165	%		181	%		142	%		112	%

* Prior to May 31, 2019, Class A shares were Class Y shares of the predecessor fund.

† Pursuant to the Reorganization of the Predecessor Fund into the Fund, Class Y shareholders of the Predecessor Fund received Class A shares of the Fund, and Service Class and Institutional Class shareholders of the Predecessor Fund each received Class I shares of the Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. Accordingly, the data shown for periods prior to May 31, 2019 is the data of the Predecessor Fund.

** Amounts are less than $0.005.

*** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Not annualized.

www.calamos.com
41

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						June 25, 2021• through October 31,
	2024			2023			2022			2021
Net asset value, beginning of period	$	22.48		$	26.88		$	43.50		$	41.91
Income from investment operations:
Net investment income (loss)(a)		(0.24	)		(0.45	)		(0.45	)		(0.82	)
Net realized and unrealized gain (loss)		7.07			(3.95	)		(16.17	)		2.41
Total from investment operations		6.83			(4.40	)		(16.62	)		1.59
Distributions:
Dividends from net investment income		—			—			—			—
Dividends from net realized gains		—			—			—			—
Total distributions**		—			—			—			—
Net asset value, end of period	$	29.31		$	22.48		$	26.88		$	43.50
Ratios and supplemental data:(b)
Total return		30.38	%		(16.37	%)		(38.18	%)		3.75	%
Net assets, end of period (000)	$	4,441		$	3,648		$	4,425		$	3,165
Ratio of net expenses to average net assets		2.05	%(c)		2.05	%		2.05	%		2.05	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.13	%(c)		2.12	%		2.12	%		2.06	%(c)
Ratio of net investment income (loss) to average net assets		(1.78	%)(c)		(1.79	%)		(1.50	%)		(2.00	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
42

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I*
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												May 31, 2019 through October 31,			July 1, 2018 through May 31,
	2024			2023			2022			2021			2020			2019			2019^†
Net asset value, beginning of period	$	23.01		$	27.24		$	43.65		$	29.99		$	22.85		$	23.02		$	25.47
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.20	)		(0.16	)		(0.36	)		(0.23	)		(0.09	)		(0.20	)
Net realized and unrealized gain (loss)		7.25			(4.03	)		(16.25	)		15.39			8.51			(0.08	)		(0.83	)
Total from investment operations		7.14			(4.23	)		(16.41	)		15.03			8.28			(0.17	)		(1.03	)
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			—			—			(1.37	)		(1.14	)		—			(1.42	)
Return of capital		—			—			—			(0.00	)**		—			—			—
Total distributions***		—			—			—			(1.37	)		(1.14	)		—			(1.42	)
Net asset value, end of period	$	30.15		$	23.01		$	27.24		$	43.65		$	29.99		$	22.85		$	23.02
Ratios and supplemental data:
Total return(b)		31.03	%		(15.53	%)		(37.57	%)		50.80	%		37.90	%		(0.74	%)		(3.21	%)
Net assets, end of period (000)	$	216,345		$	191,831		$	292,187		$	387,149		$	124,867		$	72,539		$	68,510
Ratio of net expenses to average net assets		1.05	%(c)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%(c)		1.10	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.13	%(c)		1.12	%		1.12	%		1.11	%		1.16	%		1.11	%(c)		1.34	%(c)
Ratio of net investment income (loss) to average net assets		(0.77	%)(c)		(0.78	%)		(0.52	%)		(0.90	%)		(0.92	%)		(0.93	%)(c)		(0.92	%)(c)

* Prior to May 31, 2019, Class I shares were Institutional Class shares or Service Class shares of the predecessor fund. Results shown are exclusive of the Service Class shares.

** Amounts are less than $0.005.

*** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
43

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												May 31, 2019• through October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	23.11		$	27.33		$	43.74		$	30.02		$	22.86		$	23.02
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.17	)		(0.11	)		(0.32	)		(0.21	)		(0.08	)
Net realized and unrealized gain (loss)		7.28			(4.05	)		(16.30	)		15.41			8.51			(0.08	)
Total from investment operations		7.19			(4.22	)		(16.41	)		15.09			8.30			(0.16	)
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			—			—			(1.37	)		(1.14	)		—
Total distributions**		—			—			—			(1.37	)		(1.14	)		—
Net asset value, end of period	$	30.30		$	23.11		$	27.33		$	43.74		$	30.02		$	22.86
Ratios and supplemental data:
Total return(b)		31.11	%		(15.41	%)		(37.51	%)		50.96	%		37.98	%		(0.70	%)
Net assets, end of period (000)	$	32,490		$	24,499		$	22,181		$	29,120		$	1,562		$	1,063
Ratio of net expenses to average net assets		0.93	%(c)		0.92	%		0.93	%		0.96	%		0.98	%		1.00	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.01	%(c)		0.99	%		1.00	%		1.02	%		1.09	%		0.96	%(c)
Ratio of net investment income (loss) to average net assets		(0.66	%)(c)		(0.67	%)		(0.37	%)		(0.80	%)		(0.84	%)		(0.84	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
44

Calamos Timpani SMID Growth Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												August 1, 2019• through October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.09		$	10.14		$	18.17		$	12.34		$	9.01		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.10	)		(0.08	)		(0.20	)		(0.13	)		(0.03	)
Net realized and unrealized gain (loss)		2.87			(0.95	)		(6.23	)		6.03			3.46			(0.96	)
Total from investment operations		2.81			(1.05	)		(6.31	)		5.83			3.33			(0.99	)
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			—			(1.72	)		—			—			—
Total distributions**		—			—			(1.72	)		—			—			—
Net asset value, end of period	$	11.90		$	9.09		$	10.14		$	18.17		$	12.34		$	9.01
Ratios and supplemental data:
Total return(b)		30.80	%		(10.36	%)		(37.07	%)		47.04	%		36.96	%		(9.90	%)
Net assets, end of period (000)	$	221		$	341		$	305		$	162		$	182		$	9
Ratio of net expenses to average net assets		1.35	%(c)		1.35	%		1.35	%		1.35	%		1.35	%		1.37	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.90	%(c)		1.98	%		1.93	%		1.79	%		2.45	%		3.42	%(c)
Ratio of net investment income (loss) to average net assets		(1.10	%)(c)		(1.06	%)		(0.68	%)		(1.22	%)		(1.21	%)		(1.11	%)(c)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												August 1, 2019• through October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		124	%		231	%		205	%		188	%		201	%		55	%

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
45

Calamos Timpani SMID Growth Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												August 1, 2019• through October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.20		$	10.23		$	18.28		$	12.38		$	9.02		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.08	)		(0.06	)		(0.16	)		(0.10	)		(0.02	)
Net realized and unrealized gain (loss)		2.91			(0.95	)		(6.27	)		6.06			3.46			(0.96	)
Total from investment operations		2.86			(1.03	)		(6.33	)		5.90			3.36			(0.98	)
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			—			(1.72	)		—			—			—
Total distributions**		—			—			(1.72	)		—			—			—
Net asset value, end of period	$	12.06		$	9.20		$	10.23		$	18.28		$	12.38		$	9.02
Ratios and supplemental data:
Total return(b)		31.09	%		(10.07	%)		(36.95	%)		47.46	%		37.25	%		(9.80	%)
Net assets, end of period (000)	$	21,174		$	15,495		$	16,497		$	25,793		$	16,877		$	9,348
Ratio of net expenses to average net assets		1.10	%(c)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.63	%(c)		1.73	%		1.65	%		1.55	%		2.25	%		3.17	%(c)
Ratio of net investment income (loss) to average net assets		(0.87	%)(c)		(0.80	%)		(0.48	%)		(0.98	%)		(0.94	%)		(0.85	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
46

Calamos Timpani SMID Growth Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												August 1, 2019• through October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.21		$	10.23		$	18.28		$	12.38		$	9.02		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.08	)		(0.05	)		(0.18	)		(0.09	)		(0.02	)
Net realized and unrealized gain (loss)		2.91			(0.94	)		(6.28	)		6.08			3.45			(0.96	)
Total from investment operations		2.86			(1.02	)		(6.33	)		5.90			3.36			(0.98	)
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			—			(1.72	)		—			—			—
Total distributions**		—			—			(1.72	)		—			—			—
Net asset value, end of period	$	12.07		$	9.21		$	10.23		$	18.28		$	12.38		$	9.02
Ratios and supplemental data:
Total return(b)		30.94	%		(9.97	%)		(36.95	%)		47.46	%		37.25	%		(9.80	%)
Net assets, end of period (000)	$	430		$	320		$	355		$	499		$	12		$	9
Ratio of net expenses to average net assets		1.07	%(c)		1.07	%		1.07	%		1.08	%		1.06	%		1.07	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.60	%(c)		1.70	%		1.63	%		1.48	%		2.25	%		3.16	%(c)
Ratio of net investment income (loss) to average net assets		(0.84	%)(c)		(0.77	%)		(0.43	%)		(1.04	%)		(0.90	%)		(0.81	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
47

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	32.47		$	28.24		$	45.88		$	34.96		$	32.23		$	33.14
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.13	)		(0.22	)		(0.33	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)		7.87			4.36			(12.47	)		15.44			5.90			3.53
Total from investment operations		7.75			4.23			(12.69	)		15.11			5.76			3.49
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)		(4.40	)
Total distributions**		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)		(4.40	)
Net asset value, end of period	$	38.62		$	32.47		$	28.24		$	45.88		$	34.96		$	32.23
Ratios and supplemental data:
Total return(b)		24.27	%		14.98	%		(30.58	%)		46.00	%		19.11	%		13.97	%
Net assets, end of period (000)	$	1,081,628		$	925,437		$	900,167		$	1,436,709		$	1,093,909		$	1,066,939
Ratio of net expenses to average net assets		1.30	%(c)		1.32	%		1.30	%		1.28	%		1.34	%		1.34	%
Ratio of gross expenses to average net assets prior to expense reductions		1.30	%(c)		1.32	%		1.30	%		1.28	%		1.34	%		1.34	%
Ratio of net investment income (loss) to average net assets		(0.67	%)(c)		(0.43	%)		(0.64	%)		(0.80	%)		(0.45	%)		(0.12	%)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		28	%		57	%		42	%		45	%		115	%		69	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
48

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	12.59		$	11.03		$	21.21		$	18.18		$	18.26		$	21.00
Income from investment operations:
Net investment income (loss)(a)		(0.10	)		(0.14	)		(0.19	)		(0.29	)		(0.20	)		(0.13	)
Net realized and unrealized gain (loss)		2.97			1.70			(5.04	)		7.51			3.15			1.79
Total from investment operations		2.87			1.56			(5.23	)		7.22			2.95			1.66
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)		(4.40	)
Total distributions**		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)		(4.40	)
Net asset value, end of period	$	13.86		$	12.59		$	11.03		$	21.21		$	18.18		$	18.26
Ratios and supplemental data:
Total return(b)		23.79	%		14.14	%		(31.12	%)		44.94	%		18.23	%		13.18	%
Net assets, end of period (000)	$	10,150		$	9,493		$	12,281		$	25,965		$	35,843		$	50,442
Ratio of net expenses to average net assets		2.05	%(c)		2.08	%		2.05	%		2.04	%		2.09	%		2.11	%
Ratio of gross expenses to average net assets prior to expense reductions		2.05	%(c)		2.08	%		2.05	%		2.04	%		2.10	%		2.12	%
Ratio of net investment income (loss) to average net assets		(1.42	%)(c)		(1.16	%)		(1.39	%)		(1.53	%)		(1.17	%)		(0.73	%)

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
49

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	49.51		$	42.95		$	66.93		$	49.25		$	44.13		$	43.48
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.09	)		(0.20	)		(0.33	)		(0.09	)		0.06
Net realized and unrealized gain (loss)		12.09			6.65			(18.83	)		22.20			8.24			4.99
Total from investment operations		11.97			6.56			(19.03	)		21.87			8.15			5.05
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)		(4.40	)
Total distributions**		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)		(4.40	)
Net asset value, end of period	$	59.88		$	49.51		$	42.95		$	66.93		$	49.25		$	44.13
Ratios and supplemental data:
Total return(b)		24.42	%		15.27	%		(30.43	%)		46.40	%		19.39	%		14.24	%
Net assets, end of period (000)	$	312,639		$	262,752		$	246,566		$	395,431		$	291,027		$	280,294
Ratio of net expenses to average net assets		1.05	%(c)		1.07	%		1.05	%		1.03	%		1.09	%		1.09	%
Ratio of gross expenses to average net assets prior to expense reductions		1.05	%(c)		1.07	%		1.05	%		1.03	%		1.09	%		1.09	%
Ratio of net investment income (loss) to average net assets		(0.42	%)(c)		(0.18	%)		(0.39	%)		(0.56	%)		(0.20	%)		0.15	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
50

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	39.42		$	38.33		$	48.18		$	36.26		$	33.43		$	32.53
Income from investment operations:
Net investment income (loss)(a)		0.05			0.19			0.08			0.07			0.30			0.32
Net realized and unrealized gain (loss)		6.32			2.38			(7.32	)		13.01			3.74			2.99
Total from investment operations		6.37			2.57			(7.24	)		13.08			4.04			3.31
Distributions:
Dividends from net investment income		(0.15	)		(0.44	)		(0.24	)		(0.27	)		(0.41	)		(0.50	)
Dividends from net realized gains		(1.50	)		(1.04	)		(2.37	)		(0.89	)		(0.80	)		(1.91	)
Total distributions**		(1.65	)		(1.48	)		(2.61	)		(1.16	)		(1.21	)		(2.41	)
Net asset value, end of period	$	44.14		$	39.42		$	38.33		$	48.18		$	36.26		$	33.43
Ratios and supplemental data:
Total return(b)		16.35	%		6.86	%		(15.77	%)		36.68	%		12.43	%		11.51	%
Net assets, end of period (000)	$	1,307,995		$	1,182,667		$	1,199,491		$	1,531,445		$	1,163,876		$	1,129,201
Ratio of net expenses to average net assets		1.05	%(c)		1.06	%		1.05	%		1.06	%		1.08	%		1.09	%
Ratio of gross expenses to average net assets prior to expense reductions		1.05	%(c)		1.06	%		1.05	%		1.06	%		1.08	%		1.09	%
Ratio of net investment income (loss) to average net assets		0.22	%(c)		0.48	%		0.19	%		0.15	%		0.86	%		1.01	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		11	%		20	%		24	%		18	%		35	%		19	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
51

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	39.57		$	38.57		$	48.55		$	36.57		$	33.68		$	32.69
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.11	)		(0.24	)		(0.25	)		0.04			0.12
Net realized and unrealized gain (loss)		6.36			2.38			(7.37	)		13.12			3.79			2.98
Total from investment operations		6.24			2.27			(7.61	)		12.87			3.83			3.10
Distributions:
Dividends from net investment income		(0.06	)		(0.23	)		—			—			(0.14	)		(0.20	)
Dividends from net realized gains		(1.50	)		(1.04	)		(2.37	)		(0.89	)		(0.80	)		(1.91	)
Total distributions**		(1.56	)		(1.27	)		(2.37	)		(0.89	)		(0.94	)		(2.11	)
Net asset value, end of period	$	44.25		$	39.57		$	38.57		$	48.55		$	36.57		$	33.68
Ratios and supplemental data:
Total return(b)		15.94	%		6.08	%		(16.41	%)		35.66	%		11.62	%		10.68	%
Net assets, end of period (000)	$	97,148		$	79,895		$	84,104		$	98,647		$	101,490		$	136,333
Ratio of net expenses to average net assets		1.80	%(c)		1.81	%		1.80	%		1.81	%		1.84	%		1.85	%
Ratio of gross expenses to average net assets prior to expense reductions		1.80	%(c)		1.81	%		1.80	%		1.81	%		1.84	%		1.85	%
Ratio of net investment income (loss) to average net assets		(0.54	%)(c)		(0.27	%)		(0.56	%)		(0.57	%)		0.13	%		0.37	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
52

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	37.47		$	36.50		$	46.02		$	34.68		$	32.03		$	31.28
Income from investment operations:
Net investment income (loss)(a)		0.10			0.27			0.17			0.17			0.36			0.39
Net realized and unrealized gain (loss)		6.01			2.25			(6.97	)		12.44			3.58			2.85
Total from investment operations		6.11			2.52			(6.80	)		12.61			3.94			3.24
Distributions:
Dividends from net investment income		(0.20	)		(0.51	)		(0.35	)		(0.38	)		(0.49	)		(0.58	)
Dividends from net realized gains		(1.50	)		(1.04	)		(2.37	)		(0.89	)		(0.80	)		(1.91	)
Total distributions**		(1.70	)		(1.55	)		(2.72	)		(1.27	)		(1.29	)		(2.49	)
Net asset value, end of period	$	41.88		$	37.47		$	36.50		$	46.02		$	34.68		$	32.03
Ratios and supplemental data:
Total return(b)		16.52	%		7.12	%		(15.55	%)		37.02	%		12.72	%		11.81	%
Net assets, end of period (000)	$	1,158,281		$	978,583		$	977,765		$	1,211,985		$	818,641		$	735,329
Ratio of net expenses to average net assets		0.80	%(c)		0.81	%		0.80	%		0.81	%		0.83	%		0.85	%
Ratio of gross expenses to average net assets prior to expense reductions		0.80	%(c)		0.81	%		0.80	%		0.81	%		0.83	%		0.85	%
Ratio of net investment income (loss) to average net assets		0.47	%(c)		0.73	%		0.44	%		0.40	%		1.11	%		1.27	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
53

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,									June 23, 2020• through October 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	37.49		$	36.51		$	46.04		$	34.69		$	33.24
Income from investment operations:
Net investment income (loss)(a)		0.11			0.30			0.21			0.16			0.12
Net realized and unrealized gain (loss)		6.02			2.26			(6.99	)		12.49			1.42
Total from investment operations		6.13			2.56			(6.78	)		12.65			1.54
Distributions:
Dividends from net investment income		(0.22	)		(0.54	)		(0.38	)		(0.41	)		(0.09	)
Dividends from net realized gains		(1.50	)		(1.04	)		(2.37	)		(0.89	)		—
Total distributions**		(1.72	)		(1.58	)		(2.75	)		(1.30	)		(0.09	)
Net asset value, end of period	$	41.90		$	37.49		$	36.51		$	46.04		$	34.69
Ratios and supplemental data:
Total return(b)		16.55	%		7.21	%		(15.50	%)		37.14	%		4.63	%
Net assets, end of period (000)	$	32,431		$	27,965		$	16,688		$	5,968		$	15
Ratio of net expenses to average net assets		0.73	%(c)		0.71	%		0.73	%		0.73	%		0.71	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		0.73	%(c)		0.71	%		0.73	%		0.73	%		0.71	%(c)
Ratio of net investment income (loss) to average net assets		0.54	%(c)		0.78	%		0.55	%		0.38	%		0.99	%(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
54

Calamos Dividend Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.51		$	13.41		$	17.13		$	13.04		$	13.37		$	12.34
Income from investment operations:
Net investment income (loss)(a)		0.00	*		0.04			0.03			0.00	*		0.05			0.07
Net realized and unrealized gain (loss)		2.87			1.11			(2.41	)		5.24			1.13			1.50
Total from investment operations		2.87			1.15			(2.38	)		5.24			1.18			1.57
Distributions:
Dividends from net investment income		(0.04	)		(0.05	)		—			(0.02	)		(0.06	)		(0.08	)
Dividends from net realized gains		(0.64	)		—			(1.34	)		(1.13	)		(1.45	)		(0.46	)
Total distributions**		(0.68	)		(0.05	)		(1.34	)		(1.15	)		(1.51	)		(0.54	)
Net asset value, end of period	$	16.70		$	14.51		$	13.41		$	17.13		$	13.04		$	13.37
Ratios and supplemental data:
Total return(b)		20.10	%		8.61	%		(15.01	%)		42.42	%		9.20	%		13.63	%
Net assets, end of period (000)	$	6,467		$	5,250		$	5,181		$	5,139		$	3,534		$	3,638
Ratio of net expenses to average net assets		1.35	%(c)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of gross expenses to average net assets prior to expense reductions		2.05	%(c)		2.09	%		2.03	%		2.04	%		2.15	%		1.94	%
Ratio of net investment income (loss) to average net assets		0.05	%(c)		0.29	%		0.23	%		0.02	%		0.40	%		0.60	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		11	%		28	%		25	%		20	%		22	%		15	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
55

Calamos Dividend Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.74		$	12.77		$	16.49		$	12.67		$	13.07		$	12.09
Income from investment operations:
Net investment income (loss)(a)		(0.05	)(b)		(0.06	)(b)		(0.07	)		(0.11	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		2.70			1.06			(2.31	)		5.07			1.09			1.45
Total from investment operations		2.65			1.00			(2.38	)		4.96			1.05			1.44
Distributions:
Dividends from net investment income		(0.01	)		(0.03	)		—			(0.01	)		—			—
Dividends from net realized gains		(0.64	)		—			(1.34	)		(1.13	)		(1.45	)		(0.46	)
Total distributions**		(0.65	)		(0.03	)		(1.34	)		(1.14	)		(1.45	)		(0.46	)
Net asset value, end of period	$	15.74		$	13.74		$	12.77		$	16.49		$	12.67		$	13.07
Ratios and supplemental data:
Total return(c)		19.55	%		7.82	%		(15.63	%)		41.37	%		8.35	%		12.74	%
Net assets, end of period (000)	$	2,669		$	2,342		$	2,202		$	2,017		$	685		$	659
Ratio of net expenses to average net assets		2.10	%(d)		2.10	%		2.10	%		2.10	%		2.11	%		2.10	%
Ratio of gross expenses to average net assets prior to expense reductions		2.81	%(d)		2.85	%		2.78	%		2.78	%		2.91	%		2.65	%
Ratio of net investment income (loss) to average net assets		(0.69	%)(d)		(0.46	%)		(0.51	%)		(0.74	%)		(0.36	%)		(0.06	%)

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
56

Calamos Dividend Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.57		$	13.44		$	17.15		$	13.03		$	13.36		$	12.33
Income from investment operations:
Net investment income (loss)(a)		0.02			0.08			0.07			0.04			0.08			0.11
Net realized and unrealized gain (loss)		2.88			1.11			(2.41	)		5.23			1.12			1.49
Total from investment operations		2.90			1.19			(2.34	)		5.27			1.20			1.60
Distributions:
Dividends from net investment income		(0.05	)		(0.06	)		(0.03	)		(0.02	)		(0.08	)		(0.11	)
Dividends from net realized gains		(0.64	)		—			(1.34	)		(1.13	)		(1.45	)		(0.46	)
Total distributions**		(0.69	)		(0.06	)		(1.37	)		(1.15	)		(1.53	)		(0.57	)
Net asset value, end of period	$	16.78		$	14.57		$	13.44		$	17.15		$	13.03		$	13.36
Ratios and supplemental data:
Total return(b)		20.16	%		8.88	%		(14.76	%)		42.73	%		9.46	%		13.93	%
Net assets, end of period (000)	$	9,851		$	7,639		$	10,195		$	10,373		$	8,974		$	12,986
Ratio of net expenses to average net assets		1.10	%(c)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to average net assets prior to expense reductions		1.80	%(c)		1.84	%		1.78	%		1.80	%		1.88	%		1.67	%
Ratio of net investment income (loss) to average net assets		0.30	%(c)		0.56	%		0.48	%		0.28	%		0.67	%		0.92	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
57

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	16.77		$	15.86		$	20.48		$	14.93		$	14.21		$	15.37
Income from investment operations:
Net investment income (loss)(a)		0.00	*		0.03			0.00			(0.03	)		0.07			0.15
Net realized and unrealized gain (loss)		3.62			1.29			(3.12	)		6.39			0.74			0.95
Total from investment operations		3.62			1.32			(3.12	)		6.36			0.81			1.10
Distributions:
Dividends from net investment income		—			—			—			—			(0.09	)		(0.06	)
Dividends from net realized gains		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—			(2.20	)
Total distributions**		(0.76	)		(0.41	)		(1.50	)		(0.81	)		(0.09	)		(2.26	)
Net asset value, end of period	$	19.63		$	16.77		$	15.86		$	20.48		$	14.93		$	14.21
Ratios and supplemental data:
Total return(b)		21.93	%		8.60	%		(16.22	%)		43.93	%		5.71	%		10.14	%
Net assets, end of period (000)	$	13,408		$	11,533		$	11,628		$	14,211		$	10,595		$	11,363
Ratio of net expenses to average net assets		1.15	%(c)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of gross expenses to average net assets prior to expense reductions		1.56	%(c)		1.62	%		1.57	%		1.57	%		1.64	%		1.62	%
Ratio of net investment income (loss) to average net assets		(0.04	%)(c)		0.16	%		0.00	%		(0.19	%)		0.49	%		1.06	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		15	%		55	%		34	%		25	%		136	%		78	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
58

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.86		$	13.28		$	17.52		$	12.97		$	12.36		$	13.77
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.08	)		(0.12	)		(0.14	)		(0.01	)		0.02
Net realized and unrealized gain (loss)		2.99			1.07			(2.62	)		5.50			0.62			0.83
Total from investment operations		2.93			0.99			(2.74	)		5.36			0.61			0.85
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.06	)
Dividends from net realized gains		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—			(2.20	)
Total distributions**		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—			(2.26	)
Net asset value, end of period	$	16.03		$	13.86		$	13.28		$	17.52		$	12.97		$	12.36
Ratios and supplemental data:
Total return(b)		21.54	%		7.76	%		(16.85	%)		42.92	%		4.85	%		9.33	%
Net assets, end of period (000)	$	140		$	120		$	170		$	887		$	1,056		$	5,274
Ratio of net expenses to average net assets		1.90	%(c)		1.90	%		1.91	%		1.90	%		1.90	%		1.90	%
Ratio of gross expenses to average net assets prior to expense reductions		2.31	%(c)		2.36	%		2.33	%		2.33	%		2.40	%		2.35	%
Ratio of net investment income (loss) to average net assets		(0.78	%)(c)		(0.57	%)		(0.77	%)		(0.92	%)		(0.11	%)		0.15	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
59

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	17.45		$	16.45		$	21.15		$	15.36		$	14.62		$	15.80
Income from investment operations:
Net investment income (loss)(a)		0.02			0.07			0.05			0.01			0.10			0.16
Net realized and unrealized gain (loss)		3.78			1.34			(3.23	)		6.59			0.76			1.01
Total from investment operations		3.80			1.41			(3.18	)		6.60			0.86			1.17
Distributions:
Dividends from net investment income		(0.00	)*		—			(0.02	)		—			(0.12	)		(0.15	)
Dividends from net realized gains		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—			(2.20	)
Total distributions**		(0.76	)		(0.41	)		(1.52	)		(0.81	)		(0.12	)		(2.35	)
Net asset value, end of period	$	20.49		$	17.45		$	16.45		$	21.15		$	15.36		$	14.62
Ratios and supplemental data:
Total return(b)		22.13	%		8.84	%		(16.00	%)		44.28	%		5.92	%		10.43	%
Net assets, end of period (000)	$	37,512		$	31,663		$	30,660		$	38,585		$	36,075		$	28,389
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of gross expenses to average net assets prior to expense reductions		1.31	%(c)		1.37	%		1.32	%		1.32	%		1.39	%		1.36	%
Ratio of net investment income (loss) to average net assets		0.21	%(c)		0.41	%		0.25	%		0.07	%		0.69	%		1.13	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
60

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	16.25		$	15.43		$	28.83		$	22.96		$	17.97		$	18.10
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		0.05			0.21			0.05			(0.04	)		0.09
Net realized and unrealized gain (loss)		4.25			0.77			(9.48	)		7.29			5.03			1.80
Total from investment operations		4.23			0.82			(9.27	)		7.34			4.99			1.89
Distributions:
Dividends from net investment income		(0.01	)		—			(0.00	)*		—			—			—
Dividends from net realized gains		—			—			(4.13	)		(1.47	)		—			(2.02	)
Total distributions**		(0.01	)		—			(4.13	)		(1.47	)		—			(2.02	)
Net asset value, end of period	$	20.47		$	16.25		$	15.43		$	28.83		$	22.96		$	17.97
Ratios and supplemental data:
Total return(b)		25.96	%		5.31	%		(36.67	%)		32.76	%		27.82	%		13.07	%
Net assets, end of period (000)	$	49,479		$	41,631		$	46,993		$	79,503		$	60,527		$	53,950
Ratio of net expenses to average net assets		1.20	%(c)		1.16	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to average net assets prior to expense reductions		1.36	%(c)		1.49	%		1.64	%		1.56	%		1.52	%		1.48	%
Ratio of net investment income (loss) to average net assets		(0.20	%)(c)		0.27	%		1.04	%		0.19	%		(0.20	%)		0.51	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		60	%		131	%		129	%		99	%		85	%		81	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
61

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.44		$	12.86		$	24.94		$	20.17		$	15.91		$	16.38
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.07	)		0.05			(0.16	)		(0.16	)		(0.05	)
Net realized and unrealized gain (loss)		3.52			0.65			(8.00	)		6.40			4.42			1.60
Total from investment operations		3.44			0.58			(7.95	)		6.24			4.26			1.55
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			—			(4.13	)		(1.47	)		—			(2.02	)
Total distributions**		—			—			(4.13	)		(1.47	)		—			(2.02	)
Net asset value, end of period	$	16.88		$	13.44		$	12.86		$	24.94		$	20.17		$	15.91
Ratios and supplemental data:
Total return(b)		25.52	%		4.51	%		(37.18	%)		31.79	%		26.84	%		12.21	%
Net assets, end of period (000)	$	1,477		$	1,339		$	1,989		$	3,953		$	6,344		$	9,022
Ratio of net expenses to average net assets		1.95	%(c)		1.91	%		1.85	%		1.85	%		1.85	%		1.85	%
Ratio of gross expenses to average net assets prior to expense reductions		2.11	%(c)		2.24	%		2.39	%		2.31	%		2.27	%		2.26	%
Ratio of net investment income (loss) to average net assets		(0.96	%)(c)		(0.48	%)		0.27	%		(0.69	%)		(0.95	%)		(0.35	%)

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
62

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	17.00		$	16.10		$	29.92		$	23.73		$	18.53		$	18.55
Income from investment operations:
Net investment income (loss)(a)		0.00	*(b)		0.09			0.27			0.12			0.01			0.13
Net realized and unrealized gain (loss)		4.45			0.81			(9.88	)		7.54			5.19			1.87
Total from investment operations		4.45			0.90			(9.61	)		7.66			5.20			2.00
Distributions:
Dividends from net investment income		(0.05	)		—			(0.08	)		(0.00	)*		—			—
Dividends from net realized gains		—			—			(4.13	)		(1.47	)		—			(2.02	)
Total distributions**		(0.05	)		—			(4.21	)		(1.47	)		—			(2.02	)
Net asset value, end of period	$	21.40		$	17.00		$	16.10		$	29.92		$	23.73		$	18.53
Ratios and supplemental data:
Total return(c)		26.12	%		5.59	%		(36.54	%)		33.13	%		28.06	%		13.32	%
Net assets, end of period (000)	$	172,916		$	141,782		$	120,520		$	216,723		$	156,321		$	134,562
Ratio of net expenses to average net assets		0.95	%(d)		0.91	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of gross expenses to average net assets prior to expense reductions		1.11	%(d)		1.24	%		1.39	%		1.31	%		1.28	%		1.23	%
Ratio of net investment income (loss) to average net assets		0.04	%(d)		0.52	%		1.28	%		0.43	%		0.05	%		0.75	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

www.calamos.com
63

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	17.21		$	16.28		$	30.20		$	23.93		$	18.67		$	18.66
Income from investment operations:
Net investment income (loss)(a)		0.02	(b)		0.11			0.31			0.15			0.05			0.20
Net realized and unrealized gain (loss)		4.49			0.82			(10.00	)		7.61			5.21			1.83
Total from investment operations		4.51			0.93			(9.69	)		7.76			5.26			2.03
Distributions:
Dividends from net investment income		(0.07	)		—			(0.10	)		(0.02	)		—			—
Dividends from net realized gains		—			—			(4.13	)		(1.47	)		—			(2.02	)
Total distributions**		(0.07	)		—			(4.23	)		(1.49	)		—			(2.02	)
Net asset value, end of period	$	21.65		$	17.21		$	16.28		$	30.20		$	23.93		$	18.67
Ratios and supplemental data:
Total return(c)		26.16	%		5.71	%		(36.47	%)		33.24	%		28.23	%		13.41	%
Net assets, end of period (000)	$	6,491		$	4,829		$	4,332		$	1,921		$	1,012		$	7,463
Ratio of net expenses to average net assets		0.85	%(d)		0.81	%		0.75	%		0.77	%		0.76	%		0.77	%
Ratio of gross expenses to average net assets prior to expense reductions		1.01	%(d)		1.13	%		1.28	%		1.22	%		1.17	%		1.15	%
Ratio of net investment income (loss) to average net assets		0.17	%(d)		0.61	%		1.59	%		0.51	%		0.24	%		1.13	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
64

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.87		$	14.51		$	22.25		$	19.60		$	14.12		$	12.54
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		0.01			0.12			(0.05	)		(0.07	)		0.09
Net realized and unrealized gain (loss)		2.83			0.46			(7.79	)		3.15			5.66			1.49
Total from investment operations		2.81			0.47			(7.67	)		3.10			5.59			1.58
Distributions:
Dividends from net investment income		(0.05	)		(0.11	)		(0.07	)		—			(0.11	)		—
Dividends from net realized gains		—			—			—			(0.45	)		—			—
Total distributions**		(0.05	)		(0.11	)		(0.07	)		(0.45	)		(0.11	)		—
Net asset value, end of period	$	17.63		$	14.87		$	14.51		$	22.25		$	19.60		$	14.12
Ratios and supplemental data:
Total return(b)		18.91	%		3.19	%		(34.55	%)		15.87	%		39.81	%		12.60	%
Net assets, end of period (000)	$	40,373		$	36,830		$	36,890		$	54,731		$	31,015		$	28,168
Ratio of net expenses to average net assets		1.30	%(c)		1.29	%		1.30	%		1.30	%		1.56	%		1.64	%
Ratio of gross expenses to average net assets prior to expense reductions		1.68	%(c)		1.63	%		1.63	%		1.60	%		1.64	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.27	%)(c)		0.09	%		0.67	%		(0.21	%)		(0.47	%)		0.63	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		62	%		137	%		132	%		140	%		125	%		78	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
65

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.67		$	13.34		$	20.55		$	18.26		$	13.16		$	11.78
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.09	)		(0.03	)		(0.22	)		(0.18	)		(0.01	)
Net realized and unrealized gain (loss)		2.59			0.42			(7.18	)		2.96			5.28			1.39
Total from investment operations		2.53			0.33			(7.21	)		2.74			5.10			1.38
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			—			—			(0.45	)		—			—
Total distributions**		—			—			—			(0.45	)		—			—
Net asset value, end of period	$	16.20		$	13.67		$	13.34		$	20.55		$	18.26		$	13.16
Ratios and supplemental data:
Total return(b)		18.43	%		2.40	%		(35.04	%)		15.05	%		38.75	%		11.71	%
Net assets, end of period (000)	$	3,392		$	3,930		$	6,153		$	16,050		$	13,183		$	13,478
Ratio of net expenses to average net assets		2.05	%(c)		2.04	%		2.05	%		2.05	%		2.32	%		2.39	%
Ratio of gross expenses to average net assets prior to expense reductions		2.43	%(c)		2.38	%		2.39	%		2.34	%		2.39	%		2.39	%
Ratio of net investment income (loss) to average net assets		(1.03	%)(c)		(0.63	%)		(0.16	%)		(1.04	%)		(1.23	%)		(0.11	%)

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
66

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	15.03		$	14.67		$	22.51		$	19.78		$	14.26		$	12.63
Income from investment operations:
Net investment income (loss)(a)		0.00	*		0.06			0.17			0.01			(0.03	)		0.12
Net realized and unrealized gain (loss)		2.86			0.45			(7.87	)		3.18			5.71			1.51
Total from investment operations		2.86			0.51			(7.70	)		3.19			5.68			1.63
Distributions:
Dividends from net investment income		(0.09	)		(0.15	)		(0.14	)		(0.01	)		(0.16	)		—
Dividends from net realized gains		—			—			—			(0.45	)		—			—
Total distributions**		(0.09	)		(0.15	)		(0.14	)		(0.46	)		(0.16	)		—
Net asset value, end of period	$	17.80		$	15.03		$	14.67		$	22.51		$	19.78		$	14.26
Ratios and supplemental data:
Total return(b)		19.08	%		3.44	%		(34.39	%)		16.17	%		40.16	%		12.91	%
Net assets, end of period (000)	$	322,031		$	320,622		$	315,858		$	509,216		$	193,243		$	120,318
Ratio of net expenses to average net assets		1.05	%(c)		1.04	%		1.05	%		1.05	%		1.30	%		1.39	%
Ratio of gross expenses to average net assets prior to expense reductions		1.43	%(c)		1.38	%		1.38	%		1.35	%		1.39	%		1.39	%
Ratio of net investment income (loss) to average net assets		(0.02	%)(c)		0.35	%		0.90	%		0.04	%		(0.22	%)		0.91	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
67

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	12.08		$	11.50		$	18.40		$	14.05		$	11.64		$	13.61
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		0.01			0.02			(0.08	)		(0.07	)		(0.01	)
Net realized and unrealized gain (loss)		3.92			1.07			(4.94	)		5.49			3.37			0.79
Total from investment operations		3.89			1.08			(4.92	)		5.41			3.30			0.78
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)		(2.75	)
Total distributions**		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)		(2.75	)
Net asset value, end of period	$	15.97		$	12.08		$	11.50		$	18.40		$	14.05		$	11.64
Ratios and supplemental data:
Total return(b)		32.12	%		9.68	%		(29.36	%)		39.89	%		30.07	%		10.28	%
Net assets, end of period (000)	$	25,865		$	20,462		$	21,143		$	32,511		$	21,814		$	20,236
Ratio of net expenses to average net assets		1.37	%(c)		1.41	%		1.40	%		1.40	%		1.40	%		1.40	%
Ratio of gross expenses to average net assets prior to expense reductions		1.39	%(c)		1.52	%		1.61	%		1.58	%		1.65	%		1.51	%
Ratio of net investment income (loss) to average net assets		(0.39	%)(c)		0.04	%		0.17	%		(0.48	%)		(0.59	%)		(0.08	%)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		39	%		90	%		77	%		72	%		71	%		72	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
68

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.64		$	9.35		$	15.45		$	12.03		$	10.15		$	12.34
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.07	)		(0.07	)		(0.18	)		(0.14	)		(0.09	)
Net realized and unrealized gain (loss)		3.13			0.86			(4.05	)		4.66			2.91			0.65
Total from investment operations		3.06			0.79			(4.12	)		4.48			2.77			0.56
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)		(2.75	)
Total distributions**		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)		(2.75	)
Net asset value, end of period	$	12.70		$	9.64		$	9.35		$	15.45		$	12.03		$	10.15
Ratios and supplemental data:
Total return(b)		31.50	%		8.99	%		(29.96	%)		38.88	%		29.19	%		9.36	%
Net assets, end of period (000)	$	770		$	611		$	726		$	1,492		$	4,635		$	8,011
Ratio of net expenses to average net assets		2.12	%(c)		2.16	%		2.15	%		2.15	%		2.15	%		2.15	%
Ratio of gross expenses to average net assets prior to expense reductions		2.14	%(c)		2.28	%		2.37	%		2.33	%		2.40	%		2.26	%
Ratio of net investment income (loss) to average net assets		(1.14	%)(c)		(0.71	%)		(0.59	%)		(1.32	%)		(1.31	%)		(0.86	%)

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
69

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	12.75		$	12.10		$	19.20		$	14.59		$	12.02		$	13.93
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.04			0.05			(0.04	)		(0.04	)		0.02
Net realized and unrealized gain (loss)		4.12			1.13			(5.17	)		5.71			3.50			0.82
Total from investment operations		4.11			1.17			(5.12	)		5.67			3.46			0.84
Distributions:
Dividends from net investment income		(0.01	)		(0.02	)		—			—			—			—
Dividends from net realized gains		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)		(2.75	)
Total distributions**		(0.01	)		(0.52	)		(1.98	)		(1.06	)		(0.89	)		(2.75	)
Net asset value, end of period	$	16.85		$	12.75		$	12.10		$	19.20		$	14.59		$	12.02
Ratios and supplemental data:
Total return(b)		32.20	%		9.98	%		(29.20	%)		40.29	%		30.46	%		10.52	%
Net assets, end of period (000)	$	93,127		$	66,181		$	51,538		$	103,256		$	65,062		$	52,619
Ratio of net expenses to average net assets		1.12	%(c)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of gross expenses to average net assets prior to expense reductions		1.13	%(c)		1.25	%		1.36	%		1.33	%		1.40	%		1.26	%
Ratio of net investment income (loss) to average net assets		(0.14	%)(c)		0.28	%		0.37	%		(0.23	%)		(0.34	%)		0.14	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) calculated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
70

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,									June 23, 2020• through October 31,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	12.76		$	12.11		$	19.21		$	14.59		$	13.19
Income from investment operations:
Net investment income (loss)(a)		(0.00	)*		0.05			(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		4.12			1.13			(5.10	)		5.71			1.42
Total from investment operations		4.12			1.18			(5.12	)		5.68			1.40
Distributions:
Dividends from net investment income		(0.02	)		(0.03	)		—			—			—
Dividends from net realized gains		—			(0.50	)		(1.98	)		(1.06	)		—
Total distributions**		(0.02	)		(0.53	)		(1.98	)		(1.06	)		—
Net asset value, end of period	$	16.86		$	12.76		$	12.11		$	19.21		$	14.59
Ratios and supplemental data:
Total return(b)		32.31	%		10.04	%		(29.18	%)		40.36	%		10.61	%
Net assets, end of period (000)	$	68		$	93		$	11		$	168		$	120
Ratio of net expenses to average net assets		1.05	%(c)		1.06	%		1.12	%		1.09	%		1.09	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.07	%(c)		1.14	%		1.35	%		1.27	%		1.36	%(c)
Ratio of net investment income (loss) to average net assets		(0.05	%)(c)		0.35	%		(0.12	%)		(0.18	%)		(0.45	%)(c)

• Commencement of operations.

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
71

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.57		$	9.15		$	12.72		$	10.02		$	8.51		$	8.99
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		0.00			(0.03	)		(0.04	)		0.07			0.10
Net realized and unrealized gain (loss)		2.27			0.46			(2.88	)		3.42			1.55			0.37
Total from investment operations		2.25			0.46			(2.91	)		3.38			1.62			0.47
Distributions:
Dividends from net investment income		(0.03	)		(0.04	)		—			(0.05	)		(0.02	)		(0.07	)
Dividends from net realized gains		—			—			(0.66	)		(0.63	)		(0.09	)		(0.88	)
Total distributions**		(0.03	)		(0.04	)		(0.66	)		(0.68	)		(0.11	)		(0.95	)
Net asset value, end of period	$	11.79		$	9.57		$	9.15		$	12.72		$	10.02		$	8.51
Ratios and supplemental data:
Total return(b)		23.47	%		4.97	%		(23.93	%)		34.84	%		19.09	%		6.67	%
Net assets, end of period (000)	$	92,021		$	81,821		$	86,403		$	119,261		$	88,618		$	83,069
Ratio of net expenses to average net assets		1.22	%(c)		1.22	%		1.22	%		1.31	%		1.53	%		1.49	%
Ratio of gross expenses to average net assets prior to expense reductions		1.48	%(c)		1.49	%		1.46	%		1.45	%		1.53	%		1.49	%
Ratio of net investment income (loss) to average net assets		(0.41	%)(c)		(0.05	%)		(0.28	%)		(0.33	%)		0.78	%		1.20	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		36	%		81	%		92	%		82	%		119	%		69	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
72

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.05		$	7.73		$	10.92		$	8.71		$	7.45		$	7.98
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.07	)		(0.09	)		(0.11	)		0.00			0.04
Net realized and unrealized gain (loss)		1.89			0.40			(2.44	)		2.95			1.35			0.31
Total from investment operations		1.84			0.33			(2.53	)		2.84			1.35			0.35
Distributions:
Dividends from net investment income		(0.01	)		(0.01	)		—			—			—			—
Dividends from net realized gains		—			—			(0.66	)		(0.63	)		(0.09	)		(0.88	)
Total distributions**		(0.01	)		(0.01	)		(0.66	)		(0.63	)		(0.09	)		(0.88	)
Net asset value, end of period	$	9.88		$	8.05		$	7.73		$	10.92		$	8.71		$	7.45
Ratios and supplemental data:
Total return(b)		22.93	%		4.22	%		(24.43	%)		33.77	%		18.22	%		5.87	%
Net assets, end of period (000)	$	9,354		$	7,317		$	7,528		$	10,032		$	8,946		$	14,742
Ratio of net expenses to average net assets		1.97	%(c)		1.97	%		1.97	%		2.07	%		2.28	%		2.28	%
Ratio of gross expenses to average net assets prior to expense reductions		2.23	%(c)		2.24	%		2.21	%		2.20	%		2.28	%		2.28	%
Ratio of net investment income (loss) to average net assets		(1.15	%)(c)		(0.80	%)		(1.03	%)		(1.09	%)		0.01	%		0.50	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
73

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.98		$	9.53		$	13.18		$	10.36		$	8.79		$	9.25
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.02			(0.02	)		(0.01	)		0.09			0.13
Net realized and unrealized gain (loss)		2.37			0.48			(2.96	)		3.54			1.60			0.38
Total from investment operations		2.36			0.50			(2.98	)		3.53			1.69			0.51
Distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.01	)		(0.08	)		(0.03	)		(0.09	)
Dividends from net realized gains		—			—			(0.66	)		(0.63	)		(0.09	)		(0.88	)
Total distributions**		(0.05	)		(0.05	)		(0.67	)		(0.71	)		(0.12	)		(0.97	)
Net asset value, end of period	$	12.29		$	9.98		$	9.53		$	13.18		$	10.36		$	8.79
Ratios and supplemental data:
Total return(b)		23.65	%		5.21	%		(23.66	%)		35.16	%		19.33	%		6.95	%
Net assets, end of period (000)	$	138,917		$	107,198		$	117,790		$	152,596		$	65,909		$	53,594
Ratio of net expenses to average net assets		0.97	%(c)		0.97	%		0.97	%		1.04	%		1.28	%		1.25	%
Ratio of gross expenses to average net assets prior to expense reductions		1.23	%(c)		1.24	%		1.21	%		1.20	%		1.28	%		1.25	%
Ratio of net investment income (loss) to average net assets		(0.15	%)(c)		0.20	%		(0.14	%)		(0.09	%)		1.01	%		1.47	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
74

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30, 2024			Year Ended October 31, 2023			March 31, 2022• through October 31, 2022
Net asset value, beginning of period	$	7.54		$	7.65		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.00	*		0.05
Net realized and unrealized gain (loss)		2.09			(0.06	)		(2.40	)
Total from investment operations		2.08			(0.06	)		(2.35	)
Distributions:
Dividends from net investment income		—			(0.05	)		—
Dividends from net realized gains		—			—			—
Total distributions**		—			(0.05	)		—
Net asset value, end of period	$	9.62		$	7.54		$	7.65
Ratios and supplemental data:
Total return(b)		27.59	%		(0.87	%)		(23.50	%)
Net assets, end of period (000)	$	99		$	20		$	13
Ratio of net expenses to average net assets		1.35	%(c)		1.35	%		2.66	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.93	%(c)		9.06	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(0.31	%)(c)		(0.04	%)		(9.66	%)(c)
	(Unaudited) Six Months Ended April 30, 2024			Year Ended October 31, 2023			March 31, 2022• through October 31, 2022
Portfolio turnover rate(d)		51	%		126	%		64	%

• Commencement of operations.

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
75

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30, 2024			Year Ended October 31, 2023			March 31, 2022• through October 31, 2022
Net asset value, beginning of period	$	7.46		$	7.62		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.07	)		0.01
Net realized and unrealized gain (loss)		2.08			(0.05	)		(2.39	)
Total from investment operations		2.02			(0.12	)		(2.38	)
Distributions:
Dividends from net investment income		—			(0.04	)		—
Dividends from net realized gains		—			—			—
Total distributions**		—			(0.04	)		—
Net asset value, end of period	$	9.48		$	7.46		$	7.62
Ratios and supplemental data:
Total return(b)		27.08	%		(1.62	%)		(23.80	%)
Net assets, end of period (000)	$	10		$	7		$	8
Ratio of net expenses to average net assets		2.10	%(c)		2.09	%		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		6.69	%(c)		9.79	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(1.28	%)(c)		(0.92	%)		(9.66	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
76

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30, 2024			Year Ended October 31, 2023			March 31, 2022• through October 31, 2022
Net asset value, beginning of period	$	7.56		$	7.66		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.01			0.06
Net realized and unrealized gain (loss)		2.11			(0.05	)		(2.40	)
Total from investment operations		2.10			(0.04	)		(2.34	)
Distributions:
Dividends from net investment income		—			(0.06	)		—
Dividends from net realized gains		—			—			—
Total distributions**		—			(0.06	)		—
Net asset value, end of period	$	9.66		$	7.56		$	7.66
Ratios and supplemental data:
Total return(b)		27.61	%		(0.48	%)		(23.40	%)
Net assets, end of period (000)	$	3,710		$	2,327		$	1,740
Ratio of net expenses to average net assets		1.10	%(c)		1.10	%		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.68	%(c)		8.80	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(0.23	%)(c)		0.17	%		(9.66	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) calculated based on average shares method.

www.calamos.com
77

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	(Unaudited) Six Months Ended April 30, 2024			Year Ended October 31, 2023			March 31, 2022• through October 31, 2022
Net asset value, beginning of period	$	7.56		$	7.66		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.01			0.06
Net realized and unrealized gain (loss)		2.11			(0.05	)		(2.40	)
Total from investment operations		2.10			(0.04	)		(2.34	)
Distributions:
Dividends from net investment income		—			(0.06	)		—
Dividends from net realized gains		—			—			—
Total distributions**		—			(0.06	)		—
Net asset value, end of period	$	9.66		$	7.56		$	7.66
Ratios and supplemental data:
Total return(b)		27.61	%		(0.48	%)		(23.40	%)
Net assets, end of period (000)	$	10		$	8		$	8
Ratio of net expenses to average net assets		1.09	%(c)		1.07	%		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.67	%(c)		8.78	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(0.25	%)(c)		0.19	%		(9.66	%)(c)

• Commencement of operations.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
78

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.38		$	8.67		$	10.61		$	10.85		$	10.53		$	9.81
Income from investment operations:
Net investment income (loss)(a)		0.16			0.30			0.24			0.19			0.21			0.27
Net realized and unrealized gain (loss)		0.30			(0.27	)		(1.81	)		(0.19	)		0.33			0.72
Total from investment operations		0.46			0.03			(1.57	)		—			0.54			0.99
Distributions:
Dividends from net investment income		(0.18	)		(0.32	)		(0.24	)		(0.23	)		(0.22	)		(0.27	)
Dividends from net realized gains		—			—			(0.13	)		(0.01	)		—			—
Total distributions**		(0.18	)		(0.32	)		(0.37	)		(0.24	)		(0.22	)		(0.27	)
Net asset value, end of period	$	8.66		$	8.38		$	8.67		$	10.61		$	10.85		$	10.53
Ratios and supplemental data:
Total return(b)		5.41	%		0.18	%		(15.13	%)		0.01	%		5.18	%		10.24	%
Net assets, end of period (000)	$	11,137		$	11,764		$	14,662		$	22,394		$	24,376		$	22,565
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of gross expenses to average net assets prior to expense reductions		1.15	%(c)		1.24	%		1.15	%		1.01	%		1.03	%		1.09	%
Ratio of net investment income (loss) to average net assets		3.53	%(c)		3.36	%		2.48	%		1.77	%		2.00	%		2.67	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		23	%		41	%		28	%		51	%		61	%		64	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
79

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.38		$	8.67		$	10.61		$	10.85		$	10.53		$	9.81
Income from investment operations:
Net investment income (loss)(a)		0.12			0.23			0.17			0.11			0.14			0.20
Net realized and unrealized gain (loss)		0.30			(0.27	)		(1.81	)		(0.19	)		0.32			0.72
Total from investment operations		0.42			(0.04	)		(1.64	)		(0.08	)		0.46			0.92
Distributions:
Dividends from net investment income		(0.14	)		(0.25	)		(0.17	)		(0.15	)		(0.14	)		(0.20	)
Dividends from net realized gains		—			—			(0.13	)		(0.01	)		—			—
Total distributions**		(0.14	)		(0.25	)		(0.30	)		(0.16	)		(0.14	)		(0.20	)
Net asset value, end of period	$	8.66		$	8.38		$	8.67		$	10.61		$	10.85		$	10.53
Ratios and supplemental data:
Total return(b)		5.02	%		(0.57	%)		(15.76	%)		(0.74	%)		4.40	%		9.42	%
Net assets, end of period (000)	$	210		$	323		$	549		$	800		$	1,777		$	2,929
Ratio of net expenses to average net assets		1.65	%(c)		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Ratio of gross expenses to average net assets prior to expense reductions		1.91	%(c)		1.99	%		1.90	%		1.76	%		1.77	%		1.84	%
Ratio of net investment income (loss) to average net assets		2.80	%(c)		2.60	%		1.72	%		1.02	%		1.28	%		1.98	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
80

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.39		$	8.68		$	10.61		$	10.85		$	10.54		$	9.81
Income from investment operations:
Net investment income (loss)(a)		0.16			0.32			0.26			0.22			0.24			0.30
Net realized and unrealized gain (loss)		0.31			(0.27	)		(1.79	)		(0.20	)		0.32			0.73
Total from investment operations		0.47			0.05			(1.53	)		0.02			0.56			1.03
Distributions:
Dividends from net investment income		(0.19	)		(0.34	)		(0.27	)		(0.25	)		(0.25	)		(0.30	)
Dividends from net realized gains		—			—			(0.13	)		(0.01	)		—			—
Total distributions**		(0.19	)		(0.34	)		(0.40	)		(0.26	)		(0.25	)		(0.30	)
Net asset value, end of period	$	8.67		$	8.39		$	8.68		$	10.61		$	10.85		$	10.54
Ratios and supplemental data:
Total return(b)		5.41	%		0.55	%		(14.92	%)		0.17	%		5.34	%		10.62	%
Net assets, end of period (000)	$	32,168		$	19,236		$	18,622		$	43,979		$	60,602		$	35,570
Ratio of net expenses to average net assets		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of gross expenses to average net assets prior to expense reductions		0.87	%(c)		0.99	%		0.88	%		0.76	%		0.77	%		0.84	%
Ratio of net investment income (loss) to average net assets		3.73	%(c)		3.61	%		2.65	%		2.02	%		2.21	%		2.92	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
81

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.22		$	7.30		$	8.58		$	7.96		$	8.34		$	8.37
Income from investment operations:
Net investment income (loss)(a)		0.23			0.45			0.37			0.35			0.43			0.48
Net realized and unrealized gain (loss)		0.39			(0.07	)		(1.27	)		0.66			(0.35	)		(0.01	)
Total from investment operations		0.62			0.38			(0.90	)		1.01			0.08			0.47
Distributions:
Dividends from net investment income		(0.26	)		(0.46	)		(0.38	)		(0.27	)		(0.46	)		(0.50	)
Dividends from net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			(0.12	)		—			—
Total distributions**		(0.26	)		(0.46	)		(0.38	)		(0.39	)		(0.46	)		(0.50	)
Net asset value, end of period	$	7.58		$	7.22		$	7.30		$	8.58		$	7.96		$	8.34
Ratios and supplemental data:
Total return(b)		8.59	%		5.22	%		(10.67	%)		12.88	%		1.13	%		5.85	%
Net assets, end of period (000)	$	26,318		$	25,252		$	26,775		$	34,550		$	30,580		$	35,124
Ratio of net expenses to average net assets		1.00	%(c)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of gross expenses to average net assets prior to expense reductions		1.42	%(c)		1.43	%		1.40	%		1.33	%		1.37	%		1.23	%
Ratio of net investment income (loss) to average net assets		6.21	%(c)		6.12	%		4.71	%		4.10	%		5.34	%		5.71	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		19	%		25	%		30	%		49	%		52	%		46	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
82

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.74		$	7.80		$	9.14		$	8.45		$	8.82		$	8.82
Income from investment operations:
Net investment income (loss)(a)		0.22			0.43			0.33			0.31			0.40			0.45
Net realized and unrealized gain (loss)		0.42			(0.09	)		(1.35	)		0.71			(0.38	)		(0.02	)
Total from investment operations		0.64			0.34			(1.02	)		1.02			0.02			0.43
Distributions:
Dividends from net investment income		(0.23	)		(0.40	)		(0.32	)		(0.21	)		(0.39	)		(0.43	)
Dividends from net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			(0.12	)		—			—
Total distributions**		(0.23	)		(0.40	)		(0.32	)		(0.33	)		(0.39	)		(0.43	)
Net asset value, end of period	$	8.15		$	7.74		$	7.80		$	9.14		$	8.45		$	8.82
Ratios and supplemental data:
Total return(b)		8.26	%		4.35	%		(11.35	%)		12.11	%		0.38	%		5.04	%
Net assets, end of period (000)	$	394		$	438		$	471		$	677		$	981		$	1,887
Ratio of net expenses to average net assets		1.75	%(c)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of gross expenses to average net assets prior to expense reductions		2.17	%(c)		2.18	%		2.15	%		2.08	%		2.11	%		2.08	%
Ratio of net investment income (loss) to average net assets		5.46	%(c)		5.37	%		3.95	%		3.38	%		4.67	%		5.16	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

www.calamos.com
83

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.22		$	7.30		$	8.58		$	7.96		$	8.34		$	8.37
Income from investment operations:
Net investment income (loss)(a)		0.24			0.47			0.39			0.37			0.44			0.50
Net realized and unrealized gain (loss)		0.39			(0.07	)		(1.27	)		0.67			(0.34	)		(0.01	)
Total from investment operations		0.63			0.40			(0.88	)		1.04			0.10			0.49
Distributions:
Dividends from net investment income		(0.27	)		(0.48	)		(0.40	)		(0.30	)		(0.48	)		(0.52	)
Dividends from net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			(0.12	)		—			—
Total distributions**		(0.27	)		(0.48	)		(0.40	)		(0.42	)		(0.48	)		(0.52	)
Net asset value, end of period	$	7.58		$	7.22		$	7.30		$	8.58		$	7.96		$	8.34
Ratios and supplemental data:
Total return(b)		8.72	%		5.48	%		(10.45	%)		13.16	%		1.38	%		6.11	%
Net assets, end of period (000)	$	8,438		$	7,786		$	9,150		$	9,267		$	6,716		$	7,003
Ratio of net expenses to average net assets		0.75	%(c)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of gross expenses to average net assets prior to expense reductions		1.17	%(c)		1.18	%		1.15	%		1.08	%		1.12	%		0.99	%
Ratio of net investment income (loss) to average net assets		6.46	%(c)		6.36	%		4.98	%		4.34	%		5.56	%		5.97	%

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
84

Calamos Short-Term Bond Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.30		$	9.28		$	9.91		$	10.23		$	10.20		$	9.98
Income from investment operations:
Net investment income (loss)(a)		0.17			0.28			0.13			0.15			0.21			0.25
Net realized and unrealized gain (loss)		0.15			0.07			(0.62	)		(0.07	)		0.12			0.23
Total from investment operations		0.32			0.35			(0.49	)		0.08			0.33			0.48
Distributions:
Dividends from net investment income		(0.23	)		(0.33	)		(0.14	)		(0.31	)		(0.25	)		(0.26	)
Dividends from net realized gains		—			—			—			(0.09	)		(0.05	)		(0.00	)*
Total distributions**		(0.23	)		(0.33	)		(0.14	)		(0.40	)		(0.30	)		(0.26	)
Net asset value, end of period	$	9.39		$	9.30		$	9.28		$	9.91		$	10.23		$	10.20
Ratios and supplemental data:
Total return(b)		3.43	%		3.79	%		(4.99	%)		0.85	%		3.24	%		4.84	%
Net assets, end of period (000)	$	3,533		$	3,523		$	2,128		$	2,661		$	3,225		$	601
Ratio of net expenses to average net assets		0.63	%(c)		0.63	%		0.63	%		0.65	%		0.65	%		0.65	%
Ratio of gross expenses to average net assets prior to expense reductions		0.63	%(c)		0.63	%		0.63	%		0.65	%		0.68	%		0.74	%
Ratio of net investment income (loss) to average net assets		3.66	%(c)		2.94	%		1.36	%		1.51	%		2.12	%		2.47	%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Portfolio turnover rate(d)		23	%		41	%		48	%		44	%		41	%		132	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(d) Not annualized.

www.calamos.com
85

Calamos Short-Term Bond Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.29		$	9.28		$	9.91		$	10.23		$	10.20		$	9.98
Income from investment operations:
Net investment income (loss)(a)		0.18			0.30			0.15			0.17			0.25			0.28
Net realized and unrealized gain (loss)		0.15			0.06			(0.62	)		(0.06	)		0.10			0.22
Total from investment operations		0.33			0.36			(0.47	)		0.11			0.35			0.50
Distributions:
Dividends from net investment income		(0.24	)		(0.35	)		(0.16	)		(0.34	)		(0.27	)		(0.28	)
Dividends from net realized gains		—			—			—			(0.09	)		(0.05	)		(0.00	)*
Total distributions**		(0.24	)		(0.35	)		(0.16	)		(0.43	)		(0.32	)		(0.28	)
Net asset value, end of period	$	9.38		$	9.29		$	9.28		$	9.91		$	10.23		$	10.20
Ratios and supplemental data:
Total return(b)		3.56	%		3.93	%		(4.77	%)		1.11	%		3.49	%		5.09	%
Net assets, end of period (000)	$	357,628		$	354,109		$	356,908		$	306,398		$	176,439		$	217,552
Ratio of net expenses to average net assets		0.38	%(c)		0.39	%		0.38	%		0.40	%		0.40	%		0.40	%
Ratio of gross expenses to average net assets prior to expense reductions		0.38	%(c)		0.39	%		0.38	%		0.40	%		0.42	%		0.47	%
Ratio of net investment income (loss) to average net assets		3.92	%(c)		3.17	%		1.58	%		1.73	%		2.44	%		2.73	%

* Amounts are less than $0.005.

** Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) calculated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
86

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (36.2%)
			Communication Services (2.5%)
	7,500,000		Bandwidth, Inc.~ 0.500%, 04/01/28	$	5,436,825
	3,000,000		0.250%, 03/01/26		2,641,800
	1,000,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		6,294,265
	10,000,000		JOYY, Inc.~ 1.375%, 06/15/26		9,910,500
	15,000,000		Live Nation Entertainment, Inc.~^ 3.125%, 01/15/29		16,318,650
	8,000,000		Lyft, Inc.~ 1.500%, 05/15/25		7,722,720
	6,000,000		0.625%, 03/01/29*		6,210,300
	15,000,000		Match Group Financeco 2, Inc.~* 0.875%, 06/15/26		13,529,100
	15,000,000		Match Group Financeco 3, Inc.~* 2.000%, 01/15/30		12,244,200
	7,707,000		Perficient, Inc.~ 0.125%, 11/15/26		6,776,611
	80,040,000		Sea, Ltd.~ 0.250%, 09/15/26		68,839,202
	9,614,000		1.000%, 12/01/24		12,728,359
	60,897,000		Snap, Inc.~ 0.000%, 05/01/27		49,742,497
	40,000,000		0.125%, 03/01/28		31,297,600
	4,000,000		0.250%, 05/01/25		4,093,160
	7,500,000		Sphere Entertainment Company~* 3.500%, 12/01/28		9,784,800
	23,479,000		TechTarget, Inc. 0.000%, 12/15/26		22,398,496
	15,000,000		TripAdvisor, Inc.~ 0.250%, 04/01/26		13,952,850
	4,000,000		Weibo Corp.~* 1.375%, 12/01/30		3,899,160
	20,000,000		Ziff Davis, Inc.~ 1.750%, 11/01/26		18,168,200
	18,000,000		Zillow Group, Inc.~ 0.750%, 09/01/24		19,348,920
	15,000,000		1.375%, 09/01/26^		17,320,350
					358,658,565
			Consumer Discretionary (6.1%)
	91,893,000		Airbnb, Inc.~ 0.000%, 03/15/26		84,627,020
	2,800,000		Booking Holdings, Inc.~ 0.750%, 05/01/25		5,144,580
	22,500,000		Carnival Corp.~ 5.750%, 10/01/24		34,574,850
	20,000,000		5.750%, 12/01/27		28,252,400

PRINCIPAL AMOUNT				VALUE
	3,009,000		Cheesecake Factory, Inc.~ 0.375%, 06/15/26	$	2,659,234
	7,500,000		Cracker Barrel Old Country Store, Inc.~ 0.625%, 06/15/26		6,572,550
	35,000,000	EUR	Delivery Hero, SE 1.500%, 01/15/28		28,796,166
	25,000,000		DISH Network Corp. 0.000%, 12/15/25		18,350,000
	50,000,000		DraftKings Holdings, Inc.~ 0.000%, 03/15/28		41,617,000
	60,000,000		Etsy, Inc.~ 0.250%, 06/15/28		47,322,000
	30,000,000		0.125%, 10/01/26		31,629,900
	18,500,000		Farfetch, Ltd. 3.750%, 05/01/27		721,500
	30,000,000		Fiverr International, Ltd.~ 0.000%, 11/01/25		27,307,500
	10,000,000		Ford Motor Company~ 0.000%, 03/15/26		9,982,700
	6,500,000		Groupon, Inc.~ 1.125%, 03/15/26		5,063,630
	15,000,000		Guess?, Inc. 3.750%, 04/15/28		19,803,300
	15,000,000		Li Auto, Inc. 0.250%, 05/01/28		17,210,100
	10,000,000		Liberty Broadband Corp.~* 3.125%, 03/31/53		9,295,300
	50,000,000		Lucid Group, Inc.~* 1.250%, 12/15/26		22,924,000
	13,000,000		Luminar Technologies, Inc.~* 1.250%, 12/15/26		3,563,040
	10,000,000		Marriott Vacations Worldwide Corp.~ 3.250%, 12/15/27		9,168,500
	7,000,000		0.000%, 01/15/26		6,512,450
	20,000,000		Meituan 0.000%, 04/27/27		18,819,600
	25,000,000		NIO, Inc.~* 3.875%, 10/15/29		16,636,250
	15,000,000		4.625%, 10/15/30		9,529,200
	20,000,000	GBP	Ocado Group, PLC 0.750%, 01/18/27		18,998,660
	6,750,000		PDD Holdings, Inc.~ 0.000%, 10/01/24		19,867,882
	37,500,000		Peloton Interactive, Inc.~^ 0.000%, 02/15/26		30,721,125
	5,000,000		Porch Group, Inc.~* 0.750%, 09/15/26		2,894,500
	37,500,000		Rivian Automotive, Inc.~ 4.625%, 03/15/29		25,614,750
	35,000,000		3.625%, 10/15/30^*		20,508,600
	30,000,000		Royal Caribbean Cruises, Ltd.~ 6.000%, 08/15/25		85,513,500

See accompanying Notes to Schedule of Investments

www.calamos.com
87

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	10,245,000		Shake Shack, Inc.~ 0.000%, 03/01/28	$	9,286,990
	10,833,000		Stride, Inc.~ 1.125%, 09/01/27		14,941,849
	7,500,000		Vail Resorts, Inc.~ 0.000%, 01/01/26		6,816,525
	57,500,000		Wayfair, Inc. 3.500%, 11/15/28~*		76,618,175
	35,555,000		3.250%, 09/15/27~		39,219,654
	12,500,000		1.000%, 08/15/26^		11,139,625
	5,000,000		Winnebago Industries, Inc.~* 3.250%, 01/15/30		4,942,450
	7,029,000		Wynn Macau, Ltd.~* 4.500%, 03/07/29		7,513,650
					880,680,705
			Consumer Staples (0.3%)
	36,755,000		Beyond Meat, Inc.~ 0.000%, 03/15/27		8,684,104
	8,000,000		Freshpet, Inc.~^ 3.000%, 04/01/28		13,415,200
	15,000,000		Post Holdings, Inc.~ 2.500%, 08/15/27		16,816,500
					38,915,804
			Energy (1.5%)
	15,000,000		Chesapeake Energy Corp. 0.000%, 09/15/26		337,500
	5,000,000		Northern Oil & Gas, Inc.~ 3.625%, 04/15/29		6,189,400
	71,500,000		Pioneer Natural Resources Company~ 0.250%, 05/15/25		209,963,325
	6,000,000		World Kinect Corp.~* 3.250%, 07/01/28		6,166,980
					222,657,205
			Financials (1.2%)
	30,056,000		Affirm Holdings, Inc.~ 0.000%, 11/15/26		24,962,410
	45,468,000		Coinbase Global, Inc.~ 0.250%, 04/01/30*		41,119,440
	30,000,000		0.500%, 06/01/26^		30,435,900
	11,000,000		Federal Realty OP, LP~* 3.250%, 01/15/29		10,724,010
	15,000,000		Global Payments, Inc.~* 1.500%, 03/01/31		14,962,050
	75,000,000	HKD	Link CB, Ltd. 4.500%, 12/12/27		9,551,242
	7,500,000		Rexford Industrial Realty, LP* 4.375%, 03/15/27		7,297,500
	7,500,000		4.125%, 03/15/29		7,214,250
	10,000,000		SoFi Technologies, Inc.~* 0.000%, 10/15/26		8,571,700

PRINCIPAL AMOUNT			VALUE
	5,000,000	Starwood Property Trust, Inc.~^ 6.750%, 07/15/27	$	5,134,000
	15,000,000	Ventas Realty, LP~* 3.750%, 06/01/26		14,966,850
				174,939,352
		Health Care (3.5%)
	30,000,000	Alnylam Pharmaceuticals, Inc.~ 1.000%, 09/15/27		27,648,000
	10,000,000	Amphastar Pharmaceuticals, Inc.~* 2.000%, 03/15/29		9,739,300
	8,500,000	Ascendis Pharma, A/S~^ 2.250%, 04/01/28		9,385,360
	10,000,000	Bridgebio Pharma, Inc.~ 2.500%, 03/15/27^		9,922,300
	10,000,000	2.250%, 02/01/29		7,813,600
	14,942,000	Cerevel Therapeutics Holdings, Inc.* 2.500%, 08/15/27		16,827,083
	3,759,000	Coherus Biosciences, Inc.~ 1.500%, 04/15/26		2,360,163
	27,500,000	CONMED Corp.~ 2.250%, 06/15/27		24,272,875
	3,188,000	CryoPort, Inc.~* 0.750%, 12/01/26		2,776,876
	40,000,000	Dexcom, Inc.* 0.375%, 05/15/28		40,636,000
	5,500,000	Enovis Corp.~^* 3.875%, 10/15/28		6,503,530
	9,000,000	Envista Holdings Corp.~^* 1.750%, 08/15/28		7,680,240
	37,000,000	Halozyme Therapeutics, Inc.~ 1.000%, 08/15/28		34,916,900
	10,000,000	Innoviva, Inc.~ 2.125%, 03/15/28		8,755,000
	9,000,000	Insmed, Inc.~^ 0.750%, 06/01/28		9,218,430
	27,500,000	Insulet Corp.~ 0.375%, 09/01/26		28,365,975
	8,501,000	Integer Holdings Corp.~ 2.125%, 02/15/28		11,822,171
	17,366,000	Ionis Pharmaceuticals, Inc.~* 1.750%, 06/15/28		17,701,858
	5,000,000	iRhythm Technologies, Inc.* 1.500%, 09/01/29		5,072,300
	9,500,000	Ironwood Pharmaceuticals, Inc.~ 1.500%, 06/15/26		9,377,165
	5,000,000	0.750%, 06/15/24		4,965,450
	15,000,000	Jazz Investments I, Ltd.~ 2.000%, 06/15/26		14,471,400
	5,000,000	Lantheus Holdings, Inc.~ 2.625%, 12/15/27		5,654,650

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
88

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	7,250,000		Livongo Health, Inc.~ 0.875%, 06/01/25	$	6,871,550
	10,000,000		Merit Medical Systems, Inc.~* 3.000%, 02/01/29		10,750,400
	5,000,000		Mesa Laboratories, Inc.~ 1.375%, 08/15/25		4,711,450
	10,000,000		Natera, Inc.~ 2.250%, 05/01/27		24,740,800
	10,000,000		NeoGenomics, Inc.~ 0.250%, 01/15/28		7,889,000
	12,500,000		Omnicell, Inc.~ 0.250%, 09/15/25		11,751,875
	4,000,000		Revance Therapeutics, Inc.~ 1.750%, 02/15/27		2,694,600
	45,000,000		Sarepta Therapeutics, Inc.~ 1.250%, 09/15/27		51,640,650
	28,922,000		Shockwave Medical, Inc.~* 1.000%, 08/15/28		36,758,416
	12,500,000		SmileDirectClub, Inc.*@ 0.000%, 02/01/26		43,750
	5,000,000		Tandem Diabetes Care, Inc.* 1.500%, 03/15/29		6,368,800
	16,250,000		Teladoc Health, Inc.~^ 1.250%, 06/01/27		13,705,737
	10,500,000		Veradigm, Inc. 0.875%, 01/01/27		11,027,415
					504,841,069
			Industrials (1.9%)
	5,000,000		Air Transport Services Group, Inc.~* 3.875%, 08/15/29		4,053,900
	17,500,000		American Airlines Group, Inc.~ 6.500%, 07/01/25		19,138,700
	15,000,000		Axon Enterprise, Inc.~ 0.500%, 12/15/27		21,857,700
	11,000,000		Bloom Energy Corp.~* 3.000%, 06/01/28		9,974,030
	15,000,000		Chart Industries, Inc.~ 1.000%, 11/15/24		37,023,000
	17,500,000		Fluor Corp.~^* 1.125%, 08/15/29		19,066,600
	7,000,000		Granite Construction, Inc.* 3.750%, 05/15/28		9,367,190
	6,600,000		Greenbrier Companies, Inc.~ 2.875%, 04/15/28		7,124,898
	20,000,000		John Bean Technologies Corp.~ 0.250%, 05/15/26		18,069,200
	16,467,000		Middleby Corp.~ 1.000%, 09/01/25		19,405,042
	15,000,000	EUR	Safran, SA 0.875%, 05/15/27		33,417,198
	20,000,000	SGD	Singapore Airlines, Ltd. 1.625%, 12/03/25		18,472,290

PRINCIPAL AMOUNT			VALUE
	4,000,000	Stem, Inc.~* 0.500%, 12/01/28	$	1,863,240
	7,500,000	Tetra Tech, Inc.~^* 2.250%, 08/15/28		8,519,925
	27,000,000	Uber Technologies, Inc.~* 0.875%, 12/01/28		30,505,950
	20,000,000	Upwork, Inc.~ 0.250%, 08/15/26		17,527,600
	15,000,000	Virgin Galactic Holdings, Inc.~* 2.500%, 02/01/27		3,931,200
				279,317,663
		Information Technology (16.0%)
	5,000,000	Advanced Energy Industries, Inc.~* 2.500%, 09/15/28		4,956,550
	58,500,000	Akamai Technologies, Inc.~ 0.375%, 09/01/27^		59,395,050
	55,000,000	0.125%, 05/01/25^		62,089,500
	45,000,000	1.125%, 02/15/29*		44,330,400
	10,000,000	Altair Engineering, Inc.~ 1.750%, 06/15/27		12,529,500
	47,760,000	Alteryx, Inc. 1.000%, 08/01/26		47,607,646
	17,769,000	0.500%, 08/01/24		17,705,565
	16,398,000	Bentley Systems, Inc.~ 0.125%, 01/15/26		16,661,680
	15,000,000	BigCommerce Holdings, Inc.~ 0.250%, 10/01/26		12,619,200
	20,000,000	BILL Holdings, Inc.~ 0.000%, 04/01/27		17,023,600
	58,467,000	Blackline, Inc.~ 0.000%, 03/15/26		52,601,591
	24,000,000	0.125%, 08/01/24		23,919,120
	60,000,000	Block, Inc.~ 0.125%, 03/01/25		59,424,000
	20,000,000	0.250%, 11/01/27		16,408,000
	17,000,000	0.000%, 05/01/26		15,189,330
	25,000,000	Box, Inc.~ 0.000%, 01/15/26		28,478,250
	16,350,000	Ceridian HCM Holding, Inc.~ 0.250%, 03/15/26		14,942,265
	60,000,000	Cloudflare, Inc.~ 0.000%, 08/15/26		54,738,600
	55,000,000	Confluent, Inc.~^ 0.000%, 01/15/27		46,737,900
	10,000,000	CSG Systems International, Inc.~* 3.875%, 09/15/28		9,497,800
	15,000,000	CyberArk Software, Ltd.~ 0.000%, 11/15/24		23,047,800
	50,000,000	DigitalOcean Holdings, Inc.~^ 0.000%, 12/01/26		41,780,000
	27,750,000	Dropbox, Inc.~ 0.000%, 03/01/28		25,368,773
	23,000,000	0.000%, 03/01/26		21,571,010

See accompanying Notes to Schedule of Investments

www.calamos.com
89

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	16,000,000	Enphase Energy, Inc.~ 0.000%, 03/01/28	$	13,281,280
	10,000,000	0.000%, 03/01/26		9,050,600
	10,000,000	Envestnet, Inc.~ 2.625%, 12/01/27		10,725,900
	6,000,000	0.750%, 08/15/25		5,857,020
	14,190,000	Everbridge, Inc. 0.000%, 03/15/26		13,993,752
	10,000,000	Evolent Health, Inc.~* 3.500%, 12/01/29		10,432,100
	10,000,000	Fastly, Inc.~ 0.000%, 03/15/26		9,097,900
	15,000,000	Five9, Inc.~ 0.500%, 06/01/25		14,137,650
	9,577,000	1.000%, 03/15/29*		9,503,927
	17,000,000	Guidewire Software, Inc.~^ 1.250%, 03/15/25		18,921,170
	15,000,000	Infinera Corp.~ 3.750%, 08/01/28*		14,914,050
	6,000,000	3.750%, 08/01/28		5,955,060
	13,000,000	Insight Enterprises, Inc.~^ 0.750%, 02/15/25		34,798,790
	10,000,000	Interdigital, Inc.~ 3.500%, 06/01/27		13,560,300
	15,000,000	Itron, Inc.~ 0.000%, 03/15/26		15,254,250
	15,000,000	Jamf Holding Corp.~ 0.125%, 09/01/26		13,293,000
	8,000,000	Lenovo Group, Ltd. 2.500%, 08/26/29		9,611,680
	17,500,000	LivePerson, Inc.~ 0.000%, 12/15/26		6,690,600
	50,500,000	Lumentum Holdings, Inc.~ 0.500%, 12/15/26^		44,326,375
	12,500,000	0.500%, 06/15/28		9,530,625
	10,000,000	1.500%, 12/15/29^*		8,949,000
	10,000,000	Marathon Digital Holdings, Inc.~ 1.000%, 12/01/26		8,287,600
	25,000,000	MicroStrategy, Inc.~ 0.875%, 03/15/31*		19,970,750
	25,000,000	0.625%, 03/15/30*		24,165,000
	24,523,000	0.000%, 02/15/27		25,093,895
	7,000,000	Model N, Inc. 1.875%, 03/15/28~		6,833,540
	6,975,000	2.625%, 06/01/25		7,102,573
	65,500,000	MongoDB, Inc.~^ 0.250%, 01/15/26		116,505,505
	40,000,000	NCL Corp., Ltd.~ 1.125%, 02/15/27		36,608,800
	10,000,000	Nova, Ltd.~ 0.000%, 10/15/25		22,796,900
	8,960,000	Nutanix, Inc.~ 0.250%, 10/01/27		10,852,083

PRINCIPAL AMOUNT			VALUE
	38,500,000	Okta, Inc.~ 0.375%, 06/15/26	$	34,941,445
	22,500,000	0.125%, 09/01/25		21,265,650
	70,000,000	ON Semiconductor Corp.~ 0.000%, 05/01/27		100,408,700
	40,000,000	0.500%, 03/01/29		38,773,200
	10,000,000	PagerDuty, Inc.~* 1.500%, 10/15/28		9,994,600
	100,000,000	Palo Alto Networks, Inc.~ 0.375%, 06/01/25		292,739,000
	11,000,000	Parsons Corp.~* 2.625%, 03/01/29		11,536,360
	22,500,000	Pegasystems, Inc.~ 0.750%, 03/01/25		21,613,950
	12,500,000	Progress Software Corp.~ 1.000%, 04/15/26		12,543,375
	10,000,000	3.500%, 03/01/30*		9,780,800
	5,000,000	PROS Holdings, Inc.~ 2.250%, 09/15/27		5,160,100
	30,625,000	Q2 Holdings, Inc.~ 0.125%, 11/15/25		28,496,869
	19,500,000	Rapid7, Inc.~ 0.250%, 03/15/27		16,875,690
	10,000,000	1.250%, 03/15/29^*		9,695,900
	41,100,000	RingCentral, Inc.~ 0.000%, 03/15/26		36,869,577
	2,353,000	0.000%, 03/01/25		2,225,844
	20,000,000	Seagate HDD Cayman~* 3.500%, 06/01/28		23,945,200
	31,432,000	Shift4 Payments, Inc.~^ 0.500%, 08/01/27		28,091,407
	15,000,000	0.000%, 12/15/25		15,541,800
	15,000,000	Shopify, Inc.~ 0.125%, 11/01/25		14,115,000
	75,000,000	Spotify USA, Inc.~ 0.000%, 03/15/26		69,890,250
	25,000,000	Super Micro Computer, Inc.~* 0.000%, 03/01/29		25,568,000
	35,336,000	Unity Software, Inc.~ 0.000%, 11/15/26		30,125,000
	3,000,000	Varonis Systems, Inc. 1.250%, 08/15/25		4,478,190
	10,000,000	Verint Systems, Inc.~ 0.250%, 04/15/26		9,130,300
	5,000,000	Veritone, Inc. 1.750%, 11/15/26		1,765,750
	5,000,000	Vertex, Inc.^* 0.750%, 05/01/29		5,228,750
	10,000,000	Vishay Intertechnology, Inc.~* 2.250%, 09/15/30		9,614,200
	45,000,000	Western Digital Corp.~^* 3.000%, 11/15/28		67,977,450
	20,000,000	Wolfspeed, Inc.~ 1.875%, 12/01/29		11,458,200
	15,000,000	0.250%, 02/15/28		8,873,850
	10,000,000	1.750%, 05/01/26		9,303,800

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
90

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	17,862,000	Workiva, Inc.~ 1.250%, 08/15/28*	$	16,088,482
	7,516,000	1.125%, 08/15/26		8,668,052
	7,200,000	Xerox Holdings Corp.~* 3.750%, 03/15/30		6,147,504
				2,317,657,050
		Materials (0.4%)
	15,000,000	Amyris, Inc.@ 1.500%, 11/15/26		532,800
	10,000,000	ATI, Inc.~ 3.500%, 06/15/25		38,516,600
	3,124,000	Lithium Americas Corp.^ 1.750%, 01/15/27		2,379,895
	10,000,000	MP Materials Corp.~* 3.000%, 03/01/30		9,915,000
				51,344,295
		Other (0.1%)
	10,000,000	QIAGEN, NV 0.000%, 12/17/27		9,213,400
	10,000,000	Upstart Holdings, Inc.~ 0.250%, 08/15/26		7,720,200
				16,933,600
		Real Estate (0.3%)
	35,000,000	Redfin Corp.~ 0.500%, 04/01/27		17,411,100
	20,000,000	Welltower OP, LLC~^* 2.750%, 05/15/28		22,419,200
				39,830,300
		Utilities (2.4%)
	25,000,000	Alliant Energy Corp.~ 3.875%, 03/15/26		24,531,250
	39,542,000	American Water Capital Corp.~* 3.625%, 06/15/26		38,477,134
	25,000,000	CenterPoint Energy, Inc.~* 4.250%, 08/15/26		24,772,000
	15,040,000	CMS Energy Corp.~* 3.375%, 05/01/28		14,736,342
	40,000,000	Duke Energy Corp.~^ 4.125%, 04/15/26		39,578,000
	22,500,000	Evergy, Inc.~* 4.500%, 12/15/27		22,524,300
	30,000,000	Firstenergy Corp.* 4.000%, 05/01/26		29,614,800
	25,000,000	NextEra Energy Capital Holdings, Inc.~^* 3.000%, 03/01/27		27,256,500
	12,500,000	NextEra Energy Partners, LP~* 0.000%, 06/15/24		12,397,625
	22,752,000	PG&E Corp.~* 4.250%, 12/01/27		22,832,315

PRINCIPAL AMOUNT			VALUE
	21,922,000	PPL Capital Funding, Inc.~ 2.875%, 03/15/28	$	20,841,245
	60,000,000	Southern Company^ 3.875%, 12/15/25		59,898,000
	8,000,000	Sunnova Energy International, Inc.~ 2.625%, 02/15/28		2,631,360
				340,090,871
		TOTAL CONVERTIBLE BONDS (Cost $4,989,505,922)		5,225,866,479
CORPORATE BONDS (1.6%)
		Airlines (0.0%)
	1,950,000	Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets, Ltd.~* 6.500%, 06/20/27		1,955,226
		Communication Services (0.1%)
	3,257,000	Comcast Corp.~ 3.375%, 08/15/25		3,174,370
	3,000,000	5.250%, 11/07/25		2,995,920
	3,214,000	Netflix, Inc.~* 3.625%, 06/15/25		3,143,485
	2,500,000	Verizon Communications, Inc.~ 1.450%, 03/20/26		2,322,750
				11,636,525
		Consumer Discretionary (0.2%)
	5,000,000	American Honda Finance Corp.~^ 4.750%, 01/12/26		4,950,850
	5,000,000	AutoZone, Inc.~ 5.050%, 07/15/26		4,964,450
	4,000,000	BorgWarner, Inc.~* 5.000%, 10/01/25		3,941,560
	5,000,000	Cargill, Inc.~^* 4.875%, 10/10/25		4,967,350
	5,000,000	General Motors Financial Company, Inc.~ 1.250%, 01/08/26		4,649,550
	5,000,000	Lowe's Companies, Inc.~ 4.400%, 09/08/25		4,929,600
	1,859,000	VF Corp.~^ 2.400%, 04/23/25		1,793,563
				30,196,923
		Consumer Staples (0.1%)
	5,000,000	Dollar General Corp.~ 4.150%, 11/01/25		4,889,750
	5,000,000	General Mills, Inc.~ 5.241%, 11/18/25		4,973,200
				9,862,950

See accompanying Notes to Schedule of Investments

www.calamos.com
91

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Energy (0.2%)
	5,000,000	Enterprise Products Operating, LLC~ 5.050%, 01/10/26	$	4,974,850
	5,000,000	MPLX, LP~ 4.875%, 06/01/25		4,953,550
	9,000,000	PDC Energy, Inc. 5.750%, 05/15/26		8,999,370
	3,000,000	Williams Companies, Inc.~ 5.400%, 03/02/26		2,988,870
				21,916,640
		Financials (0.5%)
	5,000,000	Bank of America Corp.~‡ 1.530%, 12/06/25 SOFR + 0.65%		4,870,750
	5,000,000	Bank of Montreal~ 4.250%, 09/14/24		4,973,150
	1,000,000	5.200%, 12/12/24		997,320
	5,000,000	Bank of NY Mellon Corp.~‡ 4.414%, 07/24/26 SOFR + 1.35%		4,926,250
	3,500,000	Citizens Bank NA~‡ 6.064%, 10/24/25 SOFR + 1.45%		3,487,470
	5,000,000	Huntington National Bank~‡ 5.699%, 11/18/25 SOFR + 1.22%		4,971,150
	2,000,000	Intercontinental Exchange, Inc.~ 3.650%, 05/23/25		1,960,840
	5,000,000	JPMorgan Chase & Company~‡ 2.595%, 02/24/26 SOFR + 0.92%		4,869,850
	5,000,000	Mondelez International Holdings Netherlands, BV~* 4.250%, 09/15/25		4,903,100
	208,000	Nasdaq, Inc. 5.650%, 06/28/25		207,909
	5,000,000	PayPal Holdings, Inc.~ 2.650%, 10/01/26		4,698,200
	5,000,000	PNC Financial Services Group, Inc.~‡ 5.671%, 10/28/25 SOFR + 1.09%		4,996,450
	5,000,000	State Street Corp.~^‡ 5.751%, 11/04/26 SOFR + 1.35%		5,012,750
	5,000,000	Toronto-Dominion Bank~ 3.766%, 06/06/25		4,903,600
	5,000,000	Toyota Motor Credit Corp.~ 3.950%, 06/30/25		4,918,500
	5,000,000	Truist Financial Corp.~‡ 5.900%, 10/28/26 SOFR + 1.63%		4,999,650

PRINCIPAL AMOUNT			VALUE
	5,000,000	US Bancorp~‡ 5.727%, 10/21/26 SOFR + 1.43%	$	4,999,100
				70,696,039
		Health Care (0.2%)
	5,000,000	Amgen, Inc.~ 5.250%, 03/02/25		4,982,350
	4,860,000	Baxter International, Inc.~ 1.322%, 11/29/24		4,737,868
	5,000,000	CVS Health Corp.~ 5.000%, 02/20/26		4,950,650
	5,000,000	Elevance Health, Inc.~ 5.350%, 10/15/25		4,983,850
	4,283,000	Gilead Sciences, Inc.~^ 3.500%, 02/01/25		4,217,342
	5,000,000	UnitedHealth Group, Inc.~ 5.150%, 10/15/25		4,986,800
	5,000,000	Zoetis, Inc.~ 5.400%, 11/14/25		4,994,400
				33,853,260
		Industrials (0.1%)
	2,500,000	Lockheed Martin Corp.~ 4.950%, 10/15/25		2,489,525
	3,830,000	RTX Corp.~ 3.950%, 08/16/25		3,756,387
	5,000,000	Siemens Financieringsmaatschappij, NV* 3.250%, 05/27/25		4,886,950
				11,132,862
		Information Technology (0.1%)
	3,500,000	Broadridge Financial Solutions, Inc.~ 3.400%, 06/27/26		3,347,855
	3,000,000	Mercedes-Benz Finance North America, LLC~* 5.375%, 11/26/25		2,995,170
	1,750,000	Roper Technologies, Inc.~ 2.350%, 09/15/24		1,727,740
	5,000,000	Take-Two Interactive Software, Inc.~ 5.000%, 03/28/26		4,942,500
				13,013,265
		Materials (0.0%)
	3,417,000	Sherwin-Williams Company~ 4.050%, 08/08/24		3,401,384
		Other (0.0%)
	5,000,000	Diageo Capital, PLC~ 5.200%, 10/24/25		4,985,850
	1,457,000	Schlumberger Holdings Corp.~* 3.750%, 05/01/24		1,457,000
				6,442,850

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
92

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Utilities (0.1%)
	5,000,000	National Rural Utilities Cooperative Finance Corp.~ 5.450%, 10/30/25	$	4,996,250
	5,000,000	Southern Company~ 5.150%, 10/06/25		4,966,700
	5,000,000	WEC Energy Group, Inc.~ 5.000%, 09/27/25		4,957,050
				14,920,000
		TOTAL CORPORATE BONDS Cost ($229,689,401)		229,027,924
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (0.9%)
		Financials (0.3%)
	849,428	Apollo Global Management, Inc.~ 6.750%, 07/31/26		51,798,119
		Health Care (0.1%)
	300,000	Brightspring Health Services, Inc.~ 6.750%, 02/01/27		12,969,000
		Industrials (0.2%)
	396,461	Chart Industries, Inc.~ 6.750%, 12/15/25		22,780,649
	178,572	Clarivate, PLC~ 5.250%, 06/01/24		4,841,087
	47,143	RBC Bearings, Inc.~^ 5.000%, 10/15/24		5,297,459
				32,919,195
		Materials (0.2%)
	500,000	Albemarle Corp.~^# 7.250%, 03/01/27		27,435,000
		Utilities (0.1%)
	300,000	NextEra Energy, Inc.~^ 6.926%, 09/01/25		12,225,000
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $141,724,260)		137,346,314
COMMON STOCKS (57.9%)
		Communication Services (5.2%)
	972,183	Alphabet, Inc. - Class A~#		158,251,949
	1,125,234	Alphabet, Inc. - Class C~#		185,258,526
	1,056,979	AT&T, Inc.		17,852,375
	866,540	Comcast Corp. - Class A~		33,023,839
	156,633	Fox Corp. - Class A		4,857,189
	195,154	Match Group, Inc.#		6,014,646
	433,206	Meta Platforms, Inc. - Class A~		186,352,225

NUMBER OF SHARES			VALUE
	87,191	Netflix, Inc.#	$	48,010,852
	139,579	T-Mobile U.S., Inc.		22,914,685
	500,000	TEGNA, Inc.~		6,820,000
	806,598	Verizon Communications, Inc.~		31,852,555
	391,229	Walt Disney Company~		43,465,542
				744,674,383
		Consumer Discretionary (5.9%)
	1,744,118	Amazon.com, Inc.~		305,220,650
	149,284	Aptiv, PLC#		10,599,164
	7,263	Booking Holdings, Inc.~		25,072,094
	197,630	Caesars Entertainment, Inc.#		7,079,107
	659,298	Capri Holdings, Ltd.~#		23,391,893
	625,918	Carnival Corp.#		9,276,105
	9,224	Chipotle Mexican Grill, Inc.#		29,144,150
	55,372	Darden Restaurants, Inc.~		8,494,619
	168,214	DR Horton, Inc.~		23,968,813
	157,741	eBay, Inc.		8,129,971
	805,338	Ford Motor Company~		9,784,857
	302,355	General Motors Company		13,463,868
	209,412	Home Depot, Inc.~		69,989,679
	100,000	iRobot Corp.~#		856,000
	179,939	Las Vegas Sands Corp.		7,982,094
	169,413	Lowe's Companies, Inc.~		38,624,470
	38,479	Lululemon Athletica, Inc.#		13,875,527
	133,780	McDonald's Corp.		36,527,291
	26,250	Next.e.GO, NV#		803
	283,831	NIKE, Inc. - Class B~		26,186,248
	430,319	Norwegian Cruise Line Holdings, Ltd.^#		8,141,635
	16,911	O'Reilly Automotive, Inc.#		17,135,240
	95,616	Ross Stores, Inc.~		12,387,053
	232,223	Starbucks Corp.~		20,549,413
	516,880	Tesla, Inc.#		94,733,766
	262,776	TJX Cos., Inc.~		24,724,594
				845,339,104
		Consumer Staples (3.7%)
	1,678,613	Albertsons Companies, Inc. - Class A~		34,243,705
	389,256	Altria Group, Inc.~		17,053,305
	158,334	Archer-Daniels-Midland Company~		9,287,872
	101,754	Church & Dwight Company, Inc.		10,978,239
	675,142	Coca-Cola Company		41,703,521
	156,891	Colgate-Palmolive Company~		14,421,421
	78,642	Constellation Brands, Inc. - Class A		19,932,601
	62,309	Costco Wholesale Corp.~		45,043,176

See accompanying Notes to Schedule of Investments

www.calamos.com
93

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	48,030	Dollar General Corp.~	$	6,685,296
	86,760	Dollar Tree, Inc.#		10,259,370
	59,696	Estee Lauder Companies, Inc. - Class A		8,758,000
	171,606	General Mills, Inc.		12,091,359
	126,484	Kellogg Company		7,318,364
	94,269	Kimberly-Clark Corp.		12,870,547
	225,962	Kroger Company		12,513,776
	277,808	Mirati Therapeutics, Inc.#‡‡‡		277,808
	445,028	Mondelez International, Inc. - Class A		32,015,314
	195,911	Monster Beverage Corp.#		10,471,443
	207,599	PepsiCo, Inc.~		36,518,740
	371,885	Philip Morris International, Inc.~		35,306,762
	365,241	Procter & Gamble Company		59,607,331
	169,768	Sysco Corp.		12,617,158
	105,054	Target Corp.~		16,911,593
	1,036,350	Walmart, Inc.~		61,507,373
				528,394,074
		Energy (3.5%)
	403,888	Chevron Corp.~		65,135,018
	259,226	ConocoPhillips~		32,563,970
	1,670,000	Enerplus Corp.		32,698,600
	77,586	EOG Resources, Inc.~		10,251,438
	2,018,342	Equitrans Midstream Corp.		27,308,167
	476,032	Exxon Mobil Corp.~		56,300,305
	473,147	Hess Corp.		74,515,921
	536,957	Kinder Morgan, Inc.		9,815,574
	162,292	Marathon Petroleum Corp.		29,491,702
	166,652	Occidental Petroleum Corp.		11,022,363
	107,639	ONEOK, Inc.		8,516,398
	75,550	Phillips 66~		10,819,516
	335,022	Pioneer Natural Resources Company		90,228,125
	239,499	Schlumberger, NV		11,371,413
	1,702,781	Southwestern Energy Company#		12,753,830
	73,091	Valero Energy Corp.~		11,685,058
	270,929	Williams Companies, Inc.		10,392,836
				504,870,234
		Financials (7.1%)
	133,464	Aflac, Inc.~		11,164,264
	104,124	Allstate Corp.~		17,707,327
	119,169	American Express Company~		27,889,121
	52,173	Ameriprise Financial, Inc.		21,484,320
	93,077	Arthur J Gallagher & Company		21,844,241
	78,257	Assurant, Inc.		13,648,021

NUMBER OF SHARES			VALUE
	2,116,012	Bank of America Corp.~	$	78,313,604
	194,308	Bank of New York Mellon Corp.		10,976,459
	280,897	Berkshire Hathaway, Inc. - Class B~		111,440,267
	20,160	BlackRock, Inc.~		15,213,542
	102,370	Blackstone, Inc.		11,937,366
	92,520	Cboe Global Markets, Inc.		16,759,998
	365,168	Charles Schwab Corp.~		27,004,174
	119,964	Chubb, Ltd.~		29,827,849
	294,467	Citigroup, Inc.~		18,059,661
	41,929	CME Group, Inc.		8,789,996
	117,927	Discover Financial Services		14,944,889
	123,699	Fiserv, Inc.#		18,885,126
	70,115	Global Payments, Inc.		8,608,018
	113,022	Goldman Sachs Group, Inc.~		48,227,618
	441,902	Huntington Bancshares, Inc.		5,952,420
	46,742	Jack Henry & Associates, Inc.		7,604,456
	511,233	JPMorgan Chase & Company~		98,023,815
	51,863	M&T Bank Corp.		7,488,499
	143,883	Marsh & McLennan Cos., Inc.		28,694,587
	177,027	Mastercard, Inc. - Class A		79,874,582
	156,769	MetLife, Inc.~		11,143,140
	264,660	Morgan Stanley~		24,041,714
	83,072	Northern Trust Corp.		6,844,302
	141,618	PayPal Holdings, Inc.#		9,618,695
	62,429	Prudential Financial, Inc.~		6,897,156
	54,190	S&P Global, Inc.		22,533,828
	78,459	State Street Corp.~		5,687,493
	69,588	Travelers Companies, Inc.~		14,763,790
	158,661	US Bancorp		6,446,396
	380,090	Visa, Inc. - Class A~^		102,095,975
	986,761	Wells Fargo & Company~		58,534,662
				1,028,971,371
		Health Care (7.0%)
	269,970	Abbott Laboratories		28,608,721
	338,649	AbbVie, Inc.~		55,077,873
	178,740	Agilent Technologies, Inc.		24,494,530
	356,127	Amedisys, Inc.#		32,781,490
	75,912	Amgen, Inc.~		20,795,333
	199,787	Baxter International, Inc.		8,065,401
	64,883	Becton Dickinson & Co		15,221,552
	38,822	Biogen, Inc.~#		8,339,742
	608,444	Boston Scientific Corp.#		43,728,870
	549,012	Bristol-Myers Squibb Company~		24,123,587
	122,927	Centene Corp.#		8,981,047
	52,311	Cigna Group		18,677,119

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
94

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	231,074	CVS Health Corp.~	$	15,646,021
	156,814	Danaher Corp.		38,673,469
	106,017	Dexcom, Inc.#		13,505,506
	177,430	Edwards Lifesciences Corp.~#		15,022,998
	159,921	Eli Lilly & Company~		124,914,293
	67,011	GE Healthcare, Inc.		5,108,919
	245,437	Gilead Sciences, Inc.		16,002,492
	52,858	HCA Healthcare, Inc.		16,376,466
	32,062	Humana, Inc.		9,685,610
	88,382	Intuitive Surgical, Inc.#		32,756,137
	53,835	IQVIA Holdings, Inc.#		12,477,338
	425,214	Johnson & Johnson		61,481,692
	47,552	Laboratory Corp. of America Holdings~		9,575,546
	33,312	McKesson Corp.		17,895,539
	282,560	Medtronic, PLC		22,672,614
	534,744	Merck & Company, Inc.		69,099,620
	1,025,011	Pfizer, Inc.~		26,260,782
	12,887	Regeneron Pharmaceuticals, Inc.~#		11,477,935
	1,790	Shockwave Medical, Inc.#		591,040
	19,554	Solventum Corp.#		1,271,206
	45,960	Stryker Corp.~		15,465,540
	92,093	Thermo Fisher Scientific, Inc.~		52,375,131
	196,859	UnitedHealth Group, Inc.~		95,220,698
	48,012	Vertex Pharmaceuticals, Inc.#		18,859,594
	49,695	Zimmer Biomet Holdings, Inc.		5,977,315
	127,192	Zoetis, Inc.		20,254,054
				1,017,542,820
		Industrials (4.9%)
	78,216	3M Company		7,548,626
	54,911	Allegion, PLC		6,674,981
	104,712	Automatic Data Processing, Inc.		25,328,786
	77,213	Boeing Company~		12,959,430
	301,278	Carrier Global Corp.		18,525,584
	150,406	Caterpillar, Inc.~		50,321,335
	789,674	CSX Corp.~		26,232,970
	54,256	Deere & Company		21,236,341
	182,343	Delta Air Lines, Inc.~		9,129,914
	79,891	Eaton Corp., PLC		25,426,110
	211,750	Emerson Electric Company~		22,822,415
	50,258	GE Vernova, Inc.#		7,725,157
	57,752	Generac Holdings, Inc.#		7,851,962
	46,539	General Dynamics Corp.		13,360,882
	201,032	General Electric Company		32,530,998
	176,179	Honeywell International, Inc.		33,954,979

NUMBER OF SHARES			VALUE
	9,049	Hubbell, Inc.	$	3,352,835
	66,397	Illinois Tool Works, Inc.~		16,208,172
	182,305	Johnson Controls International, PLC		11,862,586
	70,096	L3Harris Technologies, Inc.		15,004,049
	38,049	Lockheed Martin Corp.		17,690,122
	156,805	Masco Corp.		10,733,302
	41,767	Norfolk Southern Corp.		9,619,775
	37,820	Northrop Grumman Corp.		18,343,835
	70,075	Otis Worldwide Corp.		6,390,840
	165,372	PACCAR, Inc.		17,547,623
	98,278	Paychex, Inc.		11,676,409
	39,218	Paycom Software, Inc.		7,372,200
	178,188	Pentair, PLC		14,092,889
	64,728	Quanta Services, Inc.		16,736,072
	376,144	RTX Corp.~		38,186,139
	347,528	Southwest Airlines Company~^		9,014,876
	110,100	Spirit Airlines, Inc.~		388,653
	496,726	Uber Technologies, Inc.#		32,918,032
	152,638	Union Pacific Corp.~		36,199,628
	191,155	United Airlines Holdings, Inc.#		9,836,836
	126,402	United Parcel Service, Inc. - Class B		18,641,767
	24,015	United Rentals, Inc.		16,041,780
	52,270	Veralto Corp.		4,896,654
	61,813	Verisk Analytics, Inc.		13,472,761
	118,104	Waste Management, Inc.		24,567,994
	86,960	Xylem, Inc.		11,365,672
				713,791,971
		Information Technology (16.2%)
	104,179	Accenture, PLC - Class A~		31,348,503
	81,503	Adobe, Inc.#		37,722,034
	371,914	Advanced Micro Devices, Inc.~		58,903,739
	160,985	Amphenol Corp. - Class A~		19,442,159
	131,946	Analog Devices, Inc.		26,469,687
	2,777,189	Apple, Inc.~		473,038,602
	168,706	Applied Materials, Inc.~		33,513,447
	45,199	Arista Networks, Inc.#		11,596,255
	47,277	Autodesk, Inc.#		10,062,909
	1,201	Blackbaud, Inc.#		93,582
	83,010	Broadcom, Inc.~		107,935,413
	990,073	Cisco Systems, Inc.~		46,513,630
	136,170	Cognizant Technology Solutions Corp. - Class A~		8,943,646
	28,453	Enphase Energy, Inc.#		3,094,548
	45,983	Gartner, Inc.#		18,972,126
	264,987	HP, Inc.		7,443,485

See accompanying Notes to Schedule of Investments

www.calamos.com
95

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	558,860	Intel Corp.~	$	17,028,464
	125,876	International Business Machines Corp.		20,920,591
	68,757	Intuit, Inc.		43,015,754
	1,155,201	Juniper Networks, Inc.		40,224,099
	19,609	Lam Research Corp.		17,538,486
	318,057	Micron Technology, Inc.~		35,927,719
	1,396,671	Microsoft Corp.~		543,765,920
	75,602	NetApp, Inc.		7,727,280
	464,549	NVIDIA Corp.~		401,379,627
	74,586	NXP Semiconductors, NV		19,108,187
	116,628	ON Semiconductor Corp.#		8,182,621
	346,059	Oracle Corp.		39,364,211
	84,427	Palo Alto Networks, Inc.#		24,558,970
	68,166	PTC, Inc.#		12,095,375
	90,087	Qorvo, Inc.#		10,525,765
	226,689	QUALCOMM, Inc.		37,596,371
	215,301	Salesforce, Inc.~		57,903,051
	47,891	ServiceNow, Inc.#		33,204,267
	106,307	Skyworks Solutions, Inc.		11,331,263
	8,319	Super Micro Computer, Inc.#		7,144,357
	68,239	TE Connectivity, Ltd.		9,654,454
	107,175	Teradyne, Inc.		12,466,596
	122,624	Texas Instruments, Inc.~		21,633,326
	20,057	Twilio, Inc. - Class A#		1,201,013
	30,905	Tyler Technologies, Inc.#		14,264,203
				2,342,855,735
		Materials (1.3%)
	62,435	Air Products & Chemicals, Inc.~		14,755,888
	50,902	Avery Dennison Corp.		11,059,987
	67,276	Celanese Corp.		10,334,266
	177,434	Corteva, Inc.		9,604,502
	177,434	Dow, Inc.		10,095,995
	159,779	DuPont de Nemours, Inc.		11,583,978
	486,197	Freeport-McMoRan, Inc.		24,280,678
	136,394	Linde, PLC		60,144,298
	76,666	PPG Industries, Inc.		9,889,914
	45,921	Sherwin-Williams Company		13,758,391
	429,336	United States Steel Corp.		15,670,764
				191,178,661
		Real Estate (1.1%)
	53,175	Alexandria Real Estate Equities, Inc.		6,161,387
	73,370	American Tower Corp.~		12,587,357
	102,507	Camden Property Trust		10,217,898
	141,191	Crown Castle, Inc.		13,240,892

NUMBER OF SHARES			VALUE
	79,755	Digital Realty Trust, Inc.	$	11,068,399
	14,057	Equinix, Inc.		9,996,073
	537,396	Healthpeak Properties, Inc.		10,000,940
	63,391	Mid-America Apartment Communities, Inc.		8,240,830
	209,696	Prologis, Inc.~		21,399,477
	34,909	Public Storage~		9,057,140
	302,553	Realty Income Corp.		16,198,688
	98,710	Regency Centers Corp.		5,845,606
	153,571	UDR, Inc.		5,847,984
	124,197	Welltower, Inc.		11,833,490
	237,202	Weyerhaeuser Company		7,156,384
				158,852,545
		Special Purpose Acquisition Companies (0.7%)#
	20,000	99 Acquisition Group, Inc. - Class A		208,200
	9,673	Ai Transportation Acquisition Corp.		99,729
	50,000	Alchemy Investments Acquisition Corp. 1		531,500
	24,591	Black Hawk Acquisition Corp.		253,287
	1,500,000	CARTESIAN GROWTH Corp. II - Class A		16,800,000
	140,000	Cetus Capital Acquisition Corp.		1,474,200
	350,000	Denali Capital Acquisition Corp. - Class A		3,867,500
	1,250,000	Everest Consolidator Acquisition Corp.		14,050,000
	500,000	Evergreen Corp. - Class A		5,705,000
	60,000	Four Leaf Acquisition Corp. - Class A		650,400
	500,000	FutureTech II Acquisition Corp. - Class A		5,830,000
	500,000	Generation Asia I Acquisition, Ltd. - Class A		5,535,000
	100,000	Haymaker Acquisition Corp. 4		1,049,000
	30,000	Israel Acquisitions Corp. - Class A		327,900
	100,000	Keen Vision Acquisition Corp.		1,051,000
	825,000	Learn CW Investment Corp. - Class A		9,025,500
	100,000	Nabors Energy Transition Corp. II - Class A		1,052,000
	55,000	Oak Woods Acquisition Corp. - Class A		592,075
	14,770	Quetta Acquisition Corp.		151,245
	1,500,000	Rigel Resource Acquisition Corp. - Class A		16,875,000
	250,000	SilverBox Corp. III - Class A		2,637,500
	24,769	Spark I Acquisition Corp.		255,616

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
96

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	500,000	TortoiseEcofin Acquisition Corp. III - Class A	$	5,435,000
	900,000	Tristar Acquisition I Corp. - Class A		9,936,000
				103,392,652
		Utilities (1.3%)
	377,836	AES Corp.~		6,763,264
	147,758	American Electric Power Company, Inc.		12,711,621
	114,862	Consolidated Edison, Inc.		10,842,973
	309,207	Dominion Energy, Inc.~		15,763,373
	187,609	Duke Energy Corp.~		18,434,460
	90,176	Edison International		6,407,907
	83,990	Entergy Corp.		8,959,213
	356,810	Exelon Corp.		13,408,920
	190,129	FirstEnergy Corp.~		7,289,546
	310,045	NextEra Energy, Inc.		20,763,714
	232,707	NiSource, Inc.		6,483,217
	484,226	PNM Resources, Inc.~		17,945,415
	146,081	Public Service Enterprise Group, Inc.~		10,091,275
	208,816	Southern Company		15,347,976
	167,138	Xcel Energy, Inc.		8,980,325
				180,193,199
		TOTAL COMMON STOCKS (Cost $5,783,510,634)		8,360,056,749
EXCHANGE-TRADED FUND (1.3%)
		Other (1.3%)
	389,288	SPDR S&P 500 ETF Trust^ (Cost $200,238,967)		195,414,790
INVESTMENT IN AFFILIATED FUND (2.3%)
		Other (2.3%)
	35,117,150	Calamos Short-Term Bond Fund (Cost $350,000,000)		329,398,865
WARRANTS (0.0%)#
		Communication Services (0.0%)
	200,000	PSQ Holdings, Inc. 12/31/28, Strike $11.50		88,000
		Consumer Discretionary (0.0%)
	22,968	Allurion Technologies, Inc. 08/01/30, Strike $8.10		6,199
	83,333	Carbon Revolution, PLC 10/25/28, Strike $0.00		6,583
	25,000	ECARX Holdings, Inc. 12/21/27, Strike $11.50		500

NUMBER OF SHARES			VALUE
	75,000	flyExclusive, Inc. 05/28/28, Strike $0.00	$	31,500
	20,000	Grove Collaborative Holdings 06/16/27, Strike $11.50		102
	35,000	Lanvin Group Holdings, Ltd. 12/14/27, Strike $11.50		2,450
	33,333	Lotus Technology, Inc. 08/15/28, Strike $0.00		13,333
	200,000	Nogin, Inc. 08/26/27, Strike $11.50		1,230
	25,000	United Homes Group, Inc. 01/28/28, Strike $11.50		24,668
				86,565
		Consumer Staples (0.0%)
	83,333	African Agriculture Holdings, Inc. 12/31/27, Strike $0.00		1,167
	500,000	Psyence Biomedical, Ltd. 01/25/29, Strike $0.00		39,600
				40,767
		Energy (0.0%)
	200,000	Vast Solar Pty. Ltd. 06/29/28, Strike $0.00		23,400
	87,500	Zeo Energy Corp. 03/14/29, Strike $0.00		10,474
				33,874
		Financials (0.0%)
	187,500	Beneficient - Class A 06/07/28, Strike $11.50		1,678
	250,000	DigiAsia Corp. 04/02/29, Strike $0.00		14,700
				16,378
		Health Care (0.0%)
	156,250	American Oncology Network, Inc. 09/20/28, Strike $0.00		34,360
	150,000	Engene Holdings, Inc. 08/28/28, Strike $0.00		700,500
	100,000	Envoy Medical, Inc. 09/29/28, Strike $11.50		16,000
	62,500	Ocean Biomedical, Inc. 07/19/26, Strike $11.50		6,250
	33,333	Oculis Holding, AG 03/03/30, Strike $11.50		66,999
	200,000	Omniab, Inc. 11/01/27, Strike $11.50		114,500
	200,000	Prenetics Global, Ltd. 05/17/27, Strike $8.91		1,290
	425,000	QT Imaging Holdings, Inc. 12/31/28, Strike $0.00		29,750

See accompanying Notes to Schedule of Investments

www.calamos.com
97

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	81,526	Spectral AI, Inc. 12/31/27, Strike $0.00	$	10,598
	1,000,000	Tevogen Bio Holdings, Inc. 11/04/26, Strike $0.00		49,000
	146,040	YS Biopharma Company, Ltd. 03/15/28, Strike $11.50		11,698
	200,000	Zura Bio, Ltd. 06/15/26, Strike $11.50		94,000
				1,134,945
		Industrials (0.0%)
	289,507	Aeries Technology, Inc. 10/20/26, Strike $0.00		15,344
	285,000	AERWINS Technology, Inc. 06/16/26, Strike $11.50		5,586
	1,000,000	Bitcoin Depot, Inc. 07/03/28, Strike $11.50		97,000
	25,000	Bridger Aerospace Group Holdings, Inc. 01/25/28, Strike $11.50		3,279
	42,500	Complete Solaria, Inc. 12/31/27, Strike $11.50		1,657
	200,000	Electriq Power Holdings, Inc. 07/31/28, Strike $11.50		600
	10,000	Falcon's Beyond Global, Inc. 09/01/27, Strike $11.50		6,550
	75,000	Infrared Cameras Holdings, Inc. 12/19/28, Strike $0.00		3,255
	500,000	Intuitive Machines, Inc. 02/13/28, Strike $11.50		555,000
	300,000	LanzaTech Global, Inc. 01/01/28, Strike $11.50		71,700
	50,000	Montana Technologies Corp. 03/15/29, Strike $0.00		31,500
	625,000	Murano Global, BV 06/14/28, Strike $0.00		73,125
	750,000	PROOF Acquisition Corp. I 12/03/28, Strike $0.00		45,000
	350,000	Semilux International Ltd. 02/06/29, Strike $0.00		35
	250,000	Solidion Technology, Inc. 03/15/27, Strike $0.00		22,500
	750,000	Southland Holdings, Inc. 09/01/26, Strike $11.50		196,875
	116,666	Terran Orbital Corp. 03/25/27, Strike $11.50		20,417
	250,000	Zooz Power, Ltd. 04/04/29, Strike $0.00		12,750
				1,162,173
		Information Technology (0.0%)
	250,000	Airship AI Holdings, Inc. 12/31/28, Strike $0.00		122,500

NUMBER OF SHARES			VALUE
	166,666	Brand Engagement Network, Inc. 03/14/29, Strike $0.00	$	15,833
	50,000	iLearningEngines Holdings, Inc. 04/16/29, Strike $0.00		19,705
	166,666	MariaDB, PLC 12/16/27, Strike $11.50		18,992
	125,000	Nvni Group, Ltd. 11/01/28, Strike $11.50		5,125
	625,000	Roadzen, Inc. 11/30/28, Strike $11.50		68,750
	350,000	Rubicon Technologies, Inc. 04/19/28, Strike $11.50		822
	100,000	Smx Security Matters, PLC 03/07/28, Strike $11.50		735
	192,245	Spectaire Holdings, Inc. 10/17/28, Strike $11.50		11,535
	250,000	SpringBig Holdings, Inc. 06/14/27, Strike $11.50		412
	250,000	Syntec Optics Holdings, Inc. 11/08/26, Strike $0.00		49,975
	500,000	Zapata Computing Holdings, Inc. 03/23/28, Strike $0.00		54,500
				368,884
		Materials (0.0%)
	500,000	Lifezone Metals, Ltd. 07/05/28, Strike $11.50		287,500
	166,666	Metals Acquisition, Ltd. 06/16/28, Strike $11.50		394,998
	177,835	Niocorp Developments, Ltd. 03/17/28, Strike $0.89		75,269
				757,767
		Other (0.0%)
	500,000	Critical Metals Corp. 06/06/28, Strike $0.00		84,400
	200,000	Zoomcar Holdings, Inc. 07/01/28, Strike $0.00		5,410
				89,810
		Special Purpose Acquisition Companies (0.0%)
	312,972	10 Acquisition Corp. III 06/30/28, Strike $11.50X Capital Venture		9,483
	20,000	99 Acquisition Group, Inc. 10/09/28, Strike $0.00		1,000
	500,000	Aetherium Acquisition Corp. 01/21/28, Strike $11.50		20,000
	25,000	Alchemy Investments Acquisition Corp. 1 06/26/28, Strike $0.00		4,601

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
98

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	250,000	Alpha Partners Technology Merger Corp. 03/31/28, Strike $11.50	$	23,000
	750,000	Altenergy Acquisition Corp. 11/02/28, Strike $11.50		59,925
	50,000	AP Acquisition Corp. 12/07/26, Strike $11.50		2,450
	500,000	APx Acquisition Corp. I 08/19/28, Strike $11.50		97,750
	250,000	Athena Technology Acquisition Corp. II 10/17/28, Strike $11.50		10,025
	625,000	Atlantic Coastal Acquisition Corp. II 06/02/28, Strike $11.50		47,812
	500,000	Aura FAT Projects Acquisition Corp. 06/02/27, Strike $11.50		11,500
	750,000	Battery Future Acquisition Corp. 05/26/28, Strike $11.50		37,500
	250,000	Berenson Acquisition Corp. I 08/01/26, Strike $11.50		2,200
	377,552	Blockchain Coinvestors Acquisition Corp. I 11/01/28, Strike $11.50		43,796
	625,000	Blue Ocean Acquisition Corp. 10/21/28, Strike $11.50		18,031
	33,333	BlueRiver Acquisition Corp. 01/04/26, Strike $11.50		1,730
	1,000,000	BurTech Acquisition Corp. 12/18/26, Strike $11.50		260,000
	250,000	byNordic Acquisition Corp. 02/09/27, Strike $11.50		18,863
	375,000	Cactus Acquisition Corp. 1, Ltd. 10/29/26, Strike $11.50		28,444
	400,000	Canna-Global Acquisition Corp. 02/09/28, Strike $11.50		8,840
	500,000	CARTESIAN GROWTH Corp. II 07/12/28, Strike $11.50		57,500
	134,701	Cartica Acquisition Corp. 04/30/28, Strike $11.50		10,109
	25,000	Catcha Investment Corp. 12/31/27, Strike $11.50		3
	140,000	Cetus Capital Acquisition Corp. 03/24/28, Strike $11.50		3,829
	159,466	CF Acquisition Corp. VII 03/15/26, Strike $11.50		14,352
	750,000	Chain Bridge I 12/31/28, Strike $11.50		37,500
	166,666	Coliseum Acquisition Corp. 12/31/28, Strike $11.50		12,500
	166,666	Compass Digital Acquisition Corp. 10/15/28, Strike $11.50		13,333

NUMBER OF SHARES			VALUE
	92,316	Concord Acquisition Corp. II 12/31/28, Strike $11.50	$	13,386
	6,666	Constellation Acquisition Corp. I 12/31/27, Strike $11.50		233
	41,666	Corner Growth Acquisition Corp. 2 06/17/26, Strike $11.50		2,929
	133,333	Crown PropTech Acquisitions 12/31/27, Strike $11.50		13
	375,000	CSLM Acquisition Corp. 06/01/27, Strike $11.50		60,000
	350,000	Denali Capital Acquisition Corp. 04/07/27, Strike $11.50		19,285
	750,000	DP Cap Acquisition Corp. I 11/09/26, Strike $11.50		44,812
	125,000	Energem Corp. 11/16/26, Strike $11.50		13
	625,000	Enphys Acquisition Corp. 07/15/24, Strike $11.50		28,125
	500,000	EVe Mobility Acquisition Corp. 12/31/28, Strike $11.50		56,050
	625,000	Everest Consolidator Acquisition Corp. 07/19/28, Strike $11.50		104,656
	500,000	Evergreen Corp. 02/15/27, Strike $11.50		32,500
	500,000	ExcelFin Acquisition Corp. 10/21/26, Strike $11.50		31,300
	183,737	Finnovate Acquisition Corp. 09/30/26, Strike $11.50		5,071
	75,000	Fintech Ecosystem Development Corp. 12/31/28, Strike $11.50		2,070
	525,800	Focus Impact Acquisition Corp. 10/28/26, Strike $11.50		21,085
	60,000	Four Leaf Acquisition Corp. 05/12/28, Strike $0.00		2,859
	8,600	FTAC Emerald Acquisition Corp. 08/22/28, Strike $11.50		1,076
	200,000	Future Health ESG Corp. 09/09/26, Strike $11.50		10,020
	500,000	FutureTech II Acquisition Corp. 02/16/27, Strike $11.50		16,100
	225,000	GCT Semiconductor Holding, Inc. - Class A 12/31/28, Strike $0.00		45,000
	250,000	Generation Asia I Acquisition, Ltd. 07/24/28, Strike $11.50		17,500
	500,000	Genesis Growth Tech Acquisition Corp. 05/19/28, Strike $11.50		90,000
	25,000	Global Technology Acquisition Corp. I 07/13/26, Strike $11.50		4,125

See accompanying Notes to Schedule of Investments

www.calamos.com
99

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	126,666	Golden Arrow Merger Corp. 07/31/26, Strike $11.50	$	21,533
	50,000	Haymaker Acquisition Corp. 4 09/12/28, Strike $0.00		11,998
	500,000	Healthcare AI Acquisition Corp. 12/14/26, Strike $11.50		23,400
	438,223	InFinT Acquisition Corp. Strike $11.50		3,550
	350,000	Insight Acquisition Corp. 08/26/26, Strike $11.50		1,995
	125,000	Integral Acquisition Corp.1 12/14/28, Strike $11.50		16,244
	154,135	Integrated Wellness Acquisition Corp. 10/31/28, Strike $11.50		6,373
	750,000	Investcorp Europe Acquisition Corp. I 11/23/28, Strike $11.50		82,875
	6,250	Iris Acquisition Corp. 03/05/26, Strike $11.50		343
	30,000	Israel Acquisitions Corp. 02/28/28, Strike $0.00		2,130
	250,000	IX Acquisition Corp. 11/24/26, Strike $11.50		22,338
	43,750	Jaws Mustang Acquisition Corp. 01/30/26, Strike $11.50		9,625
	100,000	Keen Vision Acquisition Corp. 09/15/28, Strike $0.00		5,010
	222,150	Kensington Capital Acquisition Corp. V 08/13/28, Strike $11.50		12,218
	25,060	Kernel Group Holdings, Inc. 01/31/27, Strike $11.50		2,506
	750,000	LAMF Global Ventures Corp. I 11/11/26, Strike $11.50		60,000
	250,000	LatAmGrowth SPAC 01/25/28, Strike $11.50		5,000
	412,500	Learn CW Investment Corp. 12/31/28, Strike $11.50		49,500
	150,000	Liberty Resources Acquisition Corp. 10/31/28, Strike $11.50		15
	228,160	Marblegate Acquisition Corp. 08/31/28, Strike $11.50		6,799
	675,350	Mountain & Company I Acquisition Corp. 09/30/26, Strike $11.50		78,611
	50,000	Nabors Energy Transition Corp. II 09/05/28, Strike $0.00		5,645
	500,000	New Providence Acquisition Corp. II 12/31/27, Strike $11.50		27,375

NUMBER OF SHARES			VALUE
	3,333	Northern Star Investment Corp. III 02/25/28, Strike $11.50	$	—
	3,333	Northern Star Investment Corp. IV 12/31/27, Strike $11.50		—
	55,000	Oak Woods Acquisition Corp. 05/17/28, Strike $0.00		1,480
	100,000	OceanTech Acquisitions I Corp. 05/10/26, Strike $11.50		5,250
	750,000	Onyx Acquisition Company I 11/30/28, Strike $11.50		25,987
	375,000	Osiris Acquisition Corp. 05/01/28, Strike $11.50		4,013
	625,000	Papaya Growth Opportunity Corp. I 12/31/28, Strike $11.50		37,719
	150,000	Patria Latin American Opportunity Acquisition Corp. 03/10/27, Strike $11.50		10,020
	500,000	Pearl Holdings Acquisition Corp. 12/15/26, Strike $11.50		46,000
	459,150	Pegasus Digital Mobility Acquisition Corp. 12/28/26, Strike $11.50		11,433
	144,093	Perception Capital Corp. III 07/08/26, Strike $11.50		6,499
	12,500	Phoenix Biotech Acquisition Corp. 02/14/29, Strike $11.50		875
	500,000	Pinstripes Holdings, Inc. 09/30/28, Strike $11.50		75,000
	20,000	Plum Acquisition Corp. I 03/18/26, Strike $11.50		6,600
	250,000	Project Energy Reimagined Acquisition Corp. 12/31/28, Strike $11.50		28,137
	50,000	Pyrophyte Acquisition Corp. 05/03/28, Strike $11.50		2,480
	166,666	Quadro Acquisition One Corp. 12/31/27, Strike $11.50		7,925
	686,522	RCF Acquisition Corp. 11/10/26, Strike $11.50		51,489
	1,000,000	Rigel Resource Acquisition Corp. 11/05/26, Strike $11.50		201,000
	40,000	RMG Acquisition Corp. III 01/05/27, Strike $11.50		1,620
	133,333	Ross Acquisition Corp. II 02/12/26, Strike $11.50		12,027
	250,000	Roth CH Acquisition V Company 12/10/26, Strike $11.50		21,875
	400,000	SDCL EDGE Acquisition Corp. 03/23/26, Strike $11.50		88,000

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
100

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	250,000	SEP Acquisition Corp. 07/27/26, Strike $11.50	$	40,875
	1,000,000	ShoulderUp Technology Acquisition Corp. 07/26/23, Strike $11.50		25,000
	83,333	SilverBox Corp. III 04/28/28, Strike $0.00		10,217
	7,500	Slam Corp. 12/31/27, Strike $11.50		1,368
	500,000	Southport Acquisition Corp. 05/24/28, Strike $11.50		1,750
	12,384	Spark I Acquisition Corp. 11/27/28, Strike $0.00		2,229
	250,000	Spree Acquisition Corp. 1, Ltd. 12/22/28, Strike $11.50		7,175
	300,286	Springwater Special Situations Corp. 04/12/26, Strike $11.50		14,249
	250,000	Swiftmerge Acquisition Corp. 06/17/28, Strike $11.50		12,850
	333,333	Target Global Acquisition I Corp. 12/31/27, Strike $11.50		27,333
	100,000	Thunder Bridge Capital Partners IV, Inc. 04/30/28, Strike $11.50		19,850
	150,000	TKB Critical Technologies 1 10/29/28, Strike $11.50		1,890
	328,694	Tlgy Acquisition Corp. 01/14/28, Strike $11.50		12,326
	125,000	TortoiseEcofin Acquisition Corp. III 07/22/28, Strike $11.50		18,150
	250,000	Trajectory Alpha Acquisition Corp. 12/31/27, Strike $11.50		18,750
	450,000	Tristar Acquisition I Corp. 12/31/28, Strike $11.50		45,000
	179,109	Twelve Seas Investment Company II 03/02/28, Strike $11.50		21,484
	266,666	Zalatoris II Acquisition Corp. 05/13/27, Strike $11.50		12,533
				2,857,825
		TOTAL WARRANTS (Cost $5,182,945)		6,636,988
RIGHTS (0.0%)#
		Special Purpose Acquisition Companies (0.0%)
	20,000	99 Acquisition Group, Inc., (Expires 8/25/28)		4,379
	9,673	AI Transportation Acquisition Corp., (Expires 10/25/24)		1,548

NUMBER OF SHARES				VALUE
	140,000		Cetus Capital Acquisition Corp., (Expires 3/31/24)	$	25,928
	750,000		CSLM Acquisition Corp., (Expires 7/1/23)		135,000
	150,000		Fintech Ecosystem Development Corp., (Expires 4/1/26)		21,375
	55,000		Oak Woods Acquisition Corp., (Expires 12/31/49)		9,542
	1,477		Quetta Acquisition Corp., (Expires 11/30/24)		2,053
			TOTAL RIGHTS (Cost $123,616)		199,825
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (0.4%)#
			Communication Services (0.0%)
			Cyberagent, Inc.
	90	JPY
	2,826,000,000		Call, 11/16/29, Strike 88.81		906,778
	50	JPY
	1,570,000,000		Call, 11/16/29, Strike 89.46		481,131
	30	JPY
	942,000,000		Call, 02/19/25, Strike 93.40		123,317
	165	JPY	Koei Tecmo Holdings Company,
	2,433,750,000,000		Ltd.
			Call, 12/20/24, Strike 97.97		201,079
					1,712,305
			Consumer Discretionary (0.1%)
			EDION Corp.
	60	JPY
	967,800,000,000		Call, 06/19/25, Strike 99.51		1,902,546
	50	JPY
	806,500,000,000		Call, 06/19/25, Strike 95.45		1,599,694
	50	JPY
	8,065,000,000		Call, 06/19/25, Strike 94.30		1,636,152
	100	JPY	H.I.S. Company, Ltd.
	1,761,000,000,000		Call, 11/15/24, Strike 96.54		139,167
			Kyoritsu Maintenance Company, Ltd.
	20	JPY
	674,400,000,000		Call, 01/29/26, Strike 96.66		594,591
	5	JPY
	168,600,000,000		Call, 01/29/26, Strike 95.73		151,578
	100	JPY
	3,372,000,000,000		Call, 01/29/26, Strike 94.89		3,085,074
	50	JPY	Park24 Company, Ltd.
	8,510,000,000		Call, 02/24/28, Strike 92.03		391,127
	200	JPY	Takashimaya Company, Ltd.
	44,700,000,000		Call, 12/06/28, Strike 94.40		3,482,458
					12,982,387

See accompanying Notes to Schedule of Investments

www.calamos.com
101

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Consumer Staples (0.0%)
	50	JPY	Nippn Corp.
	1,217,500,000,000		Call, 06/20/25, Strike 98.27	$	501,533
			Health Care (0.0%)
	3,897		Shockwave Medical, Inc.
	128,675,043		Call, 05/17/24, Strike $340.00		58,455
			Industrials (0.1%)
			ANA Holdings, Inc.
	100	JPY
	30,000,000,000		Call, 09/19/24, Strike 96.53		218,406
	100	JPY
	3,000,000,000,000		Call, 12/08/28, Strike 86.09		2,401,540
	100		Asashi Refining US, Inc.
	358,100,000		Call, 03/16/26, Strike $88.78		10
	200	JPY	Infroneer Holdings, Inc.
	2,776,000,000,000		Call, 03/30/29, Strike 92.59		2,277,961
	160	JPY	Seino Holdings Company, Ltd.
	3,384,000,000,000		Call, 03/31/26, Strike 97.31		1,682,604
					6,580,521
			Materials (0.0%)
			Nippon Steel Corp.
	100	JPY
	7,540,000,000		Call, 10/04/24, Strike 98.59		2,975,477
	50	JPY
	3,770,000,000		Call, 10/05/26, Strike 96.93		1,491,017
	34	JPY
	2,563,600,000		Call, 10/05/26, Strike 97.61		996,680
					5,463,174
			Other (0.2%)
			S&P 500 Index
	11,500
	5,791,043,500		Put, 06/28/24, Strike $4,500.00		14,777,500
	2,500
	1,258,922,500		Put, 05/31/24, Strike $4,800.00		4,550,000
	1,500
	755,353,500		Call, 06/28/24, Strike $5,565.00		262,500
	1,000
	503,569,000		Put, 09/30/24, Strike $4,500.00		4,440,000
					24,030,000
			Real Estate (0.0%)
	100	JPY	Relo Group, Inc.
	1,378,000,000,000		Call, 12/17/27, Strike 92.68		422,202
			TOTAL PURCHASED OPTIONS (Cost $59,090,153)		51,750,577

NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.0%)
	286,199,425		State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $286,199,425)	$	286,199,425
			TOTAL INVESTMENTS (102.6%) (Cost $12,045,265,323)		14,821,897,936
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.0%)					(286,199,425	)
LIABILITIES, LESS OTHER ASSETS (-0.6%)					(89,758,297	)
NET ASSETS (100.0%)				$	14,445,940,214
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-18.4%)#
			Communication Services (-0.4%)
	(7,500	)	Charter Communications, Inc. - Class A		(1,919,550	)
	(436,000	) JPY	CyberAgent, Inc.		(2,736,006	)
	(103,913	)	Live Nation Entertainment, Inc.		(9,238,905	)
	(159,347	)	Match Group, Inc.		(4,911,075	)
	(4,500	)	Perficient, Inc.		(212,670	)
	(159,000	)	Sea, Ltd. (ADR)		(10,047,210	)
	(301,846	)	Snap, Inc. - Class A		(4,542,782	)
	(182,000	)	Sphere Entertainment Company		(7,072,520	)
	(29,000	)	Spotify Technology, SA		(8,132,760	)
	(32,170	)	TripAdvisor, Inc.		(847,036	)
	(206,448	)	Weibo Corp. (ADR)		(1,779,582	)
	(94,929	)	Ziff Davis, Inc.		(4,756,892	)
					(56,196,988	)
			Consumer Discretionary (-2.8%)
	(89,000	)	Airbnb, Inc. - Class A		(14,112,730	)
	(1,484	)	Booking Holdings, Inc.		(5,122,813	)
	(2,321,000	)	Carnival Corp.		(34,397,220	)
	(17,000	)	Cheesecake Factory, Inc.		(586,840	)
	(11,323	)	Cracker Barrel Old Country Store, Inc.		(658,885	)
	(25,000	) EUR	Delivery Hero, SE*		(704,352	)
	(232,300	)	DraftKings, Inc. - Class A		(9,654,388	)
	(1,440,100	) JPY	EDION Corp.		(14,883,575	)

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
102

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	(299,959	)	Etsy, Inc.	$	(20,598,185	)
	(370,000	)	Ford Motor Company		(4,495,500	)
	(480,736	)	Guess?, Inc.		(12,874,110	)
	(491,000	) JPY	Kyoritsu Maintenance Company, Ltd.		(10,497,746	)
	(406,900	)	Li Auto, Inc. (ADR)		(10,693,332	)
	(32,217	)	Marriott Vacations Worldwide Corp.		(3,096,376	)
	(2,391,400	)	NIO, Inc. (ADR)		(11,287,408	)
	(622,200	)	Norwegian Cruise Line Holdings, Ltd.		(11,772,024	)
	(78,700	) JPY	Park24 Company, Ltd.		(849,300	)
	(158,409	)	PDD Holdings, Inc. (ADR)		(19,829,639	)
	(2,256,800	)	Rivian Automotive, Inc. - Class A		(20,085,520	)
	(597,832	)	Royal Caribbean Cruises, Ltd.		(83,475,282	)
	(29,700	)	Shake Shack, Inc. - Class A		(3,143,745	)
	(170,355	)	Stride, Inc.		(11,371,196	)
	(575,800	) JPY	Takashimaya Company, Ltd.		(8,159,737	)
	(4,600	)	Vail Resorts, Inc.		(871,102	)
	(1,604,902	)	Wayfair, Inc. - Class A		(80,485,835	)
	(35,250	)	Winnebago Industries, Inc.		(2,170,695	)
	(3,080,000	) HKD	Wynn Macau, Ltd.		(2,878,137	)
					(398,755,672	)
			Consumer Staples (-0.2%)
	(108,589	)	Freshpet, Inc.		(11,518,035	)
	(124,000	) JPY	Nippn Corp.		(1,914,466	)
	(99,900	)	Post Holdings, Inc.		(10,604,385	)
					(24,036,886	)
			Energy (-2.8%)
	(147,631	)	Chesapeake Energy Corp.		(13,269,074	)
	(299,174	)	Chevron Corp.		(48,247,791	)
	(169,171	)	Chord Energy Corp.		(29,939,884	)
	(707,227	)	EQT Corp.		(28,352,730	)
	(525,087	)	Exxon Mobil Corp.		(62,102,040	)
	(101,968	)	Northern Oil & Gas, Inc.		(4,159,275	)
	(783,203	)	Pioneer Natural Resources Company		(210,932,232	)
	(141,200	)	World Kinect Corp.		(3,318,200	)
					(400,321,226	)
			Financials (-0.5%)
	(416,500	)	Apollo Global Management, Inc.		(45,140,270	)
	(123,210	)	Coinbase Global, Inc. - Class A		(25,126,215	)
	(61,229	)	Global Payments, Inc.		(7,517,085	)
	(177,000	)	SoFi Technologies, Inc.		(1,200,060	)
					(78,983,630	)

NUMBER OF SHARES				VALUE
			Health Care (-1.5%)
	(58,000	)	Alnylam Pharmaceuticals, Inc.	$	(8,349,100	)
	(102,580	)	Amphastar Pharmaceuticals, Inc.		(4,231,425	)
	(36,400	)	Ascendis Pharma, A/S (ADR)		(5,039,216	)
	(210,066	)	Bridgebio Pharma, Inc.		(5,381,891	)
	(911,000	)	BrightSpring Health Services, Inc.		(9,738,590	)
	(58,056	)	CONMED Corp.		(3,946,647	)
	(155,278	)	Dexcom, Inc.		(19,780,864	)
	(72,200	)	Enovis Corp.		(3,987,606	)
	(79,406	)	Envista Holdings Corp.		(1,562,710	)
	(192,000	)	Evolent Health, Inc. - Class A		(5,326,080	)
	(420,224	)	Halozyme Therapeutics, Inc.		(16,010,534	)
	(220,900	)	Innoviva, Inc.		(3,337,799	)
	(170,531	)	Insmed, Inc.		(4,215,526	)
	(78,881	)	Insulet Corp.		(13,562,799	)
	(80,560	)	Integer Holdings Corp.		(8,992,913	)
	(229,000	)	Ionis Pharmaceuticals, Inc.		(9,448,540	)
	(21,600	)	iRhythm Technologies, Inc.		(2,366,928	)
	(337,630	)	Ironwood Pharmaceuticals, Inc.		(2,616,633	)
	(66,920	)	Jazz Pharmaceuticals, PLC		(7,411,390	)
	(43,580	)	Lantheus Holdings, Inc.		(2,899,813	)
	(78,500	)	Merit Medical Systems, Inc.		(5,816,850	)
	(5,000	)	Mesa Laboratories, Inc.		(530,400	)
	(253,750	)	Natera, Inc.		(23,568,300	)
	(35,000	)	NeoGenomics, Inc.		(487,200	)
	(35,000	)	Omnicell, Inc.		(938,350	)
	(29,000	)	Revance Therapeutics, Inc.		(104,690	)
	(232,663	)	Sarepta Therapeutics, Inc.		(29,469,096	)
	(20,462	)	Shockwave Medical, Inc.		(6,756,348	)
	(109,000	)	Tandem Diabetes Care, Inc.		(3,999,210	)
	(226,149	)	Veradigm, Inc.		(1,806,931	)
					(211,684,379	)
			Industrials (-1.5%)
	(80,200	)	Air Transport Services Group, Inc.		(1,028,164	)
	(632,400	)	American Airlines Group, Inc.		(8,543,724	)
	(238,100	) JPY	ANA Holdings, Inc.		(4,529,056	)
	(57,555	)	Axon Enterprise, Inc.		(18,052,701	)
	(382,400	)	Bloom Energy Corp. - Class A		(4,256,112	)
	(391,700	)	Chart Industries, Inc.		(56,428,302	)
	(686,823	)	Clarivate, PLC		(4,642,923	)
	(272,933	)	Fluor Corp.		(11,007,388	)
	(103,056	)	Granite Construction, Inc.		(5,719,608	)
	(84,380	)	Greenbrier Companies, Inc.		(4,167,528	)
	(408,700	) JPY	Infroneer Holdings, Inc.		(3,621,458	)

See accompanying Notes to Schedule of Investments

www.calamos.com
103

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	(49,800	)	John Bean Technologies Corp.	$	(4,436,682	)
	(225,406	)	Lyft, Inc. - Class A		(3,525,350	)
	(95,700	)	Middleby Corp.		(13,299,429	)
	(19,000	)	RBC Bearings, Inc.		(4,646,450	)
	(129,000	) EUR	Safran, SA		(28,111,983	)
	(439,900	) JPY	Seino Holdings Company, Ltd.		(5,899,176	)
	(3,374,000	) SGD	Singapore Airlines, Ltd.		(16,164,946	)
	(28,494	)	Tetra Tech, Inc.		(5,548,352	)
	(290,400	)	Uber Technologies, Inc.		(19,244,808	)
	(73,554	)	Upwork, Inc.		(860,582	)
	(290,000	)	Virgin Galactic Holdings, Inc.		(252,329	)
					(223,987,051	)
			Information Technology (-7.1%)
	(20,300	)	Advanced Energy Industries, Inc.		(1,945,552	)
	(1,004,700	)	Akamai Technologies, Inc.		(101,404,371	)
	(114,250	)	Altair Engineering, Inc. - Class A		(9,191,412	)
	(119,700	)	Bentley Systems, Inc. - Class B		(6,287,841	)
	(155,141	)	Blackline, Inc.		(9,005,935	)
	(153,000	)	Block, Inc.		(11,169,000	)
	(700,000	)	Box, Inc. - Class A		(18,214,000	)
	(93,594	)	Cloudflare, Inc. - Class A		(8,180,116	)
	(66,300	)	Confluent, Inc. - Class A		(1,864,356	)
	(78,439	)	CSG Systems International, Inc.		(3,705,458	)
	(92,900	)	CyberArk Software, Ltd.		(22,226,325	)
	(21,092	)	Dayforce, Inc.		(1,294,416	)
	(25,750	)	DigitalOcean Holdings, Inc.		(846,145	)
	(622,200	)	Dropbox, Inc. - Class A		(14,410,152	)
	(25,734	)	Enphase Energy, Inc.		(2,798,830	)
	(93,200	)	Envestnet, Inc.		(5,784,924	)
	(84,000	)	Five9, Inc.		(4,835,880	)
	(92,533	)	Guidewire Software, Inc.		(10,215,643	)
	(2,163,399	)	Infinera Corp.		(10,427,583	)
	(190,288	)	Insight Enterprises, Inc.		(34,740,880	)
	(110,973	)	InterDigital, Inc.		(10,956,364	)
	(52,916	)	Itron, Inc.		(4,874,622	)
	(115,000	)	Jamf Holding Corp.		(2,239,050	)
	(3,883,000	) HKD	Lenovo Group, Ltd.		(4,432,637	)
	(342,323	)	Lumentum Holdings, Inc.		(14,980,054	)
	(25,000	)	Marathon Digital Holdings, Inc.		(401,500	)
	(29,287	)	MicroStrategy, Inc. - Class A		(31,191,534	)
	(98,800	)	Model N, Inc.		(2,929,420	)
	(290,779	)	MongoDB, Inc.		(106,186,675	)
	(134,048	)	Nova, Ltd.		(22,774,755	)
	(119,587	)	Nutanix, Inc. - Class A		(7,258,931	)
	(55,662	)	Okta, Inc.		(5,175,453	)

NUMBER OF SHARES				VALUE
	(1,361,700	)	ON Semiconductor Corp.	$	(95,536,872	)
	(242,709	)	PagerDuty, Inc.		(4,844,472	)
	(1,007,986	)	Palo Alto Networks, Inc.		(293,213,048	)
	(74,992	)	Parsons Corp.		(5,887,622	)
	(219,700	)	Progress Software Corp.		(10,945,454	)
	(80,567	)	PROS Holdings, Inc.		(2,638,569	)
	(156,800	)	Rapid7, Inc.		(7,024,640	)
	(174,400	)	Seagate Technology Holdings, PLC		(14,982,704	)
	(129,957	)	Shift4 Payments, Inc. - Class A		(7,519,312	)
	(11,592	)	Super Micro Computer, Inc.		(9,955,210	)
	(93,000	)	Varonis Systems, Inc.		(4,068,750	)
	(38,300	)	Verint Systems, Inc.		(1,159,724	)
	(216,646	)	Vishay Intertechnology, Inc.		(5,013,188	)
	(772,100	)	Western Digital Corp.		(54,687,843	)
	(188,520	)	Wolfspeed, Inc.		(5,095,696	)
	(163,100	)	Workiva, Inc.		(12,852,280	)
	(185,000	)	Xerox Holdings Corp.		(2,458,650	)
					(1,029,833,848	)
			Materials (-0.6%)
	(180,000	)	Albemarle Corp.		(21,655,800	)
	(25,000	) JPY	ARE Holdings, Inc.		(323,685	)
	(642,997	)	ATI, Inc.		(38,386,921	)
	(25,000	)	Lithium Americas Argentina Corp.		(126,750	)
	(322,743	)	MP Materials Corp.		(5,163,888	)
	(678,100	) JPY	Nippon Steel Corp.		(15,224,627	)
					(80,881,671	)
			Real Estate (-0.3%)
	(35,300	)	Federal Realty Investment Trust		(3,677,201	)
	(605,000	) HKD	Link REIT		(2,617,926	)
	(88,000	) JPY	Relo Group, Inc.		(769,160	)
	(79,500	)	Rexford Industrial Realty, Inc.		(3,403,395	)
	(95,000	)	Ventas, Inc.		(4,206,600	)
	(132,800	)	Welltower, Inc.		(12,653,184	)
	(517,000	)	Zillow Group, Inc. - Class C		(22,008,690	)
					(49,336,156	)
			Utilities (-0.7%)
	(77,700	)	Alliant Energy Corp.		(3,869,460	)
	(66,000	)	American Water Works Company, Inc.		(8,073,120	)
	(163,000	)	CenterPoint Energy, Inc.		(4,749,820	)
	(60,500	)	CMS Energy Corp.		(3,666,905	)
	(96,500	)	Duke Energy Corp.		(9,482,090	)
	(127,000	)	Evergy, Inc.		(6,661,150	)
	(160,000	)	FirstEnergy Corp.		(6,134,400	)
	(336,000	)	NextEra Energy, Inc.		(22,501,920	)

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
104

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	(490,000	)	PG&E Corp.	$	(8,383,900	)
	(255,000	)	PPL Corp.		(7,002,300	)
	(266,600	)	Southern Company		(19,595,100	)
	(26,900	)	Sunnova Energy International, Inc.		(113,249	)
					(100,233,414	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $2,467,804,068)		(2,654,250,921	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $2,467,804,068)		(2,654,250,921	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
WRITTEN OPTIONS (-4.1%)#
			Consumer Discretionary (0.0%)
	11,000		Carnival Corp.
	16,302,000		Call, 06/21/24, Strike $10.00		(4,977,500	)
			Industrials (0.0%)
			Spirit Airlines, Inc.
	1,100
	388,300		Call, 06/21/24, Strike $7.50		(6,600	)
	1
	353		Call, 06/21/24, Strike $10.00		(2	)
					(6,602	)
			Other (-4.1%)
			S&P 500 Index
	4,350
	2,190,525,150		Call, 06/28/24, Strike $4,750.00		(150,575,250	)
	4,000
	2,014,276,000		Call, 06/28/24, Strike $4,350.00		(287,580,000	)
	3,500
	1,762,491,500		Call, 06/28/24, Strike $5,200.00		(17,377,500	)
	3,500
	1,762,491,500		Call, 06/28/24, Strike $4,700.00		(136,360,000	)
	1,000
	503,569,000		Put, 09/30/24, Strike $4,000.00		(1,825,000	)
					(593,717,750	)
			Utilities (0.0%)
	495		PNM Resources, Inc.
	1,834,470		Call, 05/17/24, Strike $35.00		(134,888	)
			TOTAL WRITTEN OPTIONS (Premium $731,575,854)	$	(598,836,740	)

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	Japanese Yen	07/26/24		134,491,000	$	863,785	$	12,409
State Street Bank and Trust	Japanese Yen	07/26/24		2,116,935,000		13,596,272		268,603
State Street Bank and Trust	Singapore Dollar	07/26/24		22,927,000		16,861,785		23,622
State Street Bank and Trust	British Pound Sterling	07/26/24		15,027,000		18,785,898		(152,207	)
State Street Bank and European Monetary Trust	Unit	07/26/24		56,016,000		59,997,644		(4,138	)
							$	148,289

NOTES TO SCHEDULE OF INVESTMENTS

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options, swaps, or securities sold short. The aggregate value of such securities is $4,848,345,495.

^ Security, or portion of security, is on loan.

* Securities issued and sold pursuant to a Rule 144A transaction are exempted 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.

@ In default status and considered non-income producing.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

# Non-income producing security.

‡‡‡ Security fair valued using significant unobservable inputs and classified as a Level 3 security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

JPY Japanese Yen

SGD Singapore Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown. For purchased options denominated in JPY, the strike price shown is a percentage of the par value of the underlying.

See accompanying Notes to Schedule of Investments

105

Market Neutral Income Fund Schedule of Investments April 30, 2024 (Unaudited)

TOTAL RETURN SWAPS

COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	FIXED RATE (FUND PAYS)	FLOATING RATE (FUND RECEIVES)	TERMINATION DATE	PERIODIC PAYMENT FREQUENCY	NOTIONAL AMOUNT		UPFRONT PAYMENTS (PAID)/ RECEIVED		MARKET VALUE			UNREALIZED APPRECIATION/ (DEPRECIATION)
Morgan Stanley & Co. International PLC	Equity returns on 100,900 shares of Vertex, Inc.	Vertex, Inc.	1 mo. OBFR Plus 1.000%	06/18/24	Monthly	$	2,819,146	$	—	$	(120,071	)	$	(120,071	)
								$	—	$	(120,071	)	$	(120,071	)

SECTOR WEIGHTINGS

Information Technology	32.3	%
Consumer Discretionary	12.3
Health Care	10.8
Financials	9.1
Communication Services	7.8
Industrials	7.2
Energy	5.2
Consumer Staples	4.1
Other	3.9
Utilities	3.9
Materials	1.9
Real Estate	1.4
Special Purpose Acquisition Companies	0.7

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

See accompanying Notes to Schedule of Investments

106

Hedged Equity Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
COMMON STOCKS (95.9%)
		Communication Services (9.0%)
	79,702	Alphabet, Inc. - Class A#	$	12,973,892
	89,372	Alphabet, Inc. - Class C#		14,714,206
	79,920	AT&T, Inc.		1,349,849
	68,985	Comcast Corp. - Class A		2,629,018
	12,757	Fox Corp. - Class A		395,595
	14,751	Match Group, Inc.#		454,626
	34,272	Meta Platforms, Inc. - Class A		14,742,786
	6,593	Netflix, Inc.#~		3,630,369
	10,551	T-Mobile U.S., Inc.		1,732,158
	65,843	Verizon Communications, Inc.~		2,600,140
	31,988	Walt Disney Company~		3,553,867
				58,776,506
		Consumer Discretionary (9.9%)
	137,402	Amazon.com, Inc.#		24,045,350
	11,287	Aptiv, PLC#		801,377
	569	Booking Holdings, Inc.		1,964,205
	14,943	Caesars Entertainment, Inc.#		535,258
	50,895	Carnival Corp.#		754,264
	683	Chipotle Mexican Grill, Inc.#		2,158,007
	4,413	Darden Restaurants, Inc.		676,998
	13,712	DR Horton, Inc.		1,953,823
	11,962	eBay, Inc.		616,521
	60,885	Ford Motor Company		739,753
	22,858	General Motors Company		1,017,867
	16,786	Home Depot, Inc.		5,610,217
	14,186	Las Vegas Sands Corp.		629,291
	13,705	Lowe's Companies, Inc.		3,124,603
	3,086	Lululemon Athletica, Inc.#		1,112,812
	10,623	McDonald's Corp.~		2,900,504
	21,458	NIKE, Inc. - Class B~		1,979,715
	32,531	Norwegian Cruise Line Holdings, Ltd.#^		615,486
	1,324	O'Reilly Automotive, Inc.#		1,341,556
	7,605	Ross Stores, Inc.		985,228
	18,438	Starbucks Corp.~		1,631,579
	40,530	Tesla, Inc.#		7,428,338
	21,255	TJX Cos., Inc.~		1,999,883
				64,622,635
		Consumer Staples (6.0%)
	29,303	Altria Group, Inc.~		1,283,764
	12,919	Archer-Daniels-Midland Company		757,829
	8,285	Church & Dwight Company, Inc.		893,869
	53,584	Coca-Cola Company~		3,309,884
	12,479	Colgate-Palmolive Company		1,147,070
	5,888	Constellation Brands, Inc. - Class A		1,492,372

NUMBER OF SHARES			VALUE
	5,095	Costco Wholesale Corp.~	$	3,683,175
	3,987	Dollar General Corp.		554,951
	6,870	Dollar Tree, Inc.#		812,378
	4,513	Estee Lauder Companies, Inc. - Class A		662,102
	13,630	General Mills, Inc.		960,370
	10,339	Kellogg Company		598,215
	7,706	Kimberly-Clark Corp.		1,052,100
	17,938	Kroger Company		993,406
	36,001	Mondelez International, Inc. - Class A~		2,589,912
	15,565	Monster Beverage Corp.#		831,949
	16,435	PepsiCo, Inc.~		2,891,081
	30,083	Philip Morris International, Inc.~		2,856,080
	29,545	Procter & Gamble Company		4,821,744
	13,426	Sysco Corp.		997,820
	8,497	Target Corp.		1,367,847
	76,032	Walmart, Inc.~		4,512,499
				39,070,417
		Energy (4.0%)
	33,181	Chevron Corp.~		5,351,100
	22,515	ConocoPhillips		2,828,334
	6,349	EOG Resources, Inc.		838,893
	38,622	Exxon Mobil Corp.		4,567,824
	14,615	Hess Corp.		2,301,716
	42,712	Kinder Morgan, Inc.		780,775
	12,901	Marathon Petroleum Corp.		2,344,370
	12,683	Occidental Petroleum Corp.		838,854
	8,562	ONEOK, Inc.		677,426
	5,997	Phillips 66		858,830
	8,515	Pioneer Natural Resources Company		2,293,260
	18,069	Schlumberger, NV		857,916
	5,969	Valero Energy Corp.		954,264
	21,555	Williams Companies, Inc.		826,850
				26,320,412
		Financials (12.5%)
	8,853	Aflac, Inc.~		740,553
	6,800	Allstate Corp.~		1,156,408
	9,470	American Express Company		2,216,264
	4,166	Ameriprise Financial, Inc.		1,715,517
	7,584	Arthur J Gallagher & Company		1,779,889
	6,254	Assurant, Inc.~		1,090,698
	168,152	Bank of America Corp.~		6,223,306
	15,433	Bank of New York Mellon Corp.		871,810
	22,920	Berkshire Hathaway, Inc. - Class B#		9,093,052
	1,602	BlackRock, Inc.		1,208,933
	7,907	Blackstone, Inc.		922,035
	7,046	Cboe Global Markets, Inc.~		1,276,383

See accompanying Notes to Schedule of Investments

www.calamos.com
107

Hedged Equity Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	29,558	Charles Schwab Corp.	$	2,185,814
	9,416	Chubb, Ltd.		2,341,194
	22,264	Citigroup, Inc.		1,365,451
	3,332	CME Group, Inc.		698,520
	9,044	Discover Financial Services		1,146,146
	10,106	Fiserv, Inc.#~		1,542,883
	5,597	Global Payments, Inc.		687,144
	8,985	Goldman Sachs Group, Inc.~		3,833,989
	33,406	Huntington Bancshares, Inc.		449,979
	3,820	Jack Henry & Associates, Inc.		621,476
	40,675	JPMorgan Chase & Company		7,799,025
	4,138	M&T Bank Corp.		597,486
	11,761	Marsh & McLennan Cos., Inc.~		2,345,496
	13,385	Mastercard, Inc. - Class A~		6,039,312
	12,824	MetLife, Inc.		911,530
	20,846	Morgan Stanley		1,893,651
	6,631	Northern Trust Corp.		546,328
	10,706	PayPal Holdings, Inc.#		727,152
	4,968	Prudential Financial, Inc.		548,865
	4,308	S&P Global, Inc.~		1,791,396
	5,843	State Street Corp.		423,559
	5,533	Travelers Companies, Inc.		1,173,881
	15,307	US Bancorp~		621,923
	30,368	Visa, Inc. - Class A^		8,157,148
	78,701	Wells Fargo & Company~		4,668,543
				81,412,739
		Health Care (11.9%)
	21,974	Abbott Laboratories~		2,328,585
	27,297	AbbVie, Inc.		4,439,584
	14,088	Agilent Technologies, Inc.~		1,930,620
	6,182	Amgen, Inc.~		1,693,497
	15,426	Baxter International, Inc.~		622,748
	5,160	Becton Dickinson & Co		1,210,536
	3,215	Biogen, Inc.#		690,646
	45,516	Boston Scientific Corp.#		3,271,235
	43,431	Bristol-Myers Squibb Company~		1,908,358
	10,037	Centene Corp.#		733,303
	4,264	Cigna Group		1,522,419
	18,858	CVS Health Corp.~		1,276,875
	12,315	Danaher Corp.		3,037,125
	8,014	Dexcom, Inc.#		1,020,903
	14,362	Edwards Lifesciences Corp.#~		1,216,031
	12,640	Eli Lilly & Company		9,873,104
	5,287	GE Healthcare, Inc.		403,081
	20,089	Gilead Sciences, Inc.		1,309,803
	4,206	HCA Healthcare, Inc.		1,303,103
	2,717	Humana, Inc.~		820,779

NUMBER OF SHARES			VALUE
	7,197	Intuitive Surgical, Inc.#~	$	2,667,352
	4,072	IQVIA Holdings, Inc.#		943,767
	34,751	Johnson & Johnson		5,024,647
	3,982	Laboratory Corp. of America Holdings		801,855
	2,623	McKesson Corp.		1,409,102
	21,306	Medtronic, PLC		1,709,593
	41,548	Merck & Company, Inc.~		5,368,833
	84,250	Pfizer, Inc.~		2,158,485
	1,025	Regeneron Pharmaceuticals, Inc.#		912,926
	1,478	Solventum Corp.#		96,085
	3,753	Stryker Corp.		1,262,884
	7,356	Thermo Fisher Scientific, Inc.~		4,183,504
	15,174	UnitedHealth Group, Inc.		7,339,664
	3,916	Vertex Pharmaceuticals, Inc.#~		1,538,244
	3,732	Zimmer Biomet Holdings, Inc.		448,885
	9,990	Zoetis, Inc.		1,590,808
				78,068,969
		Industrials (8.6%)
	5,914	3M Company		570,760
	4,475	Allegion, PLC		543,981
	8,526	Automatic Data Processing, Inc.~		2,062,354
	5,840	Boeing Company#~		980,186
	23,326	Carrier Global Corp.		1,434,316
	11,882	Caterpillar, Inc.~		3,975,361
	63,085	CSX Corp.~		2,095,684
	4,290	Deere & Company~		1,679,149
	14,749	Delta Air Lines, Inc.~		738,482
	5,886	Eaton Corp., PLC		1,873,278
	16,836	Emerson Electric Company~		1,814,584
	3,966	GE Vernova, Inc.#		609,614
	4,366	Generac Holdings, Inc.#		593,601
	3,723	General Dynamics Corp.		1,068,836
	15,866	General Electric Company		2,567,436
	14,262	Honeywell International, Inc.~		2,748,715
	738	Hubbell, Inc.		273,444
	5,305	Illinois Tool Works, Inc.		1,295,004
	13,683	Johnson Controls International, PLC		890,353
	5,926	L3Harris Technologies, Inc.		1,268,460
	2,988	Lockheed Martin Corp.~		1,389,211
	12,518	Masco Corp.		856,857
	3,403	Norfolk Southern Corp.		783,779
	3,060	Northrop Grumman Corp.~		1,484,192
	5,603	Otis Worldwide Corp.		510,994
	13,134	PACCAR, Inc.		1,393,649
	8,014	Paychex, Inc.		952,143
	2,876	Paycom Software, Inc.		540,630
	13,470	Pentair, PLC		1,065,342

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
108

Hedged Equity Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	5,029	Quanta Services, Inc.	$	1,300,298
	30,428	RTX Corp.~		3,089,051
	26,890	Southwest Airlines Company^		697,527
	37,890	Uber Technologies, Inc.#		2,510,970
	11,884	Union Pacific Corp.~		2,818,409
	15,531	United Airlines Holdings, Inc.#		799,225
	10,038	United Parcel Service, Inc. - Class B~		1,480,404
	1,868	United Rentals, Inc.		1,247,805
	4,104	Veralto Corp.		384,463
	5,037	Verisk Analytics, Inc.		1,097,865
	9,642	Waste Management, Inc.~		2,005,729
	6,926	Xylem, Inc.~		905,228
				56,397,369
		Information Technology (27.9%)
	8,427	Accenture, PLC - Class A		2,535,769
	6,163	Adobe, Inc.#		2,852,421
	28,123	Advanced Micro Devices, Inc.#		4,454,121
	13,087	Amphenol Corp. - Class A		1,580,517
	10,450	Analog Devices, Inc.		2,096,375
	220,084	Apple, Inc.		37,486,908
	12,757	Applied Materials, Inc.		2,534,178
	3,671	Arista Networks, Inc.#		941,832
	3,643	Autodesk, Inc.#		775,413
	6,733	Broadcom, Inc.~		8,754,718
	80,086	Cisco Systems, Inc.		3,762,440
	10,217	Cognizant Technology Solutions Corp. - Class A		671,053
	2,151	Enphase Energy, Inc.#		233,943
	3,766	Gartner, Inc.#		1,553,814
	21,004	HP, Inc.		590,002
	43,740	Intel Corp.~		1,332,758
	10,277	International Business Machines Corp.		1,708,037
	5,390	Intuit, Inc.~		3,372,092
	1,608	Lam Research Corp.		1,438,211
	24,899	Micron Technology, Inc.~		2,812,591
	110,699	Microsoft Corp.~		43,098,442
	5,658	NetApp, Inc.		578,304
	36,746	NVIDIA Corp.~		31,749,279
	5,636	NXP Semiconductors, NV		1,443,887
	8,817	ON Semiconductor Corp.#		618,601
	27,378	Oracle Corp.~		3,114,248
	6,670	Palo Alto Networks, Inc.#		1,940,236
	5,400	PTC, Inc.#		958,176
	6,811	Qorvo, Inc.#		795,797
	17,993	QUALCOMM, Inc.~		2,984,139
	17,030	Salesforce, Inc.~		4,580,048
	3,619	ServiceNow, Inc.#		2,509,161

NUMBER OF SHARES			VALUE
	8,036	Skyworks Solutions, Inc.	$	856,557
	718	Super Micro Computer, Inc.#		616,618
	5,463	TE Connectivity, Ltd.		772,905
	8,103	Teradyne, Inc.		942,541
	10,019	Texas Instruments, Inc.~		1,767,552
	2,459	Tyler Technologies, Inc.#		1,134,951
				181,948,635
		Materials (2.2%)
	4,945	Air Products & Chemicals, Inc.~		1,168,701
	4,042	Avery Dennison Corp.		878,246
	5,087	Celanese Corp.		781,414
	14,095	Corteva, Inc.		762,962
	14,092	Dow, Inc.		801,835
	12,669	DuPont de Nemours, Inc.		918,503
	39,732	Freeport-McMoRan, Inc.		1,984,216
	11,051	Linde, PLC		4,873,049
	6,265	PPG Industries, Inc.		808,185
	3,836	Sherwin-Williams Company		1,149,304
				14,126,415
		Real Estate (1.9%)
	4,307	Alexandria Real Estate Equities, Inc.		499,052
	5,414	American Tower Corp.		928,826
	7,634	Camden Property Trust		760,957
	10,734	Crown Castle, Inc.		1,006,635
	6,031	Digital Realty Trust, Inc.		836,982
	990	Equinix, Inc.		703,999
	40,256	Healthpeak Properties, Inc.		749,164
	5,152	Mid-America Apartment Communities, Inc.		669,760
	15,853	Prologis, Inc.		1,617,799
	2,838	Public Storage		736,319
	23,666	Realty Income Corp.		1,267,078
	8,036	Regency Centers Corp.		475,892
	12,476	UDR, Inc.		475,086
	10,094	Welltower, Inc.		961,756
	18,785	Weyerhaeuser Company		566,743
				12,256,048
		Utilities (2.0%)
	30,745	AES Corp.~		550,336
	12,038	American Electric Power Company, Inc.		1,035,629
	9,376	Consolidated Edison, Inc.		885,094
	24,228	Dominion Energy, Inc.		1,235,143
	15,332	Duke Energy Corp.~		1,506,522
	6,783	Edison International		482,000
	6,864	Entergy Corp.		732,183
	26,662	Exelon Corp.		1,001,958

See accompanying Notes to Schedule of Investments

www.calamos.com
109

Hedged Equity Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	15,528	FirstEnergy Corp.	$	595,344
	24,662	NextEra Energy, Inc.~		1,651,614
	18,973	NiSource, Inc.		528,588
	11,924	Public Service Enterprise Group, Inc.		823,710
	17,020	Southern Company		1,250,970
	13,665	Xcel Energy, Inc.		734,220
				13,013,311
		TOTAL COMMON STOCKS (Cost $431,688,244)		626,013,456
EXCHANGE-TRADED FUND (4.5%)
		Other (4.5%)
	58,505	SPDR S&P 500 ETF Trust^ (Cost $29,714,912)		29,368,340
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (2.0%)#
		Other (2.0%)
		S&P 500 Index
	500
	251,784,500	Put, 12/31/24, Strike $5,000.00		8,867,500
	355
	178,766,995	Put, 12/31/24, Strike $4,750.00		4,102,025
		TOTAL PURCHASED OPTIONS (Cost $14,487,606)		12,969,525
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.5%)
	29,457,698	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $29,457,698)		29,457,698
		TOTAL INVESTMENTS (106.9%) (Cost $505,348,460)		697,809,019
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.5%)				(29,457,698	)
LIABILITIES, LESS OTHER ASSETS (-2.4%)				(15,382,140	)
NET ASSETS (100.0%)			$	652,969,181

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
WRITTEN OPTIONS (-3.9%)#
		Other (-3.9%)
		S&P 500 Index
	460
	231,641,740	Call, 12/31/24, Strike $4,750.00	$	(24,520,300	)
	80
	40,285,520	Call, 12/31/24, Strike $5,500.00		(816,400	)
		TOTAL WRITTEN OPTIONS (Premium $20,314,508)	$	(25,336,700	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $103,002,154.

^ Security, or portion of security, is on loan.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

SECTOR WEIGHTINGS

Information Technology	27.9	%
Financials	12.5
Health Care	11.9
Consumer Discretionary	9.9
Communication Services	9.0
Industrials	8.6
Other	6.5
Consumer Staples	6.0
Energy	4.0
Materials	2.2
Utilities	2.0
Real Estate	1.9

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
110

Phineus Long/Short Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
COMMON STOCKS (96.2%)
			Communication Services (6.5%)
	336,000		Alphabet, Inc. - Class A#~	$	54,694,080
	385,000		Pinterest, Inc. - Class A#		12,878,250
					67,572,330
			Consumer Discretionary (11.1%)
	310,000		Amazon.com, Inc.#~		54,250,000
	217,500		Hyatt Hotels Corp. - Class A~^		32,361,825
	120,000		Marriott International, Inc. - Class A		28,335,600
					114,947,425
			Energy (3.0%)
	807,000		BP, PLC (ADR)		31,287,390
			Financials (8.3%)
	280,500		Charles Schwab Corp.		20,742,975
	432,000		Morgan Stanley~		39,242,880
	447,500		Wells Fargo & Company~		26,545,700
					86,531,555
			Health Care (16.5%)
	147,500		Danaher Corp.~		36,376,450
	35,000		ICON, PLC#		10,425,800
	44,900		IQVIA Holdings, Inc.#		10,406,473
	368,500		Medtronic, PLC~		29,568,440
	325,500		Merck & Company, Inc.~		42,061,110
	353,000		Zimmer Biomet Holdings, Inc.~		42,458,840
					171,297,113
			Industrials (30.5%)
	238,500		3M Company		23,017,635
	125,500	EUR	Airbus, SE		20,651,995
	2,331,000		American Airlines Group, Inc.#^		31,491,810
	204,500		Boeing Company#		34,323,280
	705,500		CSX Corp.~		23,436,710
	206,000		Delta Air Lines, Inc.		10,314,420
	112,000		General Dynamics Corp.		32,154,080
	151,000		Honeywell International, Inc.~		29,102,230
	192,000		L3Harris Technologies, Inc.~		41,097,600
	149,000		Union Pacific Corp.~		35,336,840
	687,000		United Airlines Holdings, Inc.#~		35,353,020
					316,279,620
			Information Technology (20.3%)
	134,500		Advanced Micro Devices, Inc.#		21,302,110
	221,000		Analog Devices, Inc.~		44,334,810
	117,500		Microsoft Corp.~		45,746,275
	395,000		Oracle Corp.~		44,931,250
	85,000	EUR	SAP, SE		15,348,207

NUMBER OF SHARES			VALUE
	279,500	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~	$	38,386,530
				210,049,182
		TOTAL COMMON STOCKS (Cost $870,063,003)		997,964,615
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (1.2%)#
		Communication Services (0.1%)
	5,500	Pinterest, Inc.
	18,397,500	Call, 05/17/24, Strike $37.00		577,500
		Consumer Discretionary (0.3%)
	3,100	Amazon.com, Inc.
	54,250,000	Put, 05/03/24, Strike $177.50		2,859,750
	1,200	Marriott International, Inc.
	28,335,600	Put, 05/03/24, Strike $235.00		528,000
				3,387,750
		Industrials (0.2%)
		3M Company
	2,385
	23,017,635	Call, 05/03/24, Strike $95.00		540,202
	2,385
	23,017,635	Put, 05/03/24, Strike $89.00		13,118
	8,970	Delta Air Lines, Inc.
	44,912,790	Call, 05/10/24, Strike $50.00		1,058,460
				1,611,780
		Information Technology (0.2%)
	1,345	Advanced Micro Devices, Inc.
	21,302,110	Put, 05/03/24, Strike $160.00		998,663
	360	Arista Networks, Inc.
	9,236,160	Put, 05/10/24, Strike $250.00		378,000
	300	Monolithic Power Systems, Inc.
	20,079,900	Call, 05/17/24, Strike $700.00		696,000
	460	NVIDIA Corp.
	11,914,000	Put, 05/17/24, Strike $800.00		509,450
				2,582,113
		Other (0.4%)
	12,250	iShares 20+ Year Treasury Bond
	108,069,500	Put, 06/21/24, Strike $85.00		937,125
		SPDR S&P 500 ETF Trust
	6,600
	331,306,800	Put, 05/03/24, Strike $497.00		1,032,900
	4,200
	210,831,600	Put, 05/24/24, Strike $495.00		1,848,000
				3,818,025
		TOTAL PURCHASED OPTIONS (Cost $12,253,625)		11,977,168

See accompanying Notes to Schedule of Investments

www.calamos.com
111

Phineus Long/Short Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.2%)
	1,998,709		State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $1,998,709)	$	1,998,709
			TOTAL INVESTMENTS (97.6%) (Cost $884,315,337)		1,011,940,492
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.2%)					(1,998,709	)
OTHER ASSETS, LESS LIABILITIES (2.6%)					27,403,797
NET ASSETS (100.0%)				$	1,037,345,580
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-8.9%)#
			Health Care (-0.9%)
	(7,500	)	Mettler-Toledo International, Inc.		(9,222,750	)
			Industrials (-1.3%)
	(42,000	)	Eaton Corp., PLC		(13,366,920	)
			Information Technology (-6.7%)
	(83,000	)	Apple, Inc.		(14,137,390	)
	(36,000	)	Arista Networks, Inc.		(9,236,160	)
	(37,800	)	KLA Corp.		(26,055,162	)
	(11,700	)	Lam Research Corp.		(10,464,597	)
	(37,100	)	Salesforce, Inc.		(9,977,674	)
					(69,870,983	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $88,235,210)		(92,460,653	)
EXCHANGE-TRADED FUND SOLD SHORT (-50.1%)#
			Other (-50.1%)
	(1,035,700	)	SPDR S&P 500 ETF Trust (Proceeds $518,852,214)		(519,900,686	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $607,087,424)		(612,361,339	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
WRITTEN OPTIONS (-1.3%)#
			Communication Services (-0.1%)
			Pinterest, Inc.
	(3,850	)
	(12,878,250	)	Call, 05/17/24, Strike $36.00	$	(517,825	)
	(1,100	)
	(3,679,500	)	Put, 05/17/24, Strike $30.00		(97,900	)
					(615,725	)
			Consumer Discretionary (-0.3%)
			Amazon.com, Inc.
	(3,875	)
	(67,812,500	)	Call, 06/21/24, Strike $200.00		(1,123,750	)
	(3,100	)
	(54,250,000	)	Put, 06/21/24, Strike $160.00		(1,085,000	)
	(705	)	Hyatt Hotels Corp.
	(10,489,695	)	Put, 05/17/24, Strike $140.00		(109,275	)
	(1,200	)	Marriott International, Inc.
	(28,335,600	)	Put, 05/17/24, Strike $220.00		(177,000	)
					(2,495,025	)
			Industrials (-0.1%)
	(3,580	)	United Airlines Holdings, Inc.
	(18,422,680	)	Call, 09/20/24, Strike $55.00		(1,342,500	)
			Information Technology (-0.6%)
			Advanced Micro Devices, Inc.
	(1,345	)
	(21,302,110	)	Put, 05/03/24, Strike $152.50		(521,187	)
	(1,345	)
	(21,302,110	)	Call, 06/21/24, Strike $185.00		(541,363	)
			Arista Networks, Inc.
	(360	)
	(9,236,160	)	Put, 05/10/24, Strike $235.00		(183,600	)
	(360	)
	(9,236,160	)	Put, 05/24/24, Strike $230.00		(192,600	)
	(600	)	Monolithic Power Systems, Inc.
	(40,159,800	)	Call, 06/21/24, Strike $800.00		(849,000	)
			NVIDIA Corp.
	(490	)
	(12,691,000	)	Put, 05/24/24, Strike $700.00		(376,075	)
	(460	)
	(11,914,000	)	Put, 05/24/24, Strike $900.00		(3,628,250	)
					(6,292,075	)
			Other (-0.2%)
	(12,250	)	iShares 20+ Year Treasury Bond
	(108,069,500	)	Call, 05/03/24, Strike $88.00		(784,000	)
			SPDR S&P 500 ETF Trust
	(6,930	)
	(347,872,140	)	Put, 06/28/24, Strike $460.00		(1,306,305	)
	(2,925	)
	(146,829,150	)	Put, 05/31/24, Strike $460.00		(193,050	)
					(2,283,355	)
			TOTAL WRITTEN OPTIONS (Premium $14,457,888)	$	(13,028,680	)

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
112

Phineus Long/Short Fund Schedule of Investments April 30, 2024 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $436,789,835.

^ Security, or portion of security, is on loan.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

SECTOR WEIGHTINGS

Industrials	30.6	%
Information Technology	20.4
Health Care	16.5
Consumer Discretionary	11.4
Financials	8.3
Communication Services	6.6
Energy	3.0
Other	0.4

See accompanying Notes to Schedule of Investments

www.calamos.com
113

Merger Arbitrage Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
CONVERTIBLE BONDS (26.4%)
		Communication Services (4.2%)
	91,000	TechTarget, Inc. 0.000%, 12/15/26	$	86,812
		Health Care (7.9%)
	78,000	Shockwave Medical, Inc.* 1.000%, 08/15/28		99,134
	58,000	Cerevel Therapeutics Holdings, Inc.* 2.500%, 08/15/27		65,317
				164,451
		Information Technology (14.3%)
	88,000	Shift4 Payments, Inc. 0.500%, 08/01/27		78,647
	25,000	Model N, Inc. 2.625%, 06/01/25		25,457
	55,000	Rapid7, Inc. 0.250%, 03/15/27		47,598
	44,000	Alteryx, Inc. 1.000%, 08/01/26		43,860
	33,000	Blackline, Inc. 0.000%, 03/15/26		29,690
	40,000	Everbridge, Inc. 0.000%, 03/15/26		39,447
	31,000	Alteryx, Inc. 0.500%, 08/01/24		30,889
				295,588
		TOTAL CONVERTIBLE BONDS (Cost $548,130)		546,851
NUMBER OF SHARES			VALUE
COMMON STOCKS (68.8%)
		Communication Services (0.8%)
	1,181	TEGNA, Inc.		16,109
		Consumer Discretionary (4.3%)
	400	iRobot Corp.#~		3,424
	2,423	Capri Holdings, Ltd.#~		85,968
				89,392
		Consumer Staples (6.2%)
	6,276	Albertsons Companies, Inc. - Class A~		128,030
	755	Mirati Therapeutics, Inc.#‡‡‡		755
				128,785
		Energy (31.6%)
	1,105	Hess Corp.~		174,027
	853	Pioneer Natural Resources Company		229,730
	6,819	Southwestern Energy Company#		51,074
	4,911	Enerplus Corp.		96,157
	7,635	Equitrans Midstream Corp.		103,302
				654,290

NUMBER OF SHARES			VALUE
		Health Care (6.6%)
	7	Shockwave Medical, Inc.#	$	2,312
	1,446	Amedisys, Inc.#~		133,104
				135,416
		Industrials (0.1%)
	500	Spirit Airlines, Inc.		1,765
		Information Technology (7.3%)
	78	Twilio, Inc. - Class A#		4,671
	5	Blackbaud, Inc.#		390
	4,215	Juniper Networks, Inc.~		146,766
				151,827
		Materials (2.9%)
	1,660	United States Steel Corp.		60,590
		Special Purpose Acquisition Companies (5.8%)#
	327	Ai Transportation Acquisition Corp.		3,371
	409	Black Hawk Acquisition Corp.		4,213
	231	Spark I Acquisition Corp.		2,384
	200	Generation Asia I Acquisition, Ltd. - Class A		2,214
	1,500	Four Leaf Acquisition Corp. - Class A		16,260
	7,970	Everest Consolidator Acquisition Corp.~		89,583
	230	Quetta Acquisition Corp.		2,355
				120,380
		Utilities (3.2%)
	1,791	PNM Resources, Inc.~		66,374
		TOTAL COMMON STOCKS (Cost $1,455,872)		1,424,928
RIGHTS (0.0%)#
		Special Purpose Acquisition Companies (0.0%)
	327	AI Transportation Acquisition Corp., (Expires 10/25/24)		52
	23	Quetta Acquisition Corp., (Expires 11/30/24)		32
				84
		TOTAL RIGHTS (Cost $88)		84
WARRANT (0.0%)#
		Special Purpose Acquisition Company (0.0%)
	115	Spark I Acquisition Corp. 11/27/28, Strike $11.50 (Cost $16)		21

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
114

Merger Arbitrage Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTION (0.0%)#
			Health Care (0.0%)
	16		Shockwave Medical, Inc.
	528,304		Call, 05/17/24, Strike $340.00 (Cost $341)	$	240
			TOTAL INVESTMENTS (95.2%) (Cost $2,004,447)		1,972,124
OTHER ASSETS, LESS LIABILITIES (4.8%)					100,436
NET ASSETS (100.0%)				$	2,072,560
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-32.1%)#
			Energy (-32.1%)
	(591	)	Chesapeake Energy Corp.		(53,119	)
	(1,132	)	Chevron Corp.		(182,558	)
	(497	)	Chord Energy Corp.		(87,959	)
	(2,674	)	EQT Corp.		(107,201	)
	(1,980	)	Exxon Mobil Corp.		(234,174	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $601,780)		(665,011	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
WRITTEN OPTIONS (0.0%)#
			Industrials (0.0%)
	5		Spirit Airlines, Inc.
	1,765		Call, 06/21/24, Strike $7.50		(30	)
			Utilities (0.0%)
	2		PNM Resources, Inc.
	7,412		Call, 05/17/24, Strike $35.00		(545	)
			TOTAL WRITTEN OPTIONS (Premium $1,800)	$	(575	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $589,079.

‡‡‡ Security fair valued using significant unobservable inputs and classified as a Level 3 security.

Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

SECTOR WEIGHTINGS

Energy	31.6	%
Information Technology	21.6
Health Care	14.5
Consumer Staples	6.2
Special Purpose Acquisition Companies	5.8
Communication Services	5.0
Consumer Discretionary	4.3
Utilities	3.2
Materials	2.9
Industrials	0.1

See accompanying Notes to Schedule of Investments

www.calamos.com
115

Convertible Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
CONVERTIBLE BONDS (93.8%)
		Communication Services (6.4%)
	9,250,000	Liberty Media Corp. 2.375%, 09/30/53*	$	9,705,655
	5,250,000	3.750%, 03/15/28		5,633,355
	11,250,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		11,717,212
	20,500,000	Snap, Inc. 0.000%, 05/01/27		16,745,015
	4,250,000	0.750%, 08/01/26^		4,410,225
	4,000,000	Zillow Group, Inc.^ 1.375%, 09/01/26		4,618,760
				52,830,222
		Consumer Discretionary (14.5%)
	6,750,000	Booking Holdings, Inc. 0.750%, 05/01/25		12,402,112
	7,000,000	Carnival Corp. 5.750%, 12/01/27		9,888,340
	5,750,000	DISH Network Corp. 0.000%, 12/15/25		4,220,500
	10,750,000	DraftKings Holdings, Inc.^ 0.000%, 03/15/28		8,947,655
	9,000,000	Etsy, Inc. 0.125%, 10/01/26		9,488,970
	15,750,000	Ford Motor Company 0.000%, 03/15/26		15,722,752
	2,695,000	Lucid Group, Inc.* 1.250%, 12/15/26		1,235,604
	5,250,000	Marriott Vacations Worldwide Corp. 3.250%, 12/15/27		4,813,463
	13,000,000	Rivian Automotive, Inc. 4.625%, 03/15/29		8,879,780
	5,250,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		14,964,862
	7,750,000	Shake Shack, Inc. 0.000%, 03/01/28		7,025,298
	3,500,000	Stride, Inc. 1.125%, 09/01/27		4,827,515
	7,500,000	Wayfair, Inc. 3.500%, 11/15/28*		9,993,675
	3,600,000	3.250%, 09/15/27		3,971,052
	4,028,000	Winnebago Industries, Inc.* 3.250%, 01/15/30		3,981,638
				120,363,216
		Consumer Staples (1.1%)
	8,000,000	Post Holdings, Inc. 2.500%, 08/15/27		8,968,800

PRINCIPAL AMOUNT			VALUE
		Energy (3.4%)
	4,250,000	Kosmos Energy, Ltd.* 3.125%, 03/15/30	$	4,516,050
	5,410,000	Nabors Industries, Inc. 1.750%, 06/15/29		3,971,156
	5,000,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		6,189,400
	4,750,000	Pioneer Natural Resources Company 0.250%, 05/15/25		13,948,613
				28,625,219
		Financials (2.0%)
	4,375,000	Coinbase Global, Inc. 0.250%, 04/01/30*		3,956,575
	4,000,000	0.500%, 06/01/26^		4,058,120
	8,750,000	Global Payments, Inc.*^ 1.500%, 03/01/31		8,727,862
				16,742,557
		Health Care (20.0%)
	5,500,000	Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		5,068,800
	7,750,000	Alphatec Holdings, Inc. 0.750%, 08/01/26		7,816,805
	6,000,000	CONMED Corp. 2.250%, 06/15/27		5,295,900
	7,000,000	CryoPort, Inc.* 0.750%, 12/01/26		6,097,280
	35,000,000	Dexcom, Inc.* 0.375%, 05/15/28		35,556,500
	4,250,000	Enovis Corp.* 3.875%, 10/15/28		5,025,455
	10,750,000	Exact Sciences Corp. 0.375%, 03/01/28^		9,337,235
	4,000,000	2.000%, 03/01/30*		4,124,640
	8,250,000	Halozyme Therapeutics, Inc.^ 1.000%, 08/15/28		7,785,525
	2,215,000	Immunocore Holdings, PLC*^ 2.500%, 02/01/30		2,192,739
	5,500,000	Insmed, Inc. 0.750%, 06/01/28		5,633,485
	5,750,000	Insulet Corp.^ 0.375%, 09/01/26		5,931,067
	10,375,000	Integer Holdings Corp. 2.125%, 02/15/28		14,428,305
	5,500,000	Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		5,334,835
	4,250,000	iRhythm Technologies, Inc.* 1.500%, 09/01/29		4,311,455
	12,250,000	Jazz Investments I, Ltd. 2.000%, 06/15/26		11,818,310
	4,359,000	Lantheus Holdings, Inc. 2.625%, 12/15/27		4,929,724

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
116

Convertible Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	10,000,000	NeoGenomics, Inc. 0.250%, 01/15/28	$	7,889,000
	4,250,000	Sarepta Therapeutics, Inc. 1.250%, 09/15/27		4,877,173
	9,500,000	Shockwave Medical, Inc.* 1.000%, 08/15/28		12,074,025
				165,528,258
		Industrials (5.9%)
	5,500,000	American Airlines Group, Inc. 6.500%, 07/01/25		6,015,020
	5,000,000	Axon Enterprise, Inc. 0.500%, 12/15/27		7,285,900
	4,750,000	Fluor Corp.*^ 1.125%, 08/15/29		5,175,220
	5,500,000	Middleby Corp. 1.000%, 09/01/25		6,481,310
	4,750,000	Tetra Tech, Inc.* 2.250%, 08/15/28		5,395,953
	10,532,000	Uber Technologies, Inc. 0.875%, 12/01/28*		11,899,580
	6,750,000	0.000%, 12/15/25		7,048,147
				49,301,130
		Information Technology (32.7%)
	4,750,000	Advanced Energy Industries, Inc.* 2.500%, 09/15/28		4,708,723
	15,250,000	Akamai Technologies, Inc.*~ 1.125%, 02/15/29		15,023,080
	11,500,000	Bentley Systems, Inc. 0.125%, 01/15/26		11,684,920
	3,750,000	Camtek, Ltd.* 0.000%, 12/01/26		5,603,250
	8,000,000	Confluent, Inc.^ 0.000%, 01/15/27		6,798,240
	5,000,000	CyberArk Software, Ltd. 0.000%, 11/15/24		7,682,600
	7,250,000	Datadog, Inc. 0.125%, 06/15/25		10,344,372
	8,500,000	DigitalOcean Holdings, Inc.~ 0.000%, 12/01/26		7,102,600
	4,250,000	Five9, Inc.*^ 1.000%, 03/15/29		4,217,573
	7,000,000	NCL Corp., Ltd. 5.375%, 08/01/25		8,606,780
	5,250,000	2.500%, 02/15/27		4,922,243
	6,875,000	Nutanix, Inc.^ 0.250%, 10/01/27		8,326,794
	4,750,000	Okta, Inc. 0.375%, 06/15/26		4,310,958
	19,250,000	ON Semiconductor Corp.^ 0.500%, 03/01/29		18,659,602
	4,500,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		13,173,255

PRINCIPAL AMOUNT			VALUE
	6,500,000	Parsons Corp.* 2.625%, 03/01/29	$	6,816,940
	8,000,000	Rapid7, Inc.* 1.250%, 03/15/29		7,756,720
	6,720,000	Repay Holdings Corp.* 0.000%, 02/01/26		6,143,357
	10,000,000	Seagate HDD Cayman*^ 3.500%, 06/01/28		11,972,600
	21,750,000	Shift4 Payments, Inc.^ 0.000%, 12/15/25		22,535,610
	7,600,000	SK Hynix, Inc. 1.750%, 04/11/30		11,920,296
	13,250,000	Super Micro Computer, Inc.* 0.000%, 03/01/29		13,551,040
	13,750,000	Tyler Technologies, Inc. 0.250%, 03/15/26		14,444,100
	7,744,000	Unity Software, Inc. 0.000%, 11/15/26		6,601,992
	3,962,000	Vertex, Inc.* 0.750%, 05/01/29		4,143,262
	8,750,000	Western Digital Corp.* 3.000%, 11/15/28		13,217,837
	7,500,000	Wix.com, Ltd. 0.000%, 08/15/25		6,951,600
	10,250,000	Wolfspeed, Inc. 0.250%, 02/15/28		6,063,797
	6,250,000	Zscaler, Inc. 0.125%, 07/01/25		7,918,562
				271,202,703
		Materials (1.0%)
	2,125,000	ATI, Inc.~ 3.500%, 06/15/25		8,184,778
		Real Estate (0.6%)
	5,250,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		4,636,485
		Utilities (6.2%)
	8,875,000	Alliant Energy Corp. 3.875%, 03/15/26		8,708,594
	9,000,000	CMS Energy Corp.* 3.375%, 05/01/28		8,818,290
	12,000,000	NextEra Energy Capital Holdings, Inc.* 3.000%, 03/01/27		13,083,120
	7,000,000	PG&E Corp.* 4.250%, 12/01/27		7,024,710
	9,500,000	PPL Capital Funding, Inc.^ 2.875%, 03/15/28		9,031,650
	4,750,000	Southern Company 3.875%, 12/15/25		4,741,925
				51,408,289
		TOTAL CONVERTIBLE BONDS (Cost $730,049,002)		777,791,657

See accompanying Notes to Schedule of Investments

www.calamos.com
117

Convertible Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (3.0%)
		Financials (2.4%)
	127,810	Apollo Global Management, Inc. 6.750%, 07/31/26	$	7,793,854
	10,300	Bank of America Corp.~‡‡ 7.250%		11,845,000
				19,638,854
		Industrials (0.6%)
	86,940	Chart Industries, Inc. 6.750%, 12/15/25		4,995,572
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $23,720,094)		24,634,426
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.8%)
	40,054,905	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $40,054,905)		40,054,905
TOTAL INVESTMENTS (101.6%) (Cost $793,824,001)				842,480,988
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.8%)				(40,054,905	)
OTHER ASSETS, LESS LIABILITIES (3.2%)				27,068,827
NET ASSETS (100.0%)			$	829,494,910

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Bank of New York	Canadian Dollar	07/26/24		5,585,000	$	4,062,826	$	(18,667	)
							$	(18,667	)
COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	Canadian Dollar	07/26/24		10,732,000	$	7,807,027	$	40,480
State Street Bank and Trust	South Korean Won	07/26/24		15,772,268,000		11,463,338		78,584
							$	119,064

NOTES TO SCHEDULE OF INVESTMENTS

^ Security, or portion of security, is on loan.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $23,689,019.

‡‡ Perpetual maturity.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

SECTOR WEIGHTINGS

Information Technology	32.7	%
Health Care	20.0
Consumer Discretionary	14.5
Industrials	6.5
Communication Services	6.4
Utilities	6.2
Financials	4.4
Energy	3.4
Consumer Staples	1.1
Materials	1.0
Real Estate	0.6

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
118

Global Convertible Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (91.7%)
			Communication Services (5.0%)
	863,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25	$	1,878,535
	50,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		314,713
	2,248,000		Sea, Ltd. 0.250%, 09/15/26		1,933,415
	1,400,000		Snap, Inc. 0.000%, 05/01/27		1,143,562
	808,000		Zillow Group, Inc.^ 1.375%, 09/01/26		932,990
					6,203,215
			Consumer Discretionary (19.6%)
	2,363,200	EUR	Accor, SA 0.700%, 12/07/27		1,288,494
	1,189,000		DISH Network Corp. 0.000%, 12/15/25		872,726
	2,719,000		DraftKings Holdings, Inc. 0.000%, 03/15/28		2,263,132
	772,000		Etsy, Inc. 0.125%, 10/01/26		813,943
	1,329,000		Farfetch, Ltd. 3.750%, 05/01/27		51,831
	1,400,000	AUD	Flight Centre Travel Group, Ltd. 1.625%, 11/01/28		887,857
	657,000		Liberty Broadband Corp.* 3.125%, 03/31/53		610,701
	1,330,000		Lucid Group, Inc.* 1.250%, 12/15/26		609,778
	1,458,000		MakeMyTrip, Ltd. 0.000%, 02/15/28		2,591,435
	2,300,000		Meituan 0.000%, 04/27/28		2,040,008
	646,000		NIO, Inc.* 4.625%, 10/15/30		410,391
			Ocado Group, PLC
	900,000	GBP	0.750%, 01/18/27		854,940
	800,000	GBP	0.875%, 12/09/25		890,939
	924,000		Rivian Automotive, Inc. 4.625%, 03/15/29		631,147
	557,000		3.625%, 10/15/30*		326,380
	889,000		Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		2,534,050
	160,000,000	JPY	Sanrio Company, Ltd. 0.000%, 12/14/28		1,270,687
	700,000	EUR	Shop Apotheke Europe, NV 0.000%, 01/21/28		704,952
	980,000		Stride, Inc. 1.125%, 09/01/27		1,351,704
	1,398,000		Wayfair, Inc.* 3.500%, 11/15/28		1,862,821

PRINCIPAL AMOUNT				VALUE
	1,283,000		Wynn Macau, Ltd.* 4.500%, 03/07/29	$	1,371,463
					24,239,379
			Consumer Staples (1.4%)
	600,000	EUR	Davide Campari-Milano, NV 2.375%, 01/17/29		658,710
	1,000,000	EUR	Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26		1,065,685
					1,724,395
			Energy (5.4%)
	2,300,000	EUR	Eni S.p.A 2.950%, 09/14/30		2,549,700
	670,000		Nabors Industries, Inc. 1.750%, 06/15/29		491,807
	1,341,000		Northern Oil & Gas, Inc. 3.625%, 04/15/29		1,659,997
	409,000		Pioneer Natural Resources Company 0.250%, 05/15/25		1,201,049
	500,000	EUR	Saipem S.p.A 2.875%, 09/11/29		712,250
					6,614,803
			Financials (4.9%)
	888,000		Affirm Holdings, Inc. 0.000%, 11/15/26		737,511
	1,273,000		Coinbase Global, Inc.* 0.250%, 04/01/30		1,151,250
	313,796	EUR	Corestate Capital Holding, SA& 8.000%, 12/31/26 9.000% PIK rate		117,236
	1,000,000	GBP	Cornwall Jersey, Ltd. 0.750%, 04/16/26		865,401
	622,000		Global Payments, Inc.*^ 1.500%, 03/01/31		620,426
	900,000	EUR	JPMorgan Chase Financial Company, LLC§ 0.000%, 01/14/25		967,511
	1,299,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		1,633,493
					6,092,828
			Health Care (14.2%)
	761,000		Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		701,338
	725,000		BioMarin Pharmaceutical, Inc. 0.599%, 08/01/24		715,075
	650,000		Coherus Biosciences, Inc. 1.500%, 04/15/26		408,115
	841,000		CONMED Corp. 2.250%, 06/15/27		742,309

See accompanying Notes to Schedule of Investments

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119

Global Convertible Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	623,000		Dexcom, Inc. 0.375%, 05/15/28*	$	632,906
	585,000		0.250%, 11/15/25		613,408
	625,000		Enovis Corp.* 3.875%, 10/15/28		739,037
	661,000		Envista Holdings Corp.*^ 1.750%, 08/15/28		564,071
	785,000		Halozyme Therapeutics, Inc. 1.000%, 08/15/28		740,804
	622,000		0.250%, 03/01/27		545,251
	313,000		Immunocore Holdings, PLC*^ 2.500%, 02/01/30		309,854
	502,000		Innoviva, Inc. 2.500%, 08/15/25		538,546
	732,000		Insmed, Inc. 0.750%, 06/01/28		749,766
	658,000		Integer Holdings Corp. 2.125%, 02/15/28		915,067
	788,000		Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		739,388
	753,000		Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		730,387
	643,000		iRhythm Technologies, Inc.* 1.500%, 09/01/29		652,298
	1,295,000		Jazz Investments I, Ltd. 2.000%, 06/15/26		1,249,364
	415,000		Lantheus Holdings, Inc. 2.625%, 12/15/27		469,336
	941,000		NeoGenomics, Inc. 0.250%, 01/15/28		742,355
	600,000		Omnicell, Inc. 0.250%, 09/15/25		564,090
	620,000		Pacira BioSciences, Inc. 0.750%, 08/01/25		586,756
	759,000		Sarepta Therapeutics, Inc. 1.250%, 09/15/27		871,006
	988,000		Shockwave Medical, Inc.* 1.000%, 08/15/28		1,255,699
	618,000		TransMedics Group, Inc.* 1.500%, 06/01/28		773,050
					17,549,276
			Industrials (7.8%)
	180,000,000	JPY	Daifuku Co., Ltd. 0.000%, 09/13/30		1,329,522
	600,000	EUR	Duerr, AG 0.750%, 01/15/26		622,910
	981,000		John Bean Technologies Corp. 0.250%, 05/15/26		886,294
	700,000		L&F Company Ltd. 2.500%, 04/26/30		480,956
	652,000		Middleby Corp. 1.000%, 09/01/25		768,330

PRINCIPAL AMOUNT				VALUE
	600,000	EUR	Prysmian S.p.A 0.000%, 02/02/26	$	829,919
	600,000	EUR	Rheinmetall, AG 2.250%, 02/07/30		1,115,035
	651,100	EUR	Schneider Electric, SE 0.000%, 06/15/26		1,532,161
	600,000	EUR	SPIE, SA 2.000%, 01/17/28		742,387
	1,196,000		Uber Technologies, Inc.* 0.875%, 12/01/28		1,351,301
					9,658,815
			Information Technology (26.4%)
	978,000		Akamai Technologies, Inc. 1.125%, 02/15/29*~		963,447
	610,000		0.125%, 05/01/25^		688,629
	691,000		BILL Holdings, Inc. 0.000%, 04/01/27		588,165
	873,000		Block, Inc. 0.125%, 03/01/25		864,619
	920,000		Confluent, Inc. 0.000%, 01/15/27		781,798
	973,000		CyberArk Software, Ltd. 0.000%, 11/15/24		1,495,034
	496,000		Datadog, Inc. 0.125%, 06/15/25		707,698
	2,203,000		DigitalOcean Holdings, Inc. 0.000%, 12/01/26		1,840,827
	1,374,000		Dropbox, Inc. 0.000%, 03/01/28		1,256,097
	1,840,000		Fastly, Inc. 0.000%, 03/15/26		1,674,014
	637,000		Five9, Inc.* 1.000%, 03/15/29		632,140
	600,000		Gigabyte Technology Company, Ltd. 0.000%, 07/27/28		635,784
	500,000	EUR	GlobalWafers GmbH 1.500%, 01/23/29		514,049
	663,000		LivePerson, Inc. 0.000%, 12/15/26		253,478
	1,367,000		Microchip Technology, Inc.^ 0.125%, 11/15/24		1,475,881
	1,348,000		MicroStrategy, Inc.* 0.875%, 03/15/31		1,076,823
	2,783,000		NCL Corp., Ltd. 1.125%, 02/15/27		2,547,057
	700,000	EUR	Nexi S.p.A 0.000%, 02/24/28		632,609
	569,000		Nice, Ltd. 0.000%, 09/15/25		564,346
	1,301,000		ON Semiconductor Corp. 0.500%, 03/01/29^		1,261,098
	824,000		0.000%, 05/01/27		1,181,954

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
120

Global Convertible Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	621,000		Parsons Corp.* 2.625%, 03/01/29	$	651,280
	729,000		Pegasystems, Inc. 0.750%, 03/01/25		700,292
	1,291,000		Seagate HDD Cayman* 3.500%, 06/01/28		1,545,663
	929,000		Shift4 Payments, Inc.^ 0.000%, 12/15/25		962,555
	600,000		SK Hynix, Inc. 1.750%, 04/11/30		941,076
	708,200	EUR	SOITEC 0.000%, 10/01/25		1,235,840
	1,232,000		Super Micro Computer, Inc.* 0.000%, 03/01/29		1,259,991
	796,000		Tyler Technologies, Inc. 0.250%, 03/15/26		836,182
	977,000		Workiva, Inc. 1.250%, 08/15/28*		879,994
	120,000		1.125%, 08/15/26		138,394
	1,335,000		Xero Investments, Ltd. 0.000%, 12/02/25		1,241,256
	490,000		Zscaler, Inc. 0.125%, 07/01/25		620,815
					32,648,885
			Materials (3.1%)
	1,448,000		Amyris, Inc.@ 1.500%, 11/15/26		51,433
	1,300,000		LG Chem, Ltd. 1.250%, 07/18/28		1,234,818
	844,000		Lithium Americas Corp. 1.750%, 01/15/27		642,968
	70,000,000	JPY	Nippon Steel Corp. 0.000%, 10/05/26		643,180
	1,100,000	EUR	POSCO Holdings, Inc. 0.000%, 09/01/26		1,215,160
					3,787,559
			Real Estate (0.9%)
	1,235,000		Redfin Corp. 0.000%, 10/15/25		1,074,302
			Utilities (3.0%)
	1,282,000		American Water Capital Corp.*^ 3.625%, 06/15/26		1,247,476
	624,000		CMS Energy Corp.* 3.375%, 05/01/28		611,401
	1,307,000		PPL Capital Funding, Inc. 2.875%, 03/15/28		1,242,565
	651,000		Southern Company 3.875%, 12/15/25		649,893
					3,751,335
			TOTAL CONVERTIBLE BONDS (Cost $115,297,442)		113,344,792

NUMBER OF SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (2.1%)
			Financials (1.6%)
	32,723		Apollo Global Management, Inc. 6.750%, 07/31/26	$	1,995,448
			Utilities (0.5%)
	15,361		NextEra Energy, Inc.^ 6.926%, 09/01/25		625,961
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,463,410)		2,621,409
PRINCIPAL AMOUNT				VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (3.7%)
			Other (3.7%)
	3,593,000		United States Treasury Note 1.750%, 03/15/25		3,486,262
	1,022,000		4.375%, 10/31/24		1,017,070
			TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $4,509,260)		4,503,332
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (1.1%)#
			Consumer Discretionary (0.0%)
	257		Alibaba Group Holding, Ltd.
	1,923,645		Call, 06/21/24, Strike $85.00		30,712
			Energy (0.1%)
	164		Eog Resources, Inc.
	2,166,932		Call, 01/17/25, Strike $141.00		155,800
			Industrials (0.1%)
	946	CHF	Swatch Group, AG
	99,046		Call, 09/20/24, Strike 200.00		81,556
			Other (0.9%)
	347		Invesco QQQ Trust Series 1
	14,733,273		Put, 09/30/24, Strike $420.00		551,036
	543	EUR	TotalEnergies, SE
	4,013,823		Call, 06/21/24, Strike 60.00		539,360
					1,090,396
			TOTAL PURCHASED OPTIONS (Cost $1,228,993)		1,358,464

See accompanying Notes to Schedule of Investments

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121

Global Convertible Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.4%)
	4,238,237	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $4,238,237)	$	4,238,237
		TOTAL INVESTMENTS (102.0%) (Cost $127,737,342)		126,066,234
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.4%)				(4,238,237	)
OTHER ASSETS, LESS LIABILITIES (1.4%)				1,721,921
NET ASSETS (100.0%)			$	123,549,918
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
WRITTEN OPTION (-0.2%)#
		Other (-0.2%)
	347	Invesco QQQ Trust Series 1
	14,733,273	Put, 09/30/24, Strike $380.00 (Premium $184,831)	$	(195,014	)

NOTES TO SCHEDULE OF INVESTMENTS

^ Security, or portion of security, is on loan.

& Illiquid security.

§ Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $196,039.

@ In default status and considered non-income producing.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FOREIGN CURRENCY ABBREVIATIONS

AUD Australian Dollar

CHF Swiss Franc

EUR European Monetary Unit

GBP British Pound Sterling

JPY Japanese Yen

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	101,688,457		80.8	%
European Monetary Unit		17,043,968		13.5	%
Japanese Yen		3,558,102		2.8	%
British Pound Sterling		2,611,280		2.1	%
Australian Dollar		887,857		0.7	%
Swiss Franc		81,556		0.1	%
Total Investments	$	125,871,220		100.0	%

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Information Technology	26.4	%
Consumer Discretionary	19.6
Health Care	14.2
Industrials	7.9
Financials	6.5
Energy	5.5
Communication Services	5.0
Utilities	3.5
Materials	3.1
Consumer Staples	1.4
Other	0.9
Real Estate	0.9

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
122

Timpani Small Cap Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
COMMON STOCKS (99.8%)
		Communication Services (4.3%)
	251,168	EverQuote, Inc. - Class A#	$	5,066,059
	11,985	Ibotta, Inc. - Class A#		1,225,706
	51,853	MediaAlpha, Inc. - Class A#		1,050,023
	101,801	QuinStreet, Inc.#		1,841,580
	357,137	VTEX - Class A#		2,649,956
				11,833,324
		Consumer Discretionary (9.6%)
	146,639	Arhaus, Inc.		1,856,450
	30,050	Boot Barn Holdings, Inc.#		3,199,423
	27,955	Cava Group, Inc.#		2,011,083
	7,402	Duolingo, Inc.#		1,671,002
	15,980	Kura Sushi USA, Inc. - Class A#		1,759,078
	53,001	Modine Manufacturing Company#		4,909,483
	104,485	Potbelly Corp.#		1,064,702
	61,863	Stride, Inc.#		4,129,355
	2,103	TopBuild Corp.#		851,021
	236,747	Universal Technical Institute, Inc.#		3,603,289
	4,188	Wingstop, Inc.		1,611,501
				26,666,387
		Consumer Staples (5.0%)
	43,876	Celsius Holdings, Inc.#		3,127,043
	24,530	elf Beauty, Inc.#		3,986,861
	25,603	Freshpet, Inc.#		2,715,710
	674,347	Mama's Creations, Inc.#		4,005,621
				13,835,235
		Energy (4.3%)
	69,769	Archrock, Inc.		1,338,867
	148,048	Helix Energy Solutions Group, Inc.#		1,590,036
	41,897	Tidewater, Inc.#		3,848,239
	40,558	Weatherford International, PLC#		5,013,780
				11,790,922
		Financials (3.1%)
	6,526	FirstCash Holdings, Inc.		737,307
	71,487	Mercury General Corp.		3,735,911
	52,577	Moneylion, Inc.#		3,486,381
	19,292	Skyward Specialty Insurance Group, Inc.#		673,677
				8,633,276
		Health Care (20.7%)
	890,118	ADMA Biologics, Inc.#		5,803,569
	56,789	Alphatec Holdings, Inc.#		716,677
	390,418	Ardelyx, Inc.#		2,498,675
	128,387	BioLife Solutions, Inc.#		2,251,908
	14,487	Blueprint Medicines Corp.#		1,323,243

NUMBER OF SHARES			VALUE
	72,584	Crinetics Pharmaceuticals, Inc.#	$	3,180,631
	76,006	GeneDx Holdings Corp.#		1,297,423
	27,215	Insmed, Inc.#		672,755
	37,478	Intra-Cellular Therapies, Inc.#		2,691,295
	25,749	iRadimed Corp.		1,045,667
	73,809	LifeMD, Inc.#		880,541
	29,579	Ligand Pharmaceuticals, Inc.#		2,067,276
	3,491	Madrigal Pharmaceuticals, Inc.#		712,234
	49,641	Natera, Inc.#		4,610,656
	166,024	RadNet, Inc.#		8,052,164
	108,272	RxSight, Inc.#		5,644,219
	38,892	SpringWorks Therapeutics, Inc.#		1,815,868
	72,479	Tarsus Pharmaceuticals, Inc.#		2,278,015
	23,861	TransMedics Group, Inc.#		2,246,036
	14,839	UFP Technologies, Inc.#		3,055,944
	10,977	Vaxcyte, Inc.#		664,657
	51,571	Viking Therapeutics, Inc.#		4,104,020
				57,613,473
		Industrials (27.9%)
	15,415	Advanced Drainage Systems, Inc.		2,420,155
	8,898	Aerovironment, Inc.#		1,421,811
	15,392	Atkore, Inc.#		2,698,218
	22,378	Axon Enterprise, Inc.#		7,019,083
	90,471	AZEK Company, Inc.#		4,129,096
	74,755	Blue Bird Corp.#		2,463,551
	9,249	Bowman Consulting Group, Ltd.#		300,500
	35,205	CBIZ, Inc.#		2,505,892
	166,858	CECO Environmental Corp.#		3,607,470
	4,712	Comfort Systems USA, Inc.		1,457,940
	67,670	Construction Partners, Inc. - Class A#		3,494,479
	4,940	Encore Wire Corp.		1,380,038
	7,976	Esab Corp.		844,499
	34,823	ExlService Holdings, Inc.#		1,009,867
	107,296	FTAI Aviation, Ltd.		7,533,252
	27,953	Griffon Corp.		1,831,481
	21,930	Limbach Holdings, Inc.#		994,087
	499	Loar Holdings, Inc.#		26,108
	45,955	Montrose Environmental Group, Inc.#		1,995,366
	13,691	Moog, Inc. - Class A		2,177,827
	59,541	nVent Electric, PLC		4,291,120
	3,249	SiteOne Landscape Supply, Inc.#		509,736
	57,445	Sterling Infrastructure, Inc.#		5,836,412
	29,711	Tecnoglass, Inc.		1,650,446
	21,988	Transcat, Inc.#		2,360,851
	53,347	Vertiv Holdings Company - Class A		4,961,271
	159,589	VirTra, Inc.#		2,515,123
	42,752	VSE Corp.		3,337,649

See accompanying Notes to Schedule of Investments

www.calamos.com
123

Timpani Small Cap Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	45,136	WNS Holdings, Ltd.#	$	1,891,650
	7,922	XPO, Inc.#		851,298
				77,516,276
		Information Technology (22.9%)
	148,587	ACM Research, Inc. - Class A#		3,791,940
	4,959	Appfolio, Inc. - Class A#		1,124,602
	20,110	AppLovin Corp. - Class A#		1,419,163
	90,878	Arlo Technologies, Inc.#		1,125,070
	245,058	AvePoint, Inc.#		1,904,101
	85,146	Celestica, Inc.#		3,689,376
	2,362	CyberArk Software, Ltd.#		565,109
	58,704	FormFactor, Inc.#		2,617,611
	89,480	Informatica, Inc. - Class A#		2,771,196
	11,152	JFrog, Ltd.#		444,742
	14,483	MACOM Technology Solutions Holdings, Inc.#		1,476,542
	14,236	Manhattan Associates, Inc.#		2,933,470
	633	MicroStrategy, Inc. - Class A#		674,164
	6,775	Monday.com, Ltd.#		1,282,711
	53,325	Nutanix, Inc. - Class A#		3,236,828
	22,072	Onto Innovation, Inc.#		4,094,135
	10,698	Parsons Corp.#		839,900
	346,174	Powerfleet, Inc. NJ#		1,658,173
	121,612	PubMatic, Inc. - Class A#		2,728,973
	95,052	Samsara Inc. - Class A#		3,320,166
	46,666	Semtech Corp.#		1,755,575
	250,990	SimilarWeb, Ltd.#		1,854,816
	11,214	Super Micro Computer, Inc.#		9,630,583
	73,863	Varonis Systems, Inc.#		3,231,506
	39,757	Veeco Instruments, Inc.#		1,405,012
	5,597	Wix.com, Ltd.#		665,315
	278,380	Zeta Global Holdings Corp. - Class A#		3,440,777
				63,681,556
		Materials (2.0%)
	6,865	Eagle Materials, Inc.		1,721,124
	49,847	Knife River Corp.#		3,897,537
				5,618,661
		TOTAL COMMON STOCKS (Cost $214,306,311)		277,189,110
		TOTAL INVESTMENTS (99.8%) (Cost $214,306,311)		277,189,110
OTHER ASSETS, LESS LIABILITIES (0.2%)				688,919
NET ASSETS (100.0%)			$	277,878,029

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

SECTOR WEIGHTINGS

Industrials	27.9	%
Information Technology	22.9
Health Care	20.7
Consumer Discretionary	9.6
Consumer Staples	5.0
Communication Services	4.3
Energy	4.3
Financials	3.1
Materials	2.0

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
124

Timpani SMID Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
COMMON STOCKS (98.4%)
		Communication Services (2.0%)
	946	Ibotta, Inc. - Class A#	$	96,748
	2,915	MediaAlpha, Inc. - Class A#		59,029
	7,325	QuinStreet, Inc.#		132,509
	20,689	VTEX - Class A#		153,512
				441,798
		Consumer Discretionary (12.4%)
	11,586	Arhaus, Inc.		146,679
	2,069	Boot Barn Holdings, Inc.#		220,286
	2,733	Cava Group, Inc.#		196,612
	188	Deckers Outdoor Corp.#		153,872
	8,598	DraftKings, Inc. - Class A#		357,333
	355	Duolingo, Inc.#		80,141
	940	Kura Sushi USA, Inc. - Class A#		103,475
	3,918	Modine Manufacturing Company#		362,924
	602	Murphy USA, Inc.		249,120
	4,512	On Holding, AG - Class A#		143,256
	1,150	Shake Shack, Inc. - Class A#		121,728
	4,231	Stride, Inc.#		282,419
	222	TopBuild Corp.#		89,837
	526	Wingstop, Inc.		202,400
				2,710,082
		Consumer Staples (3.9%)
	5,010	Celsius Holdings, Inc.#		357,063
	1,503	elf Beauty, Inc.#		244,283
	2,417	Freshpet, Inc.#		256,371
				857,717
		Energy (3.3%)
	4,391	Archrock, Inc.		84,263
	2,963	Tidewater, Inc.#		272,151
	2,851	Weatherford International, PLC#		352,441
				708,855
		Financials (1.6%)
	257	FirstCash Holdings, Inc.		29,036
	5,652	Mercury General Corp.		295,374
	908	Skyward Specialty Insurance Group, Inc.#		31,707
				356,117
		Health Care (16.0%)
	48,316	ADMA Biologics, Inc.#		315,020
	11,896	Ardelyx, Inc.#		76,134
	695	Blueprint Medicines Corp.#		63,481
	5,485	Crinetics Pharmaceuticals, Inc.#		240,353
	1,451	Insmed, Inc.#		35,869
	2,217	Intra-Cellular Therapies, Inc.#		159,203

NUMBER OF SHARES			VALUE
	165	Madrigal Pharmaceuticals, Inc.#	$	33,663
	6,219	Natera, Inc.#		577,621
	1,222	Neurocrine Biosciences, Inc.#		168,074
	12,212	RadNet, Inc.#		592,282
	8,122	RxSight, Inc.#		423,400
	2,493	SpringWorks Therapeutics, Inc.#		116,398
	1,638	TransMedics Group, Inc.#		154,185
	1,108	UFP Technologies, Inc.#		228,181
	520	Vaxcyte, Inc.#		31,486
	3,422	Viking Therapeutics, Inc.#		272,323
				3,487,673
		Industrials (29.5%)
	2,455	Advanced Drainage Systems, Inc.		385,435
	492	Aerovironment, Inc.#		78,617
	974	Atkore, Inc.		170,742
	2,421	Axon Enterprise, Inc.#		759,371
	7,635	AZEK Company, Inc.#		348,461
	2,157	CBIZ, Inc.#		153,535
	10,080	CECO Environmental Corp.#		217,930
	705	Clean Harbors, Inc.#		133,562
	223	Comfort Systems USA, Inc.		68,998
	4,814	Construction Partners, Inc. - Class A#		248,595
	8,483	Embraer, SA (ADR)#		216,741
	211	EMCOR Group, Inc.		75,363
	388	Encore Wire Corp.		108,392
	627	Esab Corp.		66,387
	1,557	ExlService Holdings, Inc.#		45,153
	7,799	FTAI Aviation, Ltd.		547,568
	2,040	Griffon Corp.		133,661
	1,590	HEICO Corp.		329,766
	569	Hubbell, Inc.		210,826
	40	Loar Holdings, Inc.#		2,093
	3,621	Montrose Environmental Group, Inc.#		157,224
	562	Moog, Inc. - Class A		89,397
	5,425	nVent Electric, PLC		390,980
	454	SiteOne Landscape Supply, Inc.#		71,228
	4,146	Sterling Infrastructure, Inc.#		421,233
	1,565	Tecnoglass, Inc.		86,936
	1,350	Transcat, Inc.#		144,949
	5,625	Vertiv Holdings Company - Class A		523,125
	3,338	WNS Holdings, Ltd.#		139,895
	1,039	XPO, Inc.#		111,651
				6,437,814
		Information Technology (27.2%)
	278	Appfolio, Inc. - Class A#		63,045
	3,565	AppLovin Corp. - Class A#		251,582

See accompanying Notes to Schedule of Investments

www.calamos.com
125

Timpani SMID Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	6,734	Celestica, Inc.#	$	291,784
	944	Cloudflare, Inc. - Class A#		82,506
	233	CyberArk Software, Ltd.#		55,745
	3,471	Descartes Systems Group, Inc.#		322,074
	243	Fair Isaac Corp.#		275,399
	3,730	FormFactor, Inc.#		166,321
	2,639	GoDaddy, Inc. - Class A#		322,961
	292	HubSpot, Inc.#		176,622
	7,069	Informatica, Inc. - Class A#		218,927
	879	JFrog, Ltd.#		35,055
	794	MACOM Technology Solutions Holdings, Inc.#		80,948
	2,656	Manhattan Associates, Inc.#		547,295
	32	MicroStrategy, Inc. - Class A#		34,081
	533	Monday.com, Ltd.#		100,913
	624	MongoDB, Inc.#		227,872
	277	Monolithic Power Systems, Inc.		185,404
	5,247	Nutanix, Inc. - Class A#		318,493
	1,433	Onto Innovation, Inc.#		265,807
	699	Parsons Corp.#		54,879
	6,353	Pure Storage, Inc. - Class A#		320,191
	10,865	Samsara Inc. - Class A#		379,514
	3,655	Semtech Corp.#		137,501
	532	Super Micro Computer, Inc.#		456,882
	4,884	Varonis Systems, Inc.#		213,675
	3,125	Veeco Instruments, Inc.#		110,438
	704	Wix.com, Ltd.#		83,684
	869	Zscaler, Inc.#		150,285
				5,929,883
		Materials (2.5%)
	996	Eagle Materials, Inc.		249,707
	3,914	Knife River Corp.#		306,036
				555,743
		TOTAL COMMON STOCKS (Cost $16,837,103)		21,485,682
		TOTAL INVESTMENTS (98.4%) (Cost $16,837,103)		21,485,682
OTHER ASSETS, LESS LIABILITIES (1.6%)				339,295
NET ASSETS (100.0%)			$	21,824,977

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

SECTOR WEIGHTINGS

Industrials	29.5	%
Information Technology	27.2
Health Care	16.0
Consumer Discretionary	12.4
Consumer Staples	3.9
Energy	3.3
Materials	2.5
Communication Services	2.0
Financials	1.6

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
126

Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
COMMON STOCKS (98.4%)
		Communication Services (13.8%)
	661,000	Alphabet, Inc. - Class A#~	$	107,597,580
	4,051	Ibotta, Inc. - Class A#		414,296
	12,483	MediaAlpha, Inc. - Class A#^		252,781
	92,875	Meta Platforms, Inc. - Class A		39,952,039
	34,100	Netflix, Inc.#		18,776,824
	415,371	Pinterest, Inc. - Class A#		13,894,160
	31,419	QuinStreet, Inc.#		568,370
	73,477	T-Mobile U.S., Inc.		12,062,719
	88,599	VTEX - Class A#^		657,404
				194,176,173
		Consumer Discretionary (16.1%)
	634,340	Amazon.com, Inc.#~		111,009,500
	49,616	Arhaus, Inc.^		628,139
	3,500	Booking Holdings, Inc.		12,082,105
	8,874	Boot Barn Holdings, Inc.#^		944,815
	11,704	Cava Group, Inc.#^		841,986
	7,900	Chipotle Mexican Grill, Inc.#~		24,960,840
	809	Deckers Outdoor Corp.#		662,142
	101,521	DoorDash, Inc. - Class A#		13,122,604
	36,820	DraftKings, Inc. - Class A#		1,530,239
	1,520	Duolingo, Inc.#		343,140
	4,025	Kura Sushi USA, Inc. - Class A#^		443,072
	75,000	Lowe's Companies, Inc.		17,099,250
	27,300	Lululemon Athletica, Inc.#		9,844,380
	16,778	Modine Manufacturing Company#^		1,554,146
	2,578	Murphy USA, Inc.^		1,066,828
	19,322	On Holding, AG - Class A#^		613,474
	4,925	Shake Shack, Inc. - Class A#		521,311
	135,500	Starbucks Corp.		11,990,395
	18,160	Stride, Inc.#		1,212,180
	79,200	Tesla, Inc.#		14,515,776
	952	TopBuild Corp.#		385,246
	2,253	Wingstop, Inc.		866,932
				226,238,500
		Consumer Staples (2.0%)
	21,455	Celsius Holdings, Inc.#		1,529,098
	46,100	Constellation Brands, Inc. - Class A		11,684,506
	6,436	elf Beauty, Inc.#		1,046,043
	10,351	Freshpet, Inc.#^		1,097,930
	211,500	Walmart, Inc.		12,552,525
				27,910,102
		Energy (1.1%)
	18,804	Archrock, Inc.		360,849
	38,333	Hess Corp.		6,037,064

NUMBER OF SHARES			VALUE
	92,500	Occidental Petroleum Corp.	$	6,117,950
	12,689	Tidewater, Inc.#		1,165,484
	12,256	Weatherford International, PLC#		1,515,087
				15,196,434
		Financials (6.1%)
	29,400	American Express Company		6,880,482
	1,101	FirstCash Holdings, Inc.		124,391
	53,500	Marsh & McLennan Companies, Inc.		10,669,505
	24,100	Mastercard, Inc. - Class A		10,873,920
	24,272	Mercury General Corp.		1,268,455
	17,085	S&P Global, Inc.		7,104,455
	3,888	Skyward Specialty Insurance Group, Inc.#^		135,769
	155,000	Visa, Inc. - Class A^		41,634,550
	112,000	Wells Fargo & Company		6,643,840
				85,335,367
		Health Care (12.5%)
	207,227	ADMA Biologics, Inc.#		1,351,120
	50,944	Ardelyx, Inc.#^		326,042
	2,976	Blueprint Medicines Corp.#		271,828
	165,000	Boston Scientific Corp.#		11,858,550
	23,489	Crinetics Pharmaceuticals, Inc.#		1,029,288
	95,000	Dexcom, Inc.#		12,102,050
	50,000	Eli Lilly & Company		39,055,000
	6,214	Insmed, Inc.#^		153,610
	9,494	Intra-Cellular Therapies, Inc.#		681,764
	36,000	Intuitive Surgical, Inc.#		13,342,320
	40,300	IQVIA Holdings, Inc.#		9,340,331
	710	Madrigal Pharmaceuticals, Inc.#^		144,854
	112,600	Merck & Company, Inc.		14,550,172
	26,632	Natera, Inc.#^		2,473,580
	5,233	Neurocrine Biosciences, Inc.#		719,747
	52,297	RadNet, Inc.#		2,536,405
	34,782	RxSight, Inc.#		1,813,186
	10,676	SpringWorks Therapeutics, Inc.#		498,462
	18,300	Stryker Corp.		6,157,950
	17,900	Thermo Fisher Scientific, Inc.		10,180,088
	7,025	TransMedics Group, Inc.#^		661,263
	4,745	UFP Technologies, Inc.#^		977,185
	44,700	UnitedHealth Group, Inc.		21,621,390
	2,227	Vaxcyte, Inc.#^		134,845
	14,654	Viking Therapeutics, Inc.#^		1,166,165
	64,000	Zimmer Biomet Holdings, Inc.		7,697,920
	92,500	Zoetis, Inc.		14,729,700
				175,574,815
		Industrials (6.8%)
	10,513	Advanced Drainage Systems, Inc.		1,650,541

See accompanying Notes to Schedule of Investments

www.calamos.com
127

Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	2,107	Aerovironment, Inc.#^	$	336,678
	4,183	Atkore, Inc.		733,280
	10,368	Axon Enterprise, Inc.#		3,252,027
	32,696	AZEK Company, Inc.#		1,492,245
	69,000	Boeing Company#		11,580,960
	9,258	CBIZ, Inc.#		658,984
	43,234	CECO Environmental Corp.#		934,719
	3,019	Clean Harbors, Inc.#		571,950
	957	Comfort Systems USA, Inc.		296,105
	20,616	Construction Partners, Inc. - Class A#		1,064,610
	36,411	Embraer, SA (ADR)#^		930,301
	904	EMCOR Group, Inc.		322,882
	115,000	Emerson Electric Company		12,394,700
	1,663	Encore Wire Corp.		464,576
	2,685	Esab Corp.		284,288
	6,668	ExlService Holdings, Inc.#		193,372
	33,452	FTAI Aviation, Ltd.		2,348,665
	8,736	Griffon Corp.		572,383
	6,828	HEICO Corp.		1,416,127
	2,444	Hubbell, Inc.		905,551
	170	Loar Holdings, Inc.#		8,894
	15,544	Montrose Environmental Group, Inc.#		674,920
	2,411	Moog, Inc. - Class A		383,518
	23,232	nVent Electric, PLC		1,674,330
	1,944	SiteOne Landscape Supply, Inc.#		304,994
	17,755	Sterling Infrastructure, Inc.#		1,803,908
	6,723	Tecnoglass, Inc.^		373,463
	5,803	Transcat, Inc.#^		623,068
	300,838	Uber Technologies, Inc.#		19,936,534
	51,000	Union Pacific Corp.		12,095,160
	234,000	United Airlines Holdings, Inc.#		12,041,640
	24,181	Vertiv Holdings Company - Class A		2,248,833
	14,349	WNS Holdings, Ltd.#		601,367
	4,459	XPO, Inc.#		479,164
				95,654,737
		Information Technology (38.1%)
	13,000	Adobe, Inc.#		6,016,790
	36,000	Advanced Micro Devices, Inc.#		5,701,680
	31,475	Allegro MicroSystems, Inc.#		934,493
	7,179	Amdocs, Ltd.		602,964
	33,200	Analog Devices, Inc.		6,660,252
	1,191	Appfolio, Inc. - Class A#		270,095
	531,520	Apple, Inc.		90,533,802
	15,267	AppLovin Corp. - Class A#		1,077,392
	13,987	BILL Holdings, Inc.#		872,229
	12,632	Broadcom, Inc.~		16,425,011

NUMBER OF SHARES			VALUE
	22,800	Cadence Design Systems, Inc.#	$	6,284,364
	28,949	Celestica, Inc.#^		1,254,360
	16,590	Ciena Corp.#		766,956
	4,043	Cloudflare, Inc. - Class A#		353,358
	32,817	Confluent, Inc. - Class A#		922,814
	998	CyberArk Software, Ltd.#^		238,772
	52,300	Datadog, Inc. - Class A#		6,563,650
	14,908	Descartes Systems Group, Inc.#		1,383,313
	31,480	DoubleVerify Holdings, Inc.#		922,364
	1,041	Fair Isaac Corp.#		1,179,797
	19,821	Flex, Ltd.#		567,872
	15,973	FormFactor, Inc.#		712,236
	11,327	GoDaddy, Inc. - Class A#		1,386,198
	1,250	HubSpot, Inc.#		756,088
	30,394	Informatica, Inc. - Class A#^		941,302
	8,300	Intuit, Inc.		5,192,646
	3,764	JFrog, Ltd.#		150,108
	3,400	MACOM Technology Solutions Holdings, Inc.#^		346,630
	11,421	Manhattan Associates, Inc.#		2,353,411
	242,651	Marvell Technology, Inc.		15,993,127
	13,799	Micron Technology, Inc.		1,558,735
	357,190	Microsoft Corp.		139,064,783
	137	MicroStrategy, Inc. - Class A#^		145,909
	2,283	Monday.com, Ltd.#		432,240
	3,998	MongoDB, Inc.#^		1,459,990
	1,190	Monolithic Power Systems, Inc.		796,503
	31,744	Nutanix, Inc. - Class A#		1,926,861
	133,500	NVIDIA Corp.		115,346,670
	31,900	NXP Semiconductors, NV		8,172,461
	6,137	Onto Innovation, Inc.#		1,138,352
	172,922	Oracle Corp.		19,669,878
	20,700	Palo Alto Networks, Inc.#		6,021,423
	3,000	Parsons Corp.#		235,530
	4,037	PTC, Inc.#		716,325
	38,768	Pure Storage, Inc. - Class A#		1,953,907
	22,887	Salesforce, Inc.		6,155,230
	71,041	Samsara, Inc. - Class A#		2,481,462
	15,652	Semtech Corp.#^		588,828
	26,671	ServiceNow, Inc.#		18,491,804
	42,500	Snowflake, Inc. - Class A#		6,596,000
	2,287	Super Micro Computer, Inc.#		1,964,076
	140,500	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		19,296,270
	22,454	Teradata Corp.#		833,043
	20,999	Varonis Systems, Inc.#		918,706
	13,383	Veeco Instruments, Inc.#		472,955

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
128

Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	3,015	Wix.com, Ltd.#	$	358,393
	3,721	Zscaler, Inc.#		643,510
				534,803,918
		Materials (1.9%)
	4,265	Eagle Materials, Inc.		1,069,278
	16,761	Knife River Corp.#		1,310,543
	16,600	Linde, PLC		7,319,936
	58,300	Sherwin-Williams Company		17,467,263
				27,167,020
		TOTAL COMMON STOCKS (Cost $783,207,723)		1,382,057,066
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTION (0.1%)#
		Consumer Discretionary (0.1%)
	1,200	Amazon.com, Inc.
	21,000,000	Put, 05/03/24, Strike $172.50 (Cost $495,474)		738,000
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.1%)
	1,921,091	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $1,921,091)		1,921,091
		TOTAL INVESTMENTS (98.6%) (Cost $785,624,288)		1,384,716,157
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.1%)				(1,921,091	)
OTHER ASSETS, LESS LIABILITIES (1.5%)				21,622,605
NET ASSETS (100.0%)			$	1,404,417,671
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
WRITTEN OPTION (0.0%)#
		Consumer Discretionary (0.0%)
	1,200	Amazon.com, Inc.
	21,000,000	Put, 05/03/24, Strike $162.50 (Premium $148,767)	$	(283,800	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $53,615,481.

^ Security, or portion of security, is on loan.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FUTURES CONTRACTS

NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE			MARKET VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Sales
	(80,000	)	Chicago Board Options Exchange VIX Futures	May 2024	$	(1,253,072	)	$	8,013
	(43,000	)	Chicago Board Options Exchange VIX Futures	Jun 2024		(685,936	)		17,147
								$	25,160

SECTOR WEIGHTINGS

Information Technology	38.1	%
Consumer Discretionary	16.2
Communication Services	13.8
Health Care	12.5
Industrials	6.8
Financials	6.1
Consumer Staples	2.0
Materials	1.9
Energy	1.1

See accompanying Notes to Schedule of Investments

www.calamos.com
129

Growth and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
CONVERTIBLE BONDS (16.0%)
		Communication Services (0.9%)
	4,845,000	Liberty Media Corp.* 2.375%, 09/30/53		$5,083,665
	7,315,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		7,618,792
	9,400,000	Live Nation Entertainment, Inc. 3.125%, 01/15/29		10,226,354
				22,928,811
		Consumer Discretionary (1.6%)
	7,640,000	Booking Holdings, Inc. 0.750%, 05/01/25		14,037,354
	9,310,000	Ford Motor Company 0.000%, 03/15/26		9,293,894
	3,065,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		8,736,629
	325,000	Tesla, Inc. 2.000%, 05/15/24		2,887,137
	2,910,000	Wayfair, Inc. 3.250%, 09/15/27		3,209,934
	3,539,000	Winnebago Industries, Inc.* 3.250%, 01/15/30		3,498,266
				41,663,214
		Consumer Staples (0.2%)
	5,855,000	Post Holdings, Inc. 2.500%, 08/15/27		6,564,041
		Energy (0.3%)
	5,425,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		6,715,499
		Financials (0.9%)
	3,725,000	Federal Realty OP, LP* 3.250%, 01/15/29		3,631,540
	7,765,000	Global Payments, Inc.*^ 1.500%, 03/01/31		7,745,355
	9,225,000	Morgan Stanley Finance, LLC 1.000%, 11/23/27		11,600,437
				22,977,332
		Health Care (1.4%)
	10,810,000	Dexcom, Inc. 0.250%, 11/15/25		11,334,934
	5,015,000	0.375%, 05/15/28*		5,094,739
	4,465,000	Exact Sciences Corp.* 2.000%, 03/01/30		4,604,129
	6,375,000	Integer Holdings Corp. 2.125%, 02/15/28		8,865,585
	6,625,000	iRhythm Technologies, Inc.* 1.500%, 09/01/29		6,720,797
				36,620,184

PRINCIPAL AMOUNT			VALUE
		Industrials (2.2%)
	5,600,000	American Airlines Group, Inc. 6.500%, 07/01/25		$6,124,384
	4,585,000	Axon Enterprise, Inc.^ 0.500%, 12/15/27		6,681,170
	7,260,000	Fluor Corp.* 1.125%, 08/15/29		7,909,915
	13,785,000	Middleby Corp. 1.000%, 09/01/25		16,244,520
	8,330,000	Tetra Tech, Inc.* 2.250%, 08/15/28		9,462,797
	9,750,000	Uber Technologies, Inc.* 0.875%, 12/01/28		11,016,037
				57,438,823
		Information Technology (5.5%)
	4,790,000	Advanced Energy Industries, Inc.* 2.500%, 09/15/28		4,748,375
	13,770,000	Akamai Technologies, Inc. 1.125%, 02/15/29*		13,565,102
	3,400,000	0.375%, 09/01/27^		3,452,020
	6,170,000	CyberArk Software, Ltd. 0.000%, 11/15/24		9,480,328
	4,990,000	Enphase Energy, Inc. 0.000%, 03/01/28		4,142,099
	4,250,000	NCL Corp., Ltd. 5.375%, 08/01/25		5,225,545
	6,210,000	Nutanix, Inc. 0.250%, 10/01/27		7,521,366
	13,845,000	ON Semiconductor Corp. 0.500%, 03/01/29		13,420,374
	2,030,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		5,942,602
	7,770,000	Parsons Corp.* 2.625%, 03/01/29		8,148,865
	4,840,000	Rapid7, Inc.* 1.250%, 03/15/29		4,692,816
	10,700,000	Seagate HDD Cayman* 3.500%, 06/01/28		12,810,682
	6,800,000	SK Hynix, Inc. 1.750%, 04/11/30		10,665,528
	6,542,000	Super Micro Computer, Inc.* 0.000%, 03/01/29		6,690,634
	4,725,000	Tyler Technologies, Inc. 0.250%, 03/15/26		4,963,518
	6,084,000	Vertex, Inc.* 0.750%, 05/01/29		6,362,343
	13,385,000	Western Digital Corp.* 3.000%, 11/15/28		20,219,515
				142,051,712
		Real Estate (1.0%)
	8,975,000	Pebblebrook Hotel Trust^ 1.750%, 12/15/26		7,926,181

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
130

Growth and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	15,105,000	Welltower OP, LLC*^ 2.750%, 05/15/28		$16,932,101
				24,858,282
		Utilities (2.0%)
	9,720,000	Alliant Energy Corp. 3.875%, 03/15/26		9,537,750
	13,340,000	CMS Energy Corp.* 3.375%, 05/01/28		13,070,665
	5,915,000	PG&E Corp.* 4.250%, 12/01/27		5,935,880
	16,315,000	PPL Capital Funding, Inc.^ 2.875%, 03/15/28		15,510,671
	8,610,000	Southern Company 3.875%, 12/15/25		8,595,363
				52,650,329
		TOTAL CONVERTIBLE BONDS (Cost $384,904,272)		414,468,227
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (1.3%)
		Financials (0.7%)
	80,250	AMG Capital Trust II 5.150%, 10/15/37		4,055,835
	242,245	Apollo Global Management, Inc. 6.750%, 07/31/26		14,772,100
				18,827,935
		Industrials (0.1%)
	56,341	Chart Industries, Inc. 6.750%, 12/15/25		3,237,354
		Utilities (0.5%)
	80,675	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)^#§** 3.369%, 09/15/29		2,423,477
	215,000	NextEra Energy, Inc.^ 6.926%, 09/01/25		8,761,250
				11,184,727
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $32,076,934)		33,250,016
COMMON STOCKS (73.5%)
		Communication Services (8.7%)
	756,405	Alphabet, Inc. - Class A#		123,127,606
	119,745	Meta Platforms, Inc. - Class A		51,510,707
	27,710	Netflix, Inc.#		15,258,234
	108,795	T-Mobile U.S., Inc.		17,860,875
	164,375	Walt Disney Company		18,262,063
				226,019,485

NUMBER OF SHARES			VALUE
		Consumer Discretionary (7.5%)
	589,450	Amazon.com, Inc.#	$	103,153,750
	4,210	Chipotle Mexican Grill, Inc.#		13,301,916
	50,445	Home Depot, Inc.		16,859,728
	44,130	Lowe's Companies, Inc.		10,061,199
	47,685	McDonald's Corp.		13,019,912
	100,640	NIKE, Inc. - Class B		9,285,046
	91,035	Starbucks Corp.		8,055,687
	73,880	Tesla, Inc.#		13,540,726
	76,340	TJX Companies, Inc.		7,182,831
				194,460,795
		Consumer Staples (5.1%)
	267,985	Coca-Cola Company		16,553,433
	29,260	Costco Wholesale Corp.		21,152,054
	90,855	Mondelez International, Inc. - Class A		6,536,109
	121,700	Monster Beverage Corp.#		6,504,865
	72,640	PepsiCo, Inc.		12,778,102
	155,005	Philip Morris International, Inc.		14,716,175
	152,560	Procter & Gamble Company		24,897,792
	67,855	Target Corp.		10,923,298
	294,690	Walmart, Inc.		17,489,852
				131,551,680
		Energy (3.3%)
	53,770	Chevron Corp.		8,671,488
	82,820	ConocoPhillips		10,403,848
	238,365	Exxon Mobil Corp.		28,191,429
	60,150	Hess Corp.		9,473,024
	70,550	Marathon Petroleum Corp.		12,820,346
	25,285	Pioneer Natural Resources Company		6,809,756
	195,675	Schlumberger, NV		9,290,649
				85,660,540
		Financials (10.0%)
	39,170	American Express Company		9,166,955
	99,710	American International Group, Inc.		7,509,160
	43,888	Assurant, Inc.		7,654,067
	541,560	Bank of America Corp.		20,043,136
	9,110	BlackRock, Inc.		6,874,770
	76,160	Chubb, Ltd.		18,936,422
	58,455	Citigroup, Inc.		3,585,045
	21,995	Goldman Sachs Group, Inc.		9,385,487
	173,430	JPMorgan Chase & Company		33,253,468
	97,121	KKR & Company, Inc.		9,039,052
	97,830	Marsh & McLennan Companies, Inc.		19,510,237
	68,530	Mastercard, Inc. - Class A		30,920,736
	123,375	Morgan Stanley		11,207,385
	21,445	S&P Global, Inc.		8,917,474

See accompanying Notes to Schedule of Investments

www.calamos.com
131

Growth and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	168,980	Visa, Inc. - Class A^	$	45,389,718
	320,775	Wells Fargo & Company		19,028,373
				260,421,485
		Health Care (9.2%)
	66,215	Abbott Laboratories		7,016,804
	76,365	AbbVie, Inc.		12,420,004
	99,305	Alcon, Inc.^		7,704,082
	278,393	Boston Scientific Corp.#		20,008,105
	102,455	Bristol-Myers Squibb Company		4,501,873
	70,020	Danaher Corp.		17,268,332
	58,380	Dexcom, Inc.#		7,437,028
	19,290	Elevance Health, Inc.		10,196,308
	42,885	Eli Lilly & Company~		33,497,473
	161,825	Johnson & Johnson		23,398,277
	16,320	McKesson Corp.		8,767,267
	115,780	Medtronic, PLC		9,290,187
	179,870	Merck & Company, Inc.		23,242,801
	17,665	Stryker Corp.		5,944,273
	26,215	Thermo Fisher Scientific, Inc.		14,908,995
	47,175	UnitedHealth Group, Inc.		22,818,548
	90,405	Zimmer Biomet Holdings, Inc.		10,873,913
				239,294,270
		Industrials (4.7%)
	38,675	Boeing Company#		6,491,212
	696,840	CSX Corp.		23,149,025
	187,500	Delta Air Lines, Inc.		9,388,125
	120,840	Honeywell International, Inc.		23,289,493
	64,255	JB Hunt Transport Services, Inc.		10,445,935
	41,645	Parker-Hannifin Corp.		22,692,777
	46,520	Rockwell Automation, Inc.		12,605,059
	148,475	RTX Corp.		15,073,182
				123,134,808
		Information Technology (21.2%)
	32,110	Accenture, PLC - Class A		9,662,220
	85,840	Advanced Micro Devices, Inc.#		13,595,339
	726,405	Apple, Inc.		123,728,564
	29,104	Broadcom, Inc.		37,843,058
	185,485	Cisco Systems, Inc.		8,714,085
	8,450	Intuit, Inc.		5,286,489
	13,650	Lam Research Corp.		12,208,697
	116,735	Micron Technology, Inc.		13,186,386
	462,645	Microsoft Corp.		180,121,578
	129,020	NVIDIA Corp.		111,475,860

NUMBER OF SHARES			VALUE
	66,560	Oracle Corp.	$	7,571,200
	49,060	Salesforce, Inc.		13,194,196
	18,370	ServiceNow, Inc.#		12,736,472
				549,324,144
		Materials (2.6%)
	308,640	Freeport-McMoRan, Inc.		15,413,482
	52,565	Linde, PLC		23,179,062
	101,590	PPG Industries, Inc.		13,105,110
	16,040	Sherwin-Williams Company		4,805,744
	40,695	Vulcan Materials Company		10,484,253
				66,987,651
		Real Estate (0.6%)
	60,195	American Tower Corp.		10,327,054
	117,530	Invitation Homes, Inc.		4,019,526
				14,346,580
		Utilities (0.6%)
	83,800	CMS Energy Corp.		5,079,118
	94,415	DTE Energy Company		10,415,863
				15,494,981
		TOTAL COMMON STOCKS (Cost $785,845,330)		1,906,696,419
EXCHANGE-TRADED FUND (0.2%)
		Other (0.2%)
	45,780	iShares Biotechnology ETF^ (Cost $6,298,847)		5,810,398
PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (2.4%)
	19,310,000	United States Treasury Note 3.250%, 08/31/24		19,176,489
	19,310,000	3.000%, 06/30/24^		19,233,439
	25,160,000	4.375%, 10/31/24		25,038,623
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $63,584,748)		63,448,551
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.1%)#
		Communication Services (0.0%)
	3,350	Alphabet, Inc.
	33,908,700	Put, 05/03/24, Strike $155.00		75,375

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
132

Growth and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Other (0.1%)
	5,970	iShares MSCI EAFE ETF
	46,130,190	Call, 06/21/24, Strike $80.00	$	259,695
	130	S&P 500 Index
	65,463,970	Put, 09/20/24, Strike $5,100.00		2,131,350
				2,391,045
		TOTAL PURCHASED OPTIONS (Cost $4,239,815)		2,466,420
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.5%)
	38,876,871	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†***		38,876,871
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $38,876,871)		38,876,871
		TOTAL INVESTMENTS (95.0%) (Cost $1,315,826,817)		2,465,016,902
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%)				(38,876,871	)
OTHER ASSETS, LESS LIABILITIES (6.5%)				169,714,503
NET ASSETS (100.0%)			$	2,595,854,534
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
WRITTEN OPTIONS (-0.1%)#
		Communication Services (0.0%)
	3,350	Alphabet, Inc.
	33,908,700	Put, 05/03/24, Strike $147.00		(11,725	)
		Other (-0.1%)
	260	S&P 500 Index
	130,927,940	Put, 09/20/24, Strike $4,700.00		(1,654,900	)
		TOTAL WRITTEN OPTIONS (Premium $2,506,527)	$	(1,666,625	)

NOTES TO SCHEDULE OF INVESTMENTS

^ Security, or portion of security, is on loan.

# Non-income producing security.

§ Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

** Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at April 30, 2024.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $16,793,650.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

SECTOR WEIGHTINGS

Information Technology	26.7	%
Financials	11.6
Health Care	10.6
Communication Services	9.6
Consumer Discretionary	9.1
Industrials	7.0
Consumer Staples	5.3
Energy	3.6
Utilities	3.1
Materials	2.6
Real Estate	1.6
Other	0.3

See accompanying Notes to Schedule of Investments

www.calamos.com
133

Dividend Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCK (0.2%)
		Financials (0.2%)
	620	Apollo Global Management, Inc.^ 6.750%, 07/31/26 (Cost $36,423)	$	37,808
COMMON STOCKS (94.7%)
		Communication Services (9.0%)
	5,490	Alphabet, Inc. - Class C#		903,874
	155	Live Nation Entertainment, Inc.^#		13,781
	1,000	Meta Platforms, Inc. - Class A		430,170
	265	Netflix, Inc.#		145,920
	525	T-Mobile U.S., Inc.		86,189
	1,160	Walt Disney Company		128,876
				1,708,810
		Consumer Discretionary (10.2%)
	4,080	Amazon.com, Inc.#		714,000
	44	Booking Holdings, Inc.		151,889
	31	Chipotle Mexican Grill, Inc.#		97,948
	2,545	Ford Motor Company		30,922
	400	Home Depot, Inc.		133,688
	545	Lowe's Companies, Inc.		124,255
	625	McDonald's Corp.		170,650
	730	MGM Resorts International^#		28,791
	1,235	NIKE, Inc. - Class B		113,941
	345	Royal Caribbean Cruises, Ltd.#		48,172
	710	Starbucks Corp.		62,828
	635	Tesla, Inc.#		116,383
	1,580	TJX Cos., Inc.		148,662
				1,942,129
		Consumer Staples (6.3%)
	2,085	Coca-Cola Company		128,790
	305	Costco Wholesale Corp.		220,485
	630	Mondelez International, Inc. - Class A		45,322
	1,270	Monster Beverage Corp.#		67,882
	680	PepsiCo, Inc.		119,619
	1,350	Philip Morris International, Inc.		128,169
	1,400	Procter & Gamble Company		228,480
	485	Target Corp.		78,075
	2,895	Walmart, Inc.		171,818
				1,188,640
		Energy (4.1%)
	385	Chevron Corp.		62,089
	850	ConocoPhillips		106,777
	2,100	Exxon Mobil Corp.		248,367
	515	Hess Corp.		81,107
	880	Marathon Petroleum Corp.		159,913
	180	Pioneer Natural Resources Company		48,478

NUMBER OF SHARES			VALUE
	1,645	Schlumberger, NV	$	78,105
				784,836
		Financials (13.2%)
	690	American Express Company		161,481
	355	American International Group, Inc.		26,735
	460	Assurant, Inc.		80,224
	6,015	Bank of America Corp.		222,615
	440	Berkshire Hathaway, Inc. - Class B#		174,561
	60	BlackRock, Inc.		45,278
	675	Chubb, Ltd.		167,832
	670	Citigroup, Inc.		41,091
	235	Goldman Sachs Group, Inc.		100,277
	1,785	JPMorgan Chase & Company		342,256
	570	Marsh & McLennan Cos., Inc.		113,675
	680	Mastercard, Inc. - Class A		306,816
	915	Morgan Stanley		83,118
	130	PNC Financial Services Group, Inc.		19,924
	255	S&P Global, Inc.		106,037
	1,100	Visa, Inc. - Class A^		295,471
	3,715	Wells Fargo & Company		220,374
				2,507,765
		Health Care (11.8%)
	915	Abbott Laboratories		96,963
	950	AbbVie, Inc.		154,508
	875	Alcon, Inc.^		67,883
	1,815	Boston Scientific Corp.#		130,444
	920	Bristol-Myers Squibb Company		40,425
	515	Danaher Corp.		127,009
	835	Dexcom, Inc.#		106,371
	220	Elevance Health, Inc.		116,288
	445	Eli Lilly & Company		347,589
	1,040	Johnson & Johnson		150,374
	145	McKesson Corp.		77,895
	780	Medtronic, PLC		62,587
	2,160	Merck & Company, Inc.		279,115
	215	Stryker Corp.		72,347
	215	Thermo Fisher Scientific, Inc.		122,275
	430	UnitedHealth Group, Inc.		207,991
	700	Zimmer Biomet Holdings, Inc.		84,196
				2,244,260
		Industrials (6.1%)
	275	Boeing Company#		46,156
	5,535	CSX Corp.		183,873
	2,960	Delta Air Lines, Inc.		148,207
	1,390	Fortive Corp.		104,625
	1,015	Honeywell International, Inc.		195,621
	445	JB Hunt Transport Services, Inc.		72,344

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
134

Dividend Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	375	Parker-Hannifin Corp.	$	204,341
	330	Rockwell Automation, Inc.		89,417
	820	RTX Corp.		83,246
	545	Uber Technologies, Inc.#		36,117
				1,163,947
		Information Technology (27.9%)
	290	Accenture, PLC - Class A		87,264
	715	Advanced Micro Devices, Inc.#		113,242
	6,350	Apple, Inc.		1,081,595
	460	Applied Materials, Inc.		91,379
	285	Broadcom, Inc.		370,577
	1,925	Cisco Systems, Inc.		90,436
	172	Intuit, Inc.		107,607
	135	Lam Research Corp.		120,745
	815	Microchip Technology, Inc.		74,964
	1,515	Micron Technology, Inc.		171,134
	3,660	Microsoft Corp.		1,424,948
	1,120	NVIDIA Corp.		967,702
	560	Oracle Corp.		63,700
	255	Palo Alto Networks, Inc.#		74,177
	470	Salesforce, Inc.		126,402
	800	Seagate Technology Holdings, PLC		68,728
	135	ServiceNow, Inc.#		93,600
	400	Texas Instruments, Inc.		70,568
	1,265	Western Digital Corp.#		89,600
				5,288,368
		Materials (3.1%)
	2,075	Freeport-McMoRan, Inc.		103,625
	430	Linde, PLC		189,613
	675	PPG Industries, Inc.		87,075
	250	Sherwin-Williams Company		74,903
	515	Vulcan Materials Company		132,679
				587,895
		Real Estate (1.0%)
	365	American Tower Corp.		62,619
	1,375	Welltower, Inc.		131,010
				193,629
		Utilities (2.0%)
	795	Alliant Energy Corp.		39,591
	1,685	CMS Energy Corp.		102,128
	630	DTE Energy Company		69,502
	800	NextEra Energy, Inc.		53,576
	3,970	PPL Corp.		109,016
				373,813
		TOTAL COMMON STOCKS (Cost $9,507,731)		17,984,092

NUMBER OF SHARES			VALUE
EXCHANGE-TRADED FUNDS (1.3%)
		Other (1.3%)
	440	iShares Biotechnology ETF^	$	55,845
	945	iShares Russell 2000 ETF^		185,125
		TOTAL EXCHANGE-TRADED FUNDS (Cost $242,335)		240,970
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.9%)
	167,603	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $167,603)		167,603
		TOTAL INVESTMENTS (97.1%) (Cost $9,954,092)		18,430,473
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.9%)				(167,603	)
OTHER ASSETS, LESS LIABILITIES (3.8%)				724,377
NET ASSETS (100.0%)			$	18,987,247

NOTES TO SCHEDULE OF INVESTMENTS

^ Security, or portion of security, is on loan.

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

See accompanying Notes to Schedule of Investments

www.calamos.com
135

Dividend Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

SECTOR WEIGHTINGS

Information Technology	27.9	%
Financials	13.4
Health Care	11.8
Consumer Discretionary	10.2
Communication Services	9.0
Consumer Staples	6.3
Industrials	6.1
Energy	4.1
Materials	3.1
Utilities	2.0
Other	1.3
Real Estate	1.0

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
136

Select Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
COMMON STOCKS (97.4%)
		Communication Services (10.9%)
	19,031	Alphabet, Inc. - Class A#	$	3,097,866
	2,006	Netflix, Inc.#		1,104,584
	19,400	Pinterest, Inc. - Class A#		648,930
	4,284	T-Mobile U.S., Inc.		703,304
				5,554,684
		Consumer Discretionary (12.0%)
	17,177	Amazon.com, Inc.#		3,005,975
	2,966	Home Depot, Inc.		991,297
	1,830	Lululemon Athletica, Inc.#		659,898
	8,550	Starbucks Corp.		756,589
	7,538	TJX Companies, Inc.		709,250
				6,123,009
		Consumer Staples (5.2%)
	3,337	Constellation Brands, Inc. - Class A		845,796
	10,010	Mondelez International, Inc. - Class A		720,119
	18,413	Walmart, Inc.		1,092,812
				2,658,727
		Energy (3.3%)
	2,719	Chevron Corp.		438,493
	3,048	Hess Corp.		480,030
	11,328	Occidental Petroleum Corp.		749,234
				1,667,757
		Financials (10.4%)
	3,522	American Express Company		824,254
	2,624	Chubb, Ltd.		652,431
	2,513	Marsh & McLennan Companies, Inc.		501,168
	5,650	Morgan Stanley		513,246
	1,730	S&P Global, Inc.		719,386
	4,450	Visa, Inc. - Class A^		1,195,314
	15,800	Wells Fargo & Company		937,256
				5,343,055
		Health Care (13.9%)
	10,133	Boston Scientific Corp.#		728,259
	4,655	Dexcom, Inc.#		593,000
	1,895	Eli Lilly & Company		1,480,184
	2,513	IQVIA Holdings, Inc.#		582,438
	8,486	Merck & Company, Inc.		1,096,561
	1,401	Thermo Fisher Scientific, Inc.		796,777
	2,224	UnitedHealth Group, Inc.		1,075,749
	4,640	Zoetis, Inc.		738,874
				7,091,842

NUMBER OF SHARES			VALUE
		Industrials (8.7%)
	3,378	Boeing Company#	$	566,964
	25,416	CSX Corp.		844,319
	1,380	Deere & Company		540,146
	13,264	Delta Air Lines, Inc.		664,128
	14,705	Uber Technologies, Inc.#		974,500
	4,037	Waste Management, Inc.		839,777
				4,429,834
		Information Technology (28.4%)
	3,960	Analog Devices, Inc.		794,416
	17,383	Apple, Inc.		2,960,846
	905	Broadcom, Inc.		1,176,744
	1,359	Intuit, Inc.		850,218
	9,460	Marvell Technology, Inc.		623,509
	8,733	Microsoft Corp.		3,400,019
	3,500	NVIDIA Corp.		3,024,070
	7,167	Oracle Corp.		815,246
	1,236	ServiceNow, Inc.#		856,956
				14,502,024
		Materials (2.9%)
	1,977	Linde, PLC		871,778
	2,018	Sherwin-Williams Company		604,613
				1,476,391
		Utilities (1.7%)
	11,905	Southern Company		875,017
		TOTAL COMMON STOCKS (Cost $31,216,564)		49,722,340
		TOTAL INVESTMENTS (97.4%) (Cost $31,216,564)		49,722,340
OTHER ASSETS, LESS LIABILITIES (2.6%)				1,337,556
NET ASSETS (100.0%)			$	51,059,896

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

^ Security, or portion of security, is on loan.

See accompanying Notes to Schedule of Investments

www.calamos.com
137

Select Fund Schedule of Investments April 30, 2024 (Unaudited)

SECTOR WEIGHTINGS

Information Technology	28.4	%
Health Care	13.9
Consumer Discretionary	12.0
Communication Services	10.9
Financials	10.4
Industrials	8.7
Consumer Staples	5.2
Energy	3.3
Materials	2.9
Utilities	1.7

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
138

International Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
COMMON STOCKS (97.0%)
			Communication Services (5.0%)
	94,400	SEK	Hemnet Group, AB	$	2,453,332
	40,700	JPY	SoftBank Group Corp.		2,001,650
	16,375		Spotify Technology, SA#		4,592,205
	80,080	EUR	Universal Music Group, NV		2,355,568
					11,402,755
			Consumer Discretionary (15.6%)
	61,830	CNY	Beijing Roborock Technology Company, Ltd. - Class A		3,612,275
	38,700	INR	Dixon Technologies India, Ltd.		3,858,281
	8,620	EUR	Ferrari, NV		3,545,187
	1,195	EUR	Hermes International, SCA		2,860,818
	600,100	CNY	Hisense Home Appliances Group Company, Ltd. - Class A		3,193,759
	618,800	INR	Kalyan Jewellers India, Ltd.		3,061,741
	26,500	KRW	Kia Corp.		2,245,148
	88,739		MakeMyTrip, Ltd.#^		5,875,409
	151,100	JPY	Toyota Motor Corp.		3,446,376
	1,782,000	INR	Zomato, Ltd.#		4,121,243
					35,820,237
			Consumer Staples (2.5%)
	36,500	CAD	Alimentation Couche-Tard, Inc.		2,022,990
	58,400	JPY	Toyo Suisan Kaisha, Ltd.		3,652,001
					5,674,991
			Financials (7.9%)
	5,669,545	IDR	Bank Mandiri Persero, Tbk PT		2,396,385
	68,430	SEK	EQT, AB		1,846,197
	92,370	AUD	HUB24, Ltd.		2,373,312
	38,860	KRW	Meritz Financial Group, Inc.		2,221,915
	133,700	JPY	MS&AD Insurance Group Holdings, Inc.		2,403,797
	1,785	CHF	Partners Group Holding, AG		2,296,520
	211,720		Sumitomo Mitsui Financial Group, Inc. (ADR)^		2,396,671
	63,500	EUR	UniCredit, S.p.A.^		2,330,727
					18,265,524
			Health Care (10.2%)
	17,800	JPY	Hoya Corp.		2,063,729
	11,230		ICON, PLC#		3,345,192
	123,036	DKK	Novo Nordisk, A/S - Class B		15,778,407
	6,510	CHF	Ypsomed Holding, AG		2,320,426
					23,507,754
			Industrials (27.8%)
	22,500	EUR	DO & CO, AG		3,452,927
	17,670	KRW	HD Hyundai Electric Company, Ltd.		3,117,246
	125,640	INR	Hindustan Aeronautics, Ltd.		5,931,637

NUMBER OF SHARES				VALUE
	83,300	JPY	Hitachi, Ltd.	$	7,685,314
	44,000	EUR	KION Group, AG		2,027,867
	61,500	JPY	Kyudenko Corp.^		2,552,488
	124,800	EUR	Leonardo S.p.A^		2,868,160
	604,300	GBP	Melrose Industries, PLC		4,747,580
	264,501	SEK	Munters Group, AB*~		5,273,451
	35,690		nVent Electric, PLC		2,572,178
	53,230	GBP	RELX, PLC		2,187,054
	1,612,060	GBP	Rolls-Royce Holdings, PLC#		8,266,682
	12,224	EUR	Schneider Electric, SE		2,787,236
	44,995	CAD	Stantec, Inc.		3,582,539
	14,100		Waste Connections, Inc.		2,285,469
	1,978,700	CNY	Weichai Power Company, Ltd. - Class A		4,746,903
					64,084,731
			Information Technology (20.6%)
	11,320	EUR	ASML Holding, NV		9,859,864
	1,830	CAD	Constellation Software, Inc.		4,711,461
	18,000	JPY	Horiba, Ltd.		1,746,344
	159,440	INR	KPIT Technologies, Ltd.		2,830,273
	33,560	EUR	SAP, SE		6,059,833
	32,600	CAD	Shopify, Inc. - Class A#		2,288,737
	52,970	KRW	SK Hynix, Inc.		6,536,794
	377,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		9,026,795
	9,800	JPY	Tokyo Electron, Ltd.		2,149,588
	38,750	AUD	WiseTech Global, Ltd.^		2,282,861
					47,492,550
			Materials (3.8%)
	330,100		Cemex, SAB de CV (ADR)#		2,611,091
	7,950		Linde, PLC		3,505,632
	1,119,700	CNY	Zijin Mining Group Company, Ltd. - Class A		2,695,638
					8,812,361
			Real Estate (3.6%)
	217,000	INR	DLF, Ltd.		2,313,606
	254,270	INR	Macrotech Developers, Ltd.*		3,742,194
	139,000	INR	Prestige Estates Projects, Ltd.		2,290,412
					8,346,212
			TOTAL COMMON STOCKS (Cost $161,526,459)		223,407,115
WARRANTS (0.0%)#
			Information Technology (0.0%)
	1,260		Constellation Software, Inc.^ 03/31/40, Strike $1.00 (Cost $—)		—

See accompanying Notes to Schedule of Investments

www.calamos.com
139

International Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.4%)#
		Consumer Discretionary (0.1%)
	1,550	JD.com, Inc
	4,477,950	Call, 07/19/24, Strike $31.00	$	282,875
		Energy (0.1%)
	615	Canadian Natural Resources, Ltd.
	4,662,930	Call, 06/21/24, Strike $80.00		92,250
	1,830	TechnipFMC, PLC
	4,688,460	Call, 07/19/24, Strike $27.00		201,300
				293,550
		Materials (0.2%)
	1,000	Freeport-McMoRan, Inc.
	4,994,000	Call, 07/19/24, Strike $50.00		350,000
		TOTAL PURCHASED OPTIONS (Cost $1,396,715)		926,425
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.6%)
	8,359,046	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $8,359,046)		8,359,046
		TOTAL INVESTMENTS (101.0%) (Cost $171,282,220)		232,692,586
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.6%)				(8,359,046	)
OTHER ASSETS, LESS LIABILITIES (2.6%)				6,029,063
NET ASSETS (100.0%)			$	230,362,603

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
BANK OF NEW YORK	Swiss Franc	06/28/24		6,620,000	$	7,247,170	$	(203,640	)
BANK OF NEW YORK	Swiss Franc	06/28/24		3,900,000		4,269,481		(119,969	)
State Street Bank and Trust	British Pound Sterling	06/28/24		1,800,000		2,249,861		(27,349	)
State Street Bank and Trust	British Pound Sterling	06/28/24		1,720,000		2,149,868		(26,133	)
							$	(377,091	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

^ Security, or portion of security, is on loan.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $1,993,736.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FOREIGN CURRENCY ABBREVIATIONS

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

DKK Danish Krone

EUR European Monetary Unit

GBP British Pound Sterling

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

SEK Swedish Krona

TWD New Taiwan Dollar

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
140

International Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
European Monetary Unit	$	38,148,187		16.4	%
US Dollar		36,469,318		15.7	%
Indian Rupee		28,149,387		12.1	%
Japanese Yen		27,701,287		11.9	%
Danish Krone		15,778,407		6.8	%
British Pound Sterling		15,201,316		6.5	%
Chinese Yuan Renminbi		14,248,575		6.1	%
South Korean Won		14,121,103		6.1	%
Canadian Dollar		12,605,727		5.4	%
Swedish Krona		9,572,980		4.1	%
New Taiwan Dollar		9,026,795		3.9	%
Australian Dollar		4,656,173		2.0	%
Swiss Franc		4,616,946		2.0	%
Indonesian Rupiah		2,396,385		1.0	%
Total Investments	$	232,692,586		100.0	%

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Industrials	27.8	%
Information Technology	20.6
Consumer Discretionary	15.7
Health Care	10.2
Financials	7.9
Communication Services	5.0
Materials	4.0
Real Estate	3.6
Consumer Staples	2.5
Energy	0.1

See accompanying Notes to Schedule of Investments

www.calamos.com
141

Evolving World Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (11.6%)
			Consumer Discretionary (4.6%)
	9,487,000		MakeMyTrip, Ltd. 0.000%, 02/15/28	$	16,862,099
			Information Technology (7.0%)
	3,600,000		Gigabyte Technology Company, Ltd. 0.000%, 07/27/28		3,814,704
	4,000,000		Hon Hai Precision Industry Company, Ltd. 0.000%, 08/05/26		3,922,400
	11,400,000		SK Hynix, Inc. 1.750%, 04/11/30		17,880,444
					25,617,548
			TOTAL CONVERTIBLE BONDS (Cost $31,178,538)		42,479,647
NUMBER OF SHARES				VALUE
COMMON STOCKS (87.5%)
			Communication Services (1.7%)
	192,260	SAR	Etihad Etisalat Company		2,665,579
	84,000	HKD	Tencent Holdings, Ltd.		3,686,187
					6,351,766
			Consumer Discretionary (22.2%)
	952,120	MXN	Alsea, SAB de CV#^		3,985,056
	85,260	INR	Amber Enterprises India, Ltd.#		3,942,626
	176,210	CNY	Beijing Roborock Technology Company, Ltd. - Class A		10,294,662
	79,448	INR	Dixon Technologies India, Ltd.		7,920,742
	419,100	CNY	Fuyao Glass Industry Group Company, Ltd. - Class A		2,881,485
	1,808,171	CNY	Hisense Home Appliances Group Company, Ltd. - Class A		9,623,168
	617,570	INR	Indian Hotels Company, Ltd.		4,261,153
	1,675,000	INR	Kalyan Jewellers India, Ltd.		8,287,681
	45,250	KRW	Kia Corp.		3,833,696
	159,550	INR	Mahindra & Mahindra, Ltd.		4,122,190
	262,600	HKD	Meituan - Class B#*		3,585,679
	2,010		MercadoLibre, Inc.#		2,931,987
	2,266,000	HKD	MGM China Holdings, Ltd.		3,824,880
	314,830	INR	Tata Motors, Ltd.		3,796,929
	3,470,590	INR	Zomato, Ltd.#		8,026,455
					81,318,389
			Consumer Staples (2.0%)
	151,820	TRY	BIM Birlesik Magazalar, A/S		1,813,786
	506,640	MXN	Grupo Comercial Chedraui, SA de CV^		3,730,576
	103,630	INR	Varun Beverages, Ltd.		1,835,114
					7,379,476

NUMBER OF SHARES				VALUE
			Energy (5.0%)
	185,940	EUR	Galp Energia SGPS, SA	$	3,994,207
	263,490	INR	Reliance Industries, Ltd.		9,243,317
	190,580		TechnipFMC, PLC		4,882,660
					18,120,184
			Financials (8.6%)
	286,960	INR	360 ONE WAM, Ltd.		2,682,370
	13,370,850	IDR	Bank Mandiri Persero, Tbk PT		5,651,548
	458,190		Itau Unibanco Holding, SA (ADR)		2,772,049
	55,800	KRW	KB Financial Group, Inc.		3,026,418
	124,065	KRW	Meritz Financial Group, Inc.		7,093,717
	679,880		NU Holdings, Ltd. - Class A#		7,383,497
	12,700	KRW	Samsung Fire & Marine Insurance Company, Ltd.		2,842,585
					31,452,184
			Health Care (2.6%)
	60,435	INR	Apollo Hospitals Enterprise, Ltd.		4,306,100
	22,020	DKK	Novo Nordisk, A/S - Class B		2,823,893
	4,310	KRW	Samsung Biologics Company, Ltd.#*		2,422,467
					9,552,460
			Industrials (13.5%)
	188,500	INR	Adani Ports & Special Economic Zone, Ltd.		2,981,715
	22,470	KRW	Hanwha Aerospace Company, Ltd.		3,413,115
	45,165	KRW	HD Hyundai Electric Company, Ltd.		7,967,764
	245,000	INR	Hindustan Aeronautics, Ltd.		11,566,786
	114,080	INR	KEI Industries, Ltd.		5,452,251
	281,170	INR	Titagarh Rail System, Ltd.		3,554,626
	4,662,900	CNY	Weichai Power Company, Ltd. - Class A		11,186,302
	2,850,100	CNY	Zoomlion Heavy Industry Science and Technology Company, Ltd. - Class A		3,340,405
					49,462,964
			Information Technology (19.9%)
	175,000	TWD	Asia Vital Components Company, Ltd.		3,452,002
	40,000	TWD	ASMedia Technology, Inc.		2,365,202
	4,040	EUR	ASML Holding, NV		3,518,892
	15,380	SAR	Elm Company		3,743,710
	343,950	INR	KPIT Technologies, Ltd.		6,105,572
	107,000	TWD	MediaTek, Inc.		3,226,175
	6,335		NVIDIA Corp.		5,473,567
	64,720	KRW	Samsung Electronics Company, Ltd.		3,597,567
	1,719,649	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.~		41,174,853
					72,657,540

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
142

Evolving World Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
			Materials (4.0%)
	841,828		Cemex, SAB de CV (ADR)#	$	6,658,859
	3,247,500	IDR	Pantai Indah Kapuk Dua Tbk#		984,092
	2,817,946	CNY	Zijin Mining Group Company, Ltd. - Class A		6,784,105
					14,427,056
			Real Estate (8.0%)
	798,755	MXN	Corp. Inmobiliaria Vesta SAB de CV^		2,828,858
	824,070	INR	DLF, Ltd.		8,786,054
	810,630	INR	Macrotech Developers, Ltd.*		11,930,366
	353,290	INR	Prestige Estates Projects, Ltd.		5,821,436
					29,366,714
			TOTAL COMMON STOCKS (Cost $234,310,739)		320,088,733
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (2.3%)#
			Communication Services (1.1%)
	9,604		Kraneshares Csi China Internet
	26,766,348		Call, 07/19/24, Strike $30.00		974,806
	1,500		Sea, Ltd.
	9,478,500		Call, 06/21/24, Strike $60.00		1,170,000
	3,875		Tencent Music Entertainment
	4,863,125		Group, Inc.
			Call, 07/19/24, Strike $10.00		1,181,875
	1,686		Trip.com Group, Ltd.
	8,136,636		Call, 06/21/24, Strike $45.00		775,560
					4,102,241
			Consumer Discretionary (0.3%)
	2,235		Alibaba Group Holding, Ltd.
	16,728,975		Call, 07/19/24, Strike $80.00		648,150
	2,474		JD.com, Inc
	3,564,631		Call, 07/19/24, Strike $31.00		451,505
					1,099,655
			Energy (0.1%)
	2,900		TechnipFMC, PLC
	7,429,800		Call, 07/19/24, Strike $27.00		319,000
			Financials (0.2%)
	2,908		ICICI Bank, Ltd.
	8,005,724		Call, 08/16/24, Strike $27.00		494,360
			Information Technology (0.1%)
	260		Cadence Design Systems, Inc.
	7,166,380		Call, 11/15/24, Strike $300.00		477,100
			Materials (0.2%)
	1,590		Freeport-McMoRan, Inc.
	64,840,200		Call, 07/19/24, Strike $50.00		556,500

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Other (0.3%)
	3,715	Coupang, Inc.
	8,358,750	Call, 08/16/24, Strike $21.00	$	1,151,650
	7,775	Vipshop Holdings, Ltd.
	11,693,600	Call, 06/21/24, Strike $20.00		58,313
				1,209,963
		TOTAL PURCHASED OPTIONS (Cost $9,866,165)		8,258,819
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.2%)
	762,792	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $762,792)		762,792
		TOTAL INVESTMENTS (101.6%) (Cost $276,118,234)		371,589,991
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.2%)				(762,792	)
LIABILITIES, LESS OTHER ASSETS (-1.4%)				(5,032,334	)
NET ASSETS (100.0%)			$	365,794,865

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
BANK OF NEW YORK	South African Rand	06/28/24		250,000,000	$	13,222,938	$	138,146
							$	138,146

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

^ Security, or portion of security, is on loan.

~ Security, or portion of security, is segregated as collateral for written options. The aggregate value of such securities is $9,262,019.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

See accompanying Notes to Schedule of Investments

www.calamos.com
143

Evolving World Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

FOREIGN CURRENCY ABBREVIATIONS

CNY Chinese Yuan Renminbi

DKK Danish Krone

EUR European Monetary Unit

HKD Hong Kong Dollar

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

SAR Saudi Riyal

TRY Turkish Lira

TWD New Taiwan Dollar

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
Indian Rupee	$	114,623,483		30.8	%
US Dollar		81,603,877		22.0	%
New Taiwan Dollar		50,218,232		13.5	%
Chinese Yuan Renminbi		44,110,127		11.9	%
South Korean Won		34,197,329		9.2	%
Hong Kong Dollar		11,096,746		3.0	%
Mexican Peso		10,544,490		2.8	%
European Monetary Unit		7,513,099		2.0	%
Indonesian Rupiah		6,635,640		1.8	%
Saudi Riyal		6,409,289		1.7	%
Danish Krone		2,823,893		0.8	%
Turkish Lira		1,813,786		0.5	%
Total Investments	$	371,589,991		100.0	%

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Consumer Discretionary	27.1	%
Information Technology	27.0
Industrials	13.5
Financials	8.8
Real Estate	8.0
Energy	5.1
Materials	4.2
Communication Services	2.8
Health Care	2.6
Consumer Staples	2.0
Other	0.3

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
144

Global Equity Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
COMMON STOCKS (99.1%)
			Communication Services (6.3%)
	14,100		Alphabet, Inc. - Class A#	$	2,295,198
	4,810		Meta Platforms, Inc. - Class A		2,069,118
	2,710		Netflix, Inc.#		1,492,234
	6,280		Spotify Technology, SA#		1,761,163
					7,617,713
			Consumer Discretionary (16.5%)
	152,298		ADT, Inc.		989,937
	23,740		Amazon.com, Inc.#		4,154,500
	23,000	CNY	Beijing Roborock Technology Company, Ltd. - Class A		1,343,722
	990		Chipotle Mexican Grill, Inc.#		3,128,004
	9,850	INR	Dixon Technologies India, Ltd.		982,017
	10,500		DR Horton, Inc.		1,496,145
	5,005	EUR	Ferrari, NV		2,058,429
	40,150		MakeMyTrip, Ltd.#^		2,658,332
	67,000	JPY	Toyota Motor Corp.^		1,528,175
	642,000	INR	Zomato, Ltd.#		1,484,757
					19,824,018
			Consumer Staples (2.4%)
	2,490		Costco Wholesale Corp.		1,800,021
	10,200		Post Holdings, Inc.#		1,082,730
					2,882,751
			Energy (4.2%)
	47,070	CAD	Canadian Natural Resources, Ltd.^		3,566,878
	55,810		TechnipFMC, PLC		1,429,852
					4,996,730
			Financials (5.8%)
	12,750		Apollo Global Management, Inc.		1,381,845
	2,020,000	IDR	Bank Mandiri Persero, Tbk PT		853,807
	5,690		Chubb, Ltd.		1,414,762
	2,760		JPMorgan Chase & Company		529,202
	14,400	JPY	Sumitomo Mitsui Financial Group, Inc.^		817,974
	5,470		Visa, Inc. - Class A^		1,469,297
	9,100		Wells Fargo & Company		539,812
					7,006,699
			Health Care (12.6%)
	20,290		Boston Scientific Corp.#		1,458,242
	7,015		Eli Lilly & Company		5,479,417
	4,990		ICON, PLC#		1,486,421
	2,650		McKesson Corp.		1,423,607
	40,620		Novo Nordisk, A/S (ADR)		5,211,952
					15,059,639

NUMBER OF SHARES				VALUE
			Industrials (17.2%)
	3,275		EMCOR Group, Inc.	$	1,169,732
	50,000	INR	Hindustan Aeronautics, Ltd.		2,360,569
	20,300	JPY	Hitachi, Ltd.		1,872,892
	227,300	GBP	Melrose Industries, PLC		1,785,744
	121,300	SEK	Munters Group, AB*		2,418,401
	475,900	GBP	Rolls-Royce Holdings, PLC#		2,440,427
	4,310	EUR	Safran, SA		934,546
	6,490	EUR	Schneider Electric, SE		1,479,807
	23,190		Uber Technologies, Inc.#		1,536,801
	30,120		Vertiv Holdings Company - Class A		2,801,160
	8,620		Waste Management, Inc.		1,793,132
					20,593,211
			Information Technology (29.5%)
	12,900		Apple, Inc.		2,197,257
	3,290	EUR	ASML Holding, NV		2,865,632
	8,620		Cadence Design Systems, Inc.#		2,375,930
	2,900	JPY	Keyence Corp.		1,275,332
	31,875		Micron Technology, Inc.		3,600,600
	14,760		Microsoft Corp.~		5,746,511
	12,490		NVIDIA Corp.		10,791,610
	6,550	EUR	SAP, SE		1,182,715
	2,120		ServiceNow, Inc.#		1,469,860
	14,010	CAD	Shopify, Inc. - Class A#		983,595
	118,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		2,825,363
					35,314,405
			Materials (3.4%)
	188,600		Cemex, SAB de CV (ADR)#		1,491,826
	3,105		Linde, PLC		1,369,181
	494,700	CNY	Zijin Mining Group Company, Ltd. - Class A		1,190,972
					4,051,979
			Real Estate (1.2%)
	98,000	INR	Macrotech Developers, Ltd.*		1,442,305
			TOTAL COMMON STOCKS (Cost $72,560,415)		118,789,450

See accompanying Notes to Schedule of Investments

www.calamos.com
145

Global Equity Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.4%)
	5,271,615	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $5,271,615)	$	5,271,615
		TOTAL INVESTMENTS (103.5%) (Cost $77,832,030)		124,061,065
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.4%)				(5,271,615	)
OTHER ASSETS, LESS LIABILITIES (0.9%)				1,040,802
NET ASSETS (100.0%)			$	119,830,252

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

^ Security, or portion of security, is on loan.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $1,070,658.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FOREIGN CURRENCY ABBREVIATIONS

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

SEK Swedish Krona

TWD New Taiwan Dollar

ABBREVIATION

ADR American Depositary Receipt

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	86,367,006		69.6	%
European Monetary Unit		8,521,129		6.9	%
Indian Rupee		6,269,648		5.1	%
Japanese Yen		5,494,373		4.4	%
Canadian Dollar		4,550,473		3.7	%
British Pound Sterling		4,226,171		3.4	%
New Taiwan Dollar		2,825,363		2.3	%
Chinese Yuan Renminbi		2,534,694		2.0	%
Swedish Krona		2,418,401		1.9	%
Indonesian Rupiah		853,807		0.7	%
Total Investments	$	124,061,065		100.0	%

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Information Technology	29.5	%
Industrials	17.2
Consumer Discretionary	16.5
Health Care	12.6
Communication Services	6.3
Financials	5.8
Energy	4.2
Materials	3.4
Consumer Staples	2.4
Real Estate	1.2

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
146

Global Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (31.3%)
			Communication Services (0.7%)
	1,576,000		Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27	$	1,641,451
			Consumer Discretionary (4.2%)
	4,340,000	EUR	Accor, SA 0.700%, 12/07/27		2,366,310
	160,000,000	JPY	Daiwa House Ind Company, Ltd. 0.000%, 03/30/29		1,015,746
	3,733,000		MakeMyTrip, Ltd. 0.000%, 02/15/28		6,634,997
					10,017,053
			Consumer Staples (2.4%)
	5,071,000		Post Holdings, Inc. 2.500%, 08/15/27		5,685,098
			Energy (2.5%)
	5,500,000	EUR	Eni S.p.A 2.950%, 09/14/30		6,097,109
			Financials (3.2%)
	2,200,000	EUR	Citigroup Global Markets Funding Luxembourg SCA 0.000%, 03/15/28		2,635,264
	2,305,000		Global Payments, Inc.*^ 1.500%, 03/01/31		2,299,168
	2,200,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		2,766,500
					7,700,932
			Health Care (0.5%)
	1,190,000		iRhythm Technologies, Inc.* 1.500%, 09/01/29		1,207,208
			Industrials (9.7%)
	2,800,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		3,872,956
	2,700,000	EUR	Rheinmetall, AG 1.875%, 02/07/28		4,934,555
	1,610,000	EUR	Schneider Electric, SE 0.000%, 06/15/26		3,788,633
	2,900,000	EUR	SPIE, SA 2.000%, 01/17/28		3,588,206
	2,123,000		Tetra Tech, Inc.* 2.250%, 08/15/28		2,411,707
	4,170,000		Uber Technologies, Inc.* 0.875%, 12/01/28		4,711,474
					23,307,531
			Information Technology (8.1%)
	1,291,000		Datadog, Inc. 0.125%, 06/15/25		1,842,012
	2,200,000		Gigabyte Technology Company, Ltd. 0.000%, 07/27/28		2,331,208
	2,000,000	EUR	GlobalWafers GmbH 1.500%, 01/23/29		2,056,197

PRINCIPAL AMOUNT			VALUE
	1,030,000	NCL Corp., Ltd. 5.375%, 08/01/25	$	1,266,426
	2,789,000	Parsons Corp.* 2.625%, 03/01/29		2,924,991
	2,800,000	SK Hynix, Inc. 1.750%, 04/11/30		4,391,688
	2,545,000	Spotify USA, Inc. 0.000%, 03/15/26		2,371,609
	2,244,000	Super Micro Computer, Inc.* 0.000%, 03/01/29		2,294,984
				19,479,115
		TOTAL CONVERTIBLE BONDS (Cost $66,808,295)		75,135,497
CORPORATE BONDS (1.7%)
		Energy (0.8%)
	1,940,000	Noble Finance II, LLC* 8.000%, 04/15/30 (Cost $1,962,565)		2,004,505
		Industrials (0.9%)
	2,000,000	Uber Technologies, Inc.* 8.000%, 11/01/26 (Cost $1,133,305)		2,020,620
		TOTAL CORPORATE BONDS (Cost $3,095,870)		4,025,125
U.S. GOVERNMENT AND AGENCY SECURITIES (3.5%)
		United States Treasury Note
	2,140,000	4.000%, 06/30/28		2,077,974
	2,140,000	4.125%, 08/31/30		2,071,286
	2,120,000	4.625%, 09/15/26		2,103,686
	2,120,000	4.500%, 07/15/26		2,097,723
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $8,426,582)		8,350,669
BANK LOANS (0.7%)¡
		Health Care (0.7%)
	1,392,224	Icon Luxembourg Sarl‡ 7.320%, 07/03/28 3 mo. SOFR + 2.00%		1,399,659
	346,874	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		348,726
		TOTAL BANK LOANS (Cost $1,739,098)		1,748,385
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCK (1.6%)
		Financials (1.6%)
	63,900	Apollo Global Management, Inc.^ 6.750%, 07/31/26 (Cost $3,304,429)		3,896,622

See accompanying Notes to Schedule of Investments

www.calamos.com
147

Global Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
COMMON STOCKS (54.7%)
			Communication Services (4.3%)
	26,960		Alphabet, Inc. - Class A#	$	4,388,549
	3,600		Meta Platforms, Inc. - Class A		1,548,612
	3,060		Netflix, Inc.#		1,684,958
	9,270		Spotify Technology, SA#		2,599,679
					10,221,798
			Consumer Discretionary (5.4%)
	264,700		ADT, Inc.		1,720,550
	28,000		Amazon.com, Inc.#		4,900,000
	860		Chipotle Mexican Grill, Inc.#		2,717,256
	3,200	EUR	Ferrari, NV		1,316,079
	100,700	JPY	Toyota Motor Corp.^		2,296,823
					12,950,708
			Consumer Staples (1.7%)
	3,990		Costco Wholesale Corp.		2,884,371
	19,750		Walmart, Inc.		1,172,162
					4,056,533
			Energy (3.1%)
	63,900	CAD	Canadian Natural Resources, Ltd.		4,842,224
	15,852		Chevron Corp.		2,556,452
					7,398,676
			Financials (3.9%)
	3,276,000	IDR	Bank Mandiri Persero, Tbk PT		1,384,689
	6,900		Chubb, Ltd.		1,715,616
	9,320		JPMorgan Chase & Company~		1,787,017
	21,500	JPY	Sumitomo Mitsui Financial Group, Inc.^		1,221,281
	6,460		Visa, Inc. - Class A^		1,735,221
	25,400		Wells Fargo & Company		1,506,728
					9,350,552
			Health Care (8.3%)
	11,500		Eli Lilly & Company		8,982,650
	3,360		McKesson Corp.		1,805,026
	71,550		Novo Nordisk, A/S (ADR)		9,180,580
					19,968,256
			Industrials (6.7%)
	20,300	CAD	Canadian Pacific Kansas City, Ltd.		1,592,562
	29,700	INR	Hindustan Aeronautics, Ltd.		1,402,178
	29,600	JPY	Hitachi, Ltd.		2,730,916
	263,000	GBP	Melrose Industries, PLC		2,066,214
	683,000	GBP	Rolls-Royce Holdings, PLC#		3,502,440
	29,400		Vertiv Holdings Company - Class A		2,734,200
	10,200		Waste Management, Inc.		2,121,804
					16,150,314

NUMBER OF SHARES				VALUE
			Information Technology (19.5%)
	27,450		Apple, Inc.	$	4,675,558
	5,180	EUR	ASML Holding, NV		4,511,846
	6,400		International Business Machines Corp.		1,063,680
	5,300	JPY	Keyence Corp.		2,330,779
	24,810		Microsoft Corp.		9,659,277
	19,200		NVIDIA Corp.		16,589,184
	1,430		ServiceNow, Inc.#		991,462
	13,900	CAD	Shopify, Inc. - Class A#		975,873
	252,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		6,033,826
					46,831,485
			Materials (1.2%)
	4,010		Linde, PLC		1,768,250
	483,500	CNY	Zijin Mining Group Company, Ltd. - Class A		1,164,009
					2,932,259
			Real Estate (0.6%)
	100,000	INR	Macrotech Developers, Ltd.*		1,471,740
			TOTAL COMMON STOCKS (Cost $66,906,839)		131,332,321
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (1.1%)
			Consumer Discretionary (0.2%)
	244		Dr Horton, Inc.
	3,476,756		Call, 01/17/25, Strike $150.00		344,040
	920		MakeMyTrip, Ltd.
	6,091,320		Put, 08/16/24, Strike $55.00		216,200
					560,240
			Health Care (0.2%)
	360		Boston Scientific Corp.
	2,587,320		Call, 06/21/24, Strike $62.50		338,400
	80		ICON, PLC
	2,383,040		Call, 07/19/24, Strike $300.00		128,800
					467,200
			Information Technology (0.1%)
	167		Cadence Design Systems, Inc.
	4,603,021		Call, 11/15/24, Strike $300.00		306,445
			Materials (0.1%)
	945		Freeport-McMoRan, Inc.
	4,719,330		Call, 07/19/24, Strike $50.00		330,750

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
148

Global Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Other (0.5%)
	547	Invesco QQQ Trust Series 1
	23,225,073	Put, 06/28/24, Strike $440.00	$	1,103,299
		TOTAL PURCHASED OPTIONS (Cost $2,573,688)		2,767,934
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.1%)
	2,676,099	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $2,676,099)		2,676,099
		TOTAL INVESTMENTS (95.7%) (Cost $155,530,900)		229,932,652
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.1%)				(2,676,099	)
OTHER ASSETS, LESS LIABILITIES (5.4%)				13,035,318
NET ASSETS (100.0%)			$	240,291,871

NOTES TO SCHEDULE OF INVESTMENTS

^ Security, or portion of security, is on loan.

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $1,438,050.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FOREIGN CURRENCY ABBREVIATIONS

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

TWD New Taiwan Dollar

ABBREVIATION

ADR American Depositary Receipt

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	160,734,197		69.9	%
European Monetary Unit		35,167,155		15.3	%
Japanese Yen		9,595,545		4.2	%
Canadian Dollar		7,410,659		3.2	%
New Taiwan Dollar		6,033,826		2.6	%
British Pound Sterling		5,568,654		2.4	%
Indian Rupee		2,873,918		1.3	%
Indonesian Rupiah		1,384,689		0.6	%
Chinese Yuan Renminbi		1,164,009		0.5	%
Total Investments	$	229,932,652		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
149

Global Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

SECTOR WEIGHTINGS

Information Technology	27.7	%
Industrials	17.3
Consumer Discretionary	9.8
Health Care	9.7
Financials	8.7
Energy	6.4
Communication Services	5.0
Consumer Staples	4.1
Materials	1.3
Real Estate	0.6
Other	0.5

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
150

International Small Cap Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
COMMON STOCKS (98.2%)
			Communication Services (5.6%)
	3,575	SEK	Hemnet Group, AB	$	92,910
	457	EUR	Scout24, SE*		33,570
	37,150	GBP	Trustpilot Group, PLC*#		87,724
					214,204
			Consumer Discretionary (13.0%)
	8,250	MXN	Alsea, SAB de CV#		34,530
	1,200	INR	Amber Enterprises India, Ltd.#		55,491
	1,073	CNY	Beijing Roborock Technology Company, Ltd. - Class A		62,688
	680	INR	Dixon Technologies India, Ltd.		67,794
	15,800	CNY	Hisense Home Appliances Group Company, Ltd. - Class A		84,088
	11,550	INR	Kalyan Jewellers India, Ltd.		57,148
	2,025		MakeMyTrip, Ltd.#		134,075
					495,814
			Consumer Staples (4.8%)
	2,570	SEK	AAK, AB		66,104
	1,100	JPY	Toyo Suisan Kaisha, Ltd.		68,788
	2,000	JPY	Yamazaki Baking Company, Ltd.		48,407
					183,299
			Energy (3.7%)
	11,515	CAD	CES Energy Solutions Corp.		47,427
	22,720	EUR	Saipem S.p.A#		52,136
	1,610		TechnipFMC, PLC		41,248
					140,811
			Financials (6.7%)
	4,125	INR	360 ONE WAM, Ltd.		38,559
	14,500	JPY	Concordia Financial Group, Ltd.		78,128
	2,485	AUD	HUB24, Ltd.		63,849
	1,310	KRW	Meritz Financial Group, Inc.		74,902
					255,438
			Health Care (4.3%)
	1,400	JPY	Jeol, Ltd.		55,467
	309	CHF	Ypsomed Holding, AG		110,140
					165,607
			Industrials (35.4%)
	11,560	GBP	Ashtead Technology Holdings, PLC		117,708
	1,025	EUR	DO & CO, AG		157,300
	700	JPY	Ebara Corp.		57,704
	445	KRW	HD Hyundai Electric Company, Ltd.		78,505
	1,060	INR	Hindustan Aeronautics, Ltd.		50,044

NUMBER OF SHARES				VALUE
	2,000	JPY	Japan Elevator Service Holdings Company, Ltd.	$	31,081
	1,090	INR	KEI Industries, Ltd.		52,095
	1,400	EUR	KION Group, AG		64,523
	1,900	JPY	Kyudenko Corp.		78,857
	3,550	EUR	Leonardo S.p.A		81,586
	18,630	GBP	Melrose Industries, PLC		146,363
	9,077	SEK	Munters Group, AB*		180,971
	830		nVent Electric, PLC		59,818
	1,320	KRW	SK Square Company, Ltd.#		72,524
	1,400	JPY	Sojitz Corp.		36,046
	700	CAD	Stantec, Inc.		55,735
	2,840	INR	Titagarh Rail System, Ltd.		35,904
					1,356,764
			Information Technology (14.1%)
	3,600	HKD	ASMPT, Ltd.		44,740
	252	EUR	BE Semiconductor Industries, NV		33,434
	595	CAD	Descartes Systems Group, Inc.#		55,193
	500	JPY	Horiba, Ltd.		48,509
	4,420	INR	KPIT Technologies, Ltd.		78,461
	1,195	EUR	Lectra		40,712
	800	JPY	Micronics Japan Company, Ltd.		32,955
	970	EUR	Nemetschek, SE		85,718
	1,700	JPY	Towa Corp.		97,904
	900	JPY	Zuken, Inc.		23,517
					541,143
			Materials (4.9%)
	1,455	JPY	Artience Company, Ltd.		26,965
	1,685	EUR	SOL S.p.A		64,819
	3,400	JPY	Sumitomo Bakelite Company, Ltd.		96,842
					188,626
			Real Estate (5.7%)
	7,965	MXN	Corp. Inmobiliaria Vesta SAB de CV		28,209
	5,520	INR	Macrotech Developers, Ltd.*		81,240
	10,900	JPY	Mirarth Holdings, Inc.		33,422
	2,115	INR	Prestige Estates Projects, Ltd.		34,851
	375	EUR	VGP, NV		40,799
					218,521
			TOTAL COMMON STOCKS (Cost $3,077,606)		3,760,227

See accompanying Notes to Schedule of Investments

www.calamos.com
151

International Small Cap Growth Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTION (0.1%)#
		Other (0.1%)
	30 73,920	iShares MSCI China Small-Cap ETF Call, 06/21/24, Strike $25.00 (Cost $3,067)	$	2,100
		TOTAL INVESTMENTS (98.3%) (Cost $3,080,673)		3,762,327
OTHER ASSETS, LESS LIABILITIES (1.7%)				66,049
NET ASSETS (100.0%)			$	3,828,376

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

SEK Swedish Krona

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
Japanese Yen	$	814,592		21.7	%
European Monetary Unit		654,597		17.4	%
Indian Rupee		551,587		14.7	%
British Pound Sterling		351,795		9.3	%
Swedish Krona		339,985		9.0	%
US Dollar		237,241		6.3	%
South Korean Won		225,931		6.0	%
Canadian Dollar		158,355		4.2	%
Chinese Yuan Renminbi		146,776		3.9	%
Swiss Franc		110,140		2.9	%
Australian Dollar		63,849		1.7	%
Mexican Peso		62,739		1.7	%
Hong Kong Dollar		44,740		1.2	%
Total Investments	$	3,762,327		100.0	%

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Industrials	35.4	%
Information Technology	14.1
Consumer Discretionary	13.0
Financials	6.7
Real Estate	5.7
Communication Services	5.6
Materials	4.9
Consumer Staples	4.8
Health Care	4.3
Energy	3.7
Other	0.1

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
152

Total Return Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (29.9%)
		Airlines (0.9%)
	95,751	Air Canada Pass Through Trust Series 2015-2, Class AA* 3.750%, 06/15/29	$	89,647
	90,705	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		88,071
	23,211	British Airways Pass Through Trust Series 2013-1, Class A* 4.625%, 12/20/25		23,151
	88,165	British Airways Pass Through Trust Series 2019-1, Class A* 3.350%, 12/15/30		81,186
	122,566	JetBlue Pass Through Trust Series 2019-1, Class AA 2.750%, 11/15/33		103,421
				385,476
		Communication Services (1.6%)
	200,000	Ashtead Capital, Inc.* 4.375%, 08/15/27		190,542
	100,000	Charter Communications Operating, LLC / Charter Communications Operating Capital 2.800%, 04/01/31		79,558
	150,000	Comcast Corp. 3.900%, 03/01/38		124,419
	75,000	Paramount Global 3.700%, 10/04/26		69,315
	100,000	United States Cellular Corp. 6.700%, 12/15/33		97,642
	150,000	Verizon Communications, Inc. 4.016%, 12/03/29		139,829
				701,305
		Consumer Discretionary (2.2%)
	150,000	Cargill, Inc.* 3.125%, 05/25/51		97,746
	200,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		174,586
	100,000	GLP Capital, LP / GLP Financing II, Inc. 3.250%, 01/15/32		81,769
	50,000	goeasy, Ltd.* 7.625%, 07/01/29		50,082
	125,000	Kohl's Corp. 5.550%, 07/17/45		85,851
	100,000	M/I Homes, Inc. 3.950%, 02/15/30		86,846
	100,000	Mattel, Inc. 6.200%, 10/01/40		94,584
	100,000	Newell Brands, Inc. 5.700%, 04/01/26		98,650

PRINCIPAL AMOUNT			VALUE
	100,000	NIKE, Inc.^ 2.850%, 03/27/30	$	88,369
	100,000	Tractor Supply Company 5.250%, 05/15/33		97,822
				956,305
		Consumer Staples (1.9%)
	125,000	Anheuser-Busch InBev Worldwide, Inc. 3.500%, 06/01/30		113,930
	125,000	Archer-Daniels-Midland Company 3.250%, 03/27/30		111,599
	125,000	Costco Wholesale Corp. 1.600%, 04/20/30		102,780
	100,000	Edgewell Personal Care Company* 4.125%, 04/01/29		90,688
	125,000	Hershey Company 1.700%, 06/01/30		102,326
	200,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30		193,226
	100,000	Kimberly-Clark Corp. 3.100%, 03/26/30		89,413
	50,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		44,281
				848,243
		Energy (0.8%)
	175,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. USD LIBOR + 3.02%		158,963
	100,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		101,884
	100,000	EQT Corp.* 3.125%, 05/15/26		94,581
				355,428
		Financials (8.9%)
	115,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		97,701
	100,000	Aviation Capital Group, LLC*^ 3.500%, 11/01/27		92,124
	100,000	Avolon Holdings Funding, Ltd.*^ 5.500%, 01/15/26		98,755
	125,000	AXIS Specialty Finance, PLC 4.000%, 12/06/27		118,531
	100,000	Bank of America Corp.‡ 2.087%, 06/14/29 SOFR + 1.06%		87,048
	150,000	Bank of Montreal‡ 3.088%, 01/10/37 5 year CMT + 1.40%		119,346

See accompanying Notes to Schedule of Investments

www.calamos.com
153

Total Return Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	100,000	Bank of New York Mellon Corp.‡ 5.834%, 10/25/33 SOFR + 2.07%	$	101,705
	150,000	Berkshire Hathaway Finance Corp. 4.250%, 01/15/49		126,411
	125,000	BP Capital Markets, PLC^‡ 4.875%, 03/22/30 5 year CMT + 4.40%		117,083
	175,000	Brookfield Finance, Inc. 2.724%, 04/15/31		145,885
	150,000	Capital One Financial Corp.‡ 2.359%, 07/29/32 SOFR + 1.34%		113,850
	100,000	Charles Schwab Corp.‡ 4.000%, 06/01/26 5 year CMT + 3.17%		92,256
	100,000	Chubb INA Holdings, LLC& 4.150%, 03/13/43		83,203
	150,000	Citigroup, Inc.‡ 3.875%, 02/18/26 5 year CMT + 3.42%		140,919
	100,000	Essential Properties, LP 2.950%, 07/15/31		79,370
	100,000	Essex Portfolio, LP 1.700%, 03/01/28		86,304
	100,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		85,172
	125,000	Globe Life, Inc. 4.550%, 09/15/28		116,141
	150,000	Goldman Sachs Group, Inc.‡ 3.800%, 05/10/26 5 year CMT + 2.97%		140,791
	125,000	JPMorgan Chase & Company‡ 3.650%, 06/01/26 5 year CMT + 2.85%		117,239
	200,000	LSEGA Financing, PLC* 2.000%, 04/06/28		176,342
	125,000	Markel Corp. 3.500%, 11/01/27		116,861
	100,000	MetLife, Inc. 6.400%, 12/15/66		99,753
	100,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		85,390
	118,000	PartnerRe Finance B, LLC‡ 4.500%, 10/01/50 5 year CMT + 3.82%		106,785
	100,000	Primerica, Inc. 2.800%, 11/19/31		81,614
	100,000	Prologis, LP 2.875%, 11/15/29		88,338
	100,000	Radian Group, Inc. 4.500%, 10/01/24		99,280

PRINCIPAL AMOUNT			VALUE
	125,000	RenaissanceRe Finance, Inc. 3.450%, 07/01/27	$	117,086
	100,000	SLM Corp. 3.125%, 11/02/26		92,862
	100,000	Toronto-Dominion Bank^ 4.456%, 06/08/32		92,861
	125,000	Travelers Companies, Inc. 2.550%, 04/27/50		73,754
	200,000	USAA Capital Corp.* 2.125%, 05/01/30		165,546
	125,000	Ventas Realty, LP 4.000%, 03/01/28		117,493
	100,000	VICI Properties, LP / VICI Note Company, Inc.* 3.500%, 02/15/25		98,344
	125,000	Wells Fargo & Company& 4.400%, 06/14/46		98,979
				3,871,122
		Health Care (2.0%)
	150,000	CVS Health Corp. 4.780%, 03/25/38		132,144
	100,000	DaVita, Inc.* 4.625%, 06/01/30		87,848
	100,000	Elanco Animal Health, Inc.^ 6.650%, 08/28/28		100,019
	100,000	Illumina, Inc. 5.750%, 12/13/27		100,080
	150,000	Johnson & Johnson 3.400%, 01/15/38		122,983
	100,000	Kaiser Foundation Hospitals 2.810%, 06/01/41		70,282
	100,000	Royalty Pharma, PLC 2.200%, 09/02/30		81,279
	100,000	UnitedHealth Group, Inc. 5.250%, 02/15/28		100,342
	100,000	Zoetis, Inc. 5.600%, 11/16/32		100,596
				895,573
		Industrials (4.2%)
	125,000	Air Lease Corp.‡ 4.650%, 06/15/26 5 year CMT + 4.08%		117,811
	100,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		95,616
	100,000	Allegiant Travel Company*^ 7.250%, 08/15/27		96,866
	40,000	Ball Corp. 6.875%, 03/15/28		40,692
	125,000	Beacon Roofing Supply, Inc.* 4.500%, 11/15/26		120,125

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
154

Total Return Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	100,000	Burlington Northern Santa Fe, LLC 4.950%, 09/15/41	$	92,019
	100,000	Cascades, Inc. / Cascades USA, Inc.* 5.125%, 01/15/26		97,608
	100,000	Cummins, Inc. 4.875%, 10/01/43		90,851
	100,000	EnerSys* 4.375%, 12/15/27		93,757
	100,000	Graphic Packaging International, LLC* 1.512%, 04/15/26		91,852
	80,000	GXO Logistics, Inc. 1.650%, 07/15/26		72,994
	100,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		94,004
	100,000	Honeywell International, Inc. 1.950%, 06/01/30		83,325
	100,000	Illinois Tool Works, Inc. 4.875%, 09/15/41		92,587
	125,000	Infor, Inc.* 1.750%, 07/15/25		118,526
	250,000	SMBC Aviation Capital Finance DAC* 1.900%, 10/15/26		227,130
	100,000	TransDigm, Inc.* 6.375%, 03/01/29		99,449
	97,946	United Airlines Pass Through Trust Series 2018-1, Class B 4.600%, 09/01/27		93,847
				1,819,059
		Information Technology (3.2%)
	150,000	Apple, Inc. 4.375%, 05/13/45		130,446
	100,000	Broadridge Financial Solutions, Inc. 3.400%, 06/27/26		95,653
	125,000	CGI, Inc. 1.450%, 09/14/26		113,331
	125,000	Fortinet, Inc. 2.200%, 03/15/31		101,440
	100,000	Intuit, Inc. 5.200%, 09/15/33		98,769
	157,000	Microsoft Corp. 4.100%, 02/06/37		143,520
	125,000	NVIDIA Corp. 3.500%, 04/01/40		100,655
	100,000	Open Text Corp.* 6.900%, 12/01/27		102,302
	125,000	Roper Technologies, Inc. 1.400%, 09/15/27		109,631
	100,000	Take-Two Interactive Software, Inc. 4.950%, 03/28/28		97,891
	100,000	TTM Technologies, Inc.* 4.000%, 03/01/29		89,597

PRINCIPAL AMOUNT			VALUE
	100,000	Twilio, Inc. 3.625%, 03/15/29	$	88,826
	150,000	VMware, Inc. 1.800%, 08/15/28		128,648
				1,400,709
		Materials (0.5%)
	100,000	ArcelorMittal, SA 6.550%, 11/29/27		102,590
	100,000	Georgia-Pacific, LLC* 3.600%, 03/01/25		98,357
				200,947
		Other (0.3%)
	125,000	Intact Financial Corp.* 5.459%, 09/22/32		121,928
		Real Estate (1.5%)
	100,000	Brixmor Operating Partnership, LP 4.125%, 06/15/26		96,640
	150,000	EPR Properties 4.950%, 04/15/28		141,018
	125,000	Forestar Group, Inc.* 3.850%, 05/15/26		118,836
	100,000	Healthpeak OP LLC 3.250%, 07/15/26		95,143
	100,000	Public Storage^ 2.300%, 05/01/31		81,949
	125,000	Tanger Properties, LP 3.875%, 07/15/27		116,390
				649,976
		Utilities (1.9%)
	150,000	Berkshire Hathaway Energy Company 3.800%, 07/15/48		108,036
	100,000	Consolidated Edison Company of New York, Inc. 3.350%, 04/01/30		90,085
	150,000	Duke Energy Carolinas, LLC 3.700%, 12/01/47		107,583
	100,000	Entergy Texas, Inc. 1.500%, 09/01/26		90,511
	100,000	Monongahela Power Company* 3.550%, 05/15/27		94,499
	150,000	Northern States Power Company 3.750%, 12/01/47		103,575
	150,000	Public Service Electric & Gas Company 3.600%, 12/01/47		108,702
	125,000	Southern Company‡ 3.750%, 09/15/51 5 year CMT + 2.92%		114,810
				817,801
		TOTAL CORPORATE BONDS (Cost $14,443,221)		13,023,872

See accompanying Notes to Schedule of Investments

www.calamos.com
155

Total Return Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
BANK LOANS (5.2%)¡
		Airlines (0.7%)
	125,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%	$	126,016
	148,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		154,120
				280,136
		Communication Services (1.5%)
	223,858	APi Group DE, Inc. 7.930%, 01/03/29 1 mo. SOFR + 2.50%		224,958
	289,101	Go Daddy Operating Company, LLC‡ 7.316%, 11/09/29 1 mo. SOFR + 2.00%		289,558
	147,609	Nexstar Broadcasting, Inc.‡ 7.930%, 09/18/26 1 mo. SOFR + 2.50%		147,904
				662,420
		Consumer Discretionary (1.5%)
	96,000	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		96,570
	191,719	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		192,947
	125,000	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		125,434
	242,500	Murphy USA, Inc.‡ 7.192%, 01/31/28 1 mo. SOFR + 1.75%		243,621
				658,572
		Consumer Staples (0.3%)
	131,359	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		132,283
		Energy (0.3%)
	124,688	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		125,280
		Health Care (0.3%)
	107,735	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		108,310
	26,842	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		26,986
				135,296

PRINCIPAL AMOUNT			VALUE
		Information Technology (0.3%)
	125,000	KBR, Inc.‡ 7.566%, 01/17/31 1 mo. SOFR + 2.25%	$	125,521
		Materials (0.3%)
	137,052	Axalta Coating Systems U.S. Holdings, Inc. 7.330%, 12/20/29 3 mo. SOFR + 2.00%		137,601
		TOTAL BANK LOANS (Cost $2,244,236)		2,257,109
U.S. GOVERNMENT AND AGENCY SECURITIES (57.5%)
		Other (57.5%)
	76,781	Federal Home Loan Mortgage Corp. 2.500%, 02/01/35		68,735
	133,773	4.000%, 05/01/49		121,515
	1,287,313	4.000%, 08/01/52		1,151,436
	1,362,773	5.000%, 10/01/53		1,292,460
	106,582	Federal National Mortgage Association 2.500%, 09/01/31		98,976
	86,845	3.000%, 02/01/33		80,630
	47,759	3.000%, 01/01/35		43,868
	248,007	3.000%, 07/01/46		211,356
	159,320	3.000%, 03/01/47		135,775
	45,421	4.000%, 03/01/47		41,368
	138,715	3.500%, 08/01/47		122,133
	77,795	4.500%, 04/01/48		72,974
	101,639	4.000%, 06/01/48		92,456
	68,516	3.500%, 02/01/49		60,255
	61,730	3.000%, 07/01/49		51,779
	118,474	3.500%, 11/01/49		103,518
	578,971	2.500%, 04/01/50		463,549
	499,413	3.000%, 04/01/50		418,916
	407,126	3.500%, 04/01/50		355,348
	776,439	2.500%, 07/01/51		617,958
	572,989	2.000%, 01/01/52		433,787
	568,961	4.500%, 06/01/52		525,703
	1,265,287	4.500%, 09/01/52		1,168,029
	514,472	4.000%, 11/01/52		460,169
	460,765	4.500%, 11/01/52		425,091
	449,422	5.500%, 12/01/52		437,383
	709,404	4.500%, 02/01/53		654,082
	750,177	5.500%, 08/01/53		728,701
	805,970	6.000%, 09/01/53		798,893
	983,933	6.000%, 03/01/54		975,306
	135,643	Government National Mortgage Association 3.500%, 10/20/47		120,996
	102,999	3.000%, 10/20/47		88,952
	350,000	U.S. Treasury Bond 3.500%, 02/15/39		305,019
	300,000	1.125%, 05/15/40		176,719
	200,000	4.000%, 11/15/42		178,266
	460,000	3.875%, 02/15/43		402,069
	500,000	3.000%, 05/15/47		368,476
	300,000	3.000%, 02/15/49		218,859
	500,000	2.250%, 08/15/49		310,430

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
156

Total Return Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	500,000	2.000%, 02/15/50	$	291,094
	200,000	2.875%, 05/15/52		140,781
	1,000,000	4.750%, 11/15/53		994,922
	855,324	U.S. Treasury Inflation Indexed Note 0.500%, 01/15/28		799,060
	500,000	United States Treasury Note 4.875%, 11/30/25		497,939
	1,350,000	4.375%, 12/15/26		1,332,017
	1,350,000	4.375%, 11/30/28		1,329,750
	1,400,000	4.375%, 11/30/30		1,373,422
	2,000,000	4.500%, 11/15/33		1,971,094
	1,350,000	4.750%, 11/15/43		1,324,687
	350,000	3.000%, 08/15/52		252,766
	425,000	3.625%, 02/15/53		347,305
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $27,785,274)		25,036,772
RESIDENTIAL MORTGAGE BACKED SECURITIES (1.3%)
		Other (1.3%)
	100,000	BX Trust Series 2019-OC11, Class A* 3.202%, 12/09/41		87,270
	500,000	Freddie Mac Multifamily Structured Pass Through Certificates K157, Class A2‡ 3.990%, 05/25/33		468,198
		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $677,818)		555,468
ASSET BACKED SECURITIES (3.9%)
		Financials (2.1%)
	80,500	ELFI Graduate Loan Program, LLC Series 2022-A, Class A* 4.510%, 08/26/47		77,497
	40,514	Enterprise Fleet Financing, LLC Series 2022-4, Class A2* 5.760%, 10/22/29		40,487
	150,000	Hertz Vehicle Financing III, LP Series 2021-2A, Class A* 1.680%, 12/27/27		135,068
	139,301	Oscar US Funding XII, LLC Series 2021-1A, Class A4* 1.000%, 04/10/28		134,479
	98,752	Pawneee Equipment Receivables, LLC Series 2022-1, Class A3* 5.170%, 02/15/28		98,309
	237,000	Progress Residential Trust Series 2021-SFR5, Class B* 1.658%, 07/17/38		215,280
	52,434	SoFi Professional Loan Program, LLC Series 2017-F, Class A2FX* 2.840%, 01/25/41		51,129

PRINCIPAL AMOUNT			VALUE
	150,000	Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A* 2.560%, 11/25/31	$	149,706
				901,955
		Other (1.8%)
	150,000	Aligned Data Centers Issuer, LLC Series 2021-1A, Class A2* 1.937%, 08/15/46		135,939
	61,746	Amur Equipment Finance Receivables XI, LLC Series 2022-2A, Class A2* 5.300%, 06/21/28		61,514
	91,000	CLI Funding VI, LLC Series 2020-3A, Class A* 2.070%, 10/18/45		81,169
	90,283	Daimler Trucks Retail Trust Series 2022-1, Class A3 5.230%, 02/17/26		90,019
	77,218	MVW Owner Trust Series 2019-1A, Class A* 2.890%, 11/20/36		74,571
	27,505	SCF Equipment Leasing, LLC Series 2021-1A, Class A3* 0.830%, 08/21/28		27,243
	99,417	SVC ABS, LLC Series 2023-1A, Class A* 5.150%, 02/20/53		94,078
	225,000	Tesla Auto Lease Trust Series 2021-B, Class B* 0.910%, 09/22/25		224,103
				788,636
		TOTAL ASSET BACKED SECURITIES (Cost $1,768,214)		1,690,591
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.6%)
	675,600	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $675,600)		675,600
		TOTAL INVESTMENTS (99.4%) (Cost $47,594,363)		43,239,412
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.6%)				(675,600	)
OTHER ASSETS, LESS LIABILITIES (2.2%)				951,806
NET ASSETS (100.0%)			$	43,515,618

See accompanying Notes to Schedule of Investments

www.calamos.com
157

Total Return Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

^ Security, or portion of security, is on loan.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

& Illiquid security.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FUTURES CONTRACTS

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE		MARKET VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Buys
	2,000,000	U.S. Treasury Note 5-Year	Jun 2024	$	2,094,844	$	(39,268	)

ASSET ALLOCATION

U.S. Government and Agency Securities	57.5	%
Corporate Bonds	29.9
Bank Loans	5.2
Asset Backed Securities	3.9
Residential Mortgage Backed Securities	1.3
Other Assets, less Liabilities	2.2

Asset Allocation weightings are subject to change daily and are calculated as a percentage of net assets.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
158

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITY (0.3%)
		Other (0.3%)
	100,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $92,877)		$90,884
CORPORATE BONDS (80.4%)
		Airlines (1.1%)
	83,449	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		81,025
	32,010	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		32,374
	103,800	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		94,105
	43,333	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		42,878
	90,356	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		82,105
	71,446	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		73,138
				405,625
		Communication Services (8.1%)
	100,000	Altice France Holding, SA* 10.500%, 05/15/27		35,849
	200,000	Altice France, SA* 5.500%, 10/15/29		131,200
	105,000	APi Group DE, Inc.* 4.750%, 10/15/29		95,660
	200,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		158,888
	119,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		4,201
	44,000	6.500%, 05/01/27		1,570
	87,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		79,393
	50,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		49,058
	40,000	9.000%, 09/15/28		41,175
	124,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		107,694
	250,000	CSC Holdings, LLC* 5.375%, 02/01/28		192,800
	220,000	4.500%, 11/15/31		139,889
	215,000	5.750%, 01/15/30		94,359
	43,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		40,106

PRINCIPAL AMOUNT			VALUE
	101,000	Frontier California, Inc. 6.750%, 05/15/27	$	96,255
	24,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		24,458
	151,000	Frontier Florida, LLC@ 6.860%, 02/01/28		143,864
	140,000	Frontier North, Inc.@ 6.730%, 02/15/28		132,783
	90,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		79,960
	25,000	5.250%, 12/01/27		24,170
	23,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		13,250
	60,000	iHeartCommunications, Inc. 8.375%, 05/01/27		31,981
	35,000	5.250%, 08/15/27*^		25,720
	76,068	Ligado Networks, LLC* 15.500%, 11/01/23 15.50% PIK rate		12,607
	65,000	Lumen Technologies, Inc. 7.600%, 09/15/39		19,894
	45,000	4.000%, 02/15/27*		23,958
	23,000	7.650%, 03/15/42		7,043
	48,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		39,680
	55,000	Nexstar Media, Inc.* 5.625%, 07/15/27		51,762
	90,000	Paramount Global 4.900%, 08/15/44		63,095
	31,000	Qwest Corp. 7.250%, 09/15/25		30,725
	46,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		34,039
	23,000	5.375%, 01/15/31		13,621
	85,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		67,200
	115,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		107,242
	95,000	4.000%, 07/15/28		84,699
	50,000	3.125%, 09/01/26		46,686
	24,000	3.875%, 09/01/31^		19,309
	77,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		36,704
	85,000	Sprint, LLC 7.125%, 06/15/24		85,117
	100,000	Stagwell Global, LLC* 5.625%, 08/15/29		89,705
	53,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		24,255
	35,000	Time Warner Cable, LLC 7.300%, 07/01/38		33,994
	105,000	United States Cellular Corp. 6.700%, 12/15/33		102,524

See accompanying Notes to Schedule of Investments

www.calamos.com
159

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	72,000	Univision Communications, Inc.* 8.000%, 08/15/28	$	72,169
	45,000	Viasat, Inc.*^ 5.625%, 04/15/27		41,257
				2,851,568
		Consumer Discretionary (16.6%)
	100,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		100,850
	90,000	Adams Homes, Inc.* 9.250%, 10/15/28		93,043
	75,000	Adient Global Holdings Company* 8.250%, 04/15/31		77,959
	80,000	American Axle & Manufacturing, Inc.^ 5.000%, 10/01/29		72,224
	84,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		76,091
	72,000	6.625%, 01/15/28		71,896
	118,000	At Home Group, Inc.* 4.875%, 07/15/28		56,098
	123,000	Bath & Body Works, Inc. 6.694%, 01/15/27		123,952
	70,000	6.875%, 11/01/35		69,695
	61,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		54,429
	46,000	8.125%, 07/01/27		46,717
	46,000	Carnival Corp.* 7.625%, 03/01/26		46,311
	45,000	4.000%, 08/01/28		41,114
	6,000	7.000%, 08/15/29^		6,165
	18,084	Carvana Company* 14.000%, 06/01/31		18,152
	14,829	13.000%, 06/01/30		14,734
	9,491	12.000%, 12/01/28		9,297
	190,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.250%, 02/01/31		149,325
	185,000	5.125%, 05/01/27		173,689
	110,000	6.375%, 09/01/29		100,838
	100,000	4.750%, 03/01/30		83,254
	55,000	5.000%, 02/01/28		50,158
	50,000	4.500%, 08/15/30		40,702
	48,000	4.750%, 02/01/32		37,783
	48,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		45,804
	75,000	Cedar Fair, LP 5.250%, 07/15/29		70,105
	50,000	Churchill Downs, Inc.* 6.750%, 05/01/31		49,665
	80,000	Dana, Inc. 4.250%, 09/01/30		69,516
	68,000	4.500%, 02/15/32		57,698
	100,000	DISH DBS Corp. 5.125%, 06/01/29		40,406
	60,000	7.375%, 07/01/28		26,933

PRINCIPAL AMOUNT			VALUE
	55,000	5.250%, 12/01/26*	$	43,382
	45,000	5.750%, 12/01/28*		30,542
	42,000	7.750%, 07/01/26		26,492
	88,000	DISH Network Corp.* 11.750%, 11/15/27		88,806
	95,000	Everi Holdings, Inc.* 5.000%, 07/15/29		93,316
	200,000	Ford Motor Credit Company, LLC 5.113%, 05/03/29		190,636
	200,000	4.000%, 11/13/30		174,586
	200,000	2.900%, 02/16/28		178,092
	36,000	Gap, Inc.* 3.875%, 10/01/31		29,450
	45,000	General Motors Company 5.200%, 04/01/45		38,554
	165,000	goeasy, Ltd.* 9.250%, 12/01/28		174,654
	83,000	7.625%, 07/01/29		83,136
	50,000	Goodyear Tire & Rubber Company 5.250%, 07/15/31^		44,296
	45,000	5.625%, 04/30/33		39,603
	41,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		37,402
	95,000	Guitar Center, Inc.*^ 8.500%, 01/15/26		84,008
	23,804	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		24,052
	102,000	Kohl's Corp. 5.550%, 07/17/45		70,055
	100,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		104,074
	95,000	Liberty Interactive, LLC 8.250%, 02/01/30		52,775
	90,000	Life Time, Inc.* 8.000%, 04/15/26		90,151
	45,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		45,923
	35,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		36,702
	62,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		61,529
	65,000	M/I Homes, Inc. 3.950%, 02/15/30		56,450
	114,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		96,081
	70,000	4.300%, 02/15/43		55,371
	100,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		91,465
	55,000	Newell Brands, Inc. 5.700%, 04/01/26		54,257
	50,000	Nordstrom, Inc. 5.000%, 01/15/44		37,993

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
160

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	48,000	4.250%, 08/01/31	$	41,435
	45,000	6.950%, 03/15/28		44,717
	135,000	Patrick Industries, Inc.* 4.750%, 05/01/29		122,841
	100,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		83,811
	44,000	Phinia, Inc.* 6.750%, 04/15/29		44,188
	120,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		89,663
	45,000	QVC, Inc. 5.450%, 08/15/34		29,562
	45,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		48,301
	174,000	Rite Aid Corp.*@ 8.000%, 11/15/26		112,287
	50,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		51,512
	13,000	6.250%, 03/15/32		12,817
	120,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		103,800
	135,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		134,841
	108,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		96,765
	70,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		66,063
	95,000	Station Casinos, LLC* 4.500%, 02/15/28		88,185
	100,000	STL Holding Company, LLC* 8.750%, 02/15/29		102,861
	59,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		57,513
	25,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		26,836
	100,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		98,846
	175,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		179,228
				5,844,508
		Consumer Staples (3.8%)
	117,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28		114,997
	139,000	Arrow Bidco, LLC* 10.750%, 06/15/25		143,387
	90,000	B&G Foods, Inc.* 8.000%, 09/15/28		93,404
	107,000	Central Garden & Pet Company* 4.125%, 04/30/31		92,867

PRINCIPAL AMOUNT			VALUE
	110,000	Edgewell Personal Care Company* 4.125%, 04/01/29	$	99,757
	115,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		101,719
	24,000	6.500%, 12/31/27^		23,788
	115,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30^		111,105
	60,000	5.125%, 02/01/28^		58,342
	35,000	5.750%, 04/01/33		33,515
	63,000	New Albertsons, LP 7.750%, 06/15/26		64,884
	96,000	Performance Food Group, Inc.* 4.250%, 08/01/29		86,083
	75,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		66,421
	50,000	Post Holdings, Inc.* 6.250%, 02/15/32		49,456
	90,000	Prestige Brands, Inc.* 3.750%, 04/01/31		76,679
	75,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		57,656
	85,000	Vector Group, Ltd.* 5.750%, 02/01/29		77,349
				1,351,409
		Energy (11.2%)
	45,000	Antero Resources Corp.* 5.375%, 03/01/30		42,820
	90,000	Apache Corp. 5.100%, 09/01/40		74,952
	50,000	Buckeye Partners, LP 5.850%, 11/15/43		41,864
	45,000	Cheniere Energy, Inc. 4.625%, 10/15/28		43,058
	72,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		72,082
	124,000	Civitas Resources, Inc.* 8.750%, 07/01/31		131,961
	50,000	Continental Resources, Inc. 2.875%, 04/01/32*		39,974
	45,000	4.900%, 06/01/44		36,283
	76,000	DT Midstream, Inc.* 4.125%, 06/15/29		68,896
	85,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		87,465
	35,000	9.875%, 07/15/31		38,730
	55,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		54,135
	55,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		56,028
	140,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. USD LIBOR + 3.28%		127,170

See accompanying Notes to Schedule of Investments

www.calamos.com
161

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	70,000	6.500%, 11/15/26 5 year CMT + 5.69%	$	67,997
	120,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. USD LIBOR + 4.11%		118,508
	90,000	4.850%, 07/15/26		87,748
	61,000	Enlink Midstream, LLC* 6.500%, 09/01/30		61,784
	145,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		147,732
	50,000	6.375%, 04/01/29		49,681
	70,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		72,515
	32,000	6.250%, 05/15/26		31,772
	95,000	Gulfport Energy Corp. 8.000%, 05/17/26*		96,430
	27,586	8.000%, 05/17/26^		28,001
	125,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		120,111
	72,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		71,168
	100,000	Kodiak Gas Services, LLC* 7.250%, 02/15/29		101,188
	89,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		87,819
	67,000	Matador Resources Company* 6.500%, 04/15/32		66,453
	50,000	Moss Creek Resources Holdings, Inc.* 7.500%, 01/15/26		49,946
	45,000	10.500%, 05/15/27		46,076
	70,000	Nabors Industries, Inc.* 7.375%, 05/15/27		69,429
	35,000	9.125%, 01/31/30^		36,227
	70,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		66,424
	56,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		55,409
	97,000	Oceaneering International, Inc. 6.000%, 02/01/28		93,496
	95,000	Parkland Corp.* 5.875%, 07/15/27		92,925
	53,000	Patterson-UTI Energy, Inc.^ 5.150%, 11/15/29		50,653
	26,000	Permian Resources Operating LLC* 7.000%, 01/15/32		26,566
	100,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. USD LIBOR + 4.11%		99,656
	135,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		124,859

PRINCIPAL AMOUNT			VALUE
	49,000	Southwestern Energy Company 4.750%, 02/01/32	$	44,185
	133,200	Transocean, Inc.* 8.750%, 02/15/30		139,031
	50,000	8.250%, 05/15/29		49,729
	60,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		59,486
	25,000	4.125%, 08/15/31		21,898
	25,000	3.875%, 08/15/29		22,090
	120,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		123,244
	75,000	8.125%, 06/01/28		76,774
	45,000	9.875%, 02/01/32		48,024
	45,000	9.500%, 02/01/29		48,407
	55,000	Vital Energy, Inc. 7.750%, 07/31/29*^		55,408
	53,000	7.875%, 04/15/32*		53,838
	32,000	9.750%, 10/15/30		34,896
	90,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		85,899
	118,000	Weatherford International, Ltd.* 8.625%, 04/30/30		122,588
				3,921,488
		Financials (13.7%)
	140,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		139,140
	120,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		120,973
	145,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		142,490
	15,000	7.000%, 01/15/31		15,092
	101,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		85,807
	45,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		34,874
	40,000	8.000%, 11/01/31		43,350
	150,000	AmWINS Group, Inc.* 4.875%, 06/30/29		136,560
	67,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		61,723
	50,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		51,230
	125,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		114,054
	110,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		98,549
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		194,066

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
162

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	85,000	Credit Acceptance Corp. 6.625%, 03/15/26^	$	84,797
	70,000	9.250%, 12/15/28*		74,285
	90,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		93,650
	123,000	Enact Holdings, Inc.* 6.500%, 08/15/25		122,947
	110,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		113,023
	119,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		101,355
	55,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		56,481
	50,000	HUB International, Ltd.* 7.375%, 01/31/32		49,794
	68,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		57,300
	195,000	Iron Mountain, Inc.* 5.250%, 03/15/28		186,833
	260,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		234,192
	182,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		179,021
	98,000	4.750%, 06/15/29		87,650
	95,000	LD Holdings Group, LLC* 6.125%, 04/01/28		72,118
	110,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		43,036
	45,000	4.625%, 09/15/27		26,539
	65,000	LPL Holdings, Inc.* 4.000%, 03/15/29		59,017
	90,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		94,337
	61,560	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 14.750%, 11/14/28		67,143
	138,000	MetLife, Inc. 6.400%, 12/15/66		137,659
	110,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		103,543
	95,000	Navient Corp. 5.000%, 03/15/27		89,728
	50,000	4.875%, 03/15/28		45,258
	65,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		55,504
	50,000	Newmark Group, Inc.* 7.500%, 01/12/29		50,553
	65,000	OneMain Finance Corp. 3.875%, 09/15/28		57,355
	60,000	9.000%, 01/15/29		63,077
	45,000	7.125%, 03/15/26^		45,440

PRINCIPAL AMOUNT			VALUE
	150,000	PHH Mortgage Corp.* 7.875%, 03/15/26	$	144,256
	100,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		92,145
	95,000	6.500%, 04/01/32		93,224
	45,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		38,336
	45,000	3.625%, 03/01/29		39,747
	20,000	2.875%, 10/15/26		18,402
	125,000	StoneX Group, Inc.* 7.875%, 03/01/31		126,498
	90,000	8.625%, 06/15/25		90,367
	100,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		93,091
	50,000	5.750%, 06/15/27		48,052
	50,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		51,938
	50,000	6.500%, 02/15/29		40,237
	200,000	VZ Secured Financing, BV* 5.000%, 01/15/32		169,018
	98,000	XHR, LP* 6.375%, 08/15/25		97,960
				4,832,814
		Health Care (5.5%)
	210,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28		164,501
	39,000	14.000%, 10/15/30		25,199
	36,000	6.125%, 02/01/27		26,432
	170,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		120,401
	50,000	10.875%, 01/15/32		51,284
	50,000	8.000%, 03/15/26		49,831
	49,000	6.875%, 04/15/29		36,389
	12,000	5.250%, 05/15/30		9,839
	100,000	DaVita, Inc.* 4.625%, 06/01/30		87,848
	100,000	3.750%, 02/15/31		82,427
	72,000	Embecta Corp.* 5.000%, 02/15/30		55,554
	24,000	6.750%, 02/15/30		20,643
	45,000	Encompass Health Corp. 4.750%, 02/01/30		41,356
	45,000	4.500%, 02/01/28		42,332
	110,000	HCA, Inc. 7.500%, 11/06/33		119,997
	210,000	Jazz Securities DAC* 4.375%, 01/15/29		192,398
	110,000	Medline Borrower, LP* 5.250%, 10/01/29		102,503
	110,000	3.875%, 04/01/29		98,527

See accompanying Notes to Schedule of Investments

www.calamos.com
163

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31	$	173,104
	107,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		99,645
	200,000	Tenet Healthcare Corp. 6.250%, 02/01/27		199,578
	120,000	6.875%, 11/15/31		124,219
				1,924,007
		Industrials (11.8%)
	100,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		100,899
	100,000	ACCO Brands Corp.* 4.250%, 03/15/29		87,275
	150,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		148,689
	95,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		82,272
	155,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		148,205
	75,000	5.875%, 02/15/28		73,565
	55,000	Allegiant Travel Company* 7.250%, 08/15/27		53,276
	49,000	Arcosa, Inc.* 4.375%, 04/15/29		44,858
	225,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		62,802
	68,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		60,862
	46,000	Boeing Company* 6.388%, 05/01/31		46,336
	50,000	Bombardier, Inc.* 8.750%, 11/15/30		53,232
	40,000	7.875%, 04/15/27		39,875
	31,000	7.250%, 07/01/31		31,121
	87,000	BWX Technologies, Inc.* 4.125%, 04/15/29		79,357
	95,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		89,561
	23,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		22,306
	125,000	Deluxe Corp.* 8.000%, 06/01/29		113,552
	97,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		97,825
	50,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		49,700
	45,000	EnerSys* 6.625%, 01/15/32		44,879
	45,000	4.375%, 12/15/27		42,191

PRINCIPAL AMOUNT			VALUE
	40,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32	$	40,786
	57,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		51,596
	60,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		57,565
	44,000	3.500%, 03/01/29		38,983
	107,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		90,384
	180,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		159,484
	105,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		98,704
	115,000	Herc Holdings, Inc.* 5.500%, 07/15/27		111,848
	115,000	IEA Energy Services, LLC* 6.625%, 08/15/29		109,773
	61,000	JELD-WEN, Inc.* 4.625%, 12/15/25		59,565
	45,000	4.875%, 12/15/27		42,782
	145,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		135,095
	100,000	Knife River Holding Company* 7.750%, 05/01/31		104,077
	21,000	MasTec, Inc.* 4.500%, 08/15/28		19,638
	13,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32		12,920
	60,000	Moog, Inc.* 4.250%, 12/15/27		56,146
	120,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		90,181
	95,000	Novelis Corp.* 4.750%, 01/30/30		86,759
	35,000	OI European Group, BV* 4.750%, 02/15/30		32,040
	100,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^ 4.000%, 10/15/27		93,024
	78,000	Sealed Air Corp.* 6.125%, 02/01/28		77,135
	24,000	5.000%, 04/15/29		22,599
	25,000	Sealed Air Corp./Sealed Air Corp. U.S.*^ 7.250%, 02/15/31		25,502
	86,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		72,864
	71,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		48,906
	45,000	5.500%, 03/01/30^		31,211
	90,000	Standard Industries, Inc.* 5.000%, 02/15/27		86,860

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
164

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	76,000	Stericycle, Inc.*^ 3.875%, 01/15/29	$	67,953
	95,000	TransDigm, Inc.* 6.875%, 12/15/30		95,721
	70,000	6.750%, 08/15/28		70,334
	35,000	7.125%, 12/01/31		35,717
	23,000	6.625%, 03/01/32		22,998
	51,000	Tronox, Inc.* 4.625%, 03/15/29		45,667
	33,308	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		30,766
	96,000	Vertiv Group Corp.* 4.125%, 11/15/28		88,964
	90,000	Wabash National Corp.* 4.500%, 10/15/28		81,009
	75,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		73,473
	56,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		51,801
	45,000	7.375%, 10/01/31		46,003
				4,139,471
		Information Technology (3.5%)
	23,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		21,100
	56,000	Coherent Corp.* 5.000%, 12/15/29		51,722
	90,000	CommScope, Inc.* 4.750%, 09/01/29		62,933
	48,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		43,746
	48,000	Fair Isaac Corp.* 4.000%, 06/15/28		44,278
	100,000	KBR, Inc.* 4.750%, 09/30/28		93,432
	100,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		73,646
	50,000	5.500%, 09/01/28		40,847
	45,000	NCL Corp., Ltd.* 8.125%, 01/15/29		46,909
	44,000	NCR Voyix Corp.* 5.125%, 04/15/29		40,470
	68,000	ON Semiconductor Corp.* 3.875%, 09/01/28		61,726
	72,000	Open Text Corp.* 3.875%, 02/15/28		65,774
	45,000	6.900%, 12/01/27		46,036
	36,000	3.875%, 12/01/29		31,566
	36,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		30,908
	79,000	Playtika Holding Corp.* 4.250%, 03/15/29		68,048
	120,000	TTM Technologies, Inc.* 4.000%, 03/01/29		107,516

PRINCIPAL AMOUNT			VALUE
	65,000	Twilio, Inc. 3.625%, 03/15/29	$	57,737
	23,000	3.875%, 03/15/31^		19,945
	38,000	UKG, Inc.* 6.875%, 02/01/31		38,089
	100,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		84,635
	100,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		88,433
				1,219,496
		Materials (3.5%)
	52,000	ArcelorMittal, SA 7.000%, 10/15/39		55,050
	47,000	ATI, Inc.^ 5.875%, 12/01/27		46,170
	25,000	Carpenter Technology Corp. 7.625%, 03/15/30		25,542
	95,000	Chemours Company* 4.625%, 11/15/29		81,483
	145,000	Clearwater Paper Corp.* 4.750%, 08/15/28		131,870
	75,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		73,284
	48,000	Commercial Metals Company 4.125%, 01/15/30		43,120
	24,000	4.375%, 03/15/32		21,170
	45,000	HB Fuller Company 4.250%, 10/15/28		41,582
	85,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		85,838
	75,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		69,935
	24,000	LSF11 A5 HoldCo, LLC*^ 6.625%, 10/15/29		22,385
	92,000	Mercer International, Inc. 5.125%, 02/01/29^		80,460
	47,000	12.875%, 10/01/28*		51,360
	200,000	OCI, NV*^ 6.700%, 03/16/33		192,182
	65,000	Owens-Brockway Glass Container, Inc.*^ 7.250%, 05/15/31		65,185
	45,000	6.625%, 05/13/27		45,014
	100,000	Silgan Holdings, Inc. 4.125%, 02/01/28		93,368
	44,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		11,392
				1,236,390
		Other (0.2%)
	45,000	Gen Digital, Inc.* 6.750%, 09/30/27		45,192

See accompanying Notes to Schedule of Investments

www.calamos.com
165

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	20,000	7.125%, 09/30/30^	$	20,240
				65,432
		Real Estate (0.7%)
	71,000	EPR Properties^ 3.750%, 08/15/29		61,775
	67,000	Forestar Group, Inc.* 5.000%, 03/01/28		63,700
	48,000	3.850%, 05/15/26		45,633
	95,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		86,060
				257,168
		Special Purpose Acquisition Companies (0.4%)
	95,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		82,823
	46,000	4.625%, 01/15/29		41,645
				124,468
		Utilities (0.3%)
	34,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. USD LIBOR + 2.67%		33,740
	45,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		44,316
	25,000	8.000%, 10/15/26 5 year CMT + 6.93%		25,285
				103,341
		TOTAL CORPORATE BONDS (Cost $30,784,165)		28,277,185
CONVERTIBLE BONDS (0.6%)
		Communication Services (0.2%)
	97,000	Cable One, Inc. 0.000%, 03/15/26		83,892
		Consumer Discretionary (0.3%)
	135,000	DISH Network Corp. 0.000%, 12/15/25		99,090
				99,090
		Other (0.1%)
	50,000	Multiplan Corp.* 6.000%, 10/15/27		35,620
		TOTAL CONVERTIBLE BONDS (Cost $228,295)		218,602
BANK LOANS (18.1%)¡
		Airlines (0.8%)
	60,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%		60,488

PRINCIPAL AMOUNT			VALUE
	76,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%	$	79,143
	65,000	Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		66,814
	65,000	United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%		65,356
				271,801
		Communication Services (0.9%)
	5,480	Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		5,494
	41,983	Clear Channel Outdoor Holdings, Inc.‡ 9.430%, 08/23/28 1 mo. SOFR + 4.00%		42,070
	33,846	DIRECTV Financing, LLC! 0.000%, 08/02/27		34,062
	32,980	DIRECTV Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%		33,191
	146,000	Entercom Media Corp.‡& 8.145%, 11/18/24 3 mo. SOFR + 0.00%		79,132
	87,068	Gray Television, Inc.‡ 7.942%, 01/02/26 1 mo. SOFR + 2.50%		86,094
	100,000	Telesat Canada‡ 8.355%, 12/07/26 3 mo. SOFR + 2.75%		51,021
				331,064
		Consumer Discretionary (6.2%)
	50,000	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		50,281
	96,000	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		96,570
	99,000	Caesars Entertainment, Inc.‡ 8.666%, 02/06/30 1 mo. SOFR + 3.25%		99,328
	967,059	Carnival Corp.‡ 8.067%, 10/18/28		973,708
	152,608	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		153,586
	77,365	Carnival Corp.‡ 8.067%, 10/18/28 1 mo. SOFR + 2.75%		77,776
	100,000	Flutter Financing, BV‡! 0.000%, 11/25/30		100,304

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
166

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	118,950	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%	$	119,197
	52,191	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		52,566
	98,500	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		98,842
	87,281	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%		86,190
	100,000	Station Casinos, LLC‡! 0.000%, 03/14/31		100,130
	61,636	TKC Holdings, Inc.‡ 10.930%, 05/15/28 1 mo. SOFR + 5.50%		61,289
	99,688	Windsor Holdings III, LLC‡ 9.319%, 08/01/30 1 mo. SOFR + 4.00%		100,672
				2,170,439
		Consumer Staples (1.5%)
	209,488	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		209,947
	54,918	Fiesta Purchaser, Inc.‡ 9.316%, 02/12/31 1 mo. SOFR + 4.00%		55,203
	45,082	Fiesta Purchaser, Inc.‡ 9.318%, 02/12/31 1 mo. SOFR + 4.00%		45,316
	90,000	Star Parent, Inc.‡ 9.309%, 09/27/30 3 mo. SOFR + 4.00%		90,085
	65,000	United Natural Foods, Inc.! 0.000%, 04/25/31		64,431
	48,134	United Natural Foods, Inc.‡ 8.680%, 10/22/25 1 mo. SOFR + 3.25%		47,981
				512,963
		Energy (0.9%)
	69,825	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		70,157
	99,750	New Fortress Energy, Inc.‡ 10.330%, 10/27/28 3 mo. SOFR + 5.00%		100,436
	118,924	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%		119,481
	20,000	Par Petroleum, LLC! 0.000%, 02/28/30		20,094
				310,168

PRINCIPAL AMOUNT			VALUE
		Financials (2.4%)
	100,000	Advisor Group, Inc.! 0.000%, 08/17/28	$	100,727
	19,950	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%		20,095
	81,328	Alliant Holdings Intermediate, LLC‡ 8.819%, 11/06/30 1 mo. SOFR + 3.50%		81,743
	74,438	Amynta Agency Borrower, Inc.‡ 9.552%, 02/28/28 3 mo. SOFR + 4.25%		74,784
	80,000	AssuredPartners, Inc.! 0.000%, 02/14/31		80,441
	45,000	AssuredPartners, Inc.‡ 8.816%, 02/14/31 1 mo. SOFR + 3.50%		45,248
	59,700	Avolon TLB Borrower 1 (US) LLC‡ 7.315%, 06/22/28 1 mo. SOFR + 2.00%		59,896
	49,875	Broadstreet Partners, Inc.‡ 9.066%, 01/27/29 1 mo. SOFR + 3.75%		50,114
	99,750	HUB International, Ltd.‡ 8.575%, 06/20/30 3 mo. SOFR + 3.25%		100,367
	250	HUB International, Ltd.‡ 8.565%, 06/20/30 3 mo. SOFR + 3.25%		251
	69,825	Iron Mountain, Inc.‡ 7.566%, 01/31/31 1 mo. SOFR + 2.25%		69,767
	50,000	Level 3 Financing, Inc.! 0.000%, 04/15/29		49,259
	124,728	VFH Parent, LLC‡ 8.416%, 01/13/29 1 mo. SOFR + 3.00%		124,904
				857,596
		Health Care (1.1%)
	45,249	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		45,490
	108,235	Padagis, LLC‡ 10.314%, 07/06/28 3 mo. SOFR + 4.75%		99,577
	11,274	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		11,334
	278,092	Team Health Holdings, Inc.‡ 10.580%, 03/02/27 3 mo. SOFR + 5.25%		244,472

See accompanying Notes to Schedule of Investments

www.calamos.com
167

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	798	Team Health Holdings, Inc.‡ 10.566%, 03/02/27 1 mo. SOFR + 5.25%	$	701
				401,574
		Industrials (0.9%)
	90,617	ACProducts, Inc.‡ 9.814%, 05/17/28 3 mo. SOFR + 4.25%		78,928
	98,754	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		99,309
	38,453	Emrld Borrower, LP‡ 7.816%, 05/31/30 1 mo. SOFR + 2.50%		38,616
	10,000	MI Windows & Doors, LLC‡ 8.816%, 03/21/31 1 mo. SOFR + 3.50%		10,058
	99,750	TransDigm, Inc.‡ 8.559%, 02/28/31 1 mo. SOFR + 3.25%		100,448
				327,359
		Information Technology (1.5%)
	132,678	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%		133,656
	75,903	Camelot US Acquisition LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		76,140
	89,813	Central Parent, Inc.‡ 9.309%, 07/06/29 3 mo. SOFR + 4.00%		90,282
	88,943	Dun & Bradstreet Corp.‡ 8.068%, 01/18/29 1 mo. SOFR + 2.75%		89,258
	86,987	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		87,503
	50,000	UKG, Inc.‡ 8.814%, 02/10/31 3 mo. SOFR + 3.50%		50,287
				527,126
		Materials (1.4%)
	64,675	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		64,736
	99,250	Ineos US Finance, LLC‡ 8.930%, 02/18/30 1 mo. SOFR + 3.50%		99,622
	71,403	Innophos, Inc.‡ 8.930%, 02/05/27 1 mo. SOFR + 3.50%		71,485

PRINCIPAL AMOUNT			VALUE
	124,063	LSF11 A5 Holdco, LLC‡ 9.666%, 10/15/28 1 mo. SOFR + 4.25%	$	124,558
	64,414	Trinseo Materials Operating SCA‡ 7.824%, 05/03/28 3 mo. SOFR + 2.50%		45,013
	98,737	W.R. Grace & Co.-Conn.‡ 9.321%, 09/22/28 3 mo. SOFR + 3.75%		99,028
				504,442
		Special Purpose Acquisition Companies (0.5%)
	44,213	Clydesdale Acquisition Holdings, Inc.‡ 9.091%, 04/13/29 1 mo. SOFR + 3.68%		44,453
	24,500	Fertitta Entertainment, LLC‡ 9.069%, 01/27/29 1 mo. SOFR + 3.75%		24,585
	98,500	Patagonia Holdco, LLC‡ 11.064%, 08/01/29 3 mo. SOFR + 5.75%		91,605
				160,643
		TOTAL BANK LOANS (Cost $6,447,421)		6,375,175
NUMBER OF SHARES			VALUE
COMMON STOCKS (0.9%)
		Communication Services (0.0%)#
	2,040	Altice USA, Inc. - Class A#		3,937
	1,273	Cumulus Media, Inc. - Class A#		3,348
				7,285
		Consumer Staples (0.1%)
	835	Mallinckrodt, PLC#		44,255
		Energy (0.7%)
	126	Chesapeake Energy Corp.^		11,325
	6,600	Energy Transfer, LP		103,818
	3,970	Enterprise Products Partners, LP		111,478
	660	EP Energy Corp.&#		1,567
	3	Gulfport Energy Corp.#		476
				228,664
		Special Purpose Acquisition Company (0.1%)
	1,134	Intelsat Emergence, SA&#		41,108
		TOTAL COMMON STOCKS (Cost $395,843)		321,312
WARRANTS (0.0%)#
		Energy (0.0%)
	4,950	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		1

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
168

High Income Opportunities Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
	4,455	Mcdermott International, Ltd.& 06/30/27, Strike $12.33	$	—
		TOTAL WARRANTS (Cost $1,909)		1
CONVERTIBLE PREFERRED STOCK (0.1%)
		Energy (0.1%)
	2	Gulfport Energy Corp.# 10.000%, 05/31/24 (Cost $—)		23,150
PREFERRED STOCKS (0.7%)
		Communication Services (0.1%)
	1,110	United States Cellular Corp. 5.500%, 06/01/70		19,592
	1,060	5.500%, 03/01/70		18,836
				38,428
		Consumer Discretionary (0.1%)
	590	Guitar Center, Inc.&#		46,315
		Energy (0.5%)
	2,625	NuStar Energy, LP‡ 11.234%, 05/30/24 3 mo. USD LIBOR + 5.64%		66,964
	682	NuStar Energy, LP‡ 12.357%, 05/30/24 3 mo. USD LIBOR + 6.77%		17,438
	2,930	NuStar Logistics, LP‡ 12.324%, 01/15/43 3 mo. USD LIBOR + 7.00%		74,305
				158,707
		TOTAL PREFERRED STOCKS (Cost $263,089)		243,450
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.7%)
	1,658,493	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $1,658,493)		1,658,493
		TOTAL INVESTMENTS (105.8%) (Cost $39,872,092)		37,208,252
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.7%)				(1,658,493	)
LIABILITIES, LESS OTHER ASSETS (-1.1%)				(399,130	)
NET ASSETS (100.0%)			$	35,150,629

NOTES TO SCHEDULE OF INVESTMENTS

@ In default status and considered non-income producing.

^ Security, or portion of security, is on loan.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

! This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

& Illiquid security.

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

SECTOR WEIGHTINGS

Consumer Discretionary	23.2	%
Financials	16.1
Energy	13.4
Industrials	12.7
Communication Services	9.3
Health Care	6.6
Consumer Staples	5.4
Information Technology	5.0
Materials	4.9
Airlines	1.9
Special Purpose Acquisition Companies	1.0
Real Estate	0.7
Utilities	0.3
Other	0.3

See accompanying Notes to Schedule of Investments

www.calamos.com
169

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (56.2%)
		Airlines (0.6%)
	907,051	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29	$	880,711
	160,052	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		161,868
	284,329	British Airways Pass Through Trust Series 2013-1, Class A* 4.625%, 12/20/25		283,595
	371,470	British Airways Pass Through Trust Series 2019-1, Class A* 3.350%, 12/15/30		342,064
	515,238	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		527,439
				2,195,677
		Communication Services (2.0%)
	1,000,000	Ashtead Capital, Inc.* 4.375%, 08/15/27		952,710
	1,000,000	AT&T, Inc. 1.700%, 03/25/26		931,860
	750,000	Cogent Communications Group, Inc.* 3.500%, 05/01/26		706,388
	822,000	Netflix, Inc.* 3.625%, 06/15/25		803,965
	500,000	Paramount Global 3.700%, 10/04/26		462,100
	400,000	Qwest Corp. 7.250%, 09/15/25		396,456
	1,000,000	Rogers Communications, Inc. 3.625%, 12/15/25		965,840
	500,000	Sirius XM Radio, Inc.* 3.125%, 09/01/26		466,865
	1,000,000	Verizon Communications, Inc. 0.850%, 11/20/25		930,630
	500,000	Warnermedia Holdings, Inc. 3.788%, 03/15/25		490,480
				7,107,294
		Consumer Discretionary (5.6%)
	1,157,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,166,834
	1,000,000	Aptiv, PLC 2.396%, 02/18/25		973,370
	500,000	AutoZone, Inc. 5.050%, 07/15/26		496,445
	500,000	4.500%, 02/01/28		483,980
	1,000,000	BMW US Capital, LLC* 5.050%, 08/11/28		991,120

PRINCIPAL AMOUNT			VALUE
	1,000,000	BorgWarner, Inc.^ 2.650%, 07/01/27	$	916,010
	750,000	Brunswick Corp. 0.850%, 08/18/24		738,390
	1,000,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		938,860
	500,000	Daimler Truck Finance North America, LLC* 5.000%, 01/15/27		493,420
	375,000	Dana Financing Luxembourg Sarl* 5.750%, 04/15/25		373,429
	1,000,000	Ford Motor Credit Company, LLC 6.950%, 03/06/26		1,013,900
	500,000	2.300%, 02/10/25		485,995
	1,000,000	General Motors Financial Company, Inc. 6.000%, 01/09/28		1,009,050
	200,000	5.400%, 04/06/26		198,870
	500,000	goeasy, Ltd.* 9.250%, 12/01/28		529,255
	500,000	Goodyear Tire & Rubber Company 9.500%, 05/31/25		502,415
	1,251,000	Hasbro, Inc. 3.000%, 11/19/24		1,231,997
	500,000	International Game Technology, PLC* 4.125%, 04/15/26		481,835
	338,756	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		342,275
	500,000	Kia Corp.* 3.500%, 10/25/27		466,060
	500,000	Kohl's Corp. 4.250%, 07/17/25		489,145
	750,000	L Brands, Inc.* 9.375%, 07/01/25		778,523
	1,000,000	Lowe's Companies, Inc. 4.400%, 09/08/25		985,920
	750,000	Mattel, Inc.* 3.375%, 04/01/26		714,510
	500,000	5.875%, 12/15/27^		496,455
	500,000	Newell Brands, Inc. 5.700%, 04/01/26		493,250
	1,000,000	O'Reilly Automotive, Inc. 5.750%, 11/20/26		1,006,270
	1,000,000	VF Corp.^ 2.400%, 04/23/25		964,800
	500,000	ZF North America Capital, Inc.* 6.875%, 04/14/28		503,950
				20,266,333
		Consumer Staples (1.5%)
	500,000	Darling Ingredients, Inc.* 5.250%, 04/15/27		485,335

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
170

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	Dollar General Corp. 4.625%, 11/01/27	$	972,780
	1,000,000	General Mills, Inc.^ 5.241%, 11/18/25		994,640
	300,000	McCormick & Company, Inc. 0.900%, 02/15/26		276,834
	1,000,000	Mondelez International, Inc. 2.625%, 03/17/27		928,860
	1,000,000	Sysco Corp. 3.300%, 07/15/26		954,440
	1,000,000	United Rentals North America, Inc. 3.875%, 11/15/27		934,950
				5,547,839
		Energy (1.9%)
	1,000,000	Enbridge, Inc. 5.250%, 04/05/27		992,500
	500,000	2.500%, 02/14/25		487,385
	1,000,000	Enterprise Products Operating, LLC 5.050%, 01/10/26		994,970
	500,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		509,420
	500,000	6.375%, 04/01/29		496,805
	500,000	EQT Corp. 3.125%, 05/15/26*		472,905
	277,000	6.125%, 02/01/25		277,172
	1,000,000	ONEOK, Inc. 5.550%, 11/01/26		999,480
	500,000	Parkland Corp.* 5.875%, 07/15/27		489,080
	1,000,000	Williams Companies, Inc. 5.400%, 03/02/26		996,290
				6,716,007
		Financials (20.5%)
	500,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875%, 08/14/24		495,865
	500,000	1.750%, 10/29/24		490,240
	1,000,000	African Development Bank^ 3.375%, 07/07/25		977,330
	500,000	American Express Company 5.389%, 07/28/27‡ SOFR + 0.97%		497,710
	500,000	2.250%, 03/04/25		486,520
	1,000,000	Aon North America, Inc. 5.125%, 03/01/27		993,740
	1,000,000	Asian Infrastructure Investment Bank^ 4.000%, 01/18/28		968,310
	750,000	Aviation Capital Group, LLC* 1.950%, 09/20/26		682,020
	500,000	Avolon Holdings Funding, Ltd.* 3.950%, 07/01/24		498,195
	250,000	5.500%, 01/15/26^		246,888

PRINCIPAL AMOUNT			VALUE
	500,000	Bank of America Corp.‡ 2.456%, 10/22/25 3 mo. SOFR + 1.13%	$	491,875
	500,000	1.530%, 12/06/25 SOFR + 0.65%		487,075
	250,000	1.658%, 03/11/27 SOFR + 0.91%		232,030
	250,000	0.981%, 09/25/25 SOFR + 0.91%		245,120
	1,000,000	Bank of Montreal 5.203%, 02/01/28		993,910
	1,000,000	Bank of Nova Scotia^ 5.250%, 06/12/28		992,750
	1,000,000	Bank of NY Mellon Corp.‡ 4.414%, 07/24/26 SOFR + 1.35%		985,250
	500,000	Barclays, PLC‡ 5.304%, 08/09/26 1 year CMT + 2.30%		495,755
	500,000	Blackstone Private Credit Fund 2.350%, 11/22/24		489,115
	500,000	Capital One Financial Corp.‡ 4.985%, 07/24/26 SOFR + 2.16%		494,420
	500,000	2.636%, 03/03/26 SOFR + 1.29%		485,945
	250,000	Charles Schwab Corp. 0.900%, 03/11/26		230,100
	1,000,000	Citigroup, Inc.‡ 3.887%, 01/10/28 Update Replacements.xls: TSFR3M + 1.82		956,200
	500,000	2.014%, 01/25/26 SOFR + 0.69%		485,510
	500,000	Citizens Bank NA‡ 6.064%, 10/24/25 SOFR + 1.45%		498,210
	500,000	4.119%, 05/23/25^ SOFR + 1.40%		499,845
	1,000,000	CNO Global Funding* 1.650%, 01/06/25		968,500
	750,000	Comerica, Inc.^‡ 5.982%, 01/30/30 SOFR + 2.16%		729,157
	1,000,000	Cooperatieve Rabobank UA*‡ 4.655%, 08/22/28 1 year CMT + 1.75		967,140
	1,000,000	Council Of Europe Development Bank 3.750%, 05/25/26		973,560
	330,000	Credit Acceptance Corp.* 9.250%, 12/15/28		350,203
	500,000	Credit Suisse AG/New York NY 3.700%, 02/21/25		491,610
	1,000,000	Danske Bank, A/S*‡ 4.298%, 04/01/28 1 year CMT + 1.75		955,660

See accompanying Notes to Schedule of Investments

www.calamos.com
171

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,250,000	Discover Financial Services 4.100%, 02/09/27	$	1,192,612
	1,000,000	DNB Bank, ASA*‡ 0.856%, 09/30/25 1 year CMT + 0.33%		978,690
	957,000	Enact Holdings, Inc.* 6.500%, 08/15/25		956,588
	1,250,000	European Bank for Reconstruction & Development 0.500%, 11/25/25		1,162,012
	1,000,000	0.500%, 05/19/25		950,680
	1,000,000	European Investment Bank 3.250%, 11/15/27		947,210
	500,000	Fifth Third Bancorp‡ 1.707%, 11/01/27 SOFR + 0.69%		451,920
	500,000	Fiserv, Inc. 5.150%, 03/15/27		495,235
	500,000	Goldman Sachs BDC, Inc. 6.375%, 03/11/27		502,175
	750,000	Goldman Sachs Group, Inc.‡ 0.855%, 02/12/26 SOFR + 0.61%		720,533
	735,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		754,786
	450,000	HSBC Holdings, PLC‡ 2.999%, 03/10/26 SOFR + 1.43%		438,746
	1,000,000	Huntington National Bank‡ 5.699%, 11/18/25 SOFR + 1.22%		994,230
	1,000,000	Inter-American Development Bank^ 1.750%, 03/14/25		969,170
	1,000,000	Inter-American Investment Corp. 2.625%, 04/22/25		972,950
	1,000,000	International Bank for Reconstruction & Development 1.625%, 01/15/25		974,320
	500,000	International Finance Corp. 3.625%, 09/15/25		489,160
	500,000	JPMorgan Chase & Company‡ 2.595%, 02/24/26 SOFR + 0.92%		486,985
	500,000	0.824%, 06/01/25 3 mo. SOFR + 0.54%		497,840
	250,000	1.578%, 04/22/27 SOFR + 0.89%		230,825
	250,000	0.768%, 08/09/25 SOFR + 0.49%		246,413
	500,000	KeyBank NA^ 4.150%, 08/08/25		485,920
	1,000,000	KfW 1.250%, 01/31/25		969,770

PRINCIPAL AMOUNT			VALUE
	1,000,000	Kreditanstalt fuer Wiederaufbau 3.750%, 02/15/28	$	960,960
	300,000	1.000%, 10/01/26		273,033
	1,000,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		983,630
	500,000	Lloyds Banking Group, PLC‡ 3.511%, 03/18/26 1 year CMT + 1.60%		489,100
	500,000	Macquarie Group, Ltd.*‡ 1.201%, 10/14/25 SOFR + 0.69%		488,695
	250,000	Manufacturers & Traders Trust Company^ 4.650%, 01/27/26		243,548
	1,000,000	Metropolitan Life Global Funding I* 2.800%, 03/21/25		975,480
	500,000	5.000%, 01/06/26		496,475
	500,000	Mitsubishi UFJ Financial Group, Inc.‡ 5.063%, 09/12/25 1 year CMT + 1.55%		498,160
	500,000	4.788%, 07/18/25 1 year CMT + 1.70%		498,545
	500,000	Morgan Stanley‡ 4.952%, 01/14/28		492,455
	750,000	Morgan Stanley‡ 0.790%, 05/30/25 SOFR + 0.53%		746,527
	1,000,000	Mutual of Omaha Companies Global Funding* 5.350%, 04/09/27		991,100
	750,000	Nasdaq, Inc. 5.350%, 06/28/28		746,962
	42,000	5.650%, 06/28/25		41,982
	500,000	National Bank of Canada 5.600%, 12/18/28		499,345
	500,000	3.750%, 06/09/25‡ SOFR + 1.01%		498,635
	1,000,000	National Securities Clearing Corp.* 5.150%, 05/30/25		996,550
	500,000	NatWest Markets, PLC*^ 1.600%, 09/29/26		454,925
	500,000	Nordea Bank Abp* 4.750%, 09/22/25		494,555
	500,000	1.500%, 09/30/26		453,630
	1,000,000	Nordic Investment Bank 2.625%, 04/04/25		975,300
	1,000,000	0.375%, 09/11/25		935,960
	1,000,000	Nuveen, LLC* 5.550%, 01/15/30		993,030
	1,000,000	Oesterreichische Kontrollbank, AG 3.625%, 09/09/27		958,640
	1,000,000	1.500%, 02/12/25		969,710
	500,000	OneMain Finance Corp. 3.500%, 01/15/27		461,095

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
172

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	PayPal Holdings, Inc. 2.650%, 10/01/26	$	939,640
	750,000	PNC Financial Services Group, Inc. 5.671%, 10/28/25‡ SOFR + 1.09%		749,467
	250,000	2.200%, 11/01/24		245,800
	935,000	Pricoa Global Funding I* 4.200%, 08/28/25		918,563
	500,000	1.200%, 09/01/26		453,320
	200,000	Principal Life Global Funding II* 5.000%, 01/16/27		198,038
	500,000	Prologis Targeted US Logistics Fund, LP* 5.250%, 04/01/29		490,930
	1,000,000	Prologis, LP 4.875%, 06/15/28		984,930
	1,000,000	Radian Group, Inc. 4.500%, 10/01/24^		992,800
	500,000	6.200%, 05/15/29		496,655
	500,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		472,070
	500,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 2.875%, 10/15/26		460,055
	750,000	Royal Bank Of Canada 6.000%, 11/01/27		764,917
	250,000	Royal Bank of Canada 0.875%, 01/20/26		231,930
	500,000	SBA Tower Trust* 1.631%, 05/15/51		445,289
	250,000	1.840%, 04/15/27		222,146
	200,000	1.884%, 07/15/50		186,236
	190,000	2.836%, 01/15/50		185,785
	500,000	Skandinaviska Enskilda Banken, AB* 0.650%, 09/09/24^		491,315
	300,000	1.200%, 09/09/26		271,152
	500,000	SLM Corp. 3.125%, 11/02/26		464,310
	500,000	Starwood Property Trust, Inc.* 3.750%, 12/31/24		491,520
	500,000	State Street Corp.‡ 5.751%, 11/04/26^ SOFR + 1.35%		501,275
	500,000	2.354%, 11/01/25 SOFR + 0.94%		490,560
	500,000	StoneX Group, Inc.* 8.625%, 06/15/25		502,040
	1,000,000	Svenska Handelsbanken, AB* 3.650%, 06/10/25		979,410
	500,000	Synovus Bank 5.625%, 02/15/28		477,930
	500,000	Toronto-Dominion Bank 3.766%, 06/06/25		490,360
	250,000	1.200%, 06/03/26		229,063
	250,000	0.750%, 01/06/26		231,445

PRINCIPAL AMOUNT			VALUE
	1,000,000	Toyota Motor Credit Corp.^ 4.625%, 01/12/28	$	981,610
	1,000,000	Truist Financial Corp.‡ 5.900%, 10/28/26 SOFR + 1.63%		999,930
	1,000,000	Ventas Realty, LP^ 3.500%, 02/01/25		982,430
	750,000	VICI Properties, LP / VICI Note Company, Inc.*^ 3.500%, 02/15/25		737,580
				74,083,056
		Health Care (4.2%)
	500,000	Amgen, Inc. 5.250%, 03/02/25		498,235
	1,000,000	Baxter International, Inc.^ 1.322%, 11/29/24		974,870
	1,000,000	Blue Cross & Blue Shield of Minnesota* 3.790%, 05/01/25		980,150
	250,000	Bristol-Myers Squibb Company 4.900%, 02/22/27		247,980
	1,000,000	CVS Health Corp. 5.000%, 02/20/26		990,130
	1,000,000	Elevance Health, Inc. 4.101%, 03/01/28		957,950
	1,000,000	Gilead Sciences, Inc. 1.200%, 10/01/27		876,100
	250,000	Haleon UK Capital PLC 3.125%, 03/24/25		244,160
	1,000,000	Health Care Service Corp. A Mutual Legal Reserve Company* 1.500%, 06/01/25		953,740
	1,000,000	Illumina, Inc. 5.800%, 12/12/25		998,690
	1,000,000	IQVIA, Inc.^ 5.700%, 05/15/28		999,430
	500,000	Laboratory Corp. of America Holdings 2.950%, 12/01/29		439,020
	500,000	2.300%, 12/01/24		490,090
	1,000,000	McKesson Corp. 0.900%, 12/03/25		929,920
	500,000	5.250%, 02/15/26		495,970
	500,000	PerkinElmer, Inc.^ 0.850%, 09/15/24		491,075
	750,000	Quest Diagnostics, Inc. 3.500%, 03/30/25		735,187
	750,000	Teva Pharmaceutical Finance Netherlands III, BV 3.150%, 10/01/26		695,213
	1,000,000	Thermo Fisher Scientific, Inc.^ 5.000%, 01/31/29		991,380
	500,000	UnitedHealth Group, Inc. 5.250%, 02/15/28^		501,710
	500,000	5.150%, 10/15/25		498,680
				14,989,680

See accompanying Notes to Schedule of Investments

www.calamos.com
173

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Industrials (7.5%)
	500,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29	$	504,495
	1,000,000	AGCO Corp. 5.450%, 03/21/27		997,060
	500,000	Air Lease Corp. 2.200%, 01/15/27		456,125
	500,000	0.800%, 08/18/24		492,440
	500,000	Allegiant Travel Company*^ 7.250%, 08/15/27		484,330
	1,000,000	Amphenol Corp.^ 5.050%, 04/05/27		993,840
	410,000	Ball Corp. 6.875%, 03/15/28		417,093
	750,000	Beacon Roofing Supply, Inc.*^ 4.500%, 11/15/26		720,750
	1,000,000	Berry Global, Inc.* 4.875%, 07/15/26		979,410
	1,000,000	Canadian Pacific Railway Company 4.000%, 06/01/28		952,270
	1,000,000	Cascades, Inc. / Cascades USA, Inc.* 5.125%, 01/15/26		976,080
	500,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.500%, 10/20/25		493,615
	250,000	GATX Corp. 5.400%, 03/15/27		248,618
	500,000	Graphic Packaging International, LLC*^ 1.512%, 04/15/26		459,260
	500,000	GXO Logistics, Inc. 1.650%, 07/15/26		456,210
	500,000	Harley-Davidson Financial Services, Inc.*^ 6.500%, 03/10/28		505,390
	750,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*^ 5.750%, 01/20/26		705,030
	1,000,000	Ingersoll Rand, Inc. 5.400%, 08/14/28		998,580
	500,000	Johnson Controls International, PLC / Tyco Fire and Security Finance SCA 5.500%, 04/19/29		502,485
	1,000,000	Leidos, Inc. 3.625%, 05/15/25		977,390
	1,000,000	Lennox International, Inc. 5.500%, 09/15/28		996,970
	1,000,000	Mohawk Industries, Inc. 5.850%, 09/18/28		1,011,190
	1,000,000	Nordson Corp^ 5.600%, 09/15/28		1,000,830
	500,000	Owens Corning 4.200%, 12/01/24		495,050
	1,000,000	Parker-Hannifin Corp.^ 4.250%, 09/15/27		968,120

PRINCIPAL AMOUNT			VALUE
	1,000,000	Penske Truck Leasing Company, LP / PTL Finance Corp.*^ 4.200%, 04/01/27	$	960,190
	1,000,000	Ryder System, Inc. 5.650%, 03/01/28		1,006,580
	389,000	Sealed Air Corp.* 6.125%, 02/01/28		384,686
	500,000	SMBC Aviation Capital Finance DAC* 1.900%, 10/15/26		454,260
	500,000	TransDigm, Inc.* 6.375%, 03/01/29		497,245
	1,000,000	Tyco Electronics Group SA 4.500%, 02/13/26		984,300
	1,000,000	Veralto Corp.* 5.500%, 09/18/26		994,550
	1,000,000	Verisk Analytics, Inc. 4.000%, 06/15/25		979,950
	1,000,000	Waste Management, Inc. 3.500%, 05/15/24		999,230
	750,000	WESCO Distribution, Inc.* 7.125%, 06/15/25		751,207
	500,000	6.375%, 03/15/29		497,500
	723,000	Williams Scotsman, Inc.* 6.125%, 06/15/25		721,091
				27,023,420
		Information Technology (4.4%)
	1,000,000	Autodesk, Inc. 4.375%, 06/15/25		988,510
	1,000,000	Booz Allen Hamilton, Inc.* 3.875%, 09/01/28		926,780
	715,000	Broadridge Financial Solutions, Inc. 3.400%, 06/27/26		683,919
	500,000	CDW, LLC / CDW Finance Corp. 5.500%, 12/01/24		497,070
	300,000	4.125%, 05/01/25		294,927
	500,000	CGI, Inc. 1.450%, 09/14/26		453,325
	250,000	Hewlett Packard Enterprise Company 5.900%, 10/01/24		250,130
	500,000	HP, Inc. 1.450%, 06/17/26		458,775
	1,000,000	Intel Corp. 2.875%, 05/11/24		999,530
	1,000,000	International Business Machines Corp. 4.500%, 02/06/26^		987,490
	500,000	1.000%, 03/15/26		459,035
	1,000,000	Intuit, Inc. 5.250%, 09/15/26		1,002,360
	1,000,000	Mercedes-Benz Finance North America, LLC* 5.375%, 11/26/25		998,390
	1,000,000	NetApp, Inc. 1.875%, 06/22/25		956,950

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
174

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	NVIDIA Corp. 1.550%, 06/15/28	$	875,950
	500,000	Open Text Corp.* 6.900%, 12/01/27		511,510
	1,000,000	Oracle Corp. 2.650%, 07/15/26		939,620
	750,000	PTC, Inc.* 3.625%, 02/15/25		736,642
	500,000	Roper Technologies, Inc.^ 4.200%, 09/15/28		477,815
	500,000	Take-Two Interactive Software, Inc. 5.000%, 03/28/26		494,250
	500,000	3.550%, 04/14/25^		490,055
	500,000	Texas Instruments, Inc. 4.600%, 02/15/28^		492,265
	250,000	1.125%, 09/15/26		227,638
	750,000	VMware, Inc. 1.000%, 08/15/24		739,680
				15,942,616
		Materials (1.6%)
	250,000	Avery Dennison Corp.^ 0.850%, 08/15/24		246,408
	1,000,000	Genuine Parts Company 1.750%, 02/01/25		969,630
	1,000,000	Linde, Inc.^ 4.700%, 12/05/25		992,210
	500,000	Newmont Corp. / Newcrest Finance Pty, Ltd.* 5.300%, 03/15/26		496,980
	1,500,000	OCI, NV* 4.625%, 10/15/25		1,464,825
	500,000	Sherwin-Williams Company 3.450%, 06/01/27		472,545
	200,000	4.250%, 08/08/25		196,708
	1,000,000	Sonoco Products Company 1.800%, 02/01/25		969,590
				5,808,896
		Other (0.9%)
	2,000,000	Asian Development Bank 2.750%, 01/19/28		1,855,380
	1,000,000	Federation des Caisses Desjardins du Quebec*^ 4.400%, 08/23/25		984,680
	500,000	Gen Digital, Inc.* 6.750%, 09/30/27		502,135
				3,342,195
		Real Estate (3.2%)
	1,000,000	American Tower Corp. 1.600%, 04/15/26		925,670
	1,000,000	Boston Properties, LP 6.750%, 12/01/27		1,022,080

PRINCIPAL AMOUNT			VALUE
	1,000,000	Brixmor Operating Partnership, LP^ 4.125%, 06/15/26	$	966,400
	1,000,000	Camden Property Trust 5.850%, 11/03/26		1,008,280
	1,000,000	Crown Castle, Inc. 4.450%, 02/15/26		978,900
	500,000	EPR Properties^ 4.500%, 04/01/25		492,345
	500,000	Equinix, Inc. 1.000%, 09/15/25		467,860
	250,000	1.250%, 07/15/25		236,500
	500,000	Federal Realty Investment Trust 1.250%, 02/15/26		462,525
	750,000	Forestar Group, Inc.* 3.850%, 05/15/26		713,017
	1,000,000	Healthpeak OP LLC 3.400%, 02/01/25		981,460
	1,000,000	Public Storage^ 5.125%, 01/15/29		994,950
	1,000,000	Realty Income Corp.^ 5.050%, 01/13/26		994,650
	500,000	Simon Property Group, LP 1.375%, 01/15/27		449,755
	250,000	2.000%, 09/13/24^		246,740
	250,000	Welltower, Inc. 4.000%, 06/01/25		245,330
	500,000	Weyerhaeuser Company 4.750%, 05/15/26		492,315
				11,678,777
		Special Purpose Acquisition Companies (0.5%)
	1,000,000	New York Life Global Funding* 3.600%, 08/05/25		976,730
	1,000,000	Novartis Capital Corp. 3.400%, 05/06/24		1,000,000
				1,976,730
		Utilities (1.8%)
	250,000	AES Corp. 1.375%, 01/15/26		231,723
	1,000,000	CMS Energy Corp. 3.600%, 11/15/25		967,850
	300,000	DPL, Inc. 4.125%, 07/01/25		291,948
	750,000	Enel Finance International, NV* 2.650%, 09/10/24		742,222
	300,000	Entergy Corp. 0.900%, 09/15/25		281,367
	500,000	Entergy Texas, Inc. 1.500%, 09/01/26		452,555
	1,000,000	National Rural Utilities Cooperative Finance Corp. 5.450%, 10/30/25		999,250

See accompanying Notes to Schedule of Investments

www.calamos.com
175

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	NSTAR Electric Company 3.200%, 05/15/27	$	943,850
	25,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. USD LIBOR + 2.67%		24,809
	1,000,000	Sempra 3.400%, 02/01/28		927,980
	500,000	WEC Energy Group, Inc. 5.000%, 09/27/25		495,705
				6,359,259
		TOTAL CORPORATE BONDS (Cost $206,565,890)		203,037,779
U.S. GOVERNMENT AND AGENCY SECURITIES (5.8%)
	1,000,000	Federal Home Loan Mortgage Corp. 4.000%, 11/25/24		991,910
	12,015,000	United States Treasury Note 4.250%, 02/28/29		11,772,823
	4,000,000	3.625%, 03/31/28		3,834,219
	2,500,000	4.000%, 06/30/28		2,427,539
	1,750,000	4.125%, 07/31/28		1,707,002
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $21,186,035)		20,733,493
SOVEREIGN BONDS (1.8%)
	1,000,000	Development Bank of Japan, Inc.* 5.125%, 09/01/26		996,610
	1,000,000	Export Development Canada 3.375%, 08/26/25		975,380
	500,000	3.875%, 02/14/28		482,430
	1,000,000	Japan Bank for International Cooperation 4.250%, 04/27/26		979,980
	500,000	Kommunalbanken, A/S* 0.500%, 01/13/26^		461,580
	200,000	4.500%, 09/01/28		196,626
	1,000,000	Kommuninvest I Sverige AB* 4.250%, 12/10/25		982,990
	1,000,000	Svensk ExportKredit AB 4.125%, 06/14/28		967,560
	500,000	3.625%, 09/03/24^		496,670
		TOTAL SOVEREIGN BONDS (Cost $6,687,328)		6,539,826
BANK LOANS (10.6%)¡
		Airlines (0.6%)
	1,000,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%		1,008,125
	376,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		391,549

PRINCIPAL AMOUNT			VALUE
	837,474	Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%	$	860,852
				2,260,526
		Communication Services (1.4%)
	895,430	APi Group DE, Inc. 7.930%, 01/03/29 1 mo. SOFR + 2.50%		899,831
	292,111	DIRECTV Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%		293,976
	290,113	DirecTV Financing, LLC! 0.000%,		291,965
	1,161,449	Go Daddy Operating Company, LLC‡ 7.316%, 11/09/29 1 mo. SOFR + 2.00%		1,163,284
	1,000,000	Match Group, Inc.‡ 7.233%, 02/13/27 3 mo. SOFR + 1.75%		1,000,000
	590,437	Nexstar Broadcasting, Inc.‡ 7.930%, 09/18/26 1 mo. SOFR + 2.50%		591,618
	1,000,000	Virgin Media Bristol, LLC‡ 7.936%, 01/31/28 1 mo. SOFR + 2.50%		982,875
				5,223,549
		Consumer Discretionary (3.2%)
	1,044,670	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		1,050,546
	960,000	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		965,702
	1,533,753	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		1,543,576
	1,000,000	Cedar Fair, LP‡! 0.000%, 04/18/31		1,001,250
	997,500	Flutter Financing, BV‡ 7.559%, 11/25/30 3 mo. SOFR + 2.25%		1,000,528
	495,000	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%		496,030
	1,000,000	Hilton Domestic Operating Company, Inc.‡ 7.417%, 11/08/30 1 mo. SOFR + 2.00%		1,003,355
	1,000,000	Installed Building Products, Inc.‡ 7.316%, 03/28/31 1 mo. SOFR + 2.00%		1,004,845
	600,000	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		604,314

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
176

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%	$	1,003,470
	971,219	Murphy USA, Inc.‡ 7.192%, 01/31/28 1 mo. SOFR + 1.75%		975,711
	487,469	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%		481,375
	321,957	SkyMiles IP, Ltd.‡ 9.075%, 10/20/27 3 mo. SOFR + 3.75%		332,452
				11,463,154
		Consumer Staples (0.2%)
	876,823	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		882,992
		Energy (0.6%)
	997,500	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		1,002,243
	994,975	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%		999,637
				2,001,880
		Financials (0.4%)
	305,000	Delos Aircraft Leasing DAC‡ 7.302%, 10/31/27 3 mo. SOFR + 2.00%		305,724
	989,474	Iron Mountain, Inc.‡ 7.180%, 01/02/26 1 mo. LIBOR + 1.75%		989,103
				1,294,827
		Health Care (1.1%)
	186,648	Avantor Funding, Inc.‡ 7.416%, 11/08/27 1 mo. SOFR + 2.00%		187,538
	964,963	DaVita, Inc.‡ 7.180%, 08/12/26 1 mo. SOFR + 1.75%		966,078
	986,230	Elanco Animal Health, Inc.‡ 7.177%, 08/01/27 1 mo. SOFR + 1.75%		985,698
	640,435	Icon Luxembourg Sarl! 0.000%,		643,855
	215,470	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		216,620
	878,997	Organon & Company 8.433%, 06/02/28 1 mo. SOFR + 3.00%		884,904
	159,565	PRA Health Sciences, Inc.! 0.000%,		160,417

PRINCIPAL AMOUNT			VALUE
	53,684	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%	$	53,971
				4,099,081
		Industrials (1.1%)
	997,500	Beacon Roofing Supply, Inc.‡ 7.316%, 05/19/28 1 mo. SOFR + 2.00%		1,001,864
	987,538	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		993,092
	977,450	JELD-WEN, Inc.‡ 7.430%, 07/28/28 1 mo. SOFR + 2.00%		981,237
	995,000	Vertiv Group Corp.‡ 7.943%, 03/02/27 1 mo. SOFR + 2.50%		999,861
				3,976,054
		Information Technology (1.1%)
	1,087,333	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		1,093,786
	1,000,000	KBR, Inc.‡ 7.566%, 01/17/31 1 mo. SOFR + 2.25%		1,004,165
	870,235	TTM Technologies, Inc.‡ 8.077%, 05/30/30 1 mo. SOFR + 2.75%		871,866
	987,538	ZoomInfo, LLC‡ 7.566%, 02/28/30 1 mo. SOFR + 2.25%		993,710
				3,963,527
		Materials (0.9%)
	1,079,119	Axalta Coating Systems U.S. Holdings, Inc.‡ 7.330%, 12/20/29 3 mo. SOFR + 2.00%		1,083,441
	992,070	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		993,002
	992,500	H.B. Fuller Company‡ 7.316%, 02/15/30 1 mo. SOFR + 2.00%		996,222
				3,072,665
		TOTAL BANK LOANS (Cost $38,044,178)		38,238,255
ASSET BACKED SECURITIES (19.5%)
		Communication Services (0.5%)
	1,000,000	T-Mobile U.S. Trust Series 2022-1A, Class A* 4.910%, 05/22/28		993,317

See accompanying Notes to Schedule of Investments

www.calamos.com
177

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	Verizon Master Trust Series 2021-2, Class B 1.280%, 04/20/28	$	978,795
				1,972,112
		Consumer Discretionary (0.3%)
	1,250,000	Avis Budget Rental Car Funding AESOP, LLC Series 2019-2A, Class A* 3.350%, 09/22/25		1,243,731
		Financials (9.0%)
	2,000,000	American Express Credit Account Master Trust Series 2021-1, Class A 0.900%, 11/15/26		1,950,247
	2,000,000	Capital One Multi-Asset Execution Trust Series 2021-A3, Class A3 1.040%, 11/15/26		1,951,327
	938,431	Capital One Prime Auto Receivables Trust Series 2022-1, Class A3 3.170%, 04/15/27		919,035
	294,120	Commonbond Student Loan Trust Series 2017-B-GS, Class A1* 2.680%, 09/25/42		268,426
	109,991	Commonbond Student Loan Trust Series 2018-C-GS, Class A1* 3.870%, 02/25/46		102,264
	369,432	Commonbond Student Loan Trust Series 2019-A-GS, Class A1* 2.540%, 01/25/47		326,969
	598,101	Commonbond Student Loan Trust Series 2021-B-GS, Class A* 1.170%, 09/25/51		498,341
	252,410	Credit Acceptance Auto Loan Trust Series 2021-4, Class A* 1.260%, 10/15/30		249,368
	2,000,000	Credit Acceptance Auto Loan Trust Series 2024-1A, Class A* 5.680%, 03/15/34		1,989,080
	1,500,000	Dell Equipment Finance Trust Series 2022-2, Class B* 4.400%, 07/22/27		1,479,012
	1,500,000	Discover Card Execution Note Trust Series 2022-A2, Class A 3.320%, 05/15/27		1,465,904
	763,021	ELFI Graduate Loan Program, LLC Series 2021-A, Class A* 1.530%, 12/26/46		652,592
	986,125	ELFI Graduate Loan Program, LLC Series 2022-A, Class A* 4.510%, 08/26/47		949,333
	379,355	Enterprise Fleet Financing, LLC Series 2022-4, Class A2* 5.760%, 10/22/29		379,107
	1,500,000	Enterprise Fleet Financing, LLC Series 2024-2, Class A3* 5.610%, 04/20/28		1,497,159

PRINCIPAL AMOUNT			VALUE
	1,500,000	Hertz Vehicle Financing LLC Series 2021-1A, Class A* 1.210%, 12/26/25	$	1,469,345
	1,000,000	Kubota Credit Owner Trust Series 2023-2A, Class A3* 5.280%, 01/18/28		993,278
	819,459	MMAF Equipment Finance LLC Series 2017-B, Class A5* 2.720%, 06/15/40		806,148
	2,000,000	MMAF Equipment Finance LLC Series 2023-A, Class A3* 5.540%, 12/13/29		1,997,821
	1,215,243	Navient Private Education Refi Loan Trust Series 2020-BA, Class A2* 2.120%, 01/15/69		1,118,191
	271,000	NextGear Floorplan Master Owner Trust Series 2021-1A, Class A* 0.850%, 07/15/26		268,358
	511,233	OneMain Direct Auto Receivables Trust Series 2021-1A, Class A* 0.870%, 07/14/28		494,291
	777,000	OneMain Direct Auto Receivables Trust Series 2021-1A, Class B* 1.260%, 07/14/28		714,855
	1,625,173	Oscar US Funding XII, LLC Series 2021-1A, Class A4* 1.000%, 04/10/28		1,568,919
	81,184	Pawneee Equipment Receivables, LLC Series 2021-1, Class A2* 1.100%, 07/15/27		80,036
	1,813,452	Pawneee Equipment Receivables, LLC Series 2022-1, Class A3* 5.170%, 02/15/28		1,805,315
	259,741	PenFed Auto Receivables Owner Trust Series 2022-A, Class A3* 3.960%, 04/15/26		258,309
	300,000	PenFed Auto Receivables Owner Trust Series 2022-A, Class A4* 4.180%, 12/15/28		295,349
	2,000,000	Porsche Financial Auto Securitization Trust Series 2023-2A, Class A3* 5.790%, 01/22/29		2,008,622
	792,000	Progress Residential Trust Series 2021-SFR5, Class B* 1.658%, 07/17/38		719,415
	1,022,929	SoFi Professional Loan Program Trust Series 2020-C, Class AFX* 1.950%, 02/15/46		931,855
	613,157	SoFi Professional Loan Program, LLC Series 2017-F, Class A2FX* 3.600%, 02/25/48		596,550
	1,615,000	Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A* 2.560%, 11/25/31		1,611,838
				32,416,659

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
178

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Health Care (0.2%)
	746,240	DT Auto Owner Trust Series 2022-2A, Class B* 4.220%, 01/15/27	$	743,831
		Industrials (0.3%)
	1,000,000	John Deere Owner Trust Series 2021-B, Class A4 0.740%, 05/15/28		954,117
		Information Technology (0.5%)
	1,759,971	Vantage Data Centers Issuer, LLC Series 2019-1A, Class A2* 3.188%, 07/15/44		1,748,098
		Other (8.3%)
	2,000,000	Aligned Data Centers Issuer, LLC Series 2021-1A, Class A2* 1.937%, 08/15/46		1,812,516
	500,000	American Express Credit Account Master Trust Series 2023-2, Class A 4.800%, 05/15/30		491,760
	370,476	Amur Equipment Finance Receivables XI, LLC Series 2022-2A, Class A2* 5.300%, 06/21/28		369,085
	800,000	Amur Equipment Finance Receivables XIII, LLC - Class A2, Series 2024-1A* 5.380%, 01/21/31		795,254
	61,426	Atalaya Equipment Leasing Trust Series 2021-1A, Class A2* 1.230%, 05/15/26		61,255
	1,000,000	BA Credit Card Trust Series 2022-A1, Class A1 3.530%, 11/15/27		978,389
	330,000	CCG Receivables Trust Series 2021-2, Class B* 1.270%, 03/14/29		314,639
	1,000,000	CCG Receivables Trust Series 2023-1, Class B* 5.990%, 09/16/30		1,001,939
	1,000,000	CCG Receivables Trust Series 2023-1, Class C* 6.280%, 09/16/30		1,008,060
	1,213,333	CLI Funding VI, LLC Series 2020-3A, Class A* 2.070%, 10/18/45		1,082,247
	902,833	Daimler Trucks Retail Trust Series 2022-1, Class A3 5.230%, 02/17/26		900,189
	2,000,000	DLLAD, LLC Series 2023-1A, Class A3* 4.790%, 01/20/28		1,967,889
	1,458,750	Domino's Pizza Master Issuer, LLC Series 2021-1A, Class A21* 2.662%, 04/25/51		1,271,198

PRINCIPAL AMOUNT			VALUE
	2,000,000	Ford Credit Auto Owner Trust Series 2024-1, Class A* 4.870%, 08/15/36	$	1,955,264
	1,000,000	HPEFS Equipment Trust - Class B, Series 2024-1A* 5.180%, 05/20/31		985,956
	1,250,000	HPEFS Equipment Trust Series 2022-1A, Class B* 1.790%, 05/21/29		1,236,584
	250,000	HPEFS Equipment Trust Series 2022-2A, Class B* 4.200%, 09/20/29		246,564
	1,000,000	Kubota Credit Owner Trust Series 2023-1A, Class A3* 5.020%, 06/15/27		990,679
	1,167,000	MetroNet Infrastructure Issuer, LLC Series 2022-1A, Class A2* 6.350%, 10/20/52		1,167,932
	400,000	MetroNet Infrastructure Issuer, LLC Series 2024-1A, Class A2* 6.230%, 04/20/54		395,858
	154,436	MVW Owner Trust Series 2019-1A, Class A* 2.890%, 11/20/36		149,141
	1,500,000	NextGear Floorplan Master Owner Trust Series 2023 - 1A, Class A2* 5.740%, 03/15/28		1,500,817
	868,742	OCCU Auto Receivables Trust Series 2023-1A, Class A2* 6.230%, 04/15/27		870,801
	600,000	Post Road Equipment Finance, LLC Series 2024-1A, Class A2* 5.590%, 11/15/29		596,480
	150,927	SCF Equipment Leasing, LLC Series 2021-1A, Class A3* 0.830%, 08/21/28		149,489
	1,079,798	SCF Equipment Leasing, LLC Series 2022-1A, Class A3* 2.920%, 07/20/29		1,059,183
	186,786	SoFi Consumer Loan Program Trust 2023-1S, Class A* 5.810%, 05/15/31		186,680
	994,167	SVC ABS, LLC Series 2023-1A, Class A* 5.150%, 02/20/53		940,778
	775,000	Tesla Auto Lease Trust Series 2021-B, Class B* 0.910%, 09/22/25		771,912
	802,317	USAA Auto Owner Trust Series 2022-A, Class A3* 4.860%, 11/16/26		798,844
	1,000,000	Veridian Auto Receivables Trust Series 2023-1A, Class A3* 5.560%, 03/15/28		996,867

See accompanying Notes to Schedule of Investments

www.calamos.com
179

Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	Verizon Master Trust Series 2023-1, Class A 4.490%, 01/22/29	$	982,764
	2,000,000	World Omni Auto Receivables Trust Series 2022-B, Class A3 3.250%, 07/15/27		1,965,787
				30,002,800
		Utilities (0.4%)
	1,315,341	Harley-Davidson Motorcycle Trust Series 2022-A, Class A3 3.060%, 02/15/27		1,293,754
		TOTAL ASSET BACKED SECURITIES (Cost $71,863,224)		70,375,102
MUNICIPAL OBLIGATIONS (4.3%)
		Consumer Discretionary (0.2%)
	300,000	Washington State Housing Finance Commission 5.345%, 12/01/27		302,160
	200,000	Washington State Housing Finance Commission 5.285%, 06/01/27		200,855
				503,015
		Other (4.0%)
	100,000	Alaska Housing Finance Corp. 4.808%, 06/01/27		98,219
	250,000	Armada Area Schools 0.950%, 05/01/25		239,492
	155,000	City of Auburn CA 0.961%, 06/01/25		147,484
	280,000	City of Mishawaka IN 4.680%, 02/15/26		275,221
	205,000	City of Mishawaka IN 4.700%, 08/15/26		200,906
	1,000,000	City of Montclair CA 0.926%, 06/01/24		996,051
	120,000	City of Omaha NE 0.983%, 04/15/26		110,710
	500,000	City of Wheaton IL 0.786%, 12/01/24		486,863
	500,000	Colorado Housing & Finance Authority 5.452%, 11/01/27		503,493
	500,000	Colorado Housing & Finance Authority 5.402%, 05/01/27		502,353
	300,000	Colorado Housing & Finance Authority 1.650%, 11/01/25		284,155
	75,000	Colorado Housing & Finance Authority 0.858%, 11/01/24		73,296
	895,000	Connecticut Housing Finance Authority 0.974%, 11/15/25		842,842
	250,000	Corona-Norco Unified School District 1.000%, 09/01/25		236,070

PRINCIPAL AMOUNT			VALUE
	155,000	County of Santa Cruz AZ Pledged Revenue 1.250%, 07/01/24	$	153,926
	250,000	Cypress-Fairbanks Independent School District 5.000%, 02/15/25		249,329
	135,000	East Montgomery County Improvement District 1.550%, 08/15/26		124,366
	175,000	Encinitas Public Financing Authority 1.020%, 10/01/25		164,690
	175,000	Encinitas Public Financing Authority 0.790%, 10/01/24		171,603
	400,000	Fairfield Facilities Corp. 2.000%, 09/01/24		394,974
	450,000	Florida Housing Finance Corp. 5.077%, 07/01/26		447,323
	220,000	Florida Housing Finance Corp. 5.086%, 01/01/27		218,630
	200,000	Florida Housing Finance Corp. 5.136%, 07/01/27		198,940
	250,000	Galveston Independent School District 5.000%, 02/01/25		249,362
	250,000	Indiana Housing & Community Development Authority 5.065%, 01/01/27		249,569
	175,000	Indiana Housing & Community Development Authority 5.095%, 07/01/26		174,757
	160,000	Indiana Housing & Community Development Authority 5.095%, 01/01/26		159,696
	505,000	Iowa Finance Authority 5.502%, 07/01/28		505,623
	350,000	Iowa Finance Authority 5.412%, 07/01/27		349,531
	125,000	Lakeside Fire Protection District 1.620%, 08/01/24		123,720
	700,000	Metropolitan Washington Airports Authority Dulles Toll Road Revenue 1.737%, 10/01/25		664,307
	295,000	Minnesota Housing Finance Agency 5.113%, 01/01/26		292,234
	450,000	Nevada Housing Division 5.268%, 04/01/27		449,087
	435,000	Nevada Housing Division 5.338%, 10/01/27		434,954
	250,000	Nevada Housing Division 5.251%, 10/01/26		249,303
	390,000	New York City Transitional Finance Authority Future Tax Secured Revenue 3.430%, 08/01/26		375,251
	390,000	New York City Transitional Finance Authority Future Tax Secured Revenue 1.250%, 05/01/26		360,736

See accompanying Notes to Schedule of Investments

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Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	255,000	New York State Dormitory Authority 2.438%, 02/15/26	$	242,850
	150,000	Pharr San Juan Alamo Independent School District TX 5.000%, 02/01/25		149,612
	400,000	Regional Transportation Authority 3.000%, 06/01/25		389,812
	265,000	Sallisaw Municipal Authority 1.420%, 09/01/24		261,382
	155,000	State of Hawaii 1.033%, 08/01/25		147,240
	250,000	Thornapple Kellogg School District 0.930%, 05/01/25		239,351
	525,000	Town of Stratford CT 0.956%, 08/01/24		519,167
	145,000	Victor Valley Community College District 2.878%, 08/01/26		137,762
	170,000	Westminster Public Schools 0.906%, 12/01/26		152,288
	125,000	Wichita Falls 4B Sales Tax Corp. 1.049%, 09/01/25		118,152
	340,000	Williamston Community Schools School District 1.050%, 05/01/25		325,908
				14,442,590
		Utilities (0.1%)
	505,000	Augusta GA Water & Sewer Revenue 4.300%, 10/01/26		493,122
		TOTAL MUNICIPAL OBLIGATIONS (Cost $15,662,409)		15,438,727
RESIDENTIAL MORTGAGE BACKED SECURITIES (0.9%)
	687,369	BANK Series 2019-BN16, Class A2 3.933%, 02/15/52		671,595
	32,437	CSAIL Commercial Mortgage Trust Series 2017-CX9, Class A2 3.054%, 09/15/50		32,120
	1,000,000	GS Mortgage Securities Corp. II Series 2023-SHIP, Class A*‡ 4.466%, 09/10/38		959,809
	1,406,625	GS Mortgage-Backed Securities Corp. Trust Series 2021-PJ4, Class A8*‡ 2.500%, 09/25/51		1,198,260
	558,810	GS Mortgage-Backed Securities Trust Series 2021-PJ11, Class A8*‡ 2.500%, 04/25/52		470,639
	29,180	Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class A2 2.678%, 04/15/50		28,788
		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $3,662,455)		3,361,211

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.2%)
	11,639,293	State Street Navigator Securities Lending Government Money Market Portfolio, 5.345%†*** (Cost $11,639,293)	$	11,639,293
		TOTAL INVESTMENTS (102.3%) (Cost $375,310,812)		369,363,686
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.2%)				(11,639,293	)
OTHER ASSETS, LESS LIABILITIES (0.9%)				3,436,760
NET ASSETS (100.0%)			$	361,161,153

NOTES TO SCHEDULE OF INVESTMENTS

^ Security, or portion of security, is on loan.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

† Represents investment of cash collateral received from securities on loan as of April 30, 2024.

*** The rate disclosed is the 7 day net yield as of April 30, 2024.

FUTURES CONTRACTS

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE		MARKET VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Buys
	25,000,000	U.S. Treasury Note 5-Year	Jun 2024	$	26,185,547	$	(480,684	)

See accompanying Notes to Schedule of Investments

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Short-Term Bond Fund Schedule of Investments April 30, 2024 (Unaudited)

ASSET ALLOCATION

Corporate Bonds	56.2	%
Asset Backed Securities	19.5
Bank Loans	10.6
U.S. Government and Agency Securities	5.8
Municipal Obligations	4.3
Sovereign Bonds	1.8
Residential Mortgage Backed Securities	0.9
Other Assets, less Liabilities	0.9

Asset Allocation weightings are subject to change daily and are calculated as a percentage of net assets.

See accompanying Notes to Schedule of Investments

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182

Notes to Financial Statements (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the "Trust"), consists of twenty series, Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund, Merger Arbitrage Fund, Convertible Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth Fund, Growth and Income Fund, Dividend Growth Fund, Select Fund , International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (each a "Fund" and collectively the "Funds"). The Trust is registered under the Investment Company Act of 1940 as amended (the "1940 Act") as an open-end management investment company. The Trust currently offers Class A, Class C (except Timpani SMID Growth Fund and Short-Term Bond Fund), and Class I shares of each of the Funds. Class R6 shares are offered in Market Neutral Income Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth and Income Fund, International Growth Fund, Global Equity Fund, and International Small Cap Growth Fund only.

Significant Accounting Policies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

Fund Valuation. The Trust's Board of Trustees ("Board" or "Trustees"), including a majority of the Trustees who are not "interested persons" of the Trust, have designated Calamos Advisors LLC ("Calamos Advisors", or the "Advisor") to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As "valuation designee" the Calamos Advisors has adopted procedures to guide the determination of the net asset value ("NAV") on any day on which the Fund's NAVs are determined. The valuation of the Funds' investments is in accordance with these procedures.

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 principal exchange at the time each Fund determines its 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 principal exchange in accordance with guidelines adopted by the Board. 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. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board.

Fixed income securities, bank loans, 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, bank loans, 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

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Notes to Financial Statements (Unaudited)

exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board. 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 respective 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 respective Fund's NAV is not calculated.

If the Advisor's 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.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, 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 Calamos Advisors, 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 the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2024. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

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.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

Allocation of Expenses Among Funds and Classes. Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of the Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity and Dynamic Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos ETF Trust are allocated proportionately among each Fund to which the expenses relate in relation to the net assets of each Fund or on another reasonable basis. Expenses directly attributable to a particular class of a fund in the Trust are charged directly to such class. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day plus current day fund share activity.

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Notes to Financial Statements (Unaudited)

Income Taxes. No provision has been made for U.S. income taxes because the Trust's policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the Funds' taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2021—2023 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions for those Funds that have been in existence during that time, and for all years since inception for those Funds created subsequent to October 31, 2021.

Indemnifications. Under the Trust's organizational documents, the Trust is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote.

Note 2 – Investment Adviser and Transactions With Affiliates Or Certain Other Parties

Pursuant to an investment advisory agreement with Calamos Advisors, each Fund pays a monthly investment advisory fee based on the average daily net assets of the Fund, as shown below:

AVERAGE DAILY NET ASSETS	GROWTH FUND ANNUAL RATE			EVOLVING WORLD GROWTH FUND ANNUAL RATE			TOTAL RETURN BOND FUND ANNUAL RATE			SELECT FUND, DIVIDEND GROWTH FUND, INTERNATIONAL GROWTH FUND, GLOBAL EQUITY FUND, GLOBAL OPPORTUNITIES FUND ANNUAL RATE
First $500 million		1.00	%		1.10	%		0.45	%		1.00	%
Next $500 million		0.90	%		1.05	%		0.43	%		0.95	%
Next $5 billion		0.80	%		1.00	%		0.41	%		0.90	%
Over $6 billion		0.70	%		0.90	%		0.35	%		0.80	%

* International Growth Fund and Global Equity Fund are subject to a possible adjustment based on performance as described below.

AVERAGE DAILY NET ASSETS	GLOBAL CONVERTIBLE FUND ANNUAL RATE			TIMPANI SMALL CAP GROWTH FUND ANNUAL RATE			TIMPANI SMID GROWTH FUND ANNUAL RATE			SHORT-TERM BOND FUND ANNUAL RATE			GROWTH AND INCOME FUND, CONVERTIBLE FUND, MARKET NEUTRAL INCOME FUND, HEDGED EQUITY FUND ANNUAL RATE			HIGH INCOME OPPORTUNITIES FUND ANNUAL RATE			PHINEUS LONG/SHORT FUND ANNUAL RATE
First $500 million		0.85	%		0.90	%		0.95	%		0.30	%		0.75	%		0.60	%		1.25	%
Next $500 million		0.80	%		0.80	%		0.85	%		0.27	%		0.70	%		0.55	%		1.20	%
Over $1 billion		0.75	%		0.75	%		0.80	%		0.25	%		0.65	%		0.50	%		1.15	%

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Notes to Financial Statements (Unaudited)

AVERAGE DAILY NET ASSETS	MERGER ARBITRAGE FUND ANNUAL RATE			INTERNATIONAL SMALL CAP GROWTH FUND ANNUAL RATE
First $500 million		1.00	%		0.95	%
Next $500 million		0.95	%		0.90	%
Over $1 billion		0.90	%		0.85	%

The average investment advisory fee as of the period ended April 30, 2024 was as follows:

FUND	PERCENTAGE
Market Neutral Income Fund		0.66	%
Hedged Equity Fund		0.74
Phineus Long/Short Fund		1.23
Merger Arbitrage Fund		1.00
Convertible Fund		0.73
Global Convertible Fund		0.85
Timpani Small Cap Growth Fund		0.90
Timpani SMID Growth Fund		0.95
Growth Fund		0.91
Growth and Income Fund		0.68
Dividend Growth Fund		1.00
Select Fund		1.00
International Growth Fund		1.00
Evolving World Growth Fund		1.10
Global Equity Fund		1.00
Global Opportunities Fund		1.00
International Small Cap Growth Fund		0.95
Total Return Bond Fund		0.45
High Income Opportunities Fund		0.60
Short-Term Bond Fund		0.30

Each of the International Growth and Global Equity Funds pays a fee based on average daily net assets of the Fund that is accrued daily and paid on a monthly basis, subject to possible adjustment based on the Fund's investment performance (since March 2006 for International Growth Fund and since February 2008 for Global Equity Fund). The performance adjustment increases or decreases the management fee, on a monthly basis, by 1/12 of 0.03% of a Fund's average daily net assets over the performance period for each full 1% increment amount by which a Fund outperforms or underperforms the benchmark index ("Index"), on an annualized basis, over the performance measurement period. The benchmark indexes are the MSCI EAFE Growth Index and the MSCI World Index for the International Growth Fund and Global Equity Fund, respectively.

The base fee is shown in the table above. The performance adjustment rate is calculated by comparing over the performance measurement period the Fund's Class A share performance to that of the respective Index. The performance measurement period commenced at the beginning of each Fund's first full month of operation (April 2005 and March 2007 for the International Growth Fund and Global Equity Fund, respectively). The first performance adjustment was applied to the advisory fee at the end of the twelfth month. Each month subsequent to the twelfth month, a new month is added to the performance measurement period until the performance measurement period includes 36 months. Thereafter, the performance measurement period consists of the most recent month plus the previous 35 months.

The performance comparison is made at the end of each month. The maximum annualized performance adjustment rate is +/- 0.30% of the Fund's average daily net assets over the performance measurement period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average daily net assets over the performance measurement period, and the resulting dollar amount is then added to or subtracted from the base fee. Calamos Advisors may receive a positive

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Notes to Financial Statements (Unaudited)

performance adjustment even if the Fund has a negative return over a performance measurement period if it otherwise outperforms the Index during that period.

Each Fund may invest in shares of the Timpani Small Cap Growth Fund ("SCG"), Timpani SMID Growth Fund ("SMID") or Short Term Bond Fund ("STBF"). Calamos Advisors has contractually agreed to waive a portion of its advisory fee charged to the Fund equal to the advisory fee paid by SCG, SMID or STBF, respectively, attributable to the Fund's investment in SCG, SMID or STBF, respectively, based on daily net assets. For the period ended April 30, 2024, the total advisory fees waived pursuant to such agreement were $493,879 for the Market Neutral Income Fund and are included in the Statements of Operations under the caption "Expense reductions".

As of April 30, 2024, the Market Neutral Income Fund had holdings of $329.4 million in STBF. During the period from November 1, 2023 through April 30, 2024, the Market Neutral Income Fund had no subscriptions or redemptions and earned $8.4 millions in dividends.

When a fund in the Calamos Family of Funds (an "Acquiring Fund") invests in shares of another fund in the Calamos Family of Funds (an "Acquired Fund"), the portion of the Acquiring Fund's advisory fee equal to the advisory fee payable to the Acquired Fund (based on average daily net assets invested) is waived.

Each Fund reimburses Calamos Advisors for a portion of compensation paid to the Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees' fees and officer compensation" expense on the Statements of Operations.

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of each Fund as a percentage of the average daily net assets through March 1, 2025 (except as noted) as follows:

FUND	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
Calamos Market Neutral Income Fund		1.75	%		2.50	%		1.50	%		1.50% less the annual sub-transfer agency ratio*
Calamos Hedged Equity Fund		1.25	%		2.00	%		1.00	%		—
Calamos Phineus Long/Short Fund		2.00	%		2.75	%		1.75	%		—
Calamos Merger Arbitrage Fund⁽¹⁾		1.50	%		2.25	%		1.25	%		—
Calamos Convertible Fund		1.75	%		2.50	%		1.50	%		—
Calamos Global Convertible Fund		1.35	%		2.10	%		1.10	%		—
Calamos Timpani Small Cap Growth Fund		1.30	%		2.05	%		1.05	%		1.05% less the annual sub-transfer agency ratio*
Calamos Timpani SMID Growth Fund		1.35	%		—			1.10	%		1.10% less the annual sub-transfer agency ratio*
Calamos Growth Fund		1.75	%		2.50	%		1.50	%		—
Calamos Growth and Income Fund		1.75	%		2.50	%		1.50	%		1.50% less the annual sub-transfer agency ratio*
Calamos Dividend Growth Fund		1.35	%		2.10	%		1.10	%		—
Calamos Select Fund		1.15	%		1.90	%		0.90	%		—

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Notes to Financial Statements (Unaudited)

FUND	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
Calamos International Growth Fund		1.20	%		1.95	%		0.95	%		0.95% less the annual sub-transfer agency ratio*
Calamos Evolving World Growth Fund		1.30	%		2.05	%		1.05	%		—
Calamos Global Equity Fund		1.40	%		2.15	%		1.15	%		1.15% less the annual sub-transfer agency ratio*
Calamos Global Opportunities Fund		1.22	%		1.97	%		0.97	%		—
Calamos International Small Cap Growth Fund⁽²⁾		1.35	%		2.10	%		1.10	%		1.10% less the annual sub-transfer agency ratio*
Calamos Total Return Bond Fund		0.90	%		1.65	%		0.65	%		—
Calamos High Income Opportunities Fund		1.00	%		1.75	%		0.75	%		—
Calamos Short-Term Bond Fund		0.65	%		—			0.40	%		—

* The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregated average annual net assets of the Fund's other share classes.

(1) The Contractual limitation is through October 31, 2026 for the Calamos Merger Arbitrage Fund.

(2) The Contractual limitation is through March 31, 2025 for the Calamos International Small Cap Growth Fund.

For the period ended April 30, 2024, Calamos Advisors waived or absorbed the following expenses:

FUND	AMOUNT
Market Neutral Income Fund	$	493,879
Merger Arbitrage Fund		105,099
Global Convertible Fund		1,876
Timpani Small Cap Growth Fund		108,865
Timpani SMID Growth Fund		52,279
Dividend Growth Fund		62,480
Select Fund		101,624
International Growth Fund		182,955
Evolving World Growth Fund		703,899
Global Equity Fund		7,914
Global Opportunities Fund		285,073
International Small Cap Growth Fund		72,762
Total Return Bond Fund		47,438
High Income Opportunities Fund		74,154

These amounts are included in the Statements of Operations under the caption "Expense reductions".

As Distributor, Calamos Financial Services LLC ("CFS") assumed all expenses of personnel, office space, office facilities and equipment incidental to such service. Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act whereby the Fund pays to CFS a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets

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of the Fund's Class A shares; a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75% of the average daily net assets of the Fund's Class C shares. No such fees are paid on each Fund's Class I or Class R6 shares.

CFS also receives a sales commission and/or an underwriting fee on certain sales of each Fund's Class A shares. During the period ended April 30, 2024, CFS received commissions and underwriting fees as follows:

FUND	AMOUNT
Market Neutral Income Fund	$	10,227
Hedged Equity Fund		4,167
Phineus Long/Short Fund		6,332
Convertible Fund		3,040
Global Convertible Fund		1
Timpani Small Cap Growth Fund		4,520
Growth Fund		22,608
Growth and Income Fund		58,374
Dividend Growth Fund		1,628
Select Fund		369
International Growth Fund		587
Evolving World Growth Fund		757
Global Equity Fund		1,708
Global Opportunities Fund		2,208
Total Return Bond Fund		15
High Income Opportunities Fund		44
Short-Term Bond Fund		18

A trustee and certain officers of the Trust are also officers and directors of CFS and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Trust's Statement of Additional Information contains additional information about the Trust's Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

As of April 30, 2024, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:

FUND	PERCENTAGE
Merger Arbitrage Fund		47	%
Timpani SMID Growth Fund		64
Select Fund		34
Global Equity Fund		26
International Small Cap Growth Fund		50
High Income Opportunities Fund		34

As of April 30, 2024, the Market Neutral Income Fund held 91.2% of the outstanding shares of Short Term Bond Fund.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

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Notes to Financial Statements (Unaudited)

At April 30, 2024, the Funds had deferred compensation balances, which are included in "Other assets" on the Statements of Assets and Liabilities, as follows:

FUND	AMOUNT
Market Neutral Income Fund	$	170,013
Convertible Fund		173,870
Growth Fund		842,756
Growth and Income Fund		363,903
Select Fund		90,349
International Growth Fund		56,868
Evolving World Growth Fund		16,758
Global Equity Fund		29,169
Global Opportunities Fund		136,857
Total Return Bond Fund		32,823
High Income Opportunities Fund		99,564

Each Fund's obligation to make payments under the Plan is a general obligation of the Fund and is included in "Payable for deferred compensation to trustees" on the Statements of Assets and Liabilities at April 30, 2024.

Interfund Lending Program and Joint Credit Agreement

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program"). The InterFund Program is subject to a number of conditions, which are discussed in detail in the Funds' statement of additional information. Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days. In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. No Interfund Loans were made during the period.

On April 30, 2021, the Trust, on behalf of the Funds, entered into a $50,000,000 Demand Discretionary Credit Agreement with State Street Bank and Trust Company (the "Credit Agreement"). Effective May 10, 2022, International Small Cap Fund was added to the Credit Agreement. On November 30, 2022, the Credit Agreement was increased to $100,000,000. Each Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase a Fund's net expenses and reduce a Fund's return. In addition, borrowing by a Fund may create leverage by increasing a Fund's investment exposure. This will result in changes in a Fund's net asset value, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by the Adviser and the Board of each Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund. At April 30, 2024, there were no borrowings under the Credit Agreement. Please see the supplement to the Prospectus and Statement of Additional Information for more information about the Credit Agreement.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the period ended April 30, 2024 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $910,911,869 and $1,020,589,440 for Market Neutral income Fund, $1,366,786,977 and $1,217,045,913 for Phineus Long/Short Fund and $189,662 and $492,551 for Merger Arbitrage Fund, respectively.

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	COST OF PURCHASES				PROCEEDS FROM SALES
FUND	U.S. GOV'T SECURITIES		OTHER		U.S. GOV'T SECURITIES		OTHER
Market Neutral Income Fund	$	—	$	1,641,019,434	$	—	$	1,983,545,148
Hedged Equity Fund		—		84,129,523		—		79,847,313
Phineus Long/Short Fund		—		815,516,457		—		921,017,532
Merger Arbitrage Fund		—		1,754,651		—		1,593,463
Convertible Fund		—		175,572,877		—		251,744,038
Global Convertible Fund		—		16,138,000		1,014,928		31,223,878
Timpani Small Cap Growth Fund		—		337,807,605		—		367,173,215
Timpani SMID Growth Fund		—		24,776,960		—		24,462,573
Growth Fund		—		377,449,555		—		451,837,970
Growth and Income Fund		—		256,356,167		24,335,000		322,742,089
Dividend Growth Fund		—		2,121,090		—		1,939,052
Select Fund		—		7,353,842		—		8,984,397
International Growth Fund		—		132,310,389		—		148,636,002
Evolving World Growth Fund		—		225,266,356		—		295,072,503
Global Equity Fund		—		46,148,907		—		39,620,231
Global Opportunities Fund		—		76,296,350		—		87,757,827
International Small Cap Growth Fund		—		2,368,669		—		1,590,245
Total Return Bond Fund		19,396,747		1,027,425		7,713,129		1,422,642
High Income Opportunities Fund		—		6,429,268		—		6,676,348
Short-Term Bond Fund		11,999,043		69,958,711		15,071,701		68,950,643

Note 4 – Income Taxes

The following information is presented on a federal income tax basis as of April 30, 2024. 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 April 30, 2024 was as follows*:

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Market Neutral Income Fund	$	8,845,885,401	$	4,002,036,533	$	(1,279,231,730	)	$	2,722,804,803
Hedged Equity Fund		485,033,952		214,179,308		(26,740,941	)		187,438,367
Phineus Long/Short Fund		262,770,025		142,690,497		(18,910,049	)		123,780,448
Merger Arbitrage Fund		1,400,867		76,723		(171,052	)		(94,329	)
Convertible Fund		793,824,001		87,981,526		(39,324,539	)		48,656,987
Global Convertible Fund		127,552,511		13,541,454		(15,222,745	)		(1,681,291	)
Timpani Small Cap Growth Fund		214,306,311		67,208,609		(4,325,810	)		62,882,799
Timpani SMID Growth Fund		16,837,103		4,945,591		(297,012	)		4,648,579
Growth Fund		785,475,521		607,533,905		(8,551,909	)		598,981,996
Growth and Income Fund		1,313,320,290		1,179,393,555		(29,363,568	)		1,150,029,987
Dividend Growth Fund		9,954,092		8,602,606		(126,225	)		8,476,381
Select Fund		31,216,564		18,733,467		(227,691	)		18,505,776
International Growth Fund		171,282,220		65,076,869		(3,666,503	)		61,410,366
Evolving World Growth Fund		276,118,234		101,033,915		(5,562,158	)		95,471,757
Global Equity Fund		77,832,030		46,732,678		(503,643	)		46,229,035
Global Opportunities Fund		155,530,900		76,041,327		(1,639,575	)		74,401,752

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Notes to Financial Statements (Unaudited)

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
International Small Cap Growth Fund	$	3,080,673	$	726,335	$	(44,681	)	$	681,654
Total Return Bond Fund		47,594,363		63,553		(4,457,772	)		(4,394,219	)
High Income Opportunities Fund		39,872,092		466,978		(3,130,818	)		(2,663,840	)
Short-Term Bond Fund		375,310,812		731,858		(7,159,668	)		(6,427,810	)

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Funds' most recent annual report.

The tax character of distributions for the period ended April 30, 2024 will be determined at the end of each Fund's current fiscal year. Distributions during the fiscal period ended October 31, 2023 were characterized for federal income tax purposes as follows:

	Year Ended October 31, 2023
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Market Neutral Income Fund	$	240,908,473	$	—	$	—
Hedged Equity Fund		4,839,690		—		—
Phineus Long/Short Fund		229,407		—		—
Convertible Fund		10,861,157		—		—
Global Convertible Fund		500,183		—		—
Growth and Income Fund		27,666,243		61,852,810		—
Dividend Growth Fund		67,231		—		—
Select Fund		—		1,053,203		—
Evolving World Growth Fund		3,554,163		—		—
Global Equity Fund		89,812		3,033,133		—
Global Opportunities Fund		900,161		—		—
International Small Cap Growth Fund		14,950		—		—
Total Return Bond Fund		1,260,157		—		—
High Income Opportunities Fund		2,185,575		—		—
Short-Term Bond Fund		13,926,429		—		—

As of October 31, 2023, the components of accumulated earnings/(loss) on a tax basis were as follows:

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			PHINEUS LONG/SHORT FUND			MERGER ARBITRAGE FUND			CONVERTIBLE FUND
Undistributed ordinary income	$	349,112,893		$	1,112,069		$	15,023,292		$	4,430		$	3,640,053
Undistributed capital gains		264,903,893			—			—			—			10,737,524
Total undistributed earnings		614,016,786			1,112,069			15,023,292			4,430			14,377,577
Accumulated capital and other losses		—			(39,502,002	)		—			—			—
Net unrealized gains/(losses)		615,213,414			99,896,915			17,862,092			(56,254	)		(52,327,642	)
Total accumulated earnings/(losses)		1,229,230,200			61,506,982			32,885,384			(51,824	)		(37,950,065	)
Other		(178,883,887	)		(185,776	)		(24,466,405	)		—			(460,372	)
Paid-in-capital		12,884,140,409			499,559,367			927,477,300			2,110,468			873,605,733
Net assets applicable to common shareholders	$	13,934,486,722		$	560,880,573		$	935,896,279		$	2,058,644		$	835,195,296

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	GLOBAL CONVERTIBLE FUND			TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND
Undistributed ordinary income	$	—		$	—		$	—		$	—		$	3,293,976
Undistributed capital gains		—			—			—			54,359,263			88,007,206
Total undistributed earnings		—			—			—			54,359,263			91,301,182
Accumulated capital and other losses		(9,825,642	)		(141,521,765	)		(3,584,131	)		—			—
Net unrealized gains/(losses)		(18,399,765	)		22,776,920			1,573,265			402,450,107			804,835,594
Total accumulated earnings/(losses)		(28,225,407	)		(118,744,845	)		(2,010,866	)		456,809,370			896,136,776
Other		—			—			—			(15,537,936	)		(9,067,488	)
Paid-in-capital		148,613,837			357,005,570			18,166,555			756,410,819			1,382,041,415
Net assets applicable to common shareholders	$	120,388,430		$	238,260,725		$	16,155,689		$	1,197,682,253		$	2,269,110,703
	DIVIDEND GROWTH FUND			SELECT FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND
Undistributed ordinary income	$	19,617		$	7,503		$	513,134		$	1,902,247		$	71,181
Undistributed capital gains		676,191			1,903,912			—			—			—
Total undistributed earnings		695,808			1,911,415			513,134			1,902,247			71,181
Accumulated capital and other losses		—			—			(19,729,439	)		(115,456,741	)		(87,223	)
Net unrealized gains/(losses)		5,711,047			11,119,154			17,537,433			6,869,607			23,270,998
Total accumulated earnings/(losses)		6,406,855			13,030,569			(1,678,872	)		(106,684,887	)		23,254,956
Other		(566	)		(114,056	)		(71,814	)		(177,728	)		(591,826	)
Paid-in-capital		8,825,394			30,399,621			191,331,999			468,244,799			64,684,123
Net assets applicable to common shareholders	$	15,231,683		$	43,316,134		$	189,581,313		$	361,382,184		$	87,347,253
	GLOBAL OPPORTUNITIES FUND			INTERNATIONAL SMALL CAP GROWTH FUND			TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
Undistributed ordinary income	$	621,259		$	—		$	59,635		$	60,882		$	1,756,198
Undistributed capital gains		—			—			—			—			—
Total undistributed earnings		621,259			—			59,635			60,882			1,756,198
Accumulated capital and other losses		(14,549,671	)		(639,912	)		(1,555,259	)		(11,844,971	)		(9,896,025	)
Net unrealized gains/(losses)		35,601,311			102,891			(5,444,202	)		(4,995,959	)		(17,354,334	)
Total accumulated earnings/(losses)		21,672,899			(537,021	)		(6,939,826	)		(16,780,048	)		(25,494,161	)
Other		(968,757	)		—			(107,943	)		(115,822	)		—
Paid-in-capital		175,631,410			2,899,043			38,371,320			50,372,888			383,126,602
Net assets applicable to common shareholders	$	196,335,552		$	2,362,022		$	31,323,551		$	33,477,018		$	357,632,441

The following Funds had capital loss carryforwards for the period ended October 31, 2023, with no expiration date, available to offset future realized capital gains:

FUND	SHORT-TERM		LONG-TERM
Hedged Equity Fund	$	10,122,784	$	29,379,218
Global Convertible Fund		3,387,652		4,547,197
Timpani Small Cap Growth Fund		141,521,765		—
Timpani SMID Growth Fund		3,584,131		—
International Growth Fund		19,729,439		—
Evolving World Growth Fund		115,456,741		—
Global Equity Fund		87,223		—
Global Opportunities Fund		14,549,671		—
International Small Cap Growth Fund		595,152		42,723

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Notes to Financial Statements (Unaudited)

FUND	SHORT-TERM		LONG-TERM
Total Return Bond Fund	$	565,607	$	989,652
High Income Opportunities Fund		1,278,659		10,566,312
Short-Term Bond Fund		3,908,289		5,987,736

The capital loss carryforwards utilized in the year ended October 31, 2023 in Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund and Growth Fund are $129,720,451, $25,244,090, $12,960,751, and $744,551, respectively.

Note 5 – Short Sales

Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Accrued dividends on securities sold short are disclosed within other accounts payable and accrued liabilities on the Statements of Assets and Liabilities. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

Note 6 – Derivative Instruments

Foreign Currency Risk. Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between a Fund and the counterparty and the amount of collateral due from a Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, a Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that a Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to a Fund's custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. A Fund's net counterparty exposure is reflected in the counterparty table below. The net unrealized gain, if any, represents the credit risk to the respective Fund on a forward foreign currency

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Notes to Financial Statements (Unaudited)

contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts.

As of April 30, 2024, the Funds had outstanding forward foreign currency contracts listed on the Schedules of Investments.

Equity Risk. Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Fund's portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. 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. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of April 30, 2024, the Funds had outstanding purchased options and/or written options as listed on the Schedule of Investments.

As of April 30, 2024, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	MARKET NEUTRAL INCOME FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	304,634	$	156,345
Purchased Options⁽²⁾		51,750,577		—
Total Return Swaps⁽⁴⁾		—		120,071
Written Options⁽³⁾		—		598,836,740
	$	52,055,211	$	599,113,156
	HEDGED EQUITY FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	12,969,525	$	—
Written Options⁽³⁾		—		25,336,700
	$	12,969,525	$	25,336,700

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Notes to Financial Statements (Unaudited)

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	PHINEUS LONG/SHORT FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	11,977,168	$	—
Written Options⁽³⁾		—		13,028,680
	$	11,977,168	$	13,028,680
	MERGER ARBITRAGE FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	240	$	—
Written Options⁽³⁾		—		575
	$	240	$	575
	CONVERTIBLE FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	119,064	$	18,667
	$	119,064	$	18,667
	GLOBAL CONVERTIBLE FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	1,358,464	$	—
Written Options⁽³⁾		—		195,014
	$	1,358,464	$	195,014
	GROWTH FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	738,000	$	—
Written Options⁽³⁾		—		283,800
Futures contracts⁽⁵⁾		25,160		—
	$	763,160	$	283,800
	GROWTH AND INCOME FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	2,466,420	$	—
Written Options⁽³⁾		—		1,666,625
	$	2,466,420	$	1,666,625
	INTERNATIONAL GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	—	$	377,091
Purchased Options⁽²⁾		926,425		—
	$	926,425	$	377,091
	EVOLVING WORLD GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	138,146	$	—
Purchased Options⁽²⁾		8,258,819		—
	$	8,396,965	$	—

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Notes to Financial Statements (Unaudited)

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	GLOBAL OPPORTUNITIES FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	2,767,934	$	—
	$	2,767,934	$	—
	INTERNATIONAL SMALL CAP GROWTH FUND
Gross amounts at fair value:
Purchased Options⁽²⁾	$	2,100	$	—
	$	2,100	$	—
	TOTAL RETURN BOND FUND
Gross amounts at fair value:
Futures contracts⁽⁵⁾	$	—	$	39,268
	$	—	$	39,268
	SHORT-TERM BOND FUND
Gross amounts at fair value:
Futures contracts⁽⁵⁾	$	—	$	480,684
	$	—	$	480,684

	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
MARKET NEUTRAL INCOME FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
State Street Bank and Trust	ISDA	$	304,634	$	156,345	$	—	$	148,289	$	—
Morgan Stanley & Co. International PLC	ISDA		—		120,071		—		—		120,071
		$	304,634	$	276,416	$	—	$	148,289	$	120,071
CONVERTIBLE FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
Bank of New York	ISDA	$	—	$	18,667	$	—	$	—	$	18,667
State Street Bank and Trust	ISDA		119,064		—		—		119,064		—
		$	119,064	$	18,667	$	—	$	119,064	$	18,667
INTERNATIONAL GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
Bank of New York	ISDA	$	—	$	323,609	$	—	$	—	$	323,609
State Street Bank and Trust	ISDA		—		53,482		—		—		53,482
		$	—	$	377,091	$	—	$	—	$	377,091

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Notes to Financial Statements (Unaudited)

	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
EVOLVING WORLD GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
Bank of New York	ISDA	$	138,146	$	—	$	—	$	138,146	$	—
		$	138,146	$	—	$	—	$	138,146	$	—

For the period ended April 30, 2024, the volume of derivative activity for the Fund is reflected below:*

FUND	FORWARD FOREIGN CURRENCY CONTRACTS⁽¹⁾		PURCHASED OPTIONS⁽²⁾		FUTURES CONTRACTS⁽⁵⁾		WRITTEN OPTIONS⁽³⁾		SWAPS⁽⁴⁾
Market Neutral Income Fund		84,397,364		73,142		—		64,901		67,681,027
Hedged Equity Fund		—		1,380		—		615		—
Phineus Long/Short Fund		—		593,735		—		571,701		—
Merger Arbitrage Fund		—		84		—		41		—
Convertible Fund		—		2,650		—		—		—
Global Convertible Fund		—		2,469		—		347		—
Growth Fund		—		29,805		587		29,040		—
Growth and Income Fund		—		69,075		—		11,780		—
Dividend Growth Fund		—		32		—		17		—
International Growth Fund		36,616,088		35,277		—		—		—
Evolving World Growth Fund		39,703,384		133,924		—		2,939		—
Global Equity Fund		—		1,839		—		316		—
Global Opportunities Fund		—		8,717		—		467		—
International Small Cap Growth Fund		—		107		—		—		—
Total Return Bond Fund		—		—		40		—		—
Short-Term Bond Fund		—		—		475		—		—

* Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), opened number of contracts for futures contracts, and opened total return swaps (measured in notional).

(1) Generally, the Statement of Assets and Liabilities location for Forward contracts is Unrealized appreciation on forward foreign currency contracts for asset derivatives and Unrealized depreciation on forward foreign currency contracts for liability derivatives.

(2) Generally, the Statement of Assets and Liabilities location for Purchased Options is "Investments in securities, at value".

(3) Generally, the Statement of Assets and Liabilities location for Written Options is "Options written, at value".

(4) Generally, the Statement of Assets and Liabilities location for Swap contracts is Unrealized appreciation on total return swaps for asset derivatives and Unrealized depreciation on total return swaps for liability derivatives.

(5) Generally, the Statement of Assets and Liabilities location for Futures contracts is Variation margin on open futures contracts for asset derivatives and Variation margin on open futures contracts for liability derivatives.

Note 7 – Securities Lending

The Funds may loan one or more of their securities to broker-dealers and banks through the Securities Loan Agreements. In Securities Loan Agreements, the "collateral" are the loaned securities themselves. Additionally, the set-off and netting provisions of a Securities Loan Agreement may not extend to the obligations of the counterparty's affiliates or across varying types of transactions. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash or cash equivalent collateral, the Funds' securities lending agent invests any cash collateral into short term investments following investment guidelines approved by Calamos Advisors. The Funds record the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds will pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call

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Notes to Financial Statements (Unaudited)

a loan and obtain the securities loaned at any time. The Funds do 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 Funds 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 Funds seek to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Funds' security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which a Fund lends securities.

The following table indicates the total amount of securities loaned by asset class, reconciled to the gross liability payable upon return of the securities loaned by the Funds as of April 30, 2024.

	AMOUNT OF COLLATERAL HELD IN SHORT TERM INVESTMENTS AND RESTRICTED		AMOUNT OF NON-CASH		TOTAL		VALUE OF SECURITIES ON LOAN TO BROKER-DEALERS AND BANKS BY ASSET CLASS ON LOAN						EXCESS AMOUNT DUE TO/(FROM)
FUND	CASH		COLLATERAL		COLLATERAL		EQUITY		FIXED INCOME		TOTAL		COUNTERPARTY
Market Neutral Income Fund	$	286,199,425	$	108,645,804	$	394,845,229	$	276,541,090	$	105,330,798	$	381,871,888	$	12,973,341
Hedged Equity Fund		29,457,698		9,809,082		39,266,780		37,879,720		—		37,879,720		1,387,060
Phineus Long/Short Fund		1,998,709		33,182,564		35,181,273		32,813,958		—		32,813,958		2,367,315
Convertible Fund		40,054,905		17,965,883		58,020,788		—		56,443,320		56,443,320		1,577,468
Global Convertible Fund		4,238,237		1,532,755		5,770,992		625,961		5,017,560		5,643,521		127,471
Growth Fund		1,921,091		55,419,067		57,340,158		55,458,352		—		55,458,352		1,881,806
Growth and Income Fund		38,876,871		76,900,899		115,777,770		65,067,814		47,448,164		112,515,978		3,261,792
Dividend Growth Fund		167,603		543,393		710,996		684,704		—		684,704		26,292
Select Fund		—		1,234,875		1,234,875		1,195,315		—		1,195,315		39,560
International Growth Fund		8,359,046		7,323,012		15,682,058		14,881,890		—		14,881,890		800,168
Evolving World Growth Fund		762,792		1,342,495		2,105,287		1,930,219		—		1,930,219		175,068
Global Equity Fund		5,271,615		1,004,550		6,276,165		5,934,290		—		5,934,290		341,875
Global Opportunities Fund		2,676,099		3,506,520		6,182,619		3,644,517		2,297,603		5,942,120		240,499
Total Return Bond Fund		675,600		45,338		720,938		—		704,862		704,862		16,076
High Income Opportunities Fund		1,658,493		531,675		2,190,168		11,325		2,132,620		2,143,945		46,223
Short-Term Bond Fund		11,639,293		8,530,528		20,169,821		—		19,728,120		19,728,120		441,701

Note 8 – Fair Value Measurements

Various inputs are used to determine the value of the Funds' 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 Funds' 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 Fund's investments.

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Notes to Financial Statements (Unaudited)

The following is a summary of the inputs used in valuing the Funds' holdings at fair value:

	MARKET NEUTRAL INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	5,225,866,479	$	—	$	5,225,866,479
Corporate Bonds		—		229,027,924		—		229,027,924
Convertible Preferred Stocks		137,346,314		—		—		137,346,314
Common Stocks		8,355,911,441		3,867,500		277,808		8,360,056,749
Exchange-Traded Funds		195,414,790		—		—		195,414,790
Investments in Affiliated Funds		329,398,865		—		—		329,398,865
Warrants		—		6,636,988		—		6,636,988
Rights		—		199,825		—		199,825
Purchased Options		24,088,455		27,662,122		—		51,750,577
Investment of Cash Collateral For Securities Loaned		—		286,199,425		—		286,199,425
Forward Foreign Currency Contracts		—		304,634		—		304,634
Total	$	9,042,159,865	$	5,779,764,897	$	277,808	$	14,822,202,570
Liabilities:
Common Stocks Sold Short	$	2,623,521,012	$	30,729,909	$	—	$	2,654,250,921
Written Options		598,836,740		—		—		598,836,740
Forward Foreign Currency Contracts		—		156,345		—		156,345
Total Return Swaps		—		120,071		—		120,071
Total	$	3,222,357,752	$	31,006,325	$	—	$	3,253,364,077
	HEDGED EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	626,013,456	$	—	$	—	$	626,013,456
Exchange-Traded Funds		29,368,340		—		—		29,368,340
Purchased Options		12,969,525		—		—		12,969,525
Investment of Cash Collateral For Securities Loaned		—		29,457,698		—		29,457,698
Total	$	668,351,321	$	29,457,698	$	—	$	697,809,019
Liabilities:
Written Options	$	25,336,700	$	—	$	—	$	25,336,700
Total	$	25,336,700	$	—	$	—	$	25,336,700

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Notes to Financial Statements (Unaudited)

	PHINEUS LONG/SHORT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	961,964,413	$	36,000,202	$	—	$	997,964,615
Purchased Options		11,977,168		—		—		11,977,168
Investment of Cash Collateral For Securities Loaned		—		1,998,709		—		1,998,709
Total	$	973,941,581	$	37,998,911	$	—	$	1,011,940,492
Liabilities:
Common Stocks Sold Short	$	92,460,653	$	—	$	—	$	92,460,653
Exchange-Traded Funds Sold Short		519,900,686		—		—		519,900,686
Written Options		13,028,680		—		—		13,028,680
Total	$	625,390,019	$	—	$	—	$	625,390,019
	MERGER ARBITRAGE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	546,851	$	—	$	546,851
Common Stocks		1,424,173		—		755		1,424,928
Rights		—		84		—		84
Warrants		—		21		—		21
Purchased Options		240		—		—		240
Total	$	1,424,413	$	546,956	$	755	$	1,972,124
Liabilities:
Common Stocks Sold Short	$	665,011	$	—	$	—	$	665,011
Written Options		575		—		—		575
Total	$	665,586	$	—	$	—	$	665,586
	CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	777,791,657	$	—	$	777,791,657
Convertible Preferred Stocks		24,634,426		—		—		24,634,426
Investment of Cash Collateral For Securities Loaned		—		40,054,905		—		40,054,905
Forward Foreign Currency Contracts		—		119,064		—		119,064
Total	$	24,634,426	$	817,965,626	$	—	$	842,600,052
Liabilities:
Forward Foreign Currency Contracts	$	—	$	18,667	$	—	$	18,667
Total	$	—	$	18,667	$	—	$	18,667

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Notes to Financial Statements (Unaudited)

	GLOBAL CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	113,344,792	$	—	$	113,344,792
Convertible Preferred Stocks		2,621,409		—		—		2,621,409
U.S. Government and Agency Securities		—		4,503,332		—		4,503,332
Purchased Options		1,358,464		—		—		1,358,464
Investment Of Cash Collateral For Securities Loaned		—		4,238,237		—		4,238,237
Total	$	3,979,873	$	122,086,361	$	—	$	126,066,234
Liabilities:
Written Option	$	195,014	$	—	$	—	$	195,014
Total	$	195,014	$	—	$	—	$	195,014
	TIMPANI SMALL CAP GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	277,189,110	$	—	$	—	$	277,189,110
Total	$	277,189,110	$	—	$	—	$	277,189,110
	TIMPANI SMID GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	21,485,682	$	—	$	—	$	21,485,682
Total	$	21,485,682	$	—	$	—	$	21,485,682
	GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	1,382,057,066	$	—	$	—	$	1,382,057,066
Purchased Options		738,000		—		—		738,000
Investment of Cash Collateral For Securities Loaned		—		1,921,091		—		1,921,091
Futures		25,160		—		—		25,160
Total	$	1,382,820,226	$	1,921,091	$	—	$	1,384,741,317
Liabilities:
Written Options	$	283,800	$	—	$	—	$	283,800
Total	$	283,800	$	—	$	—	$	283,800

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Notes to Financial Statements (Unaudited)

	GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	414,468,227	$	—	$	414,468,227
Convertible Preferred Stocks		26,770,704		6,479,312		—		33,250,016
Common Stocks		1,906,696,419		—		—		1,906,696,419
Exchange-Traded Funds		5,810,398		—		—		5,810,398
U.S. Government and Agency Securities		—		63,448,551		—		63,448,551
Purchased Options		2,466,420		—		—		2,466,420
Investment of Cash Collateral For Securities Loaned		—		38,876,871		—		38,876,871
Total	$	1,941,743,941	$	523,272,961	$	—	$	2,465,016,902
Liabilities:
Written Options	$	1,666,625	$	—	$	—	$	1,666,625
Total	$	1,666,625	$	—	$	—	$	1,666,625
	DIVIDEND GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Preferred Stocks	$	37,808	$	—	$	—	$	37,808
Common Stocks		17,984,092		—		—		17,984,092
Exchange-Traded Funds		240,970		—		—		240,970
Investment of Cash Collateral For Securities Loaned		—		167,603		—		167,603
Total	$	18,262,870	$	167,603	$	—	$	18,430,473
	SELECT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	49,722,340	$	—	$	—	$	49,722,340
Total	$	49,722,340	$	—	$	—	$	49,722,340
	INTERNATIONAL GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	43,242,501	$	180,164,614	$	—	$	223,407,115
Purchased Options		926,425		—		—		926,425
Warrants		—		—		—		—
Investment of Cash Collateral For Securities Loaned		—		8,359,046		—		8,359,046
Total	$	44,168,926	$	188,523,660	$	—	$	232,692,586
Liabilities:
Forward Foreign Currency Contracts	$	—	$	377,091	$	—	$	377,091
Total	$	—	$	377,091	$	—	$	377,091

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Notes to Financial Statements (Unaudited)

	EVOLVING WORLD GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	42,479,647	$	—	$	42,479,647
Common Stocks		43,312,688		276,776,045		—		320,088,733
Purchased Options		8,258,819		—		—		8,258,819
Investment of Cash Collateral For Securities Loaned		—		762,792		—		762,792
Forward Foreign Currency Contracts		—		138,146		—		138,146
Total	$	51,571,507	$	320,156,630	$	—	$	371,728,137
	GLOBAL EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	85,645,864	$	33,143,586	$	—	$	118,789,450
Investment of Cash Collateral For Securities Loaned		—		5,271,615		—		5,271,615
Total	$	85,645,864	$	38,415,201	$	—	$	124,061,065
	GLOBAL OPPORTUNITIES FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	75,135,497	$	—	$	75,135,497
Corporate Bonds		—		4,025,125		—		4,025,125
U.S. Government and Agency Securities		—		8,350,669		—		8,350,669
Convertible Preferred Stocks		3,896,622		—		—		3,896,622
Common Stocks		99,899,501		31,432,820		—		131,332,321
Bank Loans		—		1,748,385		—		1,748,385
Purchased Options		2,767,934		—		—		2,767,934
Investment of Cash Collateral For Securities Loaned		—		2,676,099		—		2,676,099
Total	$	106,564,057	$	123,368,595	$	—	$	229,932,652
	INTERNATIONAL SMALL CAP GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks	$	613,535	$	3,146,692	$	—	$	3,760,227
Purchased Options		2,100		—		—		2,100
Total	$	615,635	$	3,146,692	$	—	$	3,762,327

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Notes to Financial Statements (Unaudited)

	TOTAL RETURN BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	13,023,872	$	—	$	13,023,872
Bank Loans		—		2,257,109		—		2,257,109
U.S. Government and Agency Securities		—		25,036,772		—		25,036,772
Residential Mortgage Backed Securities		—		555,468		—		555,468
Asset Backed Securities		—		1,690,591		—		1,690,591
Investment Of Cash Collateral For Securities Loaned		—		675,600		—		675,600
Total	$	—	$	43,239,412	$	—	$	43,239,412
Liabilities:
Futures Contracts	$	39,268	$	—	$	—	$	39,268
Total	$	39,268	$	—	$	—	$	39,268
	HIGH INCOME OPPORTUNITIES FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	90,884	$	—	$	90,884
Corporate Bonds		—		28,277,185		—		28,277,185
Convertible Bonds		—		218,602		—		218,602
Bank Loans		—		6,375,175		—		6,375,175
Common Stocks		234,382		86,930		—		321,312
Warrants		—		1		—		1
Convertible Preferred Stocks		—		23,150		—		23,150
Preferred Stocks		197,135		46,315		—		243,450
Investment of Cash Collateral For Securities Loaned		—		1,658,493		—		1,658,493
Total	$	431,517	$	36,776,735	$	—	$	37,208,252
	SHORT-TERM BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	203,037,779	$	—	$	203,037,779
U.S. Government and Agency Securities		—		20,733,493		—		20,733,493
Sovereign Bonds		—		6,539,826		—		6,539,826
Bank Loans		—		38,238,255		—		38,238,255
Asset Backed Securities		—		70,375,102		—		70,375,102
Municipal Obligations		—		15,438,727		—		15,438,727
Residential Mortgage Backed Securities		—		3,361,211		—		3,361,211
Investment of Cash Collateral For Securities Loaned		—		11,639,293		—		11,639,293
Total	$	—	$	369,363,686	$	—	$	369,363,686
Liabilities:
Futures Contracts	$	480,684	$	—	$	—	$	480,684
Total	$	480,684	$	—	$	—	$	480,684

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205

Notes to Financial Statements (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Market Neutral Income Fund's assets and liabilities during the period ended April 30, 2024:

Investments in Securities	Balance as of October 31, 2023		Accrued Discounts/ (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales Proceeds			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2024		Net change in Unrealized Appreciation (Depreciation) from investments still held as of April 30, 2024
Common Stocks	$	41,310,000	$	—	$	12,791,673	$	(1,911,177	)	$	194,466	$	(52,107,154	)	$	—	$	—	$	277,808	$	83,342
Total	$	41,310,000	$	—	$	12,791,673	$	(1,911,177	)	$	194,466	$	(52,107,154	)	$	—	$	—	$	277,808	$	83,342

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Merger Arbitrage Fund's assets and liabilities during the period ended April 30, 2024:

Investments in Securities	Balance as of October 31, 2023		Accrued Discounts/ (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales Proceeds			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2024		Net change in Unrealized Appreciation (Depreciation) from investments still held as of April 30, 2024
Common Stocks	$	154,530	$	—	$	34,551	$	11,310	$	528	$	(200,164	)	$	—	$	—	$	755	$	227
Total	$	154,530	$	—	$	34,551	$	11,310	$	528	$	(200,164	)	$	—	$	—	$	755	$	227

As of April 30, 2024, Level 3 investments were valued by the Company using unadjusted pricing quotes obtained from dealers.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
206

Notes to Financial Statements (Unaudited)

Note 9 – Capital Share Transactions

The following table summarizes the activity in capital shares of the Funds for the six months ended April 30, 2024:

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		6,122,458		$	89,249,570			329,365		$	5,095,094			552,028		$	8,791,256
Shares issued as reinvestment of distributions		2,659,853			38,207,967			5,766			86,784			71,750			1,125,719
Less shares redeemed		(13,098,660	)		(191,370,659	)		(306,592	)		(4,741,263	)		(538,472	)		(8,611,515	)
Net increase (decrease)		(4,316,349	)	$	(63,913,122	)		28,539		$	440,615			85,306		$	1,305,460
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		605,495		$	8,870,481			75,052		$	1,119,393			106,820		$	1,616,472
Shares issued as reinvestment of distributions		626,074			9,046,763			1,138			16,679			21,268			317,274
Less shares redeemed		(2,725,170	)		(40,019,165	)		(25,234	)		(376,538	)		(290,008	)		(4,377,115	)
Net increase (decrease)		(1,493,601	)	$	(22,101,921	)		50,956		$	759,534			(161,920	)	$	(2,443,369	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		137,620,743		$	1,982,478,726			7,378,225		$	113,786,548			7,623,939		$	123,993,979
Shares issued as reinvestment of distributions		37,360,350			529,673,882			163,005			2,465,127			1,005,365			16,004,859
Less shares redeemed		(129,026,757	)		(1,858,966,158	)		(5,877,382	)		(89,930,572	)		(9,437,597	)		(152,717,410	)
Net increase (decrease)		45,954,336		$	653,186,450			1,663,848		$	26,321,103			(808,293	)	$	(12,718,572	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,785,911		$	69,713,134			—		$	—			—		$	—
Shares issued as reinvestment of distributions		243,226			3,448,935			—			—			—			—
Less shares redeemed		(1,350,631	)		(19,336,590	)		—			—			—			—
Net increase (decrease)		3,678,506		$	53,825,479			—		$	—			—		$	—

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207

Notes to Financial Statements (Unaudited)

	MERGER ARBITRAGE FUND						CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,932		$	50,597			409,471		$	8,065,919			57,935		$	636,617
Shares issued as reinvestment of distributions		83			864			188,437			3,756,265			—			—
Less shares redeemed		—			—			(1,495,614	)		(29,398,723	)		(119,943	)		(1,315,533	)
Net increase (decrease)		5,015		$	51,461			(897,706	)	$	(17,576,539	)		(62,008	)	$	(678,916	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			58,790		$	1,118,581			10,139		$	103,900
Shares issued as reinvestment of distributions		43			440			23,655			457,259			—			—
Less shares redeemed		—			—			(299,400	)		(5,701,453	)		(101,545	)		(1,061,236	)
Net increase (decrease)		43		$	440			(216,955	)	$	(4,125,613	)		(91,406	)	$	(957,336	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		8,523		$	84,198			5,136,442		$	86,373,341			1,104,513		$	12,214,882
Shares issued as reinvestment of distributions		1,134			11,740			673,959			11,460,662			—			—
Less shares redeemed		(11,977	)		(118,946	)		(9,295,910	)		(156,927,612	)		(1,883,048	)		(20,398,055	)
Net increase (decrease)		(2,320	)	$	(23,008	)		(3,485,509	)	$	(59,093,609	)		(778,535	)	$	(8,183,173	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			—		$	—			—		$	—

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208

Notes to Financial Statements (Unaudited)

	TIMPANI SMALL CAP GROWTH FUND						TIMPANI SMID GROWTH FUND						GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		135,387		$	3,648,052			4,334		$	43,081			262,483		$	9,718,079
Shares issued as reinvestment of distributions		—			—			—			—			1,163,676			41,543,231
Less shares redeemed		(112,135	)		(2,955,799	)		(23,231	)		(252,330	)		(1,920,643	)		(71,941,046	)
Net increase (decrease)		23,252		$	692,253			(18,897	)	$	(209,249	)		(494,484	)	$	(20,679,736	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		11,872		$	330,554			—		$	—			38,900		$	536,318
Shares issued as reinvestment of distributions		—			—			—			—			90,713			1,165,660
Less shares redeemed		(22,635	)		(622,618	)		—			—			(151,379	)		(2,083,683	)
Net increase (decrease)		(10,763	)	$	(292,064	)		—		$	—			(21,766	)	$	(381,705	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		939,380		$	27,359,980			94,931		$	1,180,536			100,352		$	5,701,971
Shares issued as reinvestment of distributions		—			—			—			—			149,020			8,240,800
Less shares redeemed		(2,100,859	)		(57,097,069	)		(23,000	)		(267,484	)		(334,511	)		(19,067,356	)
Net increase (decrease)		(1,161,479	)	$	(29,737,089	)		71,931		$	913,052			(85,139	)	$	(5,124,585	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		37,183		$	988,701			866		$	10,000			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(25,027	)		(718,978	)		—			—			—			—
Net increase (decrease)		12,156		$	269,723			866		$	10,000			—		$	—

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209

Notes to Financial Statements (Unaudited)

	GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND						SELECT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		720,470		$	31,147,906			20,625		$	335,845			6,787		$	128,276
Shares issued as reinvestment of distributions		1,048,959			44,212,344			15,751			246,667			26,877			492,652
Less shares redeemed		(2,138,777	)		(92,681,087	)		(10,801	)		(172,317	)		(38,605	)		(725,555	)
Net increase (decrease)		(369,348	)	$	(17,320,837	)		25,575		$	410,195			(4,941	)	$	(104,627	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		351,750		$	15,359,860			3,949		$	61,303			980		$	14,735
Shares issued as reinvestment of distributions		73,475			3,110,927			7,386			109,241			424			6,362
Less shares redeemed		(248,505	)		(10,810,326	)		(12,163	)		(188,845	)		(1,288	)		(20,042	)
Net increase (decrease)		176,720		$	7,660,461			(828	)	$	(18,301	)		116		$	1,055
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,850,799		$	116,897,162			91,325		$	1,518,885			68,004		$	1,340,150
Shares issued as reinvestment of distributions		1,117,129			44,713,826			22,783			358,151			72,425			1,384,771
Less shares redeemed		(2,421,831	)		(99,317,060	)		(51,189	)		(841,039	)		(123,954	)		(2,434,164	)
Net increase (decrease)		1,546,097		$	62,293,928			62,919		$	1,035,997			16,475		$	290,757
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		58,379		$	2,410,557			—		$	—			—		$	—
Shares issued as reinvestment of distributions		32,018			1,282,480			—			—			—			—
Less shares redeemed		(62,239	)		(2,558,256	)		—			—			—			—
Net increase (decrease)		28,158		$	1,134,781			—		$	—			—		$	—

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
210

Notes to Financial Statements (Unaudited)

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		87,948		$	1,727,200			162,473		$	2,729,976			57,335		$	898,381
Shares issued as reinvestment of distributions		938			17,518			6,778			111,021			—			—
Less shares redeemed		(234,082	)		(4,502,217	)		(356,027	)		(5,969,879	)		(130,864	)		(1,935,972	)
Net increase (decrease)		(145,196	)	$	(2,757,499	)		(186,776	)	$	(3,128,882	)		(73,529	)	$	(1,037,591	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,108		$	48,229			16,411		$	253,230			6,614		$	72,822
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(15,249	)		(239,459	)		(94,471	)		(1,456,302	)		(9,347	)		(104,811	)
Net increase (decrease)		(12,141	)	$	(191,230	)		(78,060	)	$	(1,203,072	)		(2,733	)	$	(31,989	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		985,449		$	19,316,256			2,041,451		$	34,382,861			916,877		$	15,243,642
Shares issued as reinvestment of distributions		24,080			469,792			107,538			1,776,534			4,894			70,910
Less shares redeemed		(1,266,854	)		(25,430,831	)		(5,388,311	)		(90,158,082	)		(586,619	)		(9,627,724	)
Net increase (decrease)		(257,325	)	$	(5,644,783	)		(3,239,322	)	$	(53,998,687	)		335,152		$	5,686,828
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		96,120		$	2,030,014			—		$	—			3,337		$	50,813
Shares issued as reinvestment of distributions		1,111			21,914			—			—			13			193
Less shares redeemed		(77,946	)		(1,709,354	)		—			—			(6,620	)		(96,922	)
Net increase (decrease)		19,285		$	342,574			—		$	—			(3,270	)	$	(45,916	)

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211

Notes to Financial Statements (Unaudited)

	GLOBAL OPPORTUNITIES FUND						INTERNATIONAL SMALL CAP GROWTH FUND						TOTAL RETURN BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		153,817		$	1,698,727			8,244		$	79,048			24,312		$	216,190
Shares issued as reinvestment of distributions		23,350			248,839			—			—			24,238			215,403
Less shares redeemed		(915,355	)		(10,272,846	)		(650	)		(5,983	)		(166,154	)		(1,475,679	)
Net increase (decrease)		(738,188	)	$	(8,325,280	)		7,594		$	73,065			(117,604	)	$	(1,044,086	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		203,102		$	1,847,997			—		$	—			4,237		$	37,432
Shares issued as reinvestment of distributions		1,484			13,121			—			—			570			5,075
Less shares redeemed		(167,386	)		(1,534,871	)		—			—			(19,075	)		(166,829	)
Net increase (decrease)		37,200		$	326,247			—		$	—			(14,268	)	$	(124,322	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,681,897		$	19,868,503			76,463		$	706,558			1,818,920		$	16,421,027
Shares issued as reinvestment of distributions		43,007			484,653			—			—			68,305			606,925
Less shares redeemed		(1,161,216	)		(13,315,566	)		—			—			(468,930	)		(4,120,452	)
Net increase (decrease)		563,688		$	7,037,590			76,463		$	706,558			1,418,295		$	12,907,500
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			—		$	—			—		$	—

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
212

Notes to Financial Statements (Unaudited)

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		42,081		$	322,554			21,162		$	198,911
Shares issued as reinvestment of distributions		111,919			851,739			9,057			85,595
Less shares redeemed		(182,702	)		(1,390,784	)		(32,505	)		(306,329	)
Net increase (decrease)		(28,702	)	$	(216,491	)		(2,286	)	$	(21,823	)
Class C	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—
Shares issued as reinvestment of distributions		1,475			12,051			—			—
Less shares redeemed		(9,746	)		(80,108	)		—			—
Net increase (decrease)		(8,271	)	$	(68,057	)		—		$	—
Class I	Shares			Dollars			Shares			Dollars
Shares sold		426,380		$	3,173,418			345,350		$	3,259,897
Shares issued as reinvestment of distributions		36,998			281,715			74,893			707,083
Less shares redeemed		(429,589	)		(3,212,163	)		(382,156	)		(3,606,794	)
Net increase (decrease)		33,789		$	242,970			38,087		$	360,186
Class R6	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—
Less shares redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—

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213

Notes to Financial Statements (Unaudited)

The following table summarizes the activity in capital shares of the Funds for the Year ended October 31, 2023.

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		12,170,301		$	174,881,045			314,123		$	4,355,061			1,406,590		$	21,423,583
Shares issued as reinvestment of distributions		867,511			12,393,537			13,915			186,843			—			—
Less shares redeemed		(34,288,966	)		(491,435,483	)		(1,151,110	)		(15,663,173	)		(860,503	)		(13,143,169	)
Net increase (decrease)		(21,251,154	)	$	(304,160,901	)		(823,072	)	$	(11,121,269	)		546,087		$	8,280,414
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,141,139		$	16,548,973			153,444		$	2,068,519			410,144		$	5,943,464
Shares issued as reinvestment of distributions		112,172			1,605,256			1,760			22,724			—			—
Less shares redeemed		(6,048,533	)		(87,408,980	)		(135,503	)		(1,826,078	)		(364,773	)		(5,312,518	)
Net increase (decrease)		(4,795,222	)	$	(69,254,751	)		19,701		$	265,165			45,371		$	630,946
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		187,447,512		$	2,661,213,488			12,788,661		$	176,576,502			25,949,835		$	402,905,403
Shares issued as reinvestment of distributions		13,110,726			185,267,214			340,304			4,617,784			15,148			228,127
Less shares redeemed		(390,304,518	)		(5,518,414,072	)		(17,426,092	)		(238,014,016	)		(17,828,557	)		(276,737,270	)
Net increase (decrease)		(189,746,280	)	$	(2,671,933,370	)		(4,297,127	)	$	(56,819,730	)		8,136,426		$	126,396,260
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		483,417		$	6,918,049			—		$	—			—		$	—
Shares issued as reinvestment of distributions		34,210			484,970			—			—			—			—
Less shares redeemed		(349,530	)		(4,991,947	)		—			—			—			—
Net increase (decrease)		168,097		$	2,411,072			—		$	—			—		$	—

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
214

Notes to Financial Statements (Unaudited)

	MERGER ARBITRAGE FUND⁽^a⁾				CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND
Class A	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		10,000	$	100,000		1,504,705		$	28,823,555			124,764		$	1,288,444
Shares issued as reinvestment of distributions		—		—		114,111			2,150,596			2,291			24,156
Less shares redeemed		—		—		(4,068,962	)		(77,321,899	)		(398,849	)		(3,990,708	)
Net increase (decrease)		10,000	$	100,000		(2,450,146	)	$	(46,347,748	)		(271,794	)	$	(2,678,108	)
Class C	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		10,000	$	100,000		302,944		$	5,602,479			17,911		$	175,953
Shares issued as reinvestment of distributions		—		—		7,504			135,456			—			—
Less shares redeemed		—		—		(824,838	)		(15,151,925	)		(116,401	)		(1,146,474	)
Net increase (decrease)		10,000	$	100,000		(514,390	)	$	(9,413,990	)		(98,490	)	$	(970,521	)
Class I	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		191,530	$	1,910,468		13,481,446		$	219,294,017			4,281,532		$	43,701,747
Shares issued as reinvestment of distributions		—		—		499,000			8,054,555			44,862			474,411
Less shares redeemed		—		—		(20,730,117	)		(336,215,159	)		(5,705,217	)		(57,441,972	)
Net increase (decrease)		191,530	$	1,910,468		(6,749,671	)	$	(108,866,587	)		(1,378,823	)	$	(13,265,814	)
Class R6	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		—	$	—		—		$	—			—		$	—
Shares issued as reinvestment of distributions		—		—		—			—			—			—
Less shares redeemed		—		—		—			—			—			—
Net increase (decrease)		—	$	—		—		$	—			—		$	—

(a) Calamos Merger Arbitrage Fund commenced operations on September 29, 2023.

www.calamos.com
215

Notes to Financial Statements (Unaudited)

	TIMPANI SMALL CAP GROWTH FUND						TIMPANI SMID GROWTH FUND						GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		213,781		$	5,334,892			9,599		$	91,993			448,404		$	13,637,659
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(292,028	)		(7,283,307	)		(2,244	)		(22,479	)		(3,825,623	)		(118,160,284	)
Net increase (decrease)		(78,247	)	$	(1,948,415	)		7,355		$	69,514			(3,377,219	)	$	(104,522,625	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		32,966		$	836,452			—		$	—			46,362		$	573,172
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(35,311	)		(899,810	)		—			—			(405,713	)		(4,801,705	)
Net increase (decrease)		(2,345	)	$	(63,358	)		—		$	—			(359,351	)	$	(4,228,533	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,812,358		$	72,418,856			168,329		$	1,662,934			230,544		$	10,893,185
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(5,200,522	)		(133,471,595	)		(96,521	)		(925,541	)		(664,396	)		(30,871,397	)
Net increase (decrease)		(2,388,164	)	$	(61,052,739	)		71,808		$	737,393			(433,852	)	$	(19,978,212	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		290,165		$	7,218,285			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(41,692	)		(1,081,342	)		—			—			—			—
Net increase (decrease)		248,473		$	6,136,943			—		$	—			—		$	—

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
216

Notes to Financial Statements (Unaudited)

	GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND						SELECT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,395,701		$	55,123,038			66,886		$	934,201			21,923		$	357,049
Shares issued as reinvestment of distributions		1,105,036			41,224,918			1,525			20,483			18,659			285,851
Less shares redeemed		(3,785,998	)		(149,024,604	)		(92,888	)		(1,322,079	)		(86,039	)		(1,415,180	)
Net increase (decrease)		(1,285,261	)	$	(52,676,648	)		(24,477	)	$	(367,395	)		(45,457	)	$	(772,280	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		333,444		$	13,342,934			26,870		$	371,068			1,006		$	14,390
Shares issued as reinvestment of distributions		72,707			2,706,158			364			4,659			347			4,429
Less shares redeemed		(567,882	)		(22,558,728	)		(29,170	)		(409,286	)		(5,508	)		(75,176	)
Net increase (decrease)		(161,731	)	$	(6,509,636	)		(1,936	)	$	(33,559	)		(4,155	)	$	(56,357	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,530,219		$	132,943,429			179,291		$	2,720,520			91,036		$	1,481,648
Shares issued as reinvestment of distributions		1,131,090			40,224,840			3,110			41,829			46,957			747,078
Less shares redeemed		(5,335,877	)		(198,352,324	)		(416,596	)		(5,901,420	)		(187,861	)		(3,079,292	)
Net increase (decrease)		(674,568	)	$	(25,184,055	)		(234,195	)	$	(3,139,071	)		(49,868	)	$	(850,566	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		338,993		$	12,207,180			—		$	—			—		$	—
Shares issued as reinvestment of distributions		21,604			774,460			—			—			—			—
Less shares redeemed		(71,796	)		(2,665,015	)		—			—			—			—
Net increase (decrease)		288,801		$	10,316,625			—		$	—			—		$	—

www.calamos.com
217

Notes to Financial Statements (Unaudited)

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		256,761		$	4,451,721			565,595		$	9,160,185			85,674		$	1,051,791
Shares issued as reinvestment of distributions		—			—			16,179			255,623			70,675			795,802
Less shares redeemed		(740,569	)		(12,753,986	)		(647,793	)		(10,312,912	)		(301,037	)		(3,670,818	)
Net increase (decrease)		(483,808	)	$	(8,302,265	)		(66,019	)	$	(897,104	)		(144,688	)	$	(1,823,225	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		8,311		$	119,516			25,567		$	380,930			7,374		$	71,977
Shares issued as reinvestment of distributions		—			—			—			—			4,013			36,318
Less shares redeemed		(63,336	)		(912,752	)		(199,158	)		(2,937,159	)		(25,671	)		(249,212	)
Net increase (decrease)		(55,025	)	$	(793,236	)		(173,591	)	$	(2,556,229	)		(14,284	)	$	(140,917	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,281,140		$	57,478,839			11,322,989		$	185,490,477			1,150,279		$	15,507,044
Shares issued as reinvestment of distributions		—			—			205,070			3,266,770			184,546			2,188,709
Less shares redeemed		(2,426,078	)		(43,942,761	)		(11,733,016	)		(189,295,685	)		(402,657	)		(5,110,431	)
Net increase (decrease)		855,062		$	13,536,078			(204,957	)	$	(538,438	)		932,168		$	12,585,322
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		64,500		$	1,169,046			—		$	—			6,358		$	79,421
Shares issued as reinvestment of distributions		—			—			—			—			40			477
Less shares redeemed		(49,940	)		(897,244	)		—			—			(3	)		(38	)
Net increase (decrease)		14,560		$	271,802			—		$	—			6,395		$	79,860

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
218

Notes to Financial Statements (Unaudited)

	GLOBAL OPPORTUNITIES FUND						INTERNATIONAL SMALL CAP GROWTH FUND						TOTAL RETURN BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		841,115		$	8,263,851			4,126		$	33,328			88,728		$	798,909
Shares issued as reinvestment of distributions		29,808			304,335			10			77			49,508			438,950
Less shares redeemed		(1,764,946	)		(17,425,978	)		(3,113	)		(24,904	)		(425,660	)		(3,801,898	)
Net increase (decrease)		(894,023	)	$	(8,857,792	)		1,023		$	8,501			(287,424	)	$	(2,564,039	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		194,062		$	1,612,104			3,690		$	28,189			1,794		$	16,045
Shares issued as reinvestment of distributions		781			6,767			23			182			1,348			11,954
Less shares redeemed		(259,535	)		(2,157,512	)		(3,708	)		(29,884	)		(27,855	)		(245,982	)
Net increase (decrease)		(64,692	)	$	(538,641	)		5		$	(1,513	)		(24,713	)	$	(217,983	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,795,086		$	28,665,714			78,640		$	636,833			867,270		$	7,722,963
Shares issued as reinvestment of distributions		52,626			560,275			1,839			14,635			83,382			738,883
Less shares redeemed		(4,470,328	)		(45,956,185	)		—			—			(803,160	)		(7,161,353	)
Net increase (decrease)		(1,622,616	)	$	(16,730,196	)		80,479		$	651,468			147,492		$	1,300,493
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			7			56			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			7		$	56			—		$	—

www.calamos.com
219

Notes to Financial Statements (Unaudited)

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		125,036		$	930,176			286,429		$	2,682,456
Shares issued as reinvestment of distributions		209,678			1,549,071			13,227			123,782
Less shares redeemed		(504,389	)		(3,731,630	)		(150,216	)		(1,408,916	)
Net increase (decrease)		(169,675	)	$	(1,252,383	)		149,440		$	1,397,322
Class C	Shares			Dollars			Shares			Dollars
Shares sold		18,288		$	144,615			—		$	—
Shares issued as reinvestment of distributions		3,282			25,955			—			—
Less shares redeemed		(25,382	)		(201,323	)		—			—
Net increase (decrease)		(3,812	)	$	(30,753	)		—		$	—
Class I	Shares			Dollars			Shares			Dollars
Shares sold		272,227		$	2,016,027			1,665,162		$	15,595,621
Shares issued as reinvestment of distributions		69,814			515,875			144,315			1,349,695
Less shares redeemed		(516,836	)		(3,799,494	)		(2,181,708	)		(20,354,338	)
Net increase (decrease)		(174,795	)	$	(1,267,592	)		(372,231	)	$	(3,409,022	)
Class R6	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—
Less shares redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
220

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Calamos Investment Trust

Results of Review of Interim Financial Information

We have reviewed the accompanying statements of assets and liabilities, including the schedules of investments, of Calamos Investment Trust comprising the Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Merger Arbitrage Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund, (the "Funds") as of April 30, 2024; the related statements of operations, changes in net assets, and the financial highlights for the six month period then ended; and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of changes in net assets of the Funds and the financial highlights for each of the periods listed in the table below; and in our report dated December 20, 2023, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.

Individual Fund Comprising the Calamos Investment Trust	Statement of Changes in Net Assets	Financial Highlights
Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021, 2020, and 2019
Calamos Timpani Small Cap Growth Fund (formerly, Frontier Timpani Small Cap Growth Fund for the period July 1, 2018 through May 31, 2019)	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021, 2020, and the period from May 31, 2019 (commencement of operations) through October 31, 2019 and July 1, 2018 through May 31, 2019
Calamos Timpani SMID Growth Fund	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021, 2020, and the period from August 1, 2019 (commencement of operations) through October 31, 2019
Calamos International Small Cap Growth Fund	For the year ended October 31, 2023, and the period from March 31, 2022 (commencement of operations) through October 31, 2022	For the year ended October 31, 2023, and the period from March 31, 2022 (commencement of operations) through October 31, 2022
Calamos Merger Arbitrage Fund	For the period from September 29, 2023 (commencement of operations) through October 31, 2023	For the period from September 29, 2023 (commencement of operations) through October 31, 2023

www.calamos.com
221

Report of Independent Registered Public Accounting Firm

Basis for Review Results

This interim financial information is the responsibility of the Funds' management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

June 20, 2024

Chicago, Illinois

We have served as the auditor of one or more Calamos investment companies since 2003.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
222

Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Calamos Investment Trust (the "Trust"), on behalf of each series (each a "Fund" and collectively, the "Funds"), has established a liquidity risk management program to govern each Fund's approach to managing liquidity risk (the "Program"). The Program is overseen by the Liquidity Committee, a committee comprised of representatives of the Trust's investment adviser, Calamos Advisors LLC. The Trust's Board of Trustees (the "Board") has approved the designation of the Liquidity Committee to oversee the Program.

The Program's principal objectives include supporting the Funds' compliance with limits on investments in illiquid assets and mitigating the risk that each Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the periodic classification and re-classification of each Fund's investments into groupings that reflect the Liquidity Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on December 12, 2023, the Trustees received an annual report from the Liquidity Committee regarding the design and operational effectiveness of the Program. The Liquidity Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively to manage each Fund's liquidity risk. The Liquidity Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds' prospectus for more information regarding the Funds' exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

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MANAGING YOUR CALAMOS FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

Through a single toll-free number, Calamos 24-Hour Shareholder Assistance is fast and easy. Get fund prices and account balances, review recent transactions, order statements, literature and more.

PERSONAL ASSISTANCE: 800.582.6959

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

ONLINE ACCOUNT MANAGEMENT:
www.calamos.com

Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.

YOUR FINANCIAL ADVISOR

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

This report, including the audited financial statements contained herein, is submitted for general information for the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless accompanied by a currently effective prospectus of the Funds. The views expressed in this report reflect those of Calamos Advisors LLC only through April 30, 2024.

A description of the Calamos Proxy Voting Policies and Procedures and the Funds' proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds' proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

INVESTMENT ADVISER:
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:
State Street Bank and Trust Company
Boston, MA

TRANSFER AGENT:
U.S. Bank Global Fund Services
615 E. Michigan St., 3rd Floor
Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:
Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:
Ropes & Gray LLP
Chicago, IL

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2020 Calamos Court
Naperville, IL 60563-2787
800.582.6959
www.calamos.com

CITSAR 1631 043024

Item 1(b). Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

ITEM 2. CODE OF ETHICS.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

(a) Included in the Report to Shareholders in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. 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-CSR was recorded, processed, summarized, and timely reported.

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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics - Not applicable for this semiannual report.

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) Certification of Principal Financial Officer.

(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

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 Investment Trust

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	June 27, 2024

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	June 27, 2024

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.

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	June 27, 2024

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	June 27, 2024

Calamos Investment Trust N-CSRSCertified semi-annual shareholder report (management investment company)