Family of Funds

ANNUAL REPORT OCTOBER 31, 2023

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

Letter to Shareholders					1
The Funds
Calamos Market Neutral Income Fund					4
Calamos Hedged Equity Fund					8
Calamos Phineus Long/Short Fund					11
Calamos Merger Arbitrage Fund					18
Calamos Convertible Fund					20
Calamos Global Convertible Fund					24
Calamos Timpani Small Cap Growth Fund					27
Calamos Timpani SMID Growth Fund					31
Calamos Growth Fund					35
Calamos Growth and Income Fund					39
Calamos Dividend Growth Fund					43
Calamos Select Fund					47
Calamos International Growth Fund					51
Calamos Evolving World Growth Fund					55
Calamos Global Equity Fund					59
Calamos Global Opportunities Fund					64
Calamos International Small Cap Growth Fund					68
Calamos Total Return Bond Fund					71
Calamos High Income Opportunities Fund					76
Calamos Short-Term Bond Fund					81
Expense Overview					85
Schedules of Investments					89
Statements of Assets and Liabilities					181
Statements of Operations					186
Statements of Changes In Net Assets					190
Notes to Financial Statements					197
Financial Highlights					235
Report of Independent Registered Public Accounting Firm					300
Trustee Approval of Management Agreement					302
Trustees and Officers					309
Tax Information					313

Dear Fellow Shareholder:

Welcome to your annual report for the 12 months ending October 31, 2023. In this report, you will find commentary from our portfolio management teams, a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Funds.

Market Review

The reporting period was remarkable for its many ups and downs, which included leadership rotations, sell-offs, and rallies. Market turmoil reflected ongoing uncertainty and shifting sentiment around interest rates and Federal Reserve policy, energy prices, and inflation. Investors also grappled with waves of anxiety due to a wide variety of events, including the failures of Silicon Valley Bank and Signature Bank, an autoworkers strike, and contentious debt ceiling negotiations in a polarized US Congress. Emerging secular themes—most notably advances in artificial intelligence and weight loss drugs—disrupted the markets as investors considered which companies and industries were positioned to win or lose.

The final months of the reporting period proved particularly difficult as investors grappled with deepening concerns about the sustainability of corporate earnings, the health of the consumer, and the trajectory of economic growth. Although the Federal Reserve paused its rate tightening in September, the central bank dashed hopes of imminent rate cuts by reinforcing prior guidance that rates would be higher for longer. The yield of the US 10-Year Treasury Bond reached multi-decade highs, while the onset of the Israel-Hamas war intensified geopolitical uncertainty.

Although broad stock market benchmarks posted healthy advances for the period, these returns often fall short of capturing the crosscurrents buffeting the markets. The market capitalization weighted S&P 500 Index gained more than 10% overall, but the S&P 500 Equal Weighted Index ended up in negative territory with a loss of -0.75%. In other words, there were a handful of strong performers that anchored the performance in the broad index, while the average stock was down slightly on the year.

Meanwhile, in the bond market, high yield securities and shorter-duration bonds outperformed the broader investment-grade market, which was more vulnerable to fears about inflation and higher interest rates. Convertible securities, which combine attributes of stocks and bonds, also encountered headwinds, reflecting the challenges in the stock and traditional bond markets.

Outlook

We see many signs pointing to slower economic growth and increasing risks across sectors. Higher interest rates will take time to work through the economy, with far-reaching consequences for businesses and consumers. Global manufacturing data is trending down, and fuel prices are putting significant pressure on many companies and households. Meanwhile, retailers will likely struggle as consumer nest eggs amassed during the pandemic dwindle and student loan repayments resume. Fiscal policy uncertainty, already elevated, will intensify as the US presidential election approaches. We expect geopolitical crosscurrents will take a toll on individual markets, sectors, and industries. Monetary policy will also remain a focal point for the markets, as investors contemplate the Federal Reserve's next moves. Against this backdrop, we expect saw-toothed and volatile markets to continue.

In an economic and market environment with a lot going on "under the hood," we believe we are well positioned to serve our shareholders. My 50+ years experience in the markets supports my belief that although markets may be volatile in the short term, fundamentals ultimately win. We are confident that our teams have the long-term perspective and experience required to navigate an environment where discipline, individual security selection, and risk management matter.

Asset Allocation Considerations

In periods of heightened uncertainty and elevated volatility, it's especially important to remember that there are opportunities in all economic environments. However, there is typically a lot of noise in the headlines, which means that the emotion in the markets may not align with the long-term opportunities.

When global financial markets are as turbulent as they have been over recent months, investors may be tempted to retreat to the sidelines. However, as we've noted in the past, jumping in and out of the market is a dangerous strategy—investors tend to capture the downturns and miss the upturns. Instead, a far better course is to establish an asset allocation that aligns with your needs and risk tolerance.

I believe that a well-diversified blend of equity and fixed income funds provides a sound asset allocation foundation. I also encourage you to take a closer look at liquid alternative funds, which can employ a wider array of strategies than traditional funds. As a result, alternative investments can help investors optimize asset allocations and provide additional ballast during volatile markets.

Since we launched our first alternative fund in 1990, we've been committed to providing investors with these important asset allocation tools. Today, our alternative suite includes equity alternatives Calamos Phineus Long/Short Fund and Calamos Hedged Equity Fund. Our flagship alternative fund, Calamos Market Neutral Income Fund, focuses on providing consistent performance through an approach that is less vulnerable to interest rates than traditional fixed income approaches are. Finally, we're pleased to announce our newest fund, Calamos Merger Arbitrage Fund, which we launched earlier this year.

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

Diversification and asset allocation do not guarantee a profit or protection against a loss. Investments in alternative strategies may not be suitable for all investors.

* Returns for the 12 months ended October 31, 2023: The S&P 500 Index, a market-capitalization-weighted measure of the US stock market, returned 10.14%. The S&P 500 Equal Weighted Index, a non-market-capitalization-weighted measure of the US stock market returned -0.75%. The MSCI All Country World Index, a measure of global stock market performance, returned 11.06%. The MSCI Emerging Market Index, a measure of emerging market equity performance, returned 11.26%. The Bloomberg US High Yield 2% Issuer Capped Index, a measure of the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer, returned 6.23%. The Bloomberg US Aggregate Bond Index, a measure of the US investment-grade bond market, returned 0.36%, the Bloomberg US Government/Credit 1-3 Year Index, a measure of US short-term bond performance, returned 3.23%. The ICE BofA All US Convertibles Index, a measure of the US convertible market, returned -0.48%.

Source: Calamos Advisors LLC.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Returns are in US dollar terms.

Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, which should be carefully considered prior to investing.

Investments in alternative strategies may not be suitable for all investors.

Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable.

Opinions are as of the publication date, subject to change and may not come to pass.

This information is being provided for informational purposes only and should not be considered investment advice or an offer to buy or sell any security in the portfolio.

OVERVIEW

The Fund combines two complementary strategies with different responses to volatility: arbitrage seeks alpha and uncorrelated returns, while hedged equity provides income from options writing and upside participation.

KEY FEATURES

^◼ Generates returns not dependent on interest rates, a key differentiator from traditional bond strategies.

^◼ Employs an absolute-return strategy with historically lower beta to fixed income and equity markets as well as lower volatility and limited drawdowns.

^◼ As one of the first alternative mutual funds, capitalizes on more than four decades of experience in the convertible space.

PORTFOLIO FIT

The Fund may provide potential diversification, with its low correlation to bonds and stability versus equities.

FUND NASDAQ SYMBOLS

A Shares				CVSIX
C Shares				CVSCX
I Shares				CMNIX
R6 Shares				CVSOX

FUND CUSIP NUMBERS

A Shares					128119203
C Shares					128119849
I Shares					128119880
R6 Shares					128120342

CALAMOS MARKET NEUTRAL INCOME FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Launched more than 30 years ago, Calamos Market Neutral Income Fund represents one of the first liquid alternative mutual funds and blends two main strategies—arbitrage and hedged equity—with the aim of monetizing volatility. Calamos Market Neutral Income Fund is designed to do the following:

^◼ Potentially enhance an investor's fixed-income allocation.

^◼ Actively pursue equity market upside while hedging downside risk.

^◼ Provide consistent absolute total return over varying market cycles.

In addition to seeking an attractive historical risk/reward profile, the Fund may enhance long-term portfolio diversification potential, a vital benefit given recent bouts of elevated equity volatility.

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Market Neutral Income Fund returned 8.07% (Class I Shares at net asset value), strongly outperforming the 0.74% return of the Bloomberg US Government/Credit Bond Index and the 4.89% return of the Bloomberg Short Treasury 1-3 Month Index.

What factors influenced performance during the reporting period?

During the annual period, investors notably focused on the Federal Reserve's response to persistent inflation and the potential for a recession. Geopolitical concerns, regional bank deposit stress, rising fuel prices, and potential impacts from the United Auto Workers strike also dominated headlines. Despite these headwinds, the equity market recovered from 2022's lows as the S&P 500 Index advanced 10.14% during the annual period. However, as measured by the Bloomberg US Government/Credit Index, the bond market rose just 0.74%, reflecting concerns that interest rates might stay persistently higher for longer.

As the Federal Reserve raised its fed funds target from 3.00%–3.25% to 5.25%–5.50%, the overall bond market experienced rising interest rates with the Bloomberg US Aggregate Bond Index yield to maturity increasing 64 basis points to 5.65%. Credit spreads declined slightly as the Bloomberg US Corporate High Yield Index average spread narrowed 38 basis points to 445 basis points over Treasuries.

The interest rate environment was supportive of the Fund's strategies. Regarding convertible arbitrage, the higher overnight interest rate meant a higher short interest rebate (the interest earned on the cash received from shorting the convertible's underlying stock). Additionally, new convertible issues have offered more favorable terms, including higher coupons and lower conversion premiums. Higher interest rates also have flowed through to the hedged equity strategy in the form of higher call prices and lower put prices, making our collar strategy more attractive. Finally, the Fund's special purpose acquisition company (SPAC) arbitrage strategy also benefited because higher short-term interest rates meant that the Fund earned more interest on the SPAC's cash in trust.

While volatility was below average during the annual period, there was significant "volatility in volatility." Realized volatility, as measured by the Cboe Volatility Index (VIX), averaged 18.36 over the one-year period, below the VIX long-term average of 19.53. The VIX began the period at 20.58, rose to 26.52 in March, fell to 12.82 in September before finishing the period at 18.14. These moves proved beneficial as the Fund's strategies actively benefit from trade rebalancing during changing volatility.

The advancing equity market, represented by the 10.14% gain of the S&P 500 Index, rewarded the Fund's hedged equity strategy because the equity basket rose toward the index's call option strike price. The option environment also provided an attractive opportunity to utilize call and put spreads, which allowed the Fund to sell deep out-of-the-money puts and buy closer-to-the-money puts to improve the Fund's downside risk mitigation. This approach meant that we did not need as heavy a call write, which provided additional runway to the upside.

The Fund's merger arbitrage sleeve also contributed positively to the annual result. The merger arbitrage holdings provide a complementary risk profile to the Fund, with a beta to S&P 500 somewhere between the convertible arbitrage and hedged equity strategies.

How is the Fund positioned?

We actively manage allocations to the strategies based on our view of market conditions and relative opportunities. At the end of the annual period, the Fund had 50.9% in its hedged equity strategy and 49.1% in its arbitrage strategies. The arbitrage strategies included 43.4% in convertible arbitrage, 1.8% in SPAC arbitrage, and 4.0% in merger arbitrage. At the beginning of the annual period, the Fund's allocation to the arbitrage strategy was 50.3% with 49.7% allocated to the hedged equity strategy.

Within the arbitrage strategy, we have the flexibility to utilize different strategies, including convertible arbitrage, merger arbitrage and SPAC arbitrage. We continue to like the opportunity in convertible arbitrage most, and the Fund's allocation to convertible arbitrage rose from 38.1% at the start of the annual period to 43.4% at the period end. We expect to continue adding to convertible arbitrage, particularly if we see the attractive new convertible issuance that we anticipate.

A principal driver for growing convertible arbitrage is heightened return expectations with the rise in overnight interest rates. Convertible arbitrage returns have historically been correlated with overnight rates because the rebate the Fund receives on its short stock positions is directly tied to the fed funds rate. Although returns don't necessarily go up tick-for-tick with rates, we expect a meaningful tailwind going forward.

The market environment for SPAC arbitrage has been waning as few SPAC IPOs have come to market, and the number of merger announcements has declined. The yield to expiration in SPACs has been attractive, but the allocation in SPAC arbitrage has decreased from 9.6% to 1.8% as SPACs reached expiration. Unless the environment changes, we expect the SPAC arbitrage allocation to continue to decline in favor of convertible arbitrage. It also bears mentioning that the allocation to merger arbitrage increased slightly from 2.6% to 4.0%.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		7.76	%		3.25	%		3.28	%
With Sales Charge		5.33			2.79			2.78
Class C Shares – Inception 2/16/00
Without Sales Charge		6.93			2.47			2.50
With Sales Charge		5.93			2.47			2.50
Class I Shares – Inception 5/10/00		8.07			3.52			3.53
Class R6 Shares – Inception 6/23/20^		8.08			—			3.46

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.18%, Class C shares is 1.93%, Class I shares is 0.93% and Class R6 shares is 0.88%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The Bloomberg US Government/Credit Index is comprised of long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad US bond market. The Bloomberg Short Treasury 1-3 Month Index is generally considered representative of the performance of short-term money market investments and is provided to show how the Fund's performance compares to public obligations of the US Treasury with maturities of 1-3 months.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Bloomberg US Aggregate Bond Index is considered generally representative of the investment grade bond market. The Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below.

The Cboe Volatility Index (VIX) is a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

CALAMOS HEDGED EQUITY FUND

INVESTMENT TEAM DISCUSSION

The Fund's Strategic Approach and Role in a Portfolio

Calamos Hedged Equity Fund's investment approach, which blends a core long-equity portfolio with an actively managed options overlay, can be highly responsive to dynamic market conditions and serve as a portfolio diversifier. The Fund is often considered alongside more systematic or defined outcome peers. Defined outcome products are designed to capture a certain amount of downside or upside each quarter, depending on where the market moves. However, there are disadvantages to not being nimble in these turbulent markets; a significant drawback is a capped upside that cannot cover successive losses to the downside.

Compared to our mechanistic peers, the Calamos tactical management approach creates opportunities to generate alpha via option market dynamics and equity market volatility. The Fund seeks to exploit these opportunities by being favorably positioned for many outcomes.

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Hedged Equity Fund returned 8.41% (Class I shares at net asset value), capturing most of the S&P 500 Index's 10.14% return. In reference to bonds, the Bloomberg Aggregate Bond Index returned 0.36% for the annual period. At the end of the annual period, the markets faced higher for longer rates and crumbling volatility, which is a recipe for risk assets to underperform as risk-free yields potentially continue to increase. Let's be clear: trading markets still don't care about our opinion of yields and whether the Fed may be overshooting; the price is the price, and there is no denying that yields present a speed bump for stocks and bonds. Higher yields pressure equity prices because they create a higher discount rate and a higher cost of capital, and they pressure bond prices, which must mathematically reprice to the downside. In other words, the market backdrop is rate-driven, with equities and bonds being highly correlated.

The yield surge over the third quarter was spurred on by "higher for longer" Fed rhetoric regarding the future fed funds rate policy. We will continue to position out into 2024, taking advantage of the high-interest-rate environment. With the more prolonged higher-for-longer rate environment, the Fund can capture a high level of equity market upside, 83% for the annual period, while limiting drawdown to 35% or less. While the Fund maintained a since-inception beta of 0.50 through the end of October 2023, we are opportunistic, pursuing a significantly higher upside beta budget in line with the historically lower beta on the downside.

What factors influenced performance during the reporting period?

Higher moving yields have been a challenge for our equity basket. The collapse in volatility to near pre-pandemic levels has made calls cheaper and put spreads less attractive in the short term. Maybe yields have overshot, but there is no denying that yields present an impediment to stocks and bonds in the short term. The Cboe Volatility Index (VIX), aka the fear index, is trading around 18.14%, off its mean of 20.5% and well off the Covid mean of 23.5%. Although volatility has been depressed recently, off the year-to-date low on the VIX at 12.68%, it still requires monitoring because we're still firmly amid a market that could be subject to additional volatility.

How is the Fund positioned?

We expect the market to be challenging, especially with the current volatility, which is even more settled than in the third quarter of 2023. The team is taking advantage of higher rates and lower volatility by structuring the option overlay out longer in time to capture more of the upside and less of the down. The interest rate and volatility landscape has allowed us to structure our hedges to emphasize better performance on the tails, i.e., 35 beta or less on the down and 65 beta or more on the up and further out in time. The repositioning provides additional mitigation over and above our average 40% to 50% put notional minimum while also adding upside participation potential. Lower volatility (with the VIX at 17) and relatively flat option skew made our "North Star" baseline trade more appealing through the end of the period. We used rallies to replace some of our protection with outright long puts, which appear attractive. At the end of the period, the Fund's net short put position was 53%, with an average strike of 4368.

Our call positioning included a call write of -34% and gross long calls of 15%, ending the year with net -18% short calls as of October 31, 2023. At the end of the annual period and relative to the S&P 500 Index, our sector positioning was slightly overweight in the consumer discretionary and information technology sectors. In contrast, we had underweight positions in the materials, financials, consumer staples, real estate, and materials sectors. Relative to the S&P 500 Index, the Fund's market-cap positioning maintained a heavier relative weight to larger-capitalization (>$25 billion) holdings and a lighter weight to small- and mid-capitalization ($1 to $25 billion) holdings.

What closing thoughts do you have for Fund shareholders?

The effect of rising rates on option prices has made participation rates for long-leaning option strategies like Calamos Hedged Equity Fund appealing. For risk-averse clients worried about economic and macro risks, hedged equity strategies like the Fund can be an excellent fit for investors looking to reduce risk but stay invested in long-term equity markets.

In the short term, challenges are apparent for risk assets, but longer-term investors are being presented with good opportunities in portfolios using hedging strategies around their stocks; these are performing well this year as higher rates and volatility play to strategy strengths. Well-run hedging strategies such as that can to capture a high level of equity market upside while limiting drawdown.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		8.10	%		5.23	%		5.01	%
With Sales Charge		2.98			4.21			4.43
Class C Shares – Inception 12/31/2014
Without Sales Charge		7.28			4.48			4.26
With Sales Charge		6.28			4.48			4.26
Class I Shares – Inception 12/31/2014		8.41			5.51			5.29

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.17%, Class C shares is 1.92% and Class I shares is 0.92%.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown includes the effects of an expense reimbursement that improved results and was in effect until March 31, 2021. Load-adjusted returns are adjusted for the maximum frontend sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Bloomberg US Aggregate Bond Index is considered generally representative of the investment-grade bond market.

The Cboe Volatility Index (VIX) is a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS PHINEUS LONG/SHORT FUND

INVESTMENT TEAM DISCUSSION

What is the essence of the investment approach?

Through a global long/short structure, the Fund invests in publicly listed equity securities. Components of the strategy include:

^◼ A fundamental global approach blends top-down and bottom-up considerations. Company analysis integrates industry, thematic, and macro research.

^◼ An inclusive framework identifies potential returns and associated risks. The framework accounts for company, industry, style, country, and market factors.

^◼ Flexible capital allocation allows for all investment styles, market caps, and geographic regions. The investment universe is global, liquid, and scalable. Exposure levels and investment styles depend upon market conditions and the economic cycle.

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Phineus Long/Short Fund returned 2.40% (Class I shares at net asset value), underperforming the S&P 500 Index's 10.14% return and the MSCI World Index's 11.05% return.

Since its inception on May 1, 2002, the Fund has returned 9.56% on an annualized basis (Class I shares at net asset value), markedly outperforming both the S&P 500 Index and MSCI World Index, which returned 8.64% and 7.58%, respectively.

What factors influenced performance during the reporting period?

The Fund's relative performance primarily reflected reduced net exposure, the narrowness of the market rally, underweights to select technology and health care names, and weakness in select defense and transport names. The Fund concluded the period with an average net equity delta-adjusted exposure of 41.95%, which compares to its average net equity exposure of approximately 28% (on a cash basis)^† since its inception in 2002. It also represents a decline in exposure over the period, as the delta-adjusted exposure on October 31, 2022, was 59.89%.

The annual period was extraordinary by most standards, marked by both a European war and a more recent war in the Middle East. Despite calls for a recession, a healthy US job market, firm housing prices, and consumer spending all thwarted that expectation. Fed activity continued over the period from 2022 marked by six additional rate increases of 225 basis points through July, settling at a fed funds rate of 5.25%–5.50%, a 22-year high. While many expected interest rate cuts to be on the table earlier in the period for 2024, this timing appears to be unlikely, even though inflationary pressures appear to be abating.

The ebullient mood earlier in the year was fueled by the promise of AI, strong summer travel, and further disinflation amid a resilient economy and healthy earnings releases. The consensus capitulated to this optimism, and we concluded that the controlling narrative of disinflation momentum had run its course and would give way to a more ambiguous outlook.

The key feature of the Q3 correction has been its controlled character, particularly in the context of the dramatic move higher in US interest rates. Our hesitation to turn bearish outright reflects our judgment that the US will remain in a disinflation rather than deflation setting through 2024. The impressive GDP releases for Q3 (+8.6% nominal) underline this momentum of US economic activity, which implies the challenge for equities is a question of "price" rather than fundamentals.

Positive real interest rates imply a new emphasis on the time value of money. In 2023, the market rewarded high free cash flows that compete with higher bond yields, high-quality balance sheets, and secular thematic growth. Other pockets of sectors and styles have been punished depending upon their sensitivity to higher rates. In 2022, higher rates primarily impacted the fast-growing technology and concept names. In Q3 of 2022, the less profitable and higher-leveraged names were punished regardless of sector and style.

Finally, 2023 has highlighted how powerful secular themes can overcome traditional sector and style behavior. In a later-cycle environment where the rate of change for corporate fundamentals grinds to less exciting levels, investors can overly discount the perceived winners and losers. This overshooting is likely true for AI and obesity (GLP-1) drugs. We anticipate much of this fever pitch to reverse in 2024.

What helped and hurt performance over the reporting period?

We maintained a focus on cyclicals that we believed offered compelling valuations and were still poised to outperform due to pent-up demand post-pandemic. Examples included airlines, hotels, gaming, transportation, and defensive stocks. We remain underweight in the poorest quality compartment of long-duration technology and high-multiple consumer staples but have maintained or increased exposure to mega-cap growth (quality GARP). Our exposure throughout the period was primarily focused on US positions, given that we believed there were far less favorable opportunities abroad.

Given the overall positive market returns for the period, our hedges on US equity markets have not been helpful over the period.

The Fund's long position in communication services, consumer discretionary, and information technology, as well as short positions on a market index later in the period, were the largest contributors. Conversely, short positions in information technology, and long positions in industrials, financials, and health care companies hindered performance. Both our long and short positions in the consumer staples sector hindered performance over the period.

Notable contributors during the period included a long position on Alphabet Inc. +5.12% average over the period (communication services), long positions on Microsoft Corp. +4.75% average over the period (information technology), and Amazon.com Inc. +4.70% average over the period (consumer discretionary). Notable detractors during the period included short positions on SPDR S&P 500 ETF Trust -22.46% average over the period (Stock Market Hedge), a long position on United Airlines Holdings Inc. +2.43% average over the period (consumer discretionary), and a long position on L3 Harris Technologies Inc. +3.96% average over the period (industrials).

How is the Fund positioned in the context of the global economic cycle?

Net equity exposure (delta-adjusted) ended the annual period at 41.9% versus 59.9% at the start of the period. This compares with the average net equity exposure of approximately 28% (cash basis) since inception in 2002. The Fund

leaned modestly out of equity risk throughout the year as markets were unsettled by higher interest rates, rapid inflation, interpretation of Fed policy, the continuing war in Ukraine, a new war in the Middle East, energy concerns in Europe, and increasing economic challenges in China.

The two major themes within technology have been slowing cloud services and further excitement around potential applications for artificial intelligence (AI) following the launch of ChatGPT. The major cloud providers dominate both themes, and we are positioned accordingly. Investors began 2023 concerned about slowing demand for such companies, yet attention quickly shifted to which ones stand to benefit most by incorporating AI into existing and new product offerings.

The Fund has avoided the high-multiple, long-duration software names in the past year, and this sidestep feels correct in a "higher for longer" rate setting. While the group's sensitivity to rates is diminishing, many names are merely controversial rather than crowded, and profitability is scarce if one factors in stock compensation. In our view, it will take years before cash flows can credibly support current valuations. We believe today's "time value of money" implies investors will be slow to re-embrace "growth at any price."

Outside technology, the Fund favors names that will benefit from a sustained economic expansion into 2024, with our largest exposure in industrials at the end of the period. The broadest exposure here is diversified industrials and transports. These rallied impressively in H1 2023 but retreated sharply in Q3.

Exposure to selective airlines remains intact. The pricing outlook for airfares should remain constructive for longer than expected due to structural changes on the capacity front. Higher financing costs, pilot shortages, and equipment delays have made it difficult for the lowest-cost players to add capacity. Meanwhile, the recovery in corporate and international travel has gained steam. The post-pandemic inflation surge implies the existing fleets of the legacy carriers cannot be replaced anywhere near their embedded costs, with positive implications for future returns.

In consumer discretionary, also a large sector position, the Fund is biased away from goods in favor of services, including core long positions in large hotel enterprises that stand to benefit from corporate and international travel as well as sustained revenue per available room (RevPAR) strength. We maintain select leisure-oriented names within the sector.

Health care is the one defensive sector to which the Fund has been adding exposure. We like its diversified growth theme, given the cyclicality of other parts of the portfolio, and its credible valuations versus other defensives. Although health care has underperformed in 2023, it is showing relative strength against broader defensives.

Energy remains problematic. The key swing factor will be China, which has been the primary source of consumption growth in recent decades. The setup for higher crude prices was ideal in 2022, yet the inability of markets to benefit from the war-related shortage fears points to a new dynamic in global oil markets.

Financials have been controversial, and banks have struggled to garner support in the wake of the March collapses. Higher rates, tepid loan demand and reduced capital returns in the face of heightened regulatory requirements have all weighed on banks. We reduced long exposures over the period.

Finally, global investors have discovered the Chinese economic recovery from a disastrous 2022 is underwhelming. There is hope for policy stimulus later in 2023, but this overlooks China's structural problems. The trouble starts with an abrupt downshift in economic potential due to the country's overcommitment to a centralized investment-led growth model, which is susceptible to downturns in return on invested capital.

This points to the necessity for far-reaching structural reforms, but these are inherently political. The ability of the system to adapt is hindered by the reality that the entire system—interest rates, access to credit, tax policy, operating licenses, and so forth—is geared to this model. We await the response of Chinese leadership in late autumn, whose success or failure to regenerate economic vibrancy holds implications for global interest rates in 2024. The Fund has avoided China and had little exposure to other global markets throughout the period.

What is your macro perspective heading into 2024?

Headwinds to Growth, Not Recession

^◼ Disinflation momentum was the key narrative in Q1 2023. Since July, markets have struggled to price the risks of a more normalized "higher for longer" rate environment.

^◼ The good news is that rates are rising because they can. Recession risk has remained remarkably low in 2023 and may remain low through much of 2024.

^◼ Nonetheless, unwinding the legacy of unnaturally low interest rates is a transition, and investors should consider how a normalized 5% 10-year yield changes the contours of our industry.

^◼ The Fund's long positioning is balanced between select quality GARP¹ opportunities and cyclicals that appear "too cheap" given our bias that a US recession arrives later than many expect. A more tactical approach to equity allocation, style mix and security selection is appropriate.

Unprecedented low interest rates and central bank distortions have been the hallmark of the post-2008 era. The past quarter was notable for the gathering sense that this landscape is giving way to something very different, with real interest rates attaining their highest levels in more than two decades. Investors are grappling with the implications of this latest "new normal."

The short explanation for the rise in rates is the resiliency of the US economy and consumer incomes. Recession risk has remained remarkably low in 2023 and may remain low through 2024. This recession deferred may be why the equity correction has been orderly despite the headwinds of the spring 2023 banking crisis, the housing recession, and the acute pause in technology spending.

Put another way, yields are rising because they can and may signal the sustainability of today's economic expansion. Rather than fueling waves of asset-price distortion, positive real rates channel capital into productive uses and thus to higher real wages and returns. Not surprisingly, unwinding the legacy of unnaturally low interest rates is a transition, and markets are pricing this risk.

One consequence is a less favorable liquidity backdrop for financial asset prices. However, the economic implications are more nuanced because absolute levels

of economic liquidity appear abundant. The prima facie evidence is the pristine condition of private sector balance sheets. In effect, liquidity is being drawn from the financial system and into the economy: good news for Main Street, less good for Wall Street.

What closing thoughts do you have for Fund shareholders?

It is important to note that the rate sensitivity of the US economy is an echo of prior decades. Both consumers and corporates refinanced their debt obligations through the pandemic, and the rise in rates has, therefore, had minor effects on spending. For example, net debt servicing costs for US corporates have declined in 2023 because of the weighty share of firms with net cash positions.²

"Something" that undermines the business sector will likely be the catalyst of an eventual downturn. Yet this is hard to conceive given today's healthy profitability and balance sheets of larger corporates.³ While fixed investment has been an important tailwind in 2023, this spending has not been financed by increased leverage. The "financing gap"⁴ for the corporate sector remains at historically low levels.

There is a remarkable absence of the late-cycle excesses that would normally be the ingredients for a cyclical downturn. Of course, these aggregates do not capture the reality that rate pressures are troublesome for some parts of the economy. We view these pressures as more chronic than acute for the business cycle in 2024.

Housing is an example of this dichotomy. Housing sales and affordability have collapsed to the deep recessionary levels of the 2009 era, yet home prices and housing starts have proven resilient. Underlying demand relative to supply appears favorable, with positive implications for when rates pressures ease.

All of this contrasts with the vulnerabilities of an aged or mature expansion. A tight labor market is often associated with late-cycle risk, yet the usual spending or borrowing excesses are absent. In prior cycles, these included overspending on housing and autos, rising leverage across households and corporates, and downward pressure on profit margins. So far, little of this is apparent.

This aggregate data hides the harsher truth that parts of the economy are under duress due to normalized interest rates. This contrast between the broader economy and its interest-sensitive parts may provide insight into how the remaining years of this expansion unfold. These stresses can moderate activity, which is our forecast for 2024. Yet, it is difficult to conceive how they might cascade into recession-like conditions.

Inflation dynamics are an essential part of this outlook. The stunning disinflation of the past year has turned a potential crisis for the business cycle into a mild irritant. Chairman Powell is unlikely to declare victory anytime soon, which implies policy will continue to lean against economic growth. Nonetheless, the Federal Reserve can respond to any financial or economic breakage when it appears.

ANNUALIZED RETURN: SINCE INCEPTION (5/1/02) THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

The performance shown for periods prior to April 6, 2016 is the performance of a predecessor investment vehicle (the "Predecessor Fund"). The Predecessor Fund was reorganized into the Fund on April 6, 2016, the date upon which the Fund commenced operations. On October 1, 2015, the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund ("Phineus"), and Calamos Advisors served as the Predecessor Fund's investment adviser between October 1, 2015 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund's assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A, Class C and Class I shares, expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund's performance may have been lower.

* Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		2.12	%		5.04	%		5.13	%
With Sales Charge		-2.74			4.01			4.62
Class C Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		1.37			4.25			4.34
With Sales Charge		0.37			4.25			4.34
Class I Shares (With Predecessor) – Inception 5/1/2002		2.40			5.29			5.39

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 2.39%, Class C shares is 3.13% and Class I shares is 2.15%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The MSCI World Index (US Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS MERGER ARBITRAGE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

The recently launched Calamos Merger Arbitrage Fund provides investors a diversification opportunity that focuses on absolute returns largely uncorrelated to equity and fixed-income markets. Specifically, the Fund pursues an event-driven strategy, investing in companies involved in potential merger deals and other corporate transactions. The Fund seeks to take advantage of the dislocation between the price of a company's stock when a deal is announced versus its price when the deal is completed. For the period from September 29, 2023 (the Fund's inception), through October 31, 2023, Calamos Merger Arbitrage Fund returned -2.70% (Class I Shares at net asset value), while the ICE BofA 3-Month US Treasury Bill Index returned 0.45%.

What factors influenced performance during the reporting period?

Over the very limited time frame of the current reporting period, one of the main factors that influenced performance was weak earnings and guidance reports across multiple sectors and industries where consolidation is occurring. On top of that, the antitrust and regulatory environment remains volatile as this administration has taken a more holistic approach to identifying harms. Regarding two recent well-known deals involving popular brands, the Federal Trade Commission made second requests for more information from the companies involved, and the Department of Justice recently sued to block an acquisition in the airline industry.

How is the Fund positioned?

At the close of the reporting period, the Fund held securities associated with 32 deals or potential deals and, in our view, is well positioned to take advantage of the current merger landscape. Convertible bonds and high-yield debt comprise 30% of the Fund's current market value.

What are your closing thoughts for Fund shareholders?

Our merger arbitrage team also manages the convertible arbitrage and hedged equity strategies. We believe this experience gives us an edge in corporate transactions where we can utilize convertible bonds, liquid options, or other securities within a target company's capital structure, allowing us to pursue optimal risk-reward through the trade structure.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	SINCE INCEPTION
Class A Shares – Inception 9/29/2023
Without Sales Charge		-2.70	%
With Sales Charge		-5.35
Class C Shares – Inception 9/29/2023
Without Sales Charge		-2.80
With Sales Charge		-3.77
Class I Shares – Inception 9/29/2023		-2.70

As of the prospectus dated 9/28/23, the Fund's gross expense ratio for Class A shares is 2.12%, Class C shares is 2.87% and Class I shares is 1.87%. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through October 31, 2026 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares, Class C shares and Class I shares are limited to 1.50%, 2.25% and 1.25% of average net assets, respectively. For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, foreign tax reclaim expenses, and extraordinary expenses (as determined in the discretion of Calamos Advisors LLC ("Calamos Advisors")), such as litigation costs. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The ICE BofA 3-Month US Treasury Bill Index is an unmanaged index that measures the performance of a single US Treasury issue with approximately three months to final maturity. The issue is purchased at the beginning of each month and held for one full month. At the end of the month, that issue is sold and rolled into a newly selected issue.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

OVERVIEW

The Fund invests primarily in convertible securities of US companies that are diversified across market sectors and credit quality.

KEY FEATURES

^◼ Leverages more than four decades of research and experience in convertible security investing.

^◼ Provides diversification across market sectors and credit quality, emphasizing midsize companies with higher-quality balance sheets.

^◼ Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle.

^◼ Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company's cash flow, risk profile and long-term returns.

PORTFOLIO FIT

When used in conjunction with an equity allocation, the Fund offers a potential way to manage risk by employing securities that engage in upside equity movements with limited downside participation.

FUND NASDAQ SYMBOLS

A Shares				CCVIX
C Shares				CCVCX
I Shares				CICVX

FUND CUSIP NUMBERS

A Shares					128119401
C Shares					128119823
I Shares					128119864

CALAMOS CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Convertible Fund declined -1.04% (Class I shares at net asset value), modestly trailing the ICE BofA All US Convertibles Index (VXA0) -0.48% decrease.

Since the Class I shares inception on June 25, 1997, the Fund has returned 7.45% on an annualized basis, in line with an annualized gain of 7.63% for the ICE BofA All US Convertibles Index (VXA0) and slightly trailing the 8.06% annualized return of the S&P 500 Index.

What factors influenced performance during the reporting period?

During the annual period, investors focused on the Federal Reserve's response to persistent inflation and the potential for a recession. Geopolitical concerns, regional bank stress, rising fuel prices, and potential impacts of the United Auto Workers strike also made headlines and induced volatility. Despite these headwinds, the equity market began to recover from 2022's lows, and the S&P 500 Index returned 10.14% over the period. The higher-for-longer interest rate environment continued to stoke volatility in the bond market as the Bloomberg US Aggregate Bond Index rose just 0.36%.

The convertible market is well represented by small and mid-sized growth issuers, which lagged the broader equity market as evidenced by the Russell 2500 Growth Index's -4.80% return. More than half of the convertible market was priced below par on average during the annual period, and convertibles (-0.48%) held up much better than their underlying stocks (-8.2%).

From an economic sector perspective, the Fund benefited from its overweight position and favorable selection in the information technology and industrials sectors. In information technology, the Fund saw solid relative performance from its holdings in the data processing & outsourced services and semiconductors industries. In industrials, the Fund benefited from selection in the industrial machinery & supplies & components and aerospace & defense industries.

Lagging selection in the financials and energy sectors detracted from the Fund's results. In financials, the portfolio names within the transaction & payment processing services industry trailed, and the portfolio lacked an allocation to the relatively strong-performing mortgage REITs industry. In energy, the Fund's holdings in the oil & gas drilling industry notably lagged.

How is the Fund positioned?

We focus on actively managing the risk/reward trade-offs within the Fund's portfolio. The characteristics of convertible securities vary: some convertibles are more bond-like, some are more equity-like, and others offer balance. We have maintained a preference for the balanced portion of the convertible market to take advantage of recent equity-valuation resets. Balanced convertibles provide a favorable asymmetric payoff profile by offering an attractive level of upside equity participation with less exposure to downside moves. We also see opportunities in the bond-like segment of the convertible market in issues that can benefit from spread compression while offering attractive yields and sound structural risk mitigation during equity market weakness. Within this segment of the convertible

market, most issuers retain strong cash balances along with minimal near-term refinancing risk. We are selective in the group's most distressed names.

Technology and health care remain the largest sector allocations in the Fund's portfolio. Reflecting our strong focus on bottom-up company analysis, we favor companies that are executing well despite macro uncertainties, are, in our view, best-in-class, and are long-term winners benefiting from lasting secular themes such as cybersecurity, automation and productivity enhancements. These long-term themes serve as a beacon in turbulent times, such as now, and help us identify innovative firms whose valuations will most likely be rewarded over time. Many of these are growth firms that have shifted their focus from growth-at-all-costs to improving margins, generating free cash flow, and increasing profitability. Holding these names should prove advantageous as higher-quality growth becomes scarce with the end of the era of free money. Financials and real estate are the most significant underweight positions in the portfolio. In our view, the risk/reward characteristics in this space are generally unfavorable, and many issuers are susceptible to the negative impact of higher rates.

What closing thoughts do you have for Fund shareholders?

Looking forward, we are cautiously optimistic but see multiple positives and negatives pushing and pulling the market. We believe additional Fed moves will be data-dependent, likely generating heightened uncertainty. However, volatility has historically created opportunity in the convertible asset class. Any stabilization of the macro backdrop could shift narrow, larger-cap-driven S&P 500 leadership into broader strength, which we believe would benefit convertibles since many issuers lean toward more mid-cap, growth-oriented companies. The Calamos Convertible Fund remains positioned to participate in an attractive portion of the equity market's upside. Should the market continue to prove challenging, convertibles are situated near their bond floor and would be expected to provide defensive attributes.

Convertible new issuance was subdued in 2022 but has improved in 2023 with higher coupons and lower conversion premiums that are more favorable to investors. So far in 2023, global convertible issuance totaled $65.1 billion, far surpassing the $39.6 billion in 2022. We've also been encouraged to see more investment-grade companies issue convertibles. We remain optimistic about issuance prospects and believe the pace will continue to be strong as companies increasingly recognize the lower-borrowing-cost benefits of issuing convertibles in lieu of traditional bonds. The combination of a sizable amount of debt maturing in 2025 across bond markets and the Fed's higher-for-longer interest rate stance could be an accelerant for near-term issuance. Increased issuance should broaden the convertible market landscape and the number of investable opportunities.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/21/85
Without Sales Charge		-1.26	%		7.14	%		6.16	%
With Sales Charge		-3.49			6.65			5.65
Class C Shares – Inception 7/5/96
Without Sales Charge		-2.01			6.34			5.37
With Sales Charge		-2.98			6.34			5.37
Class I Shares – Inception 6/25/97		-1.04			7.41			6.43

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.10%, Class C shares is 1.85% and Class I shares is 0.85%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income of taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The ICE BofA All US Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities. Since inception data for the index is shown from 6/30/97, since data is only available for full monthly periods.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher growth earning potential. The Russell 2500 Growth Index is published and maintained by FTSE Russell.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

OVERVIEW

The Fund invests in global convertible securities, striving to balance risk/reward while providing growth and income.

KEY FEATURES

^◼ Provides broadly diversified exposure to the global convertible bond universe.

^◼ Leverages more than 40 years of research in convertible security investing.

^◼ Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle.

^◼ Blends global investment themes and fundamental research via active management.

^◼ Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company's cash flow, risk profile and long-term returns.

PORTFOLIO FIT

Consisting of convertible securities that can participate in upside equity movements with potentially limited downside exposure, the Fund can provide a means to manage risk in conjunction with an equity allocation. The Fund can also serve a role within a fixed-income allocation, as convertibles have performed well during periods of rising interest rates and inflation.

FUND NASDAQ SYMBOLS

A Shares				CAGCX
C Shares				CCGCX
I Shares				CXGCX

FUND CUSIP NUMBERS

A Shares					128120748
C Shares					128120730
I Shares					128120722

CALAMOS GLOBAL CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

Despite persistent inflation, geopolitical concerns, deposit risk in the banking sector, and interest-rate uncertainty, the convertible and equity markets posted positive returns during the annual period. The global convertible market, represented by the Refinitv Global Convertible Bond Index, advanced 4.33% and participated in the broader equity market's upside as represented by the MSCI World Index's 11.05% gain. The Calamos Global Convertible Fund returned 5.00% (Class I shares at net asset value), outperforming the convertible benchmark index.

What factors influenced performance during the reporting period?

For the 12 months ended October 31, 2023 ("annual period"), we saw volatility as investors focused on global central banks' response to persistent inflation, the potential for slowing growth, and the specter of higher-for-longer interest rates. Geopolitical concerns, regional bank stress, rising fuel prices, and potential impacts of the United Auto Workers strike added to investor concerns. Despite these headwinds, the equity market saw some recovery from 2022's lows, and the MSCI World Index returned 11.05% over the period. The higher-for-longer interest rate continued to stoke volatility in the bond market as the Bloomberg Global Aggregate Bond Index rose just 1.72%.

From an economic sector perspective, the Fund benefited most from security selection in the real estate and communication services sectors, where the portfolio's holdings in real estate services and real estate operating companies outperformed. In the communication services sector, holdings in the interactive home entertainment and cable & satellite industries outpaced the index's names. An underweight position and security selection in materials, along with an overweight position and lagging selection in health care, held back the portfolio's results. In materials, holdings in the specialty chemicals and steel industry lagged, and the holdings in the biotechnology and pharmaceuticals industries disappointed in health care.

From a geographic perspective, the Fund benefitted from its favorable selection in the United States and Emerging Europe & South Africa, as well as an underweight position and security selection in Europe. A relative overweight position and security selection in Canada, as well as lagging selection in Japan and Emerging Latin America held back the annual period performance.

How is the Fund positioned?

We focus on achieving the best risk/reward profile through bottom-up security selection. We continue to position the portfolio to participate in upside equity rallies while also seeking to manage the downside if the market pulls back. The global convertible market saw healthy issuance during the annual period, and we have been active in the new issuance market.

From a sector standpoint, information technology, consumer discretionary, and health care sectors represent the largest allocations, while materials, real estate, and consumer staples comprise the lightest exposures. Relative to the Refinitiv Global Convertible index, the largest overweight positions are in health care,

information technology, and energy. Conversely, communication services, materials, and industrials constitute the most significant underweights.

From a regional perspective on an absolute basis, the portfolio has its heaviest allocation in the United States, Europe, and Emerging Latin America and lightest allocations in Canada, Japan, and Emerging Europe & South Africa. On a relative basis, the portfolio is overweight to Emerging Europe & South Africa, the United States, Emerging Asia, and Canada. Europe and Japan represent relative underweights. The war in Ukraine, inflation, and the possibility of recession in Europe are macro factors that continue to influence our current underweight allocation to the region.

What closing thoughts do you have for Fund shareholders?

The equity, bond, and convertible markets delivered positive returns despite increasing geopolitical concern, rising interest rates and oil prices, banking stresses, and political and central bank uncertainty. We expect these challenges will also lead to greater uncertainty and bouts of volatility.

We believe that the US Federal Reserve is mostly done raising rates, but the market's obsession with the Fed continues, with investors now fixated on when the Fed will start cutting rates again. But with the economy holding up quite well, it's hard to see why the central bank would cut rates unless inflation falls below its 2% goal. With oil prices flirting with triple digits, that final drop in inflation may get pushed out further on the horizon, and that's before considering we have a big election next year. It's hard to see the Fed wanting to get in the middle of that potential mess.

All of this adds up to a questionable outlook for growth in 2024. This is a good point to remind our investors that we're not macro traders, just convertible managers. We will stick to our fundamental process and work to get the best risk/reward profile possible. We continue to position Calamos Global Convertible Fund to participate in upside equity rallies while also seeking to manage the downside if the market pulls back. The Fund remains overweight to the US and the technology sector and underweight Europe.

Convertible new issuance was subdued in 2022 but improved in 2023, with higher coupons and lower conversion premiums that have been more favorable to investors. So far in 2023, global convertible issuance totaled $65.1 billion, surpassing the $39.5 billion for all of 2022. We are optimistic about issuance prospects going forward as a large maturity wall looms across the credit markets beginning in 2025. As companies begin to address their refinancing needs, we maintain our belief that convertibles will be a popular choice for issuers, providing increased attractive investment opportunities.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		4.78	%		4.26	%		4.15	%
With Sales Charge		2.43			3.79			3.57
Class C Shares – Inception 12/31/2014
Without Sales Charge		4.01			3.48			3.38
With Sales Charge		3.01			3.48			3.38
Class I Shares – Inception 12/31/2014		5.00			4.51			4.41

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.28%, Class C shares is 2.03% and Class I shares is 1.03%. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses through 3/1/23 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.35%, 2.10%, 1.10% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown includes the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum frontend sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Refinitiv Global Convertible Bond Index (USD) is designed to represent the global convertible market.

The Bloomberg Global Aggregate Index is a measure of global investment grade debt from twenty-five local currency markets.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

CALAMOS TIMPANI SMALL CAP
GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Timpani Small Cap Growth Fund posted a return of -15.53% (Class I Shares at net asset value), underperforming the loss of -7.63% for the Russell 2000 Growth Index.

Since Class I shares inception on March 23, 2011, the Fund has returned 8.32% on an annualized basis, while the Russell 2000 Growth Index returned 7.15% over the same period. We believe this comparison demonstrates the Fund's ability to outdistance its benchmark over full market cycles.

What factors influenced performance during the reporting period?

Equity markets rallied over the course of the period, lifting off lows from the market sell-off that began in late 2021 when the Fed and central bankers around the world began raising interest rates in an effort to tackle inflation. The Fed hiked the fed funds rate in historically short order (300 basis points in approximately six months), and the broad market, not surprisingly, did not react favorably, falling by -24% from late December 2021 through early October 2022. At the onset of this annual period, data suggested that inflation had likely peaked, which many believed would allow the Fed to slow down its furious pace of interest rate hikes.

Cyclical stocks and beleaguered value stocks led the market in the initial months of the annual period, but that leadership was short-lived as the Fed continued to promote a hawkish narrative. During these 12 months, the Fed would raise rates an additional 225 basis points. In March 2023, two of the largest bank failures in history, Silicon Valley Bank and Credit Suisse, sent investors flocking to the large-cap growth stocks of companies with significant balance sheets and ties to AI (artificial intelligence). Toward the end of the period, investors continued to grapple with questions of whether the Fed could induce a soft-landing for the US economy while reining in inflation or whether a recession would result from the significant change in the cost of capital. Geopolitical risks increased with the onset of conflict between Hamas and Israel in October 2023. Those cumulative concerns weighed on the markets, with the S&P 500 Index, a measure of the US equity market, declining by -10% toward the end of the period.

For the annual period, the US equity market, as represented by the S&P 500 Index, gained 10.14%, although it should be noted that an equal-weighted S&P 500 Index went nowhere on the year, with a total return of -0.75%. Small-cap stocks, represented by the Russell 2000 Index, dropped -8.57% for the annual period, and mid-cap stocks, as measured by the Russell Midcap Index, also struggled with a -1.01% return. Mega-cap growth stocks performed best and carried the bulk of the overall S&P 500 Index's return, particularly those tied to AI with strong balance sheets (and perhaps less concerned about borrowing from banks or raising capital in a higher-interest-rate environment). The top eight names in the S&P 500 Index by market cap represented approximately 26% of the index's market cap, are primarily tech-related, have stronger-balance-sheets, and accounted for 85% of the market's gain over the period.

OVERVIEW

The Fund invests in the equity securities of small-capitalization companies with high, sustainable growth potential, which may exceed market expectations.

KEY FEATURES

^◼ Combines fundamental research with the analysis of market estimates to identify the underestimated growth differential between a company's business strength and market expectations of that strength.

^◼ Pursues active management in a less-followed investment space.

^◼ Analyzes secular trends to uncover exploitable investment opportunities specific to small-cap companies.

PORTFOLIO FIT

Investing in small-cap companies is an important component of a diversified investment strategy. Smaller companies tend to experience greater growth and outperform larger companies.

FUND NASDAQ SYMBOLS

A Shares				CTASX
C Shares				CTCSX
I Shares				CTSIX
R6 Shares				CTSOX

FUND CUSIP NUMBERS

A Shares					128120417
C Shares					128120318
I Shares					128120391
R6 Shares					128120383

Within the Russell 2000 Growth Index, consumer staples (+9%) and industrials (+0.3%) were the only two sectors to finish in positive territory for the annual period. Energy (-0.1%), information technology (-2%), financials (-7%) outperformed the index, whereas consumer discretionary (-8%), communication services (-8%), real estate (-11%), materials (-13%), utilities (-18%), and health care (-18%) all lagged.

While the Fund lagged the Russell 2000 Growth Index for the annual period, the underperformance occurred at the beginning of the period when cyclical stocks rallied as investors prematurely celebrated a potential end to rate hikes. After that surge in cyclical stocks that culminated in early February, the Fund was able to outperform the Russell 2000 Growth Index by 2.72%. As seasoned investors, we are aware that our style and approach will not always be in favor, but after a period of difficult relative and absolute performance, we are pleased to see that focusing on companies with strong fundamental momentum is again being recognized by the market.

For the full annual period, performance lagged due to issue selection rather than sector allocations. While sector allocations didn't significantly drive relative performance, an underweight to energy and an overweight to health care were the bigger drags on performance. An overweight to consumer staples and an underweight to materials proved additive. Security selection in information technology within application software and communications equipment hindered performance. Selection within heath care also lagged, most notably in health care equipment and pharmaceuticals. A theme that gained traction during the period related to a specific group of weight loss drugs known as GLP-1s (short for glucagon-like peptide 1 agonists). Clinical data continues to be released, but investors are encouraged by the potential for these drugs to improve patient aesthetics and overall health. However, this excitement does have a downside for other industries, as some investors suspect a healthier society may result in lower demand for certain medical devices and procedures. Strong issue selection among industrials was additive to absolute and relative performance. Holdings in construction & engineering and electrical components & equipment saw strong gains with revenues related to AI and electronic infrastructure initiatives. Consumer staples holdings also performed well, particularly in beverages and personal care products.

How is the Fund positioned?

The Fund made some notable changes from the beginning of the annual period. An underweight to the industrials sector increased to a significant overweight by the end of the annual period, with additions to commercial services & supplies and construction & engineering. Conversely, a significant reduction occurred in the health care sector, largely associated with decreasing the health care equipment & supplies industry. As discussed, support for weight loss drugs has had negative consequences for businesses associated with curing or treating ailments that may, in part, be due to an overweight condition. It remains to be seen whether those treatments will decline as much as anticipated, but we made the move in order to pursue better opportunities elsewhere.

As of the end of the period, the Fund held a significant overweight to industrials, with overweights also in energy and consumer staples. The most significant underweight at period end was to health care, with an underweight in materials as well.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares (With Predecessor) – Inception 1/6/14^
Without Sales Charge		-15.75	%		1.75	%		4.83	%
With Sales Charge		-19.74			0.76			4.31
Class C Shares – Inception 6/28/21^
Without Sales Charge		-16.37			—			-23.33
With Sales Charge		-17.21			—			-23.33
Class I Shares (With Predecessor) – Inception 3/23/11
Without Sales Charge		-15.53			2.02			5.74
Class R6 Shares – Inception 6/1/19^		-15.41			—			2.04

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.37%, Class C shares is 2.12%, Class I shares is 1.12% and Class R6 shares is 1.00%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024, to the extent necessary so that Total Annual Fund Operating Expenses of Class A, Class C and Class I shares are limited to 1.30%, 2.05%, 1.05% of average net assets, respectively. The Fund's investment adviser has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.05% less the Fund's annual sub-transfer agency ratio (the aggregate subtransfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

Effective as of the close of business on May 31, 2019, the Fund acquired all of the assets, subject to the liabilities, of the Timpani Small Cap Growth Fund (the "Predecessor Fund") through a tax-free reorganization (the "Reorganization"). 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 performance shown in the average annual total return table above for periods prior to the commencement of the Fund's operations on June 1, 2019 is the performance of the Predecessor Fund. The Fund has the same investment objective, strategy and portfolio manager as the Predecessor Fund. As a result, the performance of the Fund would have been substantially similar to that of the Predecessor Fund.

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The Russell 2000 Growth Index is a composite of small-cap companies located in the US that also exhibit a growth probability.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Russell 2000^® Index measures the performance of the small-cap segment of the US equity universe. The Russell Midcap^® Index measures the performance of companies whose average market capitalization is approximately $4.2 billion.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS TIMPANI SMID GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Timpani SMID Growth Fund posted a return of -10.07% (Class I Shares at net asset value), trailing the -4.80% loss of the Russell 2500 Growth Index.

What factors influenced performance during the reporting period?

Equity markets rallied over the course of the period, lifting off lows from the market sell-off that began in late 2021 when the Fed and central bankers around the world began raising interest rates in an effort to tackle inflation. The Fed hiked the fed funds rate in historically short order (300 basis points in approximately six months), and the broad market, not surprisingly, did not react favorably, falling by -24% from late December 2021 through early October 2022. At the onset of this annual period, investors were pleased to see data suggesting that inflation had likely peaked, which many believed would allow the Fed to slow down its furious pace of interest rate hikes.

Cyclical stocks and beleaguered value stocks led the market in the initial months of the annual period, but that leadership was short-lived as the Fed continued to promote a hawkish narrative. During these 12 months, the Fed would raise rates an additional 225 basis points. In March 2023, two of the largest bank failures in history, Silicon Valley Bank and Credit Suisse, sent investors flocking to the large-cap growth stocks of companies with significant balance sheets and ties to AI (artificial intelligence). Toward the end of the period, investors continued to grapple with questions of whether the Fed could induce a soft-landing for the US economy while reining in inflation, or whether a recession would result from the significant change in the cost of capital. Geopolitical risks increased with the onset of conflict between Hamas and Israel in October 2023. Those cumulative concerns weighed on the markets, with the S&P 500 Index, a measure of the US equity market, declining by -10% toward the end of the period.

Within the Russell 2500 Growth Index, consumer staples (+10%), information technology (+4%), consumer discretionary (+2%), and industrials (+2%) were the only sectors to finish in positive territory for the annual period. Energy (-4%) slightly outperformed the index while real estate (-5%), materials (-8%), financials (-8%), utilities (-10%), communication services (-16%), and health care (-19%) all lagged.

OVERVIEW

The Fund invests in the equity securities of small- and mid-capitalization (SMID) companies with high, sustainable growth potential, which may exceed market expectations.

KEY FEATURES

^◼ Pursues active management in a less-followed investment space.

^◼ Analyzes secular trends to uncover exploitable investment opportunities specific to small- and mid-cap companies.

PORTFOLIO FIT

Investing in SMID companies is an important component of a diversified investment strategy. Small-to-midsize companies tend to experience greater growth and outperform larger companies, yet this greater potential also raises the potential for greater volatility—which is why we believe active management is crucial.

FUND NASDAQ SYMBOLS

A Shares				CTAGX
I Shares				CTIGX
R6 Shares				CTOGX

FUND CUSIP NUMBERS

A Shares					128120375
I Shares					128120367
R6 Shares					128120359

While the Fund lagged the Russell 2500 Growth Index for the annual period, the underperformance occurred at the beginning of the period when cyclical stocks rallied as investors prematurely celebrated a potential end to rate hikes. After that surge in cyclical stocks that culminated in early February, the Fund was able to outperform the Russell 2500 Growth Index by 4.86%. As seasoned investors, we are aware that our style and approach will not always be in favor, but after a period of difficult relative and absolute performance, we are pleased to see that focusing on companies with strong fundamental momentum is again being recognized by the market.

For the annual period, performance lagged due to issue selection rather than sector allocations. Sector allocations were moderately additive but didn't significantly drive relative performance. An underweight to health care and an overweight to consumer staples proved additive. An underweight to energy and information technology early in the period dragged on performance. Security selection in information technology within application software and communications equipment hindered performance. Selection within heath care also lagged, most notably in health care equipment and health care supplies. A theme that gained traction during the period related to a specific group of weight loss drugs known as GLP-1s (short for glucagon-like peptide 1 agonists). Clinical data continues to be released, but investors are encouraged by the potential for these drugs to improve patient aesthetics and overall health. However, this excitement does have a downside for other industries, as some investors suspect a healthier society may result in lower demand for certain medical devices and procedures. Strong issue selection among industrials was additive to absolute and relative performance. Holdings in electrical components & equipment and construction & engineering saw strong gains with revenues related to AI and electronic infrastructure initiatives. Consumer staples holdings also performed well, particularly in beverages and personal care products.

How is the Fund positioned?

The Fund made some notable changes from the beginning of the annual period. A modest overweight to the industrials sector was increased to a significant overweight by the end of the annual period, with additions to commercial services & supplies and select transportation businesses. The allocation to the information technology sector also increased, bringing the initial underweight to an overweight at the end of the period. Conversely, the allocation to health care was significantly reduced, largely through decreases in the biotechnology and health care equipment & supplies industries. As discussed, support for weight loss drugs has had negative consequence to businesses associated with curing or treating ailments that may, in part, be due to an overweight condition. It remains to be seen whether those treatments will decline as much as anticipated, but we made the move in order to pursue better opportunities elsewhere.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			SINCE INCEPTION
Class A Shares – Inception 7/31/19
Without Sales Charge		-10.36	%		0.57	%
With Sales Charge		-14.65			-0.58
Class I Shares – Inception 7/31/19
Without Sales Charge		-10.07			0.84
Class R6 Shares – Inception 7/31/19		-9.97			0.86

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.93%, Class I shares is 1.65% and Class R6 shares is 1.63%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares and Class I shares are limited to 1.35% and 1.10% of average net assets, respectively. The Fund's investment adviser has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund's annual sub-transfer agency ratio (the aggregate subtransfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares.

NOTES:

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Russell Midcap^® Index measures the performance of companies whose average market capitalization is approximately $4.2 billion.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Growth Fund returned 15.27% (Class I Shares at net asset value), outperforming the S&P 1500 Growth Index return of 10.86%.

Since Class I shares inception on September 18, 1997, the Fund has returned 10.54% on an annualized basis. The S&P 1500 Growth Index, the primary benchmark, returned 8.31% over the same period, and the S&P 500 Index returned 7.84%. We believe these comparisons demonstrate the Fund's ability to outdistance the growth and broad indices over full market cycles.

What factors influenced performance during the reporting period?

Equity markets rallied over the course of the annual period, lifting off lows from the rate-hikes-induced market sell-off that began in late 2021. Just prior to this annual period, the Fed had raised rates 300 basis points in just six months in an effort to curb inflation. At the onset of this annual period, data suggested that inflation had likely peaked, which many believed would allow the Fed to slow down its furious pace of interest rate hikes. Cyclical stocks and beleaguered value stocks led the market in the initial months of the annual period, but that leadership was short-lived as the Fed continued to promote a hawkish narrative. During these 12 months, the Fed would, in fact, raise rates an additional 225 basis points. In March 2023, two of the largest bank failures in history, Silicon Valley Bank and Credit Suisse, sent investors flocking to the large-cap growth stocks of companies with significant balance sheets and ties to AI (artificial intelligence). Toward the end of the period, investors continued to grapple with questions of whether the Fed could induce a soft-landing for the US economy while reining in inflation, or whether a recession would result from the significant change in the cost of capital. Geopolitical risks increased with the onset of conflict between Hamas and Israel in October 2023. Those cumulative concerns weighed on the markets, with the S&P 500 Index, a measure of the US equity market, declining -10% toward the end of the annual period.

For the full annual period, the US equity market, as represented by the S&P 500 Index, gained 10.14%, although it should be noted that an equal-weighted S&P 500 Index went nowhere on the year, with a total return of -0.75%. Small-cap stocks, represented by the Russell 2000 Index, dropped -8.57% for the annual period. Large-cap growth stocks, particularly those tied to AI with strong balance sheets (and perhaps less concerned about needing to borrow from banks or raise capital in a higher-interest-rate environment), performed best. The top eight names in the S&P 500 Index by market cap represented approximately 26% of the index's market cap, are primarily tech-related, have stronger balance sheets, and accounted for 85% of the market's gain over the period.

Over the course of the period, inflation has declined dramatically. US GDP registered robust 4.9% real growth for 3Q 2023, and employment was strong, with employment cost pressures abating and quarterly earnings turning toward positive growth. That said, the cost of capital has increased dramatically in short order, monetary policy is restrictive at current levels, and the US is running a significant deficit.

OVERVIEW

A broad, flexible strategy enables the Fund to invest in the equities of US companies across all market capitalizations and sectors in order to attain the best potential for long-term capital growth.

KEY FEATURES

^◼ Seeks to provide attractive returns through an emphasis on higher-growth US companies spanning the full range of market capitalizations and sectors. Draws on more than three decades of experience in growth investing.

^◼ The portfolio reflects top-down, secular thematic views along with high-conviction, fundamentally researched stocks of companies with advantaged business models, high returns on capital, solid free-cash-flow generation, and stewardship-minded management.

^◼ Combines secular and cyclical growth to help manage the dynamics of the economy.

PORTFOLIO FIT

May be an attractive option for investors seeking higher growth and diversification that spans all caps of US companies across sectors and industries.

FUND NASDAQ SYMBOLS

A Shares				CVGRX
C Shares				CVGCX
I Shares				CGRIX

FUND CUSIP NUMBERS

A Shares					128119302
C Shares					128119856
I Shares					128119807

Within the growth equity market, as represented by the S&P 1500 Growth Index, communication services (+34%) and information technology (+32%) were significant outperformers led by mega-cap growth names, as discussed previously. Industrials (+7%) and consumer discretionary (+5%) sectors delivered positive returns, but all other sectors finished in negative territory for the annual period. Materials (-1%), financials (-1%), health care (-4%), consumer staples (-7%), energy (-8%), real estate (-11%) and utilities (-19%) rounded out performance by sector.

The Fund outperformed the S&P 1500 Growth Index through a combination of sector allocations and individual stock selection. In each case, sector and selection were additive in 9 of the 11 sectors. An underweight to the lagging health care sector was additive because defensives such as health care broadly struggled, and a slight overweight to information technology also lifted performance. An overweight to industrials slightly dragged on relative performance, with commercial and consumer transportation holdings lagging. Individual security selection was notably strong within consumer discretionary, where holdings in retail, restaurants, and apparel added the most relative performance. Holdings in information technology were also significant contributors, with strong balance sheet companies in AI-related areas adding the most value to the portfolio. Individual selection among financials detracted from relative performance as names in investment banking & brokerage and diversified banks struggled over the period. Holdings in industrials related to aerospace & defense and airlines also detracted from relative performance.

How is the Fund positioned?

In an environment where growth may prove increasingly scarce, we believe asset-light companies with the flexibility and financial strength to continue funding their growth initiatives—regardless of the economic backdrop—should outperform. As a result, we continue to favor quality growth companies with stellar balance sheets and attractive free cash flows. We believe these companies are better positioned to capitalize on the opportunities that volatile markets provide, as seen in the largest companies' first-mover advantage with AI. On the other end of the spectrum, we are increasingly cautious about the outlook for unprofitable technology companies.

Although some of the AI stocks euphoria has abated recently, the Fund has maintained considerable exposure to this investment theme through our positioning in semiconductor, cloud infrastructure, and software stocks. Undoubtedly, investor enthusiasm around AI will ebb and flow over time, but we remain confident this technology will bring new applications and widespread benefits to a range of businesses beyond the technology sector. As always, we remain committed to a selective and thoughtful approach as we sort through what lies ahead for this exciting innovation.

What closing thoughts do you have for Fund shareholders?

The economy continues to flash mixed signals. We believe the current trend of positive but tepid growth will likely continue for the next couple of quarters. However, a surprising number of factors are pointing toward the potential for further softening, including the inverted yield curve, tighter lending standards, higher energy costs, increasing labor costs, and higher financing costs. These all add up to growing profit pressures on the private sector. In addition, the rest of the world remains weaker than the United States and, therefore, unlikely to boost

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/4/90
Without Sales Charge		14.98	%		9.61	%		9.06	%
With Sales Charge		9.51			8.55			8.54
Class C Shares – Inception 9/3/96
Without Sales Charge		14.14			8.80			8.26
With Sales Charge		13.14			8.80			8.26
Class I Shares – Inception 9/18/97		15.27			9.88			9.34

Performance results do not include adjustments made for financial reporting purposes in accordance with US generally accepted accounting principles and may differ from amounts reported in the financial highlights.

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.30%, Class C shares is 2.05% and Class I shares is 1.05%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The S&P 1500 Growth Index consists of the growth segment of the securities found in the S&P 1500 Index. The S&P 1500 combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600.

The Russell 2000^® Index measures the performance of the small-cap segment of the US equity universe.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Growth and Income Fund returned 7.12% (Class I Shares at net asset value). In comparison, the S&P 500 Index returned 10.14% for the period, and the ICE BofA All US Convertibles ex Mandatory Index registered a loss of -0.08%. We manage the Fund intending to achieve upside equity participation and potential downside risk mitigation over full market cycles. For the annual period, Calamos Growth and Income Fund captured 86% of the all-equity index's returns. Since its Class I shares inception on September 18, 1997, the Fund returned 9.29% on an annualized basis versus a 7.84% gain for the S&P 500 Index and 7.71% return for the ICE BofA All US Convertibles ex Mandatory Index.

Please discuss the Fund's lower-volatility characteristics.

We believe the Fund's historical lower-volatility characteristics are a byproduct of our investment style and focus on participating in equity market upside with less volatility than the market. Beta is one popular statistic for measuring volatility. Beta considers a fund's historic volatility versus the market, which is assigned a beta of 1.0. A fund with half the volatility of the market would have a beta of 0.5, while a fund with a beta of 2.0 would have been twice as volatile as the market. Since its inception, the Fund has had a beta of 0.76 (Class I shares) versus the S&P 500 Index. The Fund, therefore, outperformed the broader equity market, as measured by the S&P 500 Index, with less volatility than the equity market. Please note that past performance does not indicate future results and that beta is one of many risk measures.

What factors influenced performance during the reporting period?

Cyclical stocks and beleaguered value stocks led the market in the initial months of the annual period, but that leadership was short-lived as the Fed continued to promote a hawkish narrative. During these 12 months, the Fed would, in fact, raise rates an additional 225 basis points. In March 2023, two of the largest bank failures in history, Silicon Valley Bank and Credit Suisse, sent investors flocking to the large-cap growth stocks of companies with significant balance sheets and ties to AI (artificial intelligence). Toward the end of the period, investors continued to grapple with questions of whether the Fed could induce a soft landing for the US economy while reining in inflation, or whether a recession would result from the significant change in the cost of capital. Geopolitical risks increased with the onset of conflict between Hamas and Israel in October 2023. Those cumulative concerns weighed on the markets, with the S&P 500 Index, a measure of the US equity market, declining by -10% toward the end of the annual period.

OVERVIEW

The Fund invests primarily in US equity and convertible securities in an attempt to balance risk/reward while providing growth and income.

KEY FEATURES

^◼ Leverages more than four decades of research experience combining equities and convertible holdings to provide equity-like participation.

^◼ Provides a core holding option that aims to maintain a consistent risk posture throughout the market cycle.

^◼ Research-driven approach identifies opportunities by combining top-down analysis with a focus on key growth characteristics.

PORTFOLIO FIT

The Fund can provide a long-term core equity allocation, which exhibits potentially lower volatility and delivers attractive income.

FUND NASDAQ SYMBOLS

A Shares				CVTRX
C Shares				CVTCX
I Shares				CGIIX
R6 Shares				CGIOX

FUND CUSIP NUMBERS

A Shares					128119104
C Shares					128119831
I Shares					128119872
R6 Shares					128120326

period, and mid-cap stocks, as measured by the Russell Midcap Index, also struggled with a -1.01% return. Mega cap growth stocks performed best and carried the bulk of the overall S&P 500 Index's return, particularly those tied to AI with strong balance sheets (and perhaps less concerned about borrowing from banks or raising capital in a higher-interest-rate environment). The top eight names in the S&P 500 Index by market cap represented approximately 26% of the index's market cap, are primarily tech-related, have stronger-balance-sheets, and accounted for 85% of the market's gain over the period.

Within the S&P 500 Index, communication services (+36%) and information technology (+31%) were significant outperformers led by mega-cap growth names and were the only two sectors to beat the overall market. Consumer discretionary (+8%), industrials (+6%), and materials (+5%) delivered positive returns, but all other sectors finished in negative territory for the annual period. Energy (-2%), financials (-3%), consumer staples (-3%), health care (-5%), real estate (-7%), and utilities (-8%) rounded out performance by sector.

The Fund generated positive results yet trailed the all-equity S&P 500 Index for the annual period largely due to issue selection rather than sector allocation. Within issue selection, the Fund's use of convertible bonds, Treasuries, and options to help reduce the portfolio's overall volatility was a drag on performance for the period. As described above, market performance was narrowly focused on a small subset of names within the S&P 500 Index, and asset classes other than large-cap growth significantly lagged the S&P 500 Index's gain for the period. The Fund was well represented by the largest eight names within the S&P 500 Index and had a bias toward growth stocks for the annual period, which benefited the portfolio's common stock allocation performance. Individual security selection lagged within industrials, notably within aerospace & defense and industrial conglomerates. Selection in communication services also trailed the S&P 500 Index, almost exclusively due to an underweight exposure to Meta Platforms over the course of the reporting period. Selection within consumer staples outperformed the S&P 500 Index with notable contributions from consumer staples merchandise retailers and packaged foods & meats.

How is the Fund positioned?

At the beginning of 2023, we outlined the case for increasing the risk of the Fund, focusing on selective areas of the economy that we believed should show improving economic growth in 2023 and 2024, in addition to companies that could improve returns on capital during that time. Our premise to selectively add risk was based on several factors, including our convictions about long-term US economic growth trajectory, positive policy changes, and improvement in certain parts of the economy, despite opposing forces slowing growth down in other economic sectors. The events of the first three quarters of 2023 (the slowing of central bank rate increases, moderate slowing of inflation and economic growth, corporate cost-cutting measures, and the acceleration of spending in AI-related areas) have, in aggregate, supported that risk profile. Risk-asset returns were positive during this time, although there was a significant dispersion of returns across sectors and industries.

We believe the best positioning for this environment is a more neutral or defensive risk posture, with risk in specific areas that have real growth tailwinds, in companies with improving returns on capital in 2024, and in equities and fixed income with valuations at favorable expected risk-adjusted returns. We see compelling prospects for companies that have exposure to new products and geographic growth opportunities (examples can be found in health care, electric vehicles, and AI-related infrastructure and software), specific infrastructure

spending areas (in materials and industrials), and the normalization of supply chains and parts of the service economy.

We are still favoring higher-credit-quality companies with improving free cash flow. We selectively use options and convertible bonds to gain exposure to higher-risk industries. From an asset-class perspective, cash and short-term Treasuries remain useful tools to lower volatility in a multi-asset-class portfolio, given their yields.

What closing thoughts do you have for Fund shareholders?

As we look toward the end of 2023 and into 2024, the growth outlook appears more muted than at the beginning of 2023. Opposing economic forces have become more balanced as policy shifts (the elimination of some government policies and a cost-cutting agenda in the US Congress) are offsetting positive end-demand trends at the consumer and corporate levels. We continue to see slowing but positive economic growth over the next year, but the timing for a reacceleration in growth is more difficult to predict. In addition to this more balanced growth view, the growth outlook for many parts of the US economy continues to shift (for example, due to rising energy prices in recent months versus a decline in the first part of the year and a slowing of travel consumption from the fast pace over the summer). Therefore, we remain vigilant in identifying short-term cyclical investment themes. We continue to assess the investment opportunities within this environment, further focusing on real growth and return improvement areas. Finally, we continue to monitor security and asset-class valuations to target appropriate returns in this volatile environment.

We remain confident that the positive long-term growth trajectory of the US economy and the cash-flow-generation capabilities of US companies are intact. The ability of management teams to identify emerging short and long-term trends and the adaptability of business models and cost structures are central to our long-term favorable view. We see attractive long-term upside in the US equity market from current market levels, which we believe are at fair value for a majority of US companies.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/22/88
Without Sales Charge		6.86	%		9.06	%		8.32	%
With Sales Charge		1.79			8.00			7.80
Class C Shares – Inception 8/5/96
Without Sales Charge		6.08			8.24			7.51
With Sales Charge		5.08			8.24			7.51
Class I Shares – Inception 9/18/97		7.12			9.33			8.59
Class R6 Shares – Inception 6/23/20^		7.21						8.13

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.05%, Class C shares is 1.80%, Class I shares is 0.80% and Class R6 shares is 0.73%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum frontend sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The ICE BofA All US Convertibles ex Mandatory Index represents the US convertibles securities market excluding mandatory convertibles.

The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell Midcap® Index measures the performance of companies whose average market capitalization is approximately $4.2 billion. The Russell indexes are published and maintained by FTSE Russell.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS DIVIDEND GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Dividend Growth Fund returned 8.88% (Class I shares at net asset value), lagging the S&P 500 Index return of 10.14%.

What factors influenced performance during the reporting period?

For the annual period, the US equity market, as represented by the S&P 500 Index, gained 10.14%, although it should be noted that an equal-weighted S&P 500 Index went nowhere on the year, with a total return of -0.75%. Small-cap stocks, represented by the Russell 2000 Index, dropped -8.57% for the annual period, and mid-cap stocks, as measured by the Russell Midcap Index, also struggled with a -1.01% return. Mega-cap growth stocks performed best and carried the bulk of the overall S&P 500 Index's return, particularly those tied to AI with strong balance sheets (and perhaps less concerned about borrowing from banks or raising capital in a higher-interest-rate environment). The top eight names in the S&P 500 Index by market cap represented approximately 26% of the index's market cap, are primarily tech-related, have stronger balance sheets, and accounted for 85% of the market's gain over the period.

Within the equity market, as represented by the S&P 500 Index, communication services (+36%) and information technology (+31%) were significant outperformers led by mega-cap growth names and were the only two sectors to beat the overall market. Consumer discretionary (+8%), industrials (+6%), and materials (+5%) delivered positive returns, but all other sectors finished in negative territory for the annual period. Energy (-2%), financials (-3%), consumer staples (-3%), health care (-5%), real estate (-7%), and utilities (-8%) rounded out performance by sector.

The Fund's focus on securities exhibiting higher cash flows was beneficial over the period as the market favored higher-quality businesses. Higher-dividend-yielding securities were not in favor, and the Fund has a slight bias toward dividend yield relative to the S&P 500 Index. The Fund was underweight the poorly performing real estate sector, boosting relative performance. Conversely, an underweight to the index-leading communication services sector detracted from performance. Selection in industrials hindered relative performance as names within industrial conglomerates and aerospace & defense lagged. Selection in information technology outperformed relative to the index, with notable contributions from application software and semiconductor names that offered an attractive combination of growth and solid balance sheets.

How is the Fund positioned?

The Fund remains broadly diversified by sector, favoring investments in dividend-paying equities and focusing on high cash-generating businesses. Allocations to consumer discretionary and financials rose slightly during the period, whereas investments in health care were reduced slightly. At the end of the annual period, the Fund held an underweight to industrials and real estate, with an overweight to consumer discretionary names. We continue to seek higher-quality businesses with dividends or dividend-growth potential, which in our view should serve investors well in an uncertain market environment.

What closing thoughts do you have for Fund shareholders?

As we look toward the end of 2023 and into 2024, the growth outlook appears more muted than at the beginning of 2023. Opposing economic forces have become more balanced as policy shifts (the elimination of some government policies and a cost-cutting agenda in the US Congress) and are offsetting positive end-demand trends at the consumer and corporate levels. We continue to see slowing but positive economic growth over the next year, but the timing for a reacceleration in growth is more difficult to predict. In addition to this more balanced growth view, the growth outlook for many parts of the US economy continues to shift (for example, due to rising energy prices in recent months versus a decline in the first part of the year and a slowing of travel consumption from the fast pace over the summer). Therefore, we remain vigilant in identifying short-term cyclical investment themes. We continue to assess the investment opportunities within this environment, further focusing on real growth and return-improvement areas. Finally, we continue to monitor security and asset-class valuations to target appropriate returns in this volatile environment.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/5/2013
Without Sales Charge		8.61	%		10.28	%		8.68	%
With Sales Charge		3.44			9.21			8.15
Class C Shares – Inception 8/5/2013
Without Sales Charge		7.82			9.45			7.87
With Sales Charge		6.82			9.45			7.87
Class I Shares – Inception 8/5/2013		8.88			10.56			8.95

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 2.03%, Class C shares is 2.78% and Class I shares is 1.78%. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.35%, 2.10%,1.10% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum frontend sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS SELECT FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Select Fund returned 8.84% (Class I shares at net asset value), trailing the S&P 500 Index return of 10.14%.

What factors influenced performance over the reporting period?

Equity markets rallied over the course of the period, lifting off lows from the rate-hikes-induced market sell-off that began in late 2021. Just prior to this annual period, the Fed had raised rates 300 basis points in just six months in an effort to curb inflation. At the onset of this annual period, data suggested that inflation had likely peaked, which many believed would allow the Fed to slow down its furious pace of interest rate hikes.

Cyclical stocks and beleaguered value stocks led the market in the initial months of the annual period, but that leadership was short-lived as the Fed continued to promote a hawkish narrative. During these 12 months, the Fed would, in fact, raise rates an additional 225 basis points. In March 2023, two of the largest bank failures in history, Silicon Valley Bank and Credit Suisse, sent investors flocking to the large-cap growth stocks of companies with significant balance sheets and ties to AI (artificial intelligence). Toward the end of the period, investors continued to grapple with questions of whether the Fed could induce a soft landing for the US economy while reining in inflation or whether a recession would result from the significant change in the cost of capital. Geopolitical risks increased with the onset of conflict between Hamas and Israel in October 2023. Those cumulative concerns weighed on the markets, with the S&P 500 Index, a measure of the US equity market, declining by -10% toward the end of the annual period.

For the full period, the US equity market, as represented by the S&P 500 Index, gained 10.14%, although it should be noted that an equal-weighted S&P 500 Index went nowhere on the year, with a total return of -0.75%. Small-cap stocks, represented by the Russell 2000 Index, dropped -8.57% for the annual period. Large-cap growth stocks performed best, particularly those tied to AI with strong balance sheets (and perhaps less concerned about needing to borrow from banks or raise capital in a higher-interest-rate environment). The top eight names in the S&P 500 Index by market cap represented approximately 26% of the index's market cap, are primarily tech-related, have stronger balance sheets, and accounted for 85% of the market's gain over the period.

Within the S&P 500 Index, communication services (+36%) and information technology (+31%) significantly outperformed, led by mega-cap growth names. The consumer discretionary (+8%), industrials (+6%), and materials (+5%) sectors delivered positive returns, with all other sectors finishing in negative territory for the annual period. Energy (-2%), financials (-3%), consumer staples (-3%), health care (-5%), real estate (-7%), and utilities (-8%) rounded out performance by

OVERVIEW

The Fund primarily invests in a concentrated portfolio of large-cap US equities with broad representation across sectors and industries. In addition, the Fund can invest across investment styles in the US equity market.

KEY FEATURES

^◼ Security selection is based mainly on Calamos analysts' highest conviction ideas. We leverage the collective expertise of the firm's research analysts, who average 15+ years of experience in their areas of expertise.

^◼ The investment process is driven by rigorous fundamental and sector-specific research. The goal is to maximize exposure to opportunities the team believes are compelling.

^◼ Quantitative tools help minimize systematic risks across both sectors and factors. We use quantitative tools to minimize unintended bets and maximize the impact of security selection.

PORTFOLIO FIT

Because the Fund pairs a high-conviction approach with a broad investment universe, we believe it is an attractive choice for investors seeking a long-term core equity allocation to US stocks.

FUND NASDAQ SYMBOLS

A Shares				CVAAX
C Shares				CVACX
I Shares				CVAIX

FUND CUSIP NUMBERS

A Shares					128119666
C Shares					128119641
I Shares					128119633

sector. Growth was more in favor than value, with the S&P 500 Growth Index's 11.9% gain outpacing the S&P 500 Value Index's 7.7% gain for the annual period.

How is the Fund positioned?

Portfolio performance benefited from a bias toward growth during much of the annual period, and individual selection was broadly in line with the market, but sector allocation and cash holdings were a net drag to relative performance. An underweight to information technology proved to be the biggest detractor from a sector-allocation perspective, although the Fund's weight to information technology did increase over the course of the annual period. Being overweight to the defensive-oriented consumer staple sector also proved to be a drag on relative performance. Conversely, a steady underweight to the real estate sector and a modest overweight to consumer discretionary names proved beneficial. Strong individual security selection within information technology was additive to performance owing to notable gains from semiconductor names and systems software holdings. Issue selection also contributed to consumer discretionary, highlighted by strength among various retailers. Individual security selection in communication services lost ground, owing almost exclusively to not owning Meta Platforms (Facebook), yet other names in interactive media & services performed very well. Selection within industrials also lagged as aerospace & defense names and passenger airlines struggled.

In an environment where growth may prove increasingly scarce, we believe asset-light companies with the flexibility and financial strength to continue funding their growth initiatives—regardless of the economic backdrop—should outperform. As a result, we continue to favor quality growth companies with stellar balance sheets and attractive free cash flows. We believe these companies are better positioned to capitalize on the opportunities that volatile markets provide, as seen in the largest companies' first-mover advantage with AI. By contrast, we are increasingly cautious about the outlook for unprofitable technology companies. In all, the portfolio is biased to growth-style stocks over value counterparts.

Over the course of the annual period, we actively adjusted individual positions. In aggregate, the portfolio reduced the total number of holdings and brought sector positioning more in line with the S&P 500 Index. Most notably, the Fund increased the allocation to information technology, taking the portfolio from a significant underweight at the beginning of the period to mostly in line with the market weight at the end, favoring growth businesses in semiconductors and system software. To a lesser extent, the portfolio's weight to consumer staples decreased, bringing an overweight position at the start of the period to a market weight at the end of the period.

What closing thoughts do you have for Fund shareholders?

The economy continues to flash mixed signals. The current trend of positive-but-tepid growth will likely continue for the next several quarters. However, a surprising number of factors are pointing toward the potential for further softening, including the inverted yield curve, tighter lending standards, higher energy costs, increasing labor costs, and higher financing costs. These all add up to growing profit pressures on the private sector. In addition, the rest of the world remains weaker than the United States and, therefore, unlikely to boost domestic growth. Given this backdrop, we believe the market may continue to display volatility but may also reward the best-in-class businesses with the characteristics discussed earlier. It's often said that the market is willing to pay for what is scarce. Commonly, when the broad economy lacks robust growth, the market tends to reward those companies offering growth.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 1/2/02
Without Sales Charge		8.60	%		8.80	%		7.46	%
With Sales Charge		3.44			7.74			6.93
Class C Shares – Inception 1/2/02
Without Sales Charge		7.76			7.98			6.65
With Sales Charge		6.76			7.98			6.65
Class I Shares – Inception 3/1/02		8.84			9.06			7.71

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.57%, Class C shares is 2.33% and Class I shares is 1.32%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.15%, 1.91%, and 0.90% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Russell 2000^® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000^® Index is published and maintained by FTSE Russell.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The S&P 500 Value Index includes constituents of the S&P 500 Index designated as Value based the ratios of book value, earnings and sales to price.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS INTERNATIONAL GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos International Growth Fund returned 5.59% (Class I shares at net asset value) compared with an 11.16% return for the MSCI EAFE Growth Index and 12.66% return for the MSCI ACWI ex USA Index for the period. The Fund's return landed within the 79th percentile of the Morningstar Foreign Large Growth category during this period.*

Since its inception on March 17, 2005, the Fund has returned 6.09% on an annualized basis (Class I shares at net asset value), finishing in the top decile of its Morningstar peer category* and ahead of the MSCI EAFE Growth Index's 5.03% return and MSCI ACWI ex USA Index's 4.57% return. We believe this comparison demonstrates the Fund's ability to generate long-term excess returns over complete market cycles.

What factors influenced performance during the reporting period?

International stocks experienced periods of significant volatility and rotation but pushed higher and ultimately delivered positive returns over the period. Investors navigated an environment of tighter monetary policy and higher interest rates, but also moderating inflation and resilient corporate earnings.

The Fund generated positive returns over the period but trailed the index due to relative security selection. Select Fund holdings in companies with cyclical and secular growth characteristics underperformed amid markets that rewarded more defensive and value-oriented companies during the period. From a geographic perspective, Fund holdings in Japan and Emerging Asia trailed the benchmark and detracted value. In contrast, holdings in Canada and an overweight position in Europe contributed positively to Fund returns.

Positive Influences on Performance

Industrials. The Fund benefited from favorable security selection in industrials, where diversified support services was a leading contributor. In addition, our lack of exposure to environmental & facilities services assisted return.

Health Care. Security selection and an average underweight position in health care added to the portfolio's performance. Holdings in pharmaceuticals helped relative performance, as did our lack of exposure to biotechnology.

Negative Influences on Performance

Information Technology. Over the period, security selection within the information technology sector held back performance. Semiconductor materials & equipment lagged, as did internet services & infrastructure.

Materials. Security selection and an average underweight stance within the materials sector underperformed. Specifically, construction materials and our lack of exposure to specialty chemicals trailed on a relative basis.

OVERVIEW

The Fund offers a dynamic approach to accessing international growth opportunities. We apply our active investment approach to build a portfolio of companies with superior growth and quality attributes across developed and emerging market.

KEY FEATURES

^◼ Identifies companies with compelling growth, competitive advantages and financial strength.

^◼ Identifies durable secular themes that provide a tailwind for sustainable growth and a franchise premium.

^◼ Investment universe spans geographies and market caps, providing a wide breadth of opportunities.

^◼ Takes environmental, social and governance (ESG) factors into account, evaluating the effects on a company's risk profile, cash flow and long-term returns.

PORTFOLIO FIT

As an active, true growth offering with a differentiated return profile, the Fund can potentially help investors optimize capital appreciation within their international allocation.

FUND NASDAQ SYMBOLS

A Shares				CIGRX
C Shares				CIGCX
I Shares				CIGIX
R6 Shares				CIGOX

FUND CUSIP NUMBERS

A Shares					128119575
C Shares					128119559
I Shares					128119542
R6 Shares					128120425

Geographic Performance

The portfolio benefited from leading security selection in Europe. Holdings in Denmark and Italy performed well in particular. Similarly, the portfolio benefitted from leading security selection and an average underweight allocation in the United States.

In contrast, the portfolio's position in Canada lagged on a relative basis. Similarly, security selection in EMEA underperformed. In particular, our holdings in Israel and Greece represented major detractors.

How is the Fund positioned?

The Fund's regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team evaluates macroeconomic factors and growth opportunities, actively integrating them into the investment decision-making process.

^◼ We have positioned the Fund in secular growth, cyclicals, select defensives, and reopening opportunities.

^◼ Technology, industrials, consumer discretionary, and health care are the largest sector weights. The Fund holds key industry positions in semiconductors, software, pharmaceuticals, autos, broadline retail, and aerospace & defense.

^◼ The Fund owns select energy and materials companies positioned to benefit from supply-and-demand dynamics and increased capital efficiencies.

^◼ The Fund holds underweights in defensive and interest-rate-sensitive areas, such as utilities, real estate, consumer staples, and traditional telecoms.

From a geographic perspective, The Fund holds a broadly diversified position in Europe, with a blend of secular growth, select cyclicals, and higher-quality defensives. We continue to evaluate the inflation and growth backdrop, given monetary tightening, global trade linkages, and geopolitical conflicts. The Fund holds a larger weight in Japanese companies benefiting from secular demand trends, regulatory reforms, global trade, and attractive valuations. The Fund owns a range of holdings in emerging markets where our positioning reflects our view of evolving trade dynamics, moderating inflation, and attractive valuations. The Fund owns industry positions within semiconductors, interactive media, and higher-quality financials.

What closing thoughts do you have for Fund shareholders?

International stocks continue to navigate a set of complex conditions. We are analyzing many important market drivers, including central bank policy, the inflationary backdrop, corporate earnings, and geopolitical tensions. Considering the global economy and evolving monetary policy, the financial markets remain uncertain, and we expect volatility to continue until these risks are resolved. Given this backdrop, we continue to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional, and market-cap levels.

Regarding Fund positioning, we emphasize companies with higher earnings growth, pricing power, cash flow, and supportive valuations. From a sector perspective, we see opportunities in information technology, industrials, consumer discretionary, health care, and energy with leading fundamentals. We believe our active investment approach and long-term perspective position us to take advantage of the volatility and opportunities in international markets.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/16/05
Without Sales Charge		5.31	%		5.04	%		3.54	%
With Sales Charge		0.31			4.03			3.04
Class C Shares – Inception 3/16/05
Without Sales Charge		4.51			4.25			2.76
With Sales Charge		3.51			4.25			2.76
Class I Shares – Inception 3/16/05		5.59			5.30			3.80
AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22		5.71			—			2.98

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.64%, Class C shares is 2.39%, Class I shares is 1.39% and Class R6 shares is 1.28%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.20%, 1.95%, and 0.95% of average net assets, respectively. The Fund's investment adviser has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 0.95% less the annual sub-transfer agency ratio for the Fund. 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 aggregate average annual net assets of the Fund's other share classes. For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the US and Canada).

The MSCI ACWI ex USA Index represents the performance of large- and mid-cap stocks across developed and emerging markets excluding the United States. The MSCI ACWI ex USA Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS EVOLVING WORLD GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Evolving World Growth Fund returned 3.44% (Class I shares at net asset value) versus an 11.26% return for the MSCI Emerging Markets Index. Emerging markets experienced multiple crosscurrents over the period, including tighter global monetary policy, a strong US dollar, evolving global trade dynamics, and geopolitical tension.

We believe the Fund's compelling medium and long-term performance record demonstrates the Fund's ability to generate excess returns over complete market cycles and varied investment environments. Since its inception on August 15, 2008, the Fund has returned 3.52% on an annualized basis (Class I shares at net asset value) compared to the 2.31% return of the MSCI Emerging Markets Index. The Fund's return is in the 15th percentile of its Morningstar peer category over the since-inception period.* We believe this exhibits the Fund's ability to access emerging market opportunities and deliver leading returns while pursuing our risk-managed investment approach.

What factors influenced performance during the reporting period?

Emerging market equities experienced significant dispersion in sector and country returns, reflecting a range of macro conditions, corporate earnings, and capital flows. Pursuant to our objective, Calamos Evolving World Growth Fund navigated the volatile global markets while employing an active blend of positions across a wide investment universe. The Fund's return trailed the index over the annual period due primarily to relative security selection. Our holdings in companies with secular and cyclical growth characteristics trailed the more defensive and value-oriented market areas that performed relatively well within emerging markets over the period.

Positive Influences on Performance

Information Technology. The Fund benefited from the information technology sector, as holdings in semiconductors and IT consulting & other services helped drive relative results.

Materials. Favorable security selection and an average underweight position in materials added to the results. Our construction materials position was a leading contributor, and our lack of exposure to commodity chemicals assisted relative returns.

Negative Influences on Performance

Financials. Over the period, security selection and an average underweight allocation in the financials sector detracted from performance, specifically holdings in the diversified banks and financial exchanges & data industries.

OVERVIEW

The Fund offers an active, risk-managed strategy to access growth opportunities in emerging markets. The Fund invests in emerging market-domiciled and developed market-domiciled companies with significant revenue exposures attributable to emerging markets.

KEY FEATURES

^◼ Focuses on higher-quality companies with compelling growth attributes.

^◼ Conducts research across the capital structure and utilizes Calamos' experience in convertible securities to dynamically manage the risk profile.

^◼ Emphasizes countries enacting structural reforms and improving economic freedoms, which we believe enhances growth prospects and mitigates risk.

^◼ Identifies durable secular themes that provide a tailwind for sustainable growth and a franchise premium.

PORTFOLIO FIT

Because of its focus on risk management, the fund can serve as a long-term emerging-market allocation.

FUND NASDAQ SYMBOLS

A Shares				CNWGX
C Shares				CNWDX
I Shares				CNWIX

FUND CUSIP NUMBERS

A Shares					128119161
C Shares					128119146
I Shares					128119138

Industrials. Security selection and an average overweight stance within the electrical components & equipment and industrial machinery & supplies & components industries of the industrials sector lost ground on a relative basis.

Geographic Performance

The Fund's security selection in the United States boosted relative returns. Similarly, the Fund benefitted from favorable security selection in Europe, where holdings in the United Kingdom and France performed well.

Conversely, security selection and an average underweight stance in Emerging Asia negatively impacted performance. Specifically, our holdings in China and Indonesia represented major detractors. Similarly, security selection and an average overweight stance in Emerging Latin America underperformed. In particular, Brazil was a leading detractor.

How is the Fund positioned?

Our Fund positioning favors a blend of secular growth and cyclical companies, in addition to select reopening opportunities and defensives. From a sector perspective, the Fund holds significant weights in consumer discretionary, technology, industrials, higher-quality financials, and energy. The Fund owns holdings within key industries, including semiconductors, broadline retail, interactive media & services, autos, and diversified banks. The Fund has an underweight stance in utilities, materials, financials, and traditional telecoms, reflecting our view of lesser opportunities in these areas. From a geographic perspective, we favor investments in India, Brazil, Mexico, China, Taiwan, Korea, and Indonesia.

What closing thoughts do you have for Fund shareholders?

We see increased opportunities ahead for investors in emerging markets. We are analyzing multiple forces including evolving global monetary policy, the path of the US dollar, corporate earnings, and the geopolitical backdrop. Considering the global economy and evolving monetary policy, the financial markets remain uncertain, and we expect volatility will continue until these risks are resolved. Against this backdrop, we continue to identify ways to capitalize on volatility, including a range of opportunities across sectors, themes, and geographic regions.

Regarding Fund positioning, we favor companies with advantaged business models, relative pricing power, and higher-quality balance sheets. From a sector perspective, we see opportunities in consumer discretionary, technology, energy, industrials, and higher-quality financials with attractive fundamentals. We believe our active investment approach and long-term perspective position us to take advantage of the volatility and opportunities in emerging markets.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/15/08
Without Sales Charge		3.19	%		4.26	%		1.37	%
With Sales Charge		-1.68			3.24			0.87
Class C Shares – Inception 8/15/08
Without Sales Charge		2.40			3.48			0.61
With Sales Charge		1.40			3.48			0.61
Class I Shares – Inception 8/15/08		3.44			4.53			1.62

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.63%, Class C shares is 2.39% and Class I shares is 1.38%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.30%, 2.05%, and 1.05% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS GLOBAL EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Global Equity Fund returned 9.98% (Class I shares at net asset value), versus the 11.05% return for the MSCI World Index and 11.06% return for the MSCI ACWI Index over the period. The Fund's return was ahead of its category peer average in the period, landing in the 47th percentile of the Morningstar Global Large-Stock Growth category.*

We believe the Fund's compelling long-term performance record demonstrates its ability to generate excess returns over complete market cycles and varied investment environments. Since its inception on March 1, 2007, the Fund has returned 7.80% on an annualized basis (Class I shares at net asset value) compared with the 6.41% return of the MSCI World Index and 5.98% return of the MSCI ACWI Index.

What factors influenced performance during the reporting period?

Global stocks experienced periods of significant volatility and rotation but pushed higher and delivered positive returns over the period. Investors navigated an environment characterized by tighter monetary policy and higher interest rates but also moderating inflation and resilient corporate earnings.

The Fund generated near double-digit returns over the period but trailed the index due to relative security selection. Select Fund holdings in companies with cyclical and secular growth characteristics trailed amid the narrow global market leadership. From a geographic perspective, Fund holdings in Europe and emerging markets outperformed those in the MSCI World Index, whereas our selection in Japan underperformed the benchmark as growth-oriented names trailed in that market.

Positive Influences on Performance

Health Care. The Fund benefited from security selection and an average underweight stance in health care. Specifically, pharmaceuticals and our lack of exposure to health care services promoted relative returns.

Real Estate. An average underweight position in real estate added to the portfolio's performance. Our lack of representation in telecom tower REITs and other specialized REITs helped buoy relative performance.

Negative Influences on Performance

Energy. Over the period, security selection and an average overweight position within the energy sector detracted from performance. Specifically, positions in the oil & gas exploration & production and the integrated oil & gas industries lagged.

OVERVIEW

The Fund invests in equities of companies around the globe. We seek firms demonstrating what we believe to be key growth characteristics, including increasing profit margins and high returns on invested capital.

KEY FEATURES

^◼ Flexibly seeks growth globally, searching for the best risk/reward opportunities across countries, market capitalizations and sectors.

^◼ Seeks global growth companies that may benefit from long-term secular themes, including a burgeoning global middle class and increasing demand for information and entertainment.

PORTFOLIO FIT

The Fund can serve as a growth-oriented addition to a strategic global equity allocation and may complement or provide an alternative to value or blended styles.

FUND NASDAQ SYMBOLS

A Shares				CAGEX
C Shares				CCGEX
I Shares				CIGEX
R6 Shares				CGEOX

FUND CUSIP NUMBERS

A Shares					128119484
C Shares					128119468
I Shares					128119450
R6 Shares					128120334

Consumer Discretionary. Security selection in consumer discretionary, specifically in the internet & direct marketing retail and automotive parts & equipment industries, lost ground on a relative basis.

Geographic Performance

The portfolio's favorable security selection and an average overweight stance in Europe boosted relative returns. Particularly, Denmark and the United Kingdom contributed. Similarly, the portfolio benefited from favorable security selection and an average overweight position in Emerging Latin America, specifically holdings in Brazil and Mexico.

Conversely, security selection and an average underweight stance in Japan negatively impacted the portfolio's performance. Moreover, an average underweight allocation in the United States set back performance.

How is the Fund positioned?

We positioned the portfolio with a combination of secular growth, cyclicals, select defensives, and reopening opportunities. Technology, industrials, and health care are the largest sector weights in the Fund. The Fund holds key industry positions in semiconductors, systems software, pharmaceuticals, interactive media, construction & engineering, and aerospace & defense. The Fund owns select energy companies positioned to benefit from supply-and-demand dynamics and attractive capital efficiency. We are underweighted in more defensive and interest-rate-sensitive areas, including utilities, real estate, consumer staples, and traditional telecoms.

Through a geographic lens, the Fund owns a diversified and underweight position in the US. We see a range of attractive bottom-up opportunities across secular growth, cyclicals, and select defensives, reflecting our emphasis on advantaged business models and resilient earnings. The Fund has a moderate overweight position in Europe, comprising a blend of secular growth, select cyclicals, and higher-quality defensives. We continue to evaluate the inflation and growth backdrop given monetary tightening, global trade linkages, and geopolitical conflict. The Fund owns a range of holdings in emerging markets. Positioning reflects our view of evolving trade dynamics, moderating inflation, and attractive valuations. The Fund owns positions within industries, including semiconductors, interactive media, and higher-quality financials. In Japan, the Fund holds companies benefiting from secular demand trends, regulatory reforms, global trade dynamics, and attractive valuations.

What closing thoughts do you have for Fund shareholders?

Global stocks continue to navigate a set of complex conditions. We are analyzing many important market drivers, including central bank policy, the inflationary backdrop, corporate earnings, and geopolitical tensions. Considering the global economy and evolving monetary policy, the financial markets remain uncertain, and we expect volatility to continue until these risks are resolved. Given this backdrop, we continue to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional, and market-cap levels.

In terms of Fund positioning, we emphasize companies with attractive earnings, pricing power, cash flow, and supportive valuations. From a sector perspective, we see opportunities in technology, industrials, health care, consumer discretionary, and energy with leading fundamentals. We believe our active investment approach and long-term perspective position us to take advantage of the volatility and opportunities in global markets.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/1/07
Without Sales Charge		9.68	%		9.23	%		7.80	%
With Sales Charge		4.50			8.17			7.28
Class C Shares – Inception 3/1/07
Without Sales Charge		8.99			8.42			7.00
With Sales Charge		7.99			8.42			7.00
Class I Shares – Inception 3/1/07		9.98			9.51			8.08
Class R6 Shares – Inception 6/23/20^		10.04			—			5.84

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.61%, Class C shares is 2.37%, Class I shares is 1.36% and Class R6 shares 1.35%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.40%, 2.15%, and 1.15% of average net assets, respectively. The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.15% less the annual sub-transfer agency ratio for the Fund. 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 aggregate average annual net assets of the Fund's other share classes. For purposes of this expense limitation, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

CALAMOS GLOBAL OPPORTUNITIES FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Global Opportunities Fund returned 5.21% (Class I shares at net asset value) versus the 11.06% return for the MSCI ACWI Index and 11.05% return for the MSCI World Index. We believe the Fund's compelling long-term performance record demonstrates its ability to generate excess returns over complete market cycles and varied investment environments.

Since its inception on September 18, 1997, the Fund has returned 6.92% on an annualized basis (Class I shares at net asset value) compared with the 6.48% return of the MSCI ACWI Index and 6.72% return of the MSCI World Index. We manage the Fund intending to achieve upside equity participation and potential downside risk mitigation over complete market cycles. We believe these figures demonstrate the Fund's ability to generate attractive long-term returns while pursuing a risk-managed investment approach.

What factors influenced performance during the reporting period?

Global stocks experienced periods of significant volatility and rotation but pushed higher and delivered positive returns over the annual period. Investors navigated an environment characterized by tighter monetary policy and higher interest rates but also moderating inflation and resilient corporate earnings.

Pursuant to our risk-managed equity objective, Calamos Global Opportunities Fund navigated volatile markets while employing an active blend of common stocks, convertibles, and options. The Fund's performance over the period reflected the challenging return environment across each of these asset classes. Select Fund holdings in companies with cyclical and secular growth characteristics trailed behind the narrow band of global market leaders. From a geographic perspective, Fund holdings in Europe outperformed those of the MSCI ACWI Index, whereas the Fund's selection in the US and Japan underperformed the benchmark.

Positive Influences on Performance

Health Care. The Fund benefited from security selection and an average underweight stance in health care, as holdings in pharmaceuticals and biotechnology boosted relative returns.

Real Estate. A lack of representation in real estate added to the Fund's performance.

Negative Influences on Performance

Consumer Discretionary. Over the period, security selection within the consumer discretionary sector weakened returns. In particular, holdings in the internet & direct marketing retail and the automobile manufacturers industries lagged.

Communication Services. Security selection and an average underweight position in communication services lost ground on a relative basis, specifically in the interactive media & services and interactive home entertainment industries.

Geographic Performance

Leading security selection in Europe contributed to relative performance, especially in Denmark and the Netherlands. Also, security selection in Canada supported relative returns.

Conversely, security selection and an average underweight position in the United States negatively impacted performance, as did selection in Japan.

How is the Fund positioned?

We positioned the Fund's portfolio with a combination of secular growth, cyclicals, select defensives, and reopening opportunities. Technology, industrials, and health care are the largest sector weights in the Fund. The Fund holds key industry positions in semiconductors, systems software, pharmaceuticals, and aerospace & defense. The Fund owns select energy companies positioned to benefit from supply-and-demand dynamics and attractive capital efficiency. The Fund is underweight in the defensive and interest-rate-sensitive areas, including utilities, real estate, and traditional telecoms.

Through a geographic lens, the fund owns a diversified and underweight position in the US. We see a range of attractive bottom-up opportunities across secular growth, cyclicals, and select defensives, reflecting our emphasis on advantaged business models and resilient earnings. The Fund has a moderate overweight position in Europe, comprising a blend of secular growth, select cyclicals, and higher-quality defensives. We continue to evaluate the inflation and growth backdrop given monetary tightening, global trade linkages, and geopolitical conflict. We own a range of holdings in emerging markets. Positioning reflects our view of evolving trade dynamics, moderating inflation, and attractive valuations. The Fund owns positions within semiconductors, interactive media, and higher-quality financials. In Japan, the Fund holds companies benefiting from regulatory reforms, global trade dynamics, and attractive valuations.

What closing thoughts do you have for Fund shareholders?

Global markets continue to navigate a set of complex conditions. We are analyzing many market drivers, including central bank policy, the inflationary backdrop, corporate earnings, and geopolitical tensions. Considering the global economy and evolving monetary policy, the financial markets remain uncertain, and we expect volatility to continue until these risks are resolved. Given this backdrop, we continue to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional, and market-cap levels.

In terms of Fund positioning, we emphasize companies with attractive earnings, pricing power, cash flow, and supportive valuations. From a sector perspective, we see opportunities in technology, industrials, health care, consumer, and energy with leading fundamentals. We believe our active, risk-managed investment approach and long-term perspective position us to take advantage of the volatility and opportunities in global markets.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/9/96
Without Sales Charge		4.97	%		6.46	%		5.15	%
With Sales Charge		-0.06			5.43			4.64
Class C Shares – Inception 9/24/96
Without Sales Charge		4.22			5.69			4.38
With Sales Charge		3.22			5.69			4.38
Class I Shares – Inception 9/18/97		5.21			6.74			5.42

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.46%, Class C shares is 2.21% and Class I shares is 1.21%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.22%, 1.97%, and 0.97% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The MSCI ACWI Index is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets.

The MSCI World Index (US Dollars) is a market-capitalization-weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 9/30/97 since data is only available for full monthly periods.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

OVERVIEW

The Fund seeks long-term capital appreciation by investing in compelling international small capitalization companies with superior earnings growth potential coupled with financial strength and flexibility.

KEY FEATURES

^◼ Provides access to an expansive opportunity set of small cap investments outside the United States, including businesses in emerging and frontier markets.

^◼ Our long-tenured Investment team has experience managing portfolios across multiple market cycles.

PORTFOLIO FIT

The Fund can provide an attractive asset-allocation building block often under-represented in US investors' portfolios. By diversifying into this less correlated asset class, investors may be able to offset declines in the overall market and reduce their portfolio's volatility with the potential for significant equity upside.

FUND NASDAQ SYMBOLS

A Shares				CAISX
C Shares				CCISX
I Shares				CSGIX
R6 Shares				CISOX

FUND CUSIP NUMBERS

A Shares					128120250
C Shares					128120243
I Shares					128120235
R6 Shares					128120227

CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos International Growth Fund returned -0.48% (Class I shares at net asset value) versus the 8.82% return for the MSCI ACWI ex USA Small Cap Index. The Fund's return landed within the 72nd percentile of the Morningstar Foreign Small/Mid Growth category during this period.

We launched the Fund in March 2022. The Fund seeks long-term capital appreciation by investing in international small equities, utilizing the combined resources of our long-tenured investment team, global perspective, and rigorous investment approach.

What factors influenced performance during the reporting period?

International small caps experienced periods of significant volatility and rotation but ultimately advanced over the annual period. Investors navigated an environment characterized by tighter monetary policy and higher interest rates but also moderating inflation and resilient corporate earnings. The Fund underperformed the index over the annual period due to trailing relative security selection. Select Fund holdings in companies with higher-growth characteristics underperformed amid markets that rewarded more defensive and value-oriented small-to-mid cap companies during the period.

Positive Influences on Performance

Real Estate. The Fund's average underweight position in real estate helped buoy relative performance. Holdings in real estate operating companies helped relative performance, and our lack of representation in diversified REITs assisted return.

Energy. Favorable security selection in energy, specifically in the oil & gas equipment & services and oil & gas exploration & production industries, contributed to performance.

Negative Influences on Performance

Information Technology. Over the period, security selection within the information technology sector weakened return. Specifically, holdings in application software and IT consulting & other services lagged.

Health Care. Security selection and an average overweight position in health care, specifically in the pharmaceuticals and health care equipment industries, trailed on a relative basis.

Geographic Performance

The Fund's security selection and an average underweight position in EMEA boosted relative returns. Positions in Israel helped relative performance. Additionally, our lack of exposure to South Africa boosted relative returns. Also, security selection in Canada supported relative returns.

By contrast, the Fund's security selection in Japan curbed relative returns. Moreover, security selection and an average overweight position in Emerging Latin America dampened relative results. Positions in Brazil notably hurt performance.

How is the Fund positioned?

From a sector perspective, the largest portfolio weights reside in industrials and information technology on an absolute basis. Conversely, communication services and materials represent the smallest absolute sector weights with holdings. The Fund's portfolio had no exposure to the utilities sector. We maintain relative overweight positions in industrials and information technology, with aerospace & defense (in industrials) and semiconductor materials & equipment (in information technology) among the overweight industries. Industrial machinery & supplies & components (in industrials) and diversified banks (in financials) constitute the most significant underweight industries.

Allocations to industrials and real estate rose during the period, with increased weights in construction & engineering and real estate operating companies. By contrast, allocations to health care and materials decreased, with reductions to health care supplies.

Regionally, Europe and Emerging Asia represent the largest absolute weights. The smallest positions are found in the United States and Emerging Latin America. We maintain overweight allocations to Europe and Japan, whereas Emerging Asia and Canada represent underweights relative to the index. The allocation to Japan rose during the period, while the allocation to Canada decreased.

What closing thoughts do you have for Fund shareholders?

International stocks continue to navigate complex conditions. We analyze many important market drivers, including central bank policy, the inflationary backdrop, corporate earnings, and geopolitical tensions. Considering the global economy and evolving monetary policy, the financial markets remain uncertain, and we expect volatility will continue until these risks are resolved. Against this backdrop, we continue to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional, and market-cap levels.

In terms of Fund positioning, we emphasize companies with higher earnings growth, pricing power, cash flow, and supportive valuations. From a sector perspective, we see opportunities in technology, industrials, consumer discretionary, health care, and energy with leading fundamentals. We believe our active investment approach and global perspective position us to take advantage of the volatility and opportunities in international small-cap equities.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			SINCE INCEPTION
Class A Shares – Inception 3/31/22
Without Sales Charge		-0.87	%		-16.00	%
With Sales Charge		-5.56			-18.55
Class C Shares – Inception 3/31/22
Without Sales Charge		-1.62			-16.61
With Sales Charge		-2.60			-16.61
Class I Shares – Inception 3/31/22		-0.48			-15.73
Class R6 Shares – Inception 3/31/22		-0.48			-15.73

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.36%, Class C shares is 2.11%, Class I shares is 1.11% and Class R6 shares is 1.11%. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2025 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares, Class C shares and Class I shares are limited to 1.35%, 2.10% and 1.10% of average net assets, respectively. The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses through March 31, 2025 for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors LLC ("Calamos Advisors") may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The benchmark MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 25 Emerging Markets (EM) countries.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS TOTAL RETURN BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Total Return Bond Fund returned 0.55% (Class I shares at net asset value), in line with the 0.36% return of the Bloomberg US Aggregate Bond Index.

Since its inception on June 27, 2007, the Fund gained 2.73% on an annualized basis (Class I shares at net asset value) compared with a 2.63% return for the Bloomberg US Aggregate Bond Index.

What factors influenced performance during the reporting period?

Recent economic data has generally exceeded economists' estimates, and some downtrodden areas continued to bounce back from the lows struck in the first half of 2023. Manufacturing surveys showed activity contracting, although measures improved slightly during the final months of the period. Consumer confidence—shaken by inflation, bank failures, higher interest expenses, and the resumption of student loan payments—is declining, but remains well above its level from the middle of 2022. These developments occurred against a backdrop of falling inflation and stable employment conditions.

Despite improved data, there are some areas of concern. Leading economic indicators (LEI) contracted every month of the annual period, extending the streak of negative measures to 17 consecutive months. Historically, prolonged periods of weakness in LEI have preceded a recession. Given the way that strength in the housing sector has propelled economic growth in past cycles, it is concerning that housing activity is so depressed. The unemployment rate ticked up to 3.8%, driven by increased labor participation.

The Fed reacted to the mixed indicators with composure, adopting a more measured pace of adjusting policy with back-to-back pauses that allow additional data to inform their next move. Given the magnitude of past policy shifts and the variable lags of policy implementation, we welcome the Fed's more flexible approach. The Fed's research indicates that 9 to 12-month lags are typical before policy action affects economic imbalances, with longer time lags needed for the full impact. To keep it simple, the effective fed funds rate 12 months ago was 3.12%, and more than 200 basis points of additional tightening (at a minimum) has yet to impact the real economy.

Risk markets are reflecting less confidence in conditions. Equities retreated across market capitalizations in the last three months of the period: the S&P 500 Index lost -8.3%, the Russell 2000 Index returned -16.7%, and leveraged finance markets returned -2.1%. The move to higher market rates had an impact on the latter during the annual period. In our view, equity returns these last few months reflect growing doubts that earnings momentum can continue unimpeded. Results were also more mixed at the sector level, as company fundamentals and themes have exerted greater influence, and the Fed's activity became less forceful.

OVERVIEW

Through its multi-sector fixed-income strategy, the Fund invests predominantly in US issuers with the goal of generating a high level of both current income and total return in excess of the benchmark over full market cycles.

KEY FEATURES

^◼ Employs bond-by-bond portfolio construction with a focus on being well compensated for risks taken. We believe a disciplined process, grounded in fundamental research, enables us to achieve higher total returns with less volatility.

^◼ Draws on a broader investable universe to enhance portfolio construction and risk management. The inclusion of high-yield bonds, bank loans and preferreds provides additional opportunities.

^◼ Utilizes robust, independent credit research. Our fixed-income investment process unites quantitative and qualitative analyses into historical and forward-looking models. The result is a credit rating reflective of where a company is heading.

^◼ Applies a macro overlay to capitalize on misunderstood industries and sectors. The overlay acts as a risk control that also considers the business cycle, geopolitical factors, inflation and real-rate expectations.

PORTFOLIO FIT

The Fund may be suitable as the cornerstone of a fixed-income allocation, with investments diversified across the major sectors of the US bond market. Allocations to specialized fixed-income strategies seek to enhance return potential and better manage risk.

FUND NASDAQ SYMBOLS

A Shares				CTRAX
C Shares				CTRCX
I Shares				CTRIX

High yield spreads were modestly tighter, closing at 437 basis points on an option-adjusted basis, down from 464 in the prior year. Despite the perceived stability, the trading range for spreads during the period was 150 basis points wide, reflecting the volatility across markets. After increasing for most of the year, trailing 12-month defaults came in at 2.6% on a par-weighted basis. We expect this measure to climb and close the 2023 calendar year near the 3.0% average of the post-GFC era. The investment-grade universe was a bit more stable, trading in a roughly 50 basis points range and closing the period tighter by 29 basis points at 129 over like-maturity Treasuries.

The Treasury yield curve unwound some of its heavy inversion, representing expectations that the zero interest rate policy of the post-GFC period was an outlier and the resilience of the domestic consumer would push out the need for rate cuts mostly into the back half of 2024. Short-maturities of three and six-month bills rose by 141 and 103 basis points, respectively, tracking policy moves in the short term. All Treasury notes with maturities of two years and longer also moved to higher yields, as market pricing reflects greater balance between the continuing normalization of inflation and the possibility of recession. The Treasury sell-off was offset by healthy starting income levels and tighter spreads, which combined to deliver slightly positive returns during the annual period, with the Bloomberg US Aggregate Bond Index returning 0.4%. The corporate component of the Bloomberg US Aggregate Bond Index led with 2.8% returns, government-related sectors returned 2.2%, while Treasuries and securitized products trailed, returning -0.6%.

The Fund held an overweight allocation in corporate debt over the annual period. While the overweight positions to financial and industrial sector corporate debt added to performance, security selection among financial issuers detracted from performance. Security selection among Treasury positions also weighed on performance. The team materially decreased the corporate bond allocation during the annual period, adding to both mortgage-backed securities and Treasury positions. Over a full market cycle, we continue to favor an overweight to corporate bonds and asset-backed securities in the Fund, as the additional yield has shown historically to generate superior long-term returns.

How is the Fund positioned?

The Fund's duration is 6.1 years, which is equal to the duration of the Bloomberg US Aggregate Bond Index. The Fund continues to hold an overweight in corporate bonds in both the investment-grade and out-of-benchmark high-yield ratings categories. These overweights lead to a lower overall credit quality of A- compared to the benchmark's AA-quality. The move higher in Treasury rates coupled with modest spread moves in risk assets led to slightly positive returns during the annual period, with the Fund's return beating its benchmark but trailing peers modestly. The Fund continues to hold overweight positions in corporate and asset-backed securities and underweight positions in Treasuries and mortgages following the year's activity. Within the corporate bond allocation, our largest overweight allocations reside in the consumer cyclical and consumer non-cyclical sectors.

Positioning Implications

portfolio durations in expectation of peak-Fed policy rates and a greater likelihood that the next rate move will be a cut. This positioning leaves us neutral to benchmark duration in Calamos Total Return Bond Fund. This shift has also led to selective reductions of our leveraged loan positions, though we maintain a significant loan allocation across mandates based on relative value and seniority considerations.

In our estimation, credit spreads reflect an outlook that is too sanguine. We are beginning to see a deterioration in fundamentals within the leveraged finance space. Although it is too early to determine if this is a wobble or a new trend forming, we are actively reducing exposure to credits we evaluate to be more exposed to a downturn in cyclical activity, those with weak contingent liquidity, or exposure to a rapid deterioration of asset value. Based on our fundamentally driven investment philosophy, we believe there are select high-yield issuers who are compensating investors well for associated risks, and we are maintaining allocations in those areas.

What closing thoughts do you have for Fund shareholders?

Progress on inflation and surprisingly resilient economic growth allowed the Federal Reserve to pause its rate-hiking campaign at its September and November meetings. The extended pause allows the committee to evaluate incoming data another six-weeks. It's clear the Fed is looking for continued improvement in PCE Core Services (ex-housing). However, the message between the September and November meetings changed. A recession is still not the base case for the Fed, as they aim for a soft landing. But apart from inflation, they have broadened the variables they are watching closely to determine whether an adequate level of restrictive policy has been met. Specifically, they are monitoring more balance in the labor market and a broader set of financial conditions driven by markets.

We agree that monetary policy is restrictive at current levels, as evidenced by trailing 12-month inflation (core PCE) below the fed funds' effective rate and real yields on Treasury Inflation Protected Securities well above 2% across the maturity spectrum. We expect future months and quarters to show a drop in consumer and business investment as a reduction in disposable income through higher borrowing costs rolls into more areas of economic activity. We are squarely in the "impatiently waiting" phase, looking to ascertain how much economic momentum will be lost from past policy changes. There is still a high level of uncertainty concerning potential economic outcomes, and a recession cannot be dismissed.

We've seen fundamentals weaken modestly in levered credit. The traditional high-yield market experienced year-over-year declines in both revenue and EBITDA* through the end of the second calendar quarter of 2023 for the first time since 2020. Recall that prior quarter results looked healthier, with 7.5% year-over-year growth in EBITDA, but the aggregate results relied heavily on significant strength within the leisure, energy, and transportation industries. Although the direction of progress may have changed, aggregate leverage and interest coverage continue to look healthy in our evaluation. We will monitor the situation closely to determine if a new trend toward weakness is emerging or if results are becoming more volatile as the instability in input prices, labor costs, and consumer behavior

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/27/07
Without Sales Charge		0.18	%		-0.28	%		0.71	%
With Sales Charge		-2.08			-0.74			0.33
Class C Shares – Inception 6/27/07
Without Sales Charge		-0.57			-1.03			-0.04
With Sales Charge		-1.54			-1.03			-0.04
Class I Shares – Inception 6/27/07		0.55			-0.01			0.97

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.15%, Class C shares is 1.90% and Class I shares is 0.88%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 0.90%, 1.65%, and 0.65% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Bloomberg US Aggregate Bond Index is considered generally representative of the investment-grade bond market.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

OVERVIEW

Through its multi-sector fixed-income strategy, the Fund invests mainly in high-yield securities from US issuers with the goal of generating a high level of current income and total return in excess of the benchmark index over full market cycles.

KEY FEATURES

^◼ Draws on broader investable universe to enhance portfolio construction and risk management. Expanding the universe to include bank loans and preferred securities provides additional opportunities.

^◼ Applies a macro overlay to capitalize on opportunities in misunderstood industries and sectors. The overlay acts as a risk control that also considers the business cycle, geopolitics, inflation and real rate expectations.

PORTFOLIO FIT

The Fund can complement investment-grade credit exposure, providing attractive income and total return potential for more risk-tolerant investors.

FUND NASDAQ SYMBOLS

A Shares				CHYDX
C Shares				CCHYX
I Shares				CIHYX

CALAMOS HIGH INCOME OPPORTUNITIES FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos High Income Opportunities Fund returned 5.48% (Class I shares at net asset value) compared to a gain of 6.23% for the Bloomberg US High Yield 2% Issuer Capped Index.

Since its inception on June 27, 2007, the Fund gained 5.53% on an annualized basis (Class I shares at net asset value) versus a 6.93% return for the Bloomberg US High Yield 2% Issuer Capped Index.

What factors influenced performance during the reporting period?

The Fed reacted to the mixed indicators with composure, adopting a more measured pace of adjusting policy with back-to-back pauses that allow for additional data to inform their next move. Given the magnitude of past policy shifts and the variable lags of policy implementation, we welcome the Fed's more flexible approach. The Fed's research indicates that 9 to 12-month lags are typical before policy action affects economic imbalances, with longer time lags needed for the full impact. To keep it simple, the effective fed funds rate 12 months ago was 3.12%, and more than 200 basis points of additional tightening (at a minimum) has yet to impact the real economy.

Risk markets are reflecting less confidence in conditions. Equities retreated across market capitalizations in the period's last three months of the period: the S&P 500 Index lost -8.3%, the Russell 2000 Index returned -16.7%, and leveraged finance markets returned -2.1%. The latter were impacted by the move to higher market rates during the annual period. In our view, equity returns these last few months reflect growing doubts that earnings momentum can continue unimpeded. Results were also more mixed at the sector level, as company fundamentals and themes have exerted greater influence, and the Fed's activity became less forceful.

High yield spreads were modestly tighter, closing at 437 basis points on an option-adjusted basis, down from 464 in the prior year. Despite the perceived stability, the trading range for spreads during the period was 150 basis points wide, reflecting the volatility across markets. Lower quality outperformed as CCCs returned 7.4%, B-rated paper returned 6.8%, and more rate-sensitive BBs returned 5.3%. After increasing for most of the year, trailing 12-month defaults came in at 2.6% on a par-weighted basis. We expect this measure to climb and close the 2023 calendar year near the 3.0% average of the post-GFC era. The best-performing sectors in the Bloomberg US High Yield 2% Issuer Capped Index were finance companies (+10.9%), consumer cyclicals (+10.2%), and brokers and asset managers (+3.5), whereas communications (+0.8%), electric utilities (+3.1%), and transportation (+3.3%) represented the most significant laggards.

From a sector perspective, security selection in the energy and insurance sectors contributed to returns. Conversely, selection in consumer cyclicals weighed on performance, as did the Fund's underweight to the sector.

How is the Fund positioned?

The Fund is currently overweight retailers, airlines, and property and casualty insurance. Several of our retail positions are secured by real estate portfolios with what we believe are conservative valuations. The Fund's airline positions are mostly secured by planes and loyalty programs. The property and casualty insurance overweight is based on strong cash-flow metrics, pricing power, and consolidation in the industry. Consumer cyclical services, electric utilities, and technology industries comprise the Fund's largest underweights. The consumer cyclical services industry underweight is largely the result of relative value decisions in favor of higher-income opportunities in other industries.

From a credit-quality perspective, the Fund is relatively underweight in below-investment-grade rating categories, and has a corresponding out-of-benchmark allocation to BBB-rated debt. The Fund is positioned short (3.2 years) compared to the option-adjusted duration of the Bloomberg US High Yield 2% Issuer Capped Index (3.5 years).

Over the annual period, the team has added to positions in the energy sector, primarily through new positions in independent producers and midstream companies. New holdings in the leisure and automotive industries drove an increase in consumer cyclical exposure. Also, we reduced the Fund's exposure to the other financial sector. This reduction was primarily related to eliminating a commercial property management company.

Positioning Implications

The market's reaction to the November Fed meeting has driven Treasury yields further from the Fed's expectations for its forward rate path. However, Powell noted multiple times that the dot plots released quarterly should only be viewed as a snapshot in time that loses applicability with each incoming data point. Futures markets now indicate four rate cuts will occur in 2024, down from the five cuts the market had priced in at the midyear point. We have been gradually increasing portfolio durations in expectation of peak-Fed policy rates and a greater likelihood that the next rate move will be a cut. However, the duration of Calamos High Income Opportunities Fund remains below its benchmark duration, as interest-rate sensitivity in the high-yield market is a smaller driver of risk and return. Anticipation of the Fed's next move has also led us to selectively reduce our leveraged loan positions, although we maintain a significant loan allocation across mandates based on relative value and seniority considerations.

FUND CUSIP NUMBERS

A Shares					128119815
C Shares					128119799
I Shares					128119781

SECTOR WEIGHTINGS

Consumer Discretionary	20.6	%
Financials	15.1
Industrials	15.6
Energy	13.2
Communication Services	10.1
Health Care	7.1
Information Technology	5.0
Materials	4.6
Consumer Staples	4.0
Real Estate	0.8
Other	1.5
Utilities	0.3

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.

What closing thoughts do you have for Fund shareholders?

Regarding capital access, we believe developing private credit markets have ample capital available to fill the liquidity gap when banks and other traditional capital sources pull back. These new capital sources and low-cost, fixed-rate Covid-era

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/2/99
Without Sales Charge		5.22	%		2.58	%		2.77	%
With Sales Charge		2.82			2.12			2.27
Class C Shares – Inception 12/21/00
Without Sales Charge		4.35			1.80			1.99
With Sales Charge		3.36			1.80			1.99
Class I Shares – Inception 3/1/02		5.48			2.83			3.03

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 1.40%, Class C shares is 2.15% and Class I shares is 1.15%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2024, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.00%, 1.75%, and 0.75% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expenses limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Russell 2000^® Index measures the performance of the small-cap growth segment of the US equity universe. The Russell 2000^® Index is published and maintained by FTSE Russell.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS SHORT-TERM BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2023 ("annual period"), Calamos Short-Term Bond Fund returned 3.93% (Class I shares at net asset value), outperforming the 3.23% return of the Bloomberg 1-3 Year Government/Credit Bond Index.

Since its inception on September 19, 2018, the Fund gained 1.70% on an annualized basis (class I shares at net asset value) versus a 1.25% return for the Bloomberg 1-3 Year Government/Credit Index.

What factors influenced performance?

Recent economic data has generally exceeded economists' estimates, and some downtrodden areas continued to bounce back from the lows struck in the first half of 2023. Manufacturing surveys showed activity contracting, although measures improved slightly during the final months of the period. Consumer confidence—shaken by inflation, bank failures, higher interest expenses, and the resumption of student loan payments—is declining but remains well above its level from the middle of 2022. These developments occurred against a backdrop of falling inflation and stable employment conditions.

measure to climb and close the 2023 calendar year near the 3.0% average of the post-GFC era. The short-duration investment-grade universe was more stable, trading in a roughly 70 basis points range and closing the tighter period by 5 basis points at 96 over like-maturity Treasuries.

The Treasury yield curve unwound some of its heavy inversion, representing expectations that the zero interest rate policy of the post-GFC period was an outlier and that the resilience of the domestic consumer would push out the need for rate cuts mainly into the back half of 2024. Short-maturities of three and six-month bills rose by 141 and 103 basis points, respectively, tracking policy moves in the short term. All Treasury notes with maturities of two years and longer also moved to higher yields, as market pricing reflects a greater balance between the continuing normalization of inflation and the possibility of a recession. The Treasury sell-off was offset by healthy starting income levels and tighter spreads, which combined to deliver modestly positive returns during the annual period, with the Bloomberg 1-3 Year Government/Credit Index returning 3.2%.

The corporate component of the Bloomberg 1-3 Year Government/Credit Index led sectors with 4.2% returns, government-related securities returned 3.3%, and Treasuries trailed at 2.9%. The Fund held an overweight in corporate debt over the reporting period. As a result, higher returns among corporate bonds supported performance, as did security selection among non-financial issuers. Security selection among Treasury positions detracted from performance. Over the long term, we continue to favor an overweight to corporate bonds, asset-backed securities, and taxable municipal bonds in the Fund, as the additional yield in short-duration securities has historically generated superior long-term returns.

How is the Fund positioned?

The Fund has a duration of 2.0 years versus the 1.8-year duration of the Bloomberg 1-3 Year Government/Credit Index. The Fund continues to hold an overweight in corporate bonds in both the investment-grade and out-of-benchmark high-yield ratings categories. These overweights have resulted in a lower overall credit quality of A- compared to the AA- quality of the benchmark. Strong starting yields, and a move to higher Treasury rates and slightly tighter spreads, led to positive, below-carry returns. The rotation of Treasury yields in short-dated maturities, coupled with the tightening of credit spreads in risk assets, led to positive Fund returns, ahead of the benchmark and in line with the peer group average return. Although the Fund remains overweight corporate bonds and asset-backed securities, the weighting of corporate bonds was decreased over the annual period in favor of increasing the allocation to asset-backed securities. The corporate bond reductions largely occurred in financial sectors. The term loan positions are floating rate, which has helped mitigate exposure to increases in short-term interest rates. The Fund continues to hold underweight positions in both Treasuries and Agencies. Within the corporate bond allocation, our largest overweights reside in the consumer cyclical and technology sectors.

Positioning Implications

in Calamos Short-Term Bond Fund. This shift has also led to selective reductions of our leveraged loan positions, although we maintain a significant loan allocation across mandates based on relative value and seniority considerations.

What closing thoughts do you have for Fund shareholders?

Progress on inflation and surprisingly resilient economic growth allowed the Federal Reserve to pause its rate-hiking campaign at its September and November meetings. The extended pause allows the committee to evaluate incoming data for another six-weeks. It's clear the Fed is looking for continued improvement in PCE Core Services (ex-housing). However, the message between the September and November meetings changed. A recession is still not the base case for the Fed, as they aim for a soft landing. But apart from inflation, they have broadened the variables they are watching closely to determine whether an adequate level of restrictive policy has been met. Specifically, they are monitoring more balance in the labor market and a broader set of financial conditions driven by markets.

We agree that monetary policy is currently restrictive, as evidenced by trailing 12-month inflation (core PCE) below the fed funds' effective rate and real yields on Treasury Inflation Protected Securities well above 2% across the maturity spectrum. We expect future months and quarters to show a drop in consumer and business investment as a reduction in disposable income through higher borrowing costs rolls into more areas of economic activity. We are squarely in the "impatiently waiting" phase, looking to ascertain how much economic momentum will be lost from past policy changes. There is still a high level of uncertainty concerning potential economic outcomes, and a recession cannot be dismissed.

We've seen fundamentals weaken modestly in levered credit. The traditional high-yield market experienced year-over-year declines in both revenue and EBITDA* through the end of the second calendar quarter of 2023 for the first time since 2020. Recall that prior quarter results looked healthier, with 7.5% year-over-year growth in EBITDA, but the aggregate results relied heavily on significant strength within the leisure, energy, and transportation industries. Although the direction of progress may have changed, aggregate leverage and interest coverage continue to look healthy in our evaluation. We will monitor the situation closely to determine if a new trend toward weakness is emerging or results are becoming more volatile as the instability in input prices, labor costs, and consumer behavior impact outcomes. Credit spreads in both the investment-grade and high-yield markets have widened slightly as strong balance sheets and technicals have offset the growing suspicion that results in coming quarters will be weaker.

Regarding capital access, we believe developing private credit markets have ample capital available to fill the liquidity gap when banks and other traditional capital

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 9/19/18
Without Sales Charge		3.79	%		1.48	%		1.47	%
With Sales Charge		1.50			1.02			1.02
Class I Shares – Inception 9/19/18		3.93			1.71			1.70

As of the prospectus dated 3/1/23, the Fund's gross expense ratio for Class A shares is 0.63%, and Class I shares is 0.38%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum frontend sales load of 2.25% for Class A shares.

NOTES:

The Bloomberg 1-3 Year Government/Credit Index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

The Bloomberg US 1-3 Year Credit Index measures the investment-grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities that have maturities of between 1 and 3 years.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Russell 2000^® Index measures the performance of the small-cap growth segment of the US equity universe. The Russell 2000^® Index is published and maintained by FTSE Russell.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

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 May 1, 2023 to October 31, 2023. 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 May 1, 2023 to October 31, 2023, 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 May 1, 2023 to October 31, 2023, 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.

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, May 1, 2023 and held through October 31, 2023.

	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
CALAMOS MARKET NEUTRAL INCOME FUND
Actual Expenses per $1,000*	$	6.02		$	9.83		$	4.75		$	4.34
Actual – Ending Balance	$	1,025.40		$	1,021.30		$	1,026.30		$	1,026.00
Hypothetical Expenses per $1,000*	$	6.01		$	9.80		$	4.74		$	4.33
Hypothetical – Ending Value	$	1,019.26		$	1,015.48		$	1,020.52		$	1,020.92
Annualized expense ratio^(1),(2)		1.18	%		1.93	%		0.93	%		0.85	%
CALAMOS HEDGED EQUITY FUND
Actual Expenses per $1,000**	$	5.94		$	9.73		$	4.67		$	—
Actual – Ending Balance	$	1,015.20		$	1,011.10		$	1,015.70		$	—
Hypothetical Expenses per $1,000**	$	5.96		$	9.75		$	4.69		$	—
Hypothetical – Ending Value	$	1,019.31		$	1,015.53		$	1,020.57		$	—
Annualized expense ratio		1.17	%		1.92	%		0.92	%		—
CALAMOS PHINEUS LONG/SHORT FUND
Actual Expenses per $1,000**	$	11.92		$	15.63		$	10.68		$	—
Actual – Ending Balance	$	979.00		$	975.10		$	980.00		$	—
Hypothetical Expenses per $1,000**	$	12.13		$	15.90		$	10.87		$	—
Hypothetical – Ending Value	$	1,013.16		$	1,009.38		$	1,014.42		$	—
Annualized expense ratio⁽²⁾		2.39	%		3.14	%		2.14	%		—
CALAMOS MERGER ARBITRAGE FUND^(a)
Actual Expenses per $1,000	$	1.30		$	1.94		$	1.08		$	—
Actual – Ending Balance	$	973.00		$	972.00		$	973.00		$	—
Hypothetical Expenses per $1,000	$	1.32		$	1.97		$	1.10		$	—
Hypothetical – Ending Value	$	1,003.07		$	1,002.41		$	1,003.29		$

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

Information Technology	30.6	%
Consumer Discretionary	12.9
Health Care	11.1
Financials	7.7
Communication Services	7.6
Industrials	6.1
Energy	4.4
Consumer Staples	4.1
Other	4.6
Utilities	3.4
Real Estate	1.4
Materials	1.4

Information Technology	26.4	%
Health Care	13.3
Financials	12.3
Consumer Discretionary	10.3
Communication Services	8.3
Industrials	7.8
Consumer Staples	6.5
Other	6.3
Energy	4.6
Materials	2.2
Utilities	2.1
Real Estate	1.8

Industrials	26.7	%
Information Technology	16.4
Health Care	14.4
Consumer Discretionary	11.6
Financials	10.3
Communication Services	5.3
Other	5.0
Consumer Staples	2.6
Materials	1.0

Information Technology	28.3	%
Health Care	20.5
Energy	9.5
Consumer Staples	8.4
Consumer Discretionary	7.3
Utilities	6.8
Communication Services	6.0
Industrials	3.7
Other	1.8

Information Technology	31.8	%
Health Care	18.6
Consumer Discretionary	16.3
Communication Services	7.6
Industrials	6.5
Energy	3.7
Utilities	3.6
Financials	3.2
Materials	2.6
Consumer Staples	1.3
Real Estate	0.5

Information Technology	29.3	%
Consumer Discretionary	18.3
Health Care	13.8
Financials	9.0
Industrials	7.2
Communication Services	7.0
Energy	3.9
Utilities	3.5
Materials	2.6
Real Estate	2.0
Consumer Staples	1.3
Other	0.7

Information Technology	38.5	%
Consumer Discretionary	14.6
Communication Services	12.1
Health Care	11.6
Industrials	7.6
Financials	7.1
Consumer Staples	2.3
Energy	1.6
Materials	1.3

Information Technology	24.9	%
Health Care	11.8
Financials	10.8
Consumer Discretionary	10.4
Communication Services	9.3
Industrials	7.3
Consumer Staples	4.9
Energy	4.5
Utilities	2.6
Materials	2.5
Real Estate	1.7
Other	0.1

Information Technology	27.6	%
Health Care	15.0
Consumer Discretionary	12.1
Financials	11.6
Industrials	8.9
Communication Services	8.2
Consumer Staples	6.5
Energy	3.1
Utilities	2.0
Materials	1.8

Information Technology	21.3	%
Industrials	21.0
Consumer Discretionary	18.1
Health Care	12.3
Financials	10.8
Energy	7.7
Materials	2.3
Consumer Staples	2.3
Real Estate	2.0
Other	0.1

A Shares				CAHEX
C Shares				CCHEX
I Shares				CIHEX

A Shares					128120698
C Shares					128120680
I Shares					128120672

A Shares					CPLSX
C Shares					CPCLX
I Shares					CPLIX

A Shares					128120656
C Shares					128120649
I Shares					128120631

Consumer Discretionary	26.2	%
Information Technology	24.2
Financials	11.5
Energy	8.2
Industrials	7.2
Real Estate	6.3
Communication Services	5.6
Consumer Staples	5.4
Health Care	3.9
Materials	1.4
Other	0.7

Information Technology	28.7	%
Industrials	17.7
Health Care	12.0
Consumer Discretionary	9.8
Financials	8.6
Energy	7.0
Communication Services	4.8
Consumer Staples	3.2
Materials	2.3
Real Estate	1.0

Information Technology	27.1	%
Industrials	14.5
Health Care	11.1
Financials	10.3
Energy	8.6
Consumer Staples	5.7
Consumer Discretionary	5.3
Communication Services	4.4
Materials	2.8
Real Estate	1.5
Other	1.1

Industrials	33.0	%
Information Technology	17.8
Consumer Discretionary	14.2
Health Care	6.4
Energy	6.4
Real Estate	5.8
Financials	5.3
Consumer Staples	4.6
Materials	2.2
Communication Services	0.7
Other	0.3

U.S. Government and Agency Securities	43.4	%
Corporate Bonds	41.5
Asset Backed Securities	6.3
Bank Loans	5.1
Investment of Cash Collateral For Securities Loaned	2.3
Residential Mortgage Backed Securities	1.7
Cash and Receivables/ Payables	(0.3	)

Corporate Bonds	57.2	%
Asset Backed Securities	19.4
Bank Loans	7.8
U.S. Government and Agency Securities	7.6
Municipal Obligations	4.6
Sovereign Bonds	1.8