N-CSRS 1 tm2412370d1_ncsrs.htm N-CSRS

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

INVESTMENT COMPANY ACT FILE NUMBER: 811-05443
   
EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: Calamos Investment Trust
   
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: 2020 Calamos Court, Naperville
  Illinois 60563-2787
   
   
NAME AND ADDRESS OF AGENT FOR SERVICE: John P Calamos, Sr., Founder, Chairman and
  Global Chief Investment Officer
  Calamos Advisors LLC
  2020 Calamos Court,
  Naperville, Illinois
  60563-2787

 

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:                  (630) 245-7200

 

DATE OF FISCAL YEAR END: October 31, 2024

 

DATE OF REPORTING PERIOD:  November 1, 2023 through April 30, 2024

 

 

 

 

ITEM 1(a). REPORT TO SHAREHOLDERS.

 

 

 

TIMELY INFORMATION INSIDE

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

Family of Funds

SEMIANNUAL REPORT APRIL 30, 2024

Alternative

Calamos Market Neutral Income Fund

Calamos Hedged Equity Fund

Calamos Phineus Long/Short Fund

Calamos Merger Arbitrage Fund

Convertible

Calamos Convertible Fund

Calamos Global Convertible Fund

US Equity

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Dividend Growth Fund

Calamos Select Fund

Global Equity

Calamos International Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos International Small Cap Growth Fund

Fixed Income

Calamos Total Return Bond Fund

Calamos High Income Opportunities Fund

Calamos Short-Term Bond Fund

Experience and Foresight

About Calamos Investments

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

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

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

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

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

TABLE OF CONTENTS

The Funds

    

1

    

Expense Overview

   

2

    

Statements of Assets and Liabilities

   

6

    

Statements of Operations

   

11

    

Statements of Changes In Net Assets

   

15

    

Financial Highlights

   

22

    

Schedules of Investments

   

87

    

Notes to Financial Statements

   

183

    
Report of Independent Registered
Public Accounting Firm		    

221

    

Liquidity Risk Management Program

    

223

    

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

The Funds

Fund

  

Class A

  

Class C

  

Class I

  

Class R6

  

Calamos Market Neutral Income Fund

  

CVSIX

  

CVSCX

  

CMNIX

  

CVSOX

  

Calamos Hedged Equity Fund

  

CAHEX

  

CCHEX

  

CIHEX

          

Calamos Phineus Long/Short Fund

   CPLSX   CPCLX   CPLIX          

Calamos Merger Arbitrage Fund

  

CMRAX

  

CMRCX

  

CMRGX

          

Calamos Convertible Fund

  

CCVIX

  

CCVCX

  

CICVX

          

Calamos Global Convertible Fund

  

CAGCX

  

CCGCX

  

CXGCX

          

Calamos Timpani Small Cap Growth Fund

  

CTASX

  

CTCSX

  

CTSIX

  

CTSOX

  

Calamos Timpani SMID Growth Fund

  

CTAGX

  

 

CTIGX

 

CTOGX

  

Calamos Growth Fund

  

CVGRX

  

CVGCX

  

CGRIX

          

Calamos Growth and Income Fund

  

CVTRX

  

CVTCX

  

CGIIX

  

CGIOX

  

Calamos Dividend Growth Fund

   CADVX  

CCDVX

  

CIDVX

          

Calamos Select Fund

  

CVAAX

  

CVACX

  

CVAIX

          

Calamos International Growth Fund

  

CIGRX

  

CIGCX

  

CIGIX

  

CIGOX

  

Calamos Evolving World Growth Fund

  

CNWGX

  

CNWDX

  

CNWIX

          

Calamos Global Equity Fund

  

CAGEX

  

CCGEX

  

CIGEX

  

CGEOX

  

Calamos Global Opportunities Fund

  

CVLOX

  

CVLCX

  

CGCIX

          

Calamos International Small Cap Growth Fund

  

CAISX

  

CCISX

  

CSGIX

  

CISOX

  

Calamos Total Return Bond Fund

  

CTRAX

  

CTRCX

  

CTRIX

          

Calamos High Income Opportunities Fund

  

CHYDX

  

CCHYX

  

CIHYX

          

Calamos Short-Term Bond Fund

  

CSTBX

          

CSTIX

          

www.calamos.com
1

Expense Overview

EXPENSE OVERVIEW

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

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

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

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

There are two parts of each Fund's chart:

Actual

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

Hypothetical

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

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

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
2

Expense Example

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

    CLASS A
SHARES		   CLASS C
SHARES		   CLASS I
SHARES		   CLASS R6
SHARES		  

CALAMOS MARKET NEUTRAL INCOME FUND

  

Actual Expenses per $1,000*

  

$

5.33

    

$

9.12

    

$

4.06

    

$

3.56

    

Actual – Ending Balance

  

$

1,040.80

    

$

1,037.30

    

$

1,041.90

    

$

1,043.10

    

Hypothetical Expenses per $1,000*

  

$

5.27

    

$

9.02

    

$

4.02

    

$

3.52

    

Hypothetical – Ending Value

  

$

1,019.64

    

$

1,015.91

    

$

1,020.88

    

$

1,021.38

    

Annualized expense ratio(1),(2)​

    

1.05

%

    

1.80

%

    

0.80

%

    

0.70

%

  

CALAMOS HEDGED EQUITY FUND

  

Actual Expenses per $1,000**

  

$

6.11

    

$

10.04

    

$

4.80

    

$

—

    

Actual – Ending Balance

  

$

1,118.40

    

$

1,114.60

    

$

1,119.90

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

5.82

    

$

9.57

    

$

4.57

    

$

—

    

Hypothetical – Ending Value

  

$

1,019.10

    

$

1,015.37

    

$

1,020.34

    

$

—

    

Annualized expense ratio

    

1.16

%

    

1.91

%

    

0.91

%

    

—

    

CALAMOS PHINEUS LONG/SHORT FUND

  

Actual Expenses per $1,000**

  

$

12.69

    

$

16.66

    

$

11.42

    

$

—

    

Actual – Ending Balance

  

$

1,144.60

    

$

1,140.60

    

$

1,146.20

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

11.91

    

$

15.64

    

$

10.72

    

$

—

    

Hypothetical – Ending Value

  

$

1,013.03

    

$

1,009.30

    

$

1,014.22

    

$

—

    

Annualized expense ratio(2)​

    

2.38

%

    

3.13

%

    

2.14

%

    

—

    

CALAMOS MERGER ARBITRAGE FUND

  

Actual Expenses per $1,000**

  

$

10.63

    

$

14.34

    

$

9.40

    

$

—

    

Actual – Ending Balance

  

$

998.40

    

$

996.00

    

$

1,000.70

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

10.72

    

$

14.45

    

$

9.47

    

$

—

    

Hypothetical – Ending Value

  

$

1,014.22

    

$

1,010.49

    

$

1,015.46

    

$

—

    

Annualized expense ratio(2),(3)​

    

2.14

%

    

2.89

%

    

1.89

%

    

—

    

CALAMOS CONVERTIBLE FUND

  

Actual Expenses per $1,000**

  

$

5.98

    

$

9.90

    

$

4.67

    

$

—

    

Actual – Ending Balance

  

$

1,109.90

    

$

1,106.00

    

$

1,111.40

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

5.72

    

$

9.47

    

$

4.47

    

$

—

    

Hypothetical – Ending Value

  

$

1,019.19

    

$

1,015.47

    

$

1,020.44

    

$

—

    

Annualized expense ratio

    

1.14

%

    

1.89

%

    

0.89

%

    

—

    

CALAMOS GLOBAL CONVERTIBLE FUND

  

Actual Expenses per $1,000**

  

$

7.09

    

$

11.00

    

$

5.78

    

$

—

    

Actual – Ending Balance

  

$

1,111.90

    

$

1,107.30

    

$

1,112.50

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

6.77

    

$

10.52

    

$

5.52

    

$

—

    

Hypothetical – Ending Value

  

$

1,018.15

    

$

1,014.42

    

$

1,019.39

    

$

—

    

Annualized expense ratio(3)​

    

1.35

%

    

2.10

%

    

1.10

%

    

—

    

CALAMOS TIMPANI SMALL CAP GROWTH FUND

  

Actual Expenses per $1,000*

  

$

7.46

    

$

11.74

    

$

6.03

    

$

5.34

    

Actual – Ending Balance

  

$

1,308.60

    

$

1,303.80

    

$

1,310.30

    

$

1,311.10

    

Hypothetical Expenses per $1,000*

  

$

6.52

    

$

10.27

    

$

5.27

    

$

4.67

    

Hypothetical – Ending Value

  

$

1,018.40

    

$

1,014.67

    

$

1,019.64

    

$

1,020.24

    

Annualized expense ratio(3)​

    

1.30

%

    

2.05

%

    

1.05

%

    

0.93

%

  

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

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

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

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

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

www.calamos.com
3

Expense Example

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

    CLASS A
SHARES		   CLASS C
SHARES		   CLASS I
SHARES		   CLASS R6
SHARES		  

CALAMOS TIMPANI SMID GROWTH

  

Actual Expenses per $1,000***

  

$

7.75

    

$

—

    

$

6.32

    

$

6.14

    

Actual – Ending Balance

  

$

1,308.00

    

$

—

    

$

1,310.90

    

$

1,309.40

    

Hypothetical Expenses per $1,000***

  

$

6.77

    

$

—

    

$

5.52

    

$

5.37

    

Hypothetical – Ending Value

  

$

1,018.15

    

$

—

    

$

1,019.39

    

$

1,019.54

    

Annualized expense ratio(4)​

    

1.35

%

    

—

      

1.10

%

    

1.07

%

  

CALAMOS GROWTH FUND

  

Actual Expenses per $1,000**

  

$

7.25

    

$

11.41

    

$

5.86

    

$

—

    

Actual – Ending Balance

  

$

1,242.70

    

$

1,237.90

    

$

1,244.20

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

6.52

    

$

10.27

    

$

5.27

    

$

—

    

Hypothetical – Ending Value

  

$

1,018.40

    

$

1,014.67

    

$

1,019.64

    

$

—

    

Annualized expense ratio

    

1.30

%

    

2.05

%

    

1.05

%

    

—

    

CALAMOS GROWTH AND INCOME FUND

  

Actual Expenses per $1,000*

  

$

5.65

    

$

9.66

    

$

4.31

    

$

3.93

    

Actual – Ending Balance

  

$

1,163.50

    

$

1,159.40

    

$

1,165.20

    

$

1,165.50

    

Hypothetical Expenses per $1,000*

  

$

5.27

    

$

9.02

    

$

4.02

    

$

3.67

    

Hypothetical – Ending Value

  

$

1,019.64

    

$

1,015.91

    

$

1,020.88

    

$

1,021.23

    

Annualized expense ratio

    

1.05

%

    

1.80

%

    

0.80

%

    

0.73

%

  

CALAMOS DIVIDEND GROWTH FUND

  

Actual Expenses per $1,000**

  

$

7.39

    

$

11.46

    

$

6.02

    

$

—

    

Actual – Ending Balance

  

$

1,201.00

    

$

1,195.50

    

$

1,201.60

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

6.77

    

$

10.52

    

$

5.52

    

$

—

    

Hypothetical – Ending Value

  

$

1,018.15

    

$

1,014.42

    

$

1,019.39

    

$

—

    

Annualized expense ratio(4)​

    

1.35

%

    

2.10

%

    

1.10

%

    

—

    

CALAMOS SELECT FUND

  

Actual Expenses per $1,000**

  

$

6.35

    

$

10.47

    

$

4.97

    

$

—

    

Actual – Ending Balance

  

$

1,219.30

    

$

1,215.40

    

$

1,221.30

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

5.77

    

$

9.52

    

$

4.52

    

$

—

    

Hypothetical – Ending Value

  

$

1,019.14

    

$

1,015.42

    

$

1,020.39

    

$

—

    

Annualized expense ratio(4)​

    

1.15

%

    

1.90

%

    

0.90

%

    

—

    

CALAMOS INTERNATIONAL GROWTH FUND

  

Actual Expenses per $1,000*

  

$

6.74

    

$

10.93

    

$

5.34

    

$

4.78

    

Actual – Ending Balance

  

$

1,259.60

    

$

1,255.20

    

$

1,261.20

    

$

1,261.60

    

Hypothetical Expenses per $1,000*

  

$

6.02

    

$

9.77

    

$

4.77

    

$

4.27

    

Hypothetical – Ending Value

  

$

1,018.90

    

$

1,015.17

    

$

1,020.14

    

$

1,020.64

    

Annualized expense ratio(4)​

    

1.20

%

    

1.95

%

    

0.95

%

    

0.85

%

  

CALAMOS EVOLVING WORLD GROWTH FUND

  

Actual Expenses per $1,000**

  

$

7.08

    

$

11.13

    

$

5.72

    

$

—

    

Actual – Ending Balance

  

$

1,189.10

    

$

1,184.30

    

$

1,190.80

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

6.52

    

$

10.27

    

$

5.27

    

$

—

    

Hypothetical – Ending Value

  

$

1,018.40

    

$

1,014.67

    

$

1,019.64

    

$

—

    

Annualized expense ratio(4)​

    

1.30

%

    

2.05

%

    

1.05

%

    

—

    

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

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

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

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

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
4

Expense Example

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

    CLASS A
SHARES		   CLASS C
SHARES		   CLASS I
SHARES		   CLASS R6
SHARES		  

CALAMOS GLOBAL EQUITY FUND

  

Actual Expenses per $1,000*

  

$

7.91

    

$

12.20

    

$

6.47

    

$

6.06

    

Actual – Ending Balance

  

$

1,321.20

    

$

1,315.00

    

$

1,322.00

    

$

1,323.10

    

Hypothetical Expenses per $1,000*

  

$

6.87

    

$

10.62

    

$

5.62

    

$

5.27

    

Hypothetical – Ending Value

  

$

1,018.05

    

$

1,014.32

    

$

1,019.29

    

$

1,019.64

    

Annualized expense ratio(5)​

    

1.37

%

    

2.12

%

    

1.12

%

    

1.05

%

  

CALAMOS GLOBAL OPPORTUNITIES FUND

  

Actual Expenses per $1,000**

  

$

6.78

    

$

10.92

    

$

5.39

    

$

—

    

Actual – Ending Balance

  

$

1,234.70

    

$

1,229.30

    

$

1,236.50

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

6.12

    

$

9.87

    

$

4.87

    

$

—

    

Hypothetical – Ending Value

  

$

1,018.80

    

$

1,015.07

    

$

1,020.04

    

$

—

    

Annualized expense ratio(5)​

    

1.22

%

    

1.97

%

    

0.97

%

    

—

    

CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND

  

Actual Expenses per $1,000*

  

$

7.58

    

$

11.86

    

$

6.23

    

$

6.11

    

Actual – Ending Balance

  

$

1,275.90

    

$

1,270.80

    

$

1,276.10

    

$

1,276.10

    

Hypothetical Expenses per $1,000*

  

$

6.72

    

$

10.52

    

$

5.52

    

$

5.42

    

Hypothetical – Ending Value

  

$

1,018.20

    

$

1,014.42

    

$

1,019.39

    

$

1,019.49

    

Annualized expense ratio(5)​

    

1.34

%

    

2.10

%

    

1.10

%

    

1.08

%

  

CALAMOS TOTAL RETURN BOND FUND

  

Actual Expenses per $1,000**

  

$

4.60

    

$

8.41

    

$

3.32

    

$

—

    

Actual – Ending Balance

  

$

1,054.10

    

$

1,050.20

    

$

1,054.10

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

4.52

    

$

8.27

    

$

3.27

    

$

—

    

Hypothetical – Ending Value

  

$

1,020.39

    

$

1,016.66

    

$

1,021.63

    

$

—

    

Annualized expense ratio(5)​

    

0.90

%

    

1.65

%

    

0.65

%

    

—

    

CALAMOS HIGH INCOME OPPORTUNITIES FUND

  

Actual Expenses per $1,000**

  

$

5.19

    

$

9.06

    

$

3.89

    

$

—

    

Actual – Ending Balance

  

$

1,085.90

    

$

1,082.60

    

$

1,087.20

    

$

—

    

Hypothetical Expenses per $1,000**

  

$

5.02

    

$

8.77

    

$

3.77

    

$

—

    

Hypothetical – Ending Value

  

$

1,019.89

    

$

1,016.16

    

$

1,021.13

    

$

—

    

Annualized expense ratio(5)​

    

1.00

%

    

1.75

%

    

0.75

%

    

—

    

CALAMOS SHORT-TERM BOND FUND

  

Actual Expenses per $1,000****

  

$

3.24

    

$

—

    

$

1.92

    

$

—

    

Actual – Ending Balance

  

$

1,034.30

    

$

—

    

$

1,035.60

    

$

—

    

Hypothetical Expenses per $1,000****

  

$

3.22

    

$

—

    

$

1.91

    

$

—

    

Hypothetical – Ending Value

  

$

1,021.68

    

$

—

    

$

1,022.97

    

$

—

    

Annualized expense ratio(5)​

    

0.64

%

    

—

      

0.38

%

    

—

    

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

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

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

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

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5

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

    MARKET NEUTRAL
INCOME FUND		   HEDGED EQUITY
FUND		   PHINEUS
LONG/SHORT
FUND		   MERGER
ARBITRAGE
FUND		   CONVERTIBLE
FUND		  

ASSETS

  

Investments in securities, at cost

  

$

11,695,265,323

    

$

505,348,460

    

$

884,315,337

    

$

2,004,447

    

$

793,824,001

    

Investments in affiliated funds, at cost

    

350,000,000

      

—

      

—

      

—

      

—

    

Investment in securities, at value*

  

$

14,492,499,071

    

$

697,809,019

    

$

1,011,940,492

    

$

1,972,124

    

$

842,480,988

    

Investments in affiliated funds, at value

    

329,398,865

      

—

      

—

      

—

      

—

    

Cash with custodian

    

393,819,672

      

9,133,282

      

5,870,040

      

66,579

      

21,358,499

    

Foreign currency (cost $31,192,836 and $98)

    

31,192,836

      

—

      

98

      

—

      

—

    

Restricted cash

    

11,978,723

      

—

      

—

      

—

      

—

    

Restricted cash for short positions

    

2,608,707,198

      

—

      

622,593,621

      

756,927

      

338

    

Restricted foreign currency for short positions (cost $127,413,013)

    

118,100,272

      

—

      

—

      

—

      

—

    

Unrealized appreciation on forward foreign currency contracts

    

304,634

      

—

      

—

      

—

      

119,064

    

Receivables:

  

Investments sold

    

8,061,173

      

—

      

24,166,854

      

—

      

4,266,681

    

Accrued interest and dividends

    

26,229,894

      

385,247

      

618,255

      

2,468

      

2,679,476

    

Fund shares sold

    

23,596,009

      

2,214,640

      

1,911,677

      

—

      

1,402,396

    

Prepaid expenses

    

398,569

      

48,486

      

60,872

      

8,362

      

52,035

    

Deferred offering costs

    

—

      

—

      

—

      

53,587

      

—

    

Other assets

    

996,898

      

—

      

1,489,482

      

2,430

      

173,870

    

Total assets

    

18,045,283,814

      

709,590,674

      

1,668,651,391

      

2,862,477

      

872,533,347

    

LIABILITIES

  

Due to custodian bank

    

791,961

      

—

      

—

      

—

      

—

    

Due to custodian bank for restricted cash

    

510,000

      

—

      

—

      

—

      

—

    

Due to Investment advisor

    

—

      

—

      

—

      

8,990

      

—

    

Foreign currency overdraft (cost $24,929,115 and $286)

    

24,898,826

      

—

      

286

      

—

      

—

    

Collateral for securities loaned

    

286,199,425

      

29,457,698

      

1,998,709

      

—

      

40,054,905

    
Securities sold short, at value (proceeds $2,467,804,068, $607,087,424, and
$601,780)		    

2,654,250,921

      

—

      

612,361,339

      

665,011

      

—

    
Options written, at value (premium $731,575,854, $20,314,508, $14,457,888,
and $1,800)		    

598,836,740

      

25,336,700

      

13,028,680

      

575

      

—

    

Unrealized depreciation on total return swaps

    

120,071

      

—

      

—

      

—

      

—

    

Unrealized depreciation on forward foreign currency contracts

    

156,345

      

—

      

—

      

—

      

18,667

    

Payables:

  

Investments purchased

    

7,283,114

      

970,922

      

2,231,256

      

—

      

669,980

    

Fund shares redeemed

    

13,591,847

      

345,684

      

458,018

      

—

      

1,392,962

    

Affiliates:

  

Investment Advisory fees

    

7,658,698

      

391,806

      

1,029,486

      

1,724

      

505,093

    

Distribution fees

    

25,454

      

962

      

2,896

      

7

      

5,083

    

Deferred revenue

    

—

      

—

      

—

      

25,076

      

—

    

Deferred compensation to trustees

    

170,013

      

—

      

—

      

—

      

173,870

    

Trustees' fees and officer compensation

    

95,344

      

5,435

      

8,304

      

1,271

      

9,003

    

Other accounts payable and accrued liabilities

    

4,754,841

      

112,286

      

186,837

      

87,263

      

208,874

    

Total liabilities

    

3,599,343,600

      

56,621,493

      

631,305,811

      

789,917

      

43,038,437

    

NET ASSETS

  

$

14,445,940,214

    

$

652,969,181

    

$

1,037,345,580

    

$

2,072,560

    

$

829,494,910

    

COMPOSITION OF NET ASSETS

  

Paid in capital

  

$

13,505,137,295

    

$

527,080,619

    

$

913,620,819

    

$

2,139,361

    

$

792,809,972

    

Accumulated distributable earnings (loss)

    

940,802,919

      

125,888,562

      

123,724,761

      

(66,801

)

    

36,684,938

    

NET ASSETS

  

$

14,445,940,214

    

$

652,969,181

    

$

1,037,345,580

    

$

2,072,560

    

$

829,494,910

    

CLASS A SHARES†​

  

Net assets applicable to shares outstanding

  

$

938,967,577

    

$

28,051,974

    

$

74,805,882

    

$

145,116

    

$

248,184,994

    

Shares outstanding

    

64,312,850

      

1,790,730

      

4,452,795

      

15,015

      

12,500,233

    

Net asset value and redemption price per share

  

$

14.60

    

$

15.67

    

$

16.80

    

$

9.66

    

$

19.85

    

Maximum offering price per share (Net asset value, plus 4.75% of offering price)

  

$

15.01

#

  

$

16.45

    

$

17.64

    

$

10.14

    

$

20.31

#

  

CLASS C SHARES†​**

  

Net assets applicable to shares outstanding

  

$

230,467,066

    

$

10,459,868

    

$

34,055,687

    

$

96,762

    

$

30,482,499

    

Shares outstanding

    

15,711,977

      

687,699

      

2,138,186

      

10,043

      

1,586,768

    

Net asset value and redemption price per share

  

$

14.67

    

$

15.21

    

$

15.93

    

$

9.64

    

$

19.21

    

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
6

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

    MARKET NEUTRAL
INCOME FUND		   HEDGED EQUITY
FUND		   PHINEUS
LONG/SHORT
FUND		   MERGER
ARBITRAGE
FUND		   CONVERTIBLE
FUND		  

CLASS I SHARES†​

  

Net assets applicable to shares outstanding

  

$

13,174,743,073

    

$

614,457,339

    

$

928,484,011

    

$

1,830,682

    

$

550,827,417

    

Shares outstanding

    

914,167,585

      

39,152,191

      

54,433,548

      

189,210

      

32,531,116

    

Net asset value and redemption price per share

  

$

14.41

    

$

15.69

    

$

17.06

    

$

9.68

    

$

16.93

    

CLASS R6 SHARES†​

  

Net assets applicable to shares outstanding

  

$

101,762,498

    

$

—

    

$

—

    

$

—

    

$

—

    

Shares Outstanding

    

7,058,593

      

—

      

—

      

—

      

—

    

Net asset value and redemption price per share

  

$

14.42

    

$

—

    

$

—

    

$

—

    

$

—

    
* Includes securities on loan  

$

381,871,888

    

$

37,879,720

    

$

32,813,958

    

$

—

    

$

56,443,320

    

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

†  No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

www.calamos.com
7

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

    GLOBAL
CONVERTIBLE
FUND		   TIMPANI
SMALL CAP
GROWTH FUND		   TIMPANI SMID
GROWTH FUND		  

GROWTH FUND

   GROWTH AND
INCOME FUND		  

ASSETS

  

Investments in securities, at cost

  

$

127,737,342

    

$

214,306,311

    

$

16,837,103

    

$

785,624,288

    

$

1,315,826,817

    

Investment in securities, at value*

  

$

126,066,234

    

$

277,189,110

    

$

21,485,682

    

$

1,384,716,157

    

$

2,465,016,902

    

Cash with custodian

    

1,588,423

      

2,155,663

      

314,782

      

23,334,729

      

157,717,369

    

Variation margin on open futures contracts

    

—

      

—

      

—

      

632,815

      

—

    

Receivables:

  

Investments sold

    

—

      

1,867,137

      

245,760

      

1,200,735

      

12,252,592

    

Accrued interest

    

376,507

      

11,313

      

1,031

      

330,465

      

3,054,267

    

Fund shares sold

    

73,225

      

631,010

      

19,893

      

104,564

      

2,711,815

    

Due from Investment advisor

    

—

      

8,502

      

7,692

      

—

      

—

    

Prepaid expenses

    

31,150

      

34,423

      

16,135

      

61,789

      

96,218

    

Other assets

    

—

      

—

      

—

      

839,163

      

363,903

    

Total assets

    

128,135,539

      

281,897,158

      

22,090,975

      

1,411,220,417

      

2,641,213,066

    

LIABILITIES

  

Due to Investment advisor

    

898

      

—

      

—

      

—

      

—

    

Collateral for securities loaned

    

4,238,237

      

—

      

—

      

1,921,091

      

38,876,871

    

Foreign currency overdraft (cost $54)

    

—

      

—

      

—

      

—

      

54

    

Options written, at value (premium $184,831, $148,767, and $2,506,527)

    

195,014

      

—

      

—

      

283,800

      

1,666,625

    

Payables:

  

Investments purchased

    

—

      

2,938,450

      

224,208

      

1,455,792

      

1,029,199

    

Fund shares redeemed

    

15,431

      

757,758

      

—

      

900,835

      

1,532,352

    

Affiliates:

  

Investment advisory fees

    

88,027

      

209,238

      

17,415

      

1,064,721

      

1,467,770

    

Distribution fees

    

228

      

588

      

—

      

15,615

      

23,474

    

Deferred compensation to trustees

    

—

      

—

      

—

      

842,756

      

363,903

    

Trustees' fees and officer compensation

    

3,431

      

4,143

      

2,518

      

10,144

      

17,779

    

Other accounts payable and accrued liabilities

    

44,355

      

108,952

      

21,857

      

307,992

      

380,505

    

Total liabilities

    

4,585,621

      

4,019,129

      

265,998

      

6,802,746

      

45,358,532

    

NET ASSETS

  

$

123,549,918

    

$

277,878,029

    

$

21,824,977

    

$

1,404,417,671

    

$

2,595,854,534

    

COMPOSITION OF NET ASSETS

  

Paid in capital

  

$

138,794,412

    

$

327,938,393

    

$

18,880,358

    

$

730,224,793

    

$

1,435,809,748

    

Accumulated distributable earnings (loss)

    

(15,244,494

)

    

(50,060,364

)

    

2,944,619

      

674,192,878

      

1,160,044,786

    

NET ASSETS

  

$

123,549,918

    

$

277,878,029

    

$

21,824,977

    

$

1,404,417,671

    

$

2,595,854,534

    

CLASS A SHARES†​

  

Net assets applicable to shares outstanding

  

$

8,704,334

    

$

24,602,597

    

$

221,164

    

$

1,081,628,312

    

$

1,307,994,708

    

Shares outstanding

    

782,346

      

846,875

      

18,589

      

28,006,329

      

29,635,522

    

Net asset value and redemption price per share

  

$

11.13

    

$

29.05

    

$

11.90

    

$

38.62

    

$

44.14

    

Maximum offering price per share (Net asset value, plus 4.75% of offering price)

  

$

11.39

#

  

$

30.50

    

$

12.49

    

$

40.55

    

$

46.34

    

CLASS C SHARES†​**

  

Net assets applicable to shares outstanding

  

$

1,923,771

    

$

4,440,700

    

$

—

    

$

10,150,283

    

$

97,147,820

    

Shares outstanding

    

180,985

      

151,513

      

—

      

732,332

      

2,195,578

    

Net asset value and redemption price per share

  

$

10.63

    

$

29.31

    

$

—

    

$

13.86

    

$

44.25

    

CLASS I SHARES†​

  

Net assets applicable to shares outstanding

  

$

112,921,813

    

$

216,345,212

    

$

21,174,290

    

$

312,639,076

    

$

1,158,280,998

    

Shares outstanding

    

10,104,648

      

7,174,910

      

1,755,883

      

5,221,422

      

27,659,111

    

Net asset value and redemption price per share

  

$

11.18

    

$

30.15

    

$

12.06

    

$

59.88

    

$

41.88

    

CLASS R6 SHARES†​

  

Net assets applicable to shares outstanding

  

$

—

    

$

32,489,520

    

$

429,523

    

$

—

    

$

32,431,008

    

Shares Outstanding

    

—

      

1,072,290

      

35,598

      

—

      

774,025

    

Net asset value and redemption price per share

  

$

—

    

$

30.30

    

$

12.07

    

$

—

    

$

41.90

    
* Includes securities on loan  

$

5,643,521

    

$

—

    

$

—

    

$

55,458,352

    

$

112,515,978

    

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

†  No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
8

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

    DIVIDEND
GROWTH FUND		  

SELECT FUND

   INTERNATIONAL
GROWTH FUND		   EVOLVING
WORLD GROWTH
FUND		   GLOBAL EQUITY
FUND		  

ASSETS

  

Investments in securities, at cost

  

$

9,954,092

    

$

31,216,564

    

$

171,282,220

    

$

276,118,234

    

$

77,832,030

    

Investment in securities, at value*

  

$

18,430,473

    

$

49,722,340

    

$

232,692,586

    

$

371,589,991

    

$

124,061,065

    

Cash with custodian

    

623,693

      

1,347,109

      

—

      

—

      

425,345

    

Restricted cash

    

—

      

—

      

260,000

      

—

      

—

    

Unrealized appreciation on forward foreign currency contracts

    

—

      

—

      

—

      

138,146

      

—

    

Receivables:

  

Investments sold

    

138,855

      

—

      

8,532,942

      

3,222,122

      

1,078,400

    

Accrued dividends

    

8,273

      

13,085

      

514,671

      

112,214

      

105,966

    

Fund shares sold

    

24,490

      

4,883

      

24,521

      

298,016

      

310,770

    

Due from Investment advisor

    

10,098

      

16,579

      

38,119

      

100,666

      

7,793

    

Prepaid expenses

    

16,642

      

28,618

      

42,601

      

29,961

      

36,517

    

Other assets

    

—

      

90,349

      

56,868

      

16,758

      

29,169

    

Total assets

    

19,252,524

      

51,222,963

      

242,162,308

      

375,507,874

      

126,055,025

    

LIABILITIES

  

Due to custodian bank

    

—

      

—

      

460,093

      

1,924,933

      

—

    

Due to custodian bank for restricted cash

    

—

      

—

      

—

      

7,586

      

—

    

Collateral for securities loaned

    

167,603

      

—

      

8,359,046

      

762,792

      

5,271,615

    

Foreign currency overdraft (cost $4,423 and $1)

    

—

      

—

      

—

      

4,393

      

1

    

Unrealized depreciation on forward foreign currency contracts

    

—

      

—

      

377,091

      

—

      

—

    

Payables:

  

Investments purchased

    

58,161

      

—

      

669,267

      

—

      

447,551

    

Fund shares redeemed

    

—

      

1,929

      

146,193

      

245,833

      

916

    

Affiliates:

  

Investment advisory fees

    

15,816

      

42,332

      

170,202

      

333,880

      

88,236

    

Distribution fees

    

237

      

194

      

769

      

747

      

400

    

Deferred compensation to trustees

    

—

      

90,349

      

56,868

      

16,758

      

29,169

    

Trustees' fees and officer compensation

    

2,558

      

2,716

      

3,625

      

4,900

      

3,724

    

Other accounts payable and accrued liabilities

    

20,902

      

25,547

      

1,556,551

      

6,411,187

      

383,161

    

Total liabilities

    

265,277

      

163,067

      

11,799,705

      

9,713,009

      

6,224,773

    

NET ASSETS

  

$

18,987,247

    

$

51,059,896

    

$

230,362,603

    

$

365,794,865

    

$

119,830,252

    

COMPOSITION OF NET ASSETS

  

Paid in capital

  

$

10,253,285

    

$

30,586,806

    

$

183,081,061

    

$

409,914,158

    

$

69,255,455

    

Accumulated distributable earnings (loss)

    

8,733,962

      

20,473,090

      

47,281,542

      

(44,119,293

)

    

50,574,797

    

NET ASSETS

  

$

18,987,247

    

$

51,059,896

    

$

230,362,603

    

$

365,794,865

    

$

119,830,252

    

CLASS A SHARES†​

  

Net assets applicable to shares outstanding

  

$

6,467,000

    

$

13,407,625

    

$

49,478,816

    

$

40,372,638

    

$

25,864,684

    

Shares outstanding

    

387,315

      

682,874

      

2,416,882

      

2,289,827

      

1,620,022

    

Net asset value and redemption price per share

  

$

16.70

    

$

19.63

    

$

20.47

    

$

17.63

    

$

15.97

    

Maximum offering price per share (Net asset value, plus 4.75% of offering price)

  

$

17.53

    

$

20.61

    

$

21.49

    

$

18.51

    

$

16.77

    

CLASS C SHARES†​**

  

Net assets applicable to shares outstanding

  

$

2,669,200

    

$

140,257

    

$

1,476,701

    

$

3,391,670

    

$

770,098

    

Shares outstanding

    

169,627

      

8,748

      

87,467

      

209,431

      

60,652

    

Net asset value and redemption price per share

  

$

15.74

    

$

16.03

    

$

16.88

    

$

16.20

    

$

12.70

    

CLASS I SHARES†​

  

Net assets applicable to shares outstanding

  

$

9,851,047

    

$

37,512,014

    

$

172,916,158

    

$

322,030,557

    

$

93,127,462

    

Shares outstanding

    

587,230

      

1,830,543

      

8,081,113

      

18,091,405

      

5,527,099

    

Net asset value and redemption price per share

  

$

16.78

    

$

20.49

    

$

21.40

    

$

17.80

    

$

16.85

    

CLASS R6 SHARES†​

  

Net assets applicable to shares outstanding

  

$

—

    

$

—

    

$

6,490,928

    

$

—

    

$

68,008

    

Shares Outstanding

    

—

      

—

      

299,870

      

—

      

4,033

    

Net asset value and redemption price per share

  

$

—

    

$

—

    

$

21.65

    

$

—

    

$

16.86

    
* Includes securities on loan  

$

684,704

    

$

1,195,315

    

$

14,881,890

    

$

1,930,219

    

$

5,934,290

    

†  No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

www.calamos.com
9

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

    GLOBAL
OPPORTUNITIES
FUND		   INTERNATIONAL
SMALL CAP
GROWTH FUND		   TOTAL RETURN
BOND FUND		   HIGH INCOME
OPPORTUNITIES
FUND		   SHORT-TERM
BOND FUND		  

ASSETS

  

Investments in securities, at cost

  

$

155,530,900

    

$

3,080,673

    

$

47,594,363

    

$

39,872,092

    

$

375,310,812

    

Investment in securities, at value*

  

$

229,932,652

    

$

3,762,327

    

$

43,239,412

    

$

37,208,252

    

$

369,363,686

    

Cash with custodian

    

10,406,824

      

—

      

790,575

      

793,823

      

4,461,674

    

Restricted cash for futures

    

—

      

—

      

30,800

      

—

      

857,247

    

Foreign currency (cost $78,631)

    

—

      

78,187

      

—

      

—

      

—

    

Receivables:

  

Investments sold

    

—

      

27,177

      

28,826

      

22,946

      

305,611

    

Accrued interest and dividends

    

647,862

      

8,124

      

420,503

      

503,148

      

2,778,057

    

Fund shares sold

    

2,395,775

      

—

      

12,768

      

134,756

      

32,870

    

Due from Investment advisor

    

40,129

      

12,843

      

7,477

      

9,890

      

—

    

Prepaid expenses

    

27,998

      

41,595

      

13,528

      

23,652

      

20,181

    

Other assets

    

136,857

      

—

      

32,823

      

99,564

      

—

    

Total assets

    

243,588,097

      

3,930,253

      

44,576,712

      

38,796,031

      

377,819,326

    

LIABILITIES

  

Due to custodian bank

    

—

      

58,280

      

—

      

—

      

—

    

Collateral for securities loaned

    

2,676,099

      

—

      

675,600

      

1,658,493

      

11,639,293

    

Variation margin on open futures contracts

    

—

      

—

      

620

      

—

      

480,073

    

Payables:

  

Investments purchased

    

—

      

28,672

      

124,686

      

1,660,563

      

3,090,688

    

Fund shares redeemed

    

71,857

      

—

      

166,125

      

156,657

      

39,598

    

Dividends payable

    

—

      

—

      

13,968

      

8,182

      

1,258,722

    

Affiliates:

  

Investment advisory fees

    

195,274

      

2,976

      

16,235

      

17,300

      

88,997

    

Distribution fees

    

1,785

      

—

      

163

      

383

      

48

    

Deferred compensation to trustees

    

136,857

      

—

      

32,823

      

99,564

      

—

    

Trustees' fees and officer compensation

    

3,663

      

1,892

      

2,687

      

2,702

      

4,699

    

Other accounts payable and accrued liabilities

    

210,691

      

10,057

      

28,187

      

41,558

      

56,055

    

Total liabilities

    

3,296,226

      

101,877

      

1,061,094

      

3,645,402

      

16,658,173

    

NET ASSETS

  

$

240,291,871

    

$

3,828,376

    

$

43,515,618

    

$

35,150,629

    

$

361,161,153

    

COMPOSITION OF NET ASSETS

  

Paid in capital

  

$

174,669,967

    

$

3,678,666

    

$

50,110,412

    

$

50,331,310

    

$

383,464,965

    

Accumulated distributable earnings (loss)

    

65,621,904

      

149,710

      

(6,594,794

)

    

(15,180,681

)

    

(22,303,812

)

  

NET ASSETS

  

$

240,291,871

    

$

3,828,376

    

$

43,515,618

    

$

35,150,629

    

$

361,161,153

    

CLASS A SHARES†​

  

Net assets applicable to shares outstanding

  

$

92,021,084

    

$

99,060

    

$

11,137,381

    

$

26,318,269

    

$

3,533,166

    

Shares outstanding

    

7,807,575

      

10,295

      

1,285,656

      

3,471,088

      

376,433

    

Net asset value and redemption price per share

  

$

11.79

    

$

9.62

    

$

8.66

    

$

7.58

    

$

9.39

    

Maximum offering price per share (Net asset value, plus 4.75% of offering price)

  

$

12.38

    

$

10.10

    

$

8.86

#

  

$

7.75

#

  

$

9.61

#

  

CLASS C SHARES†​**

  

Net assets applicable to shares outstanding

  

$

9,354,016

    

$

9,523

    

$

210,387

    

$

394,148

    

$

—

    

Shares outstanding

    

946,424

      

1,005

      

24,299

      

48,358

      

—

    

Net asset value and redemption price per share

  

$

9.88

    

$

9.48

    

$

8.66

    

$

8.15

    

$

—

    

CLASS I SHARES†​

  

Net assets applicable to shares outstanding

  

$

138,916,771

    

$

3,710,063

    

$

32,167,850

    

$

8,438,212

    

$

357,627,987

    

Shares outstanding

    

11,303,822

      

384,043

      

3,712,177

      

1,112,614

      

38,136,062

    

Net asset value and redemption price per share

  

$

12.29

    

$

9.66

    

$

8.67

    

$

7.58

    

$

9.38

    

CLASS R6 SHARES†​

  

Net assets applicable to shares outstanding

  

$

—

    

$

9,730

    

$

—

    

$

—

    

$

—

    

Shares Outstanding

    

—

      

1,007

      

—

      

—

      

—

    

Net asset value and redemption price per share

  

$

—

    

$

9.66

    

$

—

    

$

—

    

$

—

    
* Includes securities on loan  

$

5,942,120

    

$

—

    

$

704,862

    

$

2,143,945

    

$

19,728,120

    

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

†  No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
10

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

    MARKET NEUTRAL
INCOME FUND		   HEDGED EQUITY
FUND		   PHINEUS
LONG/SHORT
FUND		   MERGER
ARBITRAGE
FUND		   CONVERTIBLE
FUND		  

INVESTMENT INCOME

  

Interest

  

$

45,126,895

    

$

82,803

    

$

1,930,829

    

$

3,453

    

$

5,290,182

    

Interest on short sales

    

64,651,125

      

—

      

14,732,838

      

12,946

      

334

    

(Amortization)/accretion of investment securities

    

(35,108,285

)

    

—

      

—

      

6,139

      

(3,445,270

)

  

Net interest

    

74,669,735

      

82,803

      

16,663,667

      

22,538

      

1,845,246

    

Dividends

    

65,233,091

      

4,756,076

      

6,615,015

      

10,456

      

1,059,915

    

Dividends from affiliated funds

    

8,408,879

      

—

      

—

      

—

      

—

    

Dividend taxes withheld

    

(34,826

)

    

(1,737

)

    

(80,777

)

    

(35

)

    

—

    

Securities lending income, net of rebates received or paid to borrowers

    

155,440

      

3,500

      

41,217

      

—

      

33,769

    

Total investment income

    

148,432,319

      

4,840,642

      

23,239,122

      

32,959

      

2,938,930

    

EXPENSES

  

Investment advisory fees

    

46,132,336

      

2,264,857

      

6,028,215

      

10,682

      

3,130,893

    

Distribution fees

  

Class A

    

1,205,574

      

33,609

      

88,282

      

171

      

317,599

    

Class C

    

1,212,857

      

49,079

      

166,792

      

495

      

159,681

    

Dividend or interest expense on short positions

    

12,350,560

      

—

      

3,666,102

      

6,814

      

—

    

Transfer agent fees

    

6,334,716

      

310,690

      

484,805

      

3,054

      

447,029

    

Fund administration fees

    

421,308

      

17,124

      

29,120

      

728

      

27,075

    

Accounting fees

    

384,011

      

24,033

      

31,529

      

8,059

      

27,981

    

Printing and mailing fees

    

356,149

      

19,561

      

31,053

      

3,195

      

30,885

    

Tax fees

    

313,402

      

12,148

      

16,229

      

582

      

18,685

    

Trustees' fees and officer compensation

    

301,849

      

18,808

      

26,722

      

6,228

      

24,610

    

Legal fees

    

257,484

      

15,060

      

21,142

      

6,734

      

25,276

    

Audit fees

    

182,744

      

11,713

      

16,187

      

5,518

      

14,919

    

Custodian fees

    

143,908

      

7,342

      

86,481

      

3,097

      

7,913

    

Registration fees

    

103,310

      

36,184

      

40,266

      

3,271

      

33,998

    

Offering costs

    

—

      

—

      

—

      

64,792

      

—

    

Other

    

302,926

      

20,146

      

33,837

      

2,512

      

22,663

    

Total expenses

    

70,003,134

      

2,840,354

      

10,766,762

      

125,932

      

4,289,207

    

Less expense reductions

    

(493,879

)

    

—

      

—

      

(105,099

)

    

—

    

Net expenses

    

69,509,255

      

2,840,354

      

10,766,762

      

20,833

      

4,289,207

    

NET INVESTMENT INCOME (LOSS)

    

78,923,064

      

2,000,288

      

12,472,360

      

12,126

      

(1,350,277

)

  

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments, excluding purchased options

    

316,948,486

      

14,689,192

      

122,548,630

      

29,594

      

6,157,129

    

Purchased options

    

(146,320,478

)

    

(15,521,433

)

    

(35,336,574

)

    

(2,876

)

    

1,694,232

    

Foreign currency transactions

    

(328,889

)

    

—

      

22,444

      

118

      

(27,049

)

  

Forward foreign currency contracts

    

(85,604

)

    

—

      

—

      

—

      

441,118

    

Written options

    

(855,391,847

)

    

(9,637,375

)

    

10,774,663

      

2,267

      

—

    

Short positions

    

(98,552,694

)

    

—

      

(63,268,939

)

    

(5,059

)

    

—

    

Total return swaps

    

(5,770,192

)

    

—

      

—

      

—

      

—

    

Change in net unrealized appreciation/(depreciation) on:

  

Investments, excluding purchased options

    

1,619,373,630

      

93,479,528

      

121,305,097

      

37,456

      

84,062,851

    

Affiliated funds

    

3,160,543

      

—

      

—

      

—

      

—

    

Purchased options

    

(81,902,506

)

    

(6,969,329

)

    

2,574,282

      

(101

)

    

419,880

    

Foreign currency translations

    

446,291

      

—

      

208

      

1

      

—

    

Forward foreign currency contracts

    

219,009

      

—

      

—

      

—

      

29,645

    

Written options

    

14,103,266

      

(10,895,075

)

    

187,005

      

1,225

      

—

    

Short positions

    

(262,932,763

)

    

—

      

(38,449,716

)

    

(76,684

)

    

—

    

Total return swaps

    

(348,931

)

    

—

      

—

      

—

      

—

    

NET GAIN (LOSS)

    

502,617,321

      

65,145,508

      

120,357,100

      

(14,059

)

    

92,777,806

    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS		  

$

581,540,385

    

$

67,145,796

    

$

132,829,460

    

$

(1,933

)

  

$

91,427,529

    

See accompanying Notes to Financial Statements

www.calamos.com
11

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

    GLOBAL
CONVERTIBLE
FUND		   TIMPANI
SMALL CAP
GROWTH FUND		   TIMPANI SMID
GROWTH FUND		  

GROWTH FUND

   GROWTH AND
INCOME FUND		  

INVESTMENT INCOME

  

Interest

  

$

705,141

    

$

31,501

    

$

2,800

    

$

599,687

    

$

7,612,143

    

Interest on short sales

    

—

      

—

      

—

      

49,334

      

—

    

(Amortization)/accretion of investment securities

    

(554,054

)

    

—

      

—

      

—

      

(5,163,808

)

  

Net interest

    

151,087

      

31,501

      

2,800

      

649,021

      

2,448,335

    

Dividends

    

81,821

      

330,516

      

19,983

      

3,664,557

      

13,523,898

    

Dividend taxes withheld

    

—

      

—

      

—

      

(33,444

)

    

—

    

Securities lending income, net of rebates received or paid to borrowers

    

21,591

      

—

      

—

      

28,661

      

97,026

    

Total investment income

    

254,499

      

362,017

      

22,783

      

4,308,795

      

16,069,259

    

EXPENSES

  

Investment advisory fees

    

524,270

      

1,184,094

      

93,985

      

6,251,826

      

8,607,849

    

Distribution fees

  

Class A

    

11,215

      

27,702

      

357

      

1,328,172

      

1,619,733

    

Class C

    

11,364

      

21,192

      

—

      

52,313

      

456,195

    

Transfer agent fees

    

72,893

      

162,028

      

6,916

      

635,291

      

1,037,791

    

Fund administration fees

    

3,839

      

8,247

      

528

      

37,861

      

70,873

    

Accounting fees

    

11,276

      

15,506

      

6,592

      

40,870

      

68,948

    

Printing and mailing fees

    

6,542

      

13,880

      

3,579

      

61,703

      

63,448

    

Tax fees

    

2,624

      

5,783

      

346

      

25,295

      

46,707

    

Trustees' fees and officer compensation

    

9,152

      

12,222

      

6,982

      

32,512

      

55,935

    

Legal fees

    

8,938

      

11,371

      

6,130

      

26,133

      

52,622

    

Audit fees

    

5,967

      

7,446

      

4,641

      

19,993

      

33,857

    

Custodian fees

    

3,133

      

8,873

      

4,289

      

16,799

      

19,453

    

Registration fees

    

23,639

      

34,608

      

22,465

      

27,666

      

45,275

    

Other

    

8,070

      

8,785

      

4,595

      

25,491

      

53,352

    

Total expenses

    

702,922

      

1,521,737

      

161,405

      

8,581,925

      

12,232,038

    

Less expense reductions

    

(1,876

)

    

(108,865

)

    

(52,279

)

    

—

      

—

    

Net expenses

    

701,046

      

1,412,872

      

109,126

      

8,581,925

      

12,232,038

    

NET INVESTMENT INCOME (LOSS)

    

(446,547

)

    

(1,050,855

)

    

(86,343

)

    

(4,273,130

)

    

3,837,221

    

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments, excluding purchased options

    

565,993

      

32,110,908

      

2,064,270

      

102,706,366

      

56,748,692

    

Purchased options

    

(416,173

)

    

—

      

—

      

(9,364,190

)

    

(6,424,629

)

  

Foreign currency transactions

    

840

      

—

      

—

      

—

      

(3,835

)

  

Written options

    

139,955

      

—

      

—

      

2,155,550

      

660,303

    

Futures contracts

    

—

      

—

      

—

      

334,345

      

—

    

Change in net unrealized appreciation/(depreciation) on:

  

Investments, excluding purchased options

    

13,635,161

      

37,624,428

      

2,977,558

      

195,439,766

      

317,137,983

    

Purchased options

    

(409,092

)

    

—

      

—

      

242,756

      

(1,680,790

)

  

Foreign currency translations

    

2,694

      

—

      

—

      

221

      

30

    

Written options

    

(91,918

)

    

—

      

—

      

(132,011

)

    

839,902

    

Futures contracts

    

—

      

—

      

—

      

171,075

      

—

    

NET GAIN (LOSS)

    

13,427,460

      

69,735,336

      

5,041,828

      

291,553,878

      

367,277,656

    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS		  

$

12,980,913

    

$

68,684,481

    

$

4,955,485

    

$

287,280,748

    

$

371,114,877

    

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
12

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

    DIVIDEND
GROWTH FUND		  

SELECT FUND

   INTERNATIONAL
GROWTH FUND		   EVOLVING
WORLD GROWTH
FUND		   GLOBAL EQUITY
FUND		  

INVESTMENT INCOME

  

Interest

  

$

4,253

    

$

34,176

    

$

38,196

    

$

237,903

    

$

51,922

    

(Amortization)/accretion of investment securities

    

—

      

—

      

—

      

(516,069

)

    

—

    

Net interest

    

4,253

      

34,176

      

38,196

      

(278,166

)

    

51,922

    

Dividends

    

119,575

      

240,612

      

1,245,697

      

2,564,268

      

492,924

    

Dividend taxes withheld

    

—

      

—

      

(185,834

)

    

(398,942

)

    

(43,304

)

  

Securities lending income, net of rebates received or paid to borrowers

    

376

      

325

      

11,697

      

12,834

      

4,523

    

Total investment income

    

124,204

      

275,113

      

1,109,756

      

1,899,994

      

506,065

    

EXPENSES

  

Investment advisory fees

    

88,723

      

247,163

      

1,121,060

      

2,032,899

      

518,563

    

Performance fees

    

—

      

—

      

(170,901

)

    

—

      

(59,515

)

  

Distribution fees

  

Class A

    

7,636

      

16,357

      

59,758

      

49,559

      

30,017

    

Class C

    

13,127

      

688

      

7,363

      

18,778

      

3,592

    

Transfer agent fees

    

11,455

      

15,235

      

121,823

      

262,706

      

31,842

    

Fund administration fees

    

546

      

1,358

      

5,959

      

11,881

      

2,800

    

Accounting fees

    

8,037

      

8,020

      

14,074

      

16,255

      

11,008

    

Printing and mailing fees

    

3,891

      

4,584

      

9,307

      

24,427

      

4,967

    

Tax fees

    

330

      

888

      

13,530

      

22,804

      

11,564

    

Trustees' fees and officer compensation

    

6,953

      

7,527

      

10,754

      

14,825

      

8,542

    

Legal fees

    

6,135

      

6,583

      

29,254

      

14,970

      

7,990

    

Audit fees

    

4,631

      

4,990

      

6,921

      

8,855

      

5,617

    

Custodian fees

    

3,062

      

619

      

39,264

      

186,824

      

10,011

    

Registration fees

    

21,718

      

22,156

      

29,290

      

33,190

      

28,445

    

Other

    

4,595

      

4,947

      

9,384

      

13,277

      

6,029

    

Total expenses

    

180,839

      

341,115

      

1,306,840

      

2,711,250

      

621,472

    

Less expense reductions

    

(62,480

)

    

(101,624

)

    

(182,955

)

    

(703,899

)

    

(7,914

)

  

Net expenses

    

118,359

      

239,491

      

1,123,885

      

2,007,351

      

613,558

    

NET INVESTMENT INCOME (LOSS)

    

5,845

      

35,622

      

(14,129

)

    

(107,357

)

    

(107,493

)

  

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments, excluding purchased options

    

310,490

      

2,068,925

      

9,344,740

(a)​

    

(7,748,780

)(a)​

    

6,443,258

(a)​

  

Purchased options

    

(2,584

)

    

—

      

(1,393,906

)

    

(8,213,965

)

    

(1,000,058

)

  

Foreign currency transactions

    

—

      

—

      

(261,510

)

    

(314,804

)

    

(21,308

)

  

Forward foreign currency contracts

    

—

      

—

      

(154,010

)

    

(42,401

)

    

—

    

Written options

    

421

      

—

      

—

      

108,559

      

61,601

    

Change in net unrealized appreciation/(depreciation) on:

  

Investments

    

2,730,083

      

7,363,460

      

41,960,631

(b)​

    

76,744,196

(b)​

    

22,600,233

(b)​

  

Purchased options

    

—

      

—

      

397,960

      

4,298,242

      

6,763

    

Foreign currency translations

    

—

      

—

      

1,822

      

(7,430

)

    

(99

)

  

Forward foreign currency contracts

    

—

      

—

      

(336,193

)

    

(70,546

)

    

—

    

NET GAIN (LOSS)

    

3,038,410

      

9,432,385

      

49,559,534

      

64,753,071

      

28,090,390

    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS		  

$

3,044,255

    

$

9,468,007

    

$

49,545,405

    

$

64,645,714

    

$

27,982,897

    

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

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

See accompanying Notes to Financial Statements

www.calamos.com
13

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

    GLOBAL
OPPORTUNITIES
FUND		   INTERNATIONAL
SMALL CAP
GROWTH FUND		   TOTAL RETURN
BOND FUND		   HIGH INCOME
OPPORTUNITIES
FUND		   SHORT-TERM
BOND FUND		  

INVESTMENT INCOME

  

Interest

  

$

934,177

    

$

1,064

    

$

898,958

    

$

1,173,306

    

$

7,467,876

    

(Amortization)/accretion of investment securities

    

(890,703

)

    

—

      

(7,067

)

    

61,565

      

275,193

    

Net interest

    

43,474

      

1,064

      

891,891

      

1,234,871

      

7,743,069

    

Dividends

    

924,390

      

14,207

      

—

      

20,312

      

—

    

Dividend taxes withheld

    

(69,216

)

    

(1,457

)

    

—

      

—

      

—

    

Securities lending income, net of rebates received or paid to borrowers

    

8,009

      

—

      

4,713

      

10,617

      

17,502

    

Total investment income

    

906,657

      

13,814

      

896,604

      

1,265,800

      

7,760,571

    

EXPENSES

  

Investment advisory fees

    

1,109,539

      

15,093

      

91,807

      

105,340

      

541,427

    

Distribution fees

  

Class A

    

112,674

      

38

      

14,810

      

32,827

      

4,410

    

Class C

    

43,452

      

45

      

1,594

      

2,159

      

—

    

Transfer agent fees

    

112,680

      

3,818

      

19,423

      

19,192

      

29,547

    

Fund administration fees

    

6,229

      

73

      

977

      

1,035

      

11,020

    

Accounting fees

    

12,684

      

4,149

      

11,094

      

16,296

      

22,820

    

Printing and mailing fees

    

11,841

      

3,047

      

4,761

      

4,982

      

4,385

    

Tax fees

    

13,704

      

4,470

      

1,387

      

740

      

7,112

    

Trustees' fees and officer compensation

    

10,967

      

7,025

      

7,243

      

7,292

      

14,221

    

Legal fees

    

29,358

      

6,140

      

6,500

      

6,608

      

14,033

    

Audit fees

    

6,942

      

4,460

      

4,859

      

4,855

      

8,876

    

Custodian fees

    

14,518

      

8,597

      

1,148

      

1,808

      

4,245

    

Registration fees

    

24,493

      

28,810

      

22,625

      

22,406

      

17,396

    

Other

    

8,371

      

4,554

      

8,224

      

15,274

      

19,698

    

Total expenses

    

1,517,452

      

90,319

      

196,452

      

240,814

      

699,190

    

Less expense reductions

    

(285,073

)

    

(72,762

)

    

(47,438

)

    

(74,154

)

    

—

    

Net expenses

    

1,232,379

      

17,557

      

149,014

      

166,660

      

699,190

    

NET INVESTMENT INCOME (LOSS)

    

(325,722

)

    

(3,743

)

    

747,590

      

1,099,140

      

7,061,381

    

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments, excluding purchased options

    

9,782,128

(a)​

    

125,675

      

(263,458

)

    

(437,219

)

    

(1,429,545

)

  

Purchased options

    

(2,070,212

)

    

(11,953

)

    

—

      

—

      

—

    

Foreign currency transactions

    

6,725

      

(1,504

)

    

—

      

—

      

—

    

Forward foreign currency contracts

    

—

      

231

      

—

      

—

      

—

    

Written options

    

165,649

      

—

      

—

      

—

      

—

    

Futures contracts

    

—

      

—

      

(10,118

)

    

—

      

(178,138

)

  

Change in net unrealized appreciation/(depreciation) on:

  

Investments, excluding purchased options

    

37,438,321

(b)​

    

579,958

      

836,207

      

2,248,406

      

6,882,457

    

Purchased options

    

693,951

      

(1,252

)

    

—

      

—

      

—

    

Foreign currency translations

    

(1,557

)

    

(681

)

    

—

      

—

      

—

    

Futures contracts

    

—

      

—

      

(2,579

)

    

—

      

66,931

    

NET GAIN (LOSS)

    

46,015,005

      

690,474

      

560,052

      

1,811,187

      

5,341,705

    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS		  

$

45,689,283

    

$

686,731

    

$

1,307,642

    

$

2,910,327

    

$

12,403,086

    

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

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

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
14

Statements of Changes in Net Assets

   

MARKET NEUTRAL INCOME FUND

  

HEDGED EQUITY FUND

  

PHINEUS LONG/SHORT FUND

  
    (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		  

OPERATIONS

  

Net investment income (loss)

  

$

78,923,064

    

$

40,375,378

    

$

2,000,288

    

$

4,394,317

    

$

12,472,360

    

$

13,173,074

    

Net realized gain (loss)

    

(789,501,218

)

    

692,476,533

      

(10,469,616

)

    

14,531,487

      

34,740,224

      

(11,277,824

)

  

Change in unrealized appreciation/(depreciation)

    

1,292,118,539

      

421,007,207

      

75,615,124

      

25,605,802

      

85,616,876

      

14,298,404

    
Net increase (decrease) in net assets resulting
from operations		    

581,540,385

      

1,153,859,118

      

67,145,796

      

44,531,606

      

132,829,460

      

16,193,654

    

DISTRIBUTIONS TO SHAREHOLDERS

  

Class A

    

(46,646,843

)

    

(15,497,256

)

    

(91,788

)

    

(195,091

)

    

(1,127,444

)

    

—

    

Class C

    

(10,989,928

)

    

(2,020,518

)

    

(16,785

)

    

(22,845

)

    

(317,398

)

    

—

    

Class I

    

(629,015,862

)

    

(222,576,278

)

    

(2,469,867

)

    

(4,621,754

)

    

(16,078,836

)

    

(229,407

)

  

Class R6

    

(4,431,146

)

    

(814,421

)

    

—

      

—

      

—

      

—

    

Total distributions

    

(691,083,779

)

    

(240,908,473

)

    

(2,578,440

)

    

(4,839,690

)

    

(17,523,678

)

    

(229,407

)

  

CAPITAL SHARE TRANSACTIONS

    

620,996,886

      

(3,042,937,950

)

    

27,521,252

      

(67,675,834

)

    

(13,856,481

)

    

135,307,620

    

TOTAL INCREASE (DECREASE) IN NET ASSETS

    

511,453,492

      

(2,129,987,305

)

    

92,088,608

      

(27,983,918

)

    

101,449,301

      

151,271,867

    

NET ASSETS

  

Beginning of period

  

$

13,934,486,722

    

$

16,064,474,027

    

$

560,880,573

    

$

588,864,491

    

$

935,896,279

    

$

784,624,412

    

End of period

  

$

14,445,940,214

    

$

13,934,486,722

    

$

652,969,181

    

$

560,880,573

    

$

1,037,345,580

    

$

935,896,279

    

See accompanying Notes to Financial Statements

www.calamos.com
15

Statements of Changes in Net Assets

   

MERGER ARBITRAGE FUND

  

CONVERTIBLE FUND

  

GLOBAL CONVERTIBLE FUND

  
    (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023(a)​		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		  

OPERATIONS

  

Net investment income (loss)

  

$

12,126

    

$

1,494

    

$

(1,350,277

)

  

$

(2,837,135

)

  

$

(446,547

)

  

$

(1,620,030

)

  

Net realized gain (loss)

    

24,044

      

2,908

      

8,265,430

      

24,280,554

      

290,615

      

(5,794,012

)

  

Change in unrealized appreciation/(depreciation)

    

(38,103

)

    

(56,226

)

    

84,512,376

      

(27,235,822

)

    

13,136,845

      

13,327,423

    
Net increase (decrease) in net assets resulting
from operations		    

(1,933

)

    

(51,824

)

    

91,427,529

      

(5,792,403

)

    

12,980,913

      

5,913,381

    

DISTRIBUTIONS TO SHAREHOLDERS

  

Class A

    

(864

)

    

—

      

(4,142,333

)

    

(2,369,927

)

    

—

      

(25,216

)

  

Class C

    

(440

)

    

—

      

(457,686

)

    

(135,629

)

    

—

      

—

    

Class I

    

(11,740

)

    

—

      

(11,732,135

)

    

(8,355,601

)

    

—

      

(474,967

)

  

Class R6

    

—

      

—

      

—

      

—

      

—

      

—

    

Total distributions

    

(13,044

)

    

—

      

(16,332,154

)

    

(10,861,157

)

    

—

      

(500,183

)

  

CAPITAL SHARE TRANSACTIONS

    

28,893

      

2,110,468

      

(80,795,761

)

    

(164,628,325

)

    

(9,819,425

)

    

(16,914,443

)

  

TOTAL INCREASE (DECREASE) IN NET ASSETS

    

13,916

      

2,058,644

      

(5,700,386

)

    

(181,281,885

)

    

3,161,488

      

(11,501,245

)

  

NET ASSETS

  

Beginning of period

  

$

2,058,644

    

$

—

    

$

835,195,296

    

$

1,016,477,181

    

$

120,388,430

    

$

131,889,675

    

End of period

  

$

2,072,560

    

$

2,058,644

    

$

829,494,910

    

$

835,195,296

    

$

123,549,918

    

$

120,388,430

    

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

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
16

Statements of Changes in Net Assets

    TIMPANI SMALL CAP
GROWTH FUND		  

TIMPANI SMID GROWTH FUND

  

GROWTH FUND

  
    (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		  

OPERATIONS

  

Net investment income (loss)

  

$

(1,050,855

)

  

$

(2,430,769

)

  

$

(86,343

)

  

$

(141,277

)

  

$

(4,273,130

)

  

$

(4,616,398

)

  

Net realized gain (loss)

    

32,110,908

      

(15,959,746

)

    

2,064,270

      

(1,063,992

)

    

95,832,071

      

58,089,443

    

Change in unrealized appreciation/(depreciation)

    

37,624,428

      

(28,976,215

)

    

2,977,558

      

(604,298

)

    

195,721,807

      

113,924,834

    
Net increase (decrease) in net assets resulting
from operations		    

68,684,481

      

(47,366,730

)

    

4,955,485

      

(1,809,567

)

    

287,280,748

      

167,397,879

    

DISTRIBUTIONS TO SHAREHOLDERS

  

Class A

    

—

      

—

      

—

      

—

      

(44,789,166

)

    

—

    

Class C

    

—

      

—

      

—

      

—

      

(1,169,236

)

    

—

    

Class I

    

—

      

—

      

—

      

—

      

(8,400,902

)

    

—

    

Class R6

    

—

      

—

      

—

      

—

      

—

      

—

    

Total distributions

    

—

      

—

      

—

      

—

      

(54,359,304

)

    

—

    

CAPITAL SHARE TRANSACTIONS

    

(29,067,177

)

    

(56,927,569

)

    

713,803

      

806,907

      

(26,186,026

)

    

(128,729,370

)

  

TOTAL INCREASE (DECREASE) IN NET ASSETS

    

39,617,304

      

(104,294,299

)

    

5,669,288

      

(1,002,660

)

    

206,735,418

      

38,668,509

    

NET ASSETS

  

Beginning of period

  

$

238,260,725

    

$

342,555,024

    

$

16,155,689

    

$

17,158,349

    

$

1,197,682,253

    

$

1,159,013,744

    

End of period

  

$

277,878,029

    

$

238,260,725

    

$

21,824,977

    

$

16,155,689

    

$

1,404,417,671

    

$

1,197,682,253

    

See accompanying Notes to Financial Statements

www.calamos.com
17

Statements of Changes in Net Assets

   

GROWTH AND INCOME FUND

  

DIVIDEND GROWTH FUND

  

SELECT FUND

  
    (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		  

OPERATIONS

  

Net investment income (loss)

  

$

3,837,221

    

$

13,001,357

    

$

5,845

    

$

54,612

    

$

35,622

    

$

148,202

    

Net realized gain (loss)

    

50,980,531

      

96,697,010

      

308,327

      

926,669

      

2,068,925

      

1,968,869

    

Change in unrealized appreciation/(depreciation)

    

316,297,125

      

44,937,566

      

2,730,083

      

279,558

      

7,363,460

      

1,474,054

    
Net increase (decrease) in net assets resulting
from operations		    

371,114,877

      

154,635,933

      

3,044,255

      

1,260,839

      

9,468,007

      

3,591,125

    

DISTRIBUTIONS TO SHAREHOLDERS

  

Class A

    

(48,687,751

)

    

(45,490,533

)

    

(249,190

)

    

(20,668

)

    

(520,261

)

    

(301,604

)

  

Class C

    

(3,121,424

)

    

(2,715,457

)

    

(109,241

)

    

(4,734

)

    

(6,362

)

    

(4,429

)

  

Class I

    

(45,047,724

)

    

(40,538,603

)

    

(358,151

)

    

(41,829

)

    

(1,384,807

)

    

(747,170

)

  

Class R6

    

(1,282,480

)

    

(774,460

)

    

—

      

—

      

—

      

—

    

Total distributions

    

(98,139,379

)

    

(89,519,053

)

    

(716,582

)

    

(67,231

)

    

(1,911,430

)

    

(1,053,203

)

  

CAPITAL SHARE TRANSACTIONS

    

53,768,333

      

(74,053,714

)

    

1,427,891

      

(3,540,025

)

    

187,185

      

(1,679,203

)

  

TOTAL INCREASE (DECREASE) IN NET ASSETS

    

326,743,831

      

(8,936,834

)

    

3,755,564

      

(2,346,417

)

    

7,743,762

      

858,719

    

NET ASSETS

  

Beginning of period

  

$

2,269,110,703

    

$

2,278,047,537

    

$

15,231,683

    

$

17,578,100

    

$

43,316,134

    

$

42,457,415

    

End of period

  

$

2,595,854,534

    

$

2,269,110,703

    

$

18,987,247

    

$

15,231,683

    

$

51,059,896

    

$

43,316,134

    

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
18

Statements of Changes in Net Assets

   

INTERNATIONAL GROWTH FUND

   EVOLVING WORLD
GROWTH FUND		  

GLOBAL EQUITY FUND

  
    (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		  

OPERATIONS

  

Net investment income (loss)

  

$

(14,129

)

  

$

962,484

    

$

(107,357

)

  

$

1,337,925

    

$

(107,493

)

  

$

165,369

    

Net realized gain (loss)

    

7,535,314

      

(5,526,414

)

    

(16,211,391

)

    

(27,545,373

)

    

5,483,493

      

(241,991

)

  

Change in unrealized appreciation/(depreciation)

    

42,024,220

      

15,599,473

      

80,964,462

      

36,235,155

      

22,606,897

      

6,428,619

    
Net increase (decrease) in net assets resulting
from operations		    

49,545,405

      

11,035,543

      

64,645,714

      

10,027,707

      

27,982,897

      

6,351,997

    

DISTRIBUTIONS TO SHAREHOLDERS

  

Class A

    

(19,035

)

    

—

      

(117,314

)

    

(273,392

)

    

—

      

(892,677

)

  

Class C

    

—

      

—

      

—

      

—

      

—

      

(36,318

)

  

Class I

    

(472,228

)

    

—

      

(1,785,078

)

    

(3,280,771

)

    

(71,037

)

    

(2,193,473

)

  

Class R6

    

(21,914

)

    

—

      

—

      

—

      

(193

)

    

(477

)

  

Total distributions

    

(513,177

)

    

—

      

(1,902,392

)

    

(3,554,163

)

    

(71,230

)

    

(3,122,945

)

  

CAPITAL SHARE TRANSACTIONS

    

(8,250,938

)

    

4,712,379

      

(58,330,641

)

    

(3,991,771

)

    

4,571,332

      

10,701,040

    

TOTAL INCREASE (DECREASE) IN NET ASSETS

    

40,781,290

      

15,747,922

      

4,412,681

      

2,481,773

      

32,482,999

      

13,930,092

    

NET ASSETS

  

Beginning of period

  

$

189,581,313

    

$

173,833,391

    

$

361,382,184

    

$

358,900,411

    

$

87,347,253

    

$

73,417,161

    

End of period

  

$

230,362,603

    

$

189,581,313

    

$

365,794,865

    

$

361,382,184

    

$

119,830,252

    

$

87,347,253

    

See accompanying Notes to Financial Statements

www.calamos.com
19

Statements of Changes in Net Assets

   

GLOBAL OPPORTUNITIES FUND

   INTERNATIONAL
SMALL CAP GROWTH FUND		  

TOTAL RETURN BOND FUND

  
    (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		  

OPERATIONS

  

Net investment income (loss)

  

$

(325,722

)

  

$

125,988

    

$

(3,743

)

  

$

3,820

    

$

747,590

    

$

1,171,064

    

Net realized gain (loss)

    

7,884,290

      

(4,398,037

)

    

112,449

      

(352,518

)

    

(273,576

)

    

(1,142,910

)

  

Change in unrealized appreciation/(depreciation)

    

38,130,715

      

15,913,561

      

578,025

      

298,871

      

833,628

      

204,471

    
Net increase (decrease) in net assets resulting
from operations		    

45,689,283

      

11,641,512

      

686,731

      

(49,827

)

    

1,307,642

      

232,625

    

DISTRIBUTIONS TO SHAREHOLDERS

  

Class A

    

(269,370

)

    

(328,166

)

    

—

      

(77

)

    

(237,512

)

    

(492,871

)

  

Class C

    

(13,157

)

    

(6,784

)

    

—

      

(182

)

    

(5,274

)

    

(12,234

)

  

Class I

    

(488,994

)

    

(565,211

)

    

—

      

(14,635

)

    

(611,881

)

    

(755,052

)

  

Class R6

    

—

      

—

      

—

      

(56

)

    

—

      

—

    

Total distributions

    

(771,521

)

    

(900,161

)

    

—

      

(14,950

)

    

(854,667

)

    

(1,260,157

)

  

CAPITAL SHARE TRANSACTIONS

    

(961,443

)

    

(26,126,629

)

    

779,623

      

658,512

      

11,739,092

      

(1,481,529

)

  

TOTAL INCREASE (DECREASE) IN NET ASSETS

    

43,956,319

      

(15,385,278

)

    

1,466,354

      

593,735

      

12,192,067

      

(2,509,061

)

  

NET ASSETS

  

Beginning of period

  

$

196,335,552

    

$

211,720,830

    

$

2,362,022

    

$

1,768,287

    

$

31,323,551

    

$

33,832,612

    

End of period

  

$

240,291,871

    

$

196,335,552

    

$

3,828,376

    

$

2,362,022

    

$

43,515,618

    

$

31,323,551

    

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
20

Statements of Changes in Net Assets

    HIGH INCOME
OPPORTUNITIES FUND		  

SHORT-TERM BOND FUND

  
    (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		   (UNAUDITED)
SIX MONTHS
ENDED
APRIL 30,
2024		   YEAR ENDED
OCTOBER 31,
2023		  

OPERATIONS

  

Net investment income (loss)

  

$

1,099,140

    

$

2,173,903

    

$

7,061,381

    

$

11,692,368

    

Net realized gain (loss)

    

(437,219

)

    

(857,251

)

    

(1,607,683

)

    

(3,915,440

)

  

Change in unrealized appreciation/(depreciation)

    

2,248,406

      

500,890

      

6,949,388

      

6,757,549

    
Net increase (decrease) in net assets resulting
from operations		    

2,910,327

      

1,817,542

      

12,403,086

      

14,534,477

    

DISTRIBUTIONS TO SHAREHOLDERS

  

Class A

    

(893,396

)

    

(1,629,693

)

    

(85,646

)

    

(124,683

)

  

Class C

    

(12,051

)

    

(25,964

)

    

—

      

—

    

Class I

    

(289,691

)

    

(529,918

)

    

(9,127,091

)

    

(13,801,746

)

  

Class R6

    

—

      

—

      

—

      

—

    

Total distributions

    

(1,195,138

)

    

(2,185,575

)

    

(9,212,737

)

    

(13,926,429

)

  

CAPITAL SHARE TRANSACTIONS

    

(41,578

)

    

(2,550,728

)

    

338,363

      

(2,011,700

)

  

TOTAL INCREASE (DECREASE) IN NET ASSETS

    

1,673,611

      

(2,918,761

)

    

3,528,712

      

(1,403,652

)

  

NET ASSETS

  

Beginning of period

  

$

33,477,018

    

$

36,395,779

    

$

357,632,441

    

$

359,036,093

    

End of period

  

$

35,150,629

    

$

33,477,018

    

$

361,161,153

    

$

357,632,441

    

See accompanying Notes to Financial Statements

www.calamos.com
21

Calamos Market Neutral Income Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.72

    

$

13.84

    

$

14.63

    

$

13.77

    

$

13.47

    

$

13.52

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.07

      

0.01

      

(0.04

)

    

(0.45

)

    

0.19

      

0.27

    

Net realized and unrealized gain (loss)

    

0.52

      

1.07

      

(0.72

)

    

1.37

      

0.24

      

0.28

    

Total from investment operations

    

0.59

      

1.08

      

(0.76

)

    

0.92

      

0.43

      

0.55

    

Distributions:

  

Dividends from net investment income

    

(0.20

)

    

(0.20

)

    

(0.03

)

    

(0.06

)

    

(0.13

)

    

(0.19

)

  

Dividends from net realized gains

    

(0.51

)

    

—

      

—

      

—

      

—

      

(0.41

)

  

Total distributions**

    

(0.71

)

    

(0.20

)

    

(0.03

)

    

(0.06

)

    

(0.13

)

    

(0.60

)

  

Net asset value, end of period

  

$

14.60

    

$

14.72

    

$

13.84

    

$

14.63

    

$

13.77

    

$

13.47

    

Ratios and supplemental data:

  

Total return(b)

    

4.08

%

    

7.76

%

    

(5.22

%)

    

6.67

%

    

3.27

%

    

4.32

%

  

Net assets, end of period (000)

  

$

938,968

    

$

1,009,976

    

$

1,244,117

    

$

1,334,984

    

$

817,405

    

$

744,356

    

Ratio of net expenses to average net assets

    

1.20

%(c)(i)

    

1.20

%(d)

    

1.16

%(e)

    

1.14

%(f)

    

1.20

%(g)

    

1.24

%(h)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.21

%(i)

    

1.21

%

    

1.17

%

    

1.14

%

    

1.21

%

    

1.24

%

  
Ratio of net investment income (loss) to
average net assets		    

0.91

%(i)

    

0.06

%

    

(1.12

%)

    

(3.15

%)

    

1.43

%

    

2.04

%

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(j)

    

15

%

    

28

%

    

41

%

    

49

%

    

77

%

    

74

%

  

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

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

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

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

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

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

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

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

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

(i)  Annualized.

(j)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
22

Calamos Market Neutral Income Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.79

    

$

13.92

    

$

14.80

    

$

13.98

    

$

13.70

    

$

13.73

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.01

      

(0.10

)

    

(0.27

)

    

(0.57

)

    

0.10

      

0.18

    

Net realized and unrealized gain (loss)

    

0.53

      

1.07

      

(0.61

)

    

1.39

      

0.24

      

0.28

    

Total from investment operations

    

0.54

      

0.97

      

(0.88

)

    

0.82

      

0.34

      

0.46

    

Distributions:

  

Dividends from net investment income

    

(0.15

)

    

(0.10

)

    

—

      

(0.00

)*

    

(0.06

)

    

(0.08

)

  

Dividends from net realized gains

    

(0.51

)

    

—

      

—

      

—

      

—

      

(0.41

)

  

Total distributions**

    

(0.66

)

    

(0.10

)

    

—

      

(0.00

)*

    

(0.06

)

    

(0.49

)

  

Net asset value, end of period

  

$

14.67

    

$

14.79

    

$

13.92

    

$

14.80

    

$

13.98

    

$

13.70

    

Ratios and supplemental data:

  

Total return(b)

    

3.73

%

    

6.93

%

    

(5.95

%)

    

5.88

%

    

2.46

%

    

3.56

%

  

Net assets, end of period (000)

  

$

230,467

    

$

254,478

    

$

306,312

    

$

322,432

    

$

252,490

    

$

261,352

    

Ratio of net expenses to average net assets

    

1.95

%(c)(i)

    

1.95

%(d)

    

1.91

%(e)

    

1.89

%(f)

    

1.95

%(g)

    

1.98

%(h)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.96

%(i)

    

1.96

%

    

1.92

%

    

1.89

%

    

1.96

%

    

1.99

%

  
Ratio of net investment income (loss) to
average net assets		    

0.16

%(i)

    

(0.69

%)

    

(1.87

%)

    

(3.92

%)

    

0.70

%

    

1.31

%

  

*  Amounts are less than $0.005.

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

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

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

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

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

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

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

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

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

(i)  Annualized.

www.calamos.com
23

Calamos Market Neutral Income Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.54

    

$

13.68

    

$

14.45

    

$

13.60

    

$

13.30

    

$

13.36

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.08

      

0.04

      

(0.12

)

    

(0.41

)

    

0.22

      

0.30

    

Net realized and unrealized gain (loss)

    

0.52

      

1.06

      

(0.59

)

    

1.35

      

0.24

      

0.28

    

Total from investment operations

    

0.60

      

1.10

      

(0.71

)

    

0.94

      

0.46

      

0.58

    

Distributions:

  

Dividends from net investment income

    

(0.22

)

    

(0.24

)

    

(0.06

)

    

(0.09

)

    

(0.16

)

    

(0.23

)

  

Dividends from net realized gains

    

(0.51

)

    

—

      

—

      

—

      

—

      

(0.41

)

  

Total distributions**

    

(0.73

)

    

(0.24

)

    

(0.06

)

    

(0.09

)

    

(0.16

)

    

(0.64

)

  

Net asset value, end of period

  

$

14.41

    

$

14.54

    

$

13.68

    

$

14.45

    

$

13.60

    

$

13.30

    

Ratios and supplemental data:

  

Total return(b)

    

4.19

%

    

8.07

%

    

(5.01

%)

    

6.92

%

    

3.51

%

    

4.62

%

  

Net assets, end of period (000)

  

$

13,174,743

    

$

12,620,874

    

$

14,470,090

    

$

14,780,637

    

$

9,207,961

    

$

7,709,445

    

Ratio of net expenses to average net assets

    

0.95

%(c)(i)

    

0.95

%(d)

    

0.91

%(e)

    

0.89

%(f)

    

0.95

%(g)

    

0.99

%(h)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.96

%(i)

    

0.95

%

    

0.92

%

    

0.89

%

    

0.96

%

    

0.99

%

  
Ratio of net investment income (loss) to
average net assets		    

1.15

%(i)

    

0.31

%

    

(0.87

%)

    

(2.90

%)

    

1.66

%

    

2.28

%

  

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

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

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

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

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

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

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

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

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

(i)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
24

Calamos Market Neutral Income Fund Financial Highlights

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

   

CLASS R6

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

   June 23, 2020•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

Net asset value, beginning of period

  

$

14.54

    

$

13.68

    

$

14.46

    

$

13.61

    

$

13.35

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.09

      

0.06

      

(0.11

)

    

(0.38

)

    

0.05

    

Net realized and unrealized gain (loss)

    

0.52

      

1.05

      

(0.60

)

    

1.33

      

0.21

    

Total from investment operations

    

0.61

      

1.11

      

(0.71

)

    

0.95

      

0.26

    

Distributions:

  

Dividends from net investment income

    

(0.22

)

    

(0.25

)

    

(0.07

)

    

(0.10

)

    

—

    

Dividends from net realized gains

    

(0.51

)

    

—

      

—

      

—

      

—

    

Total distributions**

    

(0.73

)

    

(0.25

)

    

(0.07

)

    

(0.10

)

    

—

    

Net asset value, end of period

  

$

14.42

    

$

14.54

    

$

13.68

    

$

14.46

    

$

13.61

    

Ratios and supplemental data:

  

Total return(b)

    

4.31

%

    

8.08

%

    

(4.94

%)

    

6.99

%

    

1.95

%

  

Net assets, end of period (000)

  

$

101,762

    

$

49,159

    

$

43,956

    

$

8,846

    

$

10

    

Ratio of net expenses to average net assets

    

0.86

%(c)(h)

    

0.86

%(d)

    

0.86

%(e)

    

0.82

%(f)

    

0.77

%(g)(h)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.87

%(h)

    

0.87

%

    

0.87

%

    

0.83

%

    

0.77

%(h)

  
Ratio of net investment income (loss) to
average net assets		    

1.27

%(h)

    

0.40

%

    

(0.82

%)

    

(2.64

%)

    

1.06

%(h)

  

•  Commencement of operations.

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

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

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

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

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

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

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

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

(h)  Annualized.

www.calamos.com
25

Calamos Hedged Equity Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.05

    

$

13.08

    

$

14.66

    

$

12.35

    

$

11.88

    

$

11.44

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.03

      

0.08

      

0.06

      

0.06

      

0.10

      

0.10

    

Net realized and unrealized gain (loss)

    

1.64

      

0.98

      

(1.60

)

    

2.32

      

0.47

      

0.64

    

Total from investment operations

    

1.67

      

1.06

      

(1.54

)

    

2.38

      

0.57

      

0.74

    

Distributions:

  

Dividends from net investment income

    

(0.05

)

    

(0.09

)

    

(0.04

)

    

(0.07

)

    

(0.10

)

    

(0.05

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

(0.25

)

  

Total distributions**

    

(0.05

)

    

(0.09

)

    

(0.04

)

    

(0.07

)

    

(0.10

)

    

(0.30

)

  

Net asset value, end of period

  

$

15.67

    

$

14.05

    

$

13.08

    

$

14.66

    

$

12.35

    

$

11.88

    

Ratios and supplemental data:

  

Total return(b)

    

11.84

%

    

8.10

%

    

(10.51

%)

    

19.20

%

    

4.92

%

    

6.65

%

  

Net assets, end of period (000)

  

$

28,052

    

$

24,754

    

$

33,814

    

$

34,309

    

$

15,782

    

$

10,412

    

Ratio of net expenses to average net assets

    

1.16

%(c)

    

1.17

%

    

1.16

%

    

1.17

%

    

1.15

%

    

1.21

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.16

%(c)

    

1.17

%

    

1.16

%

    

1.17

%

    

1.20

%

    

1.21

%

  
Ratio of net investment income (loss) to
average net assets		    

0.43

%(c)

    

0.58

%

    

0.42

%

    

0.44

%

    

0.84

%

    

0.86

%

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

13

%

    

19

%

    

32

%

    

39

%

    

57

%

    

82

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
26

Calamos Hedged Equity Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

13.67

    

$

12.78

    

$

14.39

    

$

12.18

    

$

11.72

    

$

11.35

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.02

)

    

(0.03

)

    

(0.04

)

    

(0.04

)

    

0.01

      

0.01

    

Net realized and unrealized gain (loss)

    

1.59

      

0.96

      

(1.57

)

    

2.28

      

0.48

      

0.63

    

Total from investment operations

    

1.57

      

0.93

      

(1.61

)

    

2.24

      

0.49

      

0.64

    

Distributions:

  

Dividends from net investment income

    

(0.03

)

    

(0.04

)

    

—

      

(0.03

)

    

(0.03

)

    

(0.02

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

(0.25

)

  

Total distributions**

    

(0.03

)

    

(0.04

)

    

—

      

(0.03

)

    

(0.03

)

    

(0.27

)

  

Net asset value, end of period

  

$

15.21

    

$

13.67

    

$

12.78

    

$

14.39

    

$

12.18

    

$

11.72

    

Ratios and supplemental data:

  

Total return(b)

    

11.46

%

    

7.28

%

    

(11.19

%)

    

18.43

%

    

4.19

%

    

5.88

%

  

Net assets, end of period (000)

  

$

10,460

    

$

8,703

    

$

7,884

    

$

6,960

    

$

3,429

    

$

2,151

    

Ratio of net expenses to average net assets

    

1.91

%(c)

    

1.92

%

    

1.91

%

    

1.92

%

    

1.90

%

    

1.96

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.91

%(c)

    

1.92

%

    

1.91

%

    

1.92

%

    

1.95

%

    

1.96

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.32

%)(c)

    

(0.20

%)

    

(0.31

%)

    

(0.30

%)

    

0.08

%

    

0.11

%

  

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

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

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

(c)  Annualized.

www.calamos.com
27

Calamos Hedged Equity Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.07

    

$

13.09

    

$

14.66

    

$

12.34

    

$

11.87

    

$

11.45

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.05

      

0.11

      

0.10

      

0.10

      

0.13

      

0.13

    

Net realized and unrealized gain (loss)

    

1.64

      

0.99

      

(1.61

)

    

2.31

      

0.47

      

0.64

    

Total from investment operations

    

1.69

      

1.10

      

(1.51

)

    

2.41

      

0.60

      

0.77

    

Distributions:

  

Dividends from net investment income

    

(0.07

)

    

(0.12

)

    

(0.06

)

    

(0.09

)

    

(0.13

)

    

(0.10

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

(0.25

)

  

Total distributions**

    

(0.07

)

    

(0.12

)

    

(0.06

)

    

(0.09

)

    

(0.13

)

    

(0.35

)

  

Net asset value, end of period

  

$

15.69

    

$

14.07

    

$

13.09

    

$

14.66

    

$

12.34

    

$

11.87

    

Ratios and supplemental data:

  

Total return(b)

    

11.99

%

    

8.41

%

    

(10.33

%)

    

19.60

%

    

5.09

%

    

7.01

%

  

Net assets, end of period (000)

  

$

614,457

    

$

527,423

    

$

547,166

    

$

514,903

    

$

342,851

    

$

224,234

    

Ratio of net expenses to average net assets

    

0.91

%(c)

    

0.92

%

    

0.91

%

    

0.92

%

    

0.90

%

    

0.96

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.91

%(c)

    

0.92

%

    

0.91

%

    

0.92

%

    

0.95

%

    

0.96

%

  
Ratio of net investment income (loss) to
average net assets		    

0.68

%(c)

    

0.81

%

    

0.69

%

    

0.73

%

    

1.09

%

    

1.12

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
28

Calamos Phineus Long/Short Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.93

    

$

14.60

    

$

15.46

    

$

11.18

    

$

11.63

    

$

12.15

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.19

      

0.19

      

(0.06

)

    

(0.13

)

    

(0.08

)

    

0.04

    

Net realized and unrealized gain (loss)

    

1.94

      

0.14

      

(0.80

)

    

4.41

      

(0.36

)

    

(0.12

)

  

Total from investment operations

    

2.13

      

0.33

      

(0.86

)

    

4.28

      

(0.44

)

    

(0.08

)

  

Distributions:

  

Dividends from net investment income

    

(0.26

)

    

—

      

—

      

—

      

(0.01

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

(0.44

)

  

Return of capital

    

—

      

—

      

—

      

—

      

(0.00

)*

    

—

    

Total distributions**

    

(0.26

)

    

—

      

—

      

—

      

(0.01

)

    

(0.44

)

  

Net asset value, end of period

  

$

16.80

    

$

14.93

    

$

14.60

    

$

15.46

    

$

11.18

    

$

11.63

    

Ratios and supplemental data:

  

Total return(b)

    

14.46

%

    

2.12

%

    

(5.44

%)

    

38.19

%

    

(3.77

%)

    

(0.45

%)

  

Net assets, end of period (000)

  

$

74,806

    

$

65,214

    

$

55,800

    

$

51,971

    

$

40,748

    

$

76,689

    

Ratio of net expenses to average net assets

    

2.38

%(c)(i)

    

2.38

%(d)

    

2.38

%(e)

    

2.34

%(f)

    

2.91

%(g)

    

2.95

%(h)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.38

%(i)

    

2.38

%

    

2.38

%

    

2.34

%

    

2.92

%

    

2.96

%

  
Ratio of net investment income (loss) to
average net assets		    

2.34

%(i)

    

1.21

%

    

(0.43

%)

    

(0.88

%)

    

(0.68

%)

    

0.33

%

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(j)

    

141

%

    

194

%

    

214

%

    

211

%

    

206

%

    

135

%

  

*  Amounts are less than $0.005.

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

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

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

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

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

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

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

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

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

(i)  Annualized.

(j)  Not annualized.

www.calamos.com
29

Calamos Phineus Long/Short Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.11

    

$

13.90

    

$

14.83

    

$

10.80

    

$

11.32

    

$

11.92

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.12

      

0.07

      

(0.17

)

    

(0.24

)

    

(0.16

)

    

(0.05

)

  

Net realized and unrealized gain (loss)

    

1.84

      

0.14

      

(0.76

)

    

4.27

      

(0.36

)

    

(0.11

)

  

Total from investment operations

    

1.96

      

0.21

      

(0.93

)

    

4.03

      

(0.52

)

    

(0.16

)

  

Distributions:

  

Dividends from net investment income

    

(0.14

)

    

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

(0.44

)

  

Return of capital

    

—

      

—

      

—

      

—

      

(0.00

)*

    

—

    

Total distributions**

    

(0.14

)

    

—

      

—

      

—

      

(0.00

)*

    

(0.44

)

  

Net asset value, end of period

  

$

15.93

    

$

14.11

    

$

13.90

    

$

14.83

    

$

10.80

    

$

11.32

    

Ratios and supplemental data:

  

Total return(b)

    

14.06

%

    

1.37

%

    

(6.20

%)

    

37.31

%

    

(4.59

%)

    

(1.15

%)

  

Net assets, end of period (000)

  

$

34,056

    

$

32,461

    

$

31,352

    

$

29,980

    

$

22,528

    

$

38,072

    

Ratio of net expenses to average net assets

    

3.13

%(c)(i)

    

3.13

%(d)

    

3.12

%(e)

    

3.09

%(f)

    

3.65

%(g)

    

3.69

%(h)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

3.13

%(i)

    

3.13

%

    

3.12

%

    

3.09

%

    

3.65

%

    

3.70

%

  
Ratio of net investment income (loss) to
average net assets		    

1.59

%(i)

    

0.46

%

    

(1.19

%)

    

(1.63

%)

    

(1.43

%)

    

(0.42

%)

  

*  Amounts are less than $0.005.

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

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

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

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

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

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

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

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

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

(i)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
30

Calamos Phineus Long/Short Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

15.17

    

$

14.81

    

$

15.64

    

$

11.28

    

$

11.75

    

$

12.23

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.21

      

0.23

      

(0.02

)

    

(0.10

)

    

(0.05

)

    

0.07

    

Net realized and unrealized gain (loss)

    

1.98

      

0.13

      

(0.81

)

    

4.46

      

(0.37

)

    

(0.11

)

  

Total from investment operations

    

2.19

      

0.36

      

(0.83

)

    

4.36

      

(0.42

)

    

(0.04

)

  

Distributions:

  

Dividends from net investment income

    

(0.30

)

    

(0.00

)*

    

—

      

—

      

(0.02

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

(0.44

)

  

Return of capital

    

—

      

—

      

—

      

—

      

(0.03

)

    

—

    

Total distributions**

    

(0.30

)

    

(0.00

)*

    

—

      

—

      

(0.05

)

    

(0.44

)

  

Net asset value, end of period

  

$

17.06

    

$

15.17

    

$

14.81

    

$

15.64

    

$

11.28

    

$

11.75

    

Ratios and supplemental data:

  

Total return(b)

    

14.62

%

    

2.40

%

    

(5.25

%)

    

38.69

%

    

(3.67

%)

    

(0.16

%)

  

Net assets, end of period (000)

  

$

928,484

    

$

838,221

    

$

697,472

    

$

476,965

    

$

344,843

    

$

678,157

    

Ratio of net expenses to average net assets

    

2.14

%(c)(i)

    

2.13

%(d)

    

2.14

%(e)

    

2.09

%(f)

    

2.64

%(g)

    

2.68

%(h)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.14

%(i)

    

2.13

%

    

2.14

%

    

2.09

%

    

2.65

%

    

2.69

%

  
Ratio of net investment income (loss) to
average net assets		    

2.59

%(i)

    

1.48

%

    

(0.12

%)

    

(0.63

%)

    

(0.42

%)

    

0.57

%

  

*  Amounts are less than $0.005.

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

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

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

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

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

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

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

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

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

(i)  Annualized.

www.calamos.com
31

Calamos Merger Arbitrage Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   September 29, 2023•
through
October 31,
2023		  

Net asset value, beginning of period

  

$

9.73

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.05

      

0.00

    

Net realized and unrealized gain (loss)

    

(0.07

)

    

(0.27

)

  

Total from investment operations

    

(0.02

)

    

(0.27

)

  

Distributions:

  

Dividends from net investment income

    

(0.04

)

    

—

    

Dividends from net realized gains

    

(0.01

)

    

—

    

Total distributions**

    

(0.05

)

    

—

    

Net asset value, end of period

  

$

9.66

    

$

9.73

    

Ratios and supplemental data:

  

Total return(b)

    

(0.16

%)

    

(2.70

%)

  

Net assets, end of period (000)

  

$

145

    

$

97

    

Ratio of net expenses to average net assets

    

2.14

%(c)(d)

    

1.50

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

11.98

%(c)

    

6.06

%(c)

  

Ratio of net investment income (loss) to average net assets

    

0.97

%(c)

    

0.52

%(c)

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   September 29, 2023•
through
October 31,
2023		  

Portfolio turnover rate(e)

    

81

%

    

13

%

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

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

(e)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
32

Calamos Merger Arbitrage Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   September 29, 2023•
through
October 31,
2023		  

Net asset value, beginning of period

  

$

9.72

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.01

      

0.00

    

Net realized and unrealized gain (loss)

    

(0.05

)

    

(0.28

)

  

Total from investment operations

    

(0.04

)

    

(0.28

)

  

Distributions:

  

Dividends from net investment income

    

(0.03

)

    

—

    

Dividends from net realized gains

    

(0.01

)

    

—

    

Total distributions**

    

(0.04

)

    

—

    

Net asset value, end of period

  

$

9.64

    

$

9.72

    

Ratios and supplemental data:

  

Total return(b)

    

(0.40

%)

    

(2.80

%)

  

Net assets, end of period (000)

  

$

97

    

$

97

    

Ratio of net expenses to average net assets

    

2.89

%(c)(d)

    

2.25

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

12.73

%(c)

    

6.81

%(c)

  

Ratio of net investment income (loss) to average net assets

    

0.20

%(c)

    

(0.23

%)(c)

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

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

www.calamos.com
33

Calamos Merger Arbitrage Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   September 29, 2023•
through
October 31,
2023		  

Net asset value, beginning of period

  

$

9.73

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.06

      

0.01

    

Net realized and unrealized gain (loss)

    

(0.05

)

    

(0.28

)

  

Total from investment operations

    

0.01

      

(0.27

)

  

Distributions:

  

Dividends from net investment income

    

(0.05

)

    

—

    

Dividends from net realized gains

    

(0.01

)

    

—

    

Total distributions**

    

(0.06

)

    

—

    

Net asset value, end of period

  

$

9.68

    

$

9.73

    

Ratios and supplemental data:

  

Total return(b)

    

0.07

%

    

(2.70

%)

  

Net assets, end of period (000)

  

$

1,831

    

$

1,864

    

Ratio of net expenses to average net assets

    

1.89

%(c)(d)

    

1.25

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

11.73

%(c)

    

5.81

%(c)

  

Ratio of net investment income (loss) to average net assets

    

1.20

%(c)

    

1.13

%(c)

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

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

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
34

Calamos Convertible Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

18.18

    

$

18.57

    

$

27.25

    

$

22.78

    

$

17.45

    

$

18.11

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.04

)

    

(0.08

)

    

(0.27

)

    

(0.61

)

    

0.47

      

0.51

    

Net realized and unrealized gain (loss)

    

2.03

      

(0.15

)

    

(5.20

)

    

6.68

      

4.99

      

1.00

    

Total from investment operations

    

1.99

      

(0.23

)

    

(5.47

)

    

6.07

      

5.46

      

1.51

    

Distributions:

  

Dividends from net investment income

    

(0.10

)

    

(0.16

)

    

(0.02

)

    

(0.06

)

    

(0.13

)

    

(0.35

)

  

Dividends from net realized gains

    

(0.22

)

    

—

      

(3.19

)

    

(1.54

)

    

—

      

(1.82

)

  

Total distributions**

    

(0.32

)

    

(0.16

)

    

(3.21

)

    

(1.60

)

    

(0.13

)

    

(2.17

)

  

Net asset value, end of period

  

$

19.85

    

$

18.18

    

$

18.57

    

$

27.25

    

$

22.78

    

$

17.45

    

Ratios and supplemental data:

  

Total return(b)

    

10.99

%

    

(1.26

%)

    

(22.29

%)

    

27.09

%

    

31.58

%

    

10.02

%

  

Net assets, end of period (000)

  

$

248,185

    

$

243,516

    

$

294,233

    

$

422,476

    

$

333,481

    

$

245,948

    

Ratio of net expenses to average net assets

    

1.14

%(c)

    

1.13

%

    

1.10

%

    

1.08

%

    

1.13

%

    

1.16

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.14

%(c)

    

1.13

%

    

1.10

%

    

1.08

%

    

1.13

%

    

1.16

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.45

%)(c)

    

(0.44

%)

    

(1.30

%)

    

(2.35

%)

    

2.37

%

    

2.98

%

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

21

%

    

40

%

    

39

%

    

41

%

    

71

%

    

37

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
35

Calamos Convertible Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

17.62

    

$

18.03

    

$

26.73

    

$

22.48

    

$

17.27

    

$

17.92

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.11

)

    

(0.22

)

    

(0.42

)

    

(0.80

)

    

0.32

      

0.39

    

Net realized and unrealized gain (loss)

    

1.97

      

(0.13

)

    

(5.09

)

    

6.59

      

4.93

      

0.99

    

Total from investment operations

    

1.86

      

(0.35

)

    

(5.51

)

    

5.79

      

5.25

      

1.38

    

Distributions:

  

Dividends from net investment income

    

(0.05

)

    

(0.06

)

    

—

      

—

      

(0.04

)

    

(0.21

)

  

Dividends from net realized gains

    

(0.22

)

    

—

      

(3.19

)

    

(1.54

)

    

—

      

(1.82

)

  

Total distributions**

    

(0.27

)

    

(0.06

)

    

(3.19

)

    

(1.54

)

    

(0.04

)

    

(2.03

)

  

Net asset value, end of period

  

$

19.21

    

$

17.62

    

$

18.03

    

$

26.73

    

$

22.48

    

$

17.27

    

Ratios and supplemental data:

  

Total return(b)

    

10.60

%

    

(2.01

%)

    

(22.88

%)

    

26.16

%

    

30.53

%

    

9.21

%

  

Net assets, end of period (000)

  

$

30,482

    

$

31,773

    

$

41,804

    

$

71,925

    

$

56,935

    

$

56,070

    

Ratio of net expenses to average net assets

    

1.89

%(c)

    

1.88

%

    

1.85

%

    

1.83

%

    

1.88

%

    

1.91

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.89

%(c)

    

1.88

%

    

1.85

%

    

1.83

%

    

1.88

%

    

1.91

%

  
Ratio of net investment income (loss) to
average net assets		    

(1.20

%)(c)

    

(1.19

%)

    

(2.04

%)

    

(3.10

%)

    

1.65

%

    

2.34

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
36

Calamos Convertible Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

15.55

    

$

15.91

    

$

23.82

    

$

20.05

    

$

15.38

    

$

16.23

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.02

)

    

(0.03

)

    

(0.19

)

    

(0.48

)

    

0.46

      

0.49

    

Net realized and unrealized gain (loss)

    

1.74

      

(0.12

)

    

(4.49

)

    

5.86

      

4.39

      

0.88

    

Total from investment operations

    

1.72

      

(0.15

)

    

(4.68

)

    

5.38

      

4.85

      

1.37

    

Distributions:

  

Dividends from net investment income

    

(0.12

)

    

(0.21

)

    

(0.04

)

    

(0.07

)

    

(0.18

)

    

(0.40

)

  

Dividends from net realized gains

    

(0.22

)

    

—

      

(3.19

)

    

(1.54

)

    

—

      

(1.82

)

  

Total distributions**

    

(0.34

)

    

(0.21

)

    

(3.23

)

    

(1.61

)

    

(0.18

)

    

(2.22

)

  

Net asset value, end of period

  

$

16.93

    

$

15.55

    

$

15.91

    

$

23.82

    

$

20.05

    

$

15.38

    

Ratios and supplemental data:

  

Total return(b)

    

11.14

%

    

(1.04

%)

    

(22.09

%)

    

27.40

%

    

31.91

%

    

10.31

%

  

Net assets, end of period (000)

  

$

550,827

    

$

559,907

    

$

680,441

    

$

1,161,030

    

$

773,460

    

$

442,907

    

Ratio of net expenses to average net assets

    

0.89

%(c)

    

0.88

%

    

0.85

%

    

0.83

%

    

0.88

%

    

0.91

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.89

%(c)

    

0.88

%

    

0.85

%

    

0.83

%

    

0.88

%

    

0.91

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.20

%)(c)

    

(0.19

%)

    

(1.04

%)

    

(2.09

%)

    

2.60

%

    

3.21

%

  

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

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

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

(c)  Annualized.

www.calamos.com
37

Calamos Global Convertible Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

10.01

    

$

9.59

    

$

14.85

    

$

13.48

    

$

11.08

    

$

10.81

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.05

)

    

(0.15

)

    

(0.01

)

    

(0.44

)

    

0.24

      

0.10

    

Net realized and unrealized gain (loss)

    

1.17

      

0.60

      

(3.45

)

    

2.95

      

2.37

      

0.70

    

Total from investment operations

    

1.12

      

0.45

      

(3.46

)

    

2.51

      

2.61

      

0.80

    

Distributions:

  

Dividends from net investment income

    

—

      

(0.03

)

    

(0.01

)

    

(0.01

)

    

(0.06

)

    

(0.22

)

  

Dividends from net realized gains

    

—

      

—

      

(1.79

)

    

(1.13

)

    

(0.15

)

    

(0.31

)

  

Total distributions**

    

—

      

(0.03

)

    

(1.80

)

    

(1.14

)

    

(0.21

)

    

(0.53

)

  

Net asset value, end of period

  

$

11.13

    

$

10.01

    

$

9.59

    

$

14.85

    

$

13.48

    

$

11.08

    

Ratios and supplemental data:

  

Total return(b)

    

11.19

%

    

4.78

%

    

(26.01

%)

    

18.86

%

    

23.93

%

    

7.90

%

  

Net assets, end of period (000)

  

$

8,704

    

$

8,455

    

$

10,698

    

$

17,865

    

$

11,231

    

$

8,998

    

Ratio of net expenses to average net assets

    

1.35

%(c)

    

1.34

%

    

1.28

%

    

1.25

%

    

1.33

%

    

1.32

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.35

%(c)

    

1.34

%

    

1.28

%

    

1.25

%

    

1.34

%

    

1.32

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.94

%)(c)

    

(1.48

%)

    

(0.11

%)

    

(2.96

%)

    

1.96

%

    

0.91

%

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

14

%

    

27

%

    

31

%

    

35

%

    

48

%

    

45

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
38

Calamos Global Convertible Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.60

    

$

9.23

    

$

14.47

    

$

13.25

    

$

10.93

    

$

10.69

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.09

)

    

(0.22

)

    

(0.09

)

    

(0.54

)

    

0.14

      

0.02

    

Net realized and unrealized gain (loss)

    

1.12

      

0.59

      

(3.36

)

    

2.89

      

2.35

      

0.69

    

Total from investment operations

    

1.03

      

0.37

      

(3.45

)

    

2.35

      

2.49

      

0.71

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

(0.02

)

    

(0.16

)

  

Dividends from net realized gains

    

—

      

—

      

(1.79

)

    

(1.13

)

    

(0.15

)

    

(0.31

)

  

Total distributions**

    

—

      

—

      

(1.79

)

    

(1.13

)

    

(0.17

)

    

(0.47

)

  

Net asset value, end of period

  

$

10.63

    

$

9.60

    

$

9.23

    

$

14.47

    

$

13.25

    

$

10.93

    

Ratios and supplemental data:

  

Total return(b)

    

10.73

%

    

4.01

%

    

(26.58

%)

    

17.95

%

    

23.09

%

    

7.01

%

  

Net assets, end of period (000)

  

$

1,924

    

$

2,615

    

$

3,425

    

$

5,448

    

$

4,824

    

$

3,409

    

Ratio of net expenses to average net assets

    

2.10

%(c)

    

2.09

%

    

2.03

%

    

2.00

%

    

2.08

%

    

2.07

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.10

%(c)

    

2.09

%

    

2.03

%

    

2.00

%

    

2.09

%

    

2.07

%

  
Ratio of net investment income (loss) to
average net assets		    

(1.69

%)(c)

    

(2.23

%)

    

(0.85

%)

    

(3.72

%)

    

1.21

%

    

0.16

%

  

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

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

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

(c)  Annualized.

www.calamos.com
39

Calamos Global Convertible Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

10.04

    

$

9.60

    

$

14.87

    

$

13.50

    

$

11.08

    

$

10.82

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.04

)

    

(0.13

)

    

0.01

      

(0.40

)

    

0.26

      

0.12

    

Net realized and unrealized gain (loss)

    

1.18

      

0.61

      

(3.46

)

    

2.94

      

2.39

      

0.70

    

Total from investment operations

    

1.14

      

0.48

      

(3.45

)

    

2.54

      

2.65

      

0.82

    

Distributions:

  

Dividends from net investment income

    

—

      

(0.04

)

    

(0.03

)

    

(0.04

)

    

(0.08

)

    

(0.25

)

  

Dividends from net realized gains

    

—

      

—

      

(1.79

)

    

(1.13

)

    

(0.15

)

    

(0.31

)

  

Total distributions**

    

—

      

(0.04

)

    

(1.82

)

    

(1.17

)

    

(0.23

)

    

(0.56

)

  

Net asset value, end of period

  

$

11.18

    

$

10.04

    

$

9.60

    

$

14.87

    

$

13.50

    

$

11.08

    

Ratios and supplemental data:

  

Total return(b)

    

11.25

%

    

5.00

%

    

(25.82

%)

    

19.09

%

    

24.36

%

    

8.09

%

  

Net assets, end of period (000)

  

$

112,922

    

$

109,319

    

$

117,766

    

$

260,688

    

$

192,475

    

$

120,526

    

Ratio of net expenses to average net assets

    

1.10

%(c)

    

1.09

%

    

1.03

%

    

1.00

%

    

1.08

%

    

1.07

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.10

%(c)

    

1.09

%

    

1.03

%

    

1.00

%

    

1.09

%

    

1.07

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.69

%)(c)

    

(1.23

%)

    

0.13

%

    

(2.71

%)

    

2.19

%

    

1.16

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
40

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

   

CLASS A*

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

  May 31, 2019
through
October 31,		   July 1, 2018
through
May 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

2019†​

  

Net asset value, beginning of period

  

$

22.20

    

$

26.35

    

$

42.31

    

$

29.18

    

$

22.31

    

$

22.51

    

$

25.02

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.14

)

    

(0.26

)

    

(0.24

)

    

(0.45

)

    

(0.28

)

    

(0.11

)

    

(0.29

)

  

Net realized and unrealized gain (loss)

    

6.99

      

(3.89

)

    

(15.72

)

    

14.95

      

8.29

      

(0.09

)

    

(0.80

)

  

Total from investment operations

    

6.85

      

(4.15

)

    

(15.96

)

    

14.50

      

8.01

      

(0.20

)

    

(1.09

)

  

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

(1.37

)

    

(1.14

)

    

—

      

(1.42

)

  

Return of capital

    

—

      

—

      

—

      

(0.00

)**

    

—

      

—

      

—

    

Total distributions***

    

—

      

—

      

—

      

(1.37

)

    

(1.14

)

    

—

      

(1.42

)

  

Net asset value, end of period

  

$

29.05

    

$

22.20

    

$

26.35

    

$

42.31

    

$

29.18

    

$

22.31

    

$

22.51

    

Ratios and supplemental data:

  

Total return(b)

    

30.86

%

    

(15.75

%)

    

(37.71

%)

    

50.42

%

    

37.60

%

    

(0.89

%)

    

(3.52

%)

  

Net assets, end of period (000)

  

$

24,603

    

$

18,283

    

$

23,762

    

$

35,274

    

$

9,313

    

$

6,857

    

$

5,551

    

Ratio of net expenses to average net assets

    

1.30

%(c)

    

1.30

%

    

1.30

%

    

1.30

%

    

1.30

%

    

1.30

%(c)

    

1.50

%(c)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.38

%(c)

    

1.37

%

    

1.37

%

    

1.37

%

    

1.40

%

    

1.35

%(c)

    

1.71

%(c)

  
Ratio of net investment income (loss) to
average net assets		    

(1.03

%)(c)

    

(1.03

%)

    

(0.78

%)

    

(1.15

%)

    

(1.16

%)

    

(1.18

%)(c)

    

(1.31

%)(c)

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

  May 31, 2019
through
October 31,		   July 1, 2018
through
May 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

2019†​

  

Portfolio turnover rate(d)

    

128

%

    

215

%

    

197

%

    

165

%

    

181

%

    

142

%

    

112

%

  

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

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

**  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
41

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

  June 25, 2021•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

Net asset value, beginning of period

  

$

22.48

    

$

26.88

    

$

43.50

    

$

41.91

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.24

)

    

(0.45

)

    

(0.45

)

    

(0.82

)

  

Net realized and unrealized gain (loss)

    

7.07

      

(3.95

)

    

(16.17

)

    

2.41

    

Total from investment operations

    

6.83

      

(4.40

)

    

(16.62

)

    

1.59

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

—

    

Total distributions**

    

—

      

—

      

—

      

—

    

Net asset value, end of period

  

$

29.31

    

$

22.48

    

$

26.88

    

$

43.50

    

Ratios and supplemental data:(b)

  

Total return

    

30.38

%

    

(16.37

%)

    

(38.18

%)

    

3.75

%

  

Net assets, end of period (000)

  

$

4,441

    

$

3,648

    

$

4,425

    

$

3,165

    

Ratio of net expenses to average net assets

    

2.05

%(c)

    

2.05

%

    

2.05

%

    

2.05

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

2.13

%(c)

    

2.12

%

    

2.12

%

    

2.06

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(1.78

%)(c)

    

(1.79

%)

    

(1.50

%)

    

(2.00

%)(c)

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
42

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

   

CLASS I*

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

  May 31, 2019
through
October 31,		   July 1, 2018
through
May 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

2019†​

  

Net asset value, beginning of period

  

$

23.01

    

$

27.24

    

$

43.65

    

$

29.99

    

$

22.85

    

$

23.02

    

$

25.47

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.11

)

    

(0.20

)

    

(0.16

)

    

(0.36

)

    

(0.23

)

    

(0.09

)

    

(0.20

)

  

Net realized and unrealized gain (loss)

    

7.25

      

(4.03

)

    

(16.25

)

    

15.39

      

8.51

      

(0.08

)

    

(0.83

)

  

Total from investment operations

    

7.14

      

(4.23

)

    

(16.41

)

    

15.03

      

8.28

      

(0.17

)

    

(1.03

)

  

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

(1.37

)

    

(1.14

)

    

—

      

(1.42

)

  

Return of capital

    

—

      

—

      

—

      

(0.00

)**

    

—

      

—

      

—

    

Total distributions***

    

—

      

—

      

—

      

(1.37

)

    

(1.14

)

    

—

      

(1.42

)

  

Net asset value, end of period

  

$

30.15

    

$

23.01

    

$

27.24

    

$

43.65

    

$

29.99

    

$

22.85

    

$

23.02

    

Ratios and supplemental data:

  

Total return(b)

    

31.03

%

    

(15.53

%)

    

(37.57

%)

    

50.80

%

    

37.90

%

    

(0.74

%)

    

(3.21

%)

  

Net assets, end of period (000)

  

$

216,345

    

$

191,831

    

$

292,187

    

$

387,149

    

$

124,867

    

$

72,539

    

$

68,510

    

Ratio of net expenses to average net assets

    

1.05

%(c)

    

1.05

%

    

1.05

%

    

1.05

%

    

1.05

%

    

1.05

%(c)

    

1.10

%(c)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.13

%(c)

    

1.12

%

    

1.12

%

    

1.11

%

    

1.16

%

    

1.11

%(c)

    

1.34

%(c)

  
Ratio of net investment income (loss) to
average net assets		    

(0.77

%)(c)

    

(0.78

%)

    

(0.52

%)

    

(0.90

%)

    

(0.92

%)

    

(0.93

%)(c)

    

(0.92

%)(c)

  

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

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

**  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

www.calamos.com
43

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

   

CLASS R6

  
    (Unaudited)
Six Months
Ended
April 30,		  

Year Ended October 31,

   May 31, 2019•
through
October 31,		  
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

23.11

    

$

27.33

    

$

43.74

    

$

30.02

    

$

22.86

    

$

23.02

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.09

)

    

(0.17

)

    

(0.11

)

    

(0.32

)

    

(0.21

)

    

(0.08

)

  

Net realized and unrealized gain (loss)

    

7.28

      

(4.05

)

    

(16.30

)

    

15.41

      

8.51

      

(0.08

)

  

Total from investment operations

    

7.19

      

(4.22

)

    

(16.41

)

    

15.09

      

8.30

      

(0.16

)

  

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

(1.37

)

    

(1.14

)

    

—

    

Total distributions**

    

—

      

—

      

—

      

(1.37

)

    

(1.14

)

    

—

    

Net asset value, end of period

  

$

30.30

    

$

23.11

    

$

27.33

    

$

43.74

    

$

30.02

    

$

22.86

    

Ratios and supplemental data:

  

Total return(b)

    

31.11

%

    

(15.41

%)

    

(37.51

%)

    

50.96

%

    

37.98

%

    

(0.70

%)

  

Net assets, end of period (000)

  

$

32,490

    

$

24,499

    

$

22,181

    

$

29,120

    

$

1,562

    

$

1,063

    

Ratio of net expenses to average net assets

    

0.93

%(c)

    

0.92

%

    

0.93

%

    

0.96

%

    

0.98

%

    

1.00

%(c)

  
Ratio of gross expenses to average net assets prior to
expense reductions		    

1.01

%(c)

    

0.99

%

    

1.00

%

    

1.02

%

    

1.09

%

    

0.96

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(0.66

%)(c)

    

(0.67

%)

    

(0.37

%)

    

(0.80

%)

    

(0.84

%)

    

(0.84

%)(c)

  

•  Commencement of operations.

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

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

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
44

Calamos Timpani SMID Growth Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

   August 1, 2019•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.09

    

$

10.14

    

$

18.17

    

$

12.34

    

$

9.01

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.06

)

    

(0.10

)

    

(0.08

)

    

(0.20

)

    

(0.13

)

    

(0.03

)

  

Net realized and unrealized gain (loss)

    

2.87

      

(0.95

)

    

(6.23

)

    

6.03

      

3.46

      

(0.96

)

  

Total from investment operations

    

2.81

      

(1.05

)

    

(6.31

)

    

5.83

      

3.33

      

(0.99

)

  

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(1.72

)

    

—

      

—

      

—

    

Total distributions**

    

—

      

—

      

(1.72

)

    

—

      

—

      

—

    

Net asset value, end of period

  

$

11.90

    

$

9.09

    

$

10.14

    

$

18.17

    

$

12.34

    

$

9.01

    

Ratios and supplemental data:

  

Total return(b)

    

30.80

%

    

(10.36

%)

    

(37.07

%)

    

47.04

%

    

36.96

%

    

(9.90

%)

  

Net assets, end of period (000)

  

$

221

    

$

341

    

$

305

    

$

162

    

$

182

    

$

9

    

Ratio of net expenses to average net assets

    

1.35

%(c)

    

1.35

%

    

1.35

%

    

1.35

%

    

1.35

%

    

1.37

%(c)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.90

%(c)

    

1.98

%

    

1.93

%

    

1.79

%

    

2.45

%

    

3.42

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(1.10

%)(c)

    

(1.06

%)

    

(0.68

%)

    

(1.22

%)

    

(1.21

%)

    

(1.11

%)(c)

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

   August 1, 2019•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

124

%

    

231

%

    

205

%

    

188

%

    

201

%

    

55

%

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
45

Calamos Timpani SMID Growth Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

   August 1, 2019•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.20

    

$

10.23

    

$

18.28

    

$

12.38

    

$

9.02

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.05

)

    

(0.08

)

    

(0.06

)

    

(0.16

)

    

(0.10

)

    

(0.02

)

  

Net realized and unrealized gain (loss)

    

2.91

      

(0.95

)

    

(6.27

)

    

6.06

      

3.46

      

(0.96

)

  

Total from investment operations

    

2.86

      

(1.03

)

    

(6.33

)

    

5.90

      

3.36

      

(0.98

)

  

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(1.72

)

    

—

      

—

      

—

    

Total distributions**

    

—

      

—

      

(1.72

)

    

—

      

—

      

—

    

Net asset value, end of period

  

$

12.06

    

$

9.20

    

$

10.23

    

$

18.28

    

$

12.38

    

$

9.02

    

Ratios and supplemental data:

  

Total return(b)

    

31.09

%

    

(10.07

%)

    

(36.95

%)

    

47.46

%

    

37.25

%

    

(9.80

%)

  

Net assets, end of period (000)

  

$

21,174

    

$

15,495

    

$

16,497

    

$

25,793

    

$

16,877

    

$

9,348

    

Ratio of net expenses to average net assets

    

1.10

%(c)

    

1.10

%

    

1.10

%

    

1.10

%

    

1.10

%

    

1.10

%(c)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.63

%(c)

    

1.73

%

    

1.65

%

    

1.55

%

    

2.25

%

    

3.17

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(0.87

%)(c)

    

(0.80

%)

    

(0.48

%)

    

(0.98

%)

    

(0.94

%)

    

(0.85

%)(c)

  

•  Commencement of operations.

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

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

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
46

Calamos Timpani SMID Growth Financial Highlights

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

   

CLASS R6

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

  August 1, 2019•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.21

    

$

10.23

    

$

18.28

    

$

12.38

    

$

9.02

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.05

)

    

(0.08

)

    

(0.05

)

    

(0.18

)

    

(0.09

)

    

(0.02

)

  

Net realized and unrealized gain (loss)

    

2.91

      

(0.94

)

    

(6.28

)

    

6.08

      

3.45

      

(0.96

)

  

Total from investment operations

    

2.86

      

(1.02

)

    

(6.33

)

    

5.90

      

3.36

      

(0.98

)

  

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(1.72

)

    

—

      

—

      

—

    

Total distributions**

    

—

      

—

      

(1.72

)

    

—

      

—

      

—

    

Net asset value, end of period

  

$

12.07

    

$

9.21

    

$

10.23

    

$

18.28

    

$

12.38

    

$

9.02

    

Ratios and supplemental data:

  

Total return(b)

    

30.94

%

    

(9.97

%)

    

(36.95

%)

    

47.46

%

    

37.25

%

    

(9.80

%)

  

Net assets, end of period (000)

  

$

430

    

$

320

    

$

355

    

$

499

    

$

12

    

$

9

    

Ratio of net expenses to average net assets

    

1.07

%(c)

    

1.07

%

    

1.07

%

    

1.08

%

    

1.06

%

    

1.07

%(c)

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.60

%(c)

    

1.70

%

    

1.63

%

    

1.48

%

    

2.25

%

    

3.16

%(c)

  
Ratio of net investment income (loss) to
average net assets		    

(0.84

%)(c)

    

(0.77

%)

    

(0.43

%)

    

(1.04

%)

    

(0.90

%)

    

(0.81

%)(c)

  

•  Commencement of operations.

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

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

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

(c)  Annualized.

www.calamos.com
47

Calamos Growth Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

32.47

    

$

28.24

    

$

45.88

    

$

34.96

    

$

32.23

    

$

33.14

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.12

)

    

(0.13

)

    

(0.22

)

    

(0.33

)

    

(0.14

)

    

(0.04

)

  

Net realized and unrealized gain (loss)

    

7.87

      

4.36

      

(12.47

)

    

15.44

      

5.90

      

3.53

    

Total from investment operations

    

7.75

      

4.23

      

(12.69

)

    

15.11

      

5.76

      

3.49

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

(1.60

)

    

—

      

(4.95

)

    

(4.19

)

    

(3.03

)

    

(4.40

)

  

Total distributions**

    

(1.60

)

    

—

      

(4.95

)

    

(4.19

)

    

(3.03

)

    

(4.40

)

  

Net asset value, end of period

  

$

38.62

    

$

32.47

    

$

28.24

    

$

45.88

    

$

34.96

    

$

32.23

    

Ratios and supplemental data:

  

Total return(b)

    

24.27

%

    

14.98

%

    

(30.58

%)

    

46.00

%

    

19.11

%

    

13.97

%

  

Net assets, end of period (000)

  

$

1,081,628

    

$

925,437

    

$

900,167

    

$

1,436,709

    

$

1,093,909

    

$

1,066,939

    

Ratio of net expenses to average net assets

    

1.30

%(c)

    

1.32

%

    

1.30

%

    

1.28

%

    

1.34

%

    

1.34

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.30

%(c)

    

1.32

%

    

1.30

%

    

1.28

%

    

1.34

%

    

1.34

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.67

%)(c)

    

(0.43

%)

    

(0.64

%)

    

(0.80

%)

    

(0.45

%)

    

(0.12

%)

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

28

%

    

57

%

    

42

%

    

45

%

    

115

%

    

69

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
48

Calamos Growth Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

12.59

    

$

11.03

    

$

21.21

    

$

18.18

    

$

18.26

    

$

21.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.10

)

    

(0.14

)

    

(0.19

)

    

(0.29

)

    

(0.20

)

    

(0.13

)

  

Net realized and unrealized gain (loss)

    

2.97

      

1.70

      

(5.04

)

    

7.51

      

3.15

      

1.79

    

Total from investment operations

    

2.87

      

1.56

      

(5.23

)

    

7.22

      

2.95

      

1.66

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

(1.60

)

    

—

      

(4.95

)

    

(4.19

)

    

(3.03

)

    

(4.40

)

  

Total distributions**

    

(1.60

)

    

—

      

(4.95

)

    

(4.19

)

    

(3.03

)

    

(4.40

)

  

Net asset value, end of period

  

$

13.86

    

$

12.59

    

$

11.03

    

$

21.21

    

$

18.18

    

$

18.26

    

Ratios and supplemental data:

  

Total return(b)

    

23.79

%

    

14.14

%

    

(31.12

%)

    

44.94

%

    

18.23

%

    

13.18

%

  

Net assets, end of period (000)

  

$

10,150

    

$

9,493

    

$

12,281

    

$

25,965

    

$

35,843

    

$

50,442

    

Ratio of net expenses to average net assets

    

2.05

%(c)

    

2.08

%

    

2.05

%

    

2.04

%

    

2.09

%

    

2.11

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.05

%(c)

    

2.08

%

    

2.05

%

    

2.04

%

    

2.10

%

    

2.12

%

  
Ratio of net investment income (loss) to
average net assets		    

(1.42

%)(c)

    

(1.16

%)

    

(1.39

%)

    

(1.53

%)

    

(1.17

%)

    

(0.73

%)

  

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

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

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

(c)  Annualized.

www.calamos.com
49

Calamos Growth Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

49.51

    

$

42.95

    

$

66.93

    

$

49.25

    

$

44.13

    

$

43.48

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.12

)

    

(0.09

)

    

(0.20

)

    

(0.33

)

    

(0.09

)

    

0.06

    

Net realized and unrealized gain (loss)

    

12.09

      

6.65

      

(18.83

)

    

22.20

      

8.24

      

4.99

    

Total from investment operations

    

11.97

      

6.56

      

(19.03

)

    

21.87

      

8.15

      

5.05

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

(1.60

)

    

—

      

(4.95

)

    

(4.19

)

    

(3.03

)

    

(4.40

)

  

Total distributions**

    

(1.60

)

    

—

      

(4.95

)

    

(4.19

)

    

(3.03

)

    

(4.40

)

  

Net asset value, end of period

  

$

59.88

    

$

49.51

    

$

42.95

    

$

66.93

    

$

49.25

    

$

44.13

    

Ratios and supplemental data:

  

Total return(b)

    

24.42

%

    

15.27

%

    

(30.43

%)

    

46.40

%

    

19.39

%

    

14.24

%

  

Net assets, end of period (000)

  

$

312,639

    

$

262,752

    

$

246,566

    

$

395,431

    

$

291,027

    

$

280,294

    

Ratio of net expenses to average net assets

    

1.05

%(c)

    

1.07

%

    

1.05

%

    

1.03

%

    

1.09

%

    

1.09

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.05

%(c)

    

1.07

%

    

1.05

%

    

1.03

%

    

1.09

%

    

1.09

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.42

%)(c)

    

(0.18

%)

    

(0.39

%)

    

(0.56

%)

    

(0.20

%)

    

0.15

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
50

Calamos Growth and Income Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

39.42

    

$

38.33

    

$

48.18

    

$

36.26

    

$

33.43

    

$

32.53

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.05

      

0.19

      

0.08

      

0.07

      

0.30

      

0.32

    

Net realized and unrealized gain (loss)

    

6.32

      

2.38

      

(7.32

)

    

13.01

      

3.74

      

2.99

    

Total from investment operations

    

6.37

      

2.57

      

(7.24

)

    

13.08

      

4.04

      

3.31

    

Distributions:

  

Dividends from net investment income

    

(0.15

)

    

(0.44

)

    

(0.24

)

    

(0.27

)

    

(0.41

)

    

(0.50

)

  

Dividends from net realized gains

    

(1.50

)

    

(1.04

)

    

(2.37

)

    

(0.89

)

    

(0.80

)

    

(1.91

)

  

Total distributions**

    

(1.65

)

    

(1.48

)

    

(2.61

)

    

(1.16

)

    

(1.21

)

    

(2.41

)

  

Net asset value, end of period

  

$

44.14

    

$

39.42

    

$

38.33

    

$

48.18

    

$

36.26

    

$

33.43

    

Ratios and supplemental data:

  

Total return(b)

    

16.35

%

    

6.86

%

    

(15.77

%)

    

36.68

%

    

12.43

%

    

11.51

%

  

Net assets, end of period (000)

  

$

1,307,995

    

$

1,182,667

    

$

1,199,491

    

$

1,531,445

    

$

1,163,876

    

$

1,129,201

    

Ratio of net expenses to average net assets

    

1.05

%(c)

    

1.06

%

    

1.05

%

    

1.06

%

    

1.08

%

    

1.09

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.05

%(c)

    

1.06

%

    

1.05

%

    

1.06

%

    

1.08

%

    

1.09

%

  
Ratio of net investment income (loss) to
average net assets		    

0.22

%(c)

    

0.48

%

    

0.19

%

    

0.15

%

    

0.86

%

    

1.01

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

11

%

    

20

%

    

24

%

    

18

%

    

35

%

    

19

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
51

Calamos Growth and Income Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

39.57

    

$

38.57

    

$

48.55

    

$

36.57

    

$

33.68

    

$

32.69

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.12

)

    

(0.11

)

    

(0.24

)

    

(0.25

)

    

0.04

      

0.12

    

Net realized and unrealized gain (loss)

    

6.36

      

2.38

      

(7.37

)

    

13.12

      

3.79

      

2.98

    

Total from investment operations

    

6.24

      

2.27

      

(7.61

)

    

12.87

      

3.83

      

3.10

    

Distributions:

  

Dividends from net investment income

    

(0.06

)

    

(0.23

)

    

—

      

—

      

(0.14

)

    

(0.20

)

  

Dividends from net realized gains

    

(1.50

)

    

(1.04

)

    

(2.37

)

    

(0.89

)

    

(0.80

)

    

(1.91

)

  

Total distributions**

    

(1.56

)

    

(1.27

)

    

(2.37

)

    

(0.89

)

    

(0.94

)

    

(2.11

)

  

Net asset value, end of period

  

$

44.25

    

$

39.57

    

$

38.57

    

$

48.55

    

$

36.57

    

$

33.68

    

Ratios and supplemental data:

  

Total return(b)

    

15.94

%

    

6.08

%

    

(16.41

%)

    

35.66

%

    

11.62

%

    

10.68

%

  

Net assets, end of period (000)

  

$

97,148

    

$

79,895

    

$

84,104

    

$

98,647

    

$

101,490

    

$

136,333

    

Ratio of net expenses to average net assets

    

1.80

%(c)

    

1.81

%

    

1.80

%

    

1.81

%

    

1.84

%

    

1.85

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.80

%(c)

    

1.81

%

    

1.80

%

    

1.81

%

    

1.84

%

    

1.85

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.54

%)(c)

    

(0.27

%)

    

(0.56

%)

    

(0.57

%)

    

0.13

%

    

0.37

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
52

Calamos Growth and Income Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

37.47

    

$

36.50

    

$

46.02

    

$

34.68

    

$

32.03

    

$

31.28

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.10

      

0.27

      

0.17

      

0.17

      

0.36

      

0.39

    

Net realized and unrealized gain (loss)

    

6.01

      

2.25

      

(6.97

)

    

12.44

      

3.58

      

2.85

    

Total from investment operations

    

6.11

      

2.52

      

(6.80

)

    

12.61

      

3.94

      

3.24

    

Distributions:

  

Dividends from net investment income

    

(0.20

)

    

(0.51

)

    

(0.35

)

    

(0.38

)

    

(0.49

)

    

(0.58

)

  

Dividends from net realized gains

    

(1.50

)

    

(1.04

)

    

(2.37

)

    

(0.89

)

    

(0.80

)

    

(1.91

)

  

Total distributions**

    

(1.70

)

    

(1.55

)

    

(2.72

)

    

(1.27

)

    

(1.29

)

    

(2.49

)

  

Net asset value, end of period

  

$

41.88

    

$

37.47

    

$

36.50

    

$

46.02

    

$

34.68

    

$

32.03

    

Ratios and supplemental data:

  

Total return(b)

    

16.52

%

    

7.12

%

    

(15.55

%)

    

37.02

%

    

12.72

%

    

11.81

%

  

Net assets, end of period (000)

  

$

1,158,281

    

$

978,583

    

$

977,765

    

$

1,211,985

    

$

818,641

    

$

735,329

    

Ratio of net expenses to average net assets

    

0.80

%(c)

    

0.81

%

    

0.80

%

    

0.81

%

    

0.83

%

    

0.85

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.80

%(c)

    

0.81

%

    

0.80

%

    

0.81

%

    

0.83

%

    

0.85

%

  
Ratio of net investment income (loss) to
average net assets		    

0.47

%(c)

    

0.73

%

    

0.44

%

    

0.40

%

    

1.11

%

    

1.27

%

  

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

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

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

(c)  Annualized.

www.calamos.com
53

Calamos Growth and Income Fund Financial Highlights

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

   

CLASS R6

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

  June 23, 2020•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

Net asset value, beginning of period

  

$

37.49

    

$

36.51

    

$

46.04

    

$

34.69

    

$

33.24

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.11

      

0.30

      

0.21

      

0.16

      

0.12

    

Net realized and unrealized gain (loss)

    

6.02

      

2.26

      

(6.99

)

    

12.49

      

1.42

    

Total from investment operations

    

6.13

      

2.56

      

(6.78

)

    

12.65

      

1.54

    

Distributions:

  

Dividends from net investment income

    

(0.22

)

    

(0.54

)

    

(0.38

)

    

(0.41

)

    

(0.09

)

  

Dividends from net realized gains

    

(1.50

)

    

(1.04

)

    

(2.37

)

    

(0.89

)

    

—

    

Total distributions**

    

(1.72

)

    

(1.58

)

    

(2.75

)

    

(1.30

)

    

(0.09

)

  

Net asset value, end of period

  

$

41.90

    

$

37.49

    

$

36.51

    

$

46.04

    

$

34.69

    

Ratios and supplemental data:

  

Total return(b)

    

16.55

%

    

7.21

%

    

(15.50

%)

    

37.14

%

    

4.63

%

  

Net assets, end of period (000)

  

$

32,431

    

$

27,965

    

$

16,688

    

$

5,968

    

$

15

    

Ratio of net expenses to average net assets

    

0.73

%(c)

    

0.71

%

    

0.73

%

    

0.73

%

    

0.71

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

0.73

%(c)

    

0.71

%

    

0.73

%

    

0.73

%

    

0.71

%(c)

  

Ratio of net investment income (loss) to average net assets

    

0.54

%(c)

    

0.78

%

    

0.55

%

    

0.38

%

    

0.99

%(c)

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
54

Calamos Dividend Growth Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.51

    

$

13.41

    

$

17.13

    

$

13.04

    

$

13.37

    

$

12.34

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.00

*

    

0.04

      

0.03

      

0.00

*

    

0.05

      

0.07

    

Net realized and unrealized gain (loss)

    

2.87

      

1.11

      

(2.41

)

    

5.24

      

1.13

      

1.50

    

Total from investment operations

    

2.87

      

1.15

      

(2.38

)

    

5.24

      

1.18

      

1.57

    

Distributions:

  

Dividends from net investment income

    

(0.04

)

    

(0.05

)

    

—

      

(0.02

)

    

(0.06

)

    

(0.08

)

  

Dividends from net realized gains

    

(0.64

)

    

—

      

(1.34

)

    

(1.13

)

    

(1.45

)

    

(0.46

)

  

Total distributions**

    

(0.68

)

    

(0.05

)

    

(1.34

)

    

(1.15

)

    

(1.51

)

    

(0.54

)

  

Net asset value, end of period

  

$

16.70

    

$

14.51

    

$

13.41

    

$

17.13

    

$

13.04

    

$

13.37

    

Ratios and supplemental data:

  

Total return(b)

    

20.10

%

    

8.61

%

    

(15.01

%)

    

42.42

%

    

9.20

%

    

13.63

%

  

Net assets, end of period (000)

  

$

6,467

    

$

5,250

    

$

5,181

    

$

5,139

    

$

3,534

    

$

3,638

    

Ratio of net expenses to average net assets

    

1.35

%(c)

    

1.35

%

    

1.35

%

    

1.35

%

    

1.35

%

    

1.35

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.05

%(c)

    

2.09

%

    

2.03

%

    

2.04

%

    

2.15

%

    

1.94

%

  
Ratio of net investment income (loss) to
average net assets		    

0.05

%(c)

    

0.29

%

    

0.23

%

    

0.02

%

    

0.40

%

    

0.60

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

11

%

    

28

%

    

25

%

    

20

%

    

22

%

    

15

%

  

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
55

Calamos Dividend Growth Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

13.74

    

$

12.77

    

$

16.49

    

$

12.67

    

$

13.07

    

$

12.09

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.05

)(b)

    

(0.06

)(b)

    

(0.07

)

    

(0.11

)

    

(0.04

)

    

(0.01

)

  

Net realized and unrealized gain (loss)

    

2.70

      

1.06

      

(2.31

)

    

5.07

      

1.09

      

1.45

    

Total from investment operations

    

2.65

      

1.00

      

(2.38

)

    

4.96

      

1.05

      

1.44

    

Distributions:

  

Dividends from net investment income

    

(0.01

)

    

(0.03

)

    

—

      

(0.01

)

    

—

      

—

    

Dividends from net realized gains

    

(0.64

)

    

—

      

(1.34

)

    

(1.13

)

    

(1.45

)

    

(0.46

)

  

Total distributions**

    

(0.65

)

    

(0.03

)

    

(1.34

)

    

(1.14

)

    

(1.45

)

    

(0.46

)

  

Net asset value, end of period

  

$

15.74

    

$

13.74

    

$

12.77

    

$

16.49

    

$

12.67

    

$

13.07

    

Ratios and supplemental data:

  

Total return(c)

    

19.55

%

    

7.82

%

    

(15.63

%)

    

41.37

%

    

8.35

%

    

12.74

%

  

Net assets, end of period (000)

  

$

2,669

    

$

2,342

    

$

2,202

    

$

2,017

    

$

685

    

$

659

    

Ratio of net expenses to average net assets

    

2.10

%(d)

    

2.10

%

    

2.10

%

    

2.10

%

    

2.11

%

    

2.10

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.81

%(d)

    

2.85

%

    

2.78

%

    

2.78

%

    

2.91

%

    

2.65

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.69

%)(d)

    

(0.46

%)

    

(0.51

%)

    

(0.74

%)

    

(0.36

%)

    

(0.06

%)

  

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

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

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

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

(d)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
56

Calamos Dividend Growth Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.57

    

$

13.44

    

$

17.15

    

$

13.03

    

$

13.36

    

$

12.33

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.02

      

0.08

      

0.07

      

0.04

      

0.08

      

0.11

    

Net realized and unrealized gain (loss)

    

2.88

      

1.11

      

(2.41

)

    

5.23

      

1.12

      

1.49

    

Total from investment operations

    

2.90

      

1.19

      

(2.34

)

    

5.27

      

1.20

      

1.60

    

Distributions:

  

Dividends from net investment income

    

(0.05

)

    

(0.06

)

    

(0.03

)

    

(0.02

)

    

(0.08

)

    

(0.11

)

  

Dividends from net realized gains

    

(0.64

)

    

—

      

(1.34

)

    

(1.13

)

    

(1.45

)

    

(0.46

)

  

Total distributions**

    

(0.69

)

    

(0.06

)

    

(1.37

)

    

(1.15

)

    

(1.53

)

    

(0.57

)

  

Net asset value, end of period

  

$

16.78

    

$

14.57

    

$

13.44

    

$

17.15

    

$

13.03

    

$

13.36

    

Ratios and supplemental data:

  

Total return(b)

    

20.16

%

    

8.88

%

    

(14.76

%)

    

42.73

%

    

9.46

%

    

13.93

%

  

Net assets, end of period (000)

  

$

9,851

    

$

7,639

    

$

10,195

    

$

10,373

    

$

8,974

    

$

12,986

    

Ratio of net expenses to average net assets

    

1.10

%(c)

    

1.10

%

    

1.10

%

    

1.10

%

    

1.10

%

    

1.10

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.80

%(c)

    

1.84

%

    

1.78

%

    

1.80

%

    

1.88

%

    

1.67

%

  
Ratio of net investment income (loss) to
average net assets		    

0.30

%(c)

    

0.56

%

    

0.48

%

    

0.28

%

    

0.67

%

    

0.92

%

  

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

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

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

(c)  Annualized.

www.calamos.com
57

Calamos Select Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

16.77

    

$

15.86

    

$

20.48

    

$

14.93

    

$

14.21

    

$

15.37

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.00

*

    

0.03

      

0.00

      

(0.03

)

    

0.07

      

0.15

    

Net realized and unrealized gain (loss)

    

3.62

      

1.29

      

(3.12

)

    

6.39

      

0.74

      

0.95

    

Total from investment operations

    

3.62

      

1.32

      

(3.12

)

    

6.36

      

0.81

      

1.10

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

(0.09

)

    

(0.06

)

  

Dividends from net realized gains

    

(0.76

)

    

(0.41

)

    

(1.50

)

    

(0.81

)

    

—

      

(2.20

)

  

Total distributions**

    

(0.76

)

    

(0.41

)

    

(1.50

)

    

(0.81

)

    

(0.09

)

    

(2.26

)

  

Net asset value, end of period

  

$

19.63

    

$

16.77

    

$

15.86

    

$

20.48

    

$

14.93

    

$

14.21

    

Ratios and supplemental data:

  

Total return(b)

    

21.93

%

    

8.60

%

    

(16.22

%)

    

43.93

%

    

5.71

%

    

10.14

%

  

Net assets, end of period (000)

  

$

13,408

    

$

11,533

    

$

11,628

    

$

14,211

    

$

10,595

    

$

11,363

    

Ratio of net expenses to average net assets

    

1.15

%(c)

    

1.15

%

    

1.15

%

    

1.15

%

    

1.15

%

    

1.15

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.56

%(c)

    

1.62

%

    

1.57

%

    

1.57

%

    

1.64

%

    

1.62

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.04

%)(c)

    

0.16

%

    

0.00

%

    

(0.19

%)

    

0.49

%

    

1.06

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

15

%

    

55

%

    

34

%

    

25

%

    

136

%

    

78

%

  

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
58

Calamos Select Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

13.86

    

$

13.28

    

$

17.52

    

$

12.97

    

$

12.36

    

$

13.77

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.06

)

    

(0.08

)

    

(0.12

)

    

(0.14

)

    

(0.01

)

    

0.02

    

Net realized and unrealized gain (loss)

    

2.99

      

1.07

      

(2.62

)

    

5.50

      

0.62

      

0.83

    

Total from investment operations

    

2.93

      

0.99

      

(2.74

)

    

5.36

      

0.61

      

0.85

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

(0.06

)

  

Dividends from net realized gains

    

(0.76

)

    

(0.41

)

    

(1.50

)

    

(0.81

)

    

—

      

(2.20

)

  

Total distributions**

    

(0.76

)

    

(0.41

)

    

(1.50

)

    

(0.81

)

    

—

      

(2.26

)

  

Net asset value, end of period

  

$

16.03

    

$

13.86

    

$

13.28

    

$

17.52

    

$

12.97

    

$

12.36

    

Ratios and supplemental data:

  

Total return(b)

    

21.54

%

    

7.76

%

    

(16.85

%)

    

42.92

%

    

4.85

%

    

9.33

%

  

Net assets, end of period (000)

  

$

140

    

$

120

    

$

170

    

$

887

    

$

1,056

    

$

5,274

    

Ratio of net expenses to average net assets

    

1.90

%(c)

    

1.90

%

    

1.91

%

    

1.90

%

    

1.90

%

    

1.90

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.31

%(c)

    

2.36

%

    

2.33

%

    

2.33

%

    

2.40

%

    

2.35

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.78

%)(c)

    

(0.57

%)

    

(0.77

%)

    

(0.92

%)

    

(0.11

%)

    

0.15

%

  

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

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

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

(c)  Annualized.

www.calamos.com
59

Calamos Select Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

17.45

    

$

16.45

    

$

21.15

    

$

15.36

    

$

14.62

    

$

15.80

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.02

      

0.07

      

0.05

      

0.01

      

0.10

      

0.16

    

Net realized and unrealized gain (loss)

    

3.78

      

1.34

      

(3.23

)

    

6.59

      

0.76

      

1.01

    

Total from investment operations

    

3.80

      

1.41

      

(3.18

)

    

6.60

      

0.86

      

1.17

    

Distributions:

  

Dividends from net investment income

    

(0.00

)*

    

—

      

(0.02

)

    

—

      

(0.12

)

    

(0.15

)

  

Dividends from net realized gains

    

(0.76

)

    

(0.41

)

    

(1.50

)

    

(0.81

)

    

—

      

(2.20

)

  

Total distributions**

    

(0.76

)

    

(0.41

)

    

(1.52

)

    

(0.81

)

    

(0.12

)

    

(2.35

)

  

Net asset value, end of period

  

$

20.49

    

$

17.45

    

$

16.45

    

$

21.15

    

$

15.36

    

$

14.62

    

Ratios and supplemental data:

  

Total return(b)

    

22.13

%

    

8.84

%

    

(16.00

%)

    

44.28

%

    

5.92

%

    

10.43

%

  

Net assets, end of period (000)

  

$

37,512

    

$

31,663

    

$

30,660

    

$

38,585

    

$

36,075

    

$

28,389

    

Ratio of net expenses to average net assets

    

0.90

%(c)

    

0.90

%

    

0.90

%

    

0.90

%

    

0.90

%

    

0.90

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.31

%(c)

    

1.37

%

    

1.32

%

    

1.32

%

    

1.39

%

    

1.36

%

  
Ratio of net investment income (loss) to
average net assets		    

0.21

%(c)

    

0.41

%

    

0.25

%

    

0.07

%

    

0.69

%

    

1.13

%

  

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
60

Calamos International Growth Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

16.25

    

$

15.43

    

$

28.83

    

$

22.96

    

$

17.97

    

$

18.10

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.02

)

    

0.05

      

0.21

      

0.05

      

(0.04

)

    

0.09

    

Net realized and unrealized gain (loss)

    

4.25

      

0.77

      

(9.48

)

    

7.29

      

5.03

      

1.80

    

Total from investment operations

    

4.23

      

0.82

      

(9.27

)

    

7.34

      

4.99

      

1.89

    

Distributions:

  

Dividends from net investment income

    

(0.01

)

    

—

      

(0.00

)*

    

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(4.13

)

    

(1.47

)

    

—

      

(2.02

)

  

Total distributions**

    

(0.01

)

    

—

      

(4.13

)

    

(1.47

)

    

—

      

(2.02

)

  

Net asset value, end of period

  

$

20.47

    

$

16.25

    

$

15.43

    

$

28.83

    

$

22.96

    

$

17.97

    

Ratios and supplemental data:

  

Total return(b)

    

25.96

%

    

5.31

%

    

(36.67

%)

    

32.76

%

    

27.82

%

    

13.07

%

  

Net assets, end of period (000)

  

$

49,479

    

$

41,631

    

$

46,993

    

$

79,503

    

$

60,527

    

$

53,950

    

Ratio of net expenses to average net assets

    

1.20

%(c)

    

1.16

%

    

1.10

%

    

1.10

%

    

1.10

%

    

1.10

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.36

%(c)

    

1.49

%

    

1.64

%

    

1.56

%

    

1.52

%

    

1.48

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.20

%)(c)

    

0.27

%

    

1.04

%

    

0.19

%

    

(0.20

%)

    

0.51

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

60

%

    

131

%

    

129

%

    

99

%

    

85

%

    

81

%

  

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
61

Calamos International Growth Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

13.44

    

$

12.86

    

$

24.94

    

$

20.17

    

$

15.91

    

$

16.38

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.08

)

    

(0.07

)

    

0.05

      

(0.16

)

    

(0.16

)

    

(0.05

)

  

Net realized and unrealized gain (loss)

    

3.52

      

0.65

      

(8.00

)

    

6.40

      

4.42

      

1.60

    

Total from investment operations

    

3.44

      

0.58

      

(7.95

)

    

6.24

      

4.26

      

1.55

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(4.13

)

    

(1.47

)

    

—

      

(2.02

)

  

Total distributions**

    

—

      

—

      

(4.13

)

    

(1.47

)

    

—

      

(2.02

)

  

Net asset value, end of period

  

$

16.88

    

$

13.44

    

$

12.86

    

$

24.94

    

$

20.17

    

$

15.91

    

Ratios and supplemental data:

  

Total return(b)

    

25.52

%

    

4.51

%

    

(37.18

%)

    

31.79

%

    

26.84

%

    

12.21

%

  

Net assets, end of period (000)

  

$

1,477

    

$

1,339

    

$

1,989

    

$

3,953

    

$

6,344

    

$

9,022

    

Ratio of net expenses to average net assets

    

1.95

%(c)

    

1.91

%

    

1.85

%

    

1.85

%

    

1.85

%

    

1.85

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.11

%(c)

    

2.24

%

    

2.39

%

    

2.31

%

    

2.27

%

    

2.26

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.96

%)(c)

    

(0.48

%)

    

0.27

%

    

(0.69

%)

    

(0.95

%)

    

(0.35

%)

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
62

Calamos International Growth Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

17.00

    

$

16.10

    

$

29.92

    

$

23.73

    

$

18.53

    

$

18.55

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.00

*(b)

    

0.09

      

0.27

      

0.12

      

0.01

      

0.13

    

Net realized and unrealized gain (loss)

    

4.45

      

0.81

      

(9.88

)

    

7.54

      

5.19

      

1.87

    

Total from investment operations

    

4.45

      

0.90

      

(9.61

)

    

7.66

      

5.20

      

2.00

    

Distributions:

  

Dividends from net investment income

    

(0.05

)

    

—

      

(0.08

)

    

(0.00

)*

    

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(4.13

)

    

(1.47

)

    

—

      

(2.02

)

  

Total distributions**

    

(0.05

)

    

—

      

(4.21

)

    

(1.47

)

    

—

      

(2.02

)

  

Net asset value, end of period

  

$

21.40

    

$

17.00

    

$

16.10

    

$

29.92

    

$

23.73

    

$

18.53

    

Ratios and supplemental data:

  

Total return(c)

    

26.12

%

    

5.59

%

    

(36.54

%)

    

33.13

%

    

28.06

%

    

13.32

%

  

Net assets, end of period (000)

  

$

172,916

    

$

141,782

    

$

120,520

    

$

216,723

    

$

156,321

    

$

134,562

    

Ratio of net expenses to average net assets

    

0.95

%(d)

    

0.91

%

    

0.85

%

    

0.85

%

    

0.85

%

    

0.85

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.11

%(d)

    

1.24

%

    

1.39

%

    

1.31

%

    

1.28

%

    

1.23

%

  
Ratio of net investment income (loss) to
average net assets		    

0.04

%(d)

    

0.52

%

    

1.28

%

    

0.43

%

    

0.05

%

    

0.75

%

  

*  Amounts are less than $0.005.

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

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

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

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

(d)  Annualized.

www.calamos.com
63

Calamos International Growth Fund Financial Highlights

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

   

CLASS R6

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

17.21

    

$

16.28

    

$

30.20

    

$

23.93

    

$

18.67

    

$

18.66

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.02

(b)

    

0.11

      

0.31

      

0.15

      

0.05

      

0.20

    

Net realized and unrealized gain (loss)

    

4.49

      

0.82

      

(10.00

)

    

7.61

      

5.21

      

1.83

    

Total from investment operations

    

4.51

      

0.93

      

(9.69

)

    

7.76

      

5.26

      

2.03

    

Distributions:

  

Dividends from net investment income

    

(0.07

)

    

—

      

(0.10

)

    

(0.02

)

    

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(4.13

)

    

(1.47

)

    

—

      

(2.02

)

  

Total distributions**

    

(0.07

)

    

—

      

(4.23

)

    

(1.49

)

    

—

      

(2.02

)

  

Net asset value, end of period

  

$

21.65

    

$

17.21

    

$

16.28

    

$

30.20

    

$

23.93

    

$

18.67

    

Ratios and supplemental data:

  

Total return(c)

    

26.16

%

    

5.71

%

    

(36.47

%)

    

33.24

%

    

28.23

%

    

13.41

%

  

Net assets, end of period (000)

  

$

6,491

    

$

4,829

    

$

4,332

    

$

1,921

    

$

1,012

    

$

7,463

    

Ratio of net expenses to average net assets

    

0.85

%(d)

    

0.81

%

    

0.75

%

    

0.77

%

    

0.76

%

    

0.77

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.01

%(d)

    

1.13

%

    

1.28

%

    

1.22

%

    

1.17

%

    

1.15

%

  
Ratio of net investment income (loss) to
average net assets		    

0.17

%(d)

    

0.61

%

    

1.59

%

    

0.51

%

    

0.24

%

    

1.13

%

  

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

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

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

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

(d)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
64

Calamos Evolving World Growth Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

14.87

    

$

14.51

    

$

22.25

    

$

19.60

    

$

14.12

    

$

12.54

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.02

)

    

0.01

      

0.12

      

(0.05

)

    

(0.07

)

    

0.09

    

Net realized and unrealized gain (loss)

    

2.83

      

0.46

      

(7.79

)

    

3.15

      

5.66

      

1.49

    

Total from investment operations

    

2.81

      

0.47

      

(7.67

)

    

3.10

      

5.59

      

1.58

    

Distributions:

  

Dividends from net investment income

    

(0.05

)

    

(0.11

)

    

(0.07

)

    

—

      

(0.11

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

(0.45

)

    

—

      

—

    

Total distributions**

    

(0.05

)

    

(0.11

)

    

(0.07

)

    

(0.45

)

    

(0.11

)

    

—

    

Net asset value, end of period

  

$

17.63

    

$

14.87

    

$

14.51

    

$

22.25

    

$

19.60

    

$

14.12

    

Ratios and supplemental data:

  

Total return(b)

    

18.91

%

    

3.19

%

    

(34.55

%)

    

15.87

%

    

39.81

%

    

12.60

%

  

Net assets, end of period (000)

  

$

40,373

    

$

36,830

    

$

36,890

    

$

54,731

    

$

31,015

    

$

28,168

    

Ratio of net expenses to average net assets

    

1.30

%(c)

    

1.29

%

    

1.30

%

    

1.30

%

    

1.56

%

    

1.64

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.68

%(c)

    

1.63

%

    

1.63

%

    

1.60

%

    

1.64

%

    

1.64

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.27

%)(c)

    

0.09

%

    

0.67

%

    

(0.21

%)

    

(0.47

%)

    

0.63

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

62

%

    

137

%

    

132

%

    

140

%

    

125

%

    

78

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
65

Calamos Evolving World Growth Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

13.67

    

$

13.34

    

$

20.55

    

$

18.26

    

$

13.16

    

$

11.78

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.06

)

    

(0.09

)

    

(0.03

)

    

(0.22

)

    

(0.18

)

    

(0.01

)

  

Net realized and unrealized gain (loss)

    

2.59

      

0.42

      

(7.18

)

    

2.96

      

5.28

      

1.39

    

Total from investment operations

    

2.53

      

0.33

      

(7.21

)

    

2.74

      

5.10

      

1.38

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

(0.45

)

    

—

      

—

    

Total distributions**

    

—

      

—

      

—

      

(0.45

)

    

—

      

—

    

Net asset value, end of period

  

$

16.20

    

$

13.67

    

$

13.34

    

$

20.55

    

$

18.26

    

$

13.16

    

Ratios and supplemental data:

  

Total return(b)

    

18.43

%

    

2.40

%

    

(35.04

%)

    

15.05

%

    

38.75

%

    

11.71

%

  

Net assets, end of period (000)

  

$

3,392

    

$

3,930

    

$

6,153

    

$

16,050

    

$

13,183

    

$

13,478

    

Ratio of net expenses to average net assets

    

2.05

%(c)

    

2.04

%

    

2.05

%

    

2.05

%

    

2.32

%

    

2.39

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.43

%(c)

    

2.38

%

    

2.39

%

    

2.34

%

    

2.39

%

    

2.39

%

  
Ratio of net investment income (loss) to
average net assets		    

(1.03

%)(c)

    

(0.63

%)

    

(0.16

%)

    

(1.04

%)

    

(1.23

%)

    

(0.11

%)

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
66

Calamos Evolving World Growth Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

15.03

    

$

14.67

    

$

22.51

    

$

19.78

    

$

14.26

    

$

12.63

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.00

*

    

0.06

      

0.17

      

0.01

      

(0.03

)

    

0.12

    

Net realized and unrealized gain (loss)

    

2.86

      

0.45

      

(7.87

)

    

3.18

      

5.71

      

1.51

    

Total from investment operations

    

2.86

      

0.51

      

(7.70

)

    

3.19

      

5.68

      

1.63

    

Distributions:

  

Dividends from net investment income

    

(0.09

)

    

(0.15

)

    

(0.14

)

    

(0.01

)

    

(0.16

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

      

(0.45

)

    

—

      

—

    

Total distributions**

    

(0.09

)

    

(0.15

)

    

(0.14

)

    

(0.46

)

    

(0.16

)

    

—

    

Net asset value, end of period

  

$

17.80

    

$

15.03

    

$

14.67

    

$

22.51

    

$

19.78

    

$

14.26

    

Ratios and supplemental data:

  

Total return(b)

    

19.08

%

    

3.44

%

    

(34.39

%)

    

16.17

%

    

40.16

%

    

12.91

%

  

Net assets, end of period (000)

  

$

322,031

    

$

320,622

    

$

315,858

    

$

509,216

    

$

193,243

    

$

120,318

    

Ratio of net expenses to average net assets

    

1.05

%(c)

    

1.04

%

    

1.05

%

    

1.05

%

    

1.30

%

    

1.39

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.43

%(c)

    

1.38

%

    

1.38

%

    

1.35

%

    

1.39

%

    

1.39

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.02

%)(c)

    

0.35

%

    

0.90

%

    

0.04

%

    

(0.22

%)

    

0.91

%

  

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

www.calamos.com
67

Calamos Global Equity Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

12.08

    

$

11.50

    

$

18.40

    

$

14.05

    

$

11.64

    

$

13.61

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.03

)

    

0.01

      

0.02

      

(0.08

)

    

(0.07

)

    

(0.01

)

  

Net realized and unrealized gain (loss)

    

3.92

      

1.07

      

(4.94

)

    

5.49

      

3.37

      

0.79

    

Total from investment operations

    

3.89

      

1.08

      

(4.92

)

    

5.41

      

3.30

      

0.78

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

(0.50

)

    

(1.98

)

    

(1.06

)

    

(0.89

)

    

(2.75

)

  

Total distributions**

    

—

      

(0.50

)

    

(1.98

)

    

(1.06

)

    

(0.89

)

    

(2.75

)

  

Net asset value, end of period

  

$

15.97

    

$

12.08

    

$

11.50

    

$

18.40

    

$

14.05

    

$

11.64

    

Ratios and supplemental data:

  

Total return(b)

    

32.12

%

    

9.68

%

    

(29.36

%)

    

39.89

%

    

30.07

%

    

10.28

%

  

Net assets, end of period (000)

  

$

25,865

    

$

20,462

    

$

21,143

    

$

32,511

    

$

21,814

    

$

20,236

    

Ratio of net expenses to average net assets

    

1.37

%(c)

    

1.41

%

    

1.40

%

    

1.40

%

    

1.40

%

    

1.40

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.39

%(c)

    

1.52

%

    

1.61

%

    

1.58

%

    

1.65

%

    

1.51

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.39

%)(c)

    

0.04

%

    

0.17

%

    

(0.48

%)

    

(0.59

%)

    

(0.08

%)

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

39

%

    

90

%

    

77

%

    

72

%

    

71

%

    

72

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
68

Calamos Global Equity Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.64

    

$

9.35

    

$

15.45

    

$

12.03

    

$

10.15

    

$

12.34

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.07

)

    

(0.07

)

    

(0.07

)

    

(0.18

)

    

(0.14

)

    

(0.09

)

  

Net realized and unrealized gain (loss)

    

3.13

      

0.86

      

(4.05

)

    

4.66

      

2.91

      

0.65

    

Total from investment operations

    

3.06

      

0.79

      

(4.12

)

    

4.48

      

2.77

      

0.56

    

Distributions:

  

Dividends from net investment income

    

—

      

—

      

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

(0.50

)

    

(1.98

)

    

(1.06

)

    

(0.89

)

    

(2.75

)

  

Total distributions**

    

—

      

(0.50

)

    

(1.98

)

    

(1.06

)

    

(0.89

)

    

(2.75

)

  

Net asset value, end of period

  

$

12.70

    

$

9.64

    

$

9.35

    

$

15.45

    

$

12.03

    

$

10.15

    

Ratios and supplemental data:

  

Total return(b)

    

31.50

%

    

8.99

%

    

(29.96

%)

    

38.88

%

    

29.19

%

    

9.36

%

  

Net assets, end of period (000)

  

$

770

    

$

611

    

$

726

    

$

1,492

    

$

4,635

    

$

8,011

    

Ratio of net expenses to average net assets

    

2.12

%(c)

    

2.16

%

    

2.15

%

    

2.15

%

    

2.15

%

    

2.15

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.14

%(c)

    

2.28

%

    

2.37

%

    

2.33

%

    

2.40

%

    

2.26

%

  
Ratio of net investment income (loss) to
average net assets		    

(1.14

%)(c)

    

(0.71

%)

    

(0.59

%)

    

(1.32

%)

    

(1.31

%)

    

(0.86

%)

  

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

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

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

(c)  Annualized.

www.calamos.com
69

Calamos Global Equity Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

12.75

    

$

12.10

    

$

19.20

    

$

14.59

    

$

12.02

    

$

13.93

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.01

)

    

0.04

      

0.05

      

(0.04

)

    

(0.04

)

    

0.02

    

Net realized and unrealized gain (loss)

    

4.12

      

1.13

      

(5.17

)

    

5.71

      

3.50

      

0.82

    

Total from investment operations

    

4.11

      

1.17

      

(5.12

)

    

5.67

      

3.46

      

0.84

    

Distributions:

  

Dividends from net investment income

    

(0.01

)

    

(0.02

)

    

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

(0.50

)

    

(1.98

)

    

(1.06

)

    

(0.89

)

    

(2.75

)

  

Total distributions**

    

(0.01

)

    

(0.52

)

    

(1.98

)

    

(1.06

)

    

(0.89

)

    

(2.75

)

  

Net asset value, end of period

  

$

16.85

    

$

12.75

    

$

12.10

    

$

19.20

    

$

14.59

    

$

12.02

    

Ratios and supplemental data:

  

Total return(b)

    

32.20

%

    

9.98

%

    

(29.20

%)

    

40.29

%

    

30.46

%

    

10.52

%

  

Net assets, end of period (000)

  

$

93,127

    

$

66,181

    

$

51,538

    

$

103,256

    

$

65,062

    

$

52,619

    

Ratio of net expenses to average net assets

    

1.12

%(c)

    

1.15

%

    

1.15

%

    

1.15

%

    

1.15

%

    

1.15

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.13

%(c)

    

1.25

%

    

1.36

%

    

1.33

%

    

1.40

%

    

1.26

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.14

%)(c)

    

0.28

%

    

0.37

%

    

(0.23

%)

    

(0.34

%)

    

0.14

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
70

Calamos Global Equity Fund Financial Highlights

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

   

CLASS R6

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

  June 23, 2020•
through
October 31, 		 
   

2024

  

2023

  

2022

  

2021

  

2020

  

Net asset value, beginning of period

  

$

12.76

    

$

12.11

    

$

19.21

    

$

14.59

    

$

13.19

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.00

)*

    

0.05

      

(0.02

)

    

(0.03

)

    

(0.02

)

  

Net realized and unrealized gain (loss)

    

4.12

      

1.13

      

(5.10

)

    

5.71

      

1.42

    

Total from investment operations

    

4.12

      

1.18

      

(5.12

)

    

5.68

      

1.40

    

Distributions:

  

Dividends from net investment income

    

(0.02

)

    

(0.03

)

    

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

(0.50

)

    

(1.98

)

    

(1.06

)

    

—

    

Total distributions**

    

(0.02

)

    

(0.53

)

    

(1.98

)

    

(1.06

)

    

—

    

Net asset value, end of period

  

$

16.86

    

$

12.76

    

$

12.11

    

$

19.21

    

$

14.59

    

Ratios and supplemental data:

  

Total return(b)

    

32.31

%

    

10.04

%

    

(29.18

%)

    

40.36

%

    

10.61

%

  

Net assets, end of period (000)

  

$

68

    

$

93

    

$

11

    

$

168

    

$

120

    

Ratio of net expenses to average net assets

    

1.05

%(c)

    

1.06

%

    

1.12

%

    

1.09

%

    

1.09

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

1.07

%(c)

    

1.14

%

    

1.35

%

    

1.27

%

    

1.36

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(0.05

%)(c)

    

0.35

%

    

(0.12

%)

    

(0.18

%)

    

(0.45

%)(c)

  

•  Commencement of operations.

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

www.calamos.com
71

Calamos Global Opportunities Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.57

    

$

9.15

    

$

12.72

    

$

10.02

    

$

8.51

    

$

8.99

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.02

)

    

0.00

      

(0.03

)

    

(0.04

)

    

0.07

      

0.10

    

Net realized and unrealized gain (loss)

    

2.27

      

0.46

      

(2.88

)

    

3.42

      

1.55

      

0.37

    

Total from investment operations

    

2.25

      

0.46

      

(2.91

)

    

3.38

      

1.62

      

0.47

    

Distributions:

  

Dividends from net investment income

    

(0.03

)

    

(0.04

)

    

—

      

(0.05

)

    

(0.02

)

    

(0.07

)

  

Dividends from net realized gains

    

—

      

—

      

(0.66

)

    

(0.63

)

    

(0.09

)

    

(0.88

)

  

Total distributions**

    

(0.03

)

    

(0.04

)

    

(0.66

)

    

(0.68

)

    

(0.11

)

    

(0.95

)

  

Net asset value, end of period

  

$

11.79

    

$

9.57

    

$

9.15

    

$

12.72

    

$

10.02

    

$

8.51

    

Ratios and supplemental data:

  

Total return(b)

    

23.47

%

    

4.97

%

    

(23.93

%)

    

34.84

%

    

19.09

%

    

6.67

%

  

Net assets, end of period (000)

  

$

92,021

    

$

81,821

    

$

86,403

    

$

119,261

    

$

88,618

    

$

83,069

    

Ratio of net expenses to average net assets

    

1.22

%(c)

    

1.22

%

    

1.22

%

    

1.31

%

    

1.53

%

    

1.49

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.48

%(c)

    

1.49

%

    

1.46

%

    

1.45

%

    

1.53

%

    

1.49

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.41

%)(c)

    

(0.05

%)

    

(0.28

%)

    

(0.33

%)

    

0.78

%

    

1.20

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

36

%

    

81

%

    

92

%

    

82

%

    

119

%

    

69

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
72

Calamos Global Opportunities Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

8.05

    

$

7.73

    

$

10.92

    

$

8.71

    

$

7.45

    

$

7.98

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.05

)

    

(0.07

)

    

(0.09

)

    

(0.11

)

    

0.00

      

0.04

    

Net realized and unrealized gain (loss)

    

1.89

      

0.40

      

(2.44

)

    

2.95

      

1.35

      

0.31

    

Total from investment operations

    

1.84

      

0.33

      

(2.53

)

    

2.84

      

1.35

      

0.35

    

Distributions:

  

Dividends from net investment income

    

(0.01

)

    

(0.01

)

    

—

      

—

      

—

      

—

    

Dividends from net realized gains

    

—

      

—

      

(0.66

)

    

(0.63

)

    

(0.09

)

    

(0.88

)

  

Total distributions**

    

(0.01

)

    

(0.01

)

    

(0.66

)

    

(0.63

)

    

(0.09

)

    

(0.88

)

  

Net asset value, end of period

  

$

9.88

    

$

8.05

    

$

7.73

    

$

10.92

    

$

8.71

    

$

7.45

    

Ratios and supplemental data:

  

Total return(b)

    

22.93

%

    

4.22

%

    

(24.43

%)

    

33.77

%

    

18.22

%

    

5.87

%

  

Net assets, end of period (000)

  

$

9,354

    

$

7,317

    

$

7,528

    

$

10,032

    

$

8,946

    

$

14,742

    

Ratio of net expenses to average net assets

    

1.97

%(c)

    

1.97

%

    

1.97

%

    

2.07

%

    

2.28

%

    

2.28

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.23

%(c)

    

2.24

%

    

2.21

%

    

2.20

%

    

2.28

%

    

2.28

%

  
Ratio of net investment income (loss) to
average net assets		    

(1.15

%)(c)

    

(0.80

%)

    

(1.03

%)

    

(1.09

%)

    

0.01

%

    

0.50

%

  

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

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

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

(c)  Annualized.

www.calamos.com
73

Calamos Global Opportunities Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.98

    

$

9.53

    

$

13.18

    

$

10.36

    

$

8.79

    

$

9.25

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.01

)

    

0.02

      

(0.02

)

    

(0.01

)

    

0.09

      

0.13

    

Net realized and unrealized gain (loss)

    

2.37

      

0.48

      

(2.96

)

    

3.54

      

1.60

      

0.38

    

Total from investment operations

    

2.36

      

0.50

      

(2.98

)

    

3.53

      

1.69

      

0.51

    

Distributions:

  

Dividends from net investment income

    

(0.05

)

    

(0.05

)

    

(0.01

)

    

(0.08

)

    

(0.03

)

    

(0.09

)

  

Dividends from net realized gains

    

—

      

—

      

(0.66

)

    

(0.63

)

    

(0.09

)

    

(0.88

)

  

Total distributions**

    

(0.05

)

    

(0.05

)

    

(0.67

)

    

(0.71

)

    

(0.12

)

    

(0.97

)

  

Net asset value, end of period

  

$

12.29

    

$

9.98

    

$

9.53

    

$

13.18

    

$

10.36

    

$

8.79

    

Ratios and supplemental data:

  

Total return(b)

    

23.65

%

    

5.21

%

    

(23.66

%)

    

35.16

%

    

19.33

%

    

6.95

%

  

Net assets, end of period (000)

  

$

138,917

    

$

107,198

    

$

117,790

    

$

152,596

    

$

65,909

    

$

53,594

    

Ratio of net expenses to average net assets

    

0.97

%(c)

    

0.97

%

    

0.97

%

    

1.04

%

    

1.28

%

    

1.25

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.23

%(c)

    

1.24

%

    

1.21

%

    

1.20

%

    

1.28

%

    

1.25

%

  
Ratio of net investment income (loss) to
average net assets		    

(0.15

%)(c)

    

0.20

%

    

(0.14

%)

    

(0.09

%)

    

1.01

%

    

1.47

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
74

Calamos International Small Cap Growth Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   Year Ended
October 31,
2023		   March 31, 2022•
through
October 31,
2022		  

Net asset value, beginning of period

  

$

7.54

    

$

7.65

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.01

)

    

0.00

*

    

0.05

    

Net realized and unrealized gain (loss)

    

2.09

      

(0.06

)

    

(2.40

)

  

Total from investment operations

    

2.08

      

(0.06

)

    

(2.35

)

  

Distributions:

  

Dividends from net investment income

    

—

      

(0.05

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

    

Total distributions**

    

—

      

(0.05

)

    

—

    

Net asset value, end of period

  

$

9.62

    

$

7.54

    

$

7.65

    

Ratios and supplemental data:

  

Total return(b)

    

27.59

%

    

(0.87

%)

    

(23.50

%)

  

Net assets, end of period (000)

  

$

99

    

$

20

    

$

13

    

Ratio of net expenses to average net assets

    

1.35

%(c)

    

1.35

%

    

2.66

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

5.93

%(c)

    

9.06

%

    

11.03

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(0.31

%)(c)

    

(0.04

%)

    

(9.66

%)(c)

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   Year Ended
October 31,
2023		   March 31, 2022•
through
October 31,
2022		  

Portfolio turnover rate(d)

    

51

%

    

126

%

    

64

%

  

•  Commencement of operations.

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
75

Calamos International Small Cap Growth Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   Year Ended
October 31,
2023		   March 31, 2022•
through
October 31,
2022		  

Net asset value, beginning of period

  

$

7.46

    

$

7.62

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.06

)

    

(0.07

)

    

0.01

    

Net realized and unrealized gain (loss)

    

2.08

      

(0.05

)

    

(2.39

)

  

Total from investment operations

    

2.02

      

(0.12

)

    

(2.38

)

  

Distributions:

  

Dividends from net investment income

    

—

      

(0.04

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

    

Total distributions**

    

—

      

(0.04

)

    

—

    

Net asset value, end of period

  

$

9.48

    

$

7.46

    

$

7.62

    

Ratios and supplemental data:

  

Total return(b)

    

27.08

%

    

(1.62

%)

    

(23.80

%)

  

Net assets, end of period (000)

  

$

10

    

$

7

    

$

8

    

Ratio of net expenses to average net assets

    

2.10

%(c)

    

2.09

%

    

2.67

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

6.69

%(c)

    

9.79

%

    

11.03

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(1.28

%)(c)

    

(0.92

%)

    

(9.66

%)(c)

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
76

Calamos International Small Cap Growth Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   Year Ended
October 31,
2023		   March 31, 2022•
through
October 31,
2022		  

Net asset value, beginning of period

  

$

7.56

    

$

7.66

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.01

)

    

0.01

      

0.06

    

Net realized and unrealized gain (loss)

    

2.11

      

(0.05

)

    

(2.40

)

  

Total from investment operations

    

2.10

      

(0.04

)

    

(2.34

)

  

Distributions:

  

Dividends from net investment income

    

—

      

(0.06

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

    

Total distributions**

    

—

      

(0.06

)

    

—

    

Net asset value, end of period

  

$

9.66

    

$

7.56

    

$

7.66

    

Ratios and supplemental data:

  

Total return(b)

    

27.61

%

    

(0.48

%)

    

(23.40

%)

  

Net assets, end of period (000)

  

$

3,710

    

$

2,327

    

$

1,740

    

Ratio of net expenses to average net assets

    

1.10

%(c)

    

1.10

%

    

2.67

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

5.68

%(c)

    

8.80

%

    

11.03

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(0.23

%)(c)

    

0.17

%

    

(9.66

%)(c)

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

www.calamos.com
77

Calamos International Small Cap Growth Fund Financial Highlights

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

   

CLASS R6

  
    (Unaudited)
Six Months
Ended
April 30,
2024		   Year Ended
October 31,
2023		   March 31, 2022•
through
October 31,
2022		  

Net asset value, beginning of period

  

$

7.56

    

$

7.66

    

$

10.00

    

Income from investment operations:

  

Net investment income (loss)(a)

    

(0.01

)

    

0.01

      

0.06

    

Net realized and unrealized gain (loss)

    

2.11

      

(0.05

)

    

(2.40

)

  

Total from investment operations

    

2.10

      

(0.04

)

    

(2.34

)

  

Distributions:

  

Dividends from net investment income

    

—

      

(0.06

)

    

—

    

Dividends from net realized gains

    

—

      

—

      

—

    

Total distributions**

    

—

      

(0.06

)

    

—

    

Net asset value, end of period

  

$

9.66

    

$

7.56

    

$

7.66

    

Ratios and supplemental data:

  

Total return(b)

    

27.61

%

    

(0.48

%)

    

(23.40

%)

  

Net assets, end of period (000)

  

$

10

    

$

8

    

$

8

    

Ratio of net expenses to average net assets

    

1.09

%(c)

    

1.07

%

    

2.67

%(c)

  

Ratio of gross expenses to average net assets prior to expense reductions

    

5.67

%(c)

    

8.78

%

    

11.03

%(c)

  

Ratio of net investment income (loss) to average net assets

    

(0.25

%)(c)

    

0.19

%

    

(9.66

%)(c)

  

•  Commencement of operations.

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
78

Calamos Total Return Bond Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

8.38

    

$

8.67

    

$

10.61

    

$

10.85

    

$

10.53

    

$

9.81

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.16

      

0.30

      

0.24

      

0.19

      

0.21

      

0.27

    

Net realized and unrealized gain (loss)

    

0.30

      

(0.27

)

    

(1.81

)

    

(0.19

)

    

0.33

      

0.72

    

Total from investment operations

    

0.46

      

0.03

      

(1.57

)

    

—

      

0.54

      

0.99

    

Distributions:

  

Dividends from net investment income

    

(0.18

)

    

(0.32

)

    

(0.24

)

    

(0.23

)

    

(0.22

)

    

(0.27

)

  

Dividends from net realized gains

    

—

      

—

      

(0.13

)

    

(0.01

)

    

—

      

—

    

Total distributions**

    

(0.18

)

    

(0.32

)

    

(0.37

)

    

(0.24

)

    

(0.22

)

    

(0.27

)

  

Net asset value, end of period

  

$

8.66

    

$

8.38

    

$

8.67

    

$

10.61

    

$

10.85

    

$

10.53

    

Ratios and supplemental data:

  

Total return(b)

    

5.41

%

    

0.18

%

    

(15.13

%)

    

0.01

%

    

5.18

%

    

10.24

%

  

Net assets, end of period (000)

  

$

11,137

    

$

11,764

    

$

14,662

    

$

22,394

    

$

24,376

    

$

22,565

    

Ratio of net expenses to average net assets

    

0.90

%(c)

    

0.90

%

    

0.90

%

    

0.90

%

    

0.90

%

    

0.90

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.15

%(c)

    

1.24

%

    

1.15

%

    

1.01

%

    

1.03

%

    

1.09

%

  
Ratio of net investment income (loss) to
average net assets		    

3.53

%(c)

    

3.36

%

    

2.48

%

    

1.77

%

    

2.00

%

    

2.67

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

23

%

    

41

%

    

28

%

    

51

%

    

61

%

    

64

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
79

Calamos Total Return Bond Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

8.38

    

$

8.67

    

$

10.61

    

$

10.85

    

$

10.53

    

$

9.81

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.12

      

0.23

      

0.17

      

0.11

      

0.14

      

0.20

    

Net realized and unrealized gain (loss)

    

0.30

      

(0.27

)

    

(1.81

)

    

(0.19

)

    

0.32

      

0.72

    

Total from investment operations

    

0.42

      

(0.04

)

    

(1.64

)

    

(0.08

)

    

0.46

      

0.92

    

Distributions:

  

Dividends from net investment income

    

(0.14

)

    

(0.25

)

    

(0.17

)

    

(0.15

)

    

(0.14

)

    

(0.20

)

  

Dividends from net realized gains

    

—

      

—

      

(0.13

)

    

(0.01

)

    

—

      

—

    

Total distributions**

    

(0.14

)

    

(0.25

)

    

(0.30

)

    

(0.16

)

    

(0.14

)

    

(0.20

)

  

Net asset value, end of period

  

$

8.66

    

$

8.38

    

$

8.67

    

$

10.61

    

$

10.85

    

$

10.53

    

Ratios and supplemental data:

  

Total return(b)

    

5.02

%

    

(0.57

%)

    

(15.76

%)

    

(0.74

%)

    

4.40

%

    

9.42

%

  

Net assets, end of period (000)

  

$

210

    

$

323

    

$

549

    

$

800

    

$

1,777

    

$

2,929

    

Ratio of net expenses to average net assets

    

1.65

%(c)

    

1.65

%

    

1.65

%

    

1.65

%

    

1.65

%

    

1.65

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.91

%(c)

    

1.99

%

    

1.90

%

    

1.76

%

    

1.77

%

    

1.84

%

  
Ratio of net investment income (loss) to
average net assets		    

2.80

%(c)

    

2.60

%

    

1.72

%

    

1.02

%

    

1.28

%

    

1.98

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
80

Calamos Total Return Bond Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

8.39

    

$

8.68

    

$

10.61

    

$

10.85

    

$

10.54

    

$

9.81

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.16

      

0.32

      

0.26

      

0.22

      

0.24

      

0.30

    

Net realized and unrealized gain (loss)

    

0.31

      

(0.27

)

    

(1.79

)

    

(0.20

)

    

0.32

      

0.73

    

Total from investment operations

    

0.47

      

0.05

      

(1.53

)

    

0.02

      

0.56

      

1.03

    

Distributions:

  

Dividends from net investment income

    

(0.19

)

    

(0.34

)

    

(0.27

)

    

(0.25

)

    

(0.25

)

    

(0.30

)

  

Dividends from net realized gains

    

—

      

—

      

(0.13

)

    

(0.01

)

    

—

      

—

    

Total distributions**

    

(0.19

)

    

(0.34

)

    

(0.40

)

    

(0.26

)

    

(0.25

)

    

(0.30

)

  

Net asset value, end of period

  

$

8.67

    

$

8.39

    

$

8.68

    

$

10.61

    

$

10.85

    

$

10.54

    

Ratios and supplemental data:

  

Total return(b)

    

5.41

%

    

0.55

%

    

(14.92

%)

    

0.17

%

    

5.34

%

    

10.62

%

  

Net assets, end of period (000)

  

$

32,168

    

$

19,236

    

$

18,622

    

$

43,979

    

$

60,602

    

$

35,570

    

Ratio of net expenses to average net assets

    

0.65

%(c)

    

0.65

%

    

0.65

%

    

0.65

%

    

0.65

%

    

0.65

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.87

%(c)

    

0.99

%

    

0.88

%

    

0.76

%

    

0.77

%

    

0.84

%

  
Ratio of net investment income (loss) to
average net assets		    

3.73

%(c)

    

3.61

%

    

2.65

%

    

2.02

%

    

2.21

%

    

2.92

%

  

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

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

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

(c)  Annualized.

www.calamos.com
81

Calamos High Income Opportunities Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

7.22

    

$

7.30

    

$

8.58

    

$

7.96

    

$

8.34

    

$

8.37

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.23

      

0.45

      

0.37

      

0.35

      

0.43

      

0.48

    

Net realized and unrealized gain (loss)

    

0.39

      

(0.07

)

    

(1.27

)

    

0.66

      

(0.35

)

    

(0.01

)

  

Total from investment operations

    

0.62

      

0.38

      

(0.90

)

    

1.01

      

0.08

      

0.47

    

Distributions:

  

Dividends from net investment income

    

(0.26

)

    

(0.46

)

    

(0.38

)

    

(0.27

)

    

(0.46

)

    

(0.50

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

—

    

Return of capital

    

—

      

—

      

—

      

(0.12

)

    

—

      

—

    

Total distributions**

    

(0.26

)

    

(0.46

)

    

(0.38

)

    

(0.39

)

    

(0.46

)

    

(0.50

)

  

Net asset value, end of period

  

$

7.58

    

$

7.22

    

$

7.30

    

$

8.58

    

$

7.96

    

$

8.34

    

Ratios and supplemental data:

  

Total return(b)

    

8.59

%

    

5.22

%

    

(10.67

%)

    

12.88

%

    

1.13

%

    

5.85

%

  

Net assets, end of period (000)

  

$

26,318

    

$

25,252

    

$

26,775

    

$

34,550

    

$

30,580

    

$

35,124

    

Ratio of net expenses to average net assets

    

1.00

%(c)

    

1.00

%

    

1.00

%

    

1.00

%

    

1.00

%

    

1.00

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.42

%(c)

    

1.43

%

    

1.40

%

    

1.33

%

    

1.37

%

    

1.23

%

  
Ratio of net investment income (loss) to
average net assets		    

6.21

%(c)

    

6.12

%

    

4.71

%

    

4.10

%

    

5.34

%

    

5.71

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

19

%

    

25

%

    

30

%

    

49

%

    

52

%

    

46

%

  

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

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

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

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
82

Calamos High Income Opportunities Fund Financial Highlights

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

   

CLASS C

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

7.74

    

$

7.80

    

$

9.14

    

$

8.45

    

$

8.82

    

$

8.82

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.22

      

0.43

      

0.33

      

0.31

      

0.40

      

0.45

    

Net realized and unrealized gain (loss)

    

0.42

      

(0.09

)

    

(1.35

)

    

0.71

      

(0.38

)

    

(0.02

)

  

Total from investment operations

    

0.64

      

0.34

      

(1.02

)

    

1.02

      

0.02

      

0.43

    

Distributions:

  

Dividends from net investment income

    

(0.23

)

    

(0.40

)

    

(0.32

)

    

(0.21

)

    

(0.39

)

    

(0.43

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

—

    

Return of capital

    

—

      

—

      

—

      

(0.12

)

    

—

      

—

    

Total distributions**

    

(0.23

)

    

(0.40

)

    

(0.32

)

    

(0.33

)

    

(0.39

)

    

(0.43

)

  

Net asset value, end of period

  

$

8.15

    

$

7.74

    

$

7.80

    

$

9.14

    

$

8.45

    

$

8.82

    

Ratios and supplemental data:

  

Total return(b)

    

8.26

%

    

4.35

%

    

(11.35

%)

    

12.11

%

    

0.38

%

    

5.04

%

  

Net assets, end of period (000)

  

$

394

    

$

438

    

$

471

    

$

677

    

$

981

    

$

1,887

    

Ratio of net expenses to average net assets

    

1.75

%(c)

    

1.75

%

    

1.75

%

    

1.75

%

    

1.75

%

    

1.75

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

2.17

%(c)

    

2.18

%

    

2.15

%

    

2.08

%

    

2.11

%

    

2.08

%

  
Ratio of net investment income (loss) to
average net assets		    

5.46

%(c)

    

5.37

%

    

3.95

%

    

3.38

%

    

4.67

%

    

5.16

%

  

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

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

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

(c)  Annualized.

www.calamos.com
83

Calamos High Income Opportunities Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

7.22

    

$

7.30

    

$

8.58

    

$

7.96

    

$

8.34

    

$

8.37

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.24

      

0.47

      

0.39

      

0.37

      

0.44

      

0.50

    

Net realized and unrealized gain (loss)

    

0.39

      

(0.07

)

    

(1.27

)

    

0.67

      

(0.34

)

    

(0.01

)

  

Total from investment operations

    

0.63

      

0.40

      

(0.88

)

    

1.04

      

0.10

      

0.49

    

Distributions:

  

Dividends from net investment income

    

(0.27

)

    

(0.48

)

    

(0.40

)

    

(0.30

)

    

(0.48

)

    

(0.52

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

—

      

—

      

—

    

Return of capital

    

—

      

—

      

—

      

(0.12

)

    

—

      

—

    

Total distributions**

    

(0.27

)

    

(0.48

)

    

(0.40

)

    

(0.42

)

    

(0.48

)

    

(0.52

)

  

Net asset value, end of period

  

$

7.58

    

$

7.22

    

$

7.30

    

$

8.58

    

$

7.96

    

$

8.34

    

Ratios and supplemental data:

  

Total return(b)

    

8.72

%

    

5.48

%

    

(10.45

%)

    

13.16

%

    

1.38

%

    

6.11

%

  

Net assets, end of period (000)

  

$

8,438

    

$

7,786

    

$

9,150

    

$

9,267

    

$

6,716

    

$

7,003

    

Ratio of net expenses to average net assets

    

0.75

%(c)

    

0.75

%

    

0.75

%

    

0.75

%

    

0.75

%

    

0.75

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

1.17

%(c)

    

1.18

%

    

1.15

%

    

1.08

%

    

1.12

%

    

0.99

%

  
Ratio of net investment income (loss) to
average net assets		    

6.46

%(c)

    

6.36

%

    

4.98

%

    

4.34

%

    

5.56

%

    

5.97

%

  

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
84

Calamos Short-Term Bond Fund Financial Highlights

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

   

CLASS A

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.30

    

$

9.28

    

$

9.91

    

$

10.23

    

$

10.20

    

$

9.98

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.17

      

0.28

      

0.13

      

0.15

      

0.21

      

0.25

    

Net realized and unrealized gain (loss)

    

0.15

      

0.07

      

(0.62

)

    

(0.07

)

    

0.12

      

0.23

    

Total from investment operations

    

0.32

      

0.35

      

(0.49

)

    

0.08

      

0.33

      

0.48

    

Distributions:

  

Dividends from net investment income

    

(0.23

)

    

(0.33

)

    

(0.14

)

    

(0.31

)

    

(0.25

)

    

(0.26

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

(0.09

)

    

(0.05

)

    

(0.00

)*

  

Total distributions**

    

(0.23

)

    

(0.33

)

    

(0.14

)

    

(0.40

)

    

(0.30

)

    

(0.26

)

  

Net asset value, end of period

  

$

9.39

    

$

9.30

    

$

9.28

    

$

9.91

    

$

10.23

    

$

10.20

    

Ratios and supplemental data:

  

Total return(b)

    

3.43

%

    

3.79

%

    

(4.99

%)

    

0.85

%

    

3.24

%

    

4.84

%

  

Net assets, end of period (000)

  

$

3,533

    

$

3,523

    

$

2,128

    

$

2,661

    

$

3,225

    

$

601

    

Ratio of net expenses to average net assets

    

0.63

%(c)

    

0.63

%

    

0.63

%

    

0.65

%

    

0.65

%

    

0.65

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.63

%(c)

    

0.63

%

    

0.63

%

    

0.65

%

    

0.68

%

    

0.74

%

  
Ratio of net investment income (loss) to
average net assets		    

3.66

%(c)

    

2.94

%

    

1.36

%

    

1.51

%

    

2.12

%

    

2.47

%

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Portfolio turnover rate(d)

    

23

%

    

41

%

    

48

%

    

44

%

    

41

%

    

132

%

  

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

(d)  Not annualized.

www.calamos.com
85

Calamos Short-Term Bond Fund Financial Highlights

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

   

CLASS I

  
    (Unaudited)
Six Months
Ended
April 30, 		 

Year Ended October 31,

 
   

2024

  

2023

  

2022

  

2021

  

2020

  

2019

  

Net asset value, beginning of period

  

$

9.29

    

$

9.28

    

$

9.91

    

$

10.23

    

$

10.20

    

$

9.98

    

Income from investment operations:

  

Net investment income (loss)(a)

    

0.18

      

0.30

      

0.15

      

0.17

      

0.25

      

0.28

    

Net realized and unrealized gain (loss)

    

0.15

      

0.06

      

(0.62

)

    

(0.06

)

    

0.10

      

0.22

    

Total from investment operations

    

0.33

      

0.36

      

(0.47

)

    

0.11

      

0.35

      

0.50

    

Distributions:

  

Dividends from net investment income

    

(0.24

)

    

(0.35

)

    

(0.16

)

    

(0.34

)

    

(0.27

)

    

(0.28

)

  

Dividends from net realized gains

    

—

      

—

      

—

      

(0.09

)

    

(0.05

)

    

(0.00

)*

  

Total distributions**

    

(0.24

)

    

(0.35

)

    

(0.16

)

    

(0.43

)

    

(0.32

)

    

(0.28

)

  

Net asset value, end of period

  

$

9.38

    

$

9.29

    

$

9.28

    

$

9.91

    

$

10.23

    

$

10.20

    

Ratios and supplemental data:

  

Total return(b)

    

3.56

%

    

3.93

%

    

(4.77

%)

    

1.11

%

    

3.49

%

    

5.09

%

  

Net assets, end of period (000)

  

$

357,628

    

$

354,109

    

$

356,908

    

$

306,398

    

$

176,439

    

$

217,552

    

Ratio of net expenses to average net assets

    

0.38

%(c)

    

0.39

%

    

0.38

%

    

0.40

%

    

0.40

%

    

0.40

%

  
Ratio of gross expenses to average net assets
prior to expense reductions		    

0.38

%(c)

    

0.39

%

    

0.38

%

    

0.40

%

    

0.42

%

    

0.47

%

  
Ratio of net investment income (loss) to
average net assets		    

3.92

%(c)

    

3.17

%

    

1.58

%

    

1.73

%

    

2.44

%

    

2.73

%

  

*  Amounts are less than $0.005.

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

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

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

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
86

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

PRINCIPAL
AMOUNT		      

VALUE

  

CONVERTIBLE BONDS (36.2%)

      
   

Communication Services (2.5%)

  
 

7,500,000

     Bandwidth, Inc.~
0.500%, 04/01/28		  

$

5,436,825

    
 

3,000,000

    

0.250%, 03/01/26

    

2,641,800

    
 

1,000,000,000

JPY

   CyberAgent, Inc.
0.000%, 02/19/25		    

6,294,265

    
 

10,000,000

     JOYY, Inc.~
1.375%, 06/15/26		    

9,910,500

    
 

15,000,000

     Live Nation Entertainment,
Inc.~^
3.125%, 01/15/29		    

16,318,650

    
 

8,000,000

     Lyft, Inc.~
1.500%, 05/15/25		    

7,722,720

    
 

6,000,000

    

0.625%, 03/01/29*

    

6,210,300

    
 

15,000,000

     Match Group Financeco 2,
Inc.~*
0.875%, 06/15/26		    

13,529,100

    
 

15,000,000

     Match Group Financeco 3,
Inc.~*
2.000%, 01/15/30		    

12,244,200

    
 

7,707,000

     Perficient, Inc.~
0.125%, 11/15/26		    

6,776,611

    
 

80,040,000

     Sea, Ltd.~
0.250%, 09/15/26		    

68,839,202

    
 

9,614,000

    

1.000%, 12/01/24

    

12,728,359

    
 

60,897,000

     Snap, Inc.~
0.000%, 05/01/27		    

49,742,497

    
 

40,000,000

    

0.125%, 03/01/28

    

31,297,600

    
 

4,000,000

    

0.250%, 05/01/25

    

4,093,160

    
 

7,500,000

     Sphere Entertainment
Company~*
3.500%, 12/01/28		    

9,784,800

    
 

23,479,000

     TechTarget, Inc.
0.000%, 12/15/26		    

22,398,496

    
 

15,000,000

     TripAdvisor, Inc.~
0.250%, 04/01/26		    

13,952,850

    
 

4,000,000

     Weibo Corp.~*
1.375%, 12/01/30		    

3,899,160

    
 

20,000,000

     Ziff Davis, Inc.~
1.750%, 11/01/26		    

18,168,200

    
 

18,000,000

     Zillow Group, Inc.~
0.750%, 09/01/24		    

19,348,920

    
 

15,000,000

    

1.375%, 09/01/26^

    

17,320,350

    
     

358,658,565

    
   

Consumer Discretionary (6.1%)

  
 

91,893,000

     Airbnb, Inc.~
0.000%, 03/15/26		    

84,627,020

    
 

2,800,000

     Booking Holdings, Inc.~
0.750%, 05/01/25		    

5,144,580

    
 

22,500,000

     Carnival Corp.~
5.750%, 10/01/24		    

34,574,850

    
 

20,000,000

    

5.750%, 12/01/27

    

28,252,400

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

3,009,000

     Cheesecake Factory, Inc.~
0.375%, 06/15/26		  

$

2,659,234

    
 

7,500,000

     Cracker Barrel Old Country
Store, Inc.~
0.625%, 06/15/26		    

6,572,550

    
 

35,000,000

EUR

   Delivery Hero, SE
1.500%, 01/15/28		    

28,796,166

    
 

25,000,000

     DISH Network Corp.
0.000%, 12/15/25		    

18,350,000

    
 

50,000,000

     DraftKings Holdings, Inc.~
0.000%, 03/15/28		    

41,617,000

    
 

60,000,000

     Etsy, Inc.~
0.250%, 06/15/28		    

47,322,000

    
 

30,000,000

    

0.125%, 10/01/26

    

31,629,900

    
 

18,500,000

     Farfetch, Ltd.
3.750%, 05/01/27		    

721,500

    
 

30,000,000

     Fiverr International, Ltd.~
0.000%, 11/01/25		    

27,307,500

    
 

10,000,000

     Ford Motor Company~
0.000%, 03/15/26		    

9,982,700

    
 

6,500,000

     Groupon, Inc.~
1.125%, 03/15/26		    

5,063,630

    
 

15,000,000

     Guess?, Inc.
3.750%, 04/15/28		    

19,803,300

    
 

15,000,000

     Li Auto, Inc.
0.250%, 05/01/28		    

17,210,100

    
 

10,000,000

     Liberty Broadband Corp.~*
3.125%, 03/31/53		    

9,295,300

    
 

50,000,000

     Lucid Group, Inc.~*
1.250%, 12/15/26		    

22,924,000

    
 

13,000,000

     Luminar Technologies, Inc.~*
1.250%, 12/15/26		    

3,563,040

    
 

10,000,000

     Marriott Vacations Worldwide
Corp.~
3.250%, 12/15/27		    

9,168,500

    
 

7,000,000

    

0.000%, 01/15/26

    

6,512,450

    
 

20,000,000

     Meituan
0.000%, 04/27/27		    

18,819,600

    
 

25,000,000

     NIO, Inc.~*
3.875%, 10/15/29		    

16,636,250

    
 

15,000,000

    

4.625%, 10/15/30

    

9,529,200

    
 

20,000,000

GBP

   Ocado Group, PLC
0.750%, 01/18/27		    

18,998,660

    
 

6,750,000

     PDD Holdings, Inc.~
0.000%, 10/01/24		    

19,867,882

    
 

37,500,000

     Peloton Interactive, Inc.~^
0.000%, 02/15/26		    

30,721,125

    
 

5,000,000

     Porch Group, Inc.~*
0.750%, 09/15/26		    

2,894,500

    
 

37,500,000

     Rivian Automotive, Inc.~
4.625%, 03/15/29		    

25,614,750

    
 

35,000,000

    

3.625%, 10/15/30^*

    

20,508,600

    
 

30,000,000

     Royal Caribbean Cruises, Ltd.~
6.000%, 08/15/25		    

85,513,500

    

See accompanying Notes to Schedule of Investments

www.calamos.com
87

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

10,245,000

     Shake Shack, Inc.~
0.000%, 03/01/28		  

$

9,286,990

    
 

10,833,000

     Stride, Inc.~
1.125%, 09/01/27		    

14,941,849

    
 

7,500,000

     Vail Resorts, Inc.~
0.000%, 01/01/26		    

6,816,525

    
 

57,500,000

     Wayfair, Inc.
3.500%, 11/15/28~*		    

76,618,175

    
 

35,555,000

    

3.250%, 09/15/27~

    

39,219,654

    
 

12,500,000

    

1.000%, 08/15/26^

    

11,139,625

    
 

5,000,000

     Winnebago Industries, Inc.~*
3.250%, 01/15/30		    

4,942,450

    
 

7,029,000

     Wynn Macau, Ltd.~*
4.500%, 03/07/29		    

7,513,650

    
     

880,680,705

    
   

Consumer Staples (0.3%)

  
 

36,755,000

     Beyond Meat, Inc.~
0.000%, 03/15/27		    

8,684,104

    
 

8,000,000

     Freshpet, Inc.~^
3.000%, 04/01/28		    

13,415,200

    
 

15,000,000

     Post Holdings, Inc.~
2.500%, 08/15/27		    

16,816,500

    
     

38,915,804

    
   

Energy (1.5%)

  
 

15,000,000

     Chesapeake Energy Corp.
0.000%, 09/15/26		    

337,500

    
 

5,000,000

     Northern Oil & Gas, Inc.~
3.625%, 04/15/29		    

6,189,400

    
 

71,500,000

     Pioneer Natural Resources
Company~
0.250%, 05/15/25		    

209,963,325

    
 

6,000,000

     World Kinect Corp.~*
3.250%, 07/01/28		    

6,166,980

    
     

222,657,205

    
   

Financials (1.2%)

  
 

30,056,000

     Affirm Holdings, Inc.~
0.000%, 11/15/26		    

24,962,410

    
 

45,468,000

     Coinbase Global, Inc.~
0.250%, 04/01/30*		    

41,119,440

    
 

30,000,000

    

0.500%, 06/01/26^

    

30,435,900

    
 

11,000,000

     Federal Realty OP, LP~*
3.250%, 01/15/29		    

10,724,010

    
 

15,000,000

     Global Payments, Inc.~*
1.500%, 03/01/31		    

14,962,050

    
 

75,000,000

HKD

   Link CB, Ltd.
4.500%, 12/12/27		    

9,551,242

    
 

7,500,000

     Rexford Industrial Realty, LP*
4.375%, 03/15/27		    

7,297,500

    
 

7,500,000

    

4.125%, 03/15/29

    

7,214,250

    
 

10,000,000

     SoFi Technologies, Inc.~*
0.000%, 10/15/26		    

8,571,700

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

5,000,000

     Starwood Property Trust, Inc.~^
6.750%, 07/15/27		  

$

5,134,000

    
 

15,000,000

     Ventas Realty, LP~*
3.750%, 06/01/26		    

14,966,850

    
     

174,939,352

    
   

Health Care (3.5%)

  
 

30,000,000

     Alnylam Pharmaceuticals, Inc.~
1.000%, 09/15/27		    

27,648,000

    
 

10,000,000

     Amphastar Pharmaceuticals,
Inc.~*
2.000%, 03/15/29		    

9,739,300

    
 

8,500,000

     Ascendis Pharma, A/S~^
2.250%, 04/01/28		    

9,385,360

    
 

10,000,000

     Bridgebio Pharma, Inc.~
2.500%, 03/15/27^		    

9,922,300

    
 

10,000,000

    

2.250%, 02/01/29

    

7,813,600

    
 

14,942,000

     Cerevel Therapeutics Holdings,
Inc.*
2.500%, 08/15/27		    

16,827,083

    
 

3,759,000

     Coherus Biosciences, Inc.~
1.500%, 04/15/26		    

2,360,163

    
 

27,500,000

     CONMED Corp.~
2.250%, 06/15/27		    

24,272,875

    
 

3,188,000

     CryoPort, Inc.~*
0.750%, 12/01/26		    

2,776,876

    
 

40,000,000

     Dexcom, Inc.*
0.375%, 05/15/28		    

40,636,000

    
 

5,500,000

     Enovis Corp.~^*
3.875%, 10/15/28		    

6,503,530

    
 

9,000,000

     Envista Holdings Corp.~^*
1.750%, 08/15/28		    

7,680,240

    
 

37,000,000

     Halozyme Therapeutics, Inc.~
1.000%, 08/15/28		    

34,916,900

    
 

10,000,000

     Innoviva, Inc.~
2.125%, 03/15/28		    

8,755,000

    
 

9,000,000

     Insmed, Inc.~^
0.750%, 06/01/28		    

9,218,430

    
 

27,500,000

     Insulet Corp.~
0.375%, 09/01/26		    

28,365,975

    
 

8,501,000

     Integer Holdings Corp.~
2.125%, 02/15/28		    

11,822,171

    
 

17,366,000

     Ionis Pharmaceuticals, Inc.~*
1.750%, 06/15/28		    

17,701,858

    
 

5,000,000

     iRhythm Technologies, Inc.*
1.500%, 09/01/29		    

5,072,300

    
 

9,500,000

     Ironwood Pharmaceuticals,
Inc.~
1.500%, 06/15/26		    

9,377,165

    
 

5,000,000

    

0.750%, 06/15/24

    

4,965,450

    
 

15,000,000

     Jazz Investments I, Ltd.~
2.000%, 06/15/26		    

14,471,400

    
 

5,000,000

     Lantheus Holdings, Inc.~
2.625%, 12/15/27		    

5,654,650

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
88

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

7,250,000

     Livongo Health, Inc.~
0.875%, 06/01/25		  

$

6,871,550

    
 

10,000,000

     Merit Medical Systems, Inc.~*
3.000%, 02/01/29		    

10,750,400

    
 

5,000,000

     Mesa Laboratories, Inc.~
1.375%, 08/15/25		    

4,711,450

    
 

10,000,000

     Natera, Inc.~
2.250%, 05/01/27		    

24,740,800

    
 

10,000,000

     NeoGenomics, Inc.~
0.250%, 01/15/28		    

7,889,000

    
 

12,500,000

     Omnicell, Inc.~
0.250%, 09/15/25		    

11,751,875

    
 

4,000,000

     Revance Therapeutics, Inc.~
1.750%, 02/15/27		    

2,694,600

    
 

45,000,000

     Sarepta Therapeutics, Inc.~
1.250%, 09/15/27		    

51,640,650

    
 

28,922,000

     Shockwave Medical, Inc.~*
1.000%, 08/15/28		    

36,758,416

    
 

12,500,000

     SmileDirectClub, Inc.*@
0.000%, 02/01/26		    

43,750

    
 

5,000,000

     Tandem Diabetes Care, Inc.*
1.500%, 03/15/29		    

6,368,800

    
 

16,250,000

     Teladoc Health, Inc.~^
1.250%, 06/01/27		    

13,705,737

    
 

10,500,000

     Veradigm, Inc.
0.875%, 01/01/27		    

11,027,415

    
     

504,841,069

    
   

Industrials (1.9%)

  
 

5,000,000

     Air Transport Services Group,
Inc.~*
3.875%, 08/15/29		    

4,053,900

    
 

17,500,000

     American Airlines Group, Inc.~
6.500%, 07/01/25		    

19,138,700

    
 

15,000,000

     Axon Enterprise, Inc.~
0.500%, 12/15/27		    

21,857,700

    
 

11,000,000

     Bloom Energy Corp.~*
3.000%, 06/01/28		    

9,974,030

    
 

15,000,000

     Chart Industries, Inc.~
1.000%, 11/15/24		    

37,023,000

    
 

17,500,000

     Fluor Corp.~^*
1.125%, 08/15/29		    

19,066,600

    
 

7,000,000

     Granite Construction, Inc.*
3.750%, 05/15/28		    

9,367,190

    
 

6,600,000

     Greenbrier Companies, Inc.~
2.875%, 04/15/28		    

7,124,898

    
 

20,000,000

     John Bean Technologies Corp.~
0.250%, 05/15/26		    

18,069,200

    
 

16,467,000

     Middleby Corp.~
1.000%, 09/01/25		    

19,405,042

    
 

15,000,000

EUR

   Safran, SA
0.875%, 05/15/27		    

33,417,198

    
 

20,000,000

SGD

   Singapore Airlines, Ltd.
1.625%, 12/03/25		    

18,472,290

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

4,000,000

     Stem, Inc.~*
0.500%, 12/01/28		  

$

1,863,240

    
 

7,500,000

     Tetra Tech, Inc.~^*
2.250%, 08/15/28		    

8,519,925

    
 

27,000,000

     Uber Technologies, Inc.~*
0.875%, 12/01/28		    

30,505,950

    
 

20,000,000

     Upwork, Inc.~
0.250%, 08/15/26		    

17,527,600

    
 

15,000,000

     Virgin Galactic Holdings, Inc.~*
2.500%, 02/01/27		    

3,931,200

    
     

279,317,663

    
   

Information Technology (16.0%)

  
 

5,000,000

     Advanced Energy Industries,
Inc.~*
2.500%, 09/15/28		    

4,956,550

    
 

58,500,000

     Akamai Technologies, Inc.~
0.375%, 09/01/27^		    

59,395,050

    
 

55,000,000

    

0.125%, 05/01/25^

    

62,089,500

    
 

45,000,000

    

1.125%, 02/15/29*

    

44,330,400

    
 

10,000,000

     Altair Engineering, Inc.~
1.750%, 06/15/27		    

12,529,500

    
 

47,760,000

     Alteryx, Inc.
1.000%, 08/01/26		    

47,607,646

    
 

17,769,000

    

0.500%, 08/01/24

    

17,705,565

    
 

16,398,000

     Bentley Systems, Inc.~
0.125%, 01/15/26		    

16,661,680

    
 

15,000,000

     BigCommerce Holdings, Inc.~
0.250%, 10/01/26		    

12,619,200

    
 

20,000,000

     BILL Holdings, Inc.~
0.000%, 04/01/27		    

17,023,600

    
 

58,467,000

     Blackline, Inc.~
0.000%, 03/15/26		    

52,601,591

    
 

24,000,000

    

0.125%, 08/01/24

    

23,919,120

    
 

60,000,000

     Block, Inc.~
0.125%, 03/01/25		    

59,424,000

    
 

20,000,000

    

0.250%, 11/01/27

    

16,408,000

    
 

17,000,000

    

0.000%, 05/01/26

    

15,189,330

    
 

25,000,000

     Box, Inc.~
0.000%, 01/15/26		    

28,478,250

    
 

16,350,000

     Ceridian HCM Holding, Inc.~
0.250%, 03/15/26		    

14,942,265

    
 

60,000,000

     Cloudflare, Inc.~
0.000%, 08/15/26		    

54,738,600

    
 

55,000,000

     Confluent, Inc.~^
0.000%, 01/15/27		    

46,737,900

    
 

10,000,000

     CSG Systems International,
Inc.~*
3.875%, 09/15/28		    

9,497,800

    
 

15,000,000

     CyberArk Software, Ltd.~
0.000%, 11/15/24		    

23,047,800

    
 

50,000,000

     DigitalOcean Holdings, Inc.~^
0.000%, 12/01/26		    

41,780,000

    
 

27,750,000

     Dropbox, Inc.~
0.000%, 03/01/28		    

25,368,773

    
 

23,000,000

    

0.000%, 03/01/26

    

21,571,010

    

See accompanying Notes to Schedule of Investments

www.calamos.com
89

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

16,000,000

     Enphase Energy, Inc.~
0.000%, 03/01/28		  

$

13,281,280

    
 

10,000,000

    

0.000%, 03/01/26

    

9,050,600

    
 

10,000,000

     Envestnet, Inc.~
2.625%, 12/01/27		    

10,725,900

    
 

6,000,000

    

0.750%, 08/15/25

    

5,857,020

    
 

14,190,000

     Everbridge, Inc.
0.000%, 03/15/26		    

13,993,752

    
 

10,000,000

     Evolent Health, Inc.~*
3.500%, 12/01/29		    

10,432,100

    
 

10,000,000

     Fastly, Inc.~
0.000%, 03/15/26		    

9,097,900

    
 

15,000,000

     Five9, Inc.~
0.500%, 06/01/25		    

14,137,650

    
 

9,577,000

    

1.000%, 03/15/29*

    

9,503,927

    
 

17,000,000

     Guidewire Software, Inc.~^
1.250%, 03/15/25		    

18,921,170

    
 

15,000,000

     Infinera Corp.~
3.750%, 08/01/28*		    

14,914,050

    
 

6,000,000

    

3.750%, 08/01/28

    

5,955,060

    
 

13,000,000

     Insight Enterprises, Inc.~^
0.750%, 02/15/25		    

34,798,790

    
 

10,000,000

     Interdigital, Inc.~
3.500%, 06/01/27		    

13,560,300

    
 

15,000,000

     Itron, Inc.~
0.000%, 03/15/26		    

15,254,250

    
 

15,000,000

     Jamf Holding Corp.~
0.125%, 09/01/26		    

13,293,000

    
 

8,000,000

     Lenovo Group, Ltd.
2.500%, 08/26/29		    

9,611,680

    
 

17,500,000

     LivePerson, Inc.~
0.000%, 12/15/26		    

6,690,600

    
 

50,500,000

     Lumentum Holdings, Inc.~
0.500%, 12/15/26^		    

44,326,375

    
 

12,500,000

    

0.500%, 06/15/28

    

9,530,625

    
 

10,000,000

    

1.500%, 12/15/29^*

    

8,949,000

    
 

10,000,000

     Marathon Digital Holdings,
Inc.~
1.000%, 12/01/26		    

8,287,600

    
 

25,000,000

     MicroStrategy, Inc.~
0.875%, 03/15/31*		    

19,970,750

    
 

25,000,000

    

0.625%, 03/15/30*

    

24,165,000

    
 

24,523,000

    

0.000%, 02/15/27

    

25,093,895

    
 

7,000,000

     Model N, Inc.
1.875%, 03/15/28~		    

6,833,540

    
 

6,975,000

    

2.625%, 06/01/25

    

7,102,573

    
 

65,500,000

     MongoDB, Inc.~^
0.250%, 01/15/26		    

116,505,505

    
 

40,000,000

     NCL Corp., Ltd.~
1.125%, 02/15/27		    

36,608,800

    
 

10,000,000

     Nova, Ltd.~
0.000%, 10/15/25		    

22,796,900

    
 

8,960,000

     Nutanix, Inc.~
0.250%, 10/01/27		    

10,852,083

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

38,500,000

     Okta, Inc.~
0.375%, 06/15/26		  

$

34,941,445

    
 

22,500,000

    

0.125%, 09/01/25

    

21,265,650

    
 

70,000,000

     ON Semiconductor Corp.~
0.000%, 05/01/27		    

100,408,700

    
 

40,000,000

    

0.500%, 03/01/29

    

38,773,200

    
 

10,000,000

     PagerDuty, Inc.~*
1.500%, 10/15/28		    

9,994,600

    
 

100,000,000

     Palo Alto Networks, Inc.~
0.375%, 06/01/25		    

292,739,000

    
 

11,000,000

     Parsons Corp.~*
2.625%, 03/01/29		    

11,536,360

    
 

22,500,000

     Pegasystems, Inc.~
0.750%, 03/01/25		    

21,613,950

    
 

12,500,000

     Progress Software Corp.~
1.000%, 04/15/26		    

12,543,375

    
 

10,000,000

    

3.500%, 03/01/30*

    

9,780,800

    
 

5,000,000

     PROS Holdings, Inc.~
2.250%, 09/15/27		    

5,160,100

    
 

30,625,000

     Q2 Holdings, Inc.~
0.125%, 11/15/25		    

28,496,869

    
 

19,500,000

     Rapid7, Inc.~
0.250%, 03/15/27		    

16,875,690

    
 

10,000,000

    

1.250%, 03/15/29^*

    

9,695,900

    
 

41,100,000

     RingCentral, Inc.~
0.000%, 03/15/26		    

36,869,577

    
 

2,353,000

    

0.000%, 03/01/25

    

2,225,844

    
 

20,000,000

     Seagate HDD Cayman~*
3.500%, 06/01/28		    

23,945,200

    
 

31,432,000

     Shift4 Payments, Inc.~^
0.500%, 08/01/27		    

28,091,407

    
 

15,000,000

    

0.000%, 12/15/25

    

15,541,800

    
 

15,000,000

     Shopify, Inc.~
0.125%, 11/01/25		    

14,115,000

    
 

75,000,000

     Spotify USA, Inc.~
0.000%, 03/15/26		    

69,890,250

    
 

25,000,000

     Super Micro Computer, Inc.~*
0.000%, 03/01/29		    

25,568,000

    
 

35,336,000

     Unity Software, Inc.~
0.000%, 11/15/26		    

30,125,000

    
 

3,000,000

     Varonis Systems, Inc.
1.250%, 08/15/25		    

4,478,190

    
 

10,000,000

     Verint Systems, Inc.~
0.250%, 04/15/26		    

9,130,300

    
 

5,000,000

     Veritone, Inc.
1.750%, 11/15/26		    

1,765,750

    
 

5,000,000

     Vertex, Inc.^*
0.750%, 05/01/29		    

5,228,750

    
 

10,000,000

     Vishay Intertechnology, Inc.~*
2.250%, 09/15/30		    

9,614,200

    
 

45,000,000

     Western Digital Corp.~^*
3.000%, 11/15/28		    

67,977,450

    
 

20,000,000

     Wolfspeed, Inc.~
1.875%, 12/01/29		    

11,458,200

    
 

15,000,000

    

0.250%, 02/15/28

    

8,873,850

    
 

10,000,000

    

1.750%, 05/01/26

    

9,303,800

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
90

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

17,862,000

     Workiva, Inc.~
1.250%, 08/15/28*		  

$

16,088,482

    
 

7,516,000

    

1.125%, 08/15/26

    

8,668,052

    
 

7,200,000

     Xerox Holdings Corp.~*
3.750%, 03/15/30		    

6,147,504

    
     

2,317,657,050

    
   

Materials (0.4%)

  
 

15,000,000

     Amyris, Inc.@
1.500%, 11/15/26		    

532,800

    
 

10,000,000

     ATI, Inc.~
3.500%, 06/15/25		    

38,516,600

    
 

3,124,000

     Lithium Americas Corp.^
1.750%, 01/15/27		    

2,379,895

    
 

10,000,000

     MP Materials Corp.~*
3.000%, 03/01/30		    

9,915,000

    
     

51,344,295

    
   

Other (0.1%)

  
 

10,000,000

     QIAGEN, NV
0.000%, 12/17/27		    

9,213,400

    
 

10,000,000

     Upstart Holdings, Inc.~
0.250%, 08/15/26		    

7,720,200

    
     

16,933,600

    
   

Real Estate (0.3%)

  
 

35,000,000

     Redfin Corp.~
0.500%, 04/01/27		    

17,411,100

    
 

20,000,000

     Welltower OP, LLC~^*
2.750%, 05/15/28		    

22,419,200

    
     

39,830,300

    
   

Utilities (2.4%)

  
 

25,000,000

     Alliant Energy Corp.~
3.875%, 03/15/26		    

24,531,250

    
 

39,542,000

     American Water Capital
Corp.~*
3.625%, 06/15/26		    

38,477,134

    
 

25,000,000

     CenterPoint Energy, Inc.~*
4.250%, 08/15/26		    

24,772,000

    
 

15,040,000

     CMS Energy Corp.~*
3.375%, 05/01/28		    

14,736,342

    
 

40,000,000

     Duke Energy Corp.~^
4.125%, 04/15/26		    

39,578,000

    
 

22,500,000

     Evergy, Inc.~*
4.500%, 12/15/27		    

22,524,300

    
 

30,000,000

     Firstenergy Corp.*
4.000%, 05/01/26		    

29,614,800

    
 

25,000,000

     NextEra Energy Capital
Holdings, Inc.~^*
3.000%, 03/01/27		    

27,256,500

    
 

12,500,000

     NextEra Energy Partners, LP~*
0.000%, 06/15/24		    

12,397,625

    
 

22,752,000

     PG&E Corp.~*
4.250%, 12/01/27		    

22,832,315

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

21,922,000

     PPL Capital Funding, Inc.~
2.875%, 03/15/28		  

$

20,841,245

    
 

60,000,000

     Southern Company^
3.875%, 12/15/25		    

59,898,000

    
 

8,000,000

     Sunnova Energy International,
Inc.~
2.625%, 02/15/28		    

2,631,360

    
     

340,090,871

    
    TOTAL CONVERTIBLE
BONDS
(Cost $4,989,505,922)		    

5,225,866,479

    

CORPORATE BONDS (1.6%)

      
   

Airlines (0.0%)

  
 

1,950,000

     Mileage Plus Holdings, LLC /
Mileage Plus Intellectual
Property Assets, Ltd.~*
6.500%, 06/20/27		    

1,955,226

    
   

Communication Services (0.1%)

  
 

3,257,000

     Comcast Corp.~
3.375%, 08/15/25		    

3,174,370

    
 

3,000,000

    

5.250%, 11/07/25

    

2,995,920

    
 

3,214,000

     Netflix, Inc.~*
3.625%, 06/15/25		    

3,143,485

    
 

2,500,000

     Verizon Communications, Inc.~
1.450%, 03/20/26		    

2,322,750

    
     

11,636,525

    
   

Consumer Discretionary (0.2%)

  
 

5,000,000

     American Honda Finance
Corp.~^
4.750%, 01/12/26		    

4,950,850

    
 

5,000,000

     AutoZone, Inc.~
5.050%, 07/15/26		    

4,964,450

    
 

4,000,000

     BorgWarner, Inc.~*
5.000%, 10/01/25		    

3,941,560

    
 

5,000,000

     Cargill, Inc.~^*
4.875%, 10/10/25		    

4,967,350

    
 

5,000,000

     General Motors Financial
Company, Inc.~
1.250%, 01/08/26		    

4,649,550

    
 

5,000,000

     Lowe's Companies, Inc.~
4.400%, 09/08/25		    

4,929,600

    
 

1,859,000

     VF Corp.~^
2.400%, 04/23/25		    

1,793,563

    
     

30,196,923

    
   

Consumer Staples (0.1%)

  
 

5,000,000

     Dollar General Corp.~
4.150%, 11/01/25		    

4,889,750

    
 

5,000,000

     General Mills, Inc.~
5.241%, 11/18/25		    

4,973,200

    
     

9,862,950

    

See accompanying Notes to Schedule of Investments

www.calamos.com
91

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

PRINCIPAL
AMOUNT		      

VALUE

  
   

Energy (0.2%)

  
 

5,000,000

     Enterprise Products Operating,
LLC~
5.050%, 01/10/26		  

$

4,974,850

    
 

5,000,000

     MPLX, LP~
4.875%, 06/01/25		    

4,953,550

    
 

9,000,000

     PDC Energy, Inc.
5.750%, 05/15/26		    

8,999,370

    
 

3,000,000

     Williams Companies, Inc.~
5.400%, 03/02/26		    

2,988,870

    
     

21,916,640

    
   

Financials (0.5%)

  
 

5,000,000

     Bank of America Corp.~‡
1.530%, 12/06/25
SOFR + 0.65%		    

4,870,750

    
 

5,000,000

     Bank of Montreal~
4.250%, 09/14/24		    

4,973,150

    
 

1,000,000

    

5.200%, 12/12/24

    

997,320

    
 

5,000,000

     Bank of NY Mellon Corp.~‡
4.414%, 07/24/26
SOFR + 1.35%		    

4,926,250

    
 

3,500,000

     Citizens Bank NA~‡
6.064%, 10/24/25
SOFR + 1.45%		    

3,487,470

    
 

5,000,000

     Huntington National Bank~‡
5.699%, 11/18/25
SOFR + 1.22%		    

4,971,150

    
 

2,000,000

     Intercontinental Exchange, Inc.~
3.650%, 05/23/25		    

1,960,840

    
 

5,000,000

     JPMorgan Chase & Company~‡
2.595%, 02/24/26
SOFR + 0.92%		    

4,869,850

    
 

5,000,000

     Mondelez International
Holdings Netherlands, BV~*
4.250%, 09/15/25		    

4,903,100

    
 

208,000

     Nasdaq, Inc.
5.650%, 06/28/25		    

207,909

    
 

5,000,000

     PayPal Holdings, Inc.~
2.650%, 10/01/26		    

4,698,200

    
 

5,000,000

     PNC Financial Services Group,
Inc.~‡
5.671%, 10/28/25
SOFR + 1.09%		    

4,996,450

    
 

5,000,000

     State Street Corp.~^‡
5.751%, 11/04/26
SOFR + 1.35%		    

5,012,750

    
 

5,000,000

     Toronto-Dominion Bank~
3.766%, 06/06/25		    

4,903,600

    
 

5,000,000

     Toyota Motor Credit Corp.~
3.950%, 06/30/25		    

4,918,500

    
 

5,000,000

     Truist Financial Corp.~‡
5.900%, 10/28/26
SOFR + 1.63%		    

4,999,650

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

5,000,000

     US Bancorp~‡
5.727%, 10/21/26
SOFR + 1.43%		  

$

4,999,100

    
     

70,696,039

    
   

Health Care (0.2%)

  
 

5,000,000

     Amgen, Inc.~
5.250%, 03/02/25		    

4,982,350

    
 

4,860,000

     Baxter International, Inc.~
1.322%, 11/29/24		    

4,737,868

    
 

5,000,000

     CVS Health Corp.~
5.000%, 02/20/26		    

4,950,650

    
 

5,000,000

     Elevance Health, Inc.~
5.350%, 10/15/25		    

4,983,850

    
 

4,283,000

     Gilead Sciences, Inc.~^
3.500%, 02/01/25		    

4,217,342

    
 

5,000,000

     UnitedHealth Group, Inc.~
5.150%, 10/15/25		    

4,986,800

    
 

5,000,000

     Zoetis, Inc.~
5.400%, 11/14/25		    

4,994,400

    
     

33,853,260

    
   

Industrials (0.1%)

  
 

2,500,000

     Lockheed Martin Corp.~
4.950%, 10/15/25		    

2,489,525

    
 

3,830,000

     RTX Corp.~
3.950%, 08/16/25		    

3,756,387

    
 

5,000,000

     Siemens
Financieringsmaatschappij, NV*
3.250%, 05/27/25		    

4,886,950

    
     

11,132,862

    
   

Information Technology (0.1%)

  
 

3,500,000

     Broadridge Financial Solutions,
Inc.~
3.400%, 06/27/26		    

3,347,855

    
 

3,000,000

     Mercedes-Benz Finance
North America, LLC~*
5.375%, 11/26/25		    

2,995,170

    
 

1,750,000

     Roper Technologies, Inc.~
2.350%, 09/15/24		    

1,727,740

    
 

5,000,000

     Take-Two Interactive Software,
Inc.~
5.000%, 03/28/26		    

4,942,500

    
     

13,013,265

    
   

Materials (0.0%)

  
 

3,417,000

     Sherwin-Williams Company~
4.050%, 08/08/24		    

3,401,384

    
   

Other (0.0%)

  
 

5,000,000

     Diageo Capital, PLC~
5.200%, 10/24/25		    

4,985,850

    
 

1,457,000

     Schlumberger Holdings Corp.~*
3.750%, 05/01/24		    

1,457,000

    
     

6,442,850

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
92

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

PRINCIPAL
AMOUNT		      

VALUE

  
   

Utilities (0.1%)

  
 

5,000,000

     National Rural Utilities
Cooperative Finance Corp.~
5.450%, 10/30/25		  

$

4,996,250

    
 

5,000,000

     Southern Company~
5.150%, 10/06/25		    

4,966,700

    
 

5,000,000

     WEC Energy Group, Inc.~
5.000%, 09/27/25		    

4,957,050

    
     

14,920,000

    
        TOTAL CORPORATE BONDS
Cost ($229,689,401)		    

229,027,924

    
NUMBER OF
SHARES		  
 

VALUE

  

CONVERTIBLE PREFERRED STOCKS (0.9%)

      
   

Financials (0.3%)

  
 

849,428

     Apollo Global Management,
Inc.~
6.750%, 07/31/26		    

51,798,119

    
   

Health Care (0.1%)

  
 

300,000

     Brightspring Health Services,
Inc.~
6.750%, 02/01/27		    

12,969,000

    
   

Industrials (0.2%)

  
 

396,461

     Chart Industries, Inc.~
6.750%, 12/15/25		    

22,780,649

    
 

178,572

     Clarivate, PLC~
5.250%, 06/01/24		    

4,841,087

    
 

47,143

     RBC Bearings, Inc.~^
5.000%, 10/15/24		    

5,297,459

    
     

32,919,195

    
   

Materials (0.2%)

  
 

500,000

     Albemarle Corp.~^#
7.250%, 03/01/27		    

27,435,000

    
   

Utilities (0.1%)

  
 

300,000

     NextEra Energy, Inc.~^
6.926%, 09/01/25		    

12,225,000

    
        TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $141,724,260)		    

137,346,314

    

COMMON STOCKS (57.9%)

      
   

Communication Services (5.2%)

  
 

972,183

    

Alphabet, Inc. - Class A~#

    

158,251,949

    
 

1,125,234

    

Alphabet, Inc. - Class C~#

    

185,258,526

    
 

1,056,979

    

AT&T, Inc.

    

17,852,375

    
 

866,540

    

Comcast Corp. - Class A~

    

33,023,839

    
 

156,633

    

Fox Corp. - Class A

    

4,857,189

    
 

195,154

    

Match Group, Inc.#

    

6,014,646

    
 

433,206

    

Meta Platforms, Inc. - Class A~

    

186,352,225

    
NUMBER OF
SHARES		  
 

VALUE

  
 

87,191

    

Netflix, Inc.#

  

$

48,010,852

    
 

139,579

    

T-Mobile U.S., Inc.

    

22,914,685

    
 

500,000

    

TEGNA, Inc.~

    

6,820,000

    
 

806,598

    

Verizon Communications, Inc.~

    

31,852,555

    
 

391,229

    

Walt Disney Company~

    

43,465,542

    
     

744,674,383

    
   

Consumer Discretionary (5.9%)

  
 

1,744,118

    

Amazon.com, Inc.~

    

305,220,650

    
 

149,284

    

Aptiv, PLC#

    

10,599,164

    
 

7,263

    

Booking Holdings, Inc.~

    

25,072,094

    
 

197,630

    

Caesars Entertainment, Inc.#

    

7,079,107

    
 

659,298

    

Capri Holdings, Ltd.~#

    

23,391,893

    
 

625,918

    

Carnival Corp.#

    

9,276,105

    
 

9,224

    

Chipotle Mexican Grill, Inc.#

    

29,144,150

    
 

55,372

    

Darden Restaurants, Inc.~

    

8,494,619

    
 

168,214

    

DR Horton, Inc.~

    

23,968,813

    
 

157,741

    

eBay, Inc.

    

8,129,971

    
 

805,338

    

Ford Motor Company~

    

9,784,857

    
 

302,355

    

General Motors Company

    

13,463,868

    
 

209,412

    

Home Depot, Inc.~

    

69,989,679

    
 

100,000

    

iRobot Corp.~#

    

856,000

    
 

179,939

    

Las Vegas Sands Corp.

    

7,982,094

    
 

169,413

    

Lowe's Companies, Inc.~

    

38,624,470

    
 

38,479

    

Lululemon Athletica, Inc.#

    

13,875,527

    
 

133,780

    

McDonald's Corp.

    

36,527,291

    
 

26,250

    

Next.e.GO, NV#

    

803

    
 

283,831

    

NIKE, Inc. - Class B~

    

26,186,248

    
 

430,319

     Norwegian Cruise Line
Holdings, Ltd.^#		    

8,141,635

    
 

16,911

    

O'Reilly Automotive, Inc.#

    

17,135,240

    
 

95,616

    

Ross Stores, Inc.~

    

12,387,053

    
 

232,223

    

Starbucks Corp.~

    

20,549,413

    
 

516,880

    

Tesla, Inc.#

    

94,733,766

    
 

262,776

    

TJX Cos., Inc.~

    

24,724,594

    
     

845,339,104

    
   

Consumer Staples (3.7%)

  
 

1,678,613

     Albertsons Companies, Inc. -
Class A~		    

34,243,705

    
 

389,256

    

Altria Group, Inc.~

    

17,053,305

    
 

158,334

     Archer-Daniels-Midland
Company~		    

9,287,872

    
 

101,754

     Church & Dwight Company,
Inc.		    

10,978,239

    
 

675,142

    

Coca-Cola Company

    

41,703,521

    
 

156,891

    

Colgate-Palmolive Company~

    

14,421,421

    
 

78,642

     Constellation Brands, Inc. -
Class A		    

19,932,601

    
 

62,309

    

Costco Wholesale Corp.~

    

45,043,176

    

See accompanying Notes to Schedule of Investments

www.calamos.com
93

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

NUMBER OF
SHARES		  
 

VALUE

  
 

48,030

    

Dollar General Corp.~

  

$

6,685,296

    
 

86,760

    

Dollar Tree, Inc.#

    

10,259,370

    
 

59,696

     Estee Lauder Companies, Inc. -
Class A		    

8,758,000

    
 

171,606

    

General Mills, Inc.

    

12,091,359

    
 

126,484

    

Kellogg Company

    

7,318,364

    
 

94,269

    

Kimberly-Clark Corp.

    

12,870,547

    
 

225,962

    

Kroger Company

    

12,513,776

    
 

277,808

    

Mirati Therapeutics, Inc.#‡‡‡

    

277,808

    
 

445,028

     Mondelez International, Inc. -
Class A		    

32,015,314

    
 

195,911

    

Monster Beverage Corp.#

    

10,471,443

    
 

207,599

    

PepsiCo, Inc.~

    

36,518,740

    
 

371,885

     Philip Morris International,
Inc.~		    

35,306,762

    
 

365,241

    

Procter & Gamble Company

    

59,607,331

    
 

169,768

    

Sysco Corp.

    

12,617,158

    
 

105,054

    

Target Corp.~

    

16,911,593

    
 

1,036,350

    

Walmart, Inc.~

    

61,507,373

    
     

528,394,074

    
   

Energy (3.5%)

  
 

403,888

    

Chevron Corp.~

    

65,135,018

    
 

259,226

    

ConocoPhillips~

    

32,563,970

    
 

1,670,000

    

Enerplus Corp.

    

32,698,600

    
 

77,586

    

EOG Resources, Inc.~

    

10,251,438

    
 

2,018,342

    

Equitrans Midstream Corp.

    

27,308,167

    
 

476,032

    

Exxon Mobil Corp.~

    

56,300,305

    
 

473,147

    

Hess Corp.

    

74,515,921

    
 

536,957

    

Kinder Morgan, Inc.

    

9,815,574

    
 

162,292

    

Marathon Petroleum Corp.

    

29,491,702

    
 

166,652

    

Occidental Petroleum Corp.

    

11,022,363

    
 

107,639

    

ONEOK, Inc.

    

8,516,398

    
 

75,550

    

Phillips 66~

    

10,819,516

    
 

335,022

     Pioneer Natural Resources
Company		    

90,228,125

    
 

239,499

    

Schlumberger, NV

    

11,371,413

    
 

1,702,781

     Southwestern Energy
Company#		    

12,753,830

    
 

73,091

    

Valero Energy Corp.~

    

11,685,058

    
 

270,929

    

Williams Companies, Inc.

    

10,392,836

    
     

504,870,234

    
   

Financials (7.1%)

  
 

133,464

    

Aflac, Inc.~

    

11,164,264

    
 

104,124

    

Allstate Corp.~

    

17,707,327

    
 

119,169

    

American Express Company~

    

27,889,121

    
 

52,173

    

Ameriprise Financial, Inc.

    

21,484,320

    
 

93,077

    

Arthur J Gallagher & Company

    

21,844,241

    
 

78,257

    

Assurant, Inc.

    

13,648,021

    
NUMBER OF
SHARES		  
 

VALUE

  
 

2,116,012

    

Bank of America Corp.~

  

$

78,313,604

    
 

194,308

    

Bank of New York Mellon Corp.

    

10,976,459

    
 

280,897

     Berkshire Hathaway, Inc. -
Class B~		    

111,440,267

    
 

20,160

    

BlackRock, Inc.~

    

15,213,542

    
 

102,370

    

Blackstone, Inc.

    

11,937,366

    
 

92,520

    

Cboe Global Markets, Inc.

    

16,759,998

    
 

365,168

    

Charles Schwab Corp.~

    

27,004,174

    
 

119,964

    

Chubb, Ltd.~

    

29,827,849

    
 

294,467

    

Citigroup, Inc.~

    

18,059,661

    
 

41,929

    

CME Group, Inc.

    

8,789,996

    
 

117,927

    

Discover Financial Services

    

14,944,889

    
 

123,699

    

Fiserv, Inc.#

    

18,885,126

    
 

70,115

    

Global Payments, Inc.

    

8,608,018

    
 

113,022

    

Goldman Sachs Group, Inc.~

    

48,227,618

    
 

441,902

    

Huntington Bancshares, Inc.

    

5,952,420

    
 

46,742

    

Jack Henry & Associates, Inc.

    

7,604,456

    
 

511,233

    

JPMorgan Chase & Company~

    

98,023,815

    
 

51,863

    

M&T Bank Corp.

    

7,488,499

    
 

143,883

    

Marsh & McLennan Cos., Inc.

    

28,694,587

    
 

177,027

    

Mastercard, Inc. - Class A

    

79,874,582

    
 

156,769

    

MetLife, Inc.~

    

11,143,140

    
 

264,660

    

Morgan Stanley~

    

24,041,714

    
 

83,072

    

Northern Trust Corp.

    

6,844,302

    
 

141,618

    

PayPal Holdings, Inc.#

    

9,618,695

    
 

62,429

    

Prudential Financial, Inc.~

    

6,897,156

    
 

54,190

    

S&P Global, Inc.

    

22,533,828

    
 

78,459

    

State Street Corp.~

    

5,687,493

    
 

69,588

    

Travelers Companies, Inc.~

    

14,763,790

    
 

158,661

    

US Bancorp

    

6,446,396

    
 

380,090

    

Visa, Inc. - Class A~^

    

102,095,975

    
 

986,761

    

Wells Fargo & Company~

    

58,534,662

    
     

1,028,971,371

    
   

Health Care (7.0%)

  
 

269,970

    

Abbott Laboratories

    

28,608,721

    
 

338,649

    

AbbVie, Inc.~

    

55,077,873

    
 

178,740

    

Agilent Technologies, Inc.

    

24,494,530

    
 

356,127

    

Amedisys, Inc.#

    

32,781,490

    
 

75,912

    

Amgen, Inc.~

    

20,795,333

    
 

199,787

    

Baxter International, Inc.

    

8,065,401

    
 

64,883

    

Becton Dickinson & Co

    

15,221,552

    
 

38,822

    

Biogen, Inc.~#

    

8,339,742

    
 

608,444

    

Boston Scientific Corp.#

    

43,728,870

    
 

549,012

     Bristol-Myers Squibb
Company~		    

24,123,587

    
 

122,927

    

Centene Corp.#

    

8,981,047

    
 

52,311

    

Cigna Group

    

18,677,119

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
94

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

NUMBER OF
SHARES		  
 

VALUE

  
 

231,074

    

CVS Health Corp.~

  

$

15,646,021

    
 

156,814

    

Danaher Corp.

    

38,673,469

    
 

106,017

    

Dexcom, Inc.#

    

13,505,506

    
 

177,430

    

Edwards Lifesciences Corp.~#

    

15,022,998

    
 

159,921

    

Eli Lilly & Company~

    

124,914,293

    
 

67,011

    

GE Healthcare, Inc.

    

5,108,919

    
 

245,437

    

Gilead Sciences, Inc.

    

16,002,492

    
 

52,858

    

HCA Healthcare, Inc.

    

16,376,466

    
 

32,062

    

Humana, Inc.

    

9,685,610

    
 

88,382

    

Intuitive Surgical, Inc.#

    

32,756,137

    
 

53,835

    

IQVIA Holdings, Inc.#

    

12,477,338

    
 

425,214

    

Johnson & Johnson

    

61,481,692

    
 

47,552

     Laboratory Corp. of America
Holdings~		    

9,575,546

    
 

33,312

    

McKesson Corp.

    

17,895,539

    
 

282,560

    

Medtronic, PLC

    

22,672,614

    
 

534,744

    

Merck & Company, Inc.

    

69,099,620

    
 

1,025,011

    

Pfizer, Inc.~

    

26,260,782

    
 

12,887

     Regeneron Pharmaceuticals,
Inc.~#		    

11,477,935

    
 

1,790

    

Shockwave Medical, Inc.#

    

591,040

    
 

19,554

    

Solventum Corp.#

    

1,271,206

    
 

45,960

    

Stryker Corp.~

    

15,465,540

    
 

92,093

    

Thermo Fisher Scientific, Inc.~

    

52,375,131

    
 

196,859

    

UnitedHealth Group, Inc.~

    

95,220,698

    
 

48,012

    

Vertex Pharmaceuticals, Inc.#

    

18,859,594

    
 

49,695

    

Zimmer Biomet Holdings, Inc.

    

5,977,315

    
 

127,192

    

Zoetis, Inc.

    

20,254,054

    
     

1,017,542,820

    
   

Industrials (4.9%)

  
 

78,216

     3M Company    

7,548,626

    
 

54,911

    

Allegion, PLC

    

6,674,981

    
 

104,712

     Automatic Data Processing,
Inc.		    

25,328,786

    
 

77,213

    

Boeing Company~

    

12,959,430

    
 

301,278

    

Carrier Global Corp.

    

18,525,584

    
 

150,406

    

Caterpillar, Inc.~

    

50,321,335

    
 

789,674

    

CSX Corp.~

    

26,232,970

    
 

54,256

    

Deere & Company

    

21,236,341

    
 

182,343

    

Delta Air Lines, Inc.~

    

9,129,914

    
 

79,891

    

Eaton Corp., PLC

    

25,426,110

    
 

211,750

    

Emerson Electric Company~

    

22,822,415

    
 

50,258

    

GE Vernova, Inc.#

    

7,725,157

    
 

57,752

    

Generac Holdings, Inc.#

    

7,851,962

    
 

46,539

    

General Dynamics Corp.

    

13,360,882

    
 

201,032

    

General Electric Company

    

32,530,998

    
 

176,179

    

Honeywell International, Inc.

    

33,954,979

    
NUMBER OF
SHARES		  
 

VALUE

  
 

9,049

    

Hubbell, Inc.

  

$

3,352,835

    
 

66,397

    

Illinois Tool Works, Inc.~

    

16,208,172

    
 

182,305

     Johnson Controls International,
PLC		    

11,862,586

    
 

70,096

    

L3Harris Technologies, Inc.

    

15,004,049

    
 

38,049

    

Lockheed Martin Corp.

    

17,690,122

    
 

156,805

    

Masco Corp.

    

10,733,302

    
 

41,767

    

Norfolk Southern Corp.

    

9,619,775

    
 

37,820

    

Northrop Grumman Corp.

    

18,343,835

    
 

70,075

    

Otis Worldwide Corp.

    

6,390,840

    
 

165,372

    

PACCAR, Inc.

    

17,547,623

    
 

98,278

    

Paychex, Inc.

    

11,676,409

    
 

39,218

    

Paycom Software, Inc.

    

7,372,200

    
 

178,188

    

Pentair, PLC

    

14,092,889

    
 

64,728

    

Quanta Services, Inc.

    

16,736,072

    
 

376,144

    

RTX Corp.~

    

38,186,139

    
 

347,528

     Southwest Airlines
Company~^		    

9,014,876

    
 

110,100

    

Spirit Airlines, Inc.~

    

388,653

    
 

496,726

    

Uber Technologies, Inc.#

    

32,918,032

    
 

152,638

    

Union Pacific Corp.~

    

36,199,628

    
 

191,155

    

United Airlines Holdings, Inc.#

    

9,836,836

    
 

126,402

     United Parcel Service, Inc. -
Class B		    

18,641,767

    
 

24,015

    

United Rentals, Inc.

    

16,041,780

    
 

52,270

    

Veralto Corp.

    

4,896,654

    
 

61,813

    

Verisk Analytics, Inc.

    

13,472,761

    
 

118,104

    

Waste Management, Inc.

    

24,567,994

    
 

86,960

    

Xylem, Inc.

    

11,365,672

    
     

713,791,971

    
   

Information Technology (16.2%)

  
 

104,179

    

Accenture, PLC - Class A~

    

31,348,503

    
 

81,503

    

Adobe, Inc.#

    

37,722,034

    
 

371,914

    

Advanced Micro Devices, Inc.~

    

58,903,739

    
 

160,985

    

Amphenol Corp. - Class A~

    

19,442,159

    
 

131,946

    

Analog Devices, Inc.

    

26,469,687

    
 

2,777,189

    

Apple, Inc.~

    

473,038,602

    
 

168,706

    

Applied Materials, Inc.~

    

33,513,447

    
 

45,199

    

Arista Networks, Inc.#

    

11,596,255

    
 

47,277

    

Autodesk, Inc.#

    

10,062,909

    
 

1,201

    

Blackbaud, Inc.#

    

93,582

    
 

83,010

    

Broadcom, Inc.~

    

107,935,413

    
 

990,073

    

Cisco Systems, Inc.~

    

46,513,630

    
 

136,170

     Cognizant Technology
Solutions Corp. - Class A~		    

8,943,646

    
 

28,453

    

Enphase Energy, Inc.#

    

3,094,548

    
 

45,983

    

Gartner, Inc.#

    

18,972,126

    
 

264,987

    

HP, Inc.

    

7,443,485

    

See accompanying Notes to Schedule of Investments

www.calamos.com
95

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

NUMBER OF
SHARES		  
 

VALUE

  
 

558,860

    

Intel Corp.~

  

$

17,028,464

    
 

125,876

     International Business
Machines Corp.		    

20,920,591

    
 

68,757

    

Intuit, Inc.

    

43,015,754

    
 

1,155,201

    

Juniper Networks, Inc.

    

40,224,099

    
 

19,609

    

Lam Research Corp.

    

17,538,486

    
 

318,057

    

Micron Technology, Inc.~

    

35,927,719

    
 

1,396,671

    

Microsoft Corp.~

    

543,765,920

    
 

75,602

    

NetApp, Inc.

    

7,727,280

    
 

464,549

    

NVIDIA Corp.~

    

401,379,627

    
 

74,586

    

NXP Semiconductors, NV

    

19,108,187

    
 

116,628

    

ON Semiconductor Corp.#

    

8,182,621

    
 

346,059

    

Oracle Corp.

    

39,364,211

    
 

84,427

    

Palo Alto Networks, Inc.#

    

24,558,970

    
 

68,166

    

PTC, Inc.#

    

12,095,375

    
 

90,087

    

Qorvo, Inc.#

    

10,525,765

    
 

226,689

    

QUALCOMM, Inc.

    

37,596,371

    
 

215,301

    

Salesforce, Inc.~

    

57,903,051

    
 

47,891

    

ServiceNow, Inc.#

    

33,204,267

    
 

106,307

    

Skyworks Solutions, Inc.

    

11,331,263

    
 

8,319

    

Super Micro Computer, Inc.#

    

7,144,357

    
 

68,239

    

TE Connectivity, Ltd.

    

9,654,454

    
 

107,175

    

Teradyne, Inc.

    

12,466,596

    
 

122,624

    

Texas Instruments, Inc.~

    

21,633,326

    
 

20,057

    

Twilio, Inc. - Class A#

    

1,201,013

    
 

30,905

    

Tyler Technologies, Inc.#

    

14,264,203

    
     

2,342,855,735

    
   

Materials (1.3%)

  
 

62,435

     Air Products & Chemicals,
Inc.~		    

14,755,888

    
 

50,902

    

Avery Dennison Corp.

    

11,059,987

    
 

67,276

    

Celanese Corp.

    

10,334,266

    
 

177,434

    

Corteva, Inc.

    

9,604,502

    
 

177,434

    

Dow, Inc.

    

10,095,995

    
 

159,779

    

DuPont de Nemours, Inc.

    

11,583,978

    
 

486,197

    

Freeport-McMoRan, Inc.

    

24,280,678

    
 

136,394

    

Linde, PLC

    

60,144,298

    
 

76,666

    

PPG Industries, Inc.

    

9,889,914

    
 

45,921

    

Sherwin-Williams Company

    

13,758,391

    
 

429,336

    

United States Steel Corp.

    

15,670,764

    
     

191,178,661

    
   

Real Estate (1.1%)

  
 

53,175

     Alexandria Real Estate
Equities, Inc.		    

6,161,387

    
 

73,370

    

American Tower Corp.~

    

12,587,357

    
 

102,507

    

Camden Property Trust

    

10,217,898

    
 

141,191

    

Crown Castle, Inc.

    

13,240,892

    
NUMBER OF
SHARES		  
 

VALUE

  
 

79,755

    

Digital Realty Trust, Inc.

  

$

11,068,399

    
 

14,057

    

Equinix, Inc.

    

9,996,073

    
 

537,396

    

Healthpeak Properties, Inc.

    

10,000,940

    
 

63,391

     Mid-America Apartment
Communities, Inc.		    

8,240,830

    
 

209,696

    

Prologis, Inc.~

    

21,399,477

    
 

34,909

    

Public Storage~

    

9,057,140

    
 

302,553

    

Realty Income Corp.

    

16,198,688

    
 

98,710

    

Regency Centers Corp.

    

5,845,606

    
 

153,571

    

UDR, Inc.

    

5,847,984

    
 

124,197

    

Welltower, Inc.

    

11,833,490

    
 

237,202

    

Weyerhaeuser Company

    

7,156,384

    
     

158,852,545

    
   

Special Purpose Acquisition Companies (0.7%)#

  
 

20,000

     99 Acquisition Group, Inc. -
Class A		    

208,200

    
 

9,673

     Ai Transportation Acquisition
Corp.		    

99,729

    
 

50,000

     Alchemy Investments
Acquisition Corp. 1		    

531,500

    
 

24,591

    

Black Hawk Acquisition Corp.

    

253,287

    
 

1,500,000

     CARTESIAN GROWTH Corp. II -
Class A		    

16,800,000

    
 

140,000

    

Cetus Capital Acquisition Corp.

    

1,474,200

    
 

350,000

     Denali Capital Acquisition
Corp. - Class A		    

3,867,500

    
 

1,250,000

     Everest Consolidator
Acquisition Corp.		    

14,050,000

    
 

500,000

    

Evergreen Corp. - Class A

    

5,705,000

    
 

60,000

     Four Leaf Acquisition Corp. -
Class A		    

650,400

    
 

500,000

     FutureTech II Acquisition
Corp. - Class A		    

5,830,000

    
 

500,000

     Generation Asia I Acquisition,
Ltd. - Class A		    

5,535,000

    
 

100,000

    

Haymaker Acquisition Corp. 4

    

1,049,000

    
 

30,000

     Israel Acquisitions Corp. -
Class A		    

327,900

    
 

100,000

    

Keen Vision Acquisition Corp.

    

1,051,000

    
 

825,000

     Learn CW Investment Corp. -
Class A		    

9,025,500

    
 

100,000

     Nabors Energy Transition
Corp. II - Class A		    

1,052,000

    
 

55,000

     Oak Woods Acquisition Corp. -
Class A		    

592,075

    
 

14,770

    

Quetta Acquisition Corp.

    

151,245

    
 

1,500,000

     Rigel Resource Acquisition
Corp. - Class A		    

16,875,000

    
 

250,000

    

SilverBox Corp. III - Class A

    

2,637,500

    
 

24,769

    

Spark I Acquisition Corp.

    

255,616

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
96

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

NUMBER OF
SHARES		  
 

VALUE

  
 

500,000

     TortoiseEcofin Acquisition
Corp. III - Class A		  

$

5,435,000

    
 

900,000

     Tristar Acquisition I Corp. -
Class A		    

9,936,000

    
     

103,392,652

    
   

Utilities (1.3%)

  
 

377,836

    

AES Corp.~

    

6,763,264

    
 

147,758

     American Electric Power
Company, Inc.		    

12,711,621

    
 

114,862

    

Consolidated Edison, Inc.

    

10,842,973

    
 

309,207

    

Dominion Energy, Inc.~

    

15,763,373

    
 

187,609

    

Duke Energy Corp.~

    

18,434,460

    
 

90,176

    

Edison International

    

6,407,907

    
 

83,990

    

Entergy Corp.

    

8,959,213

    
 

356,810

    

Exelon Corp.

    

13,408,920

    
 

190,129

    

FirstEnergy Corp.~

    

7,289,546

    
 

310,045

    

NextEra Energy, Inc.

    

20,763,714

    
 

232,707

    

NiSource, Inc.

    

6,483,217

    
 

484,226

    

PNM Resources, Inc.~

    

17,945,415

    
 

146,081

     Public Service Enterprise
Group, Inc.~		    

10,091,275

    
 

208,816

    

Southern Company

    

15,347,976

    
 

167,138

    

Xcel Energy, Inc.

    

8,980,325

    
     

180,193,199

    
    TOTAL COMMON STOCKS
(Cost $5,783,510,634)		    

8,360,056,749

    

EXCHANGE-TRADED FUND (1.3%)

      
   

Other (1.3%)

  
 

389,288

     SPDR S&P 500 ETF Trust^
(Cost $200,238,967)		    

195,414,790

    

INVESTMENT IN AFFILIATED FUND (2.3%)

      
   

Other (2.3%)

  
 

35,117,150

     Calamos Short-Term Bond Fund
(Cost $350,000,000)		    

329,398,865

    

WARRANTS (0.0%)#

      
   

Communication Services (0.0%)

  
 

200,000

     PSQ Holdings, Inc.
12/31/28, Strike $11.50		    

88,000

    
   

Consumer Discretionary (0.0%)

  
 

22,968

     Allurion Technologies, Inc.
08/01/30, Strike $8.10		    

6,199

    
 

83,333

     Carbon Revolution, PLC
10/25/28, Strike $0.00		    

6,583

    
 

25,000

     ECARX Holdings, Inc.
12/21/27, Strike $11.50		    

500

    
NUMBER OF
SHARES		  
 

VALUE

  
 

75,000

     flyExclusive, Inc.
05/28/28, Strike $0.00		  

$

31,500

    
 

20,000

     Grove Collaborative Holdings
06/16/27, Strike $11.50		    

102

    
 

35,000

     Lanvin Group Holdings, Ltd.
12/14/27, Strike $11.50		    

2,450

    
 

33,333

     Lotus Technology, Inc.
08/15/28, Strike $0.00		    

13,333

    
 

200,000

     Nogin, Inc.
08/26/27, Strike $11.50		    

1,230

    
 

25,000

     United Homes Group, Inc.
01/28/28, Strike $11.50		    

24,668

    
     

86,565

    
   

Consumer Staples (0.0%)

  
 

83,333

     African Agriculture Holdings,
Inc.
12/31/27, Strike $0.00		    

1,167

    
 

500,000

     Psyence Biomedical, Ltd.
01/25/29, Strike $0.00		    

39,600

    
     

40,767

    
   

Energy (0.0%)

  
 

200,000

     Vast Solar Pty. Ltd.
06/29/28, Strike $0.00		    

23,400

    
 

87,500

     Zeo Energy Corp.
03/14/29, Strike $0.00		    

10,474

    
     

33,874

    
   

Financials (0.0%)

  
 

187,500

     Beneficient - Class A
06/07/28, Strike $11.50		    

1,678

    
 

250,000

     DigiAsia Corp.
04/02/29, Strike $0.00		    

14,700

    
     

16,378

    
   

Health Care (0.0%)

  
 

156,250

     American Oncology Network,
Inc.
09/20/28, Strike $0.00		    

34,360

    
 

150,000

     Engene Holdings, Inc.
08/28/28, Strike $0.00		    

700,500

    
 

100,000

     Envoy Medical, Inc.
09/29/28, Strike $11.50		    

16,000

    
 

62,500

     Ocean Biomedical, Inc.
07/19/26, Strike $11.50		    

6,250

    
 

33,333

     Oculis Holding, AG
03/03/30, Strike $11.50		    

66,999

    
 

200,000

     Omniab, Inc.
11/01/27, Strike $11.50		    

114,500

    
 

200,000

     Prenetics Global, Ltd.
05/17/27, Strike $8.91		    

1,290

    
 

425,000

     QT Imaging Holdings, Inc.
12/31/28, Strike $0.00		    

29,750

    

See accompanying Notes to Schedule of Investments

www.calamos.com
97

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

NUMBER OF
SHARES		  
 

VALUE

  
 

81,526

     Spectral AI, Inc.
12/31/27, Strike $0.00		  

$

10,598

    
 

1,000,000

     Tevogen Bio Holdings, Inc.
11/04/26, Strike $0.00		    

49,000

    
 

146,040

     YS Biopharma Company, Ltd.
03/15/28, Strike $11.50		    

11,698

    
 

200,000

     Zura Bio, Ltd.
06/15/26, Strike $11.50		    

94,000

    
     

1,134,945

    
   

Industrials (0.0%)

  
 

289,507

     Aeries Technology, Inc.
10/20/26, Strike $0.00		    

15,344

    
 

285,000

     AERWINS Technology, Inc.
06/16/26, Strike $11.50		    

5,586

    
 

1,000,000

     Bitcoin Depot, Inc.
07/03/28, Strike $11.50		    

97,000

    
 

25,000

     Bridger Aerospace Group
Holdings, Inc.
01/25/28, Strike $11.50		    

3,279

    
 

42,500

     Complete Solaria, Inc.
12/31/27, Strike $11.50		    

1,657

    
 

200,000

     Electriq Power Holdings, Inc.
07/31/28, Strike $11.50		    

600

    
 

10,000

     Falcon's Beyond Global, Inc.
09/01/27, Strike $11.50		    

6,550

    
 

75,000

     Infrared Cameras Holdings, Inc.
12/19/28, Strike $0.00		    

3,255

    
 

500,000

     Intuitive Machines, Inc.
02/13/28, Strike $11.50		    

555,000

    
 

300,000

     LanzaTech Global, Inc.
01/01/28, Strike $11.50		    

71,700

    
 

50,000

     Montana Technologies Corp.
03/15/29, Strike $0.00		    

31,500

    
 

625,000

     Murano Global, BV
06/14/28, Strike $0.00		    

73,125

    
 

750,000

     PROOF Acquisition Corp. I
12/03/28, Strike $0.00		    

45,000

    
 

350,000

     Semilux International Ltd.
02/06/29, Strike $0.00		    

35

    
 

250,000

     Solidion Technology, Inc.
03/15/27, Strike $0.00		    

22,500

    
 

750,000

     Southland Holdings, Inc.
09/01/26, Strike $11.50		    

196,875

    
 

116,666

     Terran Orbital Corp.
03/25/27, Strike $11.50		    

20,417

    
 

250,000

     Zooz Power, Ltd.
04/04/29, Strike $0.00		    

12,750

    
     

1,162,173

    
   

Information Technology (0.0%)

  
 

250,000

     Airship AI Holdings, Inc.
12/31/28, Strike $0.00		    

122,500

    
NUMBER OF
SHARES		  
 

VALUE

  
 

166,666

     Brand Engagement Network,
Inc.
03/14/29, Strike $0.00		  

$

15,833

    
 

50,000

     iLearningEngines Holdings, Inc.
04/16/29, Strike $0.00		    

19,705

    
 

166,666

     MariaDB, PLC
12/16/27, Strike $11.50		    

18,992

    
 

125,000

     Nvni Group, Ltd.
11/01/28, Strike $11.50		    

5,125

    
 

625,000

     Roadzen, Inc.
11/30/28, Strike $11.50		    

68,750

    
 

350,000

     Rubicon Technologies, Inc.
04/19/28, Strike $11.50		    

822

    
 

100,000

     Smx Security Matters, PLC
03/07/28, Strike $11.50		    

735

    
 

192,245

     Spectaire Holdings, Inc.
10/17/28, Strike $11.50		    

11,535

    
 

250,000

     SpringBig Holdings, Inc.
06/14/27, Strike $11.50		    

412

    
 

250,000

     Syntec Optics Holdings, Inc.
11/08/26, Strike $0.00		    

49,975

    
 

500,000

     Zapata Computing Holdings,
Inc.
03/23/28, Strike $0.00		    

54,500

    
     

368,884

    
   

Materials (0.0%)

  
 

500,000

     Lifezone Metals, Ltd.
07/05/28, Strike $11.50		    

287,500

    
 

166,666

     Metals Acquisition, Ltd.
06/16/28, Strike $11.50		    

394,998

    
 

177,835

     Niocorp Developments, Ltd.
03/17/28, Strike $0.89		    

75,269

    
     

757,767

    
   

Other (0.0%)

  
 

500,000

     Critical Metals Corp.
06/06/28, Strike $0.00		    

84,400

    
 

200,000

     Zoomcar Holdings, Inc.
07/01/28, Strike $0.00		    

5,410

    
     

89,810

    
   

Special Purpose Acquisition Companies (0.0%)

  
 

312,972

     10
Acquisition Corp. III
06/30/28, Strike $11.50X Capital Venture 		   

9,483

    
 

20,000

     99 Acquisition Group, Inc.
10/09/28, Strike $0.00		    

1,000

    
 

500,000

     Aetherium Acquisition Corp.
01/21/28, Strike $11.50		    

20,000

    
 

25,000

     Alchemy Investments
Acquisition Corp. 1
06/26/28, Strike $0.00		    

4,601

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
98

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

NUMBER OF
SHARES		  
 

VALUE

  
 

250,000

     Alpha Partners Technology
Merger Corp.
03/31/28, Strike $11.50		  

$

23,000

    
 

750,000

     Altenergy Acquisition Corp.
11/02/28, Strike $11.50		    

59,925

    
 

50,000

     AP Acquisition Corp.
12/07/26, Strike $11.50		    

2,450

    
 

500,000

     APx Acquisition Corp. I
08/19/28, Strike $11.50		    

97,750

    
 

250,000

     Athena Technology Acquisition
Corp. II
10/17/28, Strike $11.50		    

10,025

    
 

625,000

     Atlantic Coastal Acquisition
Corp. II
06/02/28, Strike $11.50		    

47,812

    
 

500,000

     Aura FAT Projects Acquisition
Corp.
06/02/27, Strike $11.50		    

11,500

    
 

750,000

     Battery Future Acquisition Corp.
05/26/28, Strike $11.50		    

37,500

    
 

250,000

     Berenson Acquisition Corp. I
08/01/26, Strike $11.50		    

2,200

    
 

377,552

     Blockchain Coinvestors
Acquisition Corp. I
11/01/28, Strike $11.50		    

43,796

    
 

625,000

     Blue Ocean Acquisition Corp.
10/21/28, Strike $11.50		    

18,031

    
 

33,333

     BlueRiver Acquisition Corp.
01/04/26, Strike $11.50		    

1,730

    
 

1,000,000

     BurTech Acquisition Corp.
12/18/26, Strike $11.50		    

260,000

    
 

250,000

     byNordic Acquisition Corp.
02/09/27, Strike $11.50		    

18,863

    
 

375,000

     Cactus Acquisition Corp. 1, Ltd.
10/29/26, Strike $11.50		    

28,444

    
 

400,000

     Canna-Global Acquisition Corp.
02/09/28, Strike $11.50		    

8,840

    
 

500,000

     CARTESIAN GROWTH Corp. II
07/12/28, Strike $11.50		    

57,500

    
 

134,701

     Cartica Acquisition Corp.
04/30/28, Strike $11.50		    

10,109

    
 

25,000

     Catcha Investment Corp.
12/31/27, Strike $11.50		    

3

    
 

140,000

     Cetus Capital Acquisition Corp.
03/24/28, Strike $11.50		    

3,829

    
 

159,466

     CF Acquisition Corp. VII
03/15/26, Strike $11.50		    

14,352

    
 

750,000

     Chain Bridge I
12/31/28, Strike $11.50		    

37,500

    
 

166,666

     Coliseum Acquisition Corp.
12/31/28, Strike $11.50		    

12,500

    
 

166,666

     Compass Digital Acquisition
Corp.
10/15/28, Strike $11.50		    

13,333

    
NUMBER OF
SHARES		  
 

VALUE

  
 

92,316

     Concord Acquisition Corp. II
12/31/28, Strike $11.50		  

$

13,386

    
 

6,666

     Constellation Acquisition Corp. I
12/31/27, Strike $11.50		    

233

    
 

41,666

     Corner Growth Acquisition
Corp. 2
06/17/26, Strike $11.50		    

2,929

    
 

133,333

     Crown PropTech Acquisitions
12/31/27, Strike $11.50		    

13

    
 

375,000

     CSLM Acquisition Corp.
06/01/27, Strike $11.50		    

60,000

    
 

350,000

     Denali Capital Acquisition Corp.
04/07/27, Strike $11.50		    

19,285

    
 

750,000

     DP Cap Acquisition Corp. I
11/09/26, Strike $11.50		    

44,812

    
 

125,000

     Energem Corp.
11/16/26, Strike $11.50		    

13

    
 

625,000

     Enphys Acquisition Corp.
07/15/24, Strike $11.50		    

28,125

    
 

500,000

     EVe Mobility Acquisition Corp.
12/31/28, Strike $11.50		    

56,050

    
 

625,000

     Everest Consolidator
Acquisition Corp.
07/19/28, Strike $11.50		    

104,656

    
 

500,000

     Evergreen Corp.
02/15/27, Strike $11.50		    

32,500

    
 

500,000

     ExcelFin Acquisition Corp.
10/21/26, Strike $11.50		    

31,300

    
 

183,737

     Finnovate Acquisition Corp.
09/30/26, Strike $11.50		    

5,071

    
 

75,000

     Fintech Ecosystem
Development Corp.
12/31/28, Strike $11.50		    

2,070

    
 

525,800

     Focus Impact Acquisition Corp.
10/28/26, Strike $11.50		    

21,085

    
 

60,000

     Four Leaf Acquisition Corp.
05/12/28, Strike $0.00		    

2,859

    
 

8,600

     FTAC Emerald Acquisition Corp.
08/22/28, Strike $11.50		    

1,076

    
 

200,000

     Future Health ESG Corp.
09/09/26, Strike $11.50		    

10,020

    
 

500,000

     FutureTech II Acquisition Corp.
02/16/27, Strike $11.50		    

16,100

    
 

225,000

     GCT Semiconductor Holding,
Inc. - Class A
12/31/28, Strike $0.00		    

45,000

    
 

250,000

     Generation Asia I Acquisition,
Ltd.
07/24/28, Strike $11.50		    

17,500

    
 

500,000

     Genesis Growth Tech
Acquisition Corp.
05/19/28, Strike $11.50		    

90,000

    
 

25,000

     Global Technology Acquisition
Corp. I
07/13/26, Strike $11.50		    

4,125

    

See accompanying Notes to Schedule of Investments

www.calamos.com
99

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

NUMBER OF
SHARES		  
 

VALUE

  
 

126,666

     Golden Arrow Merger Corp.
07/31/26, Strike $11.50		  

$

21,533

    
 

50,000

     Haymaker Acquisition Corp. 4
09/12/28, Strike $0.00		    

11,998

    
 

500,000

     Healthcare AI Acquisition Corp.
12/14/26, Strike $11.50		    

23,400

    
 

438,223

     InFinT Acquisition Corp.
Strike $11.50		    

3,550

    
 

350,000

     Insight Acquisition Corp.
08/26/26, Strike $11.50		    

1,995

    
 

125,000

     Integral Acquisition Corp.1
12/14/28, Strike $11.50		    

16,244

    
 

154,135

     Integrated Wellness Acquisition
Corp.
10/31/28, Strike $11.50		    

6,373

    
 

750,000

     Investcorp Europe Acquisition
Corp. I
11/23/28, Strike $11.50		    

82,875

    
 

6,250

     Iris Acquisition Corp.
03/05/26, Strike $11.50		    

343

    
 

30,000

     Israel Acquisitions Corp.
02/28/28, Strike $0.00		    

2,130

    
 

250,000

     IX Acquisition Corp.
11/24/26, Strike $11.50		    

22,338

    
 

43,750

     Jaws Mustang Acquisition Corp.
01/30/26, Strike $11.50		    

9,625

    
 

100,000

     Keen Vision Acquisition Corp.
09/15/28, Strike $0.00		    

5,010

    
 

222,150

     Kensington Capital Acquisition
Corp. V
08/13/28, Strike $11.50		    

12,218

    
 

25,060

     Kernel Group Holdings, Inc.
01/31/27, Strike $11.50		    

2,506

    
 

750,000

     LAMF Global Ventures Corp. I
11/11/26, Strike $11.50		    

60,000

    
 

250,000

     LatAmGrowth SPAC
01/25/28, Strike $11.50		    

5,000

    
 

412,500

     Learn CW Investment Corp.
12/31/28, Strike $11.50		    

49,500

    
 

150,000

     Liberty Resources Acquisition
Corp.
10/31/28, Strike $11.50		    

15

    
 

228,160

     Marblegate Acquisition Corp.
08/31/28, Strike $11.50		    

6,799

    
 

675,350

     Mountain & Company I
Acquisition Corp.
09/30/26, Strike $11.50		    

78,611

    
 

50,000

     Nabors Energy Transition
Corp. II
09/05/28, Strike $0.00		    

5,645

    
 

500,000

     New Providence Acquisition
Corp. II
12/31/27, Strike $11.50		    

27,375

    
NUMBER OF
SHARES		  
 

VALUE

  
 

3,333

     Northern Star Investment
Corp. III
02/25/28, Strike $11.50		  

$

—

    
 

3,333

     Northern Star Investment
Corp. IV
12/31/27, Strike $11.50		    

—

    
 

55,000

     Oak Woods Acquisition Corp.
05/17/28, Strike $0.00		    

1,480

    
 

100,000

     OceanTech Acquisitions I Corp.
05/10/26, Strike $11.50		    

5,250

    
 

750,000

     Onyx Acquisition Company I
11/30/28, Strike $11.50		    

25,987

    
 

375,000

     Osiris Acquisition Corp.
05/01/28, Strike $11.50		    

4,013

    
 

625,000

     Papaya Growth Opportunity
Corp. I
12/31/28, Strike $11.50		    

37,719

    
 

150,000

     Patria Latin American
Opportunity
Acquisition Corp.
03/10/27, Strike $11.50		    

10,020

    
 

500,000

     Pearl Holdings Acquisition Corp.
12/15/26, Strike $11.50		    

46,000

    
 

459,150

     Pegasus Digital Mobility
Acquisition Corp.
12/28/26, Strike $11.50		    

11,433

    
 

144,093

     Perception Capital Corp. III
07/08/26, Strike $11.50		    

6,499

    
 

12,500

     Phoenix Biotech Acquisition
Corp.
02/14/29, Strike $11.50		    

875

    
 

500,000

     Pinstripes Holdings, Inc.
09/30/28, Strike $11.50		    

75,000

    
 

20,000

     Plum Acquisition Corp. I
03/18/26, Strike $11.50		    

6,600

    
 

250,000

     Project Energy Reimagined
Acquisition Corp.
12/31/28, Strike $11.50		    

28,137

    
 

50,000

     Pyrophyte Acquisition Corp.
05/03/28, Strike $11.50		    

2,480

    
 

166,666

     Quadro Acquisition One Corp.
12/31/27, Strike $11.50		    

7,925

    
 

686,522

     RCF Acquisition Corp.
11/10/26, Strike $11.50		    

51,489

    
 

1,000,000

     Rigel Resource Acquisition Corp.
11/05/26, Strike $11.50		    

201,000

    
 

40,000

     RMG Acquisition Corp. III
01/05/27, Strike $11.50		    

1,620

    
 

133,333

     Ross Acquisition Corp. II
02/12/26, Strike $11.50		    

12,027

    
 

250,000

     Roth CH Acquisition V Company
12/10/26, Strike $11.50		    

21,875

    
 

400,000

     SDCL EDGE Acquisition Corp.
03/23/26, Strike $11.50		    

88,000

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
100

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

NUMBER OF
SHARES		  
 

VALUE

  
 

250,000

     SEP Acquisition Corp.
07/27/26, Strike $11.50		  

$

40,875

    
 

1,000,000

     ShoulderUp Technology
Acquisition Corp.
07/26/23, Strike $11.50		    

25,000

    
 

83,333

     SilverBox Corp. III
04/28/28, Strike $0.00		    

10,217

    
 

7,500

     Slam Corp.
12/31/27, Strike $11.50		    

1,368

    
 

500,000

     Southport Acquisition Corp.
05/24/28, Strike $11.50		    

1,750

    
 

12,384

     Spark I Acquisition Corp.
11/27/28, Strike $0.00		    

2,229

    
 

250,000

     Spree Acquisition Corp. 1, Ltd.
12/22/28, Strike $11.50		    

7,175

    
 

300,286

     Springwater Special Situations
Corp.
04/12/26, Strike $11.50		    

14,249

    
 

250,000

     Swiftmerge Acquisition Corp.
06/17/28, Strike $11.50		    

12,850

    
 

333,333

     Target Global Acquisition I Corp.
12/31/27, Strike $11.50		    

27,333

    
 

100,000

     Thunder Bridge Capital
Partners IV, Inc.
04/30/28, Strike $11.50		    

19,850

    
 

150,000

     TKB Critical Technologies 1
10/29/28, Strike $11.50		    

1,890

    
 

328,694

     Tlgy Acquisition Corp.
01/14/28, Strike $11.50		    

12,326

    
 

125,000

     TortoiseEcofin Acquisition
Corp. III
07/22/28, Strike $11.50		    

18,150

    
 

250,000

     Trajectory Alpha Acquisition
Corp.
12/31/27, Strike $11.50		    

18,750

    
 

450,000

     Tristar Acquisition I Corp.
12/31/28, Strike $11.50		    

45,000

    
 

179,109

     Twelve Seas Investment
Company II
03/02/28, Strike $11.50		    

21,484

    
 

266,666

     Zalatoris II Acquisition Corp.
05/13/27, Strike $11.50		    

12,533

    
     

2,857,825

    
    TOTAL WARRANTS
(Cost $5,182,945)		    

6,636,988

    

RIGHTS (0.0%)#

      
   

Special Purpose Acquisition Companies (0.0%)

  
 

20,000

     99 Acquisition Group, Inc.,
(Expires 8/25/28)		    

4,379

    
 

9,673

     AI Transportation Acquisition
Corp.,
(Expires 10/25/24)		    

1,548

    
NUMBER OF
SHARES		  
 

VALUE

  
 

140,000

     Cetus Capital Acquisition Corp.,
(Expires 3/31/24)		  

$

25,928

    
 

750,000

     CSLM Acquisition Corp.,
(Expires 7/1/23)		    

135,000

    
 

150,000

     Fintech Ecosystem
Development Corp.,
(Expires 4/1/26)		    

21,375

    
 

55,000

     Oak Woods Acquisition Corp.,
(Expires 12/31/49)		    

9,542

    
 

1,477

     Quetta Acquisition Corp.,
(Expires 11/30/24)		    

2,053

    
        TOTAL RIGHTS
(Cost $123,616)		    

199,825

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		  


 

VALUE

  

PURCHASED OPTIONS (0.4%)#

      
   

Communication Services (0.0%)

      
       

Cyberagent, Inc.

          
 

90

JPY

                  
 

2,826,000,000

    

Call, 11/16/29, Strike 88.81

    

906,778

    
 

50

JPY

                  
 

1,570,000,000

    

Call, 11/16/29, Strike 89.46

    

481,131

    
 

30

JPY

                  
 

942,000,000

    

Call, 02/19/25, Strike 93.40

    

123,317

    
 

165

JPY

  

Koei Tecmo Holdings Company,

         
 

2,433,750,000,000

    

Ltd.

          
       

Call, 12/20/24, Strike 97.97

    

201,079

    
     

1,712,305

    
   

Consumer Discretionary (0.1%)

      
       

EDION Corp.

          
 

60

JPY

                  
 

967,800,000,000

    

Call, 06/19/25, Strike 99.51

    

1,902,546

    
 

50

JPY

  

 

          
 

806,500,000,000

    

Call, 06/19/25, Strike 95.45

    

1,599,694

    
 

50

JPY

                  
 

8,065,000,000

    

Call, 06/19/25, Strike 94.30

    

1,636,152

    
 

100

JPY

  

H.I.S. Company, Ltd.

          
 

1,761,000,000,000

    

Call, 11/15/24, Strike 96.54

    

139,167

    
        Kyoritsu Maintenance
Company, Ltd.		          
 

20

JPY

                  
 

674,400,000,000

    

Call, 01/29/26, Strike 96.66

    

594,591

    
 

5

JPY

                  
 

168,600,000,000

    

Call, 01/29/26, Strike 95.73

    

151,578

    
 

100

JPY

                  
 

3,372,000,000,000

    

Call, 01/29/26, Strike 94.89

    

3,085,074

    
 

50

JPY

  

Park24 Company, Ltd.

          
 

8,510,000,000

    

Call, 02/24/28, Strike 92.03

    

391,127

    
 

200

JPY

  

Takashimaya Company, Ltd.

          
 

44,700,000,000

    

Call, 12/06/28, Strike 94.40

    

3,482,458

    
     

12,982,387

    

See accompanying Notes to Schedule of Investments

www.calamos.com
101

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

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		  


 

VALUE

  
   

Consumer Staples (0.0%)

      
 

50

JPY

  

Nippn Corp.

          
 

1,217,500,000,000

    

Call, 06/20/25, Strike 98.27

  

$

501,533

    
   

Health Care (0.0%)

      
 

3,897

    

Shockwave Medical, Inc.

          
 

128,675,043

    

Call, 05/17/24, Strike $340.00

    

58,455

    
   

Industrials (0.1%)

      
       

ANA Holdings, Inc.

          
 

100

JPY

                  
 

30,000,000,000

    

Call, 09/19/24, Strike 96.53

    

218,406

    
 

100

JPY

                  
 

3,000,000,000,000

    

Call, 12/08/28, Strike 86.09

    

2,401,540

    
 

100

    

Asashi Refining US, Inc.

          
 

358,100,000

    

Call, 03/16/26, Strike $88.78

    

10

    
 

200

JPY

  

Infroneer Holdings, Inc.

          
 

2,776,000,000,000

    

Call, 03/30/29, Strike 92.59

    

2,277,961

    
 

160

JPY

  

Seino Holdings Company, Ltd.

          
 

3,384,000,000,000

    

Call, 03/31/26, Strike 97.31

    

1,682,604

    
     

6,580,521

    
   

Materials (0.0%)

      
       

Nippon Steel Corp.

          
 

100

JPY

                  
 

7,540,000,000

    

Call, 10/04/24, Strike 98.59

    

2,975,477

    
 

50

JPY

                  
 

3,770,000,000

    

Call, 10/05/26, Strike 96.93

    

1,491,017

    
 

34

JPY

                  
 

2,563,600,000

    

Call, 10/05/26, Strike 97.61

    

996,680

    
     

5,463,174

    
   

Other (0.2%)

      
       

S&P 500 Index

          
 

11,500

                    
 

5,791,043,500

    

Put, 06/28/24, Strike $4,500.00

    

14,777,500

    
 

2,500

                    
 

1,258,922,500

    

Put, 05/31/24, Strike $4,800.00

    

4,550,000

    
 

1,500

                    
 

755,353,500

    

Call, 06/28/24, Strike $5,565.00

    

262,500

    
 

1,000

                    
 

503,569,000

    

Put, 09/30/24, Strike $4,500.00

    

4,440,000

    
     

24,030,000

    
   

Real Estate (0.0%)

      
 

100

JPY

  

Relo Group, Inc.

          
 

1,378,000,000,000

    

Call, 12/17/27, Strike 92.68

    

422,202

    
        TOTAL PURCHASED
OPTIONS
(Cost $59,090,153)		    

51,750,577

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		  


 

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (2.0%)		      
 

286,199,425

     State Street Navigator
Securities Lending Government
Money Market Portfolio,
5.345%†***
(Cost $286,199,425)		  

$

286,199,425

    
        TOTAL INVESTMENTS (102.6%)
(Cost $12,045,265,323)		    

14,821,897,936

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.0%)

    

(286,199,425

)

  

LIABILITIES, LESS OTHER ASSETS (-0.6%)

    

(89,758,297

)

  

NET ASSETS (100.0%)

  

$

14,445,940,214

    
NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS SOLD SHORT (-18.4%)#

      
   

Communication Services (-0.4%)

  
 

(7,500

)

   Charter Communications, Inc. -
Class A		    

(1,919,550

)

  
 

(436,000

) JPY

  

CyberAgent, Inc.

    

(2,736,006

)

  
 

(103,913

)

  

Live Nation Entertainment, Inc.

    

(9,238,905

)

  
 

(159,347

)

  

Match Group, Inc.

    

(4,911,075

)

  
 

(4,500

)

  

Perficient, Inc.

    

(212,670

)

  
 

(159,000

)

  

Sea, Ltd. (ADR)

    

(10,047,210

)

  
 

(301,846

)

  

Snap, Inc. - Class A

    

(4,542,782

)

  
 

(182,000

)

  

Sphere Entertainment Company

    

(7,072,520

)

  
 

(29,000

)

  

Spotify Technology, SA

    

(8,132,760

)

  
 

(32,170

)

  

TripAdvisor, Inc.

    

(847,036

)

  
 

(206,448

)

  

Weibo Corp. (ADR)

    

(1,779,582

)

  
 

(94,929

)

  

Ziff Davis, Inc.

    

(4,756,892

)

  
     

(56,196,988

)

  
   

Consumer Discretionary (-2.8%)

  
 

(89,000

)

  

Airbnb, Inc. - Class A

    

(14,112,730

)

  
 

(1,484

)

  

Booking Holdings, Inc.

    

(5,122,813

)

  
 

(2,321,000

)

  

Carnival Corp.

    

(34,397,220

)

  
 

(17,000

)

  

Cheesecake Factory, Inc.

    

(586,840

)

  
 

(11,323

)

   Cracker Barrel Old Country
Store, Inc.		    

(658,885

)

  
 

(25,000

) EUR

  

Delivery Hero, SE*

    

(704,352

)

  
 

(232,300

)

  

DraftKings, Inc. - Class A

    

(9,654,388

)

  
 

(1,440,100

) JPY

  

EDION Corp.

    

(14,883,575

)

  

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
102

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

NUMBER OF
SHARES		      

VALUE

  
 

(299,959

)

  

Etsy, Inc.

  

$

(20,598,185

)

  
 

(370,000

)

  

Ford Motor Company

    

(4,495,500

)

  
 

(480,736

)

  

Guess?, Inc.

    

(12,874,110

)

  
 

(491,000

) JPY

   Kyoritsu Maintenance
Company, Ltd.		    

(10,497,746

)

  
 

(406,900

)

  

Li Auto, Inc. (ADR)

    

(10,693,332

)

  
 

(32,217

)

   Marriott Vacations Worldwide
Corp.		    

(3,096,376

)

  
 

(2,391,400

)

  

NIO, Inc. (ADR)

    

(11,287,408

)

  
 

(622,200

)

   Norwegian Cruise Line
Holdings, Ltd.		    

(11,772,024

)

  
 

(78,700

) JPY

  

Park24 Company, Ltd.

    

(849,300

)

  
 

(158,409

)

  

PDD Holdings, Inc. (ADR)

    

(19,829,639

)

  
 

(2,256,800

)

   Rivian Automotive, Inc. -
Class A		    

(20,085,520

)

  
 

(597,832

)

  

Royal Caribbean Cruises, Ltd.

    

(83,475,282

)

  
 

(29,700

)

  

Shake Shack, Inc. - Class A

    

(3,143,745

)

  
 

(170,355

)

  

Stride, Inc.

    

(11,371,196

)

  
 

(575,800

) JPY

  

Takashimaya Company, Ltd.

    

(8,159,737

)

  
 

(4,600

)

  

Vail Resorts, Inc.

    

(871,102

)

  
 

(1,604,902

)

  

Wayfair, Inc. - Class A

    

(80,485,835

)

  
 

(35,250

)

  

Winnebago Industries, Inc.

    

(2,170,695

)

  
 

(3,080,000

) HKD

  

Wynn Macau, Ltd.

    

(2,878,137

)

  
     

(398,755,672

)

  
   

Consumer Staples (-0.2%)

  
 

(108,589

)

  

Freshpet, Inc.

    

(11,518,035

)

  
 

(124,000

) JPY

  

Nippn Corp.

    

(1,914,466

)

  
 

(99,900

)

  

Post Holdings, Inc.

    

(10,604,385

)

  
     

(24,036,886

)

  
   

Energy (-2.8%)

  
 

(147,631

)

  

Chesapeake Energy Corp.

    

(13,269,074

)

  
 

(299,174

)

  

Chevron Corp.

    

(48,247,791

)

  
 

(169,171

)

  

Chord Energy Corp.

    

(29,939,884

)

  
 

(707,227

)

  

EQT Corp.

    

(28,352,730

)

  
 

(525,087

)

  

Exxon Mobil Corp.

    

(62,102,040

)

  
 

(101,968

)

  

Northern Oil & Gas, Inc.

    

(4,159,275

)

  
 

(783,203

)

   Pioneer Natural Resources
Company		    

(210,932,232

)

  
 

(141,200

)

  

World Kinect Corp.

    

(3,318,200

)

  
     

(400,321,226

)

  
   

Financials (-0.5%)

  
 

(416,500

)

   Apollo Global Management,
Inc.		    

(45,140,270

)

  
 

(123,210

)

  

Coinbase Global, Inc. - Class A

    

(25,126,215

)

  
 

(61,229

)

  

Global Payments, Inc.

    

(7,517,085

)

  
 

(177,000

)

  

SoFi Technologies, Inc.

    

(1,200,060

)

  
     

(78,983,630

)

  
NUMBER OF
SHARES		      

VALUE

  
   

Health Care (-1.5%)

  
 

(58,000

)

  

Alnylam Pharmaceuticals, Inc.

  

$

(8,349,100

)

  
 

(102,580

)

   Amphastar Pharmaceuticals,
Inc.		    

(4,231,425

)

  
 

(36,400

)

  

Ascendis Pharma, A/S (ADR)

    

(5,039,216

)

  
 

(210,066

)

  

Bridgebio Pharma, Inc.

    

(5,381,891

)

  
 

(911,000

)

   BrightSpring Health Services,
Inc.		    

(9,738,590

)

  
 

(58,056

)

  

CONMED Corp.

    

(3,946,647

)

  
 

(155,278

)

  

Dexcom, Inc.

    

(19,780,864

)

  
 

(72,200

)

  

Enovis Corp.

    

(3,987,606

)

  
 

(79,406

)

  

Envista Holdings Corp.

    

(1,562,710

)

  
 

(192,000

)

  

Evolent Health, Inc. - Class A

    

(5,326,080

)

  
 

(420,224

)

  

Halozyme Therapeutics, Inc.

    

(16,010,534

)

  
 

(220,900

)

  

Innoviva, Inc.

    

(3,337,799

)

  
 

(170,531

)

  

Insmed, Inc.

    

(4,215,526

)

  
 

(78,881

)

  

Insulet Corp.

    

(13,562,799

)

  
 

(80,560

)

  

Integer Holdings Corp.

    

(8,992,913

)

  
 

(229,000

)

  

Ionis Pharmaceuticals, Inc.

    

(9,448,540

)

  
 

(21,600

)

  

iRhythm Technologies, Inc.

    

(2,366,928

)

  
 

(337,630

)

  

Ironwood Pharmaceuticals, Inc.

    

(2,616,633

)

  
 

(66,920

)

  

Jazz Pharmaceuticals, PLC

    

(7,411,390

)

  
 

(43,580

)

  

Lantheus Holdings, Inc.

    

(2,899,813

)

  
 

(78,500

)

  

Merit Medical Systems, Inc.

    

(5,816,850

)

  
 

(5,000

)

  

Mesa Laboratories, Inc.

    

(530,400

)

  
 

(253,750

)

  

Natera, Inc.

    

(23,568,300

)

  
 

(35,000

)

  

NeoGenomics, Inc.

    

(487,200

)

  
 

(35,000

)

  

Omnicell, Inc.

    

(938,350

)

  
 

(29,000

)

  

Revance Therapeutics, Inc.

    

(104,690

)

  
 

(232,663

)

  

Sarepta Therapeutics, Inc.

    

(29,469,096

)

  
 

(20,462

)

  

Shockwave Medical, Inc.

    

(6,756,348

)

  
 

(109,000

)

  

Tandem Diabetes Care, Inc.

    

(3,999,210

)

  
 

(226,149

)

  

Veradigm, Inc.

    

(1,806,931

)

  
     

(211,684,379

)

  
   

Industrials (-1.5%)

  
 

(80,200

)

   Air Transport Services Group,
Inc.		    

(1,028,164

)

  
 

(632,400

)

  

American Airlines Group, Inc.

    

(8,543,724

)

  
 

(238,100

) JPY

  

ANA Holdings, Inc.

    

(4,529,056

)

  
 

(57,555

)

  

Axon Enterprise, Inc.

    

(18,052,701

)

  
 

(382,400

)

  

Bloom Energy Corp. - Class A

    

(4,256,112

)

  
 

(391,700

)

  

Chart Industries, Inc.

    

(56,428,302

)

  
 

(686,823

)

  

Clarivate, PLC

    

(4,642,923

)

  
 

(272,933

)

  

Fluor Corp.

    

(11,007,388

)

  
 

(103,056

)

  

Granite Construction, Inc.

    

(5,719,608

)

  
 

(84,380

)

  

Greenbrier Companies, Inc.

    

(4,167,528

)

  
 

(408,700

) JPY

  

Infroneer Holdings, Inc.

    

(3,621,458

)

  

See accompanying Notes to Schedule of Investments

www.calamos.com
103

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

NUMBER OF
SHARES		      

VALUE

  
 

(49,800

)

  

John Bean Technologies Corp.

  

$

(4,436,682

)

  
 

(225,406

)

  

Lyft, Inc. - Class A

    

(3,525,350

)

  
 

(95,700

)

  

Middleby Corp.

    

(13,299,429

)

  
 

(19,000

)

  

RBC Bearings, Inc.

    

(4,646,450

)

  
 

(129,000

) EUR

  

Safran, SA

    

(28,111,983

)

  
 

(439,900

) JPY

  

Seino Holdings Company, Ltd.

    

(5,899,176

)

  
 

(3,374,000

) SGD

  

Singapore Airlines, Ltd.

    

(16,164,946

)

  
 

(28,494

)

  

Tetra Tech, Inc.

    

(5,548,352

)

  
 

(290,400

)

  

Uber Technologies, Inc.

    

(19,244,808

)

  
 

(73,554

)

  

Upwork, Inc.

    

(860,582

)

  
 

(290,000

)

  

Virgin Galactic Holdings, Inc.

    

(252,329

)

  
     

(223,987,051

)

  
   

Information Technology (-7.1%)

  
 

(20,300

)

   Advanced Energy Industries,
Inc.		    

(1,945,552

)

  
 

(1,004,700

)

  

Akamai Technologies, Inc.

    

(101,404,371

)

  
 

(114,250

)

   Altair Engineering, Inc. -
Class A		    

(9,191,412

)

  
 

(119,700

)

  

Bentley Systems, Inc. - Class B

    

(6,287,841

)

  
 

(155,141

)

  

Blackline, Inc.

    

(9,005,935

)

  
 

(153,000

)

  

Block, Inc.

    

(11,169,000

)

  
 

(700,000

)

  

Box, Inc. - Class A

    

(18,214,000

)

  
 

(93,594

)

  

Cloudflare, Inc. - Class A

    

(8,180,116

)

  
 

(66,300

)

  

Confluent, Inc. - Class A

    

(1,864,356

)

  
 

(78,439

)

  

CSG Systems International, Inc.

    

(3,705,458

)

  
 

(92,900

)

  

CyberArk Software, Ltd.

    

(22,226,325

)

  
 

(21,092

)

  

Dayforce, Inc.

    

(1,294,416

)

  
 

(25,750

)

  

DigitalOcean Holdings, Inc.

    

(846,145

)

  
 

(622,200

)

  

Dropbox, Inc. - Class A

    

(14,410,152

)

  
 

(25,734

)

  

Enphase Energy, Inc.

    

(2,798,830

)

  
 

(93,200

)

  

Envestnet, Inc.

    

(5,784,924

)

  
 

(84,000

)

  

Five9, Inc.

    

(4,835,880

)

  
 

(92,533

)

  

Guidewire Software, Inc.

    

(10,215,643

)

  
 

(2,163,399

)

  

Infinera Corp.

    

(10,427,583

)

  
 

(190,288

)

  

Insight Enterprises, Inc.

    

(34,740,880

)

  
 

(110,973

)

  

InterDigital, Inc.

    

(10,956,364

)

  
 

(52,916

)

  

Itron, Inc.

    

(4,874,622

)

  
 

(115,000

)

  

Jamf Holding Corp.

    

(2,239,050

)

  
 

(3,883,000

) HKD

  

Lenovo Group, Ltd.

    

(4,432,637

)

  
 

(342,323

)

  

Lumentum Holdings, Inc.

    

(14,980,054

)

  
 

(25,000

)

  

Marathon Digital Holdings, Inc.

    

(401,500

)

  
 

(29,287

)

  

MicroStrategy, Inc. - Class A

    

(31,191,534

)

  
 

(98,800

)

  

Model N, Inc.

    

(2,929,420

)

  
 

(290,779

)

  

MongoDB, Inc.

    

(106,186,675

)

  
 

(134,048

)

  

Nova, Ltd.

    

(22,774,755

)

  
 

(119,587

)

  

Nutanix, Inc. - Class A

    

(7,258,931

)

  
 

(55,662

)

  

Okta, Inc.

    

(5,175,453

)

  
NUMBER OF
SHARES		      

VALUE

  
 

(1,361,700

)

  

ON Semiconductor Corp.

  

$

(95,536,872

)

  
 

(242,709

)

  

PagerDuty, Inc.

    

(4,844,472

)

  
 

(1,007,986

)

  

Palo Alto Networks, Inc.

    

(293,213,048

)

  
 

(74,992

)

  

Parsons Corp.

    

(5,887,622

)

  
 

(219,700

)

  

Progress Software Corp.

    

(10,945,454

)

  
 

(80,567

)

  

PROS Holdings, Inc.

    

(2,638,569

)

  
 

(156,800

)

  

Rapid7, Inc.

    

(7,024,640

)

  
 

(174,400

)

   Seagate Technology Holdings,
PLC		    

(14,982,704

)

  
 

(129,957

)

  

Shift4 Payments, Inc. - Class A

    

(7,519,312

)

  
 

(11,592

)

  

Super Micro Computer, Inc.

    

(9,955,210

)

  
 

(93,000

)

  

Varonis Systems, Inc.

    

(4,068,750

)

  
 

(38,300

)

  

Verint Systems, Inc.

    

(1,159,724

)

  
 

(216,646

)

  

Vishay Intertechnology, Inc.

    

(5,013,188

)

  
 

(772,100

)

  

Western Digital Corp.

    

(54,687,843

)

  
 

(188,520

)

  

Wolfspeed, Inc.

    

(5,095,696

)

  
 

(163,100

)

  

Workiva, Inc.

    

(12,852,280

)

  
 

(185,000

)

  

Xerox Holdings Corp.

    

(2,458,650

)

  
     

(1,029,833,848

)

  
   

Materials (-0.6%)

  
 

(180,000

)

  

Albemarle Corp.

    

(21,655,800

)

  
 

(25,000

) JPY

  

ARE Holdings, Inc.

    

(323,685

)

  
 

(642,997

)

  

ATI, Inc.

    

(38,386,921

)

  
 

(25,000

)

   Lithium Americas Argentina
Corp.		    

(126,750

)

  
 

(322,743

)

  

MP Materials Corp.

    

(5,163,888

)

  
 

(678,100

) JPY

  

Nippon Steel Corp.

    

(15,224,627

)

  
     

(80,881,671

)

  
   

Real Estate (-0.3%)

  
 

(35,300

)

  

Federal Realty Investment Trust

    

(3,677,201

)

  
 

(605,000

) HKD

  

Link REIT

    

(2,617,926

)

  
 

(88,000

) JPY

  

Relo Group, Inc.

    

(769,160

)

  
 

(79,500

)

  

Rexford Industrial Realty, Inc.

    

(3,403,395

)

  
 

(95,000

)

  

Ventas, Inc.

    

(4,206,600

)

  
 

(132,800

)

  

Welltower, Inc.

    

(12,653,184

)

  
 

(517,000

)

  

Zillow Group, Inc. - Class C

    

(22,008,690

)

  
     

(49,336,156

)

  
   

Utilities (-0.7%)

  
 

(77,700

)

  

Alliant Energy Corp.

    

(3,869,460

)

  
 

(66,000

)

   American Water Works
Company, Inc.		    

(8,073,120

)

  
 

(163,000

)

  

CenterPoint Energy, Inc.

    

(4,749,820

)

  
 

(60,500

)

  

CMS Energy Corp.

    

(3,666,905

)

  
 

(96,500

)

  

Duke Energy Corp.

    

(9,482,090

)

  
 

(127,000

)

  

Evergy, Inc.

    

(6,661,150

)

  
 

(160,000

)

  

FirstEnergy Corp.

    

(6,134,400

)

  
 

(336,000

)

  

NextEra Energy, Inc.

    

(22,501,920

)

  

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
104

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

NUMBER OF
SHARES		      

VALUE

  
 

(490,000

)

  

PG&E Corp.

  

$

(8,383,900

)

  
 

(255,000

)

  

PPL Corp.

    

(7,002,300

)

  
 

(266,600

)

  

Southern Company

    

(19,595,100

)

  
 

(26,900

)

   Sunnova Energy International,
Inc.		    

(113,249

)

  
     

(100,233,414

)

  
        TOTAL COMMON STOCKS
SOLD SHORT
(Proceeds $2,467,804,068)		    

(2,654,250,921

)

  
        TOTAL SECURITIES SOLD SHORT
(Proceeds $2,467,804,068)		    

(2,654,250,921

)

  
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

WRITTEN OPTIONS (-4.1%)#

      
   

Consumer Discretionary (0.0%)

      
 

11,000

    

Carnival Corp.

          
 

16,302,000

    

Call, 06/21/24, Strike $10.00

    

(4,977,500

)

  
   

Industrials (0.0%)

      
       

Spirit Airlines, Inc.

          
 

1,100

                    
 

388,300

    

Call, 06/21/24, Strike $7.50

    

(6,600

)

  
 

1

                    
 

353

    

Call, 06/21/24, Strike $10.00

    

(2

)

  
     

(6,602

)

  
   

Other (-4.1%)

      
       

S&P 500 Index

          
 

4,350

                    
 

2,190,525,150

    

Call, 06/28/24, Strike $4,750.00

    

(150,575,250

)

  
 

4,000

                    
 

2,014,276,000

    

Call, 06/28/24, Strike $4,350.00

    

(287,580,000

)

  
 

3,500

                    
 

1,762,491,500

    

Call, 06/28/24, Strike $5,200.00

    

(17,377,500

)

  
 

3,500

                    
 

1,762,491,500

    

Call, 06/28/24, Strike $4,700.00

    

(136,360,000

)

  
 

1,000

                    
 

503,569,000

    

Put, 09/30/24, Strike $4,000.00

    

(1,825,000

)

  
     

(593,717,750

)

  
   

Utilities (0.0%)

      
 

495

    

PNM Resources, Inc.

          
 

1,834,470

    

Call, 05/17/24, Strike $35.00

    

(134,888

)

  
        TOTAL WRITTEN OPTIONS
(Premium $731,575,854)		  

$

(598,836,740

)

  

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY

   SHORT
CONTRACTS		   SETTLEMENT
DATE		   LOCAL
CURRENCY		   CURRENT
VALUE		   UNREALIZED
GAIN/LOSS		  
State Street Bank and
Trust		  

Japanese Yen

  

07/26/24

    

134,491,000

    

$

863,785

    

$

12,409

    
State Street Bank and
Trust		  

Japanese Yen

  

07/26/24

    

2,116,935,000

      

13,596,272

      

268,603

    
State Street Bank and
Trust		  

Singapore Dollar

  

07/26/24

    

22,927,000

      

16,861,785

      

23,622

    
State Street Bank and
Trust		  

British Pound Sterling

  

07/26/24

    

15,027,000

      

18,785,898

      

(152,207

)

  
State Street Bank and  European Monetary
Trust		  

Unit

  

07/26/24

    

56,016,000

      

59,997,644

      

(4,138

)

  
   

$

148,289

    

NOTES TO SCHEDULE OF INVESTMENTS

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

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

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

@  In default status and considered non-income producing.

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

#  Non-income producing security.

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

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

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

FOREIGN CURRENCY ABBREVIATION

EUR  European Monetary Unit

GBP  British Pound Sterling

HKD  Hong Kong Dollar

JPY  Japanese Yen

SGD  Singapore Dollar

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

See accompanying Notes to Schedule of Investments


105

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

TOTAL RETURN SWAPS




COUNTERPARTY		   UNDERLYING
REFERENCE
INSTRUMENT		   FIXED RATE
(FUND PAYS)		   FLOATING RATE
(FUND RECEIVES)		   TERMINATION
DATE		   PERIODIC
PAYMENT
FREQUENCY		   NOTIONAL
AMOUNT		   UPFRONT
PAYMENTS
(PAID)/
RECEIVED		   MARKET
VALUE		   UNREALIZED
APPRECIATION/
(DEPRECIATION)		  
Morgan Stanley & Co.
International PLC		   Equity returns on 100,900 shares of
Vertex, Inc.		  

Vertex, Inc.

  

1 mo. OBFR Plus 1.000%

  

06/18/24

  

Monthly

  

$

2,819,146

    

$

—

    

$

(120,071

)

  

$

(120,071

)

  
   

$

—

    

$

(120,071

)

  

$

(120,071

)

  

SECTOR WEIGHTINGS

Information Technology

    

32.3

%

  

Consumer Discretionary

    

12.3

    

Health Care

    

10.8

    

Financials

    

9.1

    

Communication Services

    

7.8

    

Industrials

    

7.2

    

Energy

   

5.2

    

Consumer Staples

    

4.1

    

Other

    

3.9

    

Utilities

   

3.9

    

Materials

    

1.9

    

Real Estate

    

1.4

    
Special Purpose Acquisition
Companies 		   

0.7

    

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

See accompanying Notes to Schedule of Investments


106

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (95.9%)

      
   

Communication Services (9.0%)

  
 

79,702

    

Alphabet, Inc. - Class A#

  

$

12,973,892

    
 

89,372

    

Alphabet, Inc. - Class C#

    

14,714,206

    
 

79,920

    

AT&T, Inc.

    

1,349,849

    
 

68,985

    

Comcast Corp. - Class A

    

2,629,018

    
 

12,757

    

Fox Corp. - Class A

    

395,595

    
 

14,751

    

Match Group, Inc.#

    

454,626

    
 

34,272

    

Meta Platforms, Inc. - Class A

    

14,742,786

    
 

6,593

    

Netflix, Inc.#~

    

3,630,369

    
 

10,551

    

T-Mobile U.S., Inc.

    

1,732,158

    
 

65,843

    

Verizon Communications, Inc.~

    

2,600,140

    
 

31,988

    

Walt Disney Company~

    

3,553,867

    
     

58,776,506

    
   

Consumer Discretionary (9.9%)

  
 

137,402

    

Amazon.com, Inc.#

    

24,045,350

    
 

11,287

    

Aptiv, PLC#

    

801,377

    
 

569

    

Booking Holdings, Inc.

    

1,964,205

    
 

14,943

    

Caesars Entertainment, Inc.#

    

535,258

    
 

50,895

    

Carnival Corp.#

    

754,264

    
 

683

    

Chipotle Mexican Grill, Inc.#

    

2,158,007

    
 

4,413

    

Darden Restaurants, Inc.

    

676,998

    
 

13,712

    

DR Horton, Inc.

    

1,953,823

    
 

11,962

    

eBay, Inc.

    

616,521

    
 

60,885

    

Ford Motor Company

    

739,753

    
 

22,858

    

General Motors Company

    

1,017,867

    
 

16,786

    

Home Depot, Inc.

    

5,610,217

    
 

14,186

    

Las Vegas Sands Corp.

    

629,291

    
 

13,705

    

Lowe's Companies, Inc.

    

3,124,603

    
 

3,086

    

Lululemon Athletica, Inc.#

    

1,112,812

    
 

10,623

    

McDonald's Corp.~

    

2,900,504

    
 

21,458

    

NIKE, Inc. - Class B~

    

1,979,715

    
 

32,531

    

Norwegian Cruise Line Holdings, Ltd.#^

    

615,486

    
 

1,324

    

O'Reilly Automotive, Inc.#

    

1,341,556

    
 

7,605

    

Ross Stores, Inc.

    

985,228

    
 

18,438

    

Starbucks Corp.~

    

1,631,579

    
 

40,530

    

Tesla, Inc.#

    

7,428,338

    
 

21,255

    

TJX Cos., Inc.~

    

1,999,883

    
     

64,622,635

    
   

Consumer Staples (6.0%)

  
 

29,303

    

Altria Group, Inc.~

    

1,283,764

    
 

12,919

    

Archer-Daniels-Midland Company

    

757,829

    
 

8,285

    

Church & Dwight Company, Inc.

    

893,869

    
 

53,584

    

Coca-Cola Company~

    

3,309,884

    
 

12,479

    

Colgate-Palmolive Company

    

1,147,070

    
 

5,888

    

Constellation Brands, Inc. - Class A

    

1,492,372

    
NUMBER OF
SHARES		      

VALUE

  
 

5,095

    

Costco Wholesale Corp.~

  

$

3,683,175

    
 

3,987

    

Dollar General Corp.

    

554,951

    
 

6,870

    

Dollar Tree, Inc.#

    

812,378

    
 

4,513

    

Estee Lauder Companies, Inc. - Class A

    

662,102

    
 

13,630

    

General Mills, Inc.

    

960,370

    
 

10,339

    

Kellogg Company

    

598,215

    
 

7,706

    

Kimberly-Clark Corp.

    

1,052,100

    
 

17,938

    

Kroger Company

    

993,406

    
 

36,001

    

Mondelez International, Inc. - Class A~

    

2,589,912

    
 

15,565

    

Monster Beverage Corp.#

    

831,949

    
 

16,435

    

PepsiCo, Inc.~

    

2,891,081

    
 

30,083

    

Philip Morris International, Inc.~

    

2,856,080

    
 

29,545

    

Procter & Gamble Company

    

4,821,744

    
 

13,426

    

Sysco Corp.

    

997,820

    
 

8,497

    

Target Corp.

    

1,367,847

    
 

76,032

    

Walmart, Inc.~

    

4,512,499

    
     

39,070,417

    
   

Energy (4.0%)

  
 

33,181

    

Chevron Corp.~

    

5,351,100

    
 

22,515

    

ConocoPhillips

    

2,828,334

    
 

6,349

    

EOG Resources, Inc.

    

838,893

    
 

38,622

    

Exxon Mobil Corp.

    

4,567,824

    
 

14,615

    

Hess Corp.

    

2,301,716

    
 

42,712

    

Kinder Morgan, Inc.

    

780,775

    
 

12,901

    

Marathon Petroleum Corp.

    

2,344,370

    
 

12,683

    

Occidental Petroleum Corp.

    

838,854

    
 

8,562

    

ONEOK, Inc.

    

677,426

    
 

5,997

    

Phillips 66

    

858,830

    
 

8,515

    

Pioneer Natural Resources Company

    

2,293,260

    
 

18,069

    

Schlumberger, NV

    

857,916

    
 

5,969

    

Valero Energy Corp.

    

954,264

    
 

21,555

    

Williams Companies, Inc.

    

826,850

    
     

26,320,412

    
   

Financials (12.5%)

  
 

8,853

    

Aflac, Inc.~

    

740,553

    
 

6,800

    

Allstate Corp.~

    

1,156,408

    
 

9,470

    

American Express Company

    

2,216,264

    
 

4,166

    

Ameriprise Financial, Inc.

    

1,715,517

    
 

7,584

    

Arthur J Gallagher & Company

    

1,779,889

    
 

6,254

    

Assurant, Inc.~

    

1,090,698

    
 

168,152

    

Bank of America Corp.~

    

6,223,306

    
 

15,433

    

Bank of New York Mellon Corp.

    

871,810

    
 

22,920

    

Berkshire Hathaway, Inc. - Class B#

    

9,093,052

    
 

1,602

    

BlackRock, Inc.

    

1,208,933

    
 

7,907

    

Blackstone, Inc.

    

922,035

    
 

7,046

    

Cboe Global Markets, Inc.~

    

1,276,383

    

See accompanying Notes to Schedule of Investments

www.calamos.com
107

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

NUMBER OF
SHARES		      

VALUE

  
 

29,558

    

Charles Schwab Corp.

  

$

2,185,814

    
 

9,416

    

Chubb, Ltd.

    

2,341,194

    
 

22,264

    

Citigroup, Inc.

    

1,365,451

    
 

3,332

    

CME Group, Inc.

    

698,520

    
 

9,044

    

Discover Financial Services

    

1,146,146

    
 

10,106

    

Fiserv, Inc.#~

    

1,542,883

    
 

5,597

    

Global Payments, Inc.

    

687,144

    
 

8,985

    

Goldman Sachs Group, Inc.~

    

3,833,989

    
 

33,406

    

Huntington Bancshares, Inc.

    

449,979

    
 

3,820

    

Jack Henry & Associates, Inc.

    

621,476

    
 

40,675

    

JPMorgan Chase & Company

    

7,799,025

    
 

4,138

    

M&T Bank Corp.

    

597,486

    
 

11,761

    

Marsh & McLennan Cos., Inc.~

    

2,345,496

    
 

13,385

    

Mastercard, Inc. - Class A~

    

6,039,312

    
 

12,824

    

MetLife, Inc.

    

911,530

    
 

20,846

    

Morgan Stanley

    

1,893,651

    
 

6,631

    

Northern Trust Corp.

    

546,328

    
 

10,706

    

PayPal Holdings, Inc.#

    

727,152

    
 

4,968

    

Prudential Financial, Inc.

    

548,865

    
 

4,308

    

S&P Global, Inc.~

    

1,791,396

    
 

5,843

    

State Street Corp.

    

423,559

    
 

5,533

    

Travelers Companies, Inc.

    

1,173,881

    
 

15,307

    

US Bancorp~

    

621,923

    
 

30,368

    

Visa, Inc. - Class A^

    

8,157,148

    
 

78,701

    

Wells Fargo & Company~

    

4,668,543

    
     

81,412,739

    
   

Health Care (11.9%)

  
 

21,974

    

Abbott Laboratories~

    

2,328,585

    
 

27,297

    

AbbVie, Inc.

    

4,439,584

    
 

14,088

    

Agilent Technologies, Inc.~

    

1,930,620

    
 

6,182

    

Amgen, Inc.~

    

1,693,497

    
 

15,426

    

Baxter International, Inc.~

    

622,748

    
 

5,160

    

Becton Dickinson & Co

    

1,210,536

    
 

3,215

    

Biogen, Inc.#

    

690,646

    
 

45,516

    

Boston Scientific Corp.#

    

3,271,235

    
 

43,431

    

Bristol-Myers Squibb Company~

    

1,908,358

    
 

10,037

    

Centene Corp.#

    

733,303

    
 

4,264

    

Cigna Group

    

1,522,419

    
 

18,858

    

CVS Health Corp.~

    

1,276,875

    
 

12,315

    

Danaher Corp.

    

3,037,125

    
 

8,014

    

Dexcom, Inc.#

    

1,020,903

    
 

14,362

    

Edwards Lifesciences Corp.#~

    

1,216,031

    
 

12,640

    

Eli Lilly & Company

    

9,873,104

    
 

5,287

    

GE Healthcare, Inc.

    

403,081

    
 

20,089

    

Gilead Sciences, Inc.

    

1,309,803

    
 

4,206

    

HCA Healthcare, Inc.

    

1,303,103

    
 

2,717

    

Humana, Inc.~

    

820,779

    
NUMBER OF
SHARES		      

VALUE

  
 

7,197

    

Intuitive Surgical, Inc.#~

  

$

2,667,352

    
 

4,072

    

IQVIA Holdings, Inc.#

    

943,767

    
 

34,751

    

Johnson & Johnson

    

5,024,647

    
 

3,982

    

Laboratory Corp. of America Holdings

    

801,855

    
 

2,623

    

McKesson Corp.

    

1,409,102

    
 

21,306

    

Medtronic, PLC

    

1,709,593

    
 

41,548

    

Merck & Company, Inc.~

    

5,368,833

    
 

84,250

    

Pfizer, Inc.~

    

2,158,485

    
 

1,025

    

Regeneron Pharmaceuticals, Inc.#

    

912,926

    
 

1,478

    

Solventum Corp.#

    

96,085

    
 

3,753

    

Stryker Corp.

    

1,262,884

    
 

7,356

    

Thermo Fisher Scientific, Inc.~

    

4,183,504

    
 

15,174

    

UnitedHealth Group, Inc.

    

7,339,664

    
 

3,916

    

Vertex Pharmaceuticals, Inc.#~

    

1,538,244

    
 

3,732

    

Zimmer Biomet Holdings, Inc.

    

448,885

    
 

9,990

    

Zoetis, Inc.

    

1,590,808

    
     

78,068,969

    
   

Industrials (8.6%)

  
 

5,914

     3M Company    

570,760

    
 

4,475

    

Allegion, PLC

    

543,981

    
 

8,526

    

Automatic Data Processing, Inc.~

    

2,062,354

    
 

5,840

    

Boeing Company#~

    

980,186

    
 

23,326

    

Carrier Global Corp.

    

1,434,316

    
 

11,882

    

Caterpillar, Inc.~

    

3,975,361

    
 

63,085

    

CSX Corp.~

    

2,095,684

    
 

4,290

    

Deere & Company~

    

1,679,149

    
 

14,749

    

Delta Air Lines, Inc.~

    

738,482

    
 

5,886

    

Eaton Corp., PLC

    

1,873,278

    
 

16,836

    

Emerson Electric Company~

    

1,814,584

    
 

3,966

    

GE Vernova, Inc.#

    

609,614

    
 

4,366

    

Generac Holdings, Inc.#

    

593,601

    
 

3,723

    

General Dynamics Corp.

    

1,068,836

    
 

15,866

    

General Electric Company

    

2,567,436

    
 

14,262

    

Honeywell International, Inc.~

    

2,748,715

    
 

738

    

Hubbell, Inc.

    

273,444

    
 

5,305

    

Illinois Tool Works, Inc.

    

1,295,004

    
 

13,683

    

Johnson Controls International, PLC

    

890,353

    
 

5,926

    

L3Harris Technologies, Inc.

    

1,268,460

    
 

2,988

    

Lockheed Martin Corp.~

    

1,389,211

    
 

12,518

    

Masco Corp.

    

856,857

    
 

3,403

    

Norfolk Southern Corp.

    

783,779

    
 

3,060

    

Northrop Grumman Corp.~

    

1,484,192

    
 

5,603

    

Otis Worldwide Corp.

    

510,994

    
 

13,134

    

PACCAR, Inc.

    

1,393,649

    
 

8,014

    

Paychex, Inc.

    

952,143

    
 

2,876

    

Paycom Software, Inc.

    

540,630

    
 

13,470

    

Pentair, PLC

    

1,065,342

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
108

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

NUMBER OF
SHARES		      

VALUE

  
 

5,029

    

Quanta Services, Inc.

  

$

1,300,298

    
 

30,428

    

RTX Corp.~

    

3,089,051

    
 

26,890

    

Southwest Airlines Company^

    

697,527

    
 

37,890

    

Uber Technologies, Inc.#

    

2,510,970

    
 

11,884

    

Union Pacific Corp.~

    

2,818,409

    
 

15,531

    

United Airlines Holdings, Inc.#

    

799,225

    
 

10,038

    

United Parcel Service, Inc. - Class B~

    

1,480,404

    
 

1,868

    

United Rentals, Inc.

    

1,247,805

    
 

4,104

    

Veralto Corp.

    

384,463

    
 

5,037

    

Verisk Analytics, Inc.

    

1,097,865

    
 

9,642

    

Waste Management, Inc.~

    

2,005,729

    
 

6,926

    

Xylem, Inc.~

    

905,228

    
     

56,397,369

    
   

Information Technology (27.9%)

  
 

8,427

    

Accenture, PLC - Class A

    

2,535,769

    
 

6,163

    

Adobe, Inc.#

    

2,852,421

    
 

28,123

    

Advanced Micro Devices, Inc.#

    

4,454,121

    
 

13,087

    

Amphenol Corp. - Class A

    

1,580,517

    
 

10,450

    

Analog Devices, Inc.

    

2,096,375

    
 

220,084

    

Apple, Inc.

    

37,486,908

    
 

12,757

    

Applied Materials, Inc.

    

2,534,178

    
 

3,671

    

Arista Networks, Inc.#

    

941,832

    
 

3,643

    

Autodesk, Inc.#

    

775,413

    
 

6,733

    

Broadcom, Inc.~

    

8,754,718

    
 

80,086

    

Cisco Systems, Inc.

    

3,762,440

    
 

10,217

     Cognizant Technology Solutions
Corp. - Class A		    

671,053

    
 

2,151

    

Enphase Energy, Inc.#

    

233,943

    
 

3,766

    

Gartner, Inc.#

    

1,553,814

    
 

21,004

    

HP, Inc.

    

590,002

    
 

43,740

    

Intel Corp.~

    

1,332,758

    
 

10,277

    

International Business Machines Corp.

    

1,708,037

    
 

5,390

    

Intuit, Inc.~

    

3,372,092

    
 

1,608

    

Lam Research Corp.

    

1,438,211

    
 

24,899

    

Micron Technology, Inc.~

    

2,812,591

    
 

110,699

    

Microsoft Corp.~

    

43,098,442

    
 

5,658

    

NetApp, Inc.

    

578,304

    
 

36,746

    

NVIDIA Corp.~

    

31,749,279

    
 

5,636

    

NXP Semiconductors, NV

    

1,443,887

    
 

8,817

    

ON Semiconductor Corp.#

    

618,601

    
 

27,378

    

Oracle Corp.~

    

3,114,248

    
 

6,670

    

Palo Alto Networks, Inc.#

    

1,940,236

    
 

5,400

    

PTC, Inc.#

    

958,176

    
 

6,811

    

Qorvo, Inc.#

    

795,797

    
 

17,993

    

QUALCOMM, Inc.~

    

2,984,139

    
 

17,030

    

Salesforce, Inc.~

    

4,580,048

    
 

3,619

    

ServiceNow, Inc.#

    

2,509,161

    
NUMBER OF
SHARES		      

VALUE

  
 

8,036

    

Skyworks Solutions, Inc.

  

$

856,557

    
 

718

    

Super Micro Computer, Inc.#

    

616,618

    
 

5,463

    

TE Connectivity, Ltd.

    

772,905

    
 

8,103

    

Teradyne, Inc.

    

942,541

    
 

10,019

    

Texas Instruments, Inc.~

    

1,767,552

    
 

2,459

    

Tyler Technologies, Inc.#

    

1,134,951

    
     

181,948,635

    
   

Materials (2.2%)

  
 

4,945

    

Air Products & Chemicals, Inc.~

    

1,168,701

    
 

4,042

    

Avery Dennison Corp.

    

878,246

    
 

5,087

    

Celanese Corp.

    

781,414

    
 

14,095

    

Corteva, Inc.

    

762,962

    
 

14,092

    

Dow, Inc.

    

801,835

    
 

12,669

    

DuPont de Nemours, Inc.

    

918,503

    
 

39,732

    

Freeport-McMoRan, Inc.

    

1,984,216

    
 

11,051

    

Linde, PLC

    

4,873,049

    
 

6,265

    

PPG Industries, Inc.

    

808,185

    
 

3,836

    

Sherwin-Williams Company

    

1,149,304

    
     

14,126,415

    
   

Real Estate (1.9%)

  
 

4,307

    

Alexandria Real Estate Equities, Inc.

    

499,052

    
 

5,414

    

American Tower Corp.

    

928,826

    
 

7,634

    

Camden Property Trust

    

760,957

    
 

10,734

    

Crown Castle, Inc.

    

1,006,635

    
 

6,031

    

Digital Realty Trust, Inc.

    

836,982

    
 

990

    

Equinix, Inc.

    

703,999

    
 

40,256

    

Healthpeak Properties, Inc.

    

749,164

    
 

5,152

    

Mid-America Apartment Communities, Inc.

    

669,760

    
 

15,853

    

Prologis, Inc.

    

1,617,799

    
 

2,838

    

Public Storage

    

736,319

    
 

23,666

    

Realty Income Corp.

    

1,267,078

    
 

8,036

    

Regency Centers Corp.

    

475,892

    
 

12,476

    

UDR, Inc.

    

475,086

    
 

10,094

    

Welltower, Inc.

    

961,756

    
 

18,785

    

Weyerhaeuser Company

    

566,743

    
     

12,256,048

    
   

Utilities (2.0%)

  
 

30,745

    

AES Corp.~

    

550,336

    
 

12,038

    

American Electric Power Company, Inc.

    

1,035,629

    
 

9,376

    

Consolidated Edison, Inc.

    

885,094

    
 

24,228

    

Dominion Energy, Inc.

    

1,235,143

    
 

15,332

    

Duke Energy Corp.~

    

1,506,522

    
 

6,783

    

Edison International

    

482,000

    
 

6,864

    

Entergy Corp.

    

732,183

    
 

26,662

    

Exelon Corp.

    

1,001,958

    

See accompanying Notes to Schedule of Investments

www.calamos.com
109

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

NUMBER OF
SHARES		      

VALUE

  
 

15,528

    

FirstEnergy Corp.

  

$

595,344

    
 

24,662

    

NextEra Energy, Inc.~

    

1,651,614

    
 

18,973

    

NiSource, Inc.

    

528,588

    
 

11,924

    

Public Service Enterprise Group, Inc.

    

823,710

    
 

17,020

    

Southern Company

    

1,250,970

    
 

13,665

    

Xcel Energy, Inc.

    

734,220

    
     

13,013,311

    
        TOTAL COMMON STOCKS
(Cost $431,688,244)		    

626,013,456

    

EXCHANGE-TRADED FUND (4.5%)

      
   

Other (4.5%)

  
 

58,505

     SPDR S&P 500 ETF Trust^
(Cost $29,714,912)		    

29,368,340

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTIONS (2.0%)#

      
   

Other (2.0%)

  
       

S&P 500 Index

          
 

500

    

 

          
 

251,784,500

    

Put, 12/31/24, Strike $5,000.00

    

8,867,500

    
 

355

    

 

          
 

178,766,995

    

Put, 12/31/24, Strike $4,750.00

    

4,102,025

    
        TOTAL PURCHASED OPTIONS
(Cost $14,487,606)		    

12,969,525

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (4.5%)		      
 

29,457,698

     State Street Navigator Securities
Lending Government Money Market
Portfolio, 5.345%†***
(Cost $29,457,698)		    

29,457,698

    
        TOTAL INVESTMENTS (106.9%)
(Cost $505,348,460)		    

697,809,019

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.5%)

    

(29,457,698

)

  

LIABILITIES, LESS OTHER ASSETS (-2.4%)

    

(15,382,140

)

  

NET ASSETS (100.0%)

  

$

652,969,181

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

WRITTEN OPTIONS (-3.9%)#

      
   

Other (-3.9%)

  
       

S&P 500 Index

          
 

460

    

 

          
 

231,641,740

    

Call, 12/31/24, Strike $4,750.00

  

$

(24,520,300

)

  
 

80

    

 

          
 

40,285,520

    

Call, 12/31/24, Strike $5,500.00

    

(816,400

)

  
        TOTAL WRITTEN OPTIONS
(Premium $20,314,508)		  

$

(25,336,700

)

  

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

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

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

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

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

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

SECTOR WEIGHTINGS

Information Technology

   

27.9

%

  

Financials

    

12.5

    

Health Care

    

11.9

    

Consumer Discretionary

   

9.9

    

Communication Services

    

9.0

    

Industrials

    

8.6

    

Other

    

6.5

    

Consumer Staples

   

6.0

    

Energy

    

4.0

    

Materials

    

2.2

    

Utilities

    

2.0

    

Real Estate

   

1.9

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
110

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (96.2%)

      
   

Communication Services (6.5%)

  
 

336,000

    

Alphabet, Inc. - Class A#~

  

$

54,694,080

    
 

385,000

    

Pinterest, Inc. - Class A#

    

12,878,250

    
     

67,572,330

    
   

Consumer Discretionary (11.1%)

  
 

310,000

    

Amazon.com, Inc.#~

    

54,250,000

    
 

217,500

    

Hyatt Hotels Corp. - Class A~^

    

32,361,825

    
 

120,000

    

Marriott International, Inc. - Class A

    

28,335,600

    
     

114,947,425

    
   

Energy (3.0%)

  
 

807,000

     BP, PLC (ADR)    

31,287,390

    
   

Financials (8.3%)

  
 

280,500

    

Charles Schwab Corp.

    

20,742,975

    
 

432,000

    

Morgan Stanley~

    

39,242,880

    
 

447,500

    

Wells Fargo & Company~

    

26,545,700

    
     

86,531,555

    
   

Health Care (16.5%)

  
 

147,500

    

Danaher Corp.~

    

36,376,450

    
 

35,000

    

ICON, PLC#

    

10,425,800

    
 

44,900

    

IQVIA Holdings, Inc.#

    

10,406,473

    
 

368,500

    

Medtronic, PLC~

    

29,568,440

    
 

325,500

    

Merck & Company, Inc.~

    

42,061,110

    
 

353,000

    

Zimmer Biomet Holdings, Inc.~

    

42,458,840

    
     

171,297,113

    
   

Industrials (30.5%)

  
 

238,500

     3M Company    

23,017,635

    
 

125,500

EUR

  

Airbus, SE

    

20,651,995

    
 

2,331,000

    

American Airlines Group, Inc.#^

    

31,491,810

    
 

204,500

    

Boeing Company#

    

34,323,280

    
 

705,500

    

CSX Corp.~

    

23,436,710

    
 

206,000

    

Delta Air Lines, Inc.

    

10,314,420

    
 

112,000

    

General Dynamics Corp.

    

32,154,080

    
 

151,000

    

Honeywell International, Inc.~

    

29,102,230

    
 

192,000

    

L3Harris Technologies, Inc.~

    

41,097,600

    
 

149,000

    

Union Pacific Corp.~

    

35,336,840

    
 

687,000

    

United Airlines Holdings, Inc.#~

    

35,353,020

    
     

316,279,620

    
   

Information Technology (20.3%)

  
 

134,500

    

Advanced Micro Devices, Inc.#

    

21,302,110

    
 

221,000

    

Analog Devices, Inc.~

    

44,334,810

    
 

117,500

    

Microsoft Corp.~

    

45,746,275

    
 

395,000

    

Oracle Corp.~

    

44,931,250

    
 

85,000

EUR

  

SAP, SE

    

15,348,207

    
NUMBER OF
SHARES		      

VALUE

  
 

279,500

     Taiwan Semiconductor Manufacturing
Company, Ltd. (ADR)~		  

$

38,386,530

    
     

210,049,182

    
    TOTAL COMMON STOCKS
(Cost $870,063,003)		    

997,964,615

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTIONS (1.2%)#

      
   

Communication Services (0.1%)

  
 

5,500

    

Pinterest, Inc.

          
 

18,397,500

   

Call, 05/17/24, Strike $37.00

    

577,500

    
   

Consumer Discretionary (0.3%)

  
 

3,100

    

Amazon.com, Inc.

          
 

54,250,000

    

Put, 05/03/24, Strike $177.50

    

2,859,750

    
 

1,200

    

Marriott International, Inc.

          
 

28,335,600

    

Put, 05/03/24, Strike $235.00

    

528,000

    
     

3,387,750

    
   

Industrials (0.2%)

  
        3M Company          
 

2,385

    

 

          
 

23,017,635

    

Call, 05/03/24, Strike $95.00

    

540,202

    
 

2,385

    

 

          
 

23,017,635

    

Put, 05/03/24, Strike $89.00

    

13,118

    
 

8,970

    

Delta Air Lines, Inc.

          
 

44,912,790

    

Call, 05/10/24, Strike $50.00

    

1,058,460

    
     

1,611,780

    
   

Information Technology (0.2%)

  
 

1,345

    

Advanced Micro Devices, Inc.

          
 

21,302,110

    

Put, 05/03/24, Strike $160.00

    

998,663

    
 

360

    

Arista Networks, Inc.

          
 

9,236,160

    

Put, 05/10/24, Strike $250.00

    

378,000

    
 

300

    

Monolithic Power Systems, Inc.

          
 

20,079,900

    

Call, 05/17/24, Strike $700.00

    

696,000

    
 

460

    

NVIDIA Corp.

          
 

11,914,000

    

Put, 05/17/24, Strike $800.00

    

509,450

    
     

2,582,113

    
   

Other (0.4%)

  
 

12,250

    

iShares 20+ Year Treasury Bond

          
 

108,069,500

    

Put, 06/21/24, Strike $85.00

    

937,125

    
       

SPDR S&P 500 ETF Trust

          
 

6,600

    

 

          
 

331,306,800

    

Put, 05/03/24, Strike $497.00

    

1,032,900

    
 

4,200

    

 

          
 

210,831,600

    

Put, 05/24/24, Strike $495.00

    

1,848,000

    
     

3,818,025

    
    TOTAL PURCHASED OPTIONS
(Cost $12,253,625)		    

11,977,168

    

See accompanying Notes to Schedule of Investments

www.calamos.com
111

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

NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (0.2%)		      
 

1,998,709

     State Street Navigator Securities
Lending Government Money Market
Portfolio, 5.345%†***
(Cost $1,998,709)		  

$

1,998,709

    
    TOTAL INVESTMENTS (97.6%)
(Cost $884,315,337)		    

1,011,940,492

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.2%)

    

(1,998,709

)

  

OTHER ASSETS, LESS LIABILITIES (2.6%)

    

27,403,797

    

NET ASSETS (100.0%)

  

$

1,037,345,580

    
NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS SOLD SHORT (-8.9%)#

  
   

Health Care (-0.9%)

  
 

(7,500

)

  

Mettler-Toledo International, Inc.

    

(9,222,750

)

  
   

Industrials (-1.3%)

  
 

(42,000

)

  

Eaton Corp., PLC

    

(13,366,920

)

  
   

Information Technology (-6.7%)

  
 

(83,000

)

  

Apple, Inc.

    

(14,137,390

)

  
 

(36,000

)

  

Arista Networks, Inc.

    

(9,236,160

)

  
 

(37,800

)

  

KLA Corp.

    

(26,055,162

)

  
 

(11,700

)

  

Lam Research Corp.

    

(10,464,597

)

  
 

(37,100

)

  

Salesforce, Inc.

    

(9,977,674

)

  
     

(69,870,983

)

  
    TOTAL COMMON STOCKS
SOLD SHORT
(Proceeds $88,235,210)		    

(92,460,653

)

  

EXCHANGE-TRADED FUND SOLD SHORT (-50.1%)#

      
   

Other (-50.1%)

  
 

(1,035,700

)

   SPDR S&P 500 ETF Trust
(Proceeds $518,852,214)		    

(519,900,686

)

  
    TOTAL SECURITIES SOLD SHORT
(Proceeds $607,087,424)		    

(612,361,339

)

  
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

WRITTEN OPTIONS (-1.3%)#

      
   

Communication Services (-0.1%)

  
       

Pinterest, Inc.

          
 

(3,850

)

  

 

          
 

(12,878,250

)

  

Call, 05/17/24, Strike $36.00

  

$

(517,825

)

  
 

(1,100

)

  

 

          
 

(3,679,500

)

  

Put, 05/17/24, Strike $30.00

    

(97,900

)

  
     

(615,725

)

  
   

Consumer Discretionary (-0.3%)

  
       

Amazon.com, Inc.

          
 

(3,875

)

  

 

          
 

(67,812,500

)

  

Call, 06/21/24, Strike $200.00

    

(1,123,750

)

  
 

(3,100

)

  

 

          
 

(54,250,000

)

  

Put, 06/21/24, Strike $160.00

    

(1,085,000

)

  
 

(705

)

  

Hyatt Hotels Corp.

          
 

(10,489,695

)

  

Put, 05/17/24, Strike $140.00

    

(109,275

)

  
 

(1,200

)

  

Marriott International, Inc.

          
 

(28,335,600

)

  

Put, 05/17/24, Strike $220.00

    

(177,000

)

  
     

(2,495,025

)

  
   

Industrials (-0.1%)

  
 

(3,580

)

  

United Airlines Holdings, Inc.

          
 

(18,422,680

)

  

Call, 09/20/24, Strike $55.00

    

(1,342,500

)

  
   

Information Technology (-0.6%)

  
       

Advanced Micro Devices, Inc.

          
 

(1,345

)

  

 

          
 

(21,302,110

)

  

Put, 05/03/24, Strike $152.50

    

(521,187

)

  
 

(1,345

)

  

 

          
 

(21,302,110

)

  

Call, 06/21/24, Strike $185.00

    

(541,363

)

  
       

Arista Networks, Inc.

          
 

(360

)

  

 

          
 

(9,236,160

)

  

Put, 05/10/24, Strike $235.00

    

(183,600

)

  
 

(360

)

  

 

          
 

(9,236,160

)

  

Put, 05/24/24, Strike $230.00

    

(192,600

)

  
 

(600

)

  

Monolithic Power Systems, Inc.

          
 

(40,159,800

)

  

Call, 06/21/24, Strike $800.00

    

(849,000

)

  
       

NVIDIA Corp.

          
 

(490

)

  

 

          
 

(12,691,000

)

  

Put, 05/24/24, Strike $700.00

    

(376,075

)

  
 

(460

)

  

 

          
 

(11,914,000

)

  

Put, 05/24/24, Strike $900.00

    

(3,628,250

)

  
     

(6,292,075

)

  
   

Other (-0.2%)

  
 

(12,250

)

  

iShares 20+ Year Treasury Bond

          
 

(108,069,500

)

  

Call, 05/03/24, Strike $88.00

    

(784,000

)

  
       

SPDR S&P 500 ETF Trust

          
 

(6,930

)

  

 

          
 

(347,872,140

)

  

Put, 06/28/24, Strike $460.00

    

(1,306,305

)

  
 

(2,925

)

  

 

          
 

(146,829,150

)

  

Put, 05/31/24, Strike $460.00

    

(193,050

)

  
     

(2,283,355

)

  
        TOTAL WRITTEN OPTIONS
(Premium $14,457,888)		  

$

(13,028,680

)

  

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
112

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

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

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

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

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

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

FOREIGN CURRENCY ABBREVIATION

EUR  European Monetary Unit

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

 

SECTOR WEIGHTINGS

Industrials

   

30.6

%

  

Information Technology

    

20.4

    

Health Care

    

16.5

    

Consumer Discretionary

   

11.4

    

Financials

    

8.3

    

Communication Services

    

6.6

    

Energy

    

3.0

    

Other

   

0.4

    

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

See accompanying Notes to Schedule of Investments

www.calamos.com
113

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

PRINCIPAL
AMOUNT		      

VALUE

  

CONVERTIBLE BONDS (26.4%)

      
   

Communication Services (4.2%)

  
 

91,000

     TechTarget, Inc.
0.000%, 12/15/26		  

$

86,812

    
   

Health Care (7.9%)

  
 

78,000

     Shockwave Medical, Inc.*
1.000%, 08/15/28		    

99,134

    
 

58,000

     Cerevel Therapeutics Holdings, Inc.*
2.500%, 08/15/27		    

65,317

    
     

164,451

    
   

Information Technology (14.3%)

  
 

88,000

     Shift4 Payments, Inc.
0.500%, 08/01/27		    

78,647

    
 

25,000

     Model N, Inc.
2.625%, 06/01/25		    

25,457

    
 

55,000

     Rapid7, Inc.
0.250%, 03/15/27		    

47,598

    
 

44,000

     Alteryx, Inc.
1.000%, 08/01/26		    

43,860

    
 

33,000

     Blackline, Inc.
0.000%, 03/15/26		    

29,690

    
 

40,000

     Everbridge, Inc.
0.000%, 03/15/26		    

39,447

    
 

31,000

     Alteryx, Inc.
0.500%, 08/01/24		    

30,889

    
     

295,588

    
        TOTAL CONVERTIBLE BONDS
(Cost $548,130)		    

546,851

    
NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (68.8%)

      
   

Communication Services (0.8%)

  
 

1,181

    

TEGNA, Inc.

    

16,109

    
   

Consumer Discretionary (4.3%)

  
 

400

    

iRobot Corp.#~

    

3,424

    
 

2,423

    

Capri Holdings, Ltd.#~

    

85,968

    
     

89,392

    
   

Consumer Staples (6.2%)

  
 

6,276

    

Albertsons Companies, Inc. - Class A~

    

128,030

    
 

755

    

Mirati Therapeutics, Inc.#‡‡‡

    

755

    
     

128,785

    
   

Energy (31.6%)

  
 

1,105

    

Hess Corp.~

    

174,027

    
 

853

    

Pioneer Natural Resources Company

    

229,730

    
 

6,819

    

Southwestern Energy Company#

    

51,074

    
 

4,911

    

Enerplus Corp.

    

96,157

    
 

7,635

    

Equitrans Midstream Corp.

    

103,302

    
     

654,290

    
NUMBER OF
SHARES		      

VALUE

  
   

Health Care (6.6%)

  
 

7

    

Shockwave Medical, Inc.#

  

$

2,312

    
 

1,446

    

Amedisys, Inc.#~

    

133,104

    
     

135,416

    
   

Industrials (0.1%)

  
 

500

    

Spirit Airlines, Inc.

    

1,765

    
   

Information Technology (7.3%)

  
 

78

    

Twilio, Inc. - Class A#

    

4,671

    
 

5

    

Blackbaud, Inc.#

    

390

    
 

4,215

    

Juniper Networks, Inc.~

    

146,766

    
     

151,827

    
   

Materials (2.9%)

  
 

1,660

    

United States Steel Corp.

    

60,590

    
   

Special Purpose Acquisition Companies (5.8%)#

  
 

327

    

Ai Transportation Acquisition Corp.

    

3,371

    
 

409

    

Black Hawk Acquisition Corp.

    

4,213

    
 

231

    

Spark I Acquisition Corp.

    

2,384

    
 

200

    

Generation Asia I Acquisition, Ltd. - Class A

    

2,214

    
 

1,500

    

Four Leaf Acquisition Corp. - Class A

    

16,260

    
 

7,970

    

Everest Consolidator Acquisition Corp.~

    

89,583

    
 

230

    

Quetta Acquisition Corp.

    

2,355

    
     

120,380

    
   

Utilities (3.2%)

  
 

1,791

    

PNM Resources, Inc.~

    

66,374

    
    TOTAL COMMON STOCKS
(Cost $1,455,872)		    

1,424,928

    

RIGHTS (0.0%)#

      
   

Special Purpose Acquisition Companies (0.0%)

  
 

327

     AI Transportation Acquisition Corp.,
(Expires 10/25/24)		    

52

    
 

23

     Quetta Acquisition Corp.,
(Expires 11/30/24)		    

32

    
     

84

    
    TOTAL RIGHTS
(Cost $88)		    

84

    

WARRANT (0.0%)#

      
   

Special Purpose Acquisition Company (0.0%)

  
 

115

     Spark I Acquisition Corp.
11/27/28, Strike $11.50
(Cost $16)		    

21

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
114

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

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTION (0.0%)#

      
   

Health Care (0.0%)

  
 

16

    

Shockwave Medical, Inc.

          
 

528,304

     Call, 05/17/24, Strike $340.00
(Cost $341)		  

$

240

    
        TOTAL INVESTMENTS (95.2%)
(Cost $2,004,447)		    

1,972,124

    

OTHER ASSETS, LESS LIABILITIES (4.8%)

    

100,436

    

NET ASSETS (100.0%)

  

$

2,072,560

    
NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS SOLD SHORT (-32.1%)#

      
   

Energy (-32.1%)

  
 

(591

)

  

Chesapeake Energy Corp.

    

(53,119

)

  
 

(1,132

)

  

Chevron Corp.

    

(182,558

)

  
 

(497

)

  

Chord Energy Corp.

    

(87,959

)

  
 

(2,674

)

  

EQT Corp.

    

(107,201

)

  
 

(1,980

)

  

Exxon Mobil Corp.

    

(234,174

)

  
        TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $601,780)		    

(665,011

)

  
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

WRITTEN OPTIONS (0.0%)#

      
   

Industrials (0.0%)

  
 

5

    

Spirit Airlines, Inc.

          
 

1,765

    

Call, 06/21/24, Strike $7.50

    

(30

)

  
   

Utilities (0.0%)

  
 

2

    

PNM Resources, Inc.

          
 

7,412

    

Call, 05/17/24, Strike $35.00

    

(545

)

  
        TOTAL WRITTEN OPTIONS
(Premium $1,800)		  

$

(575

)

  

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

#  Non-income producing security.

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

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

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

SECTOR WEIGHTINGS

Energy

   

31.6

%

  

Information Technology

    

21.6

    

Health Care

    

14.5

    

Consumer Staples

   

6.2

    
Special Purpose Acquisition
Companies		    

5.8

    

Communication Services

    

5.0

    

Consumer Discretionary

    

4.3

    

Utilities

   

3.2

    

Materials

    

2.9

    

Industrials

    

0.1

    

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

See accompanying Notes to Schedule of Investments

www.calamos.com
115

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

PRINCIPAL
AMOUNT		      

VALUE

  

CONVERTIBLE BONDS (93.8%)

      
   

Communication Services (6.4%)

  
 

9,250,000

     Liberty Media Corp.
2.375%, 09/30/53*		  

$

9,705,655

    
 

5,250,000

    

3.750%, 03/15/28

    

5,633,355

    
 

11,250,000

     Liberty Media Corp.-Liberty
Formula One
2.250%, 08/15/27		    

11,717,212

    
 

20,500,000

     Snap, Inc.
0.000%, 05/01/27		    

16,745,015

    
 

4,250,000

    

0.750%, 08/01/26^

    

4,410,225

    
 

4,000,000

     Zillow Group, Inc.^
1.375%, 09/01/26		    

4,618,760

    
     

52,830,222

    
   

Consumer Discretionary (14.5%)

  
 

6,750,000

     Booking Holdings, Inc.
0.750%, 05/01/25		    

12,402,112

    
 

7,000,000

     Carnival Corp.
5.750%, 12/01/27		    

9,888,340

    
 

5,750,000

     DISH Network Corp.
0.000%, 12/15/25		    

4,220,500

    
 

10,750,000

     DraftKings Holdings, Inc.^
0.000%, 03/15/28		    

8,947,655

    
 

9,000,000

     Etsy, Inc.
0.125%, 10/01/26		    

9,488,970

    
 

15,750,000

     Ford Motor Company
0.000%, 03/15/26		    

15,722,752

    
 

2,695,000

     Lucid Group, Inc.*
1.250%, 12/15/26		    

1,235,604

    
 

5,250,000

     Marriott Vacations Worldwide Corp.
3.250%, 12/15/27		    

4,813,463

    
 

13,000,000

     Rivian Automotive, Inc.
4.625%, 03/15/29		    

8,879,780

    
 

5,250,000

     Royal Caribbean Cruises, Ltd.
6.000%, 08/15/25		    

14,964,862

    
 

7,750,000

     Shake Shack, Inc.
0.000%, 03/01/28		    

7,025,298

    
 

3,500,000

     Stride, Inc.
1.125%, 09/01/27		    

4,827,515

    
 

7,500,000

     Wayfair, Inc.
3.500%, 11/15/28*		    

9,993,675

    
 

3,600,000

    

3.250%, 09/15/27

    

3,971,052

    
 

4,028,000

     Winnebago Industries, Inc.*
3.250%, 01/15/30		    

3,981,638

    
     

120,363,216

    
   

Consumer Staples (1.1%)

  
 

8,000,000

     Post Holdings, Inc.
2.500%, 08/15/27		    

8,968,800

    
PRINCIPAL
AMOUNT		      

VALUE

  
   

Energy (3.4%)

  
 

4,250,000

     Kosmos Energy, Ltd.*
3.125%, 03/15/30		  

$

4,516,050

    
 

5,410,000

     Nabors Industries, Inc.
1.750%, 06/15/29		    

3,971,156

    
 

5,000,000

     Northern Oil & Gas, Inc.
3.625%, 04/15/29		    

6,189,400

    
 

4,750,000

     Pioneer Natural Resources Company
0.250%, 05/15/25		    

13,948,613

    
     

28,625,219

    
   

Financials (2.0%)

  
 

4,375,000

     Coinbase Global, Inc.
0.250%, 04/01/30*		    

3,956,575

    
 

4,000,000

    

0.500%, 06/01/26^

    

4,058,120

    
 

8,750,000

     Global Payments, Inc.*^
1.500%, 03/01/31		    

8,727,862

    
     

16,742,557

    
   

Health Care (20.0%)

  
 

5,500,000

     Alnylam Pharmaceuticals, Inc.
1.000%, 09/15/27		    

5,068,800

    
 

7,750,000

     Alphatec Holdings, Inc.
0.750%, 08/01/26		    

7,816,805

    
 

6,000,000

     CONMED Corp.
2.250%, 06/15/27		    

5,295,900

    
 

7,000,000

     CryoPort, Inc.*
0.750%, 12/01/26		    

6,097,280

    
 

35,000,000

     Dexcom, Inc.*
0.375%, 05/15/28		    

35,556,500

    
 

4,250,000

     Enovis Corp.*
3.875%, 10/15/28		    

5,025,455

    
 

10,750,000

     Exact Sciences Corp.
0.375%, 03/01/28^		    

9,337,235

    
 

4,000,000

    

2.000%, 03/01/30*

    

4,124,640

    
 

8,250,000

     Halozyme Therapeutics, Inc.^
1.000%, 08/15/28		    

7,785,525

    
 

2,215,000

     Immunocore Holdings, PLC*^
2.500%, 02/01/30		    

2,192,739

    
 

5,500,000

     Insmed, Inc.
0.750%, 06/01/28		    

5,633,485

    
 

5,750,000

     Insulet Corp.^
0.375%, 09/01/26		    

5,931,067

    
 

10,375,000

     Integer Holdings Corp.
2.125%, 02/15/28		    

14,428,305

    
 

5,500,000

     Ionis Pharmaceuticals, Inc.
0.000%, 04/01/26		    

5,334,835

    
 

4,250,000

     iRhythm Technologies, Inc.*
1.500%, 09/01/29		    

4,311,455

    
 

12,250,000

     Jazz Investments I, Ltd.
2.000%, 06/15/26		    

11,818,310

    
 

4,359,000

     Lantheus Holdings, Inc.
2.625%, 12/15/27		    

4,929,724

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
116

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

10,000,000

     NeoGenomics, Inc.
0.250%, 01/15/28		  

$

7,889,000

    
 

4,250,000

     Sarepta Therapeutics, Inc.
1.250%, 09/15/27		    

4,877,173

    
 

9,500,000

     Shockwave Medical, Inc.*
1.000%, 08/15/28		    

12,074,025

    
     

165,528,258

    
   

Industrials (5.9%)

  
 

5,500,000

     American Airlines Group, Inc.
6.500%, 07/01/25		    

6,015,020

    
 

5,000,000

     Axon Enterprise, Inc.
0.500%, 12/15/27		    

7,285,900

    
 

4,750,000

     Fluor Corp.*^
1.125%, 08/15/29		    

5,175,220

    
 

5,500,000

     Middleby Corp.
1.000%, 09/01/25		    

6,481,310

    
 

4,750,000

     Tetra Tech, Inc.*
2.250%, 08/15/28		    

5,395,953

    
 

10,532,000

     Uber Technologies, Inc.
0.875%, 12/01/28*		    

11,899,580

    
 

6,750,000

    

0.000%, 12/15/25

    

7,048,147

    
     

49,301,130

    
   

Information Technology (32.7%)

  
 

4,750,000

     Advanced Energy Industries, Inc.*
2.500%, 09/15/28		    

4,708,723

    
 

15,250,000

     Akamai Technologies, Inc.*~
1.125%, 02/15/29		    

15,023,080

    
 

11,500,000

     Bentley Systems, Inc.
0.125%, 01/15/26		    

11,684,920

    
 

3,750,000

     Camtek, Ltd.*
0.000%, 12/01/26		    

5,603,250

    
 

8,000,000

     Confluent, Inc.^
0.000%, 01/15/27		    

6,798,240

    
 

5,000,000

     CyberArk Software, Ltd.
0.000%, 11/15/24		    

7,682,600

    
 

7,250,000

     Datadog, Inc.
0.125%, 06/15/25		    

10,344,372

    
 

8,500,000

     DigitalOcean Holdings, Inc.~
0.000%, 12/01/26		    

7,102,600

    
 

4,250,000

     Five9, Inc.*^
1.000%, 03/15/29		    

4,217,573

    
 

7,000,000

     NCL Corp., Ltd.
5.375%, 08/01/25		    

8,606,780

    
 

5,250,000

    

2.500%, 02/15/27

    

4,922,243

    
 

6,875,000

     Nutanix, Inc.^
0.250%, 10/01/27		    

8,326,794

    
 

4,750,000

     Okta, Inc.
0.375%, 06/15/26		    

4,310,958

    
 

19,250,000

     ON Semiconductor Corp.^
0.500%, 03/01/29		    

18,659,602

    
 

4,500,000

     Palo Alto Networks, Inc.
0.375%, 06/01/25		    

13,173,255

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

6,500,000

     Parsons Corp.*
2.625%, 03/01/29		  

$

6,816,940

    
 

8,000,000

     Rapid7, Inc.*
1.250%, 03/15/29		    

7,756,720

    
 

6,720,000

     Repay Holdings Corp.*
0.000%, 02/01/26		    

6,143,357

    
 

10,000,000

     Seagate HDD Cayman*^
3.500%, 06/01/28		    

11,972,600

    
 

21,750,000

     Shift4 Payments, Inc.^
0.000%, 12/15/25		    

22,535,610

    
 

7,600,000

     SK Hynix, Inc.
1.750%, 04/11/30		    

11,920,296

    
 

13,250,000

     Super Micro Computer, Inc.*
0.000%, 03/01/29		    

13,551,040

    
 

13,750,000

     Tyler Technologies, Inc.
0.250%, 03/15/26		    

14,444,100

    
 

7,744,000

     Unity Software, Inc.
0.000%, 11/15/26		    

6,601,992

    
 

3,962,000

     Vertex, Inc.*
0.750%, 05/01/29		    

4,143,262

    
 

8,750,000

     Western Digital Corp.*
3.000%, 11/15/28		    

13,217,837

    
 

7,500,000

     Wix.com, Ltd.
0.000%, 08/15/25		    

6,951,600

    
 

10,250,000

     Wolfspeed, Inc.
0.250%, 02/15/28		    

6,063,797

    
 

6,250,000

     Zscaler, Inc.
0.125%, 07/01/25		    

7,918,562

    
     

271,202,703

    
   

Materials (1.0%)

  
 

2,125,000

     ATI, Inc.~
3.500%, 06/15/25		    

8,184,778

    
   

Real Estate (0.6%)

  
 

5,250,000

     Pebblebrook Hotel Trust
1.750%, 12/15/26		    

4,636,485

    
   

Utilities (6.2%)

  
 

8,875,000

     Alliant Energy Corp.
3.875%, 03/15/26		    

8,708,594

    
 

9,000,000

     CMS Energy Corp.*
3.375%, 05/01/28		    

8,818,290

    
 

12,000,000

     NextEra Energy Capital Holdings, Inc.*
3.000%, 03/01/27		    

13,083,120

    
 

7,000,000

     PG&E Corp.*
4.250%, 12/01/27		    

7,024,710

    
 

9,500,000

     PPL Capital Funding, Inc.^
2.875%, 03/15/28		    

9,031,650

    
 

4,750,000

     Southern Company
3.875%, 12/15/25		    

4,741,925

    
     

51,408,289

    
        TOTAL CONVERTIBLE BONDS
(Cost $730,049,002)		    

777,791,657

    

See accompanying Notes to Schedule of Investments

www.calamos.com
117

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

NUMBER OF
SHARES		      

VALUE

  

CONVERTIBLE PREFERRED STOCKS (3.0%)

  
   

Financials (2.4%)

  
 

127,810

     Apollo Global Management, Inc.
6.750%, 07/31/26		  

$

7,793,854

    
 

10,300

     Bank of America Corp.~‡‡
7.250%		    

11,845,000

    
     

19,638,854

    
   

Industrials (0.6%)

  
 

86,940

     Chart Industries, Inc.
6.750%, 12/15/25		    

4,995,572

    
    TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $23,720,094)		    

24,634,426

    
NUMBER OF SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (4.8%)		  
 

40,054,905

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $40,054,905)		    

40,054,905

    
TOTAL INVESTMENTS (101.6%)
(Cost $793,824,001)		        

842,480,988

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.8%)

    

(40,054,905

)

  

OTHER ASSETS, LESS LIABILITIES (3.2%)

    

27,068,827

    

NET ASSETS (100.0%)

  

$

829,494,910

    

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY

   LONG
CONTRACTS		   SETTLEMENT
DATE		   LOCAL
CURRENCY		   CURRENT
VALUE		   UNREALIZED
GAIN/LOSS		  

Bank of New York

  

Canadian Dollar

  

07/26/24

    

5,585,000

    

$

4,062,826

    

$

(18,667

)

  
   

$

(18,667

)

  

COUNTERPARTY

   SHORT
CONTRACTS		   SETTLEMENT
DATE		   LOCAL
CURRENCY		   CURRENT
VALUE		   UNREALIZED
GAIN/LOSS		  
State Street Bank and
Trust		  

Canadian Dollar

  

07/26/24

    

10,732,000

    

$

7,807,027

    

$

40,480

    
State Street Bank and
Trust		   South Korean
Won		  

07/26/24

    

15,772,268,000

      

11,463,338

      

78,584

    
   

$

119,064

    

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

‡‡  Perpetual maturity.

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

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

SECTOR WEIGHTINGS

Information Technology

   

32.7

%

  

Health Care

    

20.0

    

Consumer Discretionary

    

14.5

    

Industrials

   

6.5

    

Communication Services

    

6.4

    

Utilities

    

6.2

    

Financials

    

4.4

    

Energy

   

3.4

    

Consumer Staples

    

1.1

    

Materials

    

1.0

    

Real Estate

    

0.6

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
118

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

PRINCIPAL
AMOUNT		      

VALUE

  

CONVERTIBLE BONDS (91.7%)

      
   

Communication Services (5.0%)

  
 

863,000

     Bharti Airtel, Ltd.*
1.500%, 02/17/25		  

$

1,878,535

    
 

50,000,000

JPY

   CyberAgent, Inc.
0.000%, 02/19/25		    

314,713

    
 

2,248,000

     Sea, Ltd.
0.250%, 09/15/26		    

1,933,415

    
 

1,400,000

     Snap, Inc.
0.000%, 05/01/27		    

1,143,562

    
 

808,000

     Zillow Group, Inc.^
1.375%, 09/01/26		    

932,990

    
     

6,203,215

    
   

Consumer Discretionary (19.6%)

  
 

2,363,200

EUR

   Accor, SA
0.700%, 12/07/27		    

1,288,494

    
 

1,189,000

     DISH Network Corp.
0.000%, 12/15/25		    

872,726

    
 

2,719,000

     DraftKings Holdings, Inc.
0.000%, 03/15/28		    

2,263,132

    
 

772,000

     Etsy, Inc.
0.125%, 10/01/26		    

813,943

    
 

1,329,000

     Farfetch, Ltd.
3.750%, 05/01/27		    

51,831

    
 

1,400,000

AUD

   Flight Centre Travel Group, Ltd.
1.625%, 11/01/28		    

887,857

    
 

657,000

     Liberty Broadband Corp.*
3.125%, 03/31/53		    

610,701

    
 

1,330,000

     Lucid Group, Inc.*
1.250%, 12/15/26		    

609,778

    
 

1,458,000

     MakeMyTrip, Ltd.
0.000%, 02/15/28		    

2,591,435

    
 

2,300,000

     Meituan
0.000%, 04/27/28		    

2,040,008

    
 

646,000

     NIO, Inc.*
4.625%, 10/15/30		    

410,391

    
       

Ocado Group, PLC

          
 

900,000

GBP

  

0.750%, 01/18/27

    

854,940

    
 

800,000

GBP

  

0.875%, 12/09/25

    

890,939

    
 

924,000

     Rivian Automotive, Inc.
4.625%, 03/15/29		    

631,147

    
 

557,000

    

3.625%, 10/15/30*

    

326,380

    
 

889,000

     Royal Caribbean Cruises, Ltd.
6.000%, 08/15/25		    

2,534,050

    
 

160,000,000

JPY

   Sanrio Company, Ltd.
0.000%, 12/14/28		    

1,270,687

    
 

700,000

EUR

   Shop Apotheke Europe, NV
0.000%, 01/21/28		    

704,952

    
 

980,000

     Stride, Inc.
1.125%, 09/01/27		    

1,351,704

    
 

1,398,000

     Wayfair, Inc.*
3.500%, 11/15/28		    

1,862,821

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,283,000

     Wynn Macau, Ltd.*
4.500%, 03/07/29		  

$

1,371,463

    
     

24,239,379

    
   

Consumer Staples (1.4%)

  
 

600,000

EUR

   Davide Campari-Milano, NV
2.375%, 01/17/29		    

658,710

    
 

1,000,000

EUR

   Fomento Economico Mexicano
SAB de CV
2.625%, 02/24/26		    

1,065,685

    
     

1,724,395

    
   

Energy (5.4%)

  
 

2,300,000

EUR

   Eni S.p.A
2.950%, 09/14/30		    

2,549,700

    
 

670,000

     Nabors Industries, Inc.
1.750%, 06/15/29		    

491,807

    
 

1,341,000

     Northern Oil & Gas, Inc.
3.625%, 04/15/29		    

1,659,997

    
 

409,000

     Pioneer Natural Resources Company
0.250%, 05/15/25		    

1,201,049

    
 

500,000

EUR

   Saipem S.p.A
2.875%, 09/11/29		    

712,250

    
     

6,614,803

    
   

Financials (4.9%)

  
 

888,000

     Affirm Holdings, Inc.
0.000%, 11/15/26		    

737,511

    
 

1,273,000

     Coinbase Global, Inc.*
0.250%, 04/01/30		    

1,151,250

    
 

313,796

EUR

   Corestate Capital Holding, SA&
8.000%, 12/31/26
9.000% PIK rate		    

117,236

    
 

1,000,000

GBP

   Cornwall Jersey, Ltd.
0.750%, 04/16/26		    

865,401

    
 

622,000

     Global Payments, Inc.*^
1.500%, 03/01/31		    

620,426

    
 

900,000

EUR

   JPMorgan Chase Financial
Company, LLC§
0.000%, 01/14/25		    

967,511

    
 

1,299,000

     Morgan Stanley Finance, LLC
1.000%, 11/23/27		    

1,633,493

    
     

6,092,828

    
   

Health Care (14.2%)

  
 

761,000

     Alnylam Pharmaceuticals, Inc.
1.000%, 09/15/27		    

701,338

    
 

725,000

     BioMarin Pharmaceutical, Inc.
0.599%, 08/01/24		    

715,075

    
 

650,000

     Coherus Biosciences, Inc.
1.500%, 04/15/26		    

408,115

    
 

841,000

     CONMED Corp.
2.250%, 06/15/27		    

742,309

    

See accompanying Notes to Schedule of Investments

www.calamos.com
119

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

623,000

     Dexcom, Inc.
0.375%, 05/15/28*		  

$

632,906

    
 

585,000

    

0.250%, 11/15/25

    

613,408

    
 

625,000

     Enovis Corp.*
3.875%, 10/15/28		    

739,037

    
 

661,000

     Envista Holdings Corp.*^
1.750%, 08/15/28		    

564,071

    
 

785,000

     Halozyme Therapeutics, Inc.
1.000%, 08/15/28		    

740,804

    
 

622,000

    

0.250%, 03/01/27

    

545,251

    
 

313,000

     Immunocore Holdings, PLC*^
2.500%, 02/01/30		    

309,854

    
 

502,000

     Innoviva, Inc.
2.500%, 08/15/25		    

538,546

    
 

732,000

     Insmed, Inc.
0.750%, 06/01/28		    

749,766

    
 

658,000

     Integer Holdings Corp.
2.125%, 02/15/28		    

915,067

    
 

788,000

     Integra LifeSciences Holdings Corp.
0.500%, 08/15/25		    

739,388

    
 

753,000

     Ionis Pharmaceuticals, Inc.
0.000%, 04/01/26		    

730,387

    
 

643,000

     iRhythm Technologies, Inc.*
1.500%, 09/01/29		    

652,298

    
 

1,295,000

     Jazz Investments I, Ltd.
2.000%, 06/15/26		    

1,249,364

    
 

415,000

     Lantheus Holdings, Inc.
2.625%, 12/15/27		    

469,336

    
 

941,000

     NeoGenomics, Inc.
0.250%, 01/15/28		    

742,355

    
 

600,000

     Omnicell, Inc.
0.250%, 09/15/25		    

564,090

    
 

620,000

     Pacira BioSciences, Inc.
0.750%, 08/01/25		    

586,756

    
 

759,000

     Sarepta Therapeutics, Inc.
1.250%, 09/15/27		    

871,006

    
 

988,000

     Shockwave Medical, Inc.*
1.000%, 08/15/28		    

1,255,699

    
 

618,000

     TransMedics Group, Inc.*
1.500%, 06/01/28		    

773,050

    
     

17,549,276

    
   

Industrials (7.8%)

  
 

180,000,000

JPY

   Daifuku Co., Ltd.
0.000%, 09/13/30		    

1,329,522

    
 

600,000

EUR

   Duerr, AG
0.750%, 01/15/26		    

622,910

    
 

981,000

     John Bean Technologies Corp.
0.250%, 05/15/26		    

886,294

    
 

700,000

     L&F Company Ltd.
2.500%, 04/26/30		    

480,956

    
 

652,000

     Middleby Corp.
1.000%, 09/01/25		    

768,330

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

600,000

EUR

   Prysmian S.p.A
0.000%, 02/02/26		  

$

829,919

    
 

600,000

EUR

   Rheinmetall, AG
2.250%, 02/07/30		    

1,115,035

    
 

651,100

EUR

   Schneider Electric, SE
0.000%, 06/15/26		    

1,532,161

    
 

600,000

EUR

   SPIE, SA
2.000%, 01/17/28		    

742,387

    
 

1,196,000

     Uber Technologies, Inc.*
0.875%, 12/01/28		    

1,351,301

    
     

9,658,815

    
   

Information Technology (26.4%)

  
 

978,000

     Akamai Technologies, Inc.
1.125%, 02/15/29*~		    

963,447

    
 

610,000

    

0.125%, 05/01/25^

    

688,629

    
 

691,000

     BILL Holdings, Inc.
0.000%, 04/01/27		    

588,165

    
 

873,000

     Block, Inc.
0.125%, 03/01/25		    

864,619

    
 

920,000

     Confluent, Inc.
0.000%, 01/15/27		    

781,798

    
 

973,000

     CyberArk Software, Ltd.
0.000%, 11/15/24		    

1,495,034

    
 

496,000

     Datadog, Inc.
0.125%, 06/15/25		    

707,698

    
 

2,203,000

     DigitalOcean Holdings, Inc.
0.000%, 12/01/26		    

1,840,827

    
 

1,374,000

     Dropbox, Inc.
0.000%, 03/01/28		    

1,256,097

    
 

1,840,000

     Fastly, Inc.
0.000%, 03/15/26		    

1,674,014

    
 

637,000

     Five9, Inc.*
1.000%, 03/15/29		    

632,140

    
 

600,000

     Gigabyte Technology Company, Ltd.
0.000%, 07/27/28		    

635,784

    
 

500,000

EUR

   GlobalWafers GmbH
1.500%, 01/23/29		    

514,049

    
 

663,000

     LivePerson, Inc.
0.000%, 12/15/26		    

253,478

    
 

1,367,000

     Microchip Technology, Inc.^
0.125%, 11/15/24		    

1,475,881

    
 

1,348,000

     MicroStrategy, Inc.*
0.875%, 03/15/31		    

1,076,823

    
 

2,783,000

     NCL Corp., Ltd.
1.125%, 02/15/27		    

2,547,057

    
 

700,000

EUR

   Nexi S.p.A
0.000%, 02/24/28		    

632,609

    
 

569,000

     Nice, Ltd.
0.000%, 09/15/25		    

564,346

    
 

1,301,000

     ON Semiconductor Corp.
0.500%, 03/01/29^		    

1,261,098

    
 

824,000

    

0.000%, 05/01/27

    

1,181,954

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
120

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

621,000

     Parsons Corp.*
2.625%, 03/01/29		  

$

651,280

    
 

729,000

     Pegasystems, Inc.
0.750%, 03/01/25		    

700,292

    
 

1,291,000

     Seagate HDD Cayman*
3.500%, 06/01/28		    

1,545,663

    
 

929,000

     Shift4 Payments, Inc.^
0.000%, 12/15/25		    

962,555

    
 

600,000

     SK Hynix, Inc.
1.750%, 04/11/30		    

941,076

    
 

708,200

EUR

   SOITEC
0.000%, 10/01/25		    

1,235,840

    
 

1,232,000

     Super Micro Computer, Inc.*
0.000%, 03/01/29		    

1,259,991

    
 

796,000

     Tyler Technologies, Inc.
0.250%, 03/15/26		    

836,182

    
 

977,000

     Workiva, Inc.
1.250%, 08/15/28*		    

879,994

    
 

120,000

    

1.125%, 08/15/26

    

138,394

    
 

1,335,000

     Xero Investments, Ltd.
0.000%, 12/02/25		    

1,241,256

    
 

490,000

     Zscaler, Inc.
0.125%, 07/01/25		    

620,815

    
     

32,648,885

    
   

Materials (3.1%)

  
 

1,448,000

     Amyris, Inc.@
1.500%, 11/15/26		    

51,433

    
 

1,300,000

     LG Chem, Ltd.
1.250%, 07/18/28		    

1,234,818

    
 

844,000

     Lithium Americas Corp.
1.750%, 01/15/27		    

642,968

    
 

70,000,000

JPY

   Nippon Steel Corp.
0.000%, 10/05/26		    

643,180

    
 

1,100,000

EUR

   POSCO Holdings, Inc.
0.000%, 09/01/26		    

1,215,160

    
     

3,787,559

    
   

Real Estate (0.9%)

  
 

1,235,000

     Redfin Corp.
0.000%, 10/15/25		    

1,074,302

    
   

Utilities (3.0%)

  
 

1,282,000

     American Water Capital Corp.*^
3.625%, 06/15/26		    

1,247,476

    
 

624,000

     CMS Energy Corp.*
3.375%, 05/01/28		    

611,401

    
 

1,307,000

     PPL Capital Funding, Inc.
2.875%, 03/15/28		    

1,242,565

    
 

651,000

     Southern Company
3.875%, 12/15/25		    

649,893

    
     

3,751,335

    
        TOTAL CONVERTIBLE BONDS
(Cost $115,297,442)		    

113,344,792

    
NUMBER OF
SHARES		      

VALUE

  

CONVERTIBLE PREFERRED STOCKS (2.1%)

  
   

Financials (1.6%)

  
 

32,723

     Apollo Global Management, Inc.
6.750%, 07/31/26		  

$

1,995,448

    
   

Utilities (0.5%)

  
 

15,361

     NextEra Energy, Inc.^
6.926%, 09/01/25		    

625,961

    
    TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $2,463,410)		    

2,621,409

    
PRINCIPAL
AMOUNT		      

VALUE

  

U.S. GOVERNMENT AND AGENCY SECURITIES (3.7%)

  
   

Other (3.7%)

  
 

3,593,000

     United States Treasury Note
1.750%, 03/15/25		    

3,486,262

    
 

1,022,000

    

4.375%, 10/31/24

    

1,017,070

    
    TOTAL U.S. GOVERNMENT
AND AGENCY SECURITIES
(Cost $4,509,260)		    

4,503,332

    
NUMBER OF CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTIONS (1.1%)#

  
   

Consumer Discretionary (0.0%)

  
 

257

    

Alibaba Group Holding, Ltd.

          
 

1,923,645

    

Call, 06/21/24, Strike $85.00

    

30,712

    
   

Energy (0.1%)

  
 

164

    

Eog Resources, Inc.

          
 

2,166,932

    

Call, 01/17/25, Strike $141.00

    

155,800

    
   

Industrials (0.1%)

  
 

946

CHF

  

Swatch Group, AG

          
 

99,046

    

Call, 09/20/24, Strike 200.00

    

81,556

    
   

Other (0.9%)

  
 

347

    

Invesco QQQ Trust Series 1

          
 

14,733,273

    

Put, 09/30/24, Strike $420.00

    

551,036

    
 

543

EUR

  

TotalEnergies, SE

          
 

4,013,823

    

Call, 06/21/24, Strike 60.00

    

539,360

    
     

1,090,396

    
    TOTAL PURCHASED OPTIONS
(Cost $1,228,993)		    

1,358,464

    

See accompanying Notes to Schedule of Investments

www.calamos.com
121

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

NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (3.4%)		      
 

4,238,237

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $4,238,237)		  

$

4,238,237

    
        TOTAL INVESTMENTS (102.0%)
(Cost $127,737,342)		    

126,066,234

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.4%)

    

(4,238,237

)

  

OTHER ASSETS, LESS LIABILITIES (1.4%)

    

1,721,921

    

NET ASSETS (100.0%)

  

$

123,549,918

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

WRITTEN OPTION (-0.2%)#

      
   

Other (-0.2%)

  
 

347

    

Invesco QQQ Trust Series 1

          
 

14,733,273

     Put, 09/30/24, Strike $380.00
(Premium $184,831)		  

$

(195,014

)

  

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

&  Illiquid security.

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

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

@  In default status and considered non-income producing.

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

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

FOREIGN CURRENCY ABBREVIATIONS

AUD  Australian Dollar

CHF  Swiss Franc

EUR  European Monetary Unit

GBP  British Pound Sterling

JPY  Japanese Yen

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

CURRENCY EXPOSURE
APRIL 30, 2024

   

VALUE

   % OF TOTAL
INVESTMENTS		  

US Dollar

  

$

101,688,457

      

80.8

%

  

European Monetary Unit

    

17,043,968

      

13.5

%

  

Japanese Yen

    

3,558,102

      

2.8

%

  

British Pound Sterling

    

2,611,280

      

2.1

%

  

Australian Dollar

    

887,857

      

0.7

%

  

Swiss Franc

    

81,556

      

0.1

%

  

Total Investments

  

$

125,871,220

      

100.0

%

  

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Information Technology

   

26.4

%

  

Consumer Discretionary

    

19.6

    

Health Care

    

14.2

    

Industrials

    

7.9

    

Financials

   

6.5

    

Energy

    

5.5

    

Communication Services

    

5.0

    

Utilities

   

3.5

    

Materials

    

3.1

    

Consumer Staples

    

1.4

    

Other

    

0.9

    

Real Estate

   

0.9

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
122

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (99.8%)

      
   

Communication Services (4.3%)

  
 

251,168

    

EverQuote, Inc. - Class A#

  

$

5,066,059

    
 

11,985

    

Ibotta, Inc. - Class A#

    

1,225,706

    
 

51,853

    

MediaAlpha, Inc. - Class A#

    

1,050,023

    
 

101,801

    

QuinStreet, Inc.#

    

1,841,580

    
 

357,137

    

VTEX - Class A#

    

2,649,956

    
     

11,833,324

    
   

Consumer Discretionary (9.6%)

  
 

146,639

    

Arhaus, Inc.

    

1,856,450

    
 

30,050

    

Boot Barn Holdings, Inc.#

    

3,199,423

    
 

27,955

    

Cava Group, Inc.#

    

2,011,083

    
 

7,402

    

Duolingo, Inc.#

    

1,671,002

    
 

15,980

    

Kura Sushi USA, Inc. - Class A#

    

1,759,078

    
 

53,001

    

Modine Manufacturing Company#

    

4,909,483

    
 

104,485

    

Potbelly Corp.#

    

1,064,702

    
 

61,863

    

Stride, Inc.#

    

4,129,355

    
 

2,103

    

TopBuild Corp.#

    

851,021

    
 

236,747

    

Universal Technical Institute, Inc.#

    

3,603,289

    
 

4,188

    

Wingstop, Inc.

    

1,611,501

    
     

26,666,387

    
   

Consumer Staples (5.0%)

  
 

43,876

    

Celsius Holdings, Inc.#

    

3,127,043

    
 

24,530

    

elf Beauty, Inc.#

    

3,986,861

    
 

25,603

    

Freshpet, Inc.#

    

2,715,710

    
 

674,347

    

Mama's Creations, Inc.#

    

4,005,621

    
     

13,835,235

    
   

Energy (4.3%)

  
 

69,769

    

Archrock, Inc.

    

1,338,867

    
 

148,048

    

Helix Energy Solutions Group, Inc.#

    

1,590,036

    
 

41,897

    

Tidewater, Inc.#

    

3,848,239

    
 

40,558

    

Weatherford International, PLC#

    

5,013,780

    
     

11,790,922

    
   

Financials (3.1%)

  
 

6,526

    

FirstCash Holdings, Inc.

    

737,307

    
 

71,487

    

Mercury General Corp.

    

3,735,911

    
 

52,577

    

Moneylion, Inc.#

    

3,486,381

    
 

19,292

    

Skyward Specialty Insurance Group, Inc.#

    

673,677

    
     

8,633,276

    
   

Health Care (20.7%)

  
 

890,118

    

ADMA Biologics, Inc.#

    

5,803,569

    
 

56,789

    

Alphatec Holdings, Inc.#

    

716,677

    
 

390,418

    

Ardelyx, Inc.#

    

2,498,675

    
 

128,387

    

BioLife Solutions, Inc.#

    

2,251,908

    
 

14,487

    

Blueprint Medicines Corp.#

    

1,323,243

    
NUMBER OF
SHARES		      

VALUE

  
 

72,584

    

Crinetics Pharmaceuticals, Inc.#

  

$

3,180,631

    
 

76,006

    

GeneDx Holdings Corp.#

    

1,297,423

    
 

27,215

    

Insmed, Inc.#

    

672,755

    
 

37,478

    

Intra-Cellular Therapies, Inc.#

    

2,691,295

    
 

25,749

    

iRadimed Corp.

    

1,045,667

    
 

73,809

    

LifeMD, Inc.#

    

880,541

    
 

29,579

    

Ligand Pharmaceuticals, Inc.#

    

2,067,276

    
 

3,491

    

Madrigal Pharmaceuticals, Inc.#

    

712,234

    
 

49,641

    

Natera, Inc.#

    

4,610,656

    
 

166,024

    

RadNet, Inc.#

    

8,052,164

    
 

108,272

    

RxSight, Inc.#

    

5,644,219

    
 

38,892

    

SpringWorks Therapeutics, Inc.#

    

1,815,868

    
 

72,479

    

Tarsus Pharmaceuticals, Inc.#

    

2,278,015

    
 

23,861

    

TransMedics Group, Inc.#

    

2,246,036

    
 

14,839

    

UFP Technologies, Inc.#

    

3,055,944

    
 

10,977

    

Vaxcyte, Inc.#

    

664,657

    
 

51,571

    

Viking Therapeutics, Inc.#

    

4,104,020

    
     

57,613,473

    
   

Industrials (27.9%)

  
 

15,415

    

Advanced Drainage Systems, Inc.

    

2,420,155

    
 

8,898

    

Aerovironment, Inc.#

    

1,421,811

    
 

15,392

    

Atkore, Inc.#

    

2,698,218

    
 

22,378

    

Axon Enterprise, Inc.#

    

7,019,083

    
 

90,471

    

AZEK Company, Inc.#

    

4,129,096

    
 

74,755

    

Blue Bird Corp.#

    

2,463,551

    
 

9,249

    

Bowman Consulting Group, Ltd.#

    

300,500

    
 

35,205

    

CBIZ, Inc.#

    

2,505,892

    
 

166,858

    

CECO Environmental Corp.#

    

3,607,470

    
 

4,712

    

Comfort Systems USA, Inc.

    

1,457,940

    
 

67,670

    

Construction Partners, Inc. - Class A#

    

3,494,479

    
 

4,940

    

Encore Wire Corp.

    

1,380,038

    
 

7,976

    

Esab Corp.

    

844,499

    
 

34,823

    

ExlService Holdings, Inc.#

    

1,009,867

    
 

107,296

    

FTAI Aviation, Ltd.

    

7,533,252

    
 

27,953

    

Griffon Corp.

    

1,831,481

    
 

21,930

    

Limbach Holdings, Inc.#

    

994,087

    
 

499

    

Loar Holdings, Inc.#

    

26,108

    
 

45,955

    

Montrose Environmental Group, Inc.#

    

1,995,366

    
 

13,691

    

Moog, Inc. - Class A

    

2,177,827

    
 

59,541

    

nVent Electric, PLC

    

4,291,120

    
 

3,249

    

SiteOne Landscape Supply, Inc.#

    

509,736

    
 

57,445

    

Sterling Infrastructure, Inc.#

    

5,836,412

    
 

29,711

    

Tecnoglass, Inc.

    

1,650,446

    
 

21,988

    

Transcat, Inc.#

    

2,360,851

    
 

53,347

    

Vertiv Holdings Company - Class A

    

4,961,271

    
 

159,589

    

VirTra, Inc.#

    

2,515,123

    
 

42,752

    

VSE Corp.

    

3,337,649

    

See accompanying Notes to Schedule of Investments

www.calamos.com
123

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

NUMBER OF
SHARES		      

VALUE

  
 

45,136

    

WNS Holdings, Ltd.#

  

$

1,891,650

    
 

7,922

    

XPO, Inc.#

    

851,298

    
     

77,516,276

    
   

Information Technology (22.9%)

  
 

148,587

    

ACM Research, Inc. - Class A#

    

3,791,940

    
 

4,959

    

Appfolio, Inc. - Class A#

    

1,124,602

    
 

20,110

    

AppLovin Corp. - Class A#

    

1,419,163

    
 

90,878

    

Arlo Technologies, Inc.#

    

1,125,070

    
 

245,058

    

AvePoint, Inc.#

    

1,904,101

    
 

85,146

    

Celestica, Inc.#

    

3,689,376

    
 

2,362

    

CyberArk Software, Ltd.#

    

565,109

    
 

58,704

    

FormFactor, Inc.#

    

2,617,611

    
 

89,480

    

Informatica, Inc. - Class A#

    

2,771,196

    
 

11,152

    

JFrog, Ltd.#

    

444,742

    
 

14,483

     MACOM Technology Solutions
Holdings, Inc.#		    

1,476,542

    
 

14,236

    

Manhattan Associates, Inc.#

    

2,933,470

    
 

633

    

MicroStrategy, Inc. - Class A#

    

674,164

    
 

6,775

    

Monday.com, Ltd.#

    

1,282,711

    
 

53,325

    

Nutanix, Inc. - Class A#

    

3,236,828

    
 

22,072

    

Onto Innovation, Inc.#

    

4,094,135

    
 

10,698

    

Parsons Corp.#

    

839,900

    
 

346,174

    

Powerfleet, Inc. NJ#

    

1,658,173

    
 

121,612

    

PubMatic, Inc. - Class A#

    

2,728,973

    
 

95,052

    

Samsara Inc. - Class A#

    

3,320,166

    
 

46,666

    

Semtech Corp.#

    

1,755,575

    
 

250,990

    

SimilarWeb, Ltd.#

    

1,854,816

    
 

11,214

    

Super Micro Computer, Inc.#

    

9,630,583

    
 

73,863

    

Varonis Systems, Inc.#

    

3,231,506

    
 

39,757

    

Veeco Instruments, Inc.#

    

1,405,012

    
 

5,597

    

Wix.com, Ltd.#

    

665,315

    
 

278,380

    

Zeta Global Holdings Corp. - Class A#

    

3,440,777

    
     

63,681,556

    
   

Materials (2.0%)

  
 

6,865

    

Eagle Materials, Inc.

    

1,721,124

    
 

49,847

    

Knife River Corp.#

    

3,897,537

    
     

5,618,661

    
    TOTAL COMMON STOCKS
(Cost $214,306,311)		    

277,189,110

    
    TOTAL INVESTMENTS (99.8%)
(Cost $214,306,311)		    

277,189,110

    

OTHER ASSETS, LESS LIABILITIES (0.2%)

    

688,919

    

NET ASSETS (100.0%)

  

$

277,878,029

    

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

SECTOR WEIGHTINGS

Industrials

    

27.9

%

  

Information Technology

    

22.9

    

Health Care

    

20.7

    

Consumer Discretionary

   

9.6

    

Consumer Staples

    

5.0

    

Communication Services

    

4.3

    

Energy

    

4.3

    

Financials

    

3.1

    

Materials

   

2.0

    

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

 

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
124

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (98.4%)

      
   

Communication Services (2.0%)

  
 

946

    

Ibotta, Inc. - Class A#

  

$

96,748

    
 

2,915

    

MediaAlpha, Inc. - Class A#

    

59,029

    
 

7,325

    

QuinStreet, Inc.#

    

132,509

    
 

20,689

    

VTEX - Class A#

    

153,512

    
     

441,798

    
   

Consumer Discretionary (12.4%)

  
 

11,586

    

Arhaus, Inc.

    

146,679

    
 

2,069

    

Boot Barn Holdings, Inc.#

    

220,286

    
 

2,733

    

Cava Group, Inc.#

    

196,612

    
 

188

    

Deckers Outdoor Corp.#

    

153,872

    
 

8,598

    

DraftKings, Inc. - Class A#

    

357,333

    
 

355

    

Duolingo, Inc.#

    

80,141

    
 

940

    

Kura Sushi USA, Inc. - Class A#

    

103,475

    
 

3,918

    

Modine Manufacturing Company#

    

362,924

    
 

602

    

Murphy USA, Inc.

    

249,120

    
 

4,512

    

On Holding, AG - Class A#

    

143,256

    
 

1,150

    

Shake Shack, Inc. - Class A#

    

121,728

    
 

4,231

    

Stride, Inc.#

    

282,419

    
 

222

    

TopBuild Corp.#

    

89,837

    
 

526

    

Wingstop, Inc.

    

202,400

    
     

2,710,082

    
   

Consumer Staples (3.9%)

  
 

5,010

    

Celsius Holdings, Inc.#

    

357,063

    
 

1,503

    

elf Beauty, Inc.#

    

244,283

    
 

2,417

    

Freshpet, Inc.#

    

256,371

    
     

857,717

    
   

Energy (3.3%)

  
 

4,391

    

Archrock, Inc.

    

84,263

    
 

2,963

    

Tidewater, Inc.#

    

272,151

    
 

2,851

    

Weatherford International, PLC#

    

352,441

    
     

708,855

    
   

Financials (1.6%)

  
 

257

    

FirstCash Holdings, Inc.

    

29,036

    
 

5,652

    

Mercury General Corp.

    

295,374

    
 

908

    

Skyward Specialty Insurance Group, Inc.#

    

31,707

    
     

356,117

    
   

Health Care (16.0%)

  
 

48,316

    

ADMA Biologics, Inc.#

    

315,020

    
 

11,896

    

Ardelyx, Inc.#

    

76,134

    
 

695

    

Blueprint Medicines Corp.#

    

63,481

    
 

5,485

    

Crinetics Pharmaceuticals, Inc.#

    

240,353

    
 

1,451

    

Insmed, Inc.#

    

35,869

    
 

2,217

    

Intra-Cellular Therapies, Inc.#

    

159,203

    
NUMBER OF
SHARES		      

VALUE

  
 

165

    

Madrigal Pharmaceuticals, Inc.#

  

$

33,663

    
 

6,219

    

Natera, Inc.#

    

577,621

    
 

1,222

    

Neurocrine Biosciences, Inc.#

    

168,074

    
 

12,212

    

RadNet, Inc.#

    

592,282

    
 

8,122

    

RxSight, Inc.#

    

423,400

    
 

2,493

    

SpringWorks Therapeutics, Inc.#

    

116,398

    
 

1,638

    

TransMedics Group, Inc.#

    

154,185

    
 

1,108

    

UFP Technologies, Inc.#

    

228,181

    
 

520

    

Vaxcyte, Inc.#

    

31,486

    
 

3,422

    

Viking Therapeutics, Inc.#

    

272,323

    
     

3,487,673

    
   

Industrials (29.5%)

  
 

2,455

    

Advanced Drainage Systems, Inc.

    

385,435

    
 

492

    

Aerovironment, Inc.#

    

78,617

    
 

974

    

Atkore, Inc.

    

170,742

    
 

2,421

    

Axon Enterprise, Inc.#

    

759,371

    
 

7,635

    

AZEK Company, Inc.#

    

348,461

    
 

2,157

    

CBIZ, Inc.#

    

153,535

    
 

10,080

    

CECO Environmental Corp.#

    

217,930

    
 

705

    

Clean Harbors, Inc.#

    

133,562

    
 

223

    

Comfort Systems USA, Inc.

    

68,998

    
 

4,814

    

Construction Partners, Inc. - Class A#

    

248,595

    
 

8,483

    

Embraer, SA (ADR)#

    

216,741

    
 

211

    

EMCOR Group, Inc.

    

75,363

    
 

388

    

Encore Wire Corp.

    

108,392

    
 

627

    

Esab Corp.

    

66,387

    
 

1,557

    

ExlService Holdings, Inc.#

    

45,153

    
 

7,799

    

FTAI Aviation, Ltd.

    

547,568

    
 

2,040

    

Griffon Corp.

    

133,661

    
 

1,590

    

HEICO Corp.

    

329,766

    
 

569

    

Hubbell, Inc.

    

210,826

    
 

40

    

Loar Holdings, Inc.#

    

2,093

    
 

3,621

    

Montrose Environmental Group, Inc.#

    

157,224

    
 

562

    

Moog, Inc. - Class A

    

89,397

    
 

5,425

    

nVent Electric, PLC

    

390,980

    
 

454

    

SiteOne Landscape Supply, Inc.#

    

71,228

    
 

4,146

    

Sterling Infrastructure, Inc.#

    

421,233

    
 

1,565

    

Tecnoglass, Inc.

    

86,936

    
 

1,350

    

Transcat, Inc.#

    

144,949

    
 

5,625

    

Vertiv Holdings Company - Class A

    

523,125

    
 

3,338

    

WNS Holdings, Ltd.#

    

139,895

    
 

1,039

    

XPO, Inc.#

    

111,651

    
     

6,437,814

    
   

Information Technology (27.2%)

  
 

278

    

Appfolio, Inc. - Class A#

    

63,045

    
 

3,565

    

AppLovin Corp. - Class A#

    

251,582

    

See accompanying Notes to Schedule of Investments

www.calamos.com
125

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

NUMBER OF
SHARES		      

VALUE

  
 

6,734

    

Celestica, Inc.#

  

$

291,784

    
 

944

    

Cloudflare, Inc. - Class A#

    

82,506

    
 

233

    

CyberArk Software, Ltd.#

    

55,745

    
 

3,471

    

Descartes Systems Group, Inc.#

    

322,074

    
 

243

    

Fair Isaac Corp.#

    

275,399

    
 

3,730

    

FormFactor, Inc.#

    

166,321

    
 

2,639

    

GoDaddy, Inc. - Class A#

    

322,961

    
 

292

    

HubSpot, Inc.#

    

176,622

    
 

7,069

    

Informatica, Inc. - Class A#

    

218,927

    
 

879

    

JFrog, Ltd.#

    

35,055

    
 

794

     MACOM Technology Solutions
Holdings, Inc.#		    

80,948

    
 

2,656

    

Manhattan Associates, Inc.#

    

547,295

    
 

32

    

MicroStrategy, Inc. - Class A#

    

34,081

    
 

533

    

Monday.com, Ltd.#

    

100,913

    
 

624

    

MongoDB, Inc.#

    

227,872

    
 

277

    

Monolithic Power Systems, Inc.

    

185,404

    
 

5,247

    

Nutanix, Inc. - Class A#

    

318,493

    
 

1,433

    

Onto Innovation, Inc.#

    

265,807

    
 

699

    

Parsons Corp.#

    

54,879

    
 

6,353

    

Pure Storage, Inc. - Class A#

    

320,191

    
 

10,865

    

Samsara Inc. - Class A#

    

379,514

    
 

3,655

    

Semtech Corp.#

    

137,501

    
 

532

    

Super Micro Computer, Inc.#

    

456,882

    
 

4,884

    

Varonis Systems, Inc.#

    

213,675

    
 

3,125

    

Veeco Instruments, Inc.#

    

110,438

    
 

704

    

Wix.com, Ltd.#

    

83,684

    
 

869

    

Zscaler, Inc.#

    

150,285

    
     

5,929,883

    
   

Materials (2.5%)

  
 

996

    

Eagle Materials, Inc.

    

249,707

    
 

3,914

    

Knife River Corp.#

    

306,036

    
     

555,743

    
    TOTAL COMMON STOCKS
(Cost $16,837,103)		    

21,485,682

    
    TOTAL INVESTMENTS (98.4%)
(Cost $16,837,103)		    

21,485,682

    

OTHER ASSETS, LESS LIABILITIES (1.6%)

    

339,295

    

NET ASSETS (100.0%)

  

$

21,824,977

    

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

SECTOR WEIGHTINGS

Industrials

   

29.5

%

  

Information Technology

    

27.2

    

Health Care

    

16.0

    

Consumer Discretionary

   

12.4

    

Consumer Staples

    

3.9

    

Energy

    

3.3

    

Materials

    

2.5

    

Communication Services

   

2.0

    

Financials

    

1.6

    

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

 

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
126

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

NUMBER OF SHARES      

VALUE

  

COMMON STOCKS (98.4%)

  
   

Communication Services (13.8%)

  
 

661,000

    

Alphabet, Inc. - Class A#~

  

$

107,597,580

    
 

4,051

    

Ibotta, Inc. - Class A#

    

414,296

    
 

12,483

    

MediaAlpha, Inc. - Class A#^

    

252,781

    
 

92,875

    

Meta Platforms, Inc. - Class A

    

39,952,039

    
 

34,100

    

Netflix, Inc.#

    

18,776,824

    
 

415,371

    

Pinterest, Inc. - Class A#

    

13,894,160

    
 

31,419

    

QuinStreet, Inc.#

    

568,370

    
 

73,477

    

T-Mobile U.S., Inc.

    

12,062,719

    
 

88,599

    

VTEX - Class A#^

    

657,404

    
     

194,176,173

    
   

Consumer Discretionary (16.1%)

  
 

634,340

    

Amazon.com, Inc.#~

    

111,009,500

    
 

49,616

    

Arhaus, Inc.^

    

628,139

    
 

3,500

    

Booking Holdings, Inc.

    

12,082,105

    
 

8,874

    

Boot Barn Holdings, Inc.#^

    

944,815

    
 

11,704

    

Cava Group, Inc.#^

    

841,986

    
 

7,900

    

Chipotle Mexican Grill, Inc.#~

    

24,960,840

    
 

809

    

Deckers Outdoor Corp.#

    

662,142

    
 

101,521

    

DoorDash, Inc. - Class A#

    

13,122,604

    
 

36,820

    

DraftKings, Inc. - Class A#

    

1,530,239

    
 

1,520

    

Duolingo, Inc.#

    

343,140

    
 

4,025

    

Kura Sushi USA, Inc. - Class A#^

    

443,072

    
 

75,000

    

Lowe's Companies, Inc.

    

17,099,250

    
 

27,300

    

Lululemon Athletica, Inc.#

    

9,844,380

    
 

16,778

    

Modine Manufacturing Company#^

    

1,554,146

    
 

2,578

    

Murphy USA, Inc.^

    

1,066,828

    
 

19,322

    

On Holding, AG - Class A#^

    

613,474

    
 

4,925

    

Shake Shack, Inc. - Class A#

    

521,311

    
 

135,500

    

Starbucks Corp.

    

11,990,395

    
 

18,160

    

Stride, Inc.#

    

1,212,180

    
 

79,200

    

Tesla, Inc.#

    

14,515,776

    
 

952

    

TopBuild Corp.#

    

385,246

    
 

2,253

    

Wingstop, Inc.

    

866,932

    
     

226,238,500

    
   

Consumer Staples (2.0%)

  
 

21,455

    

Celsius Holdings, Inc.#

    

1,529,098

    
 

46,100

    

Constellation Brands, Inc. - Class A

    

11,684,506

    
 

6,436

    

elf Beauty, Inc.#

    

1,046,043

    
 

10,351

    

Freshpet, Inc.#^

    

1,097,930

    
 

211,500

    

Walmart, Inc.

    

12,552,525

    
     

27,910,102

    
   

Energy (1.1%)

  
 

18,804

    

Archrock, Inc.

    

360,849

    
 

38,333

    

Hess Corp.

    

6,037,064

    
NUMBER OF SHARES      

VALUE

  
 

92,500

    

Occidental Petroleum Corp.

  

$

6,117,950

    
 

12,689

    

Tidewater, Inc.#

    

1,165,484

    
 

12,256

    

Weatherford International, PLC#

    

1,515,087

    
     

15,196,434

    
   

Financials (6.1%)

  
 

29,400

    

American Express Company

    

6,880,482

    
 

1,101

    

FirstCash Holdings, Inc.

    

124,391

    
 

53,500

    

Marsh & McLennan Companies, Inc.

    

10,669,505

    
 

24,100

    

Mastercard, Inc. - Class A

    

10,873,920

    
 

24,272

    

Mercury General Corp.

    

1,268,455

    
 

17,085

    

S&P Global, Inc.

    

7,104,455

    
 

3,888

    

Skyward Specialty Insurance Group, Inc.#^

    

135,769

    
 

155,000

    

Visa, Inc. - Class A^

    

41,634,550

    
 

112,000

    

Wells Fargo & Company

    

6,643,840

    
     

85,335,367

    
   

Health Care (12.5%)

  
 

207,227

    

ADMA Biologics, Inc.#

    

1,351,120

    
 

50,944

    

Ardelyx, Inc.#^

    

326,042

    
 

2,976

    

Blueprint Medicines Corp.#

    

271,828

    
 

165,000

    

Boston Scientific Corp.#

    

11,858,550

    
 

23,489

    

Crinetics Pharmaceuticals, Inc.#

    

1,029,288

    
 

95,000

    

Dexcom, Inc.#

    

12,102,050

    
 

50,000

    

Eli Lilly & Company

    

39,055,000

    
 

6,214

    

Insmed, Inc.#^

    

153,610

    
 

9,494

    

Intra-Cellular Therapies, Inc.#

    

681,764

    
 

36,000

    

Intuitive Surgical, Inc.#

    

13,342,320

    
 

40,300

    

IQVIA Holdings, Inc.#

    

9,340,331

    
 

710

    

Madrigal Pharmaceuticals, Inc.#^

    

144,854

    
 

112,600

    

Merck & Company, Inc.

    

14,550,172

    
 

26,632

    

Natera, Inc.#^

    

2,473,580

    
 

5,233

    

Neurocrine Biosciences, Inc.#

    

719,747

    
 

52,297

    

RadNet, Inc.#

    

2,536,405

    
 

34,782

    

RxSight, Inc.#

    

1,813,186

    
 

10,676

    

SpringWorks Therapeutics, Inc.#

    

498,462

    
 

18,300

    

Stryker Corp.

    

6,157,950

    
 

17,900

    

Thermo Fisher Scientific, Inc.

    

10,180,088

    
 

7,025

    

TransMedics Group, Inc.#^

    

661,263

    
 

4,745

    

UFP Technologies, Inc.#^

    

977,185

    
 

44,700

    

UnitedHealth Group, Inc.

    

21,621,390

    
 

2,227

    

Vaxcyte, Inc.#^

    

134,845

    
 

14,654

    

Viking Therapeutics, Inc.#^

    

1,166,165

    
 

64,000

    

Zimmer Biomet Holdings, Inc.

    

7,697,920

    
 

92,500

    

Zoetis, Inc.

    

14,729,700

    
     

175,574,815

    
   

Industrials (6.8%)

  
 

10,513

    

Advanced Drainage Systems, Inc.

    

1,650,541

    

See accompanying Notes to Schedule of Investments

www.calamos.com
127

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

NUMBER OF SHARES      

VALUE

  
 

2,107

    

Aerovironment, Inc.#^

  

$

336,678

    
 

4,183

    

Atkore, Inc.

    

733,280

    
 

10,368

    

Axon Enterprise, Inc.#

    

3,252,027

    
 

32,696

    

AZEK Company, Inc.#

    

1,492,245

    
 

69,000

    

Boeing Company#

    

11,580,960

    
 

9,258

    

CBIZ, Inc.#

    

658,984

    
 

43,234

    

CECO Environmental Corp.#

    

934,719

    
 

3,019

    

Clean Harbors, Inc.#

    

571,950

    
 

957

    

Comfort Systems USA, Inc.

    

296,105

    
 

20,616

    

Construction Partners, Inc. - Class A#

    

1,064,610

    
 

36,411

    

Embraer, SA (ADR)#^

    

930,301

    
 

904

    

EMCOR Group, Inc.

    

322,882

    
 

115,000

    

Emerson Electric Company

    

12,394,700

    
 

1,663

    

Encore Wire Corp.

    

464,576

    
 

2,685

    

Esab Corp.

    

284,288

    
 

6,668

    

ExlService Holdings, Inc.#

    

193,372

    
 

33,452

    

FTAI Aviation, Ltd.

    

2,348,665

    
 

8,736

    

Griffon Corp.

    

572,383

    
 

6,828

    

HEICO Corp.

    

1,416,127

    
 

2,444

    

Hubbell, Inc.

    

905,551

    
 

170

    

Loar Holdings, Inc.#

    

8,894

    
 

15,544

    

Montrose Environmental Group, Inc.#

    

674,920

    
 

2,411

    

Moog, Inc. - Class A

    

383,518

    
 

23,232

    

nVent Electric, PLC

    

1,674,330

    
 

1,944

    

SiteOne Landscape Supply, Inc.#

    

304,994

    
 

17,755

    

Sterling Infrastructure, Inc.#

    

1,803,908

    
 

6,723

    

Tecnoglass, Inc.^

    

373,463

    
 

5,803

    

Transcat, Inc.#^

    

623,068

    
 

300,838

    

Uber Technologies, Inc.#

    

19,936,534

    
 

51,000

    

Union Pacific Corp.

    

12,095,160

    
 

234,000

    

United Airlines Holdings, Inc.#

    

12,041,640

    
 

24,181

    

Vertiv Holdings Company - Class A

    

2,248,833

    
 

14,349

    

WNS Holdings, Ltd.#

    

601,367

    
 

4,459

    

XPO, Inc.#

    

479,164

    
     

95,654,737

    
   

Information Technology (38.1%)

  
 

13,000

    

Adobe, Inc.#

    

6,016,790

    
 

36,000

    

Advanced Micro Devices, Inc.#

    

5,701,680

    
 

31,475

    

Allegro MicroSystems, Inc.#

    

934,493

    
 

7,179

    

Amdocs, Ltd.

    

602,964

    
 

33,200

    

Analog Devices, Inc.

    

6,660,252

    
 

1,191

    

Appfolio, Inc. - Class A#

    

270,095

    
 

531,520

    

Apple, Inc.

    

90,533,802

    
 

15,267

    

AppLovin Corp. - Class A#

    

1,077,392

    
 

13,987

    

BILL Holdings, Inc.#

    

872,229

    
 

12,632

    

Broadcom, Inc.~

    

16,425,011

    
NUMBER OF SHARES      

VALUE

  
 

22,800

    

Cadence Design Systems, Inc.#

  

$

6,284,364

    
 

28,949

    

Celestica, Inc.#^

    

1,254,360

    
 

16,590

    

Ciena Corp.#

    

766,956

    
 

4,043

    

Cloudflare, Inc. - Class A#

    

353,358

    
 

32,817

    

Confluent, Inc. - Class A#

    

922,814

    
 

998

    

CyberArk Software, Ltd.#^

    

238,772

    
 

52,300

    

Datadog, Inc. - Class A#

    

6,563,650

    
 

14,908

    

Descartes Systems Group, Inc.#

    

1,383,313

    
 

31,480

    

DoubleVerify Holdings, Inc.#

    

922,364

    
 

1,041

    

Fair Isaac Corp.#

    

1,179,797

    
 

19,821

    

Flex, Ltd.#

    

567,872

    
 

15,973

    

FormFactor, Inc.#

    

712,236

    
 

11,327

    

GoDaddy, Inc. - Class A#

    

1,386,198

    
 

1,250

    

HubSpot, Inc.#

    

756,088

    
 

30,394

    

Informatica, Inc. - Class A#^

    

941,302

    
 

8,300

    

Intuit, Inc.

    

5,192,646

    
 

3,764

    

JFrog, Ltd.#

    

150,108

    
 

3,400

     MACOM Technology Solutions
Holdings, Inc.#^		    

346,630

    
 

11,421

    

Manhattan Associates, Inc.#

    

2,353,411

    
 

242,651

    

Marvell Technology, Inc.

    

15,993,127

    
 

13,799

    

Micron Technology, Inc.

    

1,558,735

    
 

357,190

    

Microsoft Corp.

    

139,064,783

    
 

137

    

MicroStrategy, Inc. - Class A#^

    

145,909

    
 

2,283

    

Monday.com, Ltd.#

    

432,240

    
 

3,998

    

MongoDB, Inc.#^

    

1,459,990

    
 

1,190

    

Monolithic Power Systems, Inc.

    

796,503

    
 

31,744

    

Nutanix, Inc. - Class A#

    

1,926,861

    
 

133,500

    

NVIDIA Corp.

    

115,346,670

    
 

31,900

    

NXP Semiconductors, NV

    

8,172,461

    
 

6,137

    

Onto Innovation, Inc.#

    

1,138,352

    
 

172,922

    

Oracle Corp.

    

19,669,878

    
 

20,700

    

Palo Alto Networks, Inc.#

    

6,021,423

    
 

3,000

    

Parsons Corp.#

    

235,530

    
 

4,037

    

PTC, Inc.#

    

716,325

    
 

38,768

    

Pure Storage, Inc. - Class A#

    

1,953,907

    
 

22,887

    

Salesforce, Inc.

    

6,155,230

    
 

71,041

    

Samsara, Inc. - Class A#

    

2,481,462

    
 

15,652

    

Semtech Corp.#^

    

588,828

    
 

26,671

    

ServiceNow, Inc.#

    

18,491,804

    
 

42,500

    

Snowflake, Inc. - Class A#

    

6,596,000

    
 

2,287

    

Super Micro Computer, Inc.#

    

1,964,076

    
 

140,500

     Taiwan Semiconductor Manufacturing
Company, Ltd. (ADR)		    

19,296,270

    
 

22,454

    

Teradata Corp.#

    

833,043

    
 

20,999

    

Varonis Systems, Inc.#

    

918,706

    
 

13,383

    

Veeco Instruments, Inc.#

    

472,955

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
128

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

NUMBER OF SHARES      

VALUE

  
 

3,015

    

Wix.com, Ltd.#

  

$

358,393

    
 

3,721

    

Zscaler, Inc.#

    

643,510

    
     

534,803,918

    
   

Materials (1.9%)

  
 

4,265

    

Eagle Materials, Inc.

    

1,069,278

    
 

16,761

    

Knife River Corp.#

    

1,310,543

    
 

16,600

    

Linde, PLC

    

7,319,936

    
 

58,300

    

Sherwin-Williams Company

    

17,467,263

    
     

27,167,020

    
    TOTAL COMMON STOCKS
(Cost $783,207,723)		    

1,382,057,066

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTION (0.1%)#

  
   

Consumer Discretionary (0.1%)

  
 

1,200

    

Amazon.com, Inc.

          
 

21,000,000

     Put, 05/03/24, Strike $172.50
(Cost $495,474)		    

738,000

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (0.1%)		  
 

1,921,091

     State Street Navigator Securities
Lending Government Money Market
Portfolio, 5.345%†***
(Cost $1,921,091)		    

1,921,091

    
    TOTAL INVESTMENTS (98.6%)
(Cost $785,624,288)		    

1,384,716,157

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.1%)

    

(1,921,091

)

  

OTHER ASSETS, LESS LIABILITIES (1.5%)

    

21,622,605

    

NET ASSETS (100.0%)

  

$

1,404,417,671

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

WRITTEN OPTION (0.0%)#

  
   

Consumer Discretionary (0.0%)

  
 

1,200

    

Amazon.com, Inc.

          
 

21,000,000

     Put, 05/03/24, Strike $162.50
(Premium $148,767)		  

$

(283,800

)

  

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

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

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

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

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

FUTURES CONTRACTS

NUMBER OF
CONTRACTS		  

DESCRIPTION

   EXPIRATION
DATE		   NOTIONAL
VALUE		   MARKET VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)		  

Sales

  
 

(80,000

)

   Chicago Board Options
Exchange VIX Futures		  

May 2024

  

$

(1,253,072

)

  

$

8,013

    
 

(43,000

)

   Chicago Board Options
Exchange VIX Futures		  

Jun 2024

    

(685,936

)

    

17,147

    
               

$

25,160

    

SECTOR WEIGHTINGS

Information Technology

   

38.1

%

  

Consumer Discretionary

    

16.2

    

Communication Services

    

13.8

    

Health Care

   

12.5

    

Industrials

    

6.8

    

Financials

    

6.1

    

Consumer Staples

    

2.0

    

Materials

   

1.9

    

Energy

    

1.1

    

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

See accompanying Notes to Schedule of Investments

www.calamos.com
129

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

PRINCIPAL
AMOUNT		      

VALUE

  

CONVERTIBLE BONDS (16.0%)

      
   

Communication Services (0.9%)

  
 

4,845,000

     Liberty Media Corp.*
2.375%, 09/30/53		     $5,083,665    
 

7,315,000

     Liberty Media Corp.-Liberty
Formula One
2.250%, 08/15/27		    

7,618,792

    
 

9,400,000

     Live Nation Entertainment, Inc.
3.125%, 01/15/29		    

10,226,354

    
             

22,928,811

    
   

Consumer Discretionary (1.6%)

  
 

7,640,000

     Booking Holdings, Inc.
0.750%, 05/01/25		    

14,037,354

    
 

9,310,000

     Ford Motor Company
0.000%, 03/15/26		    

9,293,894

    
 

3,065,000

     Royal Caribbean Cruises, Ltd.
6.000%, 08/15/25		    

8,736,629

    
 

325,000

     Tesla, Inc.
2.000%, 05/15/24		    

2,887,137

    
 

2,910,000

     Wayfair, Inc.
3.250%, 09/15/27		    

3,209,934

    
 

3,539,000

     Winnebago Industries, Inc.*
3.250%, 01/15/30		    

3,498,266

    
             

41,663,214

    
   

Consumer Staples (0.2%)

  
 

5,855,000

     Post Holdings, Inc.
2.500%, 08/15/27		    

6,564,041

    
   

Energy (0.3%)

  
 

5,425,000

     Northern Oil & Gas, Inc.
3.625%, 04/15/29		    

6,715,499

    
   

Financials (0.9%)

  
 

3,725,000

     Federal Realty OP, LP*
3.250%, 01/15/29		    

3,631,540

    
 

7,765,000

     Global Payments, Inc.*^
1.500%, 03/01/31		    

7,745,355

    
 

9,225,000

     Morgan Stanley Finance, LLC
1.000%, 11/23/27		    

11,600,437

    
             

22,977,332

    
   

Health Care (1.4%)

  
 

10,810,000

     Dexcom, Inc.
0.250%, 11/15/25		    

11,334,934

    
 

5,015,000

    

0.375%, 05/15/28*

    

5,094,739

    
 

4,465,000

     Exact Sciences Corp.*
2.000%, 03/01/30		    

4,604,129

    
 

6,375,000

     Integer Holdings Corp.
2.125%, 02/15/28		    

8,865,585

    
 

6,625,000

     iRhythm Technologies, Inc.*
1.500%, 09/01/29		    

6,720,797

    
             

36,620,184

    
PRINCIPAL
AMOUNT		      

VALUE

  
   

Industrials (2.2%)

  
 

5,600,000

     American Airlines Group, Inc.
6.500%, 07/01/25		     $6,124,384    
 

4,585,000

     Axon Enterprise, Inc.^
0.500%, 12/15/27		    

6,681,170

    
 

7,260,000

     Fluor Corp.*
1.125%, 08/15/29		    

7,909,915

    
 

13,785,000

     Middleby Corp.
1.000%, 09/01/25		    

16,244,520

    
 

8,330,000

     Tetra Tech, Inc.*
2.250%, 08/15/28		    

9,462,797

    
 

9,750,000

     Uber Technologies, Inc.*
0.875%, 12/01/28		    

11,016,037

    
             

57,438,823

    
   

Information Technology (5.5%)

  
 

4,790,000

     Advanced Energy Industries, Inc.*
2.500%, 09/15/28		    

4,748,375

    
 

13,770,000

     Akamai Technologies, Inc.
1.125%, 02/15/29*		    

13,565,102

    
 

3,400,000

    

0.375%, 09/01/27^

    

3,452,020

    
 

6,170,000

     CyberArk Software, Ltd.
0.000%, 11/15/24		    

9,480,328

    
 

4,990,000

     Enphase Energy, Inc.
0.000%, 03/01/28		    

4,142,099

    
 

4,250,000

     NCL Corp., Ltd.
5.375%, 08/01/25		    

5,225,545

    
 

6,210,000

     Nutanix, Inc.
0.250%, 10/01/27		    

7,521,366

    
 

13,845,000

     ON Semiconductor Corp.
0.500%, 03/01/29		    

13,420,374

    
 

2,030,000

     Palo Alto Networks, Inc.
0.375%, 06/01/25		    

5,942,602

    
 

7,770,000

     Parsons Corp.*
2.625%, 03/01/29		    

8,148,865

    
 

4,840,000

     Rapid7, Inc.*
1.250%, 03/15/29		    

4,692,816

    
 

10,700,000

     Seagate HDD Cayman*
3.500%, 06/01/28		    

12,810,682

    
 

6,800,000

     SK Hynix, Inc.
1.750%, 04/11/30		    

10,665,528

    
 

6,542,000

     Super Micro Computer, Inc.*
0.000%, 03/01/29		    

6,690,634

    
 

4,725,000

     Tyler Technologies, Inc.
0.250%, 03/15/26		    

4,963,518

    
 

6,084,000

     Vertex, Inc.*
0.750%, 05/01/29		    

6,362,343

    
 

13,385,000

     Western Digital Corp.*
3.000%, 11/15/28		    

20,219,515

    
             

142,051,712

    
   

Real Estate (1.0%)

  
 

8,975,000

     Pebblebrook Hotel Trust^
1.750%, 12/15/26		    

7,926,181

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
130

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

15,105,000

     Welltower OP, LLC*^
2.750%, 05/15/28		     $16,932,101    
             

24,858,282

    
   

Utilities (2.0%)

  
 

9,720,000

     Alliant Energy Corp.
3.875%, 03/15/26		    

9,537,750

    
 

13,340,000

     CMS Energy Corp.*
3.375%, 05/01/28		    

13,070,665

    
 

5,915,000

     PG&E Corp.*
4.250%, 12/01/27		    

5,935,880

    
 

16,315,000

     PPL Capital Funding, Inc.^
2.875%, 03/15/28		    

15,510,671

    
 

8,610,000

     Southern Company
3.875%, 12/15/25		    

8,595,363

    
             

52,650,329

    
    TOTAL CONVERTIBLE BONDS
(Cost $384,904,272)		    

414,468,227

    
NUMBER OF
SHARES		      

VALUE

  

CONVERTIBLE PREFERRED STOCKS (1.3%)

      
   

Financials (0.7%)

  
 

80,250

     AMG Capital Trust II
5.150%, 10/15/37		    

4,055,835

    
 

242,245

     Apollo Global Management, Inc.
6.750%, 07/31/26		    

14,772,100

    
             

18,827,935

    
   

Industrials (0.1%)

  
 

56,341

     Chart Industries, Inc.
6.750%, 12/15/25		    

3,237,354

    
   

Utilities (0.5%)

  
 

80,675

     CenterPoint Energy, Inc. (Warner
Media, LLC, Charter Communications
Time, Inc.)^#§**
3.369%, 09/15/29		    

2,423,477

    
 

215,000

     NextEra Energy, Inc.^
6.926%, 09/01/25		    

8,761,250

    
             

11,184,727

    
    TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $32,076,934)		    

33,250,016

    

COMMON STOCKS (73.5%)

      
   

Communication Services (8.7%)

  
 

756,405

    

Alphabet, Inc. - Class A#

    

123,127,606

    
 

119,745

    

Meta Platforms, Inc. - Class A

    

51,510,707

    
 

27,710

    

Netflix, Inc.#

    

15,258,234

    
 

108,795

    

T-Mobile U.S., Inc.

    

17,860,875

    
 

164,375

    

Walt Disney Company

    

18,262,063

    
             

226,019,485

    
NUMBER OF
SHARES		      

VALUE

  
   

Consumer Discretionary (7.5%)

  
 

589,450

    

Amazon.com, Inc.#

  

$

103,153,750

    
 

4,210

    

Chipotle Mexican Grill, Inc.#

    

13,301,916

    
 

50,445

    

Home Depot, Inc.

    

16,859,728

    
 

44,130

    

Lowe's Companies, Inc.

    

10,061,199

    
 

47,685

    

McDonald's Corp.

    

13,019,912

    
 

100,640

    

NIKE, Inc. - Class B

    

9,285,046

    
 

91,035

    

Starbucks Corp.

    

8,055,687

    
 

73,880

    

Tesla, Inc.#

    

13,540,726

    
 

76,340

    

TJX Companies, Inc.

    

7,182,831

    
             

194,460,795

    
   

Consumer Staples (5.1%)

  
 

267,985

    

Coca-Cola Company

    

16,553,433

    
 

29,260

    

Costco Wholesale Corp.

    

21,152,054

    
 

90,855

    

Mondelez International, Inc. - Class A

    

6,536,109

    
 

121,700

    

Monster Beverage Corp.#

    

6,504,865

    
 

72,640

    

PepsiCo, Inc.

    

12,778,102

    
 

155,005

    

Philip Morris International, Inc.

    

14,716,175

    
 

152,560

    

Procter & Gamble Company

    

24,897,792

    
 

67,855

    

Target Corp.

    

10,923,298

    
 

294,690

    

Walmart, Inc.

    

17,489,852

    
             

131,551,680

    
   

Energy (3.3%)

  
 

53,770

    

Chevron Corp.

    

8,671,488

    
 

82,820

    

ConocoPhillips

    

10,403,848

    
 

238,365

    

Exxon Mobil Corp.

    

28,191,429

    
 

60,150

    

Hess Corp.

    

9,473,024

    
 

70,550

    

Marathon Petroleum Corp.

    

12,820,346

    
 

25,285

    

Pioneer Natural Resources Company

    

6,809,756

    
 

195,675

    

Schlumberger, NV

    

9,290,649

    
             

85,660,540

    
   

Financials (10.0%)

  
 

39,170

    

American Express Company

    

9,166,955

    
 

99,710

    

American International Group, Inc.

    

7,509,160

    
 

43,888

    

Assurant, Inc.

    

7,654,067

    
 

541,560

    

Bank of America Corp.

    

20,043,136

    
 

9,110

    

BlackRock, Inc.

    

6,874,770

    
 

76,160

    

Chubb, Ltd.

    

18,936,422

    
 

58,455

    

Citigroup, Inc.

    

3,585,045

    
 

21,995

    

Goldman Sachs Group, Inc.

    

9,385,487

    
 

173,430

    

JPMorgan Chase & Company

    

33,253,468

    
 

97,121

    

KKR & Company, Inc.

    

9,039,052

    
 

97,830

    

Marsh & McLennan Companies, Inc.

    

19,510,237

    
 

68,530

    

Mastercard, Inc. - Class A

    

30,920,736

    
 

123,375

    

Morgan Stanley

    

11,207,385

    
 

21,445

    

S&P Global, Inc.

    

8,917,474

    

See accompanying Notes to Schedule of Investments

www.calamos.com
131

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

NUMBER OF
SHARES		      

VALUE

  
 

168,980

    

Visa, Inc. - Class A^

  

$

45,389,718

    
 

320,775

    

Wells Fargo & Company

    

19,028,373

    
             

260,421,485

    
   

Health Care (9.2%)

  
 

66,215

    

Abbott Laboratories

    

7,016,804

    
 

76,365

    

AbbVie, Inc.

    

12,420,004

    
 

99,305

    

Alcon, Inc.^

    

7,704,082

    
 

278,393

    

Boston Scientific Corp.#

    

20,008,105

    
 

102,455

    

Bristol-Myers Squibb Company

    

4,501,873

    
 

70,020

    

Danaher Corp.

    

17,268,332

    
 

58,380

    

Dexcom, Inc.#

    

7,437,028

    
 

19,290

    

Elevance Health, Inc.

    

10,196,308

    
 

42,885

    

Eli Lilly & Company~

    

33,497,473

    
 

161,825

    

Johnson & Johnson

    

23,398,277

    
 

16,320

    

McKesson Corp.

    

8,767,267

    
 

115,780

    

Medtronic, PLC

    

9,290,187

    
 

179,870

    

Merck & Company, Inc.

    

23,242,801

    
 

17,665

    

Stryker Corp.

    

5,944,273

    
 

26,215

    

Thermo Fisher Scientific, Inc.

    

14,908,995

    
 

47,175

    

UnitedHealth Group, Inc.

    

22,818,548

    
 

90,405

    

Zimmer Biomet Holdings, Inc.

    

10,873,913

    
             

239,294,270

    
   

Industrials (4.7%)

  
 

38,675

    

Boeing Company#

    

6,491,212

    
 

696,840

    

CSX Corp.

    

23,149,025

    
 

187,500

    

Delta Air Lines, Inc.

    

9,388,125

    
 

120,840

    

Honeywell International, Inc.

    

23,289,493

    
 

64,255

    

JB Hunt Transport Services, Inc.

    

10,445,935

    
 

41,645

    

Parker-Hannifin Corp.

    

22,692,777

    
 

46,520

    

Rockwell Automation, Inc.

    

12,605,059

    
 

148,475

    

RTX Corp.

    

15,073,182

    
             

123,134,808

    
   

Information Technology (21.2%)

  
 

32,110

    

Accenture, PLC - Class A

    

9,662,220

    
 

85,840

    

Advanced Micro Devices, Inc.#

    

13,595,339

    
 

726,405

    

Apple, Inc.

    

123,728,564

    
 

29,104

    

Broadcom, Inc.

    

37,843,058

    
 

185,485

    

Cisco Systems, Inc.

    

8,714,085

    
 

8,450

    

Intuit, Inc.

    

5,286,489

    
 

13,650

    

Lam Research Corp.

    

12,208,697

    
 

116,735

    

Micron Technology, Inc.

    

13,186,386

    
 

462,645

    

Microsoft Corp.

    

180,121,578

    
 

129,020

    

NVIDIA Corp.

    

111,475,860

    
NUMBER OF
SHARES		      

VALUE

  
 

66,560

    

Oracle Corp.

  

$

7,571,200

    
 

49,060

    

Salesforce, Inc.

    

13,194,196

    
 

18,370

    

ServiceNow, Inc.#

    

12,736,472

    
             

549,324,144

    
   

Materials (2.6%)

  
 

308,640

    

Freeport-McMoRan, Inc.

    

15,413,482

    
 

52,565

    

Linde, PLC

    

23,179,062

    
 

101,590

    

PPG Industries, Inc.

    

13,105,110

    
 

16,040

    

Sherwin-Williams Company

    

4,805,744

    
 

40,695

    

Vulcan Materials Company

    

10,484,253

    
             

66,987,651

    
   

Real Estate (0.6%)

  
 

60,195

    

American Tower Corp.

    

10,327,054

    
 

117,530

    

Invitation Homes, Inc.

    

4,019,526

    
             

14,346,580

    
   

Utilities (0.6%)

  
 

83,800

    

CMS Energy Corp.

    

5,079,118

    
 

94,415

    

DTE Energy Company

    

10,415,863

    
             

15,494,981

    
        TOTAL COMMON STOCKS
(Cost $785,845,330)		    

1,906,696,419

    

EXCHANGE-TRADED FUND (0.2%)

      
   

Other (0.2%)

  
 

45,780

     iShares Biotechnology ETF^
(Cost $6,298,847)		    

5,810,398

    
PRINCIPAL
AMOUNT		      

VALUE

  

U.S. GOVERNMENT AND AGENCY SECURITIES (2.4%)

      
 

19,310,000

     United States Treasury Note
3.250%, 08/31/24		    

19,176,489

    
 

19,310,000

    

3.000%, 06/30/24^

    

19,233,439

    
 

25,160,000

    

4.375%, 10/31/24

    

25,038,623

    
        TOTAL U.S. GOVERNMENT
AND AGENCY SECURITIES
(Cost $63,584,748)		    

63,448,551

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTIONS (0.1%)#

      
   

Communication Services (0.0%)

  
 

3,350

    

Alphabet, Inc.

          
 

33,908,700

    

Put, 05/03/24, Strike $155.00

    

75,375

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
132

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

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  
   

Other (0.1%)

  
 

5,970

    

iShares MSCI EAFE ETF

          
 

46,130,190

    

Call, 06/21/24, Strike $80.00

  

$

259,695

    
 

130

    

S&P 500 Index

          
 

65,463,970

    

Put, 09/20/24, Strike $5,100.00

    

2,131,350

    
             

2,391,045

    
        TOTAL PURCHASED OPTIONS
(Cost $4,239,815)		    

2,466,420

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (1.5%)		      
 

38,876,871

     State Street Navigator Securities
Lending Government Money Market
Portfolio, 5.345%†***		    

38,876,871

    
        TOTAL INVESTMENT OF CASH
COLLATERAL FOR SECURITIES
LOANED
(Cost $38,876,871)		    

38,876,871

    
    TOTAL INVESTMENTS (95.0%)
(Cost $1,315,826,817)		    

2,465,016,902

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%)

    

(38,876,871

)

  

OTHER ASSETS, LESS LIABILITIES (6.5%)

    

169,714,503

    

NET ASSETS (100.0%)

  

$

2,595,854,534

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

WRITTEN OPTIONS (-0.1%)#

      
   

Communication Services (0.0%)

  
 

3,350

    

Alphabet, Inc.

          
 

33,908,700

    

Put, 05/03/24, Strike $147.00

    

(11,725

)

  
   

Other (-0.1%)

  
 

260

    

S&P 500 Index

          
 

130,927,940

    

Put, 09/20/24, Strike $4,700.00

    

(1,654,900

)

  
        TOTAL WRITTEN OPTIONS
(Premium $2,506,527)		  

$

(1,666,625

)

  

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

#  Non-income producing security.

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

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

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

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

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

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

SECTOR WEIGHTINGS

Information Technology

   

26.7

%

  

Financials

    

11.6

    

Health Care

    

10.6

    

Communication Services

   

9.6

    

Consumer Discretionary

    

9.1

    

Industrials

    

7.0

    

Consumer Staples

    

5.3

    

Energy

   

3.6

    

Utilities

    

3.1

    

Materials

    

2.6

    

Real Estate

    

1.6

    

Other

   

0.3

    

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

See accompanying Notes to Schedule of Investments

www.calamos.com
133

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

NUMBER OF
SHARES		      

VALUE

  

CONVERTIBLE PREFERRED STOCK (0.2%)

      
   

Financials (0.2%)

  
 

620

     Apollo Global Management, Inc.^
6.750%, 07/31/26
(Cost $36,423)		  

$

37,808

    

COMMON STOCKS (94.7%)

      
   

Communication Services (9.0%)

  
 

5,490

    

Alphabet, Inc. - Class C#

    

903,874

    
 

155

    

Live Nation Entertainment, Inc.^#

    

13,781

    
 

1,000

    

Meta Platforms, Inc. - Class A

    

430,170

    
 

265

    

Netflix, Inc.#

    

145,920

    
 

525

    

T-Mobile U.S., Inc.

    

86,189

    
 

1,160

    

Walt Disney Company

    

128,876

    
     

1,708,810

    
   

Consumer Discretionary (10.2%)

  
 

4,080

    

Amazon.com, Inc.#

    

714,000

    
 

44

    

Booking Holdings, Inc.

    

151,889

    
 

31

    

Chipotle Mexican Grill, Inc.#

    

97,948

    
 

2,545

    

Ford Motor Company

    

30,922

    
 

400

    

Home Depot, Inc.

    

133,688

    
 

545

    

Lowe's Companies, Inc.

    

124,255

    
 

625

    

McDonald's Corp.

    

170,650

    
 

730

    

MGM Resorts International^#

    

28,791

    
 

1,235

    

NIKE, Inc. - Class B

    

113,941

    
 

345

    

Royal Caribbean Cruises, Ltd.#

    

48,172

    
 

710

    

Starbucks Corp.

    

62,828

    
 

635

    

Tesla, Inc.#

    

116,383

    
 

1,580

    

TJX Cos., Inc.

    

148,662

    
     

1,942,129

    
   

Consumer Staples (6.3%)

  
 

2,085

    

Coca-Cola Company

    

128,790

    
 

305

    

Costco Wholesale Corp.

    

220,485

    
 

630

    

Mondelez International, Inc. - Class A

    

45,322

    
 

1,270

    

Monster Beverage Corp.#

    

67,882

    
 

680

    

PepsiCo, Inc.

    

119,619

    
 

1,350

    

Philip Morris International, Inc.

    

128,169

    
 

1,400

    

Procter & Gamble Company

    

228,480

    
 

485

    

Target Corp.

    

78,075

    
 

2,895

    

Walmart, Inc.

    

171,818

    
     

1,188,640

    
   

Energy (4.1%)

  
 

385

    

Chevron Corp.

    

62,089

    
 

850

    

ConocoPhillips

    

106,777

    
 

2,100

    

Exxon Mobil Corp.

    

248,367

    
 

515

    

Hess Corp.

    

81,107

    
 

880

    

Marathon Petroleum Corp.

    

159,913

    
 

180

    

Pioneer Natural Resources Company

    

48,478

    
NUMBER OF
SHARES		      

VALUE

  
 

1,645

    

Schlumberger, NV

  

$

78,105

    
     

784,836

    
   

Financials (13.2%)

  
 

690

    

American Express Company

    

161,481

    
 

355

    

American International Group, Inc.

    

26,735

    
 

460

    

Assurant, Inc.

    

80,224

    
 

6,015

    

Bank of America Corp.

    

222,615

    
 

440

    

Berkshire Hathaway, Inc. - Class B#

    

174,561

    
 

60

    

BlackRock, Inc.

    

45,278

    
 

675

    

Chubb, Ltd.

    

167,832

    
 

670

    

Citigroup, Inc.

    

41,091

    
 

235

    

Goldman Sachs Group, Inc.

    

100,277

    
 

1,785

    

JPMorgan Chase & Company

    

342,256

    
 

570

    

Marsh & McLennan Cos., Inc.

    

113,675

    
 

680

    

Mastercard, Inc. - Class A

    

306,816

    
 

915

    

Morgan Stanley

    

83,118

    
 

130

    

PNC Financial Services Group, Inc.

    

19,924

    
 

255

    

S&P Global, Inc.

    

106,037

    
 

1,100

    

Visa, Inc. - Class A^

    

295,471

    
 

3,715

    

Wells Fargo & Company

    

220,374

    
     

2,507,765

    
   

Health Care (11.8%)

  
 

915

    

Abbott Laboratories

    

96,963

    
 

950

    

AbbVie, Inc.

    

154,508

    
 

875

    

Alcon, Inc.^

    

67,883

    
 

1,815

    

Boston Scientific Corp.#

    

130,444

    
 

920

    

Bristol-Myers Squibb Company

    

40,425

    
 

515

    

Danaher Corp.

    

127,009

    
 

835

    

Dexcom, Inc.#

    

106,371

    
 

220

    

Elevance Health, Inc.

    

116,288

    
 

445

    

Eli Lilly & Company

    

347,589

    
 

1,040

    

Johnson & Johnson

    

150,374

    
 

145

    

McKesson Corp.

    

77,895

    
 

780

    

Medtronic, PLC

    

62,587

    
 

2,160

    

Merck & Company, Inc.

    

279,115

    
 

215

    

Stryker Corp.

    

72,347

    
 

215

    

Thermo Fisher Scientific, Inc.

    

122,275

    
 

430

    

UnitedHealth Group, Inc.

    

207,991

    
 

700

    

Zimmer Biomet Holdings, Inc.

    

84,196

    
     

2,244,260

    
   

Industrials (6.1%)

  
 

275

    

Boeing Company#

    

46,156

    
 

5,535

    

CSX Corp.

    

183,873

    
 

2,960

    

Delta Air Lines, Inc.

    

148,207

    
 

1,390

    

Fortive Corp.

    

104,625

    
 

1,015

    

Honeywell International, Inc.

    

195,621

    
 

445

    

JB Hunt Transport Services, Inc.

    

72,344

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
134

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

NUMBER OF
SHARES		      

VALUE

  
 

375

    

Parker-Hannifin Corp.

  

$

204,341

    
 

330

    

Rockwell Automation, Inc.

    

89,417

    
 

820

    

RTX Corp.

    

83,246

    
 

545

    

Uber Technologies, Inc.#

    

36,117

    
     

1,163,947

    
   

Information Technology (27.9%)

  
 

290

    

Accenture, PLC - Class A

    

87,264

    
 

715

    

Advanced Micro Devices, Inc.#

    

113,242

    
 

6,350

    

Apple, Inc.

    

1,081,595

    
 

460

    

Applied Materials, Inc.

    

91,379

    
 

285

    

Broadcom, Inc.

    

370,577

    
 

1,925

    

Cisco Systems, Inc.

    

90,436

    
 

172

    

Intuit, Inc.

    

107,607

    
 

135

    

Lam Research Corp.

    

120,745

    
 

815

    

Microchip Technology, Inc.

    

74,964

    
 

1,515

    

Micron Technology, Inc.

    

171,134

    
 

3,660

    

Microsoft Corp.

    

1,424,948

    
 

1,120

    

NVIDIA Corp.

    

967,702

    
 

560

    

Oracle Corp.

    

63,700

    
 

255

    

Palo Alto Networks, Inc.#

    

74,177

    
 

470

    

Salesforce, Inc.

    

126,402

    
 

800

    

Seagate Technology Holdings, PLC

    

68,728

    
 

135

    

ServiceNow, Inc.#

    

93,600

    
 

400

    

Texas Instruments, Inc.

    

70,568

    
 

1,265

    

Western Digital Corp.#

    

89,600

    
     

5,288,368

    
   

Materials (3.1%)

  
 

2,075

    

Freeport-McMoRan, Inc.

    

103,625

    
 

430

    

Linde, PLC

    

189,613

    
 

675

    

PPG Industries, Inc.

    

87,075

    
 

250

    

Sherwin-Williams Company

    

74,903

    
 

515

    

Vulcan Materials Company

    

132,679

    
     

587,895

    
   

Real Estate (1.0%)

  
 

365

    

American Tower Corp.

    

62,619

    
 

1,375

    

Welltower, Inc.

    

131,010

    
     

193,629

    
   

Utilities (2.0%)

  
 

795

    

Alliant Energy Corp.

    

39,591

    
 

1,685

    

CMS Energy Corp.

    

102,128

    
 

630

    

DTE Energy Company

    

69,502

    
 

800

    

NextEra Energy, Inc.

    

53,576

    
 

3,970

    

PPL Corp.

    

109,016

    
     

373,813

    
    TOTAL COMMON STOCKS
(Cost $9,507,731)		    

17,984,092

    
NUMBER OF
SHARES		      

VALUE

  

EXCHANGE-TRADED FUNDS (1.3%)

      
   

Other (1.3%)

  
 

440

    

iShares Biotechnology ETF^

  

$

55,845

    
 

945

    

iShares Russell 2000 ETF^

    

185,125

    
    TOTAL EXCHANGE-TRADED FUNDS
(Cost $242,335)		    

240,970

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.9%)

      
 

167,603

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $167,603)		    

167,603

    
    TOTAL INVESTMENTS (97.1%)
(Cost $9,954,092)		    

18,430,473

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.9%)

    

(167,603

)

  

OTHER ASSETS, LESS LIABILITIES (3.8%)

    

724,377

    

NET ASSETS (100.0%)

  

$

18,987,247

    

NOTES TO SCHEDULE OF INVESTMENTS

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

#  Non-income producing security.

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

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

See accompanying Notes to Schedule of Investments

www.calamos.com
135

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

SECTOR WEIGHTINGS

Information Technology

   

27.9

%

  

Financials

    

13.4

    

Health Care

    

11.8

    

Consumer Discretionary

   

10.2

    

Communication Services

    

9.0

    

Consumer Staples

    

6.3

    

Industrials

    

6.1

    

Energy

   

4.1

    

Materials

    

3.1

    

Utilities

    

2.0

    

Other

    

1.3

    

Real Estate

   

1.0

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
136

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (97.4%)

      
   

Communication Services (10.9%)

  
 

19,031

    

Alphabet, Inc. - Class A#

  

$

3,097,866

    
 

2,006

    

Netflix, Inc.#

    

1,104,584

    
 

19,400

    

Pinterest, Inc. - Class A#

    

648,930

    
 

4,284

    

T-Mobile U.S., Inc.

    

703,304

    
     

5,554,684

    
   

Consumer Discretionary (12.0%)

  
 

17,177

    

Amazon.com, Inc.#

    

3,005,975

    
 

2,966

    

Home Depot, Inc.

    

991,297

    
 

1,830

    

Lululemon Athletica, Inc.#

    

659,898

    
 

8,550

    

Starbucks Corp.

    

756,589

    
 

7,538

    

TJX Companies, Inc.

    

709,250

    
     

6,123,009

    
   

Consumer Staples (5.2%)

  
 

3,337

    

Constellation Brands, Inc. - Class A

    

845,796

    
 

10,010

    

Mondelez International, Inc. - Class A

    

720,119

    
 

18,413

    

Walmart, Inc.

    

1,092,812

    
     

2,658,727

    
   

Energy (3.3%)

  
 

2,719

    

Chevron Corp.

    

438,493

    
 

3,048

    

Hess Corp.

    

480,030

    
 

11,328

    

Occidental Petroleum Corp.

    

749,234

    
     

1,667,757

    
   

Financials (10.4%)

  
 

3,522

    

American Express Company

    

824,254

    
 

2,624

    

Chubb, Ltd.

    

652,431

    
 

2,513

    

Marsh & McLennan Companies, Inc.

    

501,168

    
 

5,650

    

Morgan Stanley

    

513,246

    
 

1,730

    

S&P Global, Inc.

    

719,386

    
 

4,450

    

Visa, Inc. - Class A^

    

1,195,314

    
 

15,800

    

Wells Fargo & Company

    

937,256

    
     

5,343,055

    
   

Health Care (13.9%)

  
 

10,133

    

Boston Scientific Corp.#

    

728,259

    
 

4,655

    

Dexcom, Inc.#

    

593,000

    
 

1,895

    

Eli Lilly & Company

    

1,480,184

    
 

2,513

    

IQVIA Holdings, Inc.#

    

582,438

    
 

8,486

    

Merck & Company, Inc.

    

1,096,561

    
 

1,401

    

Thermo Fisher Scientific, Inc.

    

796,777

    
 

2,224

    

UnitedHealth Group, Inc.

    

1,075,749

    
 

4,640

    

Zoetis, Inc.

    

738,874

    
     

7,091,842

    
NUMBER OF
SHARES		      

VALUE

  
   

Industrials (8.7%)

  
 

3,378

    

Boeing Company#

  

$

566,964

    
 

25,416

    

CSX Corp.

    

844,319

    
 

1,380

    

Deere & Company

    

540,146

    
 

13,264

    

Delta Air Lines, Inc.

    

664,128

    
 

14,705

    

Uber Technologies, Inc.#

    

974,500

    
 

4,037

    

Waste Management, Inc.

    

839,777

    
     

4,429,834

    
   

Information Technology (28.4%)

  
 

3,960

    

Analog Devices, Inc.

    

794,416

    
 

17,383

    

Apple, Inc.

    

2,960,846

    
 

905

    

Broadcom, Inc.

    

1,176,744

    
 

1,359

    

Intuit, Inc.

    

850,218

    
 

9,460

    

Marvell Technology, Inc.

    

623,509

    
 

8,733

    

Microsoft Corp.

    

3,400,019

    
 

3,500

    

NVIDIA Corp.

    

3,024,070

    
 

7,167

    

Oracle Corp.

    

815,246

    
 

1,236

    

ServiceNow, Inc.#

    

856,956

    
     

14,502,024

    
   

Materials (2.9%)

  
 

1,977

    

Linde, PLC

    

871,778

    
 

2,018

    

Sherwin-Williams Company

    

604,613

    
     

1,476,391

    
   

Utilities (1.7%)

  
 

11,905

    

Southern Company

    

875,017

    
        TOTAL COMMON STOCKS
(Cost $31,216,564)		    

49,722,340

    
    TOTAL INVESTMENTS (97.4%)
(Cost $31,216,564)		    

49,722,340

    

OTHER ASSETS, LESS LIABILITIES (2.6%)

    

1,337,556

    

NET ASSETS (100.0%)

  

$

51,059,896

    

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

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

See accompanying Notes to Schedule of Investments

www.calamos.com
137

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

SECTOR WEIGHTINGS

Information Technology

   

28.4

%

  

Health Care

    

13.9

    

Consumer Discretionary

    

12.0

    

Communication Services

   

10.9

    

Financials

    

10.4

    

Industrials

    

8.7

    

Consumer Staples

    

5.2

    

Energy

   

3.3

    

Materials

    

2.9

    

Utilities

    

1.7

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
138

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (97.0%)

      
   

Communication Services (5.0%)

  
 

94,400

SEK

  

Hemnet Group, AB

  

$

2,453,332

    
 

40,700

JPY

  

SoftBank Group Corp.

    

2,001,650

    
 

16,375

    

Spotify Technology, SA#

    

4,592,205

    
 

80,080

EUR

  

Universal Music Group, NV

    

2,355,568

    
     

11,402,755

    
   

Consumer Discretionary (15.6%)

  
 

61,830

CNY

   Beijing Roborock Technology
Company, Ltd. - Class A		    

3,612,275

    
 

38,700

INR

  

Dixon Technologies India, Ltd.

    

3,858,281

    
 

8,620

EUR

  

Ferrari, NV

    

3,545,187

    
 

1,195

EUR

  

Hermes International, SCA

    

2,860,818

    
 

600,100

CNY

   Hisense Home Appliances Group
Company, Ltd. - Class A		    

3,193,759

    
 

618,800

INR

  

Kalyan Jewellers India, Ltd.

    

3,061,741

    
 

26,500

KRW

  

Kia Corp.

    

2,245,148

    
 

88,739

    

MakeMyTrip, Ltd.#^

    

5,875,409

    
 

151,100

JPY

  

Toyota Motor Corp.

    

3,446,376

    
 

1,782,000

INR

  

Zomato, Ltd.#

    

4,121,243

    
     

35,820,237

    
   

Consumer Staples (2.5%)

  
 

36,500

CAD

  

Alimentation Couche-Tard, Inc.

    

2,022,990

    
 

58,400

JPY

  

Toyo Suisan Kaisha, Ltd.

    

3,652,001

    
     

5,674,991

    
   

Financials (7.9%)

  
 

5,669,545

IDR

  

Bank Mandiri Persero, Tbk PT

    

2,396,385

    
 

68,430

SEK

  

EQT, AB

    

1,846,197

    
 

92,370

AUD

  

HUB24, Ltd.

    

2,373,312

    
 

38,860

KRW

  

Meritz Financial Group, Inc.

    

2,221,915

    
 

133,700

JPY

  

MS&AD Insurance Group Holdings, Inc.

    

2,403,797

    
 

1,785

CHF

  

Partners Group Holding, AG

    

2,296,520

    
 

211,720

     Sumitomo Mitsui Financial
Group, Inc. (ADR)^		    

2,396,671

    
 

63,500

EUR

  

UniCredit, S.p.A.^

    

2,330,727

    
     

18,265,524

    
   

Health Care (10.2%)

  
 

17,800

JPY

  

Hoya Corp.

    

2,063,729

    
 

11,230

    

ICON, PLC#

    

3,345,192

    
 

123,036

DKK

  

Novo Nordisk, A/S - Class B

    

15,778,407

    
 

6,510

CHF

  

Ypsomed Holding, AG

    

2,320,426

    
     

23,507,754

    
   

Industrials (27.8%)

  
 

22,500

EUR

  

DO & CO, AG

    

3,452,927

    
 

17,670

KRW

  

HD Hyundai Electric Company, Ltd.

    

3,117,246

    
 

125,640

INR

  

Hindustan Aeronautics, Ltd.

    

5,931,637

    
NUMBER OF
SHARES		      

VALUE

  
 

83,300

JPY

  

Hitachi, Ltd.

  

$

7,685,314

    
 

44,000

EUR

  

KION Group, AG

    

2,027,867

    
 

61,500

JPY

  

Kyudenko Corp.^

    

2,552,488

    
 

124,800

EUR

  

Leonardo S.p.A^

    

2,868,160

    
 

604,300

GBP

  

Melrose Industries, PLC

    

4,747,580

    
 

264,501

SEK

  

Munters Group, AB*~

    

5,273,451

    
 

35,690

    

nVent Electric, PLC

    

2,572,178

    
 

53,230

GBP

  

RELX, PLC

    

2,187,054

    
 

1,612,060

GBP

  

Rolls-Royce Holdings, PLC#

    

8,266,682

    
 

12,224

EUR

  

Schneider Electric, SE

    

2,787,236

    
 

44,995

CAD

  

Stantec, Inc.

    

3,582,539

    
 

14,100

    

Waste Connections, Inc.

    

2,285,469

    
 

1,978,700

CNY

  

Weichai Power Company, Ltd. - Class A

    

4,746,903

    
     

64,084,731

    
   

Information Technology (20.6%)

  
 

11,320

EUR

   ASML Holding, NV    

9,859,864

    
 

1,830

CAD

  

Constellation Software, Inc.

    

4,711,461

    
 

18,000

JPY

  

Horiba, Ltd.

    

1,746,344

    
 

159,440

INR

  

KPIT Technologies, Ltd.

    

2,830,273

    
 

33,560

EUR

  

SAP, SE

    

6,059,833

    
 

32,600

CAD

  

Shopify, Inc. - Class A#

    

2,288,737

    
 

52,970

KRW

  

SK Hynix, Inc.

    

6,536,794

    
 

377,000

TWD

   Taiwan Semiconductor Manufacturing
Company, Ltd.		    

9,026,795

    
 

9,800

JPY

  

Tokyo Electron, Ltd.

    

2,149,588

    
 

38,750

AUD

  

WiseTech Global, Ltd.^

    

2,282,861

    
     

47,492,550

    
   

Materials (3.8%)

  
 

330,100

    

Cemex, SAB de CV (ADR)#

    

2,611,091

    
 

7,950

    

Linde, PLC

    

3,505,632

    
 

1,119,700

CNY

   Zijin Mining Group Company,
Ltd. - Class A		    

2,695,638

    
     

8,812,361

    
   

Real Estate (3.6%)

  
 

217,000

INR

  

DLF, Ltd.

    

2,313,606

    
 

254,270

INR

  

Macrotech Developers, Ltd.*

    

3,742,194

    
 

139,000

INR

  

Prestige Estates Projects, Ltd.

    

2,290,412

    
     

8,346,212

    
    TOTAL COMMON STOCKS
(Cost $161,526,459)		    

223,407,115

    

WARRANTS (0.0%)#

      
   

Information Technology (0.0%)

  
 

1,260

     Constellation Software, Inc.^
03/31/40, Strike $1.00
(Cost $—)		    

—

    

See accompanying Notes to Schedule of Investments

www.calamos.com
139

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

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTIONS (0.4%)#

      
   

Consumer Discretionary (0.1%)

  
 

1,550

    

JD.com, Inc

          
 

4,477,950

    

Call, 07/19/24, Strike $31.00

  

$

282,875

    
   

Energy (0.1%)

  
 

615

    

Canadian Natural Resources, Ltd.

          
 

4,662,930

    

Call, 06/21/24, Strike $80.00

    

92,250

    
 

1,830

    

TechnipFMC, PLC

          
 

4,688,460

    

Call, 07/19/24, Strike $27.00

    

201,300

    
     

293,550

    
   

Materials (0.2%)

  
 

1,000

    

Freeport-McMoRan, Inc.

          
 

4,994,000

    

Call, 07/19/24, Strike $50.00

    

350,000

    
    TOTAL PURCHASED OPTIONS
(Cost $1,396,715)		    

926,425

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.6%)

      
 

8,359,046

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $8,359,046)		    

8,359,046

    
    TOTAL INVESTMENTS (101.0%)
(Cost $171,282,220)		    

232,692,586

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.6%)

    

(8,359,046

)

  

OTHER ASSETS, LESS LIABILITIES (2.6%)

    

6,029,063

    

NET ASSETS (100.0%)

  

$

230,362,603

    

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY

   LONG
CONTRACTS		   SETTLEMENT
DATE		   LOCAL
CURRENCY		   CURRENT
VALUE		   UNREALIZED
GAIN/LOSS		  
BANK OF
NEW YORK		  

Swiss Franc

  

06/28/24

    

6,620,000

    

$

7,247,170

    

$

(203,640

)

  
BANK OF
NEW YORK		  

Swiss Franc

  

06/28/24

    

3,900,000

      

4,269,481

      

(119,969

)

  
State Street Bank
and Trust		   British Pound
Sterling		  

06/28/24

    

1,800,000

      

2,249,861

      

(27,349

)

  
State Street Bank
and Trust		   British Pound
Sterling		  

06/28/24

    

1,720,000

      

2,149,868

      

(26,133

)

  
   

$

(377,091

)

  

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

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

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

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

FOREIGN CURRENCY ABBREVIATIONS

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  Chinese Yuan Renminbi

DKK  Danish Krone

EUR  European Monetary Unit

GBP  British Pound Sterling

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

SEK  Swedish Krona

TWD  New Taiwan Dollar

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
140

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

CURRENCY EXPOSURE
APRIL 30, 2024

   

VALUE

   % OF TOTAL
INVESTMENTS		  

European Monetary Unit

  

$

38,148,187

      

16.4

%

  

US Dollar

    

36,469,318

      

15.7

%

  

Indian Rupee

    

28,149,387

      

12.1

%

  

Japanese Yen

    

27,701,287

      

11.9

%

  

Danish Krone

    

15,778,407

      

6.8

%

  

British Pound Sterling

    

15,201,316

      

6.5

%

  

Chinese Yuan Renminbi

    

14,248,575

      

6.1

%

  

South Korean Won

    

14,121,103

      

6.1

%

  

Canadian Dollar

    

12,605,727

      

5.4

%

  

Swedish Krona

    

9,572,980

      

4.1

%

  

New Taiwan Dollar

    

9,026,795

      

3.9

%

  

Australian Dollar

    

4,656,173

      

2.0

%

  

Swiss Franc

    

4,616,946

      

2.0

%

  

Indonesian Rupiah

    

2,396,385

      

1.0

%

  

Total Investments

  

$

232,692,586

      

100.0

%

  

Currency exposure may vary over time.

 

SECTOR WEIGHTINGS

Industrials

   

27.8

%

  

Information Technology

    

20.6

    

Consumer Discretionary

    

15.7

    

Health Care

   

10.2

    

Financials

    

7.9

    

Communication Services

    

5.0

    

Materials

    

4.0

    

Real Estate

   

3.6

    

Consumer Staples

    

2.5

    

Energy

    

0.1

    

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

See accompanying Notes to Schedule of Investments

www.calamos.com
141

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

PRINCIPAL
AMOUNT		      

VALUE

  

CONVERTIBLE BONDS (11.6%)

      
   

Consumer Discretionary (4.6%)

  
 

9,487,000

     MakeMyTrip, Ltd.
0.000%, 02/15/28		  

$

16,862,099

    
   

Information Technology (7.0%)

  
 

3,600,000

     Gigabyte Technology Company, Ltd.
0.000%, 07/27/28		    

3,814,704

    
 

4,000,000

     Hon Hai Precision Industry Company, Ltd.
0.000%, 08/05/26		    

3,922,400

    
 

11,400,000

     SK Hynix, Inc.
1.750%, 04/11/30		    

17,880,444

    
     

25,617,548

    
        TOTAL CONVERTIBLE BONDS
(Cost $31,178,538)		    

42,479,647

    
NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (87.5%)

      
   

Communication Services (1.7%)

  
 

192,260

SAR

  

Etihad Etisalat Company

    

2,665,579

    
 

84,000

HKD

  

Tencent Holdings, Ltd.

    

3,686,187

    
     

6,351,766

    
   

Consumer Discretionary (22.2%)

  
 

952,120

MXN

  

Alsea, SAB de CV#^

    

3,985,056

    
 

85,260

INR

  

Amber Enterprises India, Ltd.#

    

3,942,626

    
 

176,210

CNY

   Beijing Roborock Technology
Company, Ltd. - Class A		    

10,294,662

    
 

79,448

INR

  

Dixon Technologies India, Ltd.

    

7,920,742

    
 

419,100

CNY

   Fuyao Glass Industry Group
Company, Ltd. - Class A		    

2,881,485

    
 

1,808,171

CNY

   Hisense Home Appliances Group
Company, Ltd. - Class A		    

9,623,168

    
 

617,570

INR

  

Indian Hotels Company, Ltd.

    

4,261,153

    
 

1,675,000

INR

  

Kalyan Jewellers India, Ltd.

    

8,287,681

    
 

45,250

KRW

  

Kia Corp.

    

3,833,696

    
 

159,550

INR

  

Mahindra & Mahindra, Ltd.

    

4,122,190

    
 

262,600

HKD

  

Meituan - Class B#*

    

3,585,679

    
 

2,010

    

MercadoLibre, Inc.#

    

2,931,987

    
 

2,266,000

HKD

  

MGM China Holdings, Ltd.

    

3,824,880

    
 

314,830

INR

  

Tata Motors, Ltd.

    

3,796,929

    
 

3,470,590

INR

  

Zomato, Ltd.#

    

8,026,455

    
     

81,318,389

    
   

Consumer Staples (2.0%)

  
 

151,820

TRY

  

BIM Birlesik Magazalar, A/S

    

1,813,786

    
 

506,640

MXN

  

Grupo Comercial Chedraui, SA de CV^

    

3,730,576

    
 

103,630

INR

  

Varun Beverages, Ltd.

    

1,835,114

    
     

7,379,476

    
NUMBER OF
SHARES		      

VALUE

  
   

Energy (5.0%)

  
 

185,940

EUR

  

Galp Energia SGPS, SA

  

$

3,994,207

    
 

263,490

INR

  

Reliance Industries, Ltd.

    

9,243,317

    
 

190,580

    

TechnipFMC, PLC

    

4,882,660

    
     

18,120,184

    
   

Financials (8.6%)

  
 

286,960

INR

  

360 ONE WAM, Ltd.

    

2,682,370

    
 

13,370,850

IDR

  

Bank Mandiri Persero, Tbk PT

    

5,651,548

    
 

458,190

    

Itau Unibanco Holding, SA (ADR)

    

2,772,049

    
 

55,800

KRW

  

KB Financial Group, Inc.

    

3,026,418

    
 

124,065

KRW

  

Meritz Financial Group, Inc.

    

7,093,717

    
 

679,880

    

NU Holdings, Ltd. - Class A#

    

7,383,497

    
 

12,700

KRW

   Samsung Fire & Marine
Insurance Company, Ltd.		    

2,842,585

    
     

31,452,184

    
   

Health Care (2.6%)

  
 

60,435

INR

  

Apollo Hospitals Enterprise, Ltd.

    

4,306,100

    
 

22,020

DKK

  

Novo Nordisk, A/S - Class B

    

2,823,893

    
 

4,310

KRW

  

Samsung Biologics Company, Ltd.#*

    

2,422,467

    
     

9,552,460

    
   

Industrials (13.5%)

  
 

188,500

INR

  

Adani Ports & Special Economic Zone, Ltd.

    

2,981,715

    
 

22,470

KRW

  

Hanwha Aerospace Company, Ltd.

    

3,413,115

    
 

45,165

KRW

  

HD Hyundai Electric Company, Ltd.

    

7,967,764

    
 

245,000

INR

  

Hindustan Aeronautics, Ltd.

    

11,566,786

    
 

114,080

INR

  

KEI Industries, Ltd.

    

5,452,251

    
 

281,170

INR

  

Titagarh Rail System, Ltd.

    

3,554,626

    
 

4,662,900

CNY

  

Weichai Power Company, Ltd. - Class A

    

11,186,302

    
 

2,850,100

CNY

   Zoomlion Heavy Industry Science and
Technology Company, Ltd. - Class A		    

3,340,405

    
     

49,462,964

    
   

Information Technology (19.9%)

  
 

175,000

TWD

  

Asia Vital Components Company, Ltd.

    

3,452,002

    
 

40,000

TWD

  

ASMedia Technology, Inc.

    

2,365,202

    
 

4,040

EUR

   ASML Holding, NV    

3,518,892

    
 

15,380

SAR

  

Elm Company

    

3,743,710

    
 

343,950

INR

  

KPIT Technologies, Ltd.

    

6,105,572

    
 

107,000

TWD

  

MediaTek, Inc.

    

3,226,175

    
 

6,335

    

NVIDIA Corp.

    

5,473,567

    
 

64,720

KRW

  

Samsung Electronics Company, Ltd.

    

3,597,567

    
 

1,719,649

TWD

   Taiwan Semiconductor Manufacturing
Company, Ltd.~		    

41,174,853

    
     

72,657,540

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
142

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

NUMBER OF
SHARES		      

VALUE

  
   

Materials (4.0%)

  
 

841,828

    

Cemex, SAB de CV (ADR)#

  

$

6,658,859

    
 

3,247,500

IDR

  

Pantai Indah Kapuk Dua Tbk#

    

984,092

    
 

2,817,946

CNY

   Zijin Mining Group Company,
Ltd. - Class A		    

6,784,105

    
     

14,427,056

    
   

Real Estate (8.0%)

  
 

798,755

MXN

  

Corp. Inmobiliaria Vesta SAB de CV^

    

2,828,858

    
 

824,070

INR

  

DLF, Ltd.

    

8,786,054

    
 

810,630

INR

  

Macrotech Developers, Ltd.*

    

11,930,366

    
 

353,290

INR

  

Prestige Estates Projects, Ltd.

    

5,821,436

    
     

29,366,714

    
    TOTAL COMMON STOCKS
(Cost $234,310,739)		    

320,088,733

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTIONS (2.3%)#

      
   

Communication Services (1.1%)

  
 

9,604

    

Kraneshares Csi China Internet

          
 

26,766,348

    

Call, 07/19/24, Strike $30.00

    

974,806

    
 

1,500

    

Sea, Ltd.

          
 

9,478,500

    

Call, 06/21/24, Strike $60.00

    

1,170,000

    
 

3,875

    

Tencent Music Entertainment

         
 

4,863,125

    

Group, Inc.

          
       

Call, 07/19/24, Strike $10.00

    

1,181,875

    
 

1,686

    

Trip.com Group, Ltd.

          
 

8,136,636

    

Call, 06/21/24, Strike $45.00

    

775,560

    
     

4,102,241

    
   

Consumer Discretionary (0.3%)

  
 

2,235

    

Alibaba Group Holding, Ltd.

          
 

16,728,975

    

Call, 07/19/24, Strike $80.00

    

648,150

    
 

2,474

    

JD.com, Inc

          
 

3,564,631

    

Call, 07/19/24, Strike $31.00

    

451,505

    
     

1,099,655

    
   

Energy (0.1%)

  
 

2,900

    

TechnipFMC, PLC

          
 

7,429,800

    

Call, 07/19/24, Strike $27.00

    

319,000

    
   

Financials (0.2%)

  
 

2,908

    

ICICI Bank, Ltd.

          
 

8,005,724

    

Call, 08/16/24, Strike $27.00

    

494,360

    
   

Information Technology (0.1%)

  
 

260

    

Cadence Design Systems, Inc.

          
 

7,166,380

    

Call, 11/15/24, Strike $300.00

    

477,100

    
   

Materials (0.2%)

  
 

1,590

    

Freeport-McMoRan, Inc.

          
 

64,840,200

    

Call, 07/19/24, Strike $50.00

    

556,500

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  
   

Other (0.3%)

  
 

3,715

    

Coupang, Inc.

          
 

8,358,750

    

Call, 08/16/24, Strike $21.00

  

$

1,151,650

    
 

7,775

    

Vipshop Holdings, Ltd.

          
 

11,693,600

    

Call, 06/21/24, Strike $20.00

    

58,313

    
     

1,209,963

    
        TOTAL PURCHASED OPTIONS
(Cost $9,866,165)		    

8,258,819

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (0.2%)		      
 

762,792

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $762,792)		    

762,792

    
    TOTAL INVESTMENTS (101.6%)
(Cost $276,118,234)		    

371,589,991

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.2%)

    

(762,792

)

  

LIABILITIES, LESS OTHER ASSETS (-1.4%)

    

(5,032,334

)

  

NET ASSETS (100.0%)

  

$

365,794,865

    

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY

   LONG
CONTRACTS		   SETTLEMENT
DATE		   LOCAL
CURRENCY		   CURRENT
VALUE		   UNREALIZED
GAIN/LOSS		  

BANK OF NEW YORK

  

South African Rand

  

06/28/24

    

250,000,000

    

$

13,222,938

    

$

138,146

    
   

$

138,146

    

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

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

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

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

See accompanying Notes to Schedule of Investments

www.calamos.com
143

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

FOREIGN CURRENCY ABBREVIATIONS

CNY  Chinese Yuan Renminbi

DKK  Danish Krone

EUR  European Monetary Unit

HKD  Hong Kong Dollar

IDR  Indonesian Rupiah

INR  Indian Rupee

KRW  South Korean Won

MXN  Mexican Peso

SAR  Saudi Riyal

TRY  Turkish Lira

TWD  New Taiwan Dollar

CURRENCY EXPOSURE
APRIL 30, 2024

   

VALUE

   % OF TOTAL
INVESTMENTS		  

Indian Rupee

  

$

114,623,483

      

30.8

%

  

US Dollar

    

81,603,877

      

22.0

%

  

New Taiwan Dollar

    

50,218,232

      

13.5

%

  

Chinese Yuan Renminbi

    

44,110,127

      

11.9

%

  

South Korean Won

    

34,197,329

      

9.2

%

  

Hong Kong Dollar

    

11,096,746

      

3.0

%

  

Mexican Peso

    

10,544,490

      

2.8

%

  

European Monetary Unit

    

7,513,099

      

2.0

%

  

Indonesian Rupiah

    

6,635,640

      

1.8

%

  

Saudi Riyal

    

6,409,289

      

1.7

%

  

Danish Krone

    

2,823,893

      

0.8

%

  

Turkish Lira

    

1,813,786

      

0.5

%

  

Total Investments

  

$

371,589,991

      

100.0

%

  

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Consumer Discretionary

   

27.1

%

  

Information Technology

    

27.0

    

Industrials

    

13.5

    

Financials

   

8.8

    

Real Estate

    

8.0

    

Energy

    

5.1

    

Materials

    

4.2

    

Communication Services

   

2.8

    

Health Care

    

2.6

    

Consumer Staples

    

2.0

    

Other

    

0.3

    

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

 

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
144

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (99.1%)

      
   

Communication Services (6.3%)

  
 

14,100

    

Alphabet, Inc. - Class A#

  

$

2,295,198

    
 

4,810

    

Meta Platforms, Inc. - Class A

    

2,069,118

    
 

2,710

    

Netflix, Inc.#

    

1,492,234

    
 

6,280

    

Spotify Technology, SA#

    

1,761,163

    
     

7,617,713

    
   

Consumer Discretionary (16.5%)

  
 

152,298

    

ADT, Inc.

    

989,937

    
 

23,740

    

Amazon.com, Inc.#

    

4,154,500

    
 

23,000

CNY

   Beijing Roborock Technology Company,
Ltd. - Class A		    

1,343,722

    
 

990

    

Chipotle Mexican Grill, Inc.#

    

3,128,004

    
 

9,850

INR

  

Dixon Technologies India, Ltd.

    

982,017

    
 

10,500

    

DR Horton, Inc.

    

1,496,145

    
 

5,005

EUR

  

Ferrari, NV

    

2,058,429

    
 

40,150

    

MakeMyTrip, Ltd.#^

    

2,658,332

    
 

67,000

JPY

  

Toyota Motor Corp.^

    

1,528,175

    
 

642,000

INR

  

Zomato, Ltd.#

    

1,484,757

    
     

19,824,018

    
   

Consumer Staples (2.4%)

  
 

2,490

    

Costco Wholesale Corp.

    

1,800,021

    
 

10,200

    

Post Holdings, Inc.#

    

1,082,730

    
     

2,882,751

    
   

Energy (4.2%)

  
 

47,070

CAD

  

Canadian Natural Resources, Ltd.^

    

3,566,878

    
 

55,810

    

TechnipFMC, PLC

    

1,429,852

    
     

4,996,730

    
   

Financials (5.8%)

  
 

12,750

    

Apollo Global Management, Inc.

    

1,381,845

    
 

2,020,000

IDR

  

Bank Mandiri Persero, Tbk PT

    

853,807

    
 

5,690

    

Chubb, Ltd.

    

1,414,762

    
 

2,760

    

JPMorgan Chase & Company

    

529,202

    
 

14,400

JPY

  

Sumitomo Mitsui Financial Group, Inc.^

    

817,974

    
 

5,470

    

Visa, Inc. - Class A^

    

1,469,297

    
 

9,100

    

Wells Fargo & Company

    

539,812

    
     

7,006,699

    
   

Health Care (12.6%)

  
 

20,290

    

Boston Scientific Corp.#

    

1,458,242

    
 

7,015

    

Eli Lilly & Company

    

5,479,417

    
 

4,990

    

ICON, PLC#

    

1,486,421

    
 

2,650

    

McKesson Corp.

    

1,423,607

    
 

40,620

    

Novo Nordisk, A/S (ADR)

    

5,211,952

    
     

15,059,639

    
NUMBER OF
SHARES		      

VALUE

  
   

Industrials (17.2%)

  
 

3,275

    

EMCOR Group, Inc.

  

$

1,169,732

    
 

50,000

INR

  

Hindustan Aeronautics, Ltd.

    

2,360,569

    
 

20,300

JPY

  

Hitachi, Ltd.

    

1,872,892

    
 

227,300

GBP

  

Melrose Industries, PLC

    

1,785,744

    
 

121,300

SEK

  

Munters Group, AB*

    

2,418,401

    
 

475,900

GBP

  

Rolls-Royce Holdings, PLC#

    

2,440,427

    
 

4,310

EUR

  

Safran, SA

    

934,546

    
 

6,490

EUR

  

Schneider Electric, SE

    

1,479,807

    
 

23,190

    

Uber Technologies, Inc.#

    

1,536,801

    
 

30,120

    

Vertiv Holdings Company - Class A

    

2,801,160

    
 

8,620

    

Waste Management, Inc.

    

1,793,132

    
     

20,593,211

    
   

Information Technology (29.5%)

  
 

12,900

    

Apple, Inc.

    

2,197,257

    
 

3,290

EUR

   ASML Holding, NV    

2,865,632

    
 

8,620

    

Cadence Design Systems, Inc.#

    

2,375,930

    
 

2,900

JPY

  

Keyence Corp.

    

1,275,332

    
 

31,875

    

Micron Technology, Inc.

    

3,600,600

    
 

14,760

    

Microsoft Corp.~

    

5,746,511

    
 

12,490

    

NVIDIA Corp.

    

10,791,610

    
 

6,550

EUR

  

SAP, SE

    

1,182,715

    
 

2,120

    

ServiceNow, Inc.#

    

1,469,860

    
 

14,010

CAD

  

Shopify, Inc. - Class A#

    

983,595

    
 

118,000

TWD

   Taiwan Semiconductor Manufacturing
Company, Ltd.		    

2,825,363

    
     

35,314,405

    
   

Materials (3.4%)

  
 

188,600

    

Cemex, SAB de CV (ADR)#

    

1,491,826

    
 

3,105

    

Linde, PLC

    

1,369,181

    
 

494,700

CNY

   Zijin Mining Group Company,
Ltd. - Class A		    

1,190,972

    
     

4,051,979

    
   

Real Estate (1.2%)

  
 

98,000

INR

  

Macrotech Developers, Ltd.*

    

1,442,305

    
    TOTAL COMMON STOCKS
(Cost $72,560,415)		    

118,789,450

    

See accompanying Notes to Schedule of Investments

www.calamos.com
145

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

NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (4.4%)		  
 

5,271,615

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $5,271,615)		  

$

5,271,615

    
    TOTAL INVESTMENTS (103.5%)
(Cost $77,832,030)		    

124,061,065

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.4%)

    

(5,271,615

)

  

OTHER ASSETS, LESS LIABILITIES (0.9%)

    

1,040,802

    

NET ASSETS (100.0%)

  

$

119,830,252

    

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

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

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

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

FOREIGN CURRENCY ABBREVIATIONS

CAD  Canadian Dollar

CNY  Chinese Yuan Renminbi

EUR  European Monetary Unit

GBP  British Pound Sterling

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

SEK  Swedish Krona

TWD  New Taiwan Dollar

ABBREVIATION

ADR  American Depositary Receipt

CURRENCY EXPOSURE
APRIL 30, 2024

   

VALUE

   % OF TOTAL
INVESTMENTS		  

US Dollar

  

$

86,367,006

      

69.6

%

  

European Monetary Unit

    

8,521,129

      

6.9

%

  

Indian Rupee

    

6,269,648

      

5.1

%

  

Japanese Yen

    

5,494,373

      

4.4

%

  

Canadian Dollar

    

4,550,473

      

3.7

%

  

British Pound Sterling

    

4,226,171

      

3.4

%

  

New Taiwan Dollar

    

2,825,363

      

2.3

%

  

Chinese Yuan Renminbi

    

2,534,694

      

2.0

%

  

Swedish Krona

    

2,418,401

      

1.9

%

  

Indonesian Rupiah

    

853,807

      

0.7

%

  

Total Investments

  

$

124,061,065

      

100.0

%

  

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Information Technology

   

29.5

%

  

Industrials

    

17.2

    

Consumer Discretionary

    

16.5

    

Health Care

   

12.6

    

Communication Services

   

6.3

    

Financials

    

5.8

    

Energy

    

4.2

    

Materials

   

3.4

    

Consumer Staples

    

2.4

    

Real Estate

    

1.2

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
146

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

PRINCIPAL
AMOUNT		      

VALUE

  

CONVERTIBLE BONDS (31.3%)

      
   

Communication Services (0.7%)

  
 

1,576,000

     Liberty Media Corp.-Liberty Formula One
2.250%, 08/15/27		  

$

1,641,451

    
   

Consumer Discretionary (4.2%)

  
 

4,340,000

EUR

   Accor, SA
0.700%, 12/07/27		    

2,366,310

    
 

160,000,000

JPY

   Daiwa House Ind Company, Ltd.
0.000%, 03/30/29		    

1,015,746

    
 

3,733,000

     MakeMyTrip, Ltd.
0.000%, 02/15/28		    

6,634,997

    
     

10,017,053

    
   

Consumer Staples (2.4%)

  
 

5,071,000

     Post Holdings, Inc.
2.500%, 08/15/27		    

5,685,098

    
   

Energy (2.5%)

  
 

5,500,000

EUR

   Eni S.p.A
2.950%, 09/14/30		    

6,097,109

    
   

Financials (3.2%)

  
 

2,200,000

EUR

   Citigroup Global Markets Funding
Luxembourg SCA
0.000%, 03/15/28		    

2,635,264

    
 

2,305,000

     Global Payments, Inc.*^
1.500%, 03/01/31		    

2,299,168

    
 

2,200,000

     Morgan Stanley Finance, LLC
1.000%, 11/23/27		    

2,766,500

    
     

7,700,932

    
   

Health Care (0.5%)

  
 

1,190,000

     iRhythm Technologies, Inc.*
1.500%, 09/01/29		    

1,207,208

    
   

Industrials (9.7%)

  
 

2,800,000

EUR

   Prysmian S.p.A
0.000%, 02/02/26		    

3,872,956

    
 

2,700,000

EUR

   Rheinmetall, AG
1.875%, 02/07/28		    

4,934,555

    
 

1,610,000

EUR

   Schneider Electric, SE
0.000%, 06/15/26		    

3,788,633

    
 

2,900,000

EUR

   SPIE, SA
2.000%, 01/17/28		    

3,588,206

    
 

2,123,000

     Tetra Tech, Inc.*
2.250%, 08/15/28		    

2,411,707

    
 

4,170,000

     Uber Technologies, Inc.*
0.875%, 12/01/28		    

4,711,474

    
     

23,307,531

    
   

Information Technology (8.1%)

  
 

1,291,000

     Datadog, Inc.
0.125%, 06/15/25		    

1,842,012

    
 

2,200,000

     Gigabyte Technology Company, Ltd.
0.000%, 07/27/28		    

2,331,208

    
 

2,000,000

EUR

   GlobalWafers GmbH
1.500%, 01/23/29		    

2,056,197

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,030,000

     NCL Corp., Ltd.
5.375%, 08/01/25		  

$

1,266,426

    
 

2,789,000

     Parsons Corp.*
2.625%, 03/01/29		    

2,924,991

    
 

2,800,000

     SK Hynix, Inc.
1.750%, 04/11/30		    

4,391,688

    
 

2,545,000

     Spotify USA, Inc.
0.000%, 03/15/26		    

2,371,609

    
 

2,244,000

     Super Micro Computer, Inc.*
0.000%, 03/01/29		    

2,294,984

    
     

19,479,115

    
    TOTAL CONVERTIBLE BONDS
(Cost $66,808,295)		    

75,135,497

    

CORPORATE BONDS (1.7%)

      
   

Energy (0.8%)

  
 

1,940,000

     Noble Finance II, LLC*
8.000%, 04/15/30
(Cost $1,962,565)		    

2,004,505

    
   

Industrials (0.9%)

  
 

2,000,000

     Uber Technologies, Inc.*
8.000%, 11/01/26
(Cost $1,133,305)		    

2,020,620

    
    TOTAL CORPORATE BONDS
(Cost $3,095,870)		    

4,025,125

    

U.S. GOVERNMENT AND AGENCY SECURITIES (3.5%)

      
       

United States Treasury Note

          
 

2,140,000

    

4.000%, 06/30/28

    

2,077,974

    
 

2,140,000

    

4.125%, 08/31/30

    

2,071,286

    
 

2,120,000

    

4.625%, 09/15/26

    

2,103,686

    
 

2,120,000

    

4.500%, 07/15/26

    

2,097,723

    
    TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES
(Cost $8,426,582)		    

8,350,669

    

BANK LOANS (0.7%)¡

      
   

Health Care (0.7%)

  
  1,392,224     Icon Luxembourg Sarl‡
7.320%, 07/03/28
3 mo. SOFR + 2.00%		    

1,399,659

    
  346,874     PRA Health Sciences, Inc.‡
7.309%, 07/03/28
3 mo. SOFR + 2.00%		    

348,726

    
    TOTAL BANK LOANS
(Cost $1,739,098)		    

1,748,385

    
NUMBER OF
SHARES		      

VALUE

  

CONVERTIBLE PREFERRED STOCK (1.6%)

      
   

Financials (1.6%)

  
 

63,900

     Apollo Global Management, Inc.^
6.750%, 07/31/26
(Cost $3,304,429)		    

3,896,622

    

See accompanying Notes to Schedule of Investments

www.calamos.com
147

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (54.7%)

      
   

Communication Services (4.3%)

  
 

26,960

    

Alphabet, Inc. - Class A#

  

$

4,388,549

    
 

3,600

    

Meta Platforms, Inc. - Class A

    

1,548,612

    
 

3,060

    

Netflix, Inc.#

    

1,684,958

    
 

9,270

    

Spotify Technology, SA#

    

2,599,679

    
     

10,221,798

    
   

Consumer Discretionary (5.4%)

  
 

264,700

    

ADT, Inc.

    

1,720,550

    
 

28,000

    

Amazon.com, Inc.#

    

4,900,000

    
 

860

    

Chipotle Mexican Grill, Inc.#

    

2,717,256

    
 

3,200

EUR

  

Ferrari, NV

    

1,316,079

    
 

100,700

JPY

  

Toyota Motor Corp.^

    

2,296,823

    
     

12,950,708

    
   

Consumer Staples (1.7%)

  
 

3,990

    

Costco Wholesale Corp.

    

2,884,371

    
 

19,750

    

Walmart, Inc.

    

1,172,162

    
     

4,056,533

    
   

Energy (3.1%)

  
 

63,900

CAD

  

Canadian Natural Resources, Ltd.

    

4,842,224

    
 

15,852

    

Chevron Corp.

    

2,556,452

    
     

7,398,676

    
   

Financials (3.9%)

  
 

3,276,000

IDR

  

Bank Mandiri Persero, Tbk PT

    

1,384,689

    
 

6,900

    

Chubb, Ltd.

    

1,715,616

    
 

9,320

    

JPMorgan Chase & Company~

    

1,787,017

    
 

21,500

JPY

  

Sumitomo Mitsui Financial Group, Inc.^

    

1,221,281

    
 

6,460

    

Visa, Inc. - Class A^

    

1,735,221

    
 

25,400

    

Wells Fargo & Company

    

1,506,728

    
     

9,350,552

    
   

Health Care (8.3%)

  
 

11,500

    

Eli Lilly & Company

    

8,982,650

    
 

3,360

    

McKesson Corp.

    

1,805,026

    
 

71,550

    

Novo Nordisk, A/S (ADR)

    

9,180,580

    
     

19,968,256

    
   

Industrials (6.7%)

  
 

20,300

CAD

  

Canadian Pacific Kansas City, Ltd.

    

1,592,562

    
 

29,700

INR

  

Hindustan Aeronautics, Ltd.

    

1,402,178

    
 

29,600

JPY

  

Hitachi, Ltd.

    

2,730,916

    
 

263,000

GBP

  

Melrose Industries, PLC

    

2,066,214

    
 

683,000

GBP

  

Rolls-Royce Holdings, PLC#

    

3,502,440

    
 

29,400

    

Vertiv Holdings Company - Class A

    

2,734,200

    
 

10,200

    

Waste Management, Inc.

    

2,121,804

    
     

16,150,314

    
NUMBER OF
SHARES		      

VALUE

  
   

Information Technology (19.5%)

  
 

27,450

    

Apple, Inc.

  

$

4,675,558

    
 

5,180

EUR

   ASML Holding, NV    

4,511,846

    
 

6,400

    

International Business Machines Corp.

    

1,063,680

    
 

5,300

JPY

  

Keyence Corp.

    

2,330,779

    
 

24,810

    

Microsoft Corp.

    

9,659,277

    
 

19,200

    

NVIDIA Corp.

    

16,589,184

    
 

1,430

    

ServiceNow, Inc.#

    

991,462

    
 

13,900

CAD

  

Shopify, Inc. - Class A#

    

975,873

    
 

252,000

TWD

   Taiwan Semiconductor
Manufacturing Company, Ltd.		    

6,033,826

    
     

46,831,485

    
   

Materials (1.2%)

  
 

4,010

    

Linde, PLC

    

1,768,250

    
 

483,500

CNY

   Zijin Mining Group Company,
Ltd. - Class A		    

1,164,009

    
     

2,932,259

    
   

Real Estate (0.6%)

  
 

100,000

INR

  

Macrotech Developers, Ltd.*

    

1,471,740

    
    TOTAL COMMON STOCKS
(Cost $66,906,839)		    

131,332,321

    
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTIONS (1.1%)

      
   

Consumer Discretionary (0.2%)

  
 

244

    

Dr Horton, Inc.

          
 

3,476,756

    

Call, 01/17/25, Strike $150.00

    

344,040

    
 

920

    

MakeMyTrip, Ltd.

          
 

6,091,320

    

Put, 08/16/24, Strike $55.00

    

216,200

    
     

560,240

    
   

Health Care (0.2%)

  
 

360

    

Boston Scientific Corp.

          
 

2,587,320

    

Call, 06/21/24, Strike $62.50

    

338,400

    
 

80

    

ICON, PLC

          
 

2,383,040

    

Call, 07/19/24, Strike $300.00

    

128,800

    
     

467,200

    
   

Information Technology (0.1%)

  
 

167

    

Cadence Design Systems, Inc.

          
 

4,603,021

    

Call, 11/15/24, Strike $300.00

    

306,445

    
   

Materials (0.1%)

  
 

945

    

Freeport-McMoRan, Inc.

          
 

4,719,330

    

Call, 07/19/24, Strike $50.00

    

330,750

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
148

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

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  
   

Other (0.5%)

  
 

547

    

Invesco QQQ Trust Series 1

          
 

23,225,073

    

Put, 06/28/24, Strike $440.00

  

$

1,103,299

    
    TOTAL PURCHASED OPTIONS
(Cost $2,573,688)		    

2,767,934

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (1.1%)		      
 

2,676,099

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $2,676,099)		    

2,676,099

    
    TOTAL INVESTMENTS (95.7%)
(Cost $155,530,900)		    

229,932,652

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.1%)

    

(2,676,099

)

  

OTHER ASSETS, LESS LIABILITIES (5.4%)

    

13,035,318

    

NET ASSETS (100.0%)

  

$

240,291,871

    

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

#  Non-income producing security.

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

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

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

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

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

FOREIGN CURRENCY ABBREVIATIONS

CAD  Canadian Dollar

CNY  Chinese Yuan Renminbi

EUR  European Monetary Unit

GBP  British Pound Sterling

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

TWD  New Taiwan Dollar

ABBREVIATION

ADR  American Depositary Receipt

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

CURRENCY EXPOSURE
APRIL 30, 2024

   

VALUE

   % OF TOTAL
INVESTMENTS		  

US Dollar

  

$

160,734,197

      

69.9

%

  

European Monetary Unit

    

35,167,155

      

15.3

%

  

Japanese Yen

    

9,595,545

      

4.2

%

  

Canadian Dollar

    

7,410,659

      

3.2

%

  

New Taiwan Dollar

    

6,033,826

      

2.6

%

  

British Pound Sterling

    

5,568,654

      

2.4

%

  

Indian Rupee

    

2,873,918

      

1.3

%

  

Indonesian Rupiah

    

1,384,689

      

0.6

%

  

Chinese Yuan Renminbi

    

1,164,009

      

0.5

%

  

Total Investments

  

$

229,932,652

      

100.0

%

  

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
149

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

SECTOR WEIGHTINGS

Information Technology

    

27.7

%

  

Industrials

    

17.3

    

Consumer Discretionary

    

9.8

    

Health Care

    

9.7

    

Financials

    

8.7

    

Energy

    

6.4

    

Communication Services

    

5.0

    

Consumer Staples

    

4.1

    

Materials

    

1.3

    

Real Estate

    

0.6

    

Other

    

0.5

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
150

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

NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (98.2%)

      
   

Communication Services (5.6%)

  
 

3,575

SEK

  

Hemnet Group, AB

  

$

92,910

    
 

457

EUR

  

Scout24, SE*

    

33,570

    
 

37,150

GBP

  

Trustpilot Group, PLC*#

    

87,724

    
     

214,204

    
   

Consumer Discretionary (13.0%)

  
 

8,250

MXN

  

Alsea, SAB de CV#

    

34,530

    
 

1,200

INR

  

Amber Enterprises India, Ltd.#

    

55,491

    
 

1,073

CNY

   Beijing Roborock Technology
Company, Ltd. - Class A		    

62,688

    
 

680

INR

  

Dixon Technologies India, Ltd.

    

67,794

    
 

15,800

CNY

   Hisense Home Appliances Group
Company, Ltd. - Class A		    

84,088

    
 

11,550

INR

  

Kalyan Jewellers India, Ltd.

    

57,148

    
 

2,025

    

MakeMyTrip, Ltd.#

    

134,075

    
     

495,814

    
   

Consumer Staples (4.8%)

  
 

2,570

SEK

  

AAK, AB

    

66,104

    
 

1,100

JPY

  

Toyo Suisan Kaisha, Ltd.

    

68,788

    
 

2,000

JPY

  

Yamazaki Baking Company, Ltd.

    

48,407

    
     

183,299

    
   

Energy (3.7%)

  
 

11,515

CAD

  

CES Energy Solutions Corp.

    

47,427

    
 

22,720

EUR

  

Saipem S.p.A#

    

52,136

    
 

1,610

    

TechnipFMC, PLC

    

41,248

    
     

140,811

    
   

Financials (6.7%)

  
 

4,125

INR

  

360 ONE WAM, Ltd.

    

38,559

    
 

14,500

JPY

  

Concordia Financial Group, Ltd.

    

78,128

    
 

2,485

AUD

  

HUB24, Ltd.

    

63,849

    
 

1,310

KRW

  

Meritz Financial Group, Inc.

    

74,902

    
     

255,438

    
   

Health Care (4.3%)

  
 

1,400

JPY

  

Jeol, Ltd.

    

55,467

    
 

309

CHF

  

Ypsomed Holding, AG

    

110,140

    
     

165,607

    
   

Industrials (35.4%)

  
 

11,560

GBP

  

Ashtead Technology Holdings, PLC

    

117,708

    
 

1,025

EUR

  

DO & CO, AG

    

157,300

    
 

700

JPY

  

Ebara Corp.

    

57,704

    
 

445

KRW

  

HD Hyundai Electric Company, Ltd.

    

78,505

    
 

1,060

INR

  

Hindustan Aeronautics, Ltd.

    

50,044

    
NUMBER OF
SHARES		      

VALUE

  
 

2,000

JPY

  

Japan Elevator Service Holdings Company, Ltd.

  

$

31,081

    
 

1,090

INR

  

KEI Industries, Ltd.

    

52,095

    
 

1,400

EUR

  

KION Group, AG

    

64,523

    
 

1,900

JPY

  

Kyudenko Corp.

    

78,857

    
 

3,550

EUR

  

Leonardo S.p.A

    

81,586

    
 

18,630

GBP

  

Melrose Industries, PLC

    

146,363

    
 

9,077

SEK

  

Munters Group, AB*

    

180,971

    
 

830

    

nVent Electric, PLC

    

59,818

    
 

1,320

KRW

  

SK Square Company, Ltd.#

    

72,524

    
 

1,400

JPY

  

Sojitz Corp.

    

36,046

    
 

700

CAD

  

Stantec, Inc.

    

55,735

    
 

2,840

INR

  

Titagarh Rail System, Ltd.

    

35,904

    
     

1,356,764

    
   

Information Technology (14.1%)

  
 

3,600

HKD

  

ASMPT, Ltd.

    

44,740

    
 

252

EUR

  

BE Semiconductor Industries, NV

    

33,434

    
 

595

CAD

  

Descartes Systems Group, Inc.#

    

55,193

    
 

500

JPY

  

Horiba, Ltd.

    

48,509

    
 

4,420

INR

  

KPIT Technologies, Ltd.

    

78,461

    
 

1,195

EUR

  

Lectra

    

40,712

    
 

800

JPY

  

Micronics Japan Company, Ltd.

    

32,955

    
 

970

EUR

  

Nemetschek, SE

    

85,718

    
 

1,700

JPY

  

Towa Corp.

    

97,904

    
 

900

JPY

  

Zuken, Inc.

    

23,517

    
     

541,143

    
   

Materials (4.9%)

  
 

1,455

JPY

  

Artience Company, Ltd.

    

26,965

    
 

1,685

EUR

  

SOL S.p.A

    

64,819

    
 

3,400

JPY

  

Sumitomo Bakelite Company, Ltd.

    

96,842

    
     

188,626

    
   

Real Estate (5.7%)

  
 

7,965

MXN

  

Corp. Inmobiliaria Vesta SAB de CV

    

28,209

    
 

5,520

INR

  

Macrotech Developers, Ltd.*

    

81,240

    
 

10,900

JPY

  

Mirarth Holdings, Inc.

    

33,422

    
 

2,115

INR

  

Prestige Estates Projects, Ltd.

    

34,851

    
 

375

EUR

  

VGP, NV

    

40,799

    
     

218,521

    
    TOTAL COMMON STOCKS
(Cost $3,077,606)		    

3,760,227

    

See accompanying Notes to Schedule of Investments

www.calamos.com
151

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

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      

VALUE

  

PURCHASED OPTION (0.1%)#

  
   

Other (0.1%)

  
30
73,920		   iShares MSCI China Small-Cap
ETF Call, 06/21/24, Strike $25.00
(Cost $3,067)		  

$

2,100

    
    TOTAL INVESTMENTS (98.3%)
(Cost $3,080,673)		    

3,762,327

    

OTHER ASSETS, LESS LIABILITIES (1.7%)

    

66,049

    

NET ASSETS (100.0%)

  

$

3,828,376

    

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

#  Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  Chinese Yuan Renminbi

EUR  European Monetary Unit

GBP  British Pound Sterling

HKD  Hong Kong Dollar

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

SEK  Swedish Krona

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

CURRENCY EXPOSURE
APRIL 30, 2024

   

VALUE

   % OF TOTAL
INVESTMENTS		  

Japanese Yen

  

$

814,592

      

21.7

%

  

European Monetary Unit

    

654,597

      

17.4

%

  

Indian Rupee

    

551,587

      

14.7

%

  

British Pound Sterling

    

351,795

      

9.3

%

  

Swedish Krona

    

339,985

      

9.0

%

  

US Dollar

    

237,241

      

6.3

%

  

South Korean Won

    

225,931

      

6.0

%

  

Canadian Dollar

    

158,355

      

4.2

%

  

Chinese Yuan Renminbi

    

146,776

      

3.9

%

  

Swiss Franc

    

110,140

      

2.9

%

  

Australian Dollar

    

63,849

      

1.7

%

  

Mexican Peso

    

62,739

      

1.7

%

  

Hong Kong Dollar

    

44,740

      

1.2

%

  

Total Investments

  

$

3,762,327

      

100.0

%

  

Currency exposure may vary over time.

SECTOR WEIGHTINGS

Industrials

   

35.4

%

  

Information Technology

   

14.1

    

Consumer Discretionary

    

13.0

    

Financials

    

6.7

    

Real Estate

    

5.7

    

Communication Services

   

5.6

    

Materials

    

4.9

    

Consumer Staples

   

4.8

    

Health Care

    

4.3

    

Energy

   

3.7

    

Other

    

0.1

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
152

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

PRINCIPAL
AMOUNT		      

VALUE

  

CORPORATE BONDS (29.9%)

      
   

Airlines (0.9%)

  
 

95,751

     Air Canada Pass Through Trust
Series 2015-2, Class AA*
3.750%, 06/15/29		  

$

89,647

    
 

90,705

     Alaska Airlines Pass Through Trust
Series 2020-1, Class A*
4.800%, 02/15/29		    

88,071

    
 

23,211

     British Airways Pass Through Trust
Series 2013-1, Class A*
4.625%, 12/20/25		    

23,151

    
 

88,165

     British Airways Pass Through Trust
Series 2019-1, Class A*
3.350%, 12/15/30		    

81,186

    
 

122,566

     JetBlue Pass Through Trust
Series 2019-1, Class AA
2.750%, 11/15/33		    

103,421

    
     

385,476

    
   

Communication Services (1.6%)

  
 

200,000

     Ashtead Capital, Inc.*
4.375%, 08/15/27		    

190,542

    
 

100,000

     Charter Communications Operating, LLC /
Charter Communications Operating Capital
2.800%, 04/01/31		    

79,558

    
 

150,000

     Comcast Corp.
3.900%, 03/01/38		    

124,419

    
 

75,000

     Paramount Global
3.700%, 10/04/26		    

69,315

    
 

100,000

     United States Cellular Corp.
6.700%, 12/15/33		    

97,642

    
 

150,000

     Verizon Communications, Inc.
4.016%, 12/03/29		    

139,829

    
     

701,305

    
   

Consumer Discretionary (2.2%)

  
 

150,000

     Cargill, Inc.*
3.125%, 05/25/51		    

97,746

    
 

200,000

     Ford Motor Credit Company, LLC
4.000%, 11/13/30		    

174,586

    
 

100,000

     GLP Capital, LP / GLP Financing II, Inc.
3.250%, 01/15/32		    

81,769

    
 

50,000

     goeasy, Ltd.*
7.625%, 07/01/29		    

50,082

    
 

125,000

     Kohl's Corp.
5.550%, 07/17/45		    

85,851

    
 

100,000

     M/I Homes, Inc.
3.950%, 02/15/30		    

86,846

    
 

100,000

     Mattel, Inc.
6.200%, 10/01/40		    

94,584

    
 

100,000

     Newell Brands, Inc.
5.700%, 04/01/26		    

98,650

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

100,000

     NIKE, Inc.^
2.850%, 03/27/30		  

$

88,369

    
 

100,000

     Tractor Supply Company
5.250%, 05/15/33		    

97,822

    
     

956,305

    
   

Consumer Staples (1.9%)

  
 

125,000

     Anheuser-Busch InBev Worldwide, Inc.
3.500%, 06/01/30		    

113,930

    
 

125,000

     Archer-Daniels-Midland Company
3.250%, 03/27/30		    

111,599

    
 

125,000

     Costco Wholesale Corp.
1.600%, 04/20/30		    

102,780

    
 

100,000

     Edgewell Personal Care Company*
4.125%, 04/01/29		    

90,688

    
 

125,000

     Hershey Company
1.700%, 06/01/30		    

102,326

    
 

200,000

     JBS USA Holding LUX Sarl / JBS USA
Food Company / JBS LUX Company Sarl
5.500%, 01/15/30		    

193,226

    
 

100,000

     Kimberly-Clark Corp.
3.100%, 03/26/30		    

89,413

    
 

50,000

     Pilgrim's Pride Corp.
4.250%, 04/15/31		    

44,281

    
     

848,243

    
   

Energy (0.8%)

  
 

175,000

     Energy Transfer, LP‡
8.606%, 11/01/66
3 mo. USD LIBOR + 3.02%		    

158,963

    
 

100,000

     EQM Midstream Partners, LP*
7.500%, 06/01/27		    

101,884

    
 

100,000

     EQT Corp.*
3.125%, 05/15/26		    

94,581

    
     

355,428

    
   

Financials (8.9%)

  
 

115,000

     Ally Financial, Inc.‡
4.700%, 05/15/26
5 year CMT + 3.87%		    

97,701

    
 

100,000

     Aviation Capital Group, LLC*^
3.500%, 11/01/27		    

92,124

    
 

100,000

     Avolon Holdings Funding, Ltd.*^
5.500%, 01/15/26		    

98,755

    
 

125,000

     AXIS Specialty Finance, PLC
4.000%, 12/06/27		    

118,531

    
 

100,000

     Bank of America Corp.‡
2.087%, 06/14/29
SOFR + 1.06%		    

87,048

    
 

150,000

     Bank of Montreal‡
3.088%, 01/10/37
5 year CMT + 1.40%		    

119,346

    

See accompanying Notes to Schedule of Investments

www.calamos.com
153

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

100,000

     Bank of New York Mellon Corp.‡
5.834%, 10/25/33
SOFR + 2.07%		  

$

101,705

    
 

150,000

     Berkshire Hathaway Finance Corp.
4.250%, 01/15/49		    

126,411

    
 

125,000

     BP Capital Markets, PLC^‡
4.875%, 03/22/30
5 year CMT + 4.40%		    

117,083

    
 

175,000

     Brookfield Finance, Inc.
2.724%, 04/15/31		    

145,885

    
 

150,000

     Capital One Financial Corp.‡
2.359%, 07/29/32
SOFR + 1.34%		    

113,850

    
 

100,000

     Charles Schwab Corp.‡
4.000%, 06/01/26
5 year CMT + 3.17%		    

92,256

    
 

100,000

     Chubb INA Holdings, LLC&
4.150%, 03/13/43		    

83,203

    
 

150,000

     Citigroup, Inc.‡
3.875%, 02/18/26
5 year CMT + 3.42%		    

140,919

    
 

100,000

     Essential Properties, LP
2.950%, 07/15/31		    

79,370

    
 

100,000

     Essex Portfolio, LP
1.700%, 03/01/28		    

86,304

    
 

100,000

     Global Net Lease, Inc. / Global Net Lease
Operating Partnership, LP*
3.750%, 12/15/27		    

85,172

    
 

125,000

     Globe Life, Inc.
4.550%, 09/15/28		    

116,141

    
 

150,000

     Goldman Sachs Group, Inc.‡
3.800%, 05/10/26
5 year CMT + 2.97%		    

140,791

    
 

125,000

     JPMorgan Chase & Company‡
3.650%, 06/01/26
5 year CMT + 2.85%		    

117,239

    
 

200,000

     LSEGA Financing, PLC*
2.000%, 04/06/28		    

176,342

    
 

125,000

     Markel Corp.
3.500%, 11/01/27		    

116,861

    
 

100,000

     MetLife, Inc.
6.400%, 12/15/66		    

99,753

    
 

100,000

     Necessity Retail REIT, Inc. /
American Finance Operating Partner, LP*
4.500%, 09/30/28		    

85,390

    
 

118,000

     PartnerRe Finance B, LLC‡
4.500%, 10/01/50
5 year CMT + 3.82%		    

106,785

    
 

100,000

     Primerica, Inc.
2.800%, 11/19/31		    

81,614

    
 

100,000

     Prologis, LP
2.875%, 11/15/29		    

88,338

    
 

100,000

     Radian Group, Inc.
4.500%, 10/01/24		    

99,280

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

125,000

     RenaissanceRe Finance, Inc.
3.450%, 07/01/27		  

$

117,086

    
 

100,000

     SLM Corp.
3.125%, 11/02/26		    

92,862

    
 

100,000

     Toronto-Dominion Bank^
4.456%, 06/08/32		    

92,861

    
 

125,000

     Travelers Companies, Inc.
2.550%, 04/27/50		    

73,754

    
 

200,000

     USAA Capital Corp.*
2.125%, 05/01/30		    

165,546

    
 

125,000

     Ventas Realty, LP
4.000%, 03/01/28		    

117,493

    
 

100,000

     VICI Properties, LP /
VICI Note Company, Inc.*
3.500%, 02/15/25		    

98,344

    
 

125,000

     Wells Fargo & Company&
4.400%, 06/14/46		    

98,979

    
     

3,871,122

    
   

Health Care (2.0%)

  
 

150,000

     CVS Health Corp.
4.780%, 03/25/38		    

132,144

    
 

100,000

     DaVita, Inc.*
4.625%, 06/01/30		    

87,848

    
 

100,000

     Elanco Animal Health, Inc.^
6.650%, 08/28/28		    

100,019

    
 

100,000

     Illumina, Inc.
5.750%, 12/13/27		    

100,080

    
 

150,000

     Johnson & Johnson
3.400%, 01/15/38		    

122,983

    
 

100,000

     Kaiser Foundation Hospitals
2.810%, 06/01/41		    

70,282

    
 

100,000

     Royalty Pharma, PLC
2.200%, 09/02/30		    

81,279

    
 

100,000

     UnitedHealth Group, Inc.
5.250%, 02/15/28		    

100,342

    
 

100,000

     Zoetis, Inc.
5.600%, 11/16/32		    

100,596

    
     

895,573

    
   

Industrials (4.2%)

  
 

125,000

     Air Lease Corp.‡
4.650%, 06/15/26
5 year CMT + 4.08%		    

117,811

    
 

100,000

     Albertsons Companies, Inc. /
Safeway, Inc. / New Albertsons,
LP / Albertsons, LLC*
4.625%, 01/15/27		    

95,616

    
 

100,000

     Allegiant Travel Company*^
7.250%, 08/15/27		    

96,866

    
 

40,000

     Ball Corp.
6.875%, 03/15/28		    

40,692

    
 

125,000

     Beacon Roofing Supply, Inc.*
4.500%, 11/15/26		    

120,125

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
154

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

100,000

     Burlington Northern Santa Fe, LLC
4.950%, 09/15/41		  

$

92,019

    
 

100,000

     Cascades, Inc. / Cascades USA, Inc.*
5.125%, 01/15/26		    

97,608

    
 

100,000

     Cummins, Inc.
4.875%, 10/01/43		    

90,851

    
 

100,000

     EnerSys*
4.375%, 12/15/27		    

93,757

    
 

100,000

     Graphic Packaging International, LLC*
1.512%, 04/15/26		    

91,852

    
 

80,000

     GXO Logistics, Inc.
1.650%, 07/15/26		    

72,994

    
 

100,000

     Hawaiian Brand Intellectual
Property, Ltd. / HawaiianMiles Loyalty, Ltd.*
5.750%, 01/20/26		    

94,004

    
 

100,000

     Honeywell International, Inc.
1.950%, 06/01/30		    

83,325

    
 

100,000

     Illinois Tool Works, Inc.
4.875%, 09/15/41		    

92,587

    
 

125,000

     Infor, Inc.*
1.750%, 07/15/25		    

118,526

    
 

250,000

     SMBC Aviation Capital Finance DAC*
1.900%, 10/15/26		    

227,130

    
 

100,000

     TransDigm, Inc.*
6.375%, 03/01/29		    

99,449

    
 

97,946

     United Airlines Pass Through Trust
Series 2018-1, Class B
4.600%, 09/01/27		    

93,847

    
     

1,819,059

    
   

Information Technology (3.2%)

  
 

150,000

     Apple, Inc.
4.375%, 05/13/45		    

130,446

    
 

100,000

     Broadridge Financial Solutions, Inc.
3.400%, 06/27/26		    

95,653

    
 

125,000

     CGI, Inc.
1.450%, 09/14/26		    

113,331

    
 

125,000

     Fortinet, Inc.
2.200%, 03/15/31		    

101,440

    
 

100,000

     Intuit, Inc.
5.200%, 09/15/33		    

98,769

    
 

157,000

     Microsoft Corp.
4.100%, 02/06/37		    

143,520

    
 

125,000

     NVIDIA Corp.
3.500%, 04/01/40		    

100,655

    
 

100,000

     Open Text Corp.*
6.900%, 12/01/27		    

102,302

    
 

125,000

     Roper Technologies, Inc.
1.400%, 09/15/27		    

109,631

    
 

100,000

     Take-Two Interactive Software, Inc.
4.950%, 03/28/28		    

97,891

    
 

100,000

     TTM Technologies, Inc.*
4.000%, 03/01/29		    

89,597

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

100,000

     Twilio, Inc.
3.625%, 03/15/29		  

$

88,826

    
 

150,000

     VMware, Inc.
1.800%, 08/15/28		    

128,648

    
     

1,400,709

    
   

Materials (0.5%)

  
 

100,000

     ArcelorMittal, SA
6.550%, 11/29/27		    

102,590

    
 

100,000

     Georgia-Pacific, LLC*
3.600%, 03/01/25		    

98,357

    
     

200,947

    
   

Other (0.3%)

  
 

125,000

     Intact Financial Corp.*
5.459%, 09/22/32		    

121,928

    
   

Real Estate (1.5%)

  
 

100,000

     Brixmor Operating Partnership, LP
4.125%, 06/15/26		    

96,640

    
 

150,000

     EPR Properties
4.950%, 04/15/28		    

141,018

    
 

125,000

     Forestar Group, Inc.*
3.850%, 05/15/26		    

118,836

    
 

100,000

     Healthpeak OP LLC
3.250%, 07/15/26		    

95,143

    
 

100,000

     Public Storage^
2.300%, 05/01/31		    

81,949

    
 

125,000

     Tanger Properties, LP
3.875%, 07/15/27		    

116,390

    
     

649,976

    
   

Utilities (1.9%)

  
 

150,000

     Berkshire Hathaway Energy Company
3.800%, 07/15/48		    

108,036

    
 

100,000

     Consolidated Edison Company of
New York, Inc.
3.350%, 04/01/30		    

90,085

    
 

150,000

     Duke Energy Carolinas, LLC
3.700%, 12/01/47		    

107,583

    
 

100,000

     Entergy Texas, Inc.
1.500%, 09/01/26		    

90,511

    
 

100,000

     Monongahela Power Company*
3.550%, 05/15/27		    

94,499

    
 

150,000

     Northern States Power Company
3.750%, 12/01/47		    

103,575

    
 

150,000

     Public Service Electric & Gas Company
3.600%, 12/01/47		    

108,702

    
 

125,000

     Southern Company‡
3.750%, 09/15/51
5 year CMT + 2.92%		    

114,810

    
     

817,801

    
        TOTAL CORPORATE BONDS
(Cost $14,443,221)		    

13,023,872

    

See accompanying Notes to Schedule of Investments

www.calamos.com
155

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

PRINCIPAL
AMOUNT		      

VALUE

  

BANK LOANS (5.2%)¡

      
   

Airlines (0.7%)

  
 

125,000

     Air Canada‡
7.833%, 03/21/31
3 mo. SOFR + 2.50%		  

$

126,016

    
 

148,000

     American Airlines, Inc.‡
10.336%, 04/20/28
3 mo. SOFR + 4.75%		    

154,120

    
     

280,136

    
   

Communication Services (1.5%)

  
 

223,858

     APi Group DE, Inc.
7.930%, 01/03/29
1 mo. SOFR + 2.50%		    

224,958

    
 

289,101

     Go Daddy Operating Company, LLC‡
7.316%, 11/09/29
1 mo. SOFR + 2.00%		    

289,558

    
 

147,609

     Nexstar Broadcasting, Inc.‡
7.930%, 09/18/26
1 mo. SOFR + 2.50%		    

147,904

    
     

662,420

    
   

Consumer Discretionary (1.5%)

  
 

96,000

     American Axle & Manufacturing, Inc.‡
8.921%, 12/13/29
1 mo. SOFR + 3.50%		    

96,570

    
 

191,719

     Carnival Corp.‡
8.067%, 08/08/27
1 mo. SOFR + 2.75%		    

192,947

    
 

125,000

     Light & Wonder International, Inc.‡
8.071%, 04/14/29
1 mo. SOFR + 2.75%		    

125,434

    
 

242,500

     Murphy USA, Inc.‡
7.192%, 01/31/28
1 mo. SOFR + 1.75%		    

243,621

    
     

658,572

    
   

Consumer Staples (0.3%)

  
 

131,359

     Jazz Financing Lux Sarl‡
8.430%, 05/05/28
1 mo. SOFR + 3.00%		    

132,283

    
   

Energy (0.3%)

  
 

124,688

     Buckeye Partners, LP‡
7.816%, 11/22/30
1 mo. SOFR + 2.50%		    

125,280

    
   

Health Care (0.3%)

  
 

107,735

     Icon Luxembourg Sarl‡
7.309%, 07/03/28
3 mo. SOFR + 2.00%		    

108,310

    
 

26,842

     PRA Health Sciences, Inc.‡
7.309%, 07/03/28
3 mo. SOFR + 2.00%		    

26,986

    
     

135,296

    
PRINCIPAL
AMOUNT		      

VALUE

  
   

Information Technology (0.3%)

  
 

125,000

     KBR, Inc.‡
7.566%, 01/17/31
1 mo. SOFR + 2.25%		  

$

125,521

    
   

Materials (0.3%)

  
 

137,052

     Axalta Coating Systems U.S. Holdings, Inc.
7.330%, 12/20/29
3 mo. SOFR + 2.00%		    

137,601

    
        TOTAL BANK LOANS
(Cost $2,244,236)		    

2,257,109

    

U.S. GOVERNMENT AND AGENCY SECURITIES (57.5%)

      
   

Other (57.5%)

  
 

76,781

     Federal Home Loan Mortgage Corp.
2.500%, 02/01/35		    

68,735

    
 

133,773

    

4.000%, 05/01/49

    

121,515

    
 

1,287,313

    

4.000%, 08/01/52

    

1,151,436

    
 

1,362,773

    

5.000%, 10/01/53

    

1,292,460

    
 

106,582

     Federal National Mortgage Association
2.500%, 09/01/31		    

98,976

    
 

86,845

    

3.000%, 02/01/33

    

80,630

    
 

47,759

    

3.000%, 01/01/35

    

43,868

    
 

248,007

    

3.000%, 07/01/46

    

211,356

    
 

159,320

    

3.000%, 03/01/47

    

135,775

    
 

45,421

    

4.000%, 03/01/47

    

41,368

    
 

138,715

    

3.500%, 08/01/47

    

122,133

    
 

77,795

    

4.500%, 04/01/48

    

72,974

    
 

101,639

    

4.000%, 06/01/48

    

92,456

    
 

68,516

    

3.500%, 02/01/49

    

60,255

    
 

61,730

    

3.000%, 07/01/49

    

51,779

    
 

118,474

    

3.500%, 11/01/49

    

103,518

    
 

578,971

    

2.500%, 04/01/50

    

463,549

    
 

499,413

    

3.000%, 04/01/50

    

418,916

    
 

407,126

    

3.500%, 04/01/50

    

355,348

    
 

776,439

    

2.500%, 07/01/51

    

617,958

    
 

572,989

    

2.000%, 01/01/52

    

433,787

    
 

568,961

    

4.500%, 06/01/52

    

525,703

    
 

1,265,287

    

4.500%, 09/01/52

    

1,168,029

    
 

514,472

    

4.000%, 11/01/52

    

460,169

    
 

460,765

    

4.500%, 11/01/52

    

425,091

    
 

449,422

    

5.500%, 12/01/52

    

437,383

    
 

709,404

    

4.500%, 02/01/53

    

654,082

    
 

750,177

    

5.500%, 08/01/53

    

728,701

    
 

805,970

    

6.000%, 09/01/53

    

798,893

    
 

983,933

    

6.000%, 03/01/54

    

975,306

    
 

135,643

     Government National Mortgage
Association
3.500%, 10/20/47		    

120,996

    
 

102,999

    

3.000%, 10/20/47

    

88,952

    
 

350,000

     U.S. Treasury Bond
3.500%, 02/15/39		    

305,019

    
 

300,000

    

1.125%, 05/15/40

    

176,719

    
 

200,000

    

4.000%, 11/15/42

    

178,266

    
 

460,000

    

3.875%, 02/15/43

    

402,069

    
 

500,000

    

3.000%, 05/15/47

    

368,476

    
 

300,000

    

3.000%, 02/15/49

    

218,859

    
 

500,000

    

2.250%, 08/15/49

    

310,430

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
156

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

500,000

    

2.000%, 02/15/50

  

$

291,094

    
 

200,000

    

2.875%, 05/15/52

    

140,781

    
 

1,000,000

    

4.750%, 11/15/53

    

994,922

    
 

855,324

     U.S. Treasury Inflation Indexed Note
0.500%, 01/15/28		    

799,060

    
 

500,000

     United States Treasury Note
4.875%, 11/30/25		    

497,939

    
 

1,350,000

    

4.375%, 12/15/26

    

1,332,017

    
 

1,350,000

    

4.375%, 11/30/28

    

1,329,750

    
 

1,400,000

    

4.375%, 11/30/30

    

1,373,422

    
 

2,000,000

    

4.500%, 11/15/33

    

1,971,094

    
 

1,350,000

    

4.750%, 11/15/43

    

1,324,687

    
 

350,000

    

3.000%, 08/15/52

    

252,766

    
 

425,000

    

3.625%, 02/15/53

    

347,305

    
    TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES
(Cost $27,785,274)		    

25,036,772

    

RESIDENTIAL MORTGAGE BACKED SECURITIES (1.3%)

      
   

Other (1.3%)

  
 

100,000

     BX Trust Series 2019-OC11, Class A*
3.202%, 12/09/41		    

87,270

    
 

500,000

     Freddie Mac Multifamily Structured Pass
Through Certificates K157, Class A2‡
3.990%, 05/25/33		    

468,198

    
    TOTAL RESIDENTIAL MORTGAGE
BACKED SECURITIES
(Cost $677,818)		    

555,468

    

ASSET BACKED SECURITIES (3.9%)

      
   

Financials (2.1%)

  
 

80,500

     ELFI Graduate Loan Program, LLC
Series 2022-A, Class A*
4.510%, 08/26/47		    

77,497

    
 

40,514

     Enterprise Fleet Financing, LLC
Series 2022-4, Class A2*
5.760%, 10/22/29		    

40,487

    
 

150,000

     Hertz Vehicle Financing III, LP
Series 2021-2A, Class A*
1.680%, 12/27/27		    

135,068

    
 

139,301

     Oscar US Funding XII, LLC
Series 2021-1A, Class A4*
1.000%, 04/10/28		    

134,479

    
 

98,752

     Pawneee Equipment Receivables, LLC
Series 2022-1, Class A3*
5.170%, 02/15/28		    

98,309

    
 

237,000

     Progress Residential Trust
Series 2021-SFR5, Class B*
1.658%, 07/17/38		    

215,280

    
 

52,434

     SoFi Professional Loan Program, LLC
Series 2017-F, Class A2FX*
2.840%, 01/25/41		    

51,129

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

150,000

     Toyota Auto Loan Extended Note Trust
Series 2019-1A, Class A*
2.560%, 11/25/31		  

$

149,706

    
     

901,955

    
   

Other (1.8%)

  
 

150,000

     Aligned Data Centers Issuer, LLC
Series 2021-1A, Class A2*
1.937%, 08/15/46		    

135,939

    
 

61,746

     Amur Equipment Finance
Receivables XI, LLC
Series 2022-2A, Class A2*
5.300%, 06/21/28		    

61,514

    
 

91,000

     CLI Funding VI, LLC
Series 2020-3A, Class A*
2.070%, 10/18/45		    

81,169

    
 

90,283

     Daimler Trucks Retail Trust
Series 2022-1, Class A3
5.230%, 02/17/26		    

90,019

    
 

77,218

     MVW Owner Trust
Series 2019-1A, Class A*
2.890%, 11/20/36		    

74,571

    
 

27,505

     SCF Equipment Leasing, LLC
Series 2021-1A, Class A3*
0.830%, 08/21/28		    

27,243

    
 

99,417

     SVC ABS, LLC
Series 2023-1A, Class A*
5.150%, 02/20/53		    

94,078

    
 

225,000

     Tesla Auto Lease Trust
Series 2021-B, Class B*
0.910%, 09/22/25		    

224,103

    
     

788,636

    
        TOTAL ASSET BACKED SECURITIES
(Cost $1,768,214)		    

1,690,591

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (1.6%)		      
 

675,600

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $675,600)		    

675,600

    
        TOTAL INVESTMENTS (99.4%)
(Cost $47,594,363)		    

43,239,412

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.6%)

    

(675,600

)

  

OTHER ASSETS, LESS LIABILITIES (2.2%)

    

951,806

    

NET ASSETS (100.0%)

  

$

43,515,618

    

See accompanying Notes to Schedule of Investments

www.calamos.com
157

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

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

&  Illiquid security.

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

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

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

FUTURES CONTRACTS

NUMBER OF
CONTRACTS		  

DESCRIPTION

   EXPIRATION
DATE		   NOTIONAL
VALUE		   MARKET VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)		  

Buys

      
 

2,000,000

    

U.S. Treasury Note 5-Year

  

Jun 2024

  

$

2,094,844

    

$

(39,268

)

  

 

ASSET ALLOCATION

U.S. Government and
Agency Securities		    

57.5

%

  

Corporate Bonds

    

29.9

    

Bank Loans

    

5.2

    

Asset Backed Securities

   

3.9

    
Residential Mortgage
Backed Securities		    

1.3

    

Other Assets, less Liabilities

    

2.2

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
158

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

PRINCIPAL
AMOUNT		      

VALUE

  

ASSET BACKED SECURITY (0.3%)

      
   

Other (0.3%)

  
 

100,000

     SVC ABS, LLC
Series 2023-1A, Class C*
6.700%, 02/20/53
(Cost $92,877)		     $90,884    

CORPORATE BONDS (80.4%)

      
   

Airlines (1.1%)

  
 

83,449

     Alaska Airlines Pass Through Trust
Series 2020-1, Class A*
4.800%, 02/15/29		    

81,025

    
 

32,010

     Alaska Airlines Pass Through Trust
Series 2020-1, Class B*
8.000%, 02/15/27		    

32,374

    
 

103,800

     American Airlines Pass Through Trust
Series 2021-1, Class B
3.950%, 01/11/32		    

94,105

    
 

43,333

     American Airlines, Inc. / AAdvantage
Loyalty IP, Ltd.*
5.500%, 04/20/26		    

42,878

    
 

90,356

     British Airways Pass Through Trust
Series 2021-1, Class B*
3.900%, 03/15/33		    

82,105

    
 

71,446

     JetBlue Pass Through Trust
Series 2020-1, Class B
7.750%, 05/15/30		    

73,138

    
     

405,625

    
   

Communication Services (8.1%)

  
 

100,000

     Altice France Holding, SA*
10.500%, 05/15/27		    

35,849

    
 

200,000

     Altice France, SA*
5.500%, 10/15/29		    

131,200

    
 

105,000

     APi Group DE, Inc.*
4.750%, 10/15/29		    

95,660

    
 

200,000

     Ashtead Capital, Inc.*
2.450%, 08/12/31		    

158,888

    
 

119,000

     Audacy Capital Corp.*@
6.750%, 03/31/29		    

4,201

    
 

44,000

    

6.500%, 05/01/27

    

1,570

    
 

87,000

     Cincinnati Bell Telephone Company, LLC
6.300%, 12/01/28		    

79,393

    
 

50,000

     Clear Channel Outdoor Holdings, Inc.*
7.875%, 04/01/30		    

49,058

    
 

40,000

    

9.000%, 09/15/28

    

41,175

    
 

124,000

     Consolidated Communications, Inc.*
6.500%, 10/01/28		    

107,694

    
 

250,000

     CSC Holdings, LLC*
5.375%, 02/01/28		    

192,800

    
 

220,000

    

4.500%, 11/15/31

    

139,889

    
 

215,000

    

5.750%, 01/15/30

    

94,359

    
 

43,000

     Directv Financing, LLC /
Directv Financing Co-Obligor, Inc.*
5.875%, 08/15/27		    

40,106

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

101,000

     Frontier California, Inc.
6.750%, 05/15/27		  

$

96,255

    
 

24,000

     Frontier Communications Holdings, LLC*
8.750%, 05/15/30		    

24,458

    
 

151,000

     Frontier Florida, LLC@
6.860%, 02/01/28		    

143,864

    
 

140,000

     Frontier North, Inc.@
6.730%, 02/15/28		    

132,783

    
 

90,000

     Go Daddy Operating Company, LLC /
GD Finance Company, Inc.*
3.500%, 03/01/29		    

79,960

    
 

25,000

    

5.250%, 12/01/27

    

24,170

    
 

23,000

     Hughes Satellite Systems Corp.
6.625%, 08/01/26		    

13,250

    
 

60,000

     iHeartCommunications, Inc.
8.375%, 05/01/27		    

31,981

    
 

35,000

    

5.250%, 08/15/27*^

    

25,720

    
 

76,068

     Ligado Networks, LLC*
15.500%, 11/01/23
15.50% PIK rate		    

12,607

    
 

65,000

     Lumen Technologies, Inc.
7.600%, 09/15/39		    

19,894

    
 

45,000

    

4.000%, 02/15/27*

    

23,958

    
 

23,000

    

7.650%, 03/15/42

    

7,043

    
 

48,000

     Match Group Holdings II, LLC*
3.625%, 10/01/31		    

39,680

    
 

55,000

     Nexstar Media, Inc.*
5.625%, 07/15/27		    

51,762

    
 

90,000

     Paramount Global
4.900%, 08/15/44		    

63,095

    
 

31,000

     Qwest Corp.
7.250%, 09/15/25		    

30,725

    
 

46,000

     Scripps Escrow II, Inc.*
3.875%, 01/15/29		    

34,039

    
 

23,000

    

5.375%, 01/15/31

    

13,621

    
 

85,000

     Scripps Escrow, Inc.*
5.875%, 07/15/27		    

67,200

    
 

115,000

     Sirius XM Radio, Inc.*
5.500%, 07/01/29		    

107,242

    
 

95,000

    

4.000%, 07/15/28

    

84,699

    
 

50,000

    

3.125%, 09/01/26

    

46,686

    
 

24,000

    

3.875%, 09/01/31^

    

19,309

    
 

77,000

     Spanish Broadcasting System, Inc.*
9.750%, 03/01/26		    

36,704

    
 

85,000

     Sprint, LLC
7.125%, 06/15/24		    

85,117

    
 

100,000

     Stagwell Global, LLC*
5.625%, 08/15/29		    

89,705

    
 

53,000

     Telesat Canada / Telesat, LLC*
4.875%, 06/01/27		    

24,255

    
 

35,000

     Time Warner Cable, LLC
7.300%, 07/01/38		    

33,994

    
 

105,000

     United States Cellular Corp.
6.700%, 12/15/33		    

102,524

    

See accompanying Notes to Schedule of Investments

www.calamos.com
159

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

72,000

     Univision Communications, Inc.*
8.000%, 08/15/28		  

$

72,169

    
 

45,000

     Viasat, Inc.*^
5.625%, 04/15/27		    

41,257

    
     

2,851,568

    
   

Consumer Discretionary (16.6%)

  
 

100,000

     Abercrombie & Fitch Management Company*
8.750%, 07/15/25		    

100,850

    
 

90,000

     Adams Homes, Inc.*
9.250%, 10/15/28		    

93,043

    
 

75,000

     Adient Global Holdings Company*
8.250%, 04/15/31		    

77,959

    
 

80,000

     American Axle & Manufacturing, Inc.^
5.000%, 10/01/29		    

72,224

    
 

84,000

     Ashton Woods USA, LLC / Ashton
Woods Finance Company*
4.625%, 08/01/29		    

76,091

    
 

72,000

    

6.625%, 01/15/28

    

71,896

    
 

118,000

     At Home Group, Inc.*
4.875%, 07/15/28		    

56,098

    
 

123,000

     Bath & Body Works, Inc.
6.694%, 01/15/27		    

123,952

    
 

70,000

    

6.875%, 11/01/35

    

69,695

    
 

61,000

     Caesars Entertainment, Inc.*
4.625%, 10/15/29^		    

54,429

    
 

46,000

    

8.125%, 07/01/27

    

46,717

    
 

46,000

     Carnival Corp.*
7.625%, 03/01/26		    

46,311

    
 

45,000

    

4.000%, 08/01/28

    

41,114

    
 

6,000

    

7.000%, 08/15/29^

    

6,165

    
 

18,084

     Carvana Company*
14.000%, 06/01/31		    

18,152

    
 

14,829

    

13.000%, 06/01/30

    

14,734

    
 

9,491

    

12.000%, 12/01/28

    

9,297

    
 

190,000

     CCO Holdings, LLC / CCO Holdings
Capital Corp.*
4.250%, 02/01/31		    

149,325

    
 

185,000

    

5.125%, 05/01/27

    

173,689

    
 

110,000

    

6.375%, 09/01/29

    

100,838

    
 

100,000

    

4.750%, 03/01/30

    

83,254

    
 

55,000

    

5.000%, 02/01/28

    

50,158

    
 

50,000

    

4.500%, 08/15/30

    

40,702

    
 

48,000

    

4.750%, 02/01/32

    

37,783

    
 

48,000

     CDI Escrow Issuer, Inc.*
5.750%, 04/01/30		    

45,804

    
 

75,000

     Cedar Fair, LP
5.250%, 07/15/29		    

70,105

    
 

50,000

     Churchill Downs, Inc.*
6.750%, 05/01/31		    

49,665

    
 

80,000

     Dana, Inc.
4.250%, 09/01/30		    

69,516

    
 

68,000

    

4.500%, 02/15/32

    

57,698

    
 

100,000

     DISH DBS Corp.
5.125%, 06/01/29		    

40,406

    
 

60,000

    

7.375%, 07/01/28

    

26,933

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

55,000

    

5.250%, 12/01/26*

  

$

43,382

    
 

45,000

    

5.750%, 12/01/28*

    

30,542

    
 

42,000

    

7.750%, 07/01/26

    

26,492

    
 

88,000

     DISH Network Corp.*
11.750%, 11/15/27		    

88,806

    
 

95,000

     Everi Holdings, Inc.*
5.000%, 07/15/29		    

93,316

    
 

200,000

     Ford Motor Credit Company, LLC
5.113%, 05/03/29		    

190,636

    
 

200,000

    

4.000%, 11/13/30

    

174,586

    
 

200,000

    

2.900%, 02/16/28

    

178,092

    
 

36,000

     Gap, Inc.*
3.875%, 10/01/31		    

29,450

    
 

45,000

     General Motors Company
5.200%, 04/01/45		    

38,554

    
 

165,000

     goeasy, Ltd.*
9.250%, 12/01/28		    

174,654

    
 

83,000

    

7.625%, 07/01/29

    

83,136

    
 

50,000

     Goodyear Tire & Rubber Company
5.250%, 07/15/31^		    

44,296

    
 

45,000

    

5.625%, 04/30/33

    

39,603

    
 

41,000

     Group 1 Automotive, Inc.*
4.000%, 08/15/28		    

37,402

    
 

95,000

     Guitar Center, Inc.*^
8.500%, 01/15/26		    

84,008

    
 

23,804

     JetBlue Pass Through Trust
Series 2019-2, Class B
8.000%, 11/15/27		    

24,052

    
 

102,000

     Kohl's Corp.
5.550%, 07/17/45		    

70,055

    
 

100,000

     LCM Investments Holdings II, LLC*
8.250%, 08/01/31		    

104,074

    
 

95,000

     Liberty Interactive, LLC
8.250%, 02/01/30		    

52,775

    
 

90,000

     Life Time, Inc.*
8.000%, 04/15/26		    

90,151

    
 

45,000

     Light & Wonder International, Inc.*
7.500%, 09/01/31		    

45,923

    
 

35,000

     Lindblad Expeditions Holdings, Inc.*
9.000%, 05/15/28		    

36,702

    
 

62,000

     Lindblad Expeditions, LLC*
6.750%, 02/15/27		    

61,529

    
 

65,000

     M/I Homes, Inc.
3.950%, 02/15/30		    

56,450

    
 

114,000

     Macy's Retail Holdings, LLC
6.700%, 07/15/34*		    

96,081

    
 

70,000

    

4.300%, 02/15/43

    

55,371

    
 

100,000

     Midwest Gaming Borrower, LLC /
Midwest Gaming Finance Corp.*
4.875%, 05/01/29		    

91,465

    
 

55,000

     Newell Brands, Inc.
5.700%, 04/01/26		    

54,257

    
 

50,000

     Nordstrom, Inc.
5.000%, 01/15/44		    

37,993

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
160

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

48,000

    

4.250%, 08/01/31

  

$

41,435

    
 

45,000

    

6.950%, 03/15/28

    

44,717

    
 

135,000

     Patrick Industries, Inc.*
4.750%, 05/01/29		    

122,841

    
 

100,000

     PENN Entertainment, Inc.*^
4.125%, 07/01/29		    

83,811

    
 

44,000

     Phinia, Inc.*
6.750%, 04/15/29		    

44,188

    
 

120,000

     Premier Entertainment Sub, LLC /
Premier Entertainment Finance Corp.*
5.625%, 09/01/29		    

89,663

    
 

45,000

     QVC, Inc.
5.450%, 08/15/34		    

29,562

    
 

45,000

     Raising Cane's Restaurants, LLC*
9.375%, 05/01/29		    

48,301

    
 

174,000

     Rite Aid Corp.*@
8.000%, 11/15/26		    

112,287

    
 

50,000

     Royal Caribbean Cruises, Ltd.*
7.250%, 01/15/30		    

51,512

    
 

13,000

    

6.250%, 03/15/32

    

12,817

    
 

120,000

     Simmons Foods, Inc. / Simmons
Prepared Foods, Inc. / Simmons Pet Food,
Inc. / Simmons Feed*
4.625%, 03/01/29		    

103,800

    
 

135,000

     Six Flags Entertainment Corp.*
7.250%, 05/15/31		    

134,841

    
 

108,000

     Sonic Automotive, Inc.*
4.625%, 11/15/29		    

96,765

    
 

70,000

     Speedway Motorsports, LLC / Speedway
Funding II, Inc.*
4.875%, 11/01/27		    

66,063

    
 

95,000

     Station Casinos, LLC*
4.500%, 02/15/28		    

88,185

    
 

100,000

     STL Holding Company, LLC*
8.750%, 02/15/29		    

102,861

    
 

59,000

     Taylor Morrison Communities, Inc.*
5.750%, 01/15/28		    

57,513

    
 

25,000

     Viking Cruises, Ltd.*
9.125%, 07/15/31		    

26,836

    
 

100,000

     Vista Outdoor, Inc.*
4.500%, 03/15/29		    

98,846

    
 

175,000

     ZF North America Capital, Inc.*
7.125%, 04/14/30		    

179,228

    
     

5,844,508

    
   

Consumer Staples (3.8%)

  
 

117,000

     1375209 B.C., Ltd.*^
9.000%, 01/30/28		    

114,997

    
 

139,000

     Arrow Bidco, LLC*
10.750%, 06/15/25		    

143,387

    
 

90,000

     B&G Foods, Inc.*
8.000%, 09/15/28		    

93,404

    
 

107,000

     Central Garden & Pet Company*
4.125%, 04/30/31		    

92,867

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

110,000

     Edgewell Personal Care Company*
4.125%, 04/01/29		  

$

99,757

    
 

115,000

     Energizer Holdings, Inc.*
4.375%, 03/31/29		    

101,719

    
 

24,000

    

6.500%, 12/31/27^

    

23,788

    
 

115,000

     JBS USA Holding LUX Sarl / JBS USA Food
Company / JBS LUX Company Sarl
5.500%, 01/15/30^		    

111,105

    
 

60,000

    

5.125%, 02/01/28^

    

58,342

    
 

35,000

    

5.750%, 04/01/33

    

33,515

    
 

63,000

     New Albertsons, LP
7.750%, 06/15/26		    

64,884

    
 

96,000

     Performance Food Group, Inc.*
4.250%, 08/01/29		    

86,083

    
 

75,000

     Pilgrim's Pride Corp.
4.250%, 04/15/31		    

66,421

    
 

50,000

     Post Holdings, Inc.*
6.250%, 02/15/32		    

49,456

    
 

90,000

     Prestige Brands, Inc.*
3.750%, 04/01/31		    

76,679

    
 

75,000

     United Natural Foods, Inc.*^
6.750%, 10/15/28		    

57,656

    
 

85,000

     Vector Group, Ltd.*
5.750%, 02/01/29		    

77,349

    
     

1,351,409

    
   

Energy (11.2%)

  
 

45,000

     Antero Resources Corp.*
5.375%, 03/01/30		    

42,820

    
 

90,000

     Apache Corp.
5.100%, 09/01/40		    

74,952

    
 

50,000

     Buckeye Partners, LP
5.850%, 11/15/43		    

41,864

    
 

45,000

     Cheniere Energy, Inc.
4.625%, 10/15/28		    

43,058

    
 

72,000

     Chesapeake Energy Corp.*
6.750%, 04/15/29		    

72,082

    
 

124,000

     Civitas Resources, Inc.*
8.750%, 07/01/31		    

131,961

    
 

50,000

     Continental Resources, Inc.
2.875%, 04/01/32*		    

39,974

    
 

45,000

    

4.900%, 06/01/44

    

36,283

    
 

76,000

     DT Midstream, Inc.*
4.125%, 06/15/29		    

68,896

    
 

85,000

     Earthstone Energy Holdings, LLC*
8.000%, 04/15/27		    

87,465

    
 

35,000

    

9.875%, 07/15/31

    

38,730

    
 

55,000

     Enbridge, Inc.‡
7.375%, 01/15/83
5 year CMT + 3.71%		    

54,135

    
 

55,000

     Encino Acquisition Partners Holdings, LLC*
8.750%, 05/01/31		    

56,028

    
 

140,000

     Energy Transfer, LP‡
8.606%, 11/01/66
3 mo. USD LIBOR + 3.28%		    

127,170

    

See accompanying Notes to Schedule of Investments

www.calamos.com
161

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

70,000

     6.500%, 11/15/26
5 year CMT + 5.69%		  

$

67,997

    
 

120,000

     EnLink Midstream Partners, LP
9.701%, 05/31/24‡
3 mo. USD LIBOR + 4.11%		    

118,508

    
 

90,000

    

4.850%, 07/15/26

    

87,748

    
 

61,000

     Enlink Midstream, LLC*
6.500%, 09/01/30		    

61,784

    
 

145,000

     EQM Midstream Partners, LP*
7.500%, 06/01/27		    

147,732

    
 

50,000

    

6.375%, 04/01/29

    

49,681

    
 

70,000

     Genesis Energy, LP / Genesis Energy
Finance Corp.
8.875%, 04/15/30		    

72,515

    
 

32,000

    

6.250%, 05/15/26

    

31,772

    
 

95,000

     Gulfport Energy Corp.
8.000%, 05/17/26*		    

96,430

    
 

27,586

    

8.000%, 05/17/26^

    

28,001

    
 

125,000

     Hilcorp Energy I, LP / Hilcorp
Finance Company*
6.000%, 04/15/30		    

120,111

    
 

72,000

     Howard Midstream Energy Partners, LLC*
6.750%, 01/15/27		    

71,168

    
 

100,000

     Kodiak Gas Services, LLC*
7.250%, 02/15/29		    

101,188

    
 

89,000

     Magnolia Oil & Gas Operating, LLC /
Magnolia Oil & Gas Finance Corp.*
6.000%, 08/01/26		    

87,819

    
 

67,000

     Matador Resources Company*
6.500%, 04/15/32		    

66,453

    
 

50,000

     Moss Creek Resources Holdings, Inc.*
7.500%, 01/15/26		    

49,946

    
 

45,000

    

10.500%, 05/15/27

    

46,076

    
 

70,000

     Nabors Industries, Inc.*
7.375%, 05/15/27		    

69,429

    
 

35,000

    

9.125%, 01/31/30^

    

36,227

    
 

70,000

     Nabors Industries, Ltd.*^
7.500%, 01/15/28		    

66,424

    
 

56,000

     New Fortress Energy, Inc.*
6.750%, 09/15/25		    

55,409

    
 

97,000

     Oceaneering International, Inc.
6.000%, 02/01/28		    

93,496

    
 

95,000

     Parkland Corp.*
5.875%, 07/15/27		    

92,925

    
 

53,000

     Patterson-UTI Energy, Inc.^
5.150%, 11/15/29		    

50,653

    
 

26,000

     Permian Resources Operating LLC*
7.000%, 01/15/32		    

26,566

    
 

100,000

     Plains All American Pipeline, LP‡
9.679%, 05/31/24
3 mo. USD LIBOR + 4.11%		    

99,656

    
 

135,000

     Rockcliff Energy II, LLC*
5.500%, 10/15/29		    

124,859

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

49,000

     Southwestern Energy Company
4.750%, 02/01/32		  

$

44,185

    
 

133,200

     Transocean, Inc.*
8.750%, 02/15/30		    

139,031

    
 

50,000

    

8.250%, 05/15/29

    

49,729

    
 

60,000

     Venture Global Calcasieu Pass, LLC*
6.250%, 01/15/30		    

59,486

    
 

25,000

    

4.125%, 08/15/31

    

21,898

    
 

25,000

    

3.875%, 08/15/29

    

22,090

    
 

120,000

     Venture Global LNG, Inc.*
8.375%, 06/01/31		    

123,244

    
 

75,000

    

8.125%, 06/01/28

    

76,774

    
 

45,000

    

9.875%, 02/01/32

    

48,024

    
 

45,000

    

9.500%, 02/01/29

    

48,407

    
 

55,000

     Vital Energy, Inc.
7.750%, 07/31/29*^		    

55,408

    
 

53,000

    

7.875%, 04/15/32*

    

53,838

    
 

32,000

    

9.750%, 10/15/30

    

34,896

    
 

90,000

     VOC Escrow, Ltd.*
5.000%, 02/15/28		    

85,899

    
 

118,000

     Weatherford International, Ltd.*
8.625%, 04/30/30		    

122,588

    
     

3,921,488

    
   

Financials (13.7%)

  
 

140,000

     Acrisure, LLC / Acrisure Finance, Inc.*
8.250%, 02/01/29		    

139,140

    
 

120,000

     Aethon United BR, LP / Aethon
United Finance Corp.*
8.250%, 02/15/26		    

120,973

    
 

145,000

     Alliant Holdings Intermediate, LLC /
Alliant Holdings Co-Issuer*
6.750%, 10/15/27		    

142,490

    
 

15,000

    

7.000%, 01/15/31

    

15,092

    
 

101,000

     Ally Financial, Inc.
4.700%, 05/15/26‡
5 year CMT + 3.87%		    

85,807

    
 

45,000

     4.700%, 05/15/28‡
7 year CMT + 3.48%		    

34,874

    
 

40,000

    

8.000%, 11/01/31

    

43,350

    
 

150,000

     AmWINS Group, Inc.*
4.875%, 06/30/29		    

136,560

    
 

67,000

     Aviation Capital Group, LLC*
3.500%, 11/01/27		    

61,723

    
 

50,000

     Brandywine Operating Partnership, LP
8.875%, 04/12/29		    

51,230

    
 

125,000

     BroadStreet Partners, Inc.*
5.875%, 04/15/29		    

114,054

    
 

110,000

     Brookfield Property REIT, Inc. /
BPR Cumulus, LLC / BPR Nimbus, LLC /
GGSI Sellco, LLC*
4.500%, 04/01/27		    

98,549

    
 

200,000

     Burford Capital Global Financial, LLC*
6.875%, 04/15/30		    

194,066

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
162

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

85,000

     Credit Acceptance Corp.
6.625%, 03/15/26^		  

$

84,797

    
 

70,000

    

9.250%, 12/15/28*

    

74,285

    
 

90,000

     Cushman & Wakefield U.S. Borrower LLC*
8.875%, 09/01/31		    

93,650

    
 

123,000

     Enact Holdings, Inc.*
6.500%, 08/15/25		    

122,947

    
 

110,000

     GGAM Finance, Ltd.*
8.000%, 02/15/27		    

113,023

    
 

119,000

     Global Net Lease, Inc. / Global Net
Lease Operating Partnership, LP*
3.750%, 12/15/27		    

101,355

    
 

55,000

     HAT Holdings I LLC / HAT Holdings II LLC*
8.000%, 06/15/27		    

56,481

    
 

50,000

     HUB International, Ltd.*
7.375%, 01/31/32		    

49,794

    
 

68,000

     Icahn Enterprises, LP / Icahn
Enterprises Finance Corp.
4.375%, 02/01/29		    

57,300

    
 

195,000

     Iron Mountain, Inc.*
5.250%, 03/15/28		    

186,833

    
 

260,000

     Jefferies Finance, LLC /
JFIN Co-Issuer Corp.*
5.000%, 08/15/28		    

234,192

    
 

182,000

     Ladder Capital Finance Holdings, LLLP /
Ladder Capital Finance Corp.*
5.250%, 10/01/25		    

179,021

    
 

98,000

    

4.750%, 06/15/29

    

87,650

    
 

95,000

     LD Holdings Group, LLC*
6.125%, 04/01/28		    

72,118

    
 

110,000

     Level 3 Financing, Inc.*
4.250%, 07/01/28		    

43,036

    
 

45,000

    

4.625%, 09/15/27

    

26,539

    
 

65,000

     LPL Holdings, Inc.*
4.000%, 03/15/29		    

59,017

    
 

90,000

     Macquarie Airfinance Holdings, Ltd.*
8.125%, 03/30/29		    

94,337

    
 

61,560

     Mallinckrodt International Finance, SA /
Mallinckrodt CB, LLC*
14.750%, 11/14/28		    

67,143

    
 

138,000

     MetLife, Inc.
6.400%, 12/15/66		    

137,659

    
 

110,000

     Nationstar Mortgage Holdings, Inc.*
5.500%, 08/15/28		    

103,543

    
 

95,000

     Navient Corp.
5.000%, 03/15/27		    

89,728

    
 

50,000

    

4.875%, 03/15/28

    

45,258

    
 

65,000

     Necessity Retail REIT, Inc. / American
Finance Operating Partner, LP*
4.500%, 09/30/28		    

55,504

    
 

50,000

     Newmark Group, Inc.*
7.500%, 01/12/29		    

50,553

    
 

65,000

     OneMain Finance Corp.
3.875%, 09/15/28		    

57,355

    
 

60,000

    

9.000%, 01/15/29

    

63,077

    
 

45,000

    

7.125%, 03/15/26^

    

45,440

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

150,000

     PHH Mortgage Corp.*
7.875%, 03/15/26		  

$

144,256

    
 

100,000

     RHP Hotel Properties, LP /
RHP Finance Corp.*
4.500%, 02/15/29		    

92,145

    
 

95,000

    

6.500%, 04/01/32

    

93,224

    
 

45,000

     Rocket Mortgage, LLC /
Rocket Mortgage Co-Issuer, Inc.*
3.875%, 03/01/31		    

38,336

    
 

45,000

    

3.625%, 03/01/29

    

39,747

    
 

20,000

    

2.875%, 10/15/26

    

18,402

    
 

125,000

     StoneX Group, Inc.*
7.875%, 03/01/31		    

126,498

    
 

90,000

    

8.625%, 06/15/25

    

90,367

    
 

100,000

     United Wholesale Mortgage, LLC*
5.500%, 04/15/29		    

93,091

    
 

50,000

    

5.750%, 06/15/27

    

48,052

    
 

50,000

     Uniti Group, LP / Uniti Group Finance,
Inc. / CSL Capital, LLC*
10.500%, 02/15/28		    

51,938

    
 

50,000

    

6.500%, 02/15/29

    

40,237

    
 

200,000

     VZ Secured Financing, BV*
5.000%, 01/15/32		    

169,018

    
 

98,000

     XHR, LP*
6.375%, 08/15/25		    

97,960

    
     

4,832,814

    
   

Health Care (5.5%)

  
 

210,000

     Bausch Health Companies, Inc.*
11.000%, 09/30/28		    

164,501

    
 

39,000

    

14.000%, 10/15/30

    

25,199

    
 

36,000

    

6.125%, 02/01/27

    

26,432

    
 

170,000

     CHS/Community Health Systems, Inc.*
6.125%, 04/01/30		    

120,401

    
 

50,000

    

10.875%, 01/15/32

    

51,284

    
 

50,000

    

8.000%, 03/15/26

    

49,831

    
 

49,000

    

6.875%, 04/15/29

    

36,389

    
 

12,000

    

5.250%, 05/15/30

    

9,839

    
 

100,000

     DaVita, Inc.*
4.625%, 06/01/30		    

87,848

    
 

100,000

    

3.750%, 02/15/31

    

82,427

    
 

72,000

     Embecta Corp.*
5.000%, 02/15/30		    

55,554

    
 

24,000

    

6.750%, 02/15/30

    

20,643

    
 

45,000

     Encompass Health Corp.
4.750%, 02/01/30		    

41,356

    
 

45,000

    

4.500%, 02/01/28

    

42,332

    
 

110,000

     HCA, Inc.
7.500%, 11/06/33		    

119,997

    
 

210,000

     Jazz Securities DAC*
4.375%, 01/15/29		    

192,398

    
 

110,000

     Medline Borrower, LP*
5.250%, 10/01/29		    

102,503

    
 

110,000

    

3.875%, 04/01/29

    

98,527

    

See accompanying Notes to Schedule of Investments

www.calamos.com
163

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

200,000

     Organon & Company / Organon
Foreign Debt Co-Issuer, BV*
5.125%, 04/30/31		  

$

173,104

    
 

107,000

     Team Health Holdings, Inc.*
6.375%, 02/01/25		    

99,645

    
 

200,000

     Tenet Healthcare Corp.
6.250%, 02/01/27		    

199,578

    
 

120,000

    

6.875%, 11/15/31

    

124,219

    
     

1,924,007

    
   

Industrials (11.8%)

  
 

100,000

     Aar Escrow Issuer, LLC*
6.750%, 03/15/29		    

100,899

    
 

100,000

     ACCO Brands Corp.*
4.250%, 03/15/29		    

87,275

    
 

150,000

     AerCap Holdings, NV^‡
5.875%, 10/10/79
5 year CMT + 4.54%		    

148,689

    
 

95,000

     Air Lease Corp.‡
4.125%, 12/15/26
5 year CMT + 3.15%		    

82,272

    
 

155,000

     Albertsons Companies, Inc. /
Safeway, Inc. / New Albertsons, LP /
Albertsons, LLC*
4.625%, 01/15/27		    

148,205

    
 

75,000

    

5.875%, 02/15/28

    

73,565

    
 

55,000

     Allegiant Travel Company*
7.250%, 08/15/27		    

53,276

    
 

49,000

     Arcosa, Inc.*
4.375%, 04/15/29		    

44,858

    
 

225,000

     ARD Finance, SA*
6.500%, 06/30/27
7.250% PIK rate		    

62,802

    
 

68,000

     Beacon Roofing Supply, Inc.*
4.125%, 05/15/29		    

60,862

    
 

46,000

     Boeing Company*
6.388%, 05/01/31		    

46,336

    
 

50,000

     Bombardier, Inc.*
8.750%, 11/15/30		    

53,232

    
 

40,000

    

7.875%, 04/15/27

    

39,875

    
 

31,000

    

7.250%, 07/01/31

    

31,121

    
 

87,000

     BWX Technologies, Inc.*
4.125%, 04/15/29		    

79,357

    
 

95,000

     Cascades, Inc. / Cascades USA, Inc.*
5.375%, 01/15/28		    

89,561

    
 

23,000

     Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
4.750%, 10/20/28		    

22,306

    
 

125,000

     Deluxe Corp.*
8.000%, 06/01/29		    

113,552

    
 

97,000

     Eco Material Technologies, Inc.*
7.875%, 01/31/27		    

97,825

    
 

50,000

     Emerald Debt Merger Sub, LLC*
6.625%, 12/15/30		    

49,700

    
 

45,000

     EnerSys*
6.625%, 01/15/32		    

44,879

    
 

45,000

    

4.375%, 12/15/27

    

42,191

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

40,000

     EquipmentShare.com, Inc.*
8.625%, 05/15/32		  

$

40,786

    
 

57,000

     Graham Packaging Company, Inc.*
7.125%, 08/15/28		    

51,596

    
 

60,000

     Graphic Packaging International, LLC*
4.750%, 07/15/27		    

57,565

    
 

44,000

    

3.500%, 03/01/29

    

38,983

    
 

107,000

     Great Lakes Dredge & Dock Corp.*
5.250%, 06/01/29		    

90,384

    
 

180,000

     H&E Equipment Services, Inc.*
3.875%, 12/15/28		    

159,484

    
 

105,000

     Hawaiian Brand Intellectual Property, Ltd. /
HawaiianMiles Loyalty, Ltd.*
5.750%, 01/20/26		    

98,704

    
 

115,000

     Herc Holdings, Inc.*
5.500%, 07/15/27		    

111,848

    
 

115,000

     IEA Energy Services, LLC*
6.625%, 08/15/29		    

109,773

    
 

61,000

     JELD-WEN, Inc.*
4.625%, 12/15/25		    

59,565

    
 

45,000

    

4.875%, 12/15/27

    

42,782

    
 

145,000

     Ken Garff Automotive, LLC*
4.875%, 09/15/28		    

135,095

    
 

100,000

     Knife River Holding Company*
7.750%, 05/01/31		    

104,077

    
 

21,000

     MasTec, Inc.*
4.500%, 08/15/28		    

19,638

    
 

13,000

     Miter Brands Acquisition Holdco, Inc. /
MIWD Borrower, LLC*
6.750%, 04/01/32		    

12,920

    
 

60,000

     Moog, Inc.*
4.250%, 12/15/27		    

56,146

    
 

120,000

     Newfold Digital Holdings Group, Inc.*
6.000%, 02/15/29		    

90,181

    
 

95,000

     Novelis Corp.*
4.750%, 01/30/30		    

86,759

    
 

35,000

     OI European Group, BV*
4.750%, 02/15/30		    

32,040

    
 

100,000

     Pactiv Evergreen Group Issuer, Inc. /
Pactiv Evergreen Group Issuer, LLC*^
4.000%, 10/15/27		    

93,024

    
 

78,000

     Sealed Air Corp.*
6.125%, 02/01/28		    

77,135

    
 

24,000

    

5.000%, 04/15/29

    

22,599

    
 

25,000

     Sealed Air Corp./Sealed Air Corp. U.S.*^
7.250%, 02/15/31		    

25,502

    
 

86,000

     Sensata Technologies, Inc.*
3.750%, 02/15/31		    

72,864

    
 

71,000

     Sinclair Television Group, Inc.*
4.125%, 12/01/30		    

48,906

    
 

45,000

    

5.500%, 03/01/30^

    

31,211

    
 

90,000

     Standard Industries, Inc.*
5.000%, 02/15/27		    

86,860

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
164

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

76,000

     Stericycle, Inc.*^
3.875%, 01/15/29		  

$

67,953

    
 

95,000

     TransDigm, Inc.*
6.875%, 12/15/30		    

95,721

    
 

70,000

    

6.750%, 08/15/28

    

70,334

    
 

35,000

    

7.125%, 12/01/31

    

35,717

    
 

23,000

    

6.625%, 03/01/32

    

22,998

    
 

51,000

     Tronox, Inc.*
4.625%, 03/15/29		    

45,667

    
 

33,308

     United Airlines Pass Through Trust
Series 2019-2, Class B
3.500%, 11/01/29		    

30,766

    
 

96,000

     Vertiv Group Corp.*
4.125%, 11/15/28		    

88,964

    
 

90,000

     Wabash National Corp.*
4.500%, 10/15/28		    

81,009

    
 

75,000

     Waste Pro USA, Inc.*
5.500%, 02/15/26		    

73,473

    
 

56,000

     Williams Scotsman, Inc.*
4.625%, 08/15/28		    

51,801

    
 

45,000

    

7.375%, 10/01/31

    

46,003

    
     

4,139,471

    
   

Information Technology (3.5%)

  
 

23,000

     Booz Allen Hamilton, Inc.*
4.000%, 07/01/29		    

21,100

    
 

56,000

     Coherent Corp.*
5.000%, 12/15/29		    

51,722

    
 

90,000

     CommScope, Inc.*
4.750%, 09/01/29		    

62,933

    
 

48,000

     Dun & Bradstreet Corp.*^
5.000%, 12/15/29		    

43,746

    
 

48,000

     Fair Isaac Corp.*
4.000%, 06/15/28		    

44,278

    
 

100,000

     KBR, Inc.*
4.750%, 09/30/28		    

93,432

    
 

100,000

     MPH Acquisition Holdings, LLC*
5.750%, 11/01/28^		    

73,646

    
 

50,000

    

5.500%, 09/01/28

    

40,847

    
 

45,000

     NCL Corp., Ltd.*
8.125%, 01/15/29		    

46,909

    
 

44,000

     NCR Voyix Corp.*
5.125%, 04/15/29		    

40,470

    
 

68,000

     ON Semiconductor Corp.*
3.875%, 09/01/28		    

61,726

    
 

72,000

     Open Text Corp.*
3.875%, 02/15/28		    

65,774

    
 

45,000

    

6.900%, 12/01/27

    

46,036

    
 

36,000

    

3.875%, 12/01/29

    

31,566

    
 

36,000

     Open Text Holdings, Inc.*^
4.125%, 12/01/31		    

30,908

    
 

79,000

     Playtika Holding Corp.*
4.250%, 03/15/29		    

68,048

    
 

120,000

     TTM Technologies, Inc.*
4.000%, 03/01/29		    

107,516

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

65,000

     Twilio, Inc.
3.625%, 03/15/29		  

$

57,737

    
 

23,000

    

3.875%, 03/15/31^

    

19,945

    
 

38,000

     UKG, Inc.*
6.875%, 02/01/31		    

38,089

    
 

100,000

     Viavi Solutions, Inc.*
3.750%, 10/01/29		    

84,635

    
 

100,000

     ZoomInfo Technologies, LLC /
ZoomInfo Finance Corp.*
3.875%, 02/01/29		    

88,433

    
     

1,219,496

    
   

Materials (3.5%)

  
 

52,000

     ArcelorMittal, SA
7.000%, 10/15/39		    

55,050

    
 

47,000

     ATI, Inc.^
5.875%, 12/01/27		    

46,170

    
 

25,000

     Carpenter Technology Corp.
7.625%, 03/15/30		    

25,542

    
 

95,000

     Chemours Company*
4.625%, 11/15/29		    

81,483

    
 

145,000

     Clearwater Paper Corp.*
4.750%, 08/15/28		    

131,870

    
 

75,000

     Cleveland-Cliffs, Inc.*
6.750%, 04/15/30		    

73,284

    
 

48,000

     Commercial Metals Company
4.125%, 01/15/30		    

43,120

    
 

24,000

    

4.375%, 03/15/32

    

21,170

    
 

45,000

     HB Fuller Company
4.250%, 10/15/28		    

41,582

    
 

85,000

     JW Aluminum Continuous Cast Company*
10.250%, 06/01/26		    

85,838

    
 

75,000

     Kaiser Aluminum Corp.*
4.625%, 03/01/28		    

69,935

    
 

24,000

     LSF11 A5 HoldCo, LLC*^
6.625%, 10/15/29		    

22,385

    
 

92,000

     Mercer International, Inc.
5.125%, 02/01/29^		    

80,460

    
 

47,000

    

12.875%, 10/01/28*

    

51,360

    
 

200,000

     OCI, NV*^
6.700%, 03/16/33		    

192,182

    
 

65,000

     Owens-Brockway Glass Container, Inc.*^
7.250%, 05/15/31		    

65,185

    
 

45,000

    

6.625%, 05/13/27

    

45,014

    
 

100,000

     Silgan Holdings, Inc.
4.125%, 02/01/28		    

93,368

    
 

44,000

     Trinseo Materials Operating SCA /
Trinseo Materials Finance, Inc.*
5.125%, 04/01/29		    

11,392

    
     

1,236,390

    
   

Other (0.2%)

  
 

45,000

     Gen Digital, Inc.*
6.750%, 09/30/27		    

45,192

    

See accompanying Notes to Schedule of Investments

www.calamos.com
165

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

20,000

    

7.125%, 09/30/30^

  

$

20,240

    
     

65,432

    
   

Real Estate (0.7%)

  
 

71,000

     EPR Properties^
3.750%, 08/15/29		    

61,775

    
 

67,000

     Forestar Group, Inc.*
5.000%, 03/01/28		    

63,700

    
 

48,000

    

3.850%, 05/15/26

    

45,633

    
 

95,000

     MIWD Holdco II, LLC / MIWD Finance Corp.*
5.500%, 02/01/30		    

86,060

    
     

257,168

    
   

Special Purpose Acquisition Companies (0.4%)

  
 

95,000

     Fertitta Entertainment, LLC / Fertitta
Entertainment Finance Company, Inc.*
6.750%, 01/15/30		    

82,823

    
 

46,000

    

4.625%, 01/15/29

    

41,645

    
     

124,468

    
   

Utilities (0.3%)

  
 

34,000

     PPL Capital Funding, Inc.‡
8.236%, 03/30/67
3 mo. USD LIBOR + 2.67%		    

33,740

    
 

45,000

     Vistra Corp.*‡
7.000%, 12/15/26
5 year CMT + 5.74%		    

44,316

    
 

25,000

     8.000%, 10/15/26
5 year CMT + 6.93%		    

25,285

    
     

103,341

    
        TOTAL CORPORATE BONDS
(Cost $30,784,165)		    

28,277,185

    

CONVERTIBLE BONDS (0.6%)

      
   

Communication Services (0.2%)

  
 

97,000

     Cable One, Inc.
0.000%, 03/15/26		    

83,892

    
   

Consumer Discretionary (0.3%)

  
 

135,000

     DISH Network Corp.
0.000%, 12/15/25		    

99,090

    
     

99,090

    
   

Other (0.1%)

  
 

50,000

     Multiplan Corp.*
6.000%, 10/15/27		    

35,620

    
        TOTAL CONVERTIBLE BONDS
(Cost $228,295)		    

218,602

    

BANK LOANS (18.1%)¡

      
   

Airlines (0.8%)

  
 

60,000

     Air Canada‡
7.833%, 03/21/31
3 mo. SOFR + 2.50%		    

60,488

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

76,000

     American Airlines, Inc.‡
10.336%, 04/20/28
3 mo. SOFR + 4.75%		  

$

79,143

    
 

65,000

     Mileage Plus Holdings, LLC‡
10.733%, 06/21/27
3 mo. SOFR + 5.25%		    

66,814

    
 

65,000

     United Airlines, Inc.‡
8.076%, 02/22/31
3 mo. SOFR + 2.75%		    

65,356

    
     

271,801

    
   

Communication Services (0.9%)

  
 

5,480

     Audacy Capital Corp.‡
11.430%, 08/19/24
3 mo. SOFR + 6.11%		    

5,494

    
 

41,983

     Clear Channel Outdoor Holdings, Inc.‡
9.430%, 08/23/28
1 mo. SOFR + 4.00%		    

42,070

    
 

33,846

     DIRECTV Financing, LLC!
0.000%, 08/02/27		    

34,062

    
 

32,980

     DIRECTV Financing, LLC‡
10.430%, 08/02/27
1 mo. SOFR + 5.00%		    

33,191

    
 

146,000

     Entercom Media Corp.‡&
8.145%, 11/18/24
3 mo. SOFR + 0.00%		    

79,132

    
 

87,068

     Gray Television, Inc.‡
7.942%, 01/02/26
1 mo. SOFR + 2.50%		    

86,094

    
 

100,000

     Telesat Canada‡
8.355%, 12/07/26
3 mo. SOFR + 2.75%		    

51,021

    
     

331,064

    
   

Consumer Discretionary (6.2%)

  
 

50,000

     Adient U.S., LLC‡
8.066%, 01/31/31
1 mo. SOFR + 2.75%		    

50,281

    
 

96,000

     American Axle & Manufacturing, Inc.‡
8.921%, 12/13/29
1 mo. SOFR + 3.50%		    

96,570

    
 

99,000

     Caesars Entertainment, Inc.‡
8.666%, 02/06/30
1 mo. SOFR + 3.25%		    

99,328

    
 

967,059

     Carnival Corp.‡
8.067%, 10/18/28		    

973,708

    
 

152,608

     Carnival Corp.‡
8.067%, 08/08/27
1 mo. SOFR + 2.75%		    

153,586

    
 

77,365

     Carnival Corp.‡
8.067%, 10/18/28
1 mo. SOFR + 2.75%		    

77,776

    
 

100,000

     Flutter Financing, BV‡!
0.000%, 11/25/30		    

100,304

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
166

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

118,950

     Hanesbrands, Inc.‡
9.066%, 03/08/30
1 mo. SOFR + 3.75%		  

$

119,197

    
 

52,191

     Life Time Fitness, Inc.‡
9.591%, 01/15/26
3 mo. SOFR + 4.00%		    

52,566

    
 

98,500

     Light & Wonder International, Inc.‡
8.071%, 04/14/29
1 mo. SOFR + 2.75%		    

98,842

    
 

87,281

     PetSmart, Inc.‡
9.166%, 02/11/28
1 mo. SOFR + 3.75%		    

86,190

    
 

100,000

     Station Casinos, LLC‡!
0.000%, 03/14/31		    

100,130

    
 

61,636

     TKC Holdings, Inc.‡
10.930%, 05/15/28
1 mo. SOFR + 5.50%		    

61,289

    
 

99,688

     Windsor Holdings III, LLC‡
9.319%, 08/01/30
1 mo. SOFR + 4.00%		    

100,672

    
     

2,170,439

    
   

Consumer Staples (1.5%)

  
 

209,488

     Amneal Pharmaceuticals, LLC‡
10.816%, 05/04/28
1 mo. SOFR + 5.50%		    

209,947

    
 

54,918

     Fiesta Purchaser, Inc.‡
9.316%, 02/12/31
1 mo. SOFR + 4.00%		    

55,203

    
 

45,082

     Fiesta Purchaser, Inc.‡
9.318%, 02/12/31
1 mo. SOFR + 4.00%		    

45,316

    
 

90,000

     Star Parent, Inc.‡
9.309%, 09/27/30
3 mo. SOFR + 4.00%		    

90,085

    
 

65,000

     United Natural Foods, Inc.!
0.000%, 04/25/31		    

64,431

    
 

48,134

     United Natural Foods, Inc.‡
8.680%, 10/22/25
1 mo. SOFR + 3.25%		    

47,981

    
     

512,963

    
   

Energy (0.9%)

  
 

69,825

     Buckeye Partners, LP‡
7.816%, 11/22/30
1 mo. SOFR + 2.50%		    

70,157

    
 

99,750

     New Fortress Energy, Inc.‡
10.330%, 10/27/28
3 mo. SOFR + 5.00%		    

100,436

    
 

118,924

     Par Petroleum, LLC‡
9.052%, 02/28/30
3 mo. SOFR + 3.75%		    

119,481

    
 

20,000

     Par Petroleum, LLC!
0.000%, 02/28/30		    

20,094

    
     

310,168

    
PRINCIPAL
AMOUNT		      

VALUE

  
   

Financials (2.4%)

  
 

100,000

     Advisor Group, Inc.!
0.000%, 08/17/28		  

$

100,727

    
 

19,950

     Advisor Group, Inc.‡
9.816%, 08/17/28
1 mo. SOFR + 4.50%		    

20,095

    
 

81,328

     Alliant Holdings Intermediate, LLC‡
8.819%, 11/06/30
1 mo. SOFR + 3.50%		    

81,743

    
 

74,438

     Amynta Agency Borrower, Inc.‡
9.552%, 02/28/28
3 mo. SOFR + 4.25%		    

74,784

    
 

80,000

     AssuredPartners, Inc.!
0.000%, 02/14/31		    

80,441

    
 

45,000

     AssuredPartners, Inc.‡
8.816%, 02/14/31
1 mo. SOFR + 3.50%		    

45,248

    
 

59,700

     Avolon TLB Borrower 1 (US) LLC‡
7.315%, 06/22/28
1 mo. SOFR + 2.00%		    

59,896

    
 

49,875

     Broadstreet Partners, Inc.‡
9.066%, 01/27/29
1 mo. SOFR + 3.75%		    

50,114

    
 

99,750

     HUB International, Ltd.‡
8.575%, 06/20/30
3 mo. SOFR + 3.25%		    

100,367

    
 

250

     HUB International, Ltd.‡
8.565%, 06/20/30
3 mo. SOFR + 3.25%		    

251

    
 

69,825

     Iron Mountain, Inc.‡
7.566%, 01/31/31
1 mo. SOFR + 2.25%		    

69,767

    
 

50,000

     Level 3 Financing, Inc.!
0.000%, 04/15/29		    

49,259

    
 

124,728

     VFH Parent, LLC‡
8.416%, 01/13/29
1 mo. SOFR + 3.00%		    

124,904

    
     

857,596

    
   

Health Care (1.1%)

  
 

45,249

     Icon Luxembourg Sarl‡
7.309%, 07/03/28
3 mo. SOFR + 2.00%		    

45,490

    
 

108,235

     Padagis, LLC‡
10.314%, 07/06/28
3 mo. SOFR + 4.75%		    

99,577

    
 

11,274

     PRA Health Sciences, Inc.‡
7.309%, 07/03/28
3 mo. SOFR + 2.00%		    

11,334

    
 

278,092

     Team Health Holdings, Inc.‡
10.580%, 03/02/27
3 mo. SOFR + 5.25%		    

244,472

    

See accompanying Notes to Schedule of Investments

www.calamos.com
167

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

798

     Team Health Holdings, Inc.‡
10.566%, 03/02/27
1 mo. SOFR + 5.25%		  

$

701

    
     

401,574

    
   

Industrials (0.9%)

  
 

90,617

     ACProducts, Inc.‡
9.814%, 05/17/28
3 mo. SOFR + 4.25%		    

78,928

    
 

98,754

     ChampionX Corp.‡
8.168%, 06/07/29
1 mo. SOFR + 2.75%		    

99,309

    
 

38,453

     Emrld Borrower, LP‡
7.816%, 05/31/30
1 mo. SOFR + 2.50%		    

38,616

    
 

10,000

     MI Windows & Doors, LLC‡
8.816%, 03/21/31
1 mo. SOFR + 3.50%		    

10,058

    
 

99,750

     TransDigm, Inc.‡
8.559%, 02/28/31
1 mo. SOFR + 3.25%		    

100,448

    
     

327,359

    
   

Information Technology (1.5%)

  
 

132,678

     Banff Merger Sub, Inc.‡
9.566%, 12/29/28
1 mo. SOFR + 4.25%		    

133,656

    
 

75,903

     Camelot US Acquisition LLC‡
8.066%, 01/31/31
1 mo. SOFR + 2.75%		    

76,140

    
 

89,813

     Central Parent, Inc.‡
9.309%, 07/06/29
3 mo. SOFR + 4.00%		    

90,282

    
 

88,943

     Dun & Bradstreet Corp.‡
8.068%, 01/18/29
1 mo. SOFR + 2.75%		    

89,258

    
 

86,987

     II-VI, Inc.‡
7.829%, 07/02/29
1 mo. SOFR + 2.50%		    

87,503

    
 

50,000

     UKG, Inc.‡
8.814%, 02/10/31
3 mo. SOFR + 3.50%		    

50,287

    
     

527,126

    
   

Materials (1.4%)

  
 

64,675

     Chemours Company‡
8.817%, 08/18/28
1 mo. SOFR + 3.50%		    

64,736

    
 

99,250

     Ineos US Finance, LLC‡
8.930%, 02/18/30
1 mo. SOFR + 3.50%		    

99,622

    
 

71,403

     Innophos, Inc.‡
8.930%, 02/05/27
1 mo. SOFR + 3.50%		    

71,485

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

124,063

     LSF11 A5 Holdco, LLC‡
9.666%, 10/15/28
1 mo. SOFR + 4.25%		  

$

124,558

    
 

64,414

     Trinseo Materials Operating SCA‡
7.824%, 05/03/28
3 mo. SOFR + 2.50%		    

45,013

    
 

98,737

     W.R. Grace & Co.-Conn.‡
9.321%, 09/22/28
3 mo. SOFR + 3.75%		    

99,028

    
     

504,442

    
   

Special Purpose Acquisition Companies (0.5%)

  
 

44,213

     Clydesdale Acquisition Holdings, Inc.‡
9.091%, 04/13/29
1 mo. SOFR + 3.68%		    

44,453

    
 

24,500

     Fertitta Entertainment, LLC‡
9.069%, 01/27/29
1 mo. SOFR + 3.75%		    

24,585

    
 

98,500

     Patagonia Holdco, LLC‡
11.064%, 08/01/29
3 mo. SOFR + 5.75%		    

91,605

    
     

160,643

    
        TOTAL BANK LOANS
(Cost $6,447,421)		    

6,375,175

    
NUMBER OF
SHARES		      

VALUE

  

COMMON STOCKS (0.9%)

      
   

Communication Services (0.0%)#

  
 

2,040

    

Altice USA, Inc. - Class A#

    

3,937

    
 

1,273

    

Cumulus Media, Inc. - Class A#

    

3,348

    
     

7,285

    
   

Consumer Staples (0.1%)

  
 

835

    

Mallinckrodt, PLC#

    

44,255

    
   

Energy (0.7%)

  
 

126

    

Chesapeake Energy Corp.^

    

11,325

    
 

6,600

    

Energy Transfer, LP

    

103,818

    
 

3,970

    

Enterprise Products Partners, LP

    

111,478

    
 

660

    

EP Energy Corp.&#

    

1,567

    
 

3

    

Gulfport Energy Corp.#

    

476

    
     

228,664

    
   

Special Purpose Acquisition Company (0.1%)

  
 

1,134

    

Intelsat Emergence, SA&#

    

41,108

    
        TOTAL COMMON STOCKS
(Cost $395,843)		    

321,312

    

WARRANTS (0.0%)#

      
   

Energy (0.0%)

  
 

4,950

     Mcdermott International, Ltd.&
06/30/27, Strike $15.98		    

1

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
168

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

NUMBER OF
SHARES		      

VALUE

  
 

4,455

     Mcdermott International, Ltd.&
06/30/27, Strike $12.33		  

$

—

    
        TOTAL WARRANTS
(Cost $1,909)		    

1

    

CONVERTIBLE PREFERRED STOCK (0.1%)

      
   

Energy (0.1%)

  
 

2

     Gulfport Energy Corp.#
10.000%, 05/31/24
(Cost $—)		    

23,150

    

PREFERRED STOCKS (0.7%)

      
   

Communication Services (0.1%)

  
 

1,110

     United States Cellular Corp.
5.500%, 06/01/70		    

19,592

    
 

1,060

    

5.500%, 03/01/70

    

18,836

    
     

38,428

    
   

Consumer Discretionary (0.1%)

  
 

590

    

Guitar Center, Inc.&#

    

46,315

    
   

Energy (0.5%)

  
 

2,625

     NuStar Energy, LP‡
11.234%, 05/30/24
3 mo. USD LIBOR + 5.64%		    

66,964

    
 

682

     NuStar Energy, LP‡
12.357%, 05/30/24
3 mo. USD LIBOR + 6.77%		    

17,438

    
 

2,930

     NuStar Logistics, LP‡
12.324%, 01/15/43
3 mo. USD LIBOR + 7.00%		    

74,305

    
     

158,707

    
        TOTAL PREFERRED STOCKS
(Cost $263,089)		    

243,450

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (4.7%)		      
 

1,658,493

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $1,658,493)		    

1,658,493

    
    TOTAL INVESTMENTS (105.8%)
(Cost $39,872,092)		    

37,208,252

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.7%)

    

(1,658,493

)

  

LIABILITIES, LESS OTHER ASSETS (-1.1%)

    

(399,130

)

  

NET ASSETS (100.0%)

  

$

35,150,629

    

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

@  In default status and considered non-income producing.

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

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

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

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

&  Illiquid security.

#  Non-income producing security.

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

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

SECTOR WEIGHTINGS

Consumer Discretionary

   

23.2

%

  

Financials

    

16.1

    

Energy

    

13.4

    

Industrials

   

12.7

    

Communication Services

    

9.3

    

Health Care

    

6.6

    

Consumer Staples

    

5.4

    

Information Technology

   

5.0

    

Materials

    

4.9

    

Airlines

    

1.9

    
Special Purpose Acquisition
Companies		    

1.0

    

Real Estate

    

0.7

    

Utilities

    

0.3

    

Other

    

0.3

    

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

See accompanying Notes to Schedule of Investments

www.calamos.com
169

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

PRINCIPAL
AMOUNT		      

VALUE

  

CORPORATE BONDS (56.2%)

      
   

Airlines (0.6%)

  
 

907,051

     Alaska Airlines Pass Through Trust
Series 2020-1, Class A*
4.800%, 02/15/29		  

$

880,711

    
 

160,052

     Alaska Airlines Pass Through Trust
Series 2020-1, Class B*
8.000%, 02/15/27		    

161,868

    
 

284,329

     British Airways Pass Through Trust
Series 2013-1, Class A*
4.625%, 12/20/25		    

283,595

    
 

371,470

     British Airways Pass Through Trust
Series 2019-1, Class A*
3.350%, 12/15/30		    

342,064

    
 

515,238

     JetBlue Pass Through Trust
Series 2020-1, Class B
7.750%, 05/15/30		    

527,439

    
     

2,195,677

    
   

Communication Services (2.0%)

  
 

1,000,000

     Ashtead Capital, Inc.*
4.375%, 08/15/27		    

952,710

    
 

1,000,000

     AT&T, Inc.
1.700%, 03/25/26		    

931,860

    
 

750,000

     Cogent Communications Group, Inc.*
3.500%, 05/01/26		    

706,388

    
 

822,000

     Netflix, Inc.*
3.625%, 06/15/25		    

803,965

    
 

500,000

     Paramount Global
3.700%, 10/04/26		    

462,100

    
 

400,000

     Qwest Corp.
7.250%, 09/15/25		    

396,456

    
 

1,000,000

     Rogers Communications, Inc.
3.625%, 12/15/25		    

965,840

    
 

500,000

     Sirius XM Radio, Inc.*
3.125%, 09/01/26		    

466,865

    
 

1,000,000

     Verizon Communications, Inc.
0.850%, 11/20/25		    

930,630

    
 

500,000

     Warnermedia Holdings, Inc.
3.788%, 03/15/25		    

490,480

    
     

7,107,294

    
   

Consumer Discretionary (5.6%)

  
 

1,157,000

     Abercrombie & Fitch Management
Company*
8.750%, 07/15/25		    

1,166,834

    
 

1,000,000

     Aptiv, PLC
2.396%, 02/18/25		    

973,370

    
 

500,000

     AutoZone, Inc.
5.050%, 07/15/26		    

496,445

    
 

500,000

    

4.500%, 02/01/28

    

483,980

    
 

1,000,000

     BMW US Capital, LLC*
5.050%, 08/11/28		    

991,120

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     BorgWarner, Inc.^
2.650%, 07/01/27		  

$

916,010

    
 

750,000

     Brunswick Corp.
0.850%, 08/18/24		    

738,390

    
 

1,000,000

     CCO Holdings, LLC / CCO Holdings
Capital Corp.*
5.125%, 05/01/27		    

938,860

    
 

500,000

     Daimler Truck Finance North America, LLC*
5.000%, 01/15/27		    

493,420

    
 

375,000

     Dana Financing Luxembourg Sarl*
5.750%, 04/15/25		    

373,429

    
 

1,000,000

     Ford Motor Credit Company, LLC
6.950%, 03/06/26		    

1,013,900

    
 

500,000

    

2.300%, 02/10/25

    

485,995

    
 

1,000,000

     General Motors Financial Company, Inc.
6.000%, 01/09/28		    

1,009,050

    
 

200,000

    

5.400%, 04/06/26

    

198,870

    
 

500,000

     goeasy, Ltd.*
9.250%, 12/01/28		    

529,255

    
 

500,000

     Goodyear Tire & Rubber Company
9.500%, 05/31/25		    

502,415

    
 

1,251,000

     Hasbro, Inc.
3.000%, 11/19/24		    

1,231,997

    
 

500,000

     International Game Technology, PLC*
4.125%, 04/15/26		    

481,835

    
 

338,756

     JetBlue Pass Through Trust
Series 2019-2, Class B
8.000%, 11/15/27		    

342,275

    
 

500,000

     Kia Corp.*
3.500%, 10/25/27		    

466,060

    
 

500,000

     Kohl's Corp.
4.250%, 07/17/25		    

489,145

    
 

750,000

     L Brands, Inc.*
9.375%, 07/01/25		    

778,523

    
 

1,000,000

     Lowe's Companies, Inc.
4.400%, 09/08/25		    

985,920

    
 

750,000

     Mattel, Inc.*
3.375%, 04/01/26		    

714,510

    
 

500,000

    

5.875%, 12/15/27^

    

496,455

    
 

500,000

     Newell Brands, Inc.
5.700%, 04/01/26		    

493,250

    
 

1,000,000

     O'Reilly Automotive, Inc.
5.750%, 11/20/26		    

1,006,270

    
 

1,000,000

     VF Corp.^
2.400%, 04/23/25		    

964,800

    
 

500,000

     ZF North America Capital, Inc.*
6.875%, 04/14/28		    

503,950

    
     

20,266,333

    
   

Consumer Staples (1.5%)

  
 

500,000

     Darling Ingredients, Inc.*
5.250%, 04/15/27		    

485,335

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
170

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Dollar General Corp.
4.625%, 11/01/27		  

$

972,780

    
 

1,000,000

     General Mills, Inc.^
5.241%, 11/18/25		    

994,640

    
 

300,000

     McCormick & Company, Inc.
0.900%, 02/15/26		    

276,834

    
 

1,000,000

     Mondelez International, Inc.
2.625%, 03/17/27		    

928,860

    
 

1,000,000

     Sysco Corp.
3.300%, 07/15/26		    

954,440

    
 

1,000,000

     United Rentals North America, Inc.
3.875%, 11/15/27		    

934,950

    
     

5,547,839

    
   

Energy (1.9%)

  
 

1,000,000

     Enbridge, Inc.
5.250%, 04/05/27		    

992,500

    
 

500,000

    

2.500%, 02/14/25

    

487,385

    
 

1,000,000

     Enterprise Products Operating, LLC
5.050%, 01/10/26		    

994,970

    
 

500,000

     EQM Midstream Partners, LP*
7.500%, 06/01/27		    

509,420

    
 

500,000

    

6.375%, 04/01/29

    

496,805

    
 

500,000

     EQT Corp.
3.125%, 05/15/26*		    

472,905

    
 

277,000

    

6.125%, 02/01/25

    

277,172

    
 

1,000,000

     ONEOK, Inc.
5.550%, 11/01/26		    

999,480

    
 

500,000

     Parkland Corp.*
5.875%, 07/15/27		    

489,080

    
 

1,000,000

     Williams Companies, Inc.
5.400%, 03/02/26		    

996,290

    
     

6,716,007

    
   

Financials (20.5%)

  
 

500,000

     AerCap Ireland Capital DAC / AerCap
Global Aviation Trust
2.875%, 08/14/24		    

495,865

    
 

500,000

    

1.750%, 10/29/24

    

490,240

    
 

1,000,000

     African Development Bank^
3.375%, 07/07/25		    

977,330

    
 

500,000

     American Express Company
5.389%, 07/28/27‡
SOFR + 0.97%		    

497,710

    
 

500,000

    

2.250%, 03/04/25

    

486,520

    
 

1,000,000

     Aon North America, Inc.
5.125%, 03/01/27		    

993,740

    
 

1,000,000

     Asian Infrastructure Investment Bank^
4.000%, 01/18/28		    

968,310

    
 

750,000

     Aviation Capital Group, LLC*
1.950%, 09/20/26		    

682,020

    
 

500,000

     Avolon Holdings Funding, Ltd.*
3.950%, 07/01/24		    

498,195

    
 

250,000

    

5.500%, 01/15/26^

    

246,888

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

500,000

     Bank of America Corp.‡
2.456%, 10/22/25
3 mo. SOFR + 1.13%		  

$

491,875

    
 

500,000

     1.530%, 12/06/25
SOFR + 0.65%		    

487,075

    
 

250,000

     1.658%, 03/11/27
SOFR + 0.91%		    

232,030

    
 

250,000

     0.981%, 09/25/25
SOFR + 0.91%		    

245,120

    
 

1,000,000

     Bank of Montreal
5.203%, 02/01/28		    

993,910

    
 

1,000,000

     Bank of Nova Scotia^
5.250%, 06/12/28		    

992,750

    
 

1,000,000

     Bank of NY Mellon Corp.‡
4.414%, 07/24/26
SOFR + 1.35%		    

985,250

    
 

500,000

     Barclays, PLC‡
5.304%, 08/09/26
1 year CMT + 2.30%		    

495,755

    
 

500,000

     Blackstone Private Credit Fund
2.350%, 11/22/24		    

489,115

    
 

500,000

     Capital One Financial Corp.‡
4.985%, 07/24/26
SOFR + 2.16%		    

494,420

    
 

500,000

     2.636%, 03/03/26
SOFR + 1.29%		    

485,945

    
 

250,000

     Charles Schwab Corp.
0.900%, 03/11/26		    

230,100

    
 

1,000,000

     Citigroup, Inc.‡
3.887%, 01/10/28
Update Replacements.xls:
TSFR3M + 1.82		    

956,200

    
 

500,000

     2.014%, 01/25/26
SOFR + 0.69%		    

485,510

    
 

500,000

     Citizens Bank NA‡
6.064%, 10/24/25
SOFR + 1.45%		    

498,210

    
 

500,000

     4.119%, 05/23/25^
SOFR + 1.40%		    

499,845

    
 

1,000,000

     CNO Global Funding*
1.650%, 01/06/25		    

968,500

    
 

750,000

     Comerica, Inc.^‡
5.982%, 01/30/30
SOFR + 2.16%		    

729,157

    
 

1,000,000

     Cooperatieve Rabobank UA*‡
4.655%, 08/22/28
1 year CMT + 1.75		    

967,140

    
 

1,000,000

     Council Of Europe Development Bank
3.750%, 05/25/26		    

973,560

    
 

330,000

     Credit Acceptance Corp.*
9.250%, 12/15/28		    

350,203

    
 

500,000

     Credit Suisse AG/New York NY
3.700%, 02/21/25		    

491,610

    
 

1,000,000

     Danske Bank, A/S*‡
4.298%, 04/01/28
1 year CMT + 1.75		    

955,660

    

See accompanying Notes to Schedule of Investments

www.calamos.com
171

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,250,000

     Discover Financial Services
4.100%, 02/09/27		  

$

1,192,612

    
 

1,000,000

     DNB Bank, ASA*‡
0.856%, 09/30/25
1 year CMT + 0.33%		    

978,690

    
 

957,000

     Enact Holdings, Inc.*
6.500%, 08/15/25		    

956,588

    
 

1,250,000

     European Bank for Reconstruction &
Development
0.500%, 11/25/25		    

1,162,012

    
 

1,000,000

    

0.500%, 05/19/25

    

950,680

    
 

1,000,000

     European Investment Bank
3.250%, 11/15/27		    

947,210

    
 

500,000

     Fifth Third Bancorp‡
1.707%, 11/01/27
SOFR + 0.69%		    

451,920

    
 

500,000

     Fiserv, Inc.
5.150%, 03/15/27		    

495,235

    
 

500,000

     Goldman Sachs BDC, Inc.
6.375%, 03/11/27		    

502,175

    
 

750,000

     Goldman Sachs Group, Inc.‡
0.855%, 02/12/26
SOFR + 0.61%		    

720,533

    
 

735,000

     HAT Holdings I LLC / HAT Holdings II
LLC*
8.000%, 06/15/27		    

754,786

    
 

450,000

     HSBC Holdings, PLC‡
2.999%, 03/10/26
SOFR + 1.43%		    

438,746

    
 

1,000,000

     Huntington National Bank‡
5.699%, 11/18/25
SOFR + 1.22%		    

994,230

    
 

1,000,000

     Inter-American Development Bank^
1.750%, 03/14/25		    

969,170

    
 

1,000,000

     Inter-American Investment Corp.
2.625%, 04/22/25		    

972,950

    
 

1,000,000

     International Bank for Reconstruction &
Development
1.625%, 01/15/25		    

974,320

    
 

500,000

     International Finance Corp.
3.625%, 09/15/25		    

489,160

    
 

500,000

     JPMorgan Chase & Company‡
2.595%, 02/24/26
SOFR + 0.92%		    

486,985

    
 

500,000

     0.824%, 06/01/25
3 mo. SOFR + 0.54%		    

497,840

    
 

250,000

     1.578%, 04/22/27
SOFR + 0.89%		    

230,825

    
 

250,000

     0.768%, 08/09/25
SOFR + 0.49%		    

246,413

    
 

500,000

     KeyBank NA^
4.150%, 08/08/25		    

485,920

    
 

1,000,000

     KfW
1.250%, 01/31/25		    

969,770

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Kreditanstalt fuer Wiederaufbau
3.750%, 02/15/28		  

$

960,960

    
 

300,000

    

1.000%, 10/01/26

    

273,033

    
 

1,000,000

     Ladder Capital Finance Holdings, LLLP /
Ladder Capital Finance Corp.*
5.250%, 10/01/25		    

983,630

    
 

500,000

     Lloyds Banking Group, PLC‡
3.511%, 03/18/26
1 year CMT + 1.60%		    

489,100

    
 

500,000

     Macquarie Group, Ltd.*‡
1.201%, 10/14/25
SOFR + 0.69%		    

488,695

    
 

250,000

     Manufacturers & Traders Trust Company^
4.650%, 01/27/26		    

243,548

    
 

1,000,000

     Metropolitan Life Global Funding I*
2.800%, 03/21/25		    

975,480

    
 

500,000

    

5.000%, 01/06/26

    

496,475

    
 

500,000

     Mitsubishi UFJ Financial Group, Inc.‡
5.063%, 09/12/25
1 year CMT + 1.55%		    

498,160

    
 

500,000

     4.788%, 07/18/25
1 year CMT + 1.70%		    

498,545

    
 

500,000

     Morgan Stanley‡
4.952%, 01/14/28		    

492,455

    
 

750,000

     Morgan Stanley‡
0.790%, 05/30/25
SOFR + 0.53%		    

746,527

    
 

1,000,000

     Mutual of Omaha Companies Global
Funding*
5.350%, 04/09/27		    

991,100

    
 

750,000

     Nasdaq, Inc.
5.350%, 06/28/28		    

746,962

    
 

42,000

    

5.650%, 06/28/25

    

41,982

    
 

500,000

     National Bank of Canada
5.600%, 12/18/28		    

499,345

    
 

500,000

     3.750%, 06/09/25‡
SOFR + 1.01%		    

498,635

    
 

1,000,000

     National Securities Clearing Corp.*
5.150%, 05/30/25		    

996,550

    
 

500,000

     NatWest Markets, PLC*^
1.600%, 09/29/26		    

454,925

    
 

500,000

     Nordea Bank Abp*
4.750%, 09/22/25		    

494,555

    
 

500,000

    

1.500%, 09/30/26

    

453,630

    
 

1,000,000

     Nordic Investment Bank
2.625%, 04/04/25		    

975,300

    
 

1,000,000

    

0.375%, 09/11/25

    

935,960

    
 

1,000,000

     Nuveen, LLC*
5.550%, 01/15/30		    

993,030

    
 

1,000,000

     Oesterreichische Kontrollbank, AG
3.625%, 09/09/27		    

958,640

    
 

1,000,000

    

1.500%, 02/12/25

    

969,710

    
 

500,000

     OneMain Finance Corp.
3.500%, 01/15/27		    

461,095

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
172

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     PayPal Holdings, Inc.
2.650%, 10/01/26		  

$

939,640

    
 

750,000

     PNC Financial Services Group, Inc.
5.671%, 10/28/25‡
SOFR + 1.09%		    

749,467

    
 

250,000

    

2.200%, 11/01/24

    

245,800

    
 

935,000

     Pricoa Global Funding I*
4.200%, 08/28/25		    

918,563

    
 

500,000

    

1.200%, 09/01/26

    

453,320

    
 

200,000

     Principal Life Global Funding II*
5.000%, 01/16/27		    

198,038

    
 

500,000

     Prologis Targeted US Logistics Fund, LP*
5.250%, 04/01/29		    

490,930

    
 

1,000,000

     Prologis, LP
4.875%, 06/15/28		    

984,930

    
 

1,000,000

     Radian Group, Inc.
4.500%, 10/01/24^		    

992,800

    
 

500,000

    

6.200%, 05/15/29

    

496,655

    
 

500,000

     RLJ Lodging Trust, LP*
3.750%, 07/01/26		    

472,070

    
 

500,000

     Rocket Mortgage, LLC / Rocket
Mortgage Co-Issuer, Inc.*
2.875%, 10/15/26		    

460,055

    
 

750,000

     Royal Bank Of Canada
6.000%, 11/01/27		    

764,917

    
 

250,000

     Royal Bank of Canada
0.875%, 01/20/26		    

231,930

    
 

500,000

     SBA Tower Trust*
1.631%, 05/15/51		    

445,289

    
 

250,000

    

1.840%, 04/15/27

    

222,146

    
 

200,000

    

1.884%, 07/15/50

    

186,236

    
 

190,000

    

2.836%, 01/15/50

    

185,785

    
 

500,000

     Skandinaviska Enskilda Banken, AB*
0.650%, 09/09/24^		    

491,315

    
 

300,000

    

1.200%, 09/09/26

    

271,152

    
 

500,000

     SLM Corp.
3.125%, 11/02/26		    

464,310

    
 

500,000

     Starwood Property Trust, Inc.*
3.750%, 12/31/24		    

491,520

    
 

500,000

     State Street Corp.‡
5.751%, 11/04/26^
SOFR + 1.35%		    

501,275

    
 

500,000

     2.354%, 11/01/25
SOFR + 0.94%		    

490,560

    
 

500,000

     StoneX Group, Inc.*
8.625%, 06/15/25		    

502,040

    
 

1,000,000

     Svenska Handelsbanken, AB*
3.650%, 06/10/25		    

979,410

    
 

500,000

     Synovus Bank
5.625%, 02/15/28		    

477,930

    
 

500,000

     Toronto-Dominion Bank
3.766%, 06/06/25		    

490,360

    
 

250,000

    

1.200%, 06/03/26

    

229,063

    
 

250,000

    

0.750%, 01/06/26

    

231,445

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Toyota Motor Credit Corp.^
4.625%, 01/12/28		  

$

981,610

    
 

1,000,000

     Truist Financial Corp.‡
5.900%, 10/28/26
SOFR + 1.63%		    

999,930

    
 

1,000,000

     Ventas Realty, LP^
3.500%, 02/01/25		    

982,430

    
 

750,000

     VICI Properties, LP / VICI Note
Company, Inc.*^
3.500%, 02/15/25		    

737,580

    
     

74,083,056

    
   

Health Care (4.2%)

  
 

500,000

     Amgen, Inc.
5.250%, 03/02/25		    

498,235

    
 

1,000,000

     Baxter International, Inc.^
1.322%, 11/29/24		    

974,870

    
 

1,000,000

     Blue Cross & Blue Shield of Minnesota*
3.790%, 05/01/25		    

980,150

    
 

250,000

     Bristol-Myers Squibb Company
4.900%, 02/22/27		    

247,980

    
 

1,000,000

     CVS Health Corp.
5.000%, 02/20/26		    

990,130

    
 

1,000,000

     Elevance Health, Inc.
4.101%, 03/01/28		    

957,950

    
 

1,000,000

     Gilead Sciences, Inc.
1.200%, 10/01/27		    

876,100

    
 

250,000

     Haleon UK Capital PLC
3.125%, 03/24/25		    

244,160

    
 

1,000,000

     Health Care Service Corp. A Mutual
Legal Reserve Company*
1.500%, 06/01/25		    

953,740

    
 

1,000,000

     Illumina, Inc.
5.800%, 12/12/25		    

998,690

    
 

1,000,000

     IQVIA, Inc.^
5.700%, 05/15/28		    

999,430

    
 

500,000

     Laboratory Corp. of America Holdings
2.950%, 12/01/29		    

439,020

    
 

500,000

    

2.300%, 12/01/24

    

490,090

    
 

1,000,000

     McKesson Corp.
0.900%, 12/03/25		    

929,920

    
 

500,000

    

5.250%, 02/15/26

    

495,970

    
 

500,000

     PerkinElmer, Inc.^
0.850%, 09/15/24		    

491,075

    
 

750,000

     Quest Diagnostics, Inc.
3.500%, 03/30/25		    

735,187

    
 

750,000

     Teva Pharmaceutical Finance
Netherlands III, BV
3.150%, 10/01/26		    

695,213

    
 

1,000,000

     Thermo Fisher Scientific, Inc.^
5.000%, 01/31/29		    

991,380

    
 

500,000

     UnitedHealth Group, Inc.
5.250%, 02/15/28^		    

501,710

    
 

500,000

    

5.150%, 10/15/25

    

498,680

    
     

14,989,680

    

See accompanying Notes to Schedule of Investments

www.calamos.com
173

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

PRINCIPAL
AMOUNT		      

VALUE

  
   

Industrials (7.5%)

  
 

500,000

     Aar Escrow Issuer, LLC*
6.750%, 03/15/29		  

$

504,495

    
 

1,000,000

     AGCO Corp.
5.450%, 03/21/27		    

997,060

    
 

500,000

     Air Lease Corp.
2.200%, 01/15/27		    

456,125

    
 

500,000

    

0.800%, 08/18/24

    

492,440

    
 

500,000

     Allegiant Travel Company*^
7.250%, 08/15/27		    

484,330

    
 

1,000,000

     Amphenol Corp.^
5.050%, 04/05/27		    

993,840

    
 

410,000

     Ball Corp.
6.875%, 03/15/28		    

417,093

    
 

750,000

     Beacon Roofing Supply, Inc.*^
4.500%, 11/15/26		    

720,750

    
 

1,000,000

     Berry Global, Inc.*
4.875%, 07/15/26		    

979,410

    
 

1,000,000

     Canadian Pacific Railway Company
4.000%, 06/01/28		    

952,270

    
 

1,000,000

     Cascades, Inc. / Cascades USA, Inc.*
5.125%, 01/15/26		    

976,080

    
 

500,000

     Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
4.500%, 10/20/25		    

493,615

    
 

250,000

     GATX Corp.
5.400%, 03/15/27		    

248,618

    
 

500,000

     Graphic Packaging International, LLC*^
1.512%, 04/15/26		    

459,260

    
 

500,000

     GXO Logistics, Inc.
1.650%, 07/15/26		    

456,210

    
 

500,000

     Harley-Davidson Financial Services, Inc.*^
6.500%, 03/10/28		    

505,390

    
 

750,000

     Hawaiian Brand Intellectual Property,
Ltd. / HawaiianMiles Loyalty, Ltd.*^
5.750%, 01/20/26		    

705,030

    
 

1,000,000

     Ingersoll Rand, Inc.
5.400%, 08/14/28		    

998,580

    
 

500,000

     Johnson Controls International, PLC /
Tyco Fire and Security Finance SCA
5.500%, 04/19/29		    

502,485

    
 

1,000,000

     Leidos, Inc.
3.625%, 05/15/25		    

977,390

    
 

1,000,000

     Lennox International, Inc.
5.500%, 09/15/28		    

996,970

    
 

1,000,000

     Mohawk Industries, Inc.
5.850%, 09/18/28		    

1,011,190

    
 

1,000,000

     Nordson Corp^
5.600%, 09/15/28		    

1,000,830

    
 

500,000

     Owens Corning
4.200%, 12/01/24		    

495,050

    
 

1,000,000

     Parker-Hannifin Corp.^
4.250%, 09/15/27		    

968,120

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Penske Truck Leasing Company, LP / PTL
Finance Corp.*^
4.200%, 04/01/27		  

$

960,190

    
 

1,000,000

     Ryder System, Inc.
5.650%, 03/01/28		    

1,006,580

    
 

389,000

     Sealed Air Corp.*
6.125%, 02/01/28		    

384,686

    
 

500,000

     SMBC Aviation Capital Finance DAC*
1.900%, 10/15/26		    

454,260

    
 

500,000

     TransDigm, Inc.*
6.375%, 03/01/29		    

497,245

    
 

1,000,000

     Tyco Electronics Group SA
4.500%, 02/13/26		    

984,300

    
 

1,000,000

     Veralto Corp.*
5.500%, 09/18/26		    

994,550

    
 

1,000,000

     Verisk Analytics, Inc.
4.000%, 06/15/25		    

979,950

    
 

1,000,000

     Waste Management, Inc.
3.500%, 05/15/24		    

999,230

    
 

750,000

     WESCO Distribution, Inc.*
7.125%, 06/15/25		    

751,207

    
 

500,000

    

6.375%, 03/15/29

    

497,500

    
 

723,000

     Williams Scotsman, Inc.*
6.125%, 06/15/25		    

721,091

    
     

27,023,420

    
   

Information Technology (4.4%)

  
 

1,000,000

     Autodesk, Inc.
4.375%, 06/15/25		    

988,510

    
 

1,000,000

     Booz Allen Hamilton, Inc.*
3.875%, 09/01/28		    

926,780

    
 

715,000

     Broadridge Financial Solutions, Inc.
3.400%, 06/27/26		    

683,919

    
 

500,000

     CDW, LLC / CDW Finance Corp.
5.500%, 12/01/24		    

497,070

    
 

300,000

    

4.125%, 05/01/25

    

294,927

    
 

500,000

     CGI, Inc.
1.450%, 09/14/26		    

453,325

    
 

250,000

     Hewlett Packard Enterprise Company
5.900%, 10/01/24		    

250,130

    
 

500,000

     HP, Inc.
1.450%, 06/17/26		    

458,775

    
 

1,000,000

     Intel Corp.
2.875%, 05/11/24		    

999,530

    
 

1,000,000

     International Business Machines Corp.
4.500%, 02/06/26^		    

987,490

    
 

500,000

    

1.000%, 03/15/26

    

459,035

    
 

1,000,000

     Intuit, Inc.
5.250%, 09/15/26		    

1,002,360

    
 

1,000,000

     Mercedes-Benz Finance North
America, LLC*
5.375%, 11/26/25		    

998,390

    
 

1,000,000

     NetApp, Inc.
1.875%, 06/22/25		    

956,950

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
174

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     NVIDIA Corp.
1.550%, 06/15/28		  

$

875,950

    
 

500,000

     Open Text Corp.*
6.900%, 12/01/27		    

511,510

    
 

1,000,000

     Oracle Corp.
2.650%, 07/15/26		    

939,620

    
 

750,000

     PTC, Inc.*
3.625%, 02/15/25		    

736,642

    
 

500,000

     Roper Technologies, Inc.^
4.200%, 09/15/28		    

477,815

    
 

500,000

     Take-Two Interactive Software, Inc.
5.000%, 03/28/26		    

494,250

    
 

500,000

    

3.550%, 04/14/25^

    

490,055

    
 

500,000

     Texas Instruments, Inc.
4.600%, 02/15/28^		    

492,265

    
 

250,000

    

1.125%, 09/15/26

    

227,638

    
 

750,000

     VMware, Inc.
1.000%, 08/15/24		    

739,680

    
     

15,942,616

    
   

Materials (1.6%)

  
 

250,000

     Avery Dennison Corp.^
0.850%, 08/15/24		    

246,408

    
 

1,000,000

     Genuine Parts Company
1.750%, 02/01/25		    

969,630

    
 

1,000,000

     Linde, Inc.^
4.700%, 12/05/25		    

992,210

    
 

500,000

     Newmont Corp. / Newcrest Finance Pty,
Ltd.*
5.300%, 03/15/26		    

496,980

    
 

1,500,000

     OCI, NV*
4.625%, 10/15/25		    

1,464,825

    
 

500,000

     Sherwin-Williams Company
3.450%, 06/01/27		    

472,545

    
 

200,000

    

4.250%, 08/08/25

    

196,708

    
 

1,000,000

     Sonoco Products Company
1.800%, 02/01/25		    

969,590

    
     

5,808,896

    
   

Other (0.9%)

  
 

2,000,000

     Asian Development Bank
2.750%, 01/19/28		    

1,855,380

    
 

1,000,000

     Federation des Caisses Desjardins
du Quebec*^
4.400%, 08/23/25		    

984,680

    
 

500,000

     Gen Digital, Inc.*
6.750%, 09/30/27		    

502,135

    
     

3,342,195

    
   

Real Estate (3.2%)

  
 

1,000,000

     American Tower Corp.
1.600%, 04/15/26		    

925,670

    
 

1,000,000

     Boston Properties, LP
6.750%, 12/01/27		    

1,022,080

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Brixmor Operating Partnership, LP^
4.125%, 06/15/26		  

$

966,400

    
 

1,000,000

     Camden Property Trust
5.850%, 11/03/26		    

1,008,280

    
 

1,000,000

     Crown Castle, Inc.
4.450%, 02/15/26		    

978,900

    
 

500,000

     EPR Properties^
4.500%, 04/01/25		    

492,345

    
 

500,000

     Equinix, Inc.
1.000%, 09/15/25		    

467,860

    
 

250,000

    

1.250%, 07/15/25

    

236,500

    
 

500,000

     Federal Realty Investment Trust
1.250%, 02/15/26		    

462,525

    
 

750,000

     Forestar Group, Inc.*
3.850%, 05/15/26		    

713,017

    
 

1,000,000

     Healthpeak OP LLC
3.400%, 02/01/25		    

981,460

    
 

1,000,000

     Public Storage^
5.125%, 01/15/29		    

994,950

    
 

1,000,000

     Realty Income Corp.^
5.050%, 01/13/26		    

994,650

    
 

500,000

     Simon Property Group, LP
1.375%, 01/15/27		    

449,755

    
 

250,000

    

2.000%, 09/13/24^

    

246,740

    
 

250,000

     Welltower, Inc.
4.000%, 06/01/25		    

245,330

    
 

500,000

     Weyerhaeuser Company
4.750%, 05/15/26		    

492,315

    
     

11,678,777

    
   

Special Purpose Acquisition Companies (0.5%)

  
 

1,000,000

     New York Life Global Funding*
3.600%, 08/05/25		    

976,730

    
 

1,000,000

     Novartis Capital Corp.
3.400%, 05/06/24		    

1,000,000

    
     

1,976,730

    
   

Utilities (1.8%)

  
 

250,000

     AES Corp.
1.375%, 01/15/26		    

231,723

    
 

1,000,000

     CMS Energy Corp.
3.600%, 11/15/25		    

967,850

    
 

300,000

     DPL, Inc.
4.125%, 07/01/25		    

291,948

    
 

750,000

     Enel Finance International, NV*
2.650%, 09/10/24		    

742,222

    
 

300,000

     Entergy Corp.
0.900%, 09/15/25		    

281,367

    
 

500,000

     Entergy Texas, Inc.
1.500%, 09/01/26		    

452,555

    
 

1,000,000

     National Rural Utilities Cooperative
Finance Corp.
5.450%, 10/30/25		    

999,250

    

See accompanying Notes to Schedule of Investments

www.calamos.com
175

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     NSTAR Electric Company
3.200%, 05/15/27		  

$

943,850

    
 

25,000

     PPL Capital Funding, Inc.‡
8.236%, 03/30/67
3 mo. USD LIBOR + 2.67%		    

24,809

    
 

1,000,000

     Sempra
3.400%, 02/01/28		    

927,980

    
 

500,000

     WEC Energy Group, Inc.
5.000%, 09/27/25		    

495,705

    
     

6,359,259

    
        TOTAL CORPORATE BONDS
(Cost $206,565,890)		    

203,037,779

    

U.S. GOVERNMENT AND AGENCY SECURITIES (5.8%)

      
 

1,000,000

     Federal Home Loan Mortgage Corp.
4.000%, 11/25/24		    

991,910

    
 

12,015,000

     United States Treasury Note
4.250%, 02/28/29		    

11,772,823

    
 

4,000,000

    

3.625%, 03/31/28

    

3,834,219

    
 

2,500,000

    

4.000%, 06/30/28

    

2,427,539

    
 

1,750,000

    

4.125%, 07/31/28

    

1,707,002

    
        TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES
(Cost $21,186,035)		    

20,733,493

    

SOVEREIGN BONDS (1.8%)

      
 

1,000,000

     Development Bank of Japan, Inc.*
5.125%, 09/01/26		    

996,610

    
 

1,000,000

     Export Development Canada
3.375%, 08/26/25		    

975,380

    
 

500,000

    

3.875%, 02/14/28

    

482,430

    
 

1,000,000

     Japan Bank for International Cooperation
4.250%, 04/27/26		    

979,980

    
 

500,000

     Kommunalbanken, A/S*
0.500%, 01/13/26^		    

461,580

    
 

200,000

    

4.500%, 09/01/28

    

196,626

    
 

1,000,000

     Kommuninvest I Sverige AB*
4.250%, 12/10/25		    

982,990

    
 

1,000,000

     Svensk ExportKredit AB
4.125%, 06/14/28		    

967,560

    
 

500,000

    

3.625%, 09/03/24^

    

496,670

    
        TOTAL SOVEREIGN BONDS
(Cost $6,687,328)		    

6,539,826

    

BANK LOANS (10.6%)¡

      
   

Airlines (0.6%)

  
 

1,000,000

     Air Canada‡
7.833%, 03/21/31
3 mo. SOFR + 2.50%		    

1,008,125

    
 

376,000

     American Airlines, Inc.‡
10.336%, 04/20/28
3 mo. SOFR + 4.75%		    

391,549

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

837,474

     Mileage Plus Holdings, LLC‡
10.733%, 06/21/27
3 mo. SOFR + 5.25%		  

$

860,852

    
     

2,260,526

    
   

Communication Services (1.4%)

  
 

895,430

     APi Group DE, Inc.
7.930%, 01/03/29
1 mo. SOFR + 2.50%		    

899,831

    
 

292,111

     DIRECTV Financing, LLC‡
10.430%, 08/02/27
1 mo. SOFR + 5.00%		    

293,976

    
 

290,113

     DirecTV Financing, LLC!
0.000%,		    

291,965

    
 

1,161,449

     Go Daddy Operating Company, LLC‡
7.316%, 11/09/29
1 mo. SOFR + 2.00%		    

1,163,284

    
 

1,000,000

     Match Group, Inc.‡
7.233%, 02/13/27
3 mo. SOFR + 1.75%		    

1,000,000

    
 

590,437

     Nexstar Broadcasting, Inc.‡
7.930%, 09/18/26
1 mo. SOFR + 2.50%		    

591,618

    
 

1,000,000

     Virgin Media Bristol, LLC‡
7.936%, 01/31/28
1 mo. SOFR + 2.50%		    

982,875

    
     

5,223,549

    
   

Consumer Discretionary (3.2%)

  
 

1,044,670

     Adient U.S., LLC‡
8.066%, 01/31/31
1 mo. SOFR + 2.75%		    

1,050,546

    
 

960,000

     American Axle & Manufacturing, Inc.‡
8.921%, 12/13/29
1 mo. SOFR + 3.50%		    

965,702

    
 

1,533,753

     Carnival Corp.‡
8.067%, 08/08/27
1 mo. SOFR + 2.75%		    

1,543,576

    
 

1,000,000

     Cedar Fair, LP‡!
0.000%, 04/18/31		    

1,001,250

    
 

997,500

     Flutter Financing, BV‡
7.559%, 11/25/30
3 mo. SOFR + 2.25%		    

1,000,528

    
 

495,000

     Hanesbrands, Inc.‡
9.066%, 03/08/30
1 mo. SOFR + 3.75%		    

496,030

    
 

1,000,000

     Hilton Domestic Operating Company,
Inc.‡
7.417%, 11/08/30
1 mo. SOFR + 2.00%		    

1,003,355

    
 

1,000,000

     Installed Building Products, Inc.‡
7.316%, 03/28/31
1 mo. SOFR + 2.00%		    

1,004,845

    
 

600,000

     Life Time Fitness, Inc.‡
9.591%, 01/15/26
3 mo. SOFR + 4.00%		    

604,314

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
176

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Light & Wonder International, Inc.‡
8.071%, 04/14/29
1 mo. SOFR + 2.75%		  

$

1,003,470

    
 

971,219

     Murphy USA, Inc.‡
7.192%, 01/31/28
1 mo. SOFR + 1.75%		    

975,711

    
 

487,469

     PetSmart, Inc.‡
9.166%, 02/11/28
1 mo. SOFR + 3.75%		    

481,375

    
 

321,957

     SkyMiles IP, Ltd.‡
9.075%, 10/20/27
3 mo. SOFR + 3.75%		    

332,452

    
     

11,463,154

    
   

Consumer Staples (0.2%)

  
 

876,823

     Jazz Financing Lux Sarl‡
8.430%, 05/05/28
1 mo. SOFR + 3.00%		    

882,992

    
   

Energy (0.6%)

  
 

997,500

     Buckeye Partners, LP‡
7.816%, 11/22/30
1 mo. SOFR + 2.50%		    

1,002,243

    
 

994,975

     Par Petroleum, LLC‡
9.052%, 02/28/30
3 mo. SOFR + 3.75%		    

999,637

    
     

2,001,880

    
   

Financials (0.4%)

  
 

305,000

     Delos Aircraft Leasing DAC‡
7.302%, 10/31/27
3 mo. SOFR + 2.00%		    

305,724

    
 

989,474

     Iron Mountain, Inc.‡
7.180%, 01/02/26
1 mo. LIBOR + 1.75%		    

989,103

    
     

1,294,827

    
   

Health Care (1.1%)

  
 

186,648

     Avantor Funding, Inc.‡
7.416%, 11/08/27
1 mo. SOFR + 2.00%		    

187,538

    
 

964,963

     DaVita, Inc.‡
7.180%, 08/12/26
1 mo. SOFR + 1.75%		    

966,078

    
 

986,230

     Elanco Animal Health, Inc.‡
7.177%, 08/01/27
1 mo. SOFR + 1.75%		    

985,698

    
 

640,435

     Icon Luxembourg Sarl!
0.000%,		    

643,855

    
 

215,470

     Icon Luxembourg Sarl‡
7.309%, 07/03/28
3 mo. SOFR + 2.00%		    

216,620

    
 

878,997

     Organon & Company
8.433%, 06/02/28
1 mo. SOFR + 3.00%		    

884,904

    
 

159,565

     PRA Health Sciences, Inc.!
0.000%,		    

160,417

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

53,684

     PRA Health Sciences, Inc.‡
7.309%, 07/03/28
3 mo. SOFR + 2.00%		  

$

53,971

    
     

4,099,081

    
   

Industrials (1.1%)

  
 

997,500

     Beacon Roofing Supply, Inc.‡
7.316%, 05/19/28
1 mo. SOFR + 2.00%		    

1,001,864

    
 

987,538

     ChampionX Corp.‡
8.168%, 06/07/29
1 mo. SOFR + 2.75%		    

993,092

    
 

977,450

     JELD-WEN, Inc.‡
7.430%, 07/28/28
1 mo. SOFR + 2.00%		    

981,237

    
 

995,000

     Vertiv Group Corp.‡
7.943%, 03/02/27
1 mo. SOFR + 2.50%		    

999,861

    
     

3,976,054

    
   

Information Technology (1.1%)

  
 

1,087,333

     II-VI, Inc.‡
7.829%, 07/02/29
1 mo. SOFR + 2.50%		    

1,093,786

    
 

1,000,000

     KBR, Inc.‡
7.566%, 01/17/31
1 mo. SOFR + 2.25%		    

1,004,165

    
 

870,235

     TTM Technologies, Inc.‡
8.077%, 05/30/30
1 mo. SOFR + 2.75%		    

871,866

    
 

987,538

     ZoomInfo, LLC‡
7.566%, 02/28/30
1 mo. SOFR + 2.25%		    

993,710

    
     

3,963,527

    
   

Materials (0.9%)

  
 

1,079,119

     Axalta Coating Systems U.S. Holdings,
Inc.‡
7.330%, 12/20/29
3 mo. SOFR + 2.00%		    

1,083,441

    
 

992,070

     Chemours Company‡
8.817%, 08/18/28
1 mo. SOFR + 3.50%		    

993,002

    
 

992,500

     H.B. Fuller Company‡
7.316%, 02/15/30
1 mo. SOFR + 2.00%		    

996,222

    
     

3,072,665

    
        TOTAL BANK LOANS
(Cost $38,044,178)		    

38,238,255

    

ASSET BACKED SECURITIES (19.5%)

      
   

Communication Services (0.5%)

  
 

1,000,000

     T-Mobile U.S. Trust
Series 2022-1A, Class A*
4.910%, 05/22/28		    

993,317

    

See accompanying Notes to Schedule of Investments

www.calamos.com
177

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Verizon Master Trust
Series 2021-2, Class B
1.280%, 04/20/28		  

$

978,795

    
     

1,972,112

    
   

Consumer Discretionary (0.3%)

  
 

1,250,000

     Avis Budget Rental Car Funding
AESOP, LLC
Series 2019-2A, Class A*
3.350%, 09/22/25		    

1,243,731

    
   

Financials (9.0%)

  
 

2,000,000

     American Express Credit Account
Master Trust
Series 2021-1, Class A
0.900%, 11/15/26		    

1,950,247

    
 

2,000,000

     Capital One Multi-Asset Execution Trust
Series 2021-A3, Class A3
1.040%, 11/15/26		    

1,951,327

    
 

938,431

     Capital One Prime Auto Receivables Trust
Series 2022-1, Class A3
3.170%, 04/15/27		    

919,035

    
 

294,120

     Commonbond Student Loan Trust
Series 2017-B-GS, Class A1*
2.680%, 09/25/42		    

268,426

    
 

109,991

     Commonbond Student Loan Trust
Series 2018-C-GS, Class A1*
3.870%, 02/25/46		    

102,264

    
 

369,432

     Commonbond Student Loan Trust
Series 2019-A-GS, Class A1*
2.540%, 01/25/47		    

326,969

    
 

598,101

     Commonbond Student Loan Trust
Series 2021-B-GS, Class A*
1.170%, 09/25/51		    

498,341

    
 

252,410

     Credit Acceptance Auto Loan Trust
Series 2021-4, Class A*
1.260%, 10/15/30		    

249,368

    
 

2,000,000

     Credit Acceptance Auto Loan Trust
Series 2024-1A, Class A*
5.680%, 03/15/34		    

1,989,080

    
 

1,500,000

     Dell Equipment Finance Trust
Series 2022-2, Class B*
4.400%, 07/22/27		    

1,479,012

    
 

1,500,000

     Discover Card Execution Note Trust
Series 2022-A2, Class A
3.320%, 05/15/27		    

1,465,904

    
 

763,021

     ELFI Graduate Loan Program, LLC
Series 2021-A, Class A*
1.530%, 12/26/46		    

652,592

    
 

986,125

     ELFI Graduate Loan Program, LLC
Series 2022-A, Class A*
4.510%, 08/26/47		    

949,333

    
 

379,355

     Enterprise Fleet Financing, LLC
Series 2022-4, Class A2*
5.760%, 10/22/29		    

379,107

    
 

1,500,000

     Enterprise Fleet Financing, LLC
Series 2024-2, Class A3*
5.610%, 04/20/28		    

1,497,159

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

1,500,000

     Hertz Vehicle Financing LLC
Series 2021-1A, Class A*
1.210%, 12/26/25		  

$

1,469,345

    
 

1,000,000

     Kubota Credit Owner Trust
Series 2023-2A, Class A3*
5.280%, 01/18/28		    

993,278

    
 

819,459

     MMAF Equipment Finance LLC
Series 2017-B, Class A5*
2.720%, 06/15/40		    

806,148

    
 

2,000,000

     MMAF Equipment Finance LLC
Series 2023-A, Class A3*
5.540%, 12/13/29		    

1,997,821

    
 

1,215,243

     Navient Private Education Refi Loan Trust
Series 2020-BA, Class A2*
2.120%, 01/15/69		    

1,118,191

    
 

271,000

     NextGear Floorplan Master Owner Trust
Series 2021-1A, Class A*
0.850%, 07/15/26		    

268,358

    
 

511,233

     OneMain Direct Auto Receivables Trust
Series 2021-1A, Class A*
0.870%, 07/14/28		    

494,291

    
 

777,000

     OneMain Direct Auto Receivables Trust
Series 2021-1A, Class B*
1.260%, 07/14/28		    

714,855

    
 

1,625,173

     Oscar US Funding XII, LLC
Series 2021-1A, Class A4*
1.000%, 04/10/28		    

1,568,919

    
 

81,184

     Pawneee Equipment Receivables, LLC
Series 2021-1, Class A2*
1.100%, 07/15/27		    

80,036

    
 

1,813,452

     Pawneee Equipment Receivables, LLC
Series 2022-1, Class A3*
5.170%, 02/15/28		    

1,805,315

    
 

259,741

     PenFed Auto Receivables Owner Trust
Series 2022-A, Class A3*
3.960%, 04/15/26		    

258,309

    
 

300,000

     PenFed Auto Receivables Owner Trust
Series 2022-A, Class A4*
4.180%, 12/15/28		    

295,349

    
 

2,000,000

     Porsche Financial Auto Securitization Trust
Series 2023-2A, Class A3*
5.790%, 01/22/29		    

2,008,622

    
 

792,000

     Progress Residential Trust
Series 2021-SFR5, Class B*
1.658%, 07/17/38		    

719,415

    
 

1,022,929

     SoFi Professional Loan Program Trust
Series 2020-C, Class AFX*
1.950%, 02/15/46		    

931,855

    
 

613,157

     SoFi Professional Loan Program, LLC
Series 2017-F, Class A2FX*
3.600%, 02/25/48		    

596,550

    
 

1,615,000

     Toyota Auto Loan Extended Note Trust
Series 2019-1A, Class A*
2.560%, 11/25/31		    

1,611,838

    
     

32,416,659

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
178

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

PRINCIPAL
AMOUNT		      

VALUE

  
   

Health Care (0.2%)

  
 

746,240

     DT Auto Owner Trust
Series 2022-2A, Class B*
4.220%, 01/15/27		  

$

743,831

    
   

Industrials (0.3%)

  
 

1,000,000

     John Deere Owner Trust
Series 2021-B, Class A4
0.740%, 05/15/28		    

954,117

    
   

Information Technology (0.5%)

  
 

1,759,971

     Vantage Data Centers Issuer, LLC
Series 2019-1A, Class A2*
3.188%, 07/15/44		    

1,748,098

    
   

Other (8.3%)

  
 

2,000,000

     Aligned Data Centers Issuer, LLC
Series 2021-1A, Class A2*
1.937%, 08/15/46		    

1,812,516

    
 

500,000

     American Express Credit Account
Master Trust
Series 2023-2, Class A
4.800%, 05/15/30		    

491,760

    
 

370,476

     Amur Equipment Finance
Receivables XI, LLC
Series 2022-2A, Class A2*
5.300%, 06/21/28		    

369,085

    
 

800,000

     Amur Equipment Finance
Receivables XIII, LLC - Class A2,
Series 2024-1A*
5.380%, 01/21/31		    

795,254

    
 

61,426

     Atalaya Equipment Leasing Trust
Series 2021-1A, Class A2*
1.230%, 05/15/26		    

61,255

    
 

1,000,000

     BA Credit Card Trust
Series 2022-A1, Class A1
3.530%, 11/15/27		    

978,389

    
 

330,000

     CCG Receivables Trust
Series 2021-2, Class B*
1.270%, 03/14/29		    

314,639

    
 

1,000,000

     CCG Receivables Trust
Series 2023-1, Class B*
5.990%, 09/16/30		    

1,001,939

    
 

1,000,000

     CCG Receivables Trust
Series 2023-1, Class C*
6.280%, 09/16/30		    

1,008,060

    
 

1,213,333

     CLI Funding VI, LLC
Series 2020-3A, Class A*
2.070%, 10/18/45		    

1,082,247

    
 

902,833

     Daimler Trucks Retail Trust
Series 2022-1, Class A3
5.230%, 02/17/26		    

900,189

    
 

2,000,000

     DLLAD, LLC
Series 2023-1A, Class A3*
4.790%, 01/20/28		    

1,967,889

    
 

1,458,750

     Domino's Pizza Master Issuer, LLC
Series 2021-1A, Class A21*
2.662%, 04/25/51		    

1,271,198

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

2,000,000

     Ford Credit Auto Owner Trust
Series 2024-1, Class A*
4.870%, 08/15/36		  

$

1,955,264

    
 

1,000,000

     HPEFS Equipment Trust - Class B,
Series 2024-1A*
5.180%, 05/20/31		    

985,956

    
 

1,250,000

     HPEFS Equipment Trust
Series 2022-1A, Class B*
1.790%, 05/21/29		    

1,236,584

    
 

250,000

     HPEFS Equipment Trust
Series 2022-2A, Class B*
4.200%, 09/20/29		    

246,564

    
 

1,000,000

     Kubota Credit Owner Trust
Series 2023-1A, Class A3*
5.020%, 06/15/27		    

990,679

    
 

1,167,000

     MetroNet Infrastructure Issuer, LLC
Series 2022-1A, Class A2*
6.350%, 10/20/52		    

1,167,932

    
 

400,000

     MetroNet Infrastructure Issuer, LLC
Series 2024-1A, Class A2*
6.230%, 04/20/54		    

395,858

    
 

154,436

     MVW Owner Trust
Series 2019-1A, Class A*
2.890%, 11/20/36		    

149,141

    
 

1,500,000

     NextGear Floorplan Master Owner Trust
Series 2023 - 1A, Class A2*
5.740%, 03/15/28		    

1,500,817

    
 

868,742

     OCCU Auto Receivables Trust
Series 2023-1A, Class A2*
6.230%, 04/15/27		    

870,801

    
 

600,000

     Post Road Equipment Finance, LLC
Series 2024-1A, Class A2*
5.590%, 11/15/29		    

596,480

    
 

150,927

     SCF Equipment Leasing, LLC
Series 2021-1A, Class A3*
0.830%, 08/21/28		    

149,489

    
 

1,079,798

     SCF Equipment Leasing, LLC
Series 2022-1A, Class A3*
2.920%, 07/20/29		    

1,059,183

    
 

186,786

     SoFi Consumer Loan Program Trust
2023-1S, Class A*
5.810%, 05/15/31		    

186,680

    
 

994,167

     SVC ABS, LLC
Series 2023-1A, Class A*
5.150%, 02/20/53		    

940,778

    
 

775,000

     Tesla Auto Lease Trust
Series 2021-B, Class B*
0.910%, 09/22/25		    

771,912

    
 

802,317

     USAA Auto Owner Trust
Series 2022-A, Class A3*
4.860%, 11/16/26		    

798,844

    
 

1,000,000

     Veridian Auto Receivables Trust
Series 2023-1A, Class A3*
5.560%, 03/15/28		    

996,867

    

See accompanying Notes to Schedule of Investments

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179

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

1,000,000

     Verizon Master Trust
Series 2023-1, Class A
4.490%, 01/22/29		  

$

982,764

    
 

2,000,000

     World Omni Auto Receivables Trust
Series 2022-B, Class A3
3.250%, 07/15/27		    

1,965,787

    
     

30,002,800

    
   

Utilities (0.4%)

  
 

1,315,341

     Harley-Davidson Motorcycle Trust
Series 2022-A, Class A3
3.060%, 02/15/27		    

1,293,754

    
        TOTAL ASSET BACKED SECURITIES
(Cost $71,863,224)		    

70,375,102

    

MUNICIPAL OBLIGATIONS (4.3%)

      
   

Consumer Discretionary (0.2%)

  
 

300,000

     Washington State Housing Finance
Commission
5.345%, 12/01/27		    

302,160

    
 

200,000

     Washington State Housing Finance
Commission
5.285%, 06/01/27		    

200,855

    
     

503,015

    
   

Other (4.0%)

  
 

100,000

     Alaska Housing Finance Corp.
4.808%, 06/01/27		    

98,219

    
 

250,000

     Armada Area Schools
0.950%, 05/01/25		    

239,492

    
 

155,000

     City of Auburn CA
0.961%, 06/01/25		    

147,484

    
 

280,000

     City of Mishawaka IN
4.680%, 02/15/26		    

275,221

    
 

205,000

     City of Mishawaka IN
4.700%, 08/15/26		    

200,906

    
 

1,000,000

     City of Montclair CA
0.926%, 06/01/24		    

996,051

    
 

120,000

     City of Omaha NE
0.983%, 04/15/26		    

110,710

    
 

500,000

     City of Wheaton IL
0.786%, 12/01/24		    

486,863

    
 

500,000

     Colorado Housing & Finance Authority
5.452%, 11/01/27		    

503,493

    
 

500,000

     Colorado Housing & Finance Authority
5.402%, 05/01/27		    

502,353

    
 

300,000

     Colorado Housing & Finance Authority
1.650%, 11/01/25		    

284,155

    
 

75,000

     Colorado Housing & Finance Authority
0.858%, 11/01/24		    

73,296

    
 

895,000

     Connecticut Housing Finance Authority
0.974%, 11/15/25		    

842,842

    
 

250,000

     Corona-Norco Unified School District
1.000%, 09/01/25		    

236,070

    
PRINCIPAL
AMOUNT		      

VALUE

  
 

155,000

     County of Santa Cruz AZ Pledged
Revenue
1.250%, 07/01/24		  

$

153,926

    
 

250,000

     Cypress-Fairbanks Independent School
District
5.000%, 02/15/25		    

249,329

    
 

135,000

     East Montgomery County Improvement
District
1.550%, 08/15/26		    

124,366

    
 

175,000

     Encinitas Public Financing Authority
1.020%, 10/01/25		    

164,690

    
 

175,000

     Encinitas Public Financing Authority
0.790%, 10/01/24		    

171,603

    
 

400,000

     Fairfield Facilities Corp.
2.000%, 09/01/24		    

394,974

    
 

450,000

     Florida Housing Finance Corp.
5.077%, 07/01/26		    

447,323

    
 

220,000

     Florida Housing Finance Corp.
5.086%, 01/01/27		    

218,630

    
 

200,000

     Florida Housing Finance Corp.
5.136%, 07/01/27		    

198,940

    
 

250,000

     Galveston Independent School District
5.000%, 02/01/25		    

249,362

    
 

250,000

     Indiana Housing & Community
Development Authority
5.065%, 01/01/27		    

249,569

    
 

175,000

     Indiana Housing & Community
Development Authority
5.095%, 07/01/26		    

174,757

    
 

160,000

     Indiana Housing & Community
Development Authority
5.095%, 01/01/26		    

159,696

    
 

505,000

     Iowa Finance Authority
5.502%, 07/01/28		    

505,623

    
 

350,000

     Iowa Finance Authority
5.412%, 07/01/27		    

349,531

    
 

125,000

     Lakeside Fire Protection District
1.620%, 08/01/24		    

123,720

    
 

700,000

     Metropolitan Washington Airports
Authority Dulles Toll Road Revenue
1.737%, 10/01/25		    

664,307

    
 

295,000

     Minnesota Housing Finance Agency
5.113%, 01/01/26		    

292,234

    
 

450,000

     Nevada Housing Division
5.268%, 04/01/27		    

449,087

    
 

435,000

     Nevada Housing Division
5.338%, 10/01/27		    

434,954

    
 

250,000

     Nevada Housing Division
5.251%, 10/01/26		    

249,303

    
 

390,000

     New York City Transitional Finance
Authority Future Tax Secured Revenue
3.430%, 08/01/26		    

375,251

    
 

390,000

     New York City Transitional Finance
Authority Future Tax Secured Revenue
1.250%, 05/01/26		    

360,736

    

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
180

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

PRINCIPAL
AMOUNT		      

VALUE

  
 

255,000

     New York State Dormitory Authority
2.438%, 02/15/26		  

$

242,850

    
 

150,000

     Pharr San Juan Alamo Independent
School District TX
5.000%, 02/01/25		    

149,612

    
 

400,000

     Regional Transportation Authority
3.000%, 06/01/25		    

389,812

    
 

265,000

     Sallisaw Municipal Authority
1.420%, 09/01/24		    

261,382

    
 

155,000

     State of Hawaii
1.033%, 08/01/25		    

147,240

    
 

250,000

     Thornapple Kellogg School District
0.930%, 05/01/25		    

239,351

    
 

525,000

     Town of Stratford CT
0.956%, 08/01/24		    

519,167

    
 

145,000

     Victor Valley Community College District
2.878%, 08/01/26		    

137,762

    
 

170,000

     Westminster Public Schools
0.906%, 12/01/26		    

152,288

    
 

125,000

     Wichita Falls 4B Sales Tax Corp.
1.049%, 09/01/25		    

118,152

    
 

340,000

     Williamston Community Schools School
District
1.050%, 05/01/25		    

325,908

    
     

14,442,590

    
   

Utilities (0.1%)

  
 

505,000

     Augusta GA Water & Sewer Revenue
4.300%, 10/01/26		    

493,122

    
        TOTAL MUNICIPAL OBLIGATIONS
(Cost $15,662,409)		    

15,438,727

    

RESIDENTIAL MORTGAGE BACKED SECURITIES (0.9%)

      
 

687,369

     BANK Series 2019-BN16, Class A2
3.933%, 02/15/52		    

671,595

    
 

32,437

     CSAIL Commercial Mortgage Trust
Series 2017-CX9, Class A2
3.054%, 09/15/50		    

32,120

    
 

1,000,000

     GS Mortgage Securities Corp. II
Series 2023-SHIP, Class A*‡
4.466%, 09/10/38		    

959,809

    
 

1,406,625

     GS Mortgage-Backed Securities Corp. Trust
Series 2021-PJ4, Class A8*‡
2.500%, 09/25/51		    

1,198,260

    
 

558,810

     GS Mortgage-Backed Securities Trust
Series 2021-PJ11, Class A8*‡
2.500%, 04/25/52		    

470,639

    
 

29,180

     Wells Fargo Commercial Mortgage Trust
Series 2015-LC20, Class A2
2.678%, 04/15/50		    

28,788

    
        TOTAL RESIDENTIAL MORTGAGE
BACKED SECURITIES
(Cost $3,662,455)		    

3,361,211

    
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT		      

VALUE

  

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.2%)

  
 

11,639,293

     State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.345%†***
(Cost $11,639,293)		  

$

11,639,293

    
    TOTAL INVESTMENTS (102.3%)
(Cost $375,310,812)		    

369,363,686

    

PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.2%)

    

(11,639,293

)

  

OTHER ASSETS, LESS LIABILITIES (0.9%)

    

3,436,760

    

NET ASSETS (100.0%)

  

$

361,161,153

    

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

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

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

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

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

FUTURES CONTRACTS

NUMBER OF
CONTRACTS		  

DESCRIPTION

  EXPIRATION
DATE 		  NOTIONAL
VALUE 		  MARKET VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)		  

Buys

      
 

25,000,000

    

U.S. Treasury Note 5-Year

  

Jun 2024

  

$

26,185,547

    

$

(480,684

)

  

See accompanying Notes to Schedule of Investments

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181

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

ASSET ALLOCATION

Corporate Bonds

   

56.2

%

  

Asset Backed Securities

    

19.5

    

Bank Loans

    

10.6

    
U.S. Government and Agency
Securities		    

5.8

    

Municipal Obligations

    

4.3

    

Sovereign Bonds

    

1.8

    
Residential Mortgage
Backed Securities		    

0.9

    

Other Assets, less Liabilities

    

0.9

    

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
182

Notes to Financial Statements (Unaudited)

Note 1 – Organization and Significant Accounting Policies

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

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

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

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

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Each security trading on these

www.calamos.com
183

Notes to Financial Statements (Unaudited)

exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

If the Advisor's pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

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

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

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

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

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

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
184

Notes to Financial Statements (Unaudited)

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

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

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

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

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

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

AVERAGE DAILY NET ASSETS

   GROWTH FUND
ANNUAL RATE		   EVOLVING WORLD
GROWTH FUND
ANNUAL RATE		   TOTAL RETURN
BOND FUND
ANNUAL RATE		   SELECT FUND,
DIVIDEND GROWTH FUND,
INTERNATIONAL GROWTH FUND*,
GLOBAL EQUITY FUND*,
GLOBAL OPPORTUNITIES FUND
ANNUAL RATE		  

First $500 million

    

1.00

%

    

1.10

%

    

0.45

%

    

1.00

%

  

Next $500 million

    

0.90

%

    

1.05

%

    

0.43

%

    

0.95

%

  

Next $5 billion

    

0.80

%

    

1.00

%

    

0.41

%

    

0.90

%

  

Over $6 billion

    

0.70

%

    

0.90

%

    

0.35

%

    

0.80

%

  

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

AVERAGE DAILY NET ASSETS

   GLOBAL
CONVERTIBLE
FUND
ANNUAL RATE		   TIMPANI
SMALL CAP
GROWTH
FUND
ANNUAL RATE		   TIMPANI
SMID
GROWTH
FUND
ANNUAL RATE		   SHORT-TERM
BOND FUND
ANNUAL RATE		   GROWTH AND
INCOME FUND,
CONVERTIBLE FUND,
MARKET NEUTRAL
INCOME FUND,
HEDGED EQUITY
FUND
ANNUAL RATE		   HIGH INCOME
OPPORTUNITIES
FUND
ANNUAL RATE		   PHINEUS
LONG/SHORT
FUND
ANNUAL RATE		  

First $500 million

    

0.85

%

    

0.90

%

    

0.95

%

    

0.30

%

    

0.75

%

    

0.60

%

    

1.25

%

  

Next $500 million

    

0.80

%

    

0.80

%

    

0.85

%

    

0.27

%

    

0.70

%

    

0.55

%

    

1.20

%

  

Over $1 billion

    

0.75

%

    

0.75

%

    

0.80

%

    

0.25

%

    

0.65

%

    

0.50

%

    

1.15

%

  

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185

Notes to Financial Statements (Unaudited)

AVERAGE DAILY NET ASSETS

   MERGER
ARBITRAGE FUND
ANNUAL RATE		   INTERNATIONAL
SMALL CAP
GROWTH FUND
ANNUAL RATE		  

First $500 million

    

1.00

%

    

0.95

%

  

Next $500 million

    

0.95

%

    

0.90

%

  

Over $1 billion

    

0.90

%

    

0.85

%

  

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

FUND

  

PERCENTAGE

  

Market Neutral Income Fund

    

0.66

%

  

Hedged Equity Fund

    

0.74

    

Phineus Long/Short Fund

    

1.23

    

Merger Arbitrage Fund

    

1.00

    

Convertible Fund

    

0.73

    

Global Convertible Fund

    

0.85

    

Timpani Small Cap Growth Fund

    

0.90

    

Timpani SMID Growth Fund

    

0.95

    

Growth Fund

    

0.91

    

Growth and Income Fund

    

0.68

    

Dividend Growth Fund

    

1.00

    

Select Fund

    

1.00

    

International Growth Fund

    

1.00

    

Evolving World Growth Fund

    

1.10

    

Global Equity Fund

    

1.00

    

Global Opportunities Fund

    

1.00

    

International Small Cap Growth Fund

    

0.95

    

Total Return Bond Fund

    

0.45

    

High Income Opportunities Fund

    

0.60

    

Short-Term Bond Fund

    

0.30

    

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

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

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

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
186

Notes to Financial Statements (Unaudited)

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

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

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

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

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

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

FUND

   CLASS A
SHARES		   CLASS C
SHARES		   CLASS I
SHARES		   CLASS R6
SHARES		  

Calamos Market Neutral Income Fund

    

1.75

%

    

2.50

%

    

1.50

%

   1.50% less
the annual
sub-transfer
agency
ratio*		  

Calamos Hedged Equity Fund

    

1.25

%

    

2.00

%

    

1.00

%

    

—

    

Calamos Phineus Long/Short Fund

    

2.00

%

    

2.75

%

    

1.75

%

    

—

    

Calamos Merger Arbitrage Fund(1)​

    

1.50

%

    

2.25

%

    

1.25

%

    

—

    

Calamos Convertible Fund

    

1.75

%

    

2.50

%

    

1.50

%

    

—

    

Calamos Global Convertible Fund

    

1.35

%

    

2.10

%

    

1.10

%

    

—

    

Calamos Timpani Small Cap Growth Fund

    

1.30

%

    

2.05

%

    

1.05

%

   1.05% less
the annual
sub-transfer
agency
ratio*		  

Calamos Timpani SMID Growth Fund

    

1.35

%

    

—

      

1.10

%

   1.10% less
the annual
sub-transfer
agency
ratio*		  

Calamos Growth Fund

    

1.75

%

    

2.50

%

    

1.50

%

    

—

    

Calamos Growth and Income Fund

    

1.75

%

    

2.50

%

    

1.50

%

   1.50% less
the annual
sub-transfer
agency
ratio*		  

Calamos Dividend Growth Fund

    

1.35

%

    

2.10

%

    

1.10

%

    

—

    

Calamos Select Fund

    

1.15

%

    

1.90

%

    

0.90

%

    

—

    

www.calamos.com
187

Notes to Financial Statements (Unaudited)

FUND

   CLASS A
SHARES		   CLASS C
SHARES		   CLASS I
SHARES		   CLASS R6
SHARES		  

Calamos International Growth Fund

    

1.20

%

    

1.95

%

    

0.95

%

   0.95% less
the annual
sub-transfer
agency
ratio*		  

Calamos Evolving World Growth Fund

    

1.30

%

    

2.05

%

    

1.05

%

    

—

    

Calamos Global Equity Fund

    

1.40

%

    

2.15

%

    

1.15

%

   1.15% less
the annual
sub-transfer
agency
ratio*		  

Calamos Global Opportunities Fund

    

1.22

%

    

1.97

%

    

0.97

%

    

—

    

Calamos International Small Cap Growth Fund(2)​

    

1.35

%

    

2.10

%

    

1.10

%

   1.10% less
the annual
sub-transfer
agency
ratio*		  

Calamos Total Return Bond Fund

    

0.90

%

    

1.65

%

    

0.65

%

    

—

    

Calamos High Income Opportunities Fund

    

1.00

%

    

1.75

%

    

0.75

%

    

—

    

Calamos Short-Term Bond Fund

    

0.65

%

    

—

      

0.40

%

    

—

    

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

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

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

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

FUND

  

AMOUNT

  

Market Neutral Income Fund

  

$

493,879

    

Merger Arbitrage Fund

    

105,099

    

Global Convertible Fund

    

1,876

    

Timpani Small Cap Growth Fund

    

108,865

    

Timpani SMID Growth Fund

    

52,279

    

Dividend Growth Fund

    

62,480

    

Select Fund

    

101,624

    

International Growth Fund

    

182,955

    

Evolving World Growth Fund

    

703,899

    

Global Equity Fund

    

7,914

    

Global Opportunities Fund

    

285,073

    

International Small Cap Growth Fund

    

72,762

    

Total Return Bond Fund

    

47,438

    

High Income Opportunities Fund

    

74,154

    

These amounts are included in the Statements of Operations under the caption "Expense reductions".

As Distributor, Calamos Financial Services LLC ("CFS") assumed all expenses of personnel, office space, office facilities and equipment incidental to such service. Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act whereby the Fund pays to CFS a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
188

Notes to Financial Statements (Unaudited)

of the Fund's Class A shares; a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75% of the average daily net assets of the Fund's Class C shares. No such fees are paid on each Fund's Class I or Class R6 shares.

CFS also receives a sales commission and/or an underwriting fee on certain sales of each Fund's Class A shares. During the period ended April 30, 2024, CFS received commissions and underwriting fees as follows:

FUND

  

AMOUNT

  

Market Neutral Income Fund

  

$

10,227

    

Hedged Equity Fund

    

4,167

    

Phineus Long/Short Fund

    

6,332

    

Convertible Fund

    

3,040

    

Global Convertible Fund

    

1

    

Timpani Small Cap Growth Fund

    

4,520

    

Growth Fund

    

22,608

    

Growth and Income Fund

    

58,374

    

Dividend Growth Fund

    

1,628

    

Select Fund

    

369

    

International Growth Fund

    

587

    

Evolving World Growth Fund

    

757

    

Global Equity Fund

    

1,708

    

Global Opportunities Fund

    

2,208

    

Total Return Bond Fund

    

15

    

High Income Opportunities Fund

    

44

    

Short-Term Bond Fund

    

18

    

A trustee and certain officers of the Trust are also officers and directors of CFS and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Trust's Statement of Additional Information contains additional information about the Trust's Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

As of April 30, 2024, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:

FUND

  

PERCENTAGE

  

Merger Arbitrage Fund

    

47

%

  

Timpani SMID Growth Fund

    

64

    

Select Fund

    

34

    

Global Equity Fund

    

26

    

International Small Cap Growth Fund

    

50

    

High Income Opportunities Fund

    

34

    

As of April 30, 2024, the Market Neutral Income Fund held 91.2% of the outstanding shares of Short Term Bond Fund.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

www.calamos.com
189

Notes to Financial Statements (Unaudited)

At April 30, 2024, the Funds had deferred compensation balances, which are included in "Other assets" on the Statements of Assets and Liabilities, as follows:

FUND

  

AMOUNT

  

Market Neutral Income Fund

  

$

170,013

    

Convertible Fund

    

173,870

    

Growth Fund

    

842,756

    

Growth and Income Fund

    

363,903

    

Select Fund

    

90,349

    

International Growth Fund

    

56,868

    

Evolving World Growth Fund

    

16,758

    

Global Equity Fund

    

29,169

    

Global Opportunities Fund

    

136,857

    

Total Return Bond Fund

    

32,823

    

High Income Opportunities Fund

    

99,564

    

Each Fund's obligation to make payments under the Plan is a general obligation of the Fund and is included in "Payable for deferred compensation to trustees" on the Statements of Assets and Liabilities at April 30, 2024.

Interfund Lending Program and Joint Credit Agreement

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program"). The InterFund Program is subject to a number of conditions, which are discussed in detail in the Funds' statement of additional information. Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days. In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. No Interfund Loans were made during the period.

On April 30, 2021, the Trust, on behalf of the Funds, entered into a $50,000,000 Demand Discretionary Credit Agreement with State Street Bank and Trust Company (the "Credit Agreement"). Effective May 10, 2022, International Small Cap Fund was added to the Credit Agreement. On November 30, 2022, the Credit Agreement was increased to $100,000,000. Each Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase a Fund's net expenses and reduce a Fund's return. In addition, borrowing by a Fund may create leverage by increasing a Fund's investment exposure. This will result in changes in a Fund's net asset value, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by the Adviser and the Board of each Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund. At April 30, 2024, there were no borrowings under the Credit Agreement. Please see the supplement to the Prospectus and Statement of Additional Information for more information about the Credit Agreement.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the period ended April 30, 2024 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $910,911,869 and $1,020,589,440 for Market Neutral income Fund, $1,366,786,977 and $1,217,045,913 for Phineus Long/Short Fund and $189,662 and $492,551 for Merger Arbitrage Fund, respectively.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
190

Notes to Financial Statements (Unaudited)

   

COST OF PURCHASES

  

PROCEEDS FROM SALES

  

FUND

   U.S. GOV'T
SECURITIES		  

OTHER

   U.S. GOV'T
SECURITIES		  

OTHER

  

Market Neutral Income Fund

  

$

—

    

$

1,641,019,434

    

$

—

    

$

1,983,545,148

    

Hedged Equity Fund

    

—

      

84,129,523

      

—

      

79,847,313

    

Phineus Long/Short Fund

    

—

      

815,516,457

      

—

      

921,017,532

    

Merger Arbitrage Fund

    

—

      

1,754,651

      

—

      

1,593,463

    

Convertible Fund

    

—

      

175,572,877

      

—

      

251,744,038

    

Global Convertible Fund

    

—

      

16,138,000

      

1,014,928

      

31,223,878

    

Timpani Small Cap Growth Fund

    

—

      

337,807,605

      

—

      

367,173,215

    

Timpani SMID Growth Fund

    

—

      

24,776,960

      

—

      

24,462,573

    

Growth Fund

    

—

      

377,449,555

      

—

      

451,837,970

    

Growth and Income Fund

    

—

      

256,356,167

      

24,335,000

      

322,742,089

    

Dividend Growth Fund

    

—

      

2,121,090

      

—

      

1,939,052

    

Select Fund

    

—

      

7,353,842

      

—

      

8,984,397

    

International Growth Fund

    

—

      

132,310,389

      

—

      

148,636,002

    

Evolving World Growth Fund

    

—

      

225,266,356

      

—

      

295,072,503

    

Global Equity Fund

    

—

      

46,148,907

      

—

      

39,620,231

    

Global Opportunities Fund

    

—

      

76,296,350

      

—

      

87,757,827

    

International Small Cap Growth Fund

    

—

      

2,368,669

      

—

      

1,590,245

    

Total Return Bond Fund

    

19,396,747

      

1,027,425

      

7,713,129

      

1,422,642

    

High Income Opportunities Fund

    

—

      

6,429,268

      

—

      

6,676,348

    

Short-Term Bond Fund

    

11,999,043

      

69,958,711

      

15,071,701

      

68,950,643

    

Note 4 – Income Taxes

The following information is presented on a federal income tax basis as of April 30, 2024. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at April 30, 2024 was as follows*:

FUND

   COST BASIS OF
INVESTMENTS		   GROSS UNREALIZED
APPRECIATION		   GROSS UNREALIZED
DEPRECIATION		   NET UNREALIZED
APPRECIATION
(DEPRECIATION)		  

Market Neutral Income Fund

  

$

8,845,885,401

    

$

4,002,036,533

    

$

(1,279,231,730

)

  

$

2,722,804,803

    

Hedged Equity Fund

    

485,033,952

      

214,179,308

      

(26,740,941

)

    

187,438,367

    

Phineus Long/Short Fund

    

262,770,025

      

142,690,497

      

(18,910,049

)

    

123,780,448

    

Merger Arbitrage Fund

    

1,400,867

      

76,723

      

(171,052

)

    

(94,329

)

  

Convertible Fund

    

793,824,001

      

87,981,526

      

(39,324,539

)

    

48,656,987

    

Global Convertible Fund

    

127,552,511

      

13,541,454

      

(15,222,745

)

    

(1,681,291

)

  

Timpani Small Cap Growth Fund

    

214,306,311

      

67,208,609

      

(4,325,810

)

    

62,882,799

    

Timpani SMID Growth Fund

    

16,837,103

      

4,945,591

      

(297,012

)

    

4,648,579

    

Growth Fund

    

785,475,521

      

607,533,905

      

(8,551,909

)

    

598,981,996

    

Growth and Income Fund

    

1,313,320,290

      

1,179,393,555

      

(29,363,568

)

    

1,150,029,987

    

Dividend Growth Fund

    

9,954,092

      

8,602,606

      

(126,225

)

    

8,476,381

    

Select Fund

    

31,216,564

      

18,733,467

      

(227,691

)

    

18,505,776

    

International Growth Fund

    

171,282,220

      

65,076,869

      

(3,666,503

)

    

61,410,366

    

Evolving World Growth Fund

    

276,118,234

      

101,033,915

      

(5,562,158

)

    

95,471,757

    

Global Equity Fund

    

77,832,030

      

46,732,678

      

(503,643

)

    

46,229,035

    

Global Opportunities Fund

    

155,530,900

      

76,041,327

      

(1,639,575

)

    

74,401,752

    

www.calamos.com
191

Notes to Financial Statements (Unaudited)

FUND

   COST BASIS OF
INVESTMENTS		   GROSS UNREALIZED
APPRECIATION		   GROSS UNREALIZED
DEPRECIATION		   NET UNREALIZED
APPRECIATION
(DEPRECIATION)		  

International Small Cap Growth Fund

  

$

3,080,673

    

$

726,335

    

$

(44,681

)

  

$

681,654

    

Total Return Bond Fund

    

47,594,363

      

63,553

      

(4,457,772

)

    

(4,394,219

)

  

High Income Opportunities Fund

    

39,872,092

      

466,978

      

(3,130,818

)

    

(2,663,840

)

  

Short-Term Bond Fund

    

375,310,812

      

731,858

      

(7,159,668

)

    

(6,427,810

)

  

*  Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Funds' most recent annual report.

The tax character of distributions for the period ended April 30, 2024 will be determined at the end of each Fund's current fiscal year. Distributions during the fiscal period ended October 31, 2023 were characterized for federal income tax purposes as follows:

    Year Ended
October 31, 2023		  

FUND

   ORDINARY
INCOME		   LONG-TERM
CAPITAL GAIN		   RETURN OF
CAPITAL		  

Market Neutral Income Fund

  

$

240,908,473

    

$

—

    

$

—

    

Hedged Equity Fund

    

4,839,690

      

—

      

—

    

Phineus Long/Short Fund

    

229,407

      

—

      

—

    

Convertible Fund

    

10,861,157

      

—

      

—

    

Global Convertible Fund

    

500,183

      

—

      

—

    

Growth and Income Fund

    

27,666,243

      

61,852,810

      

—

    

Dividend Growth Fund

    

67,231

      

—

      

—

    

Select Fund

    

—

      

1,053,203

      

—

    

Evolving World Growth Fund

    

3,554,163

      

—

      

—

    

Global Equity Fund

    

89,812

      

3,033,133

      

—

    

Global Opportunities Fund

    

900,161

      

—

      

—

    

International Small Cap Growth Fund

    

14,950

      

—

      

—

    

Total Return Bond Fund

    

1,260,157

      

—

      

—

    

High Income Opportunities Fund

    

2,185,575

      

—

      

—

    

Short-Term Bond Fund

    

13,926,429

      

—

      

—

    

As of October 31, 2023, the components of accumulated earnings/(loss) on a tax basis were as follows:

    MARKET NEUTRAL
INCOME FUND		   HEDGED EQUITY
FUND		   PHINEUS
LONG/SHORT
FUND		   MERGER
ARBITRAGE FUND		   CONVERTIBLE
FUND		  

Undistributed ordinary income

  

$

349,112,893

    

$

1,112,069

    

$

15,023,292

    

$

4,430

    

$

3,640,053

    

Undistributed capital gains

    

264,903,893

      

—

      

—

      

—

      

10,737,524

    

Total undistributed earnings

    

614,016,786

      

1,112,069

      

15,023,292

      

4,430

      

14,377,577

    

Accumulated capital and other losses

    

—

      

(39,502,002

)

    

—

      

—

      

—

    

Net unrealized gains/(losses)

    

615,213,414

      

99,896,915

      

17,862,092

      

(56,254

)

    

(52,327,642

)

  

Total accumulated earnings/(losses)

    

1,229,230,200

      

61,506,982

      

32,885,384

      

(51,824

)

    

(37,950,065

)

  

Other

    

(178,883,887

)

    

(185,776

)

    

(24,466,405

)

    

—

      

(460,372

)

  

Paid-in-capital

    

12,884,140,409

      

499,559,367

      

927,477,300

      

2,110,468

      

873,605,733

    

Net assets applicable to common shareholders

  

$

13,934,486,722

    

$

560,880,573

    

$

935,896,279

    

$

2,058,644

    

$

835,195,296

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
192

Notes to Financial Statements (Unaudited)

    GLOBAL
CONVERTIBLE
FUND		   TIMPANI SMALL
CAP GROWTH
FUND		   TIMPANI SMID
GROWTH FUND		  

GROWTH FUND

   GROWTH AND
INCOME FUND		  

Undistributed ordinary income

  

$

—

    

$

—

    

$

—

    

$

—

    

$

3,293,976

    

Undistributed capital gains

    

—

      

—

      

—

      

54,359,263

      

88,007,206

    

Total undistributed earnings

    

—

      

—

      

—

      

54,359,263

      

91,301,182

    

Accumulated capital and other losses

    

(9,825,642

)

    

(141,521,765

)

    

(3,584,131

)

    

—

      

—

    

Net unrealized gains/(losses)

    

(18,399,765

)

    

22,776,920

      

1,573,265

      

402,450,107

      

804,835,594

    

Total accumulated earnings/(losses)

    

(28,225,407

)

    

(118,744,845

)

    

(2,010,866

)

    

456,809,370

      

896,136,776

    

Other

    

—

      

—

      

—

      

(15,537,936

)

    

(9,067,488

)

  

Paid-in-capital

    

148,613,837

      

357,005,570

      

18,166,555

      

756,410,819

      

1,382,041,415

    

Net assets applicable to common shareholders

  

$

120,388,430

    

$

238,260,725

    

$

16,155,689

    

$

1,197,682,253

    

$

2,269,110,703

    
    DIVIDEND
GROWTH FUND		  

SELECT FUND

   INTERNATIONAL
GROWTH FUND		   EVOLVING WORLD
GROWTH FUND		   GLOBAL EQUITY
FUND		  

Undistributed ordinary income

  

$

19,617

    

$

7,503

    

$

513,134

    

$

1,902,247

    

$

71,181

    

Undistributed capital gains

    

676,191

      

1,903,912

      

—

      

—

      

—

    

Total undistributed earnings

    

695,808

      

1,911,415

      

513,134

      

1,902,247

      

71,181

    

Accumulated capital and other losses

    

—

      

—

      

(19,729,439

)

    

(115,456,741

)

    

(87,223

)

  

Net unrealized gains/(losses)

    

5,711,047

      

11,119,154

      

17,537,433

      

6,869,607

      

23,270,998

    

Total accumulated earnings/(losses)

    

6,406,855

      

13,030,569

      

(1,678,872

)

    

(106,684,887

)

    

23,254,956

    

Other

    

(566

)

    

(114,056

)

    

(71,814

)

    

(177,728

)

    

(591,826

)

  

Paid-in-capital

    

8,825,394

      

30,399,621

      

191,331,999

      

468,244,799

      

64,684,123

    

Net assets applicable to common shareholders

  

$

15,231,683

    

$

43,316,134

    

$

189,581,313

    

$

361,382,184

    

$

87,347,253

    
    GLOBAL
OPPORTUNITIES
FUND		   INTERNATIONAL
SMALL CAP
GROWTH FUND		   TOTAL RETURN
BOND FUND		   HIGH INCOME
OPPORTUNITIES
FUND		   SHORT-TERM
BOND FUND		  

Undistributed ordinary income

  

$

621,259

    

$

—

    

$

59,635

    

$

60,882

    

$

1,756,198

    

Undistributed capital gains

    

—

      

—

      

—

      

—

      

—

    

Total undistributed earnings

    

621,259

      

—

      

59,635

      

60,882

      

1,756,198

    

Accumulated capital and other losses

    

(14,549,671

)

    

(639,912

)

    

(1,555,259

)

    

(11,844,971

)

    

(9,896,025

)

  

Net unrealized gains/(losses)

    

35,601,311

      

102,891

      

(5,444,202

)

    

(4,995,959

)

    

(17,354,334

)

  

Total accumulated earnings/(losses)

    

21,672,899

      

(537,021

)

    

(6,939,826

)

    

(16,780,048

)

    

(25,494,161

)

  

Other

    

(968,757

)

    

—

      

(107,943

)

    

(115,822

)

    

—

    

Paid-in-capital

    

175,631,410

      

2,899,043

      

38,371,320

      

50,372,888

      

383,126,602

    

Net assets applicable to common shareholders

  

$

196,335,552

    

$

2,362,022

    

$

31,323,551

    

$

33,477,018

    

$

357,632,441

    

The following Funds had capital loss carryforwards for the period ended October 31, 2023, with no expiration date, available to offset future realized capital gains:

FUND

  

SHORT-TERM

  

LONG-TERM

  

Hedged Equity Fund

  

$

10,122,784

    

$

29,379,218

    

Global Convertible Fund

    

3,387,652

      

4,547,197

    

Timpani Small Cap Growth Fund

    

141,521,765

      

—

    

Timpani SMID Growth Fund

    

3,584,131

      

—

    

International Growth Fund

    

19,729,439

      

—

    

Evolving World Growth Fund

    

115,456,741

      

—

    

Global Equity Fund

    

87,223

      

—

    

Global Opportunities Fund

    

14,549,671

      

—

    

International Small Cap Growth Fund

    

595,152

      

42,723

    

www.calamos.com
193

Notes to Financial Statements (Unaudited)

FUND

  

SHORT-TERM

  

LONG-TERM

  

Total Return Bond Fund

  

$

565,607

    

$

989,652

    

High Income Opportunities Fund

    

1,278,659

      

10,566,312

    

Short-Term Bond Fund

    

3,908,289

      

5,987,736

    

The capital loss carryforwards utilized in the year ended October 31, 2023 in Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund and Growth Fund are $129,720,451, $25,244,090, $12,960,751, and $744,551, respectively.

Note 5 – Short Sales

Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Accrued dividends on securities sold short are disclosed within other accounts payable and accrued liabilities on the Statements of Assets and Liabilities. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

Note 6 – Derivative Instruments

Foreign Currency Risk. Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between a Fund and the counterparty and the amount of collateral due from a Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, a Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that a Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to a Fund's custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. A Fund's net counterparty exposure is reflected in the counterparty table below. The net unrealized gain, if any, represents the credit risk to the respective Fund on a forward foreign currency

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
194

Notes to Financial Statements (Unaudited)

contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts.

As of April 30, 2024, the Funds had outstanding forward foreign currency contracts listed on the Schedules of Investments.

Equity Risk. Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Fund's portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of April 30, 2024, the Funds had outstanding purchased options and/or written options as listed on the Schedule of Investments.

As of April 30, 2024, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

    ASSET
DERIVATIVES		   LIABILITY
DERIVATIVES		  
   

MARKET NEUTRAL INCOME FUND

  

Gross amounts at fair value:

  

Forward foreign currency contracts(1)​

  

$

304,634

    

$

156,345

    

Purchased Options(2)​

    

51,750,577

      

—

    

Total Return Swaps(4)​

    

—

      

120,071

    

Written Options(3)​

    

—

      

598,836,740

    
   

$

52,055,211

    

$

599,113,156

    
   

HEDGED EQUITY FUND

  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

12,969,525

    

$

—

    

Written Options(3)​

    

—

      

25,336,700

    
   

$

12,969,525

    

$

25,336,700

    

www.calamos.com
195

Notes to Financial Statements (Unaudited)

    ASSET
DERIVATIVES		   LIABILITY
DERIVATIVES		  
   

PHINEUS LONG/SHORT FUND

  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

11,977,168

    

$

—

    

Written Options(3)​

    

—

      

13,028,680

    
   

$

11,977,168

    

$

13,028,680

    
   

MERGER ARBITRAGE FUND

  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

240

    

$

—

    

Written Options(3)​

    

—

      

575

    
   

$

240

    

$

575

    
   

CONVERTIBLE FUND

  

Gross amounts at fair value:

  

Forward foreign currency contracts(1)​

  

$

119,064

    

$

18,667

    
   

$

119,064

    

$

18,667

    
   

GLOBAL CONVERTIBLE FUND

  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

1,358,464

    

$

—

    

Written Options(3)​

    

—

      

195,014

    
   

$

1,358,464

    

$

195,014

    
   

GROWTH FUND

  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

738,000

    

$

—

    

Written Options(3)​

    

—

      

283,800

    

Futures contracts(5)​

    

25,160

      

—

    
   

$

763,160

    

$

283,800

    
   

GROWTH AND INCOME FUND

  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

2,466,420

    

$

—

    

Written Options(3)​

    

—

      

1,666,625

    
   

$

2,466,420

    

$

1,666,625

    
   

INTERNATIONAL GROWTH FUND

  

Gross amounts at fair value:

  

Forward foreign currency contracts(1)​

  

$

—

    

$

377,091

    

Purchased Options(2)​

    

926,425

      

—

    
   

$

926,425

    

$

377,091

    
   

EVOLVING WORLD GROWTH FUND

  

Gross amounts at fair value:

  

Forward foreign currency contracts(1)​

  

$

138,146

    

$

—

    

Purchased Options(2)​

    

8,258,819

      

—

    
   

$

8,396,965

    

$

—

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
196

Notes to Financial Statements (Unaudited)

    ASSET
DERIVATIVES		   LIABILITY
DERIVATIVES		  
   

GLOBAL OPPORTUNITIES FUND

  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

2,767,934

    

$

—

    
   

$

2,767,934

    

$

—

    
    INTERNATIONAL SMALL CAP
GROWTH FUND		  

Gross amounts at fair value:

  

Purchased Options(2)​

  

$

2,100

    

$

—

    
   

$

2,100

    

$

—

    
   

TOTAL RETURN BOND FUND

  

Gross amounts at fair value:

  

Futures contracts(5)​

  

$

—

    

$

39,268

    
   

$

—

    

$

39,268

    
   

SHORT-TERM BOND FUND

  

Gross amounts at fair value:

  

Futures contracts(5)​

  

$

—

    

$

480,684

    
   

$

—

    

$

480,684

    

 

    GROSS AMOUNTS NOT OFFSET
IN THE STATEMENT OF ASSETS AND LIABILITIES		  

MARKET NEUTRAL INCOME FUND

   GROSS AMOUNTS PRESENTED IN THE
STATEMENT OF ASSETS AND LIABILITIES		  

COLLATERAL

   NET AMOUNT
RECEIVABLE IN
THE EVENT		   NET AMOUNT
PAYABLE IN
THE EVENT		  

Counterparty

      

ASSETS

  

LIABILITIES

  

PLEDGED

  

OF DEFAULT

  

OF DEFAULT

  

State Street Bank and Trust

  

ISDA

  

$

304,634

    

$

156,345

    

$

—

    

$

148,289

    

$

—

    

Morgan Stanley & Co. International PLC

  

ISDA

    

—

      

120,071

      

—

      

—

      

120,071

    
       

$

304,634

    

$

276,416

    

$

—

    

$

148,289

    

$

120,071

    

CONVERTIBLE FUND

   GROSS AMOUNTS PRESENTED IN THE
STATEMENT OF ASSETS AND LIABILITIES		  

COLLATERAL

   NET AMOUNT
RECEIVABLE IN
THE EVENT		   NET AMOUNT
PAYABLE IN
THE EVENT		  

Counterparty

      

ASSETS

  

LIABILITIES

  

PLEDGED

  

OF DEFAULT

  

OF DEFAULT

  

Bank of New York

  

ISDA

  

$

—

    

$

18,667

    

$

—

    

$

—

    

$

18,667

    

State Street Bank and Trust

  

ISDA

    

119,064

      

—

      

—

      

119,064

      

—

    
       

$

119,064

    

$

18,667

    

$

—

    

$

119,064

    

$

18,667

    

INTERNATIONAL GROWTH FUND

   GROSS AMOUNTS PRESENTED IN THE
STATEMENT OF ASSETS AND LIABILITIES		  

COLLATERAL

   NET AMOUNT
RECEIVABLE IN
THE EVENT		   NET AMOUNT
PAYABLE IN
THE EVENT		  

Counterparty

      

ASSETS

  

LIABILITIES

  

PLEDGED

  

OF DEFAULT

  

OF DEFAULT

  

Bank of New York

  

ISDA

  

$

—

    

$

323,609

    

$

—

    

$

—

    

$

323,609

    

State Street Bank and Trust

  

ISDA

    

—

      

53,482

      

—

      

—

      

53,482

    
       

$

—

    

$

377,091

    

$

—

    

$

—

    

$

377,091

    

www.calamos.com
197

Notes to Financial Statements (Unaudited)

    GROSS AMOUNTS NOT OFFSET
IN THE STATEMENT OF ASSETS AND LIABILITIES		  

EVOLVING WORLD GROWTH FUND

   GROSS AMOUNTS PRESENTED IN THE
STATEMENT OF ASSETS AND LIABILITIES		  

COLLATERAL

   NET AMOUNT
RECEIVABLE IN
THE EVENT		   NET AMOUNT
PAYABLE IN
THE EVENT		  

Counterparty

      

ASSETS

  

LIABILITIES

  

PLEDGED

  

OF DEFAULT

  

OF DEFAULT

  

Bank of New York

  

ISDA

  

$

138,146

    

$

—

    

$

—

    

$

138,146

    

$

—

    
       

$

138,146

    

$

—

    

$

—

    

$

138,146

    

$

—

    

For the period ended April 30, 2024, the volume of derivative activity for the Fund is reflected below:*

FUND

   FORWARD FOREIGN
CURRENCY
CONTRACTS(1)​		   PURCHASED
OPTIONS(2)​		   FUTURES
CONTRACTS(5)​		   WRITTEN
OPTIONS(3)​		  

SWAPS(4)​

  

Market Neutral Income Fund

    

84,397,364

      

73,142

      

—

      

64,901

      

67,681,027

    

Hedged Equity Fund

    

—

      

1,380

      

—

      

615

      

—

    

Phineus Long/Short Fund

    

—

      

593,735

      

—

      

571,701

      

—

    

Merger Arbitrage Fund

    

—

      

84

      

—

      

41

      

—

    

Convertible Fund

    

—

      

2,650

      

—

      

—

      

—

    

Global Convertible Fund

    

—

      

2,469

      

—

      

347

      

—

    

Growth Fund

    

—

      

29,805

      

587

      

29,040

      

—

    

Growth and Income Fund

    

—

      

69,075

      

—

      

11,780

      

—

    

Dividend Growth Fund

    

—

      

32

      

—

      

17

      

—

    

International Growth Fund

    

36,616,088

      

35,277

      

—

      

—

      

—

    

Evolving World Growth Fund

    

39,703,384

      

133,924

      

—

      

2,939

      

—

    

Global Equity Fund

    

—

      

1,839

      

—

      

316

      

—

    

Global Opportunities Fund

    

—

      

8,717

      

—

      

467

      

—

    

International Small Cap Growth Fund

    

—

      

107

      

—

      

—

      

—

    

Total Return Bond Fund

    

—

      

—

      

40

      

—

      

—

    

Short-Term Bond Fund

    

—

      

—

      

475

      

—

      

—

    

*  Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), opened number of contracts for futures contracts, and opened total return swaps (measured in notional).

(1)  Generally, the Statement of Assets and Liabilities location for Forward contracts is Unrealized appreciation on forward foreign currency contracts for asset derivatives and Unrealized depreciation on forward foreign currency contracts for liability derivatives.

(2)  Generally, the Statement of Assets and Liabilities location for Purchased Options is "Investments in securities, at value".

(3)  Generally, the Statement of Assets and Liabilities location for Written Options is "Options written, at value".

(4)  Generally, the Statement of Assets and Liabilities location for Swap contracts is Unrealized appreciation on total return swaps for asset derivatives and Unrealized depreciation on total return swaps for liability derivatives.

(5)  Generally, the Statement of Assets and Liabilities location for Futures contracts is Variation margin on open futures contracts for asset derivatives and Variation margin on open futures contracts for liability derivatives.

Note 7 – Securities Lending

The Funds may loan one or more of their securities to broker-dealers and banks through the Securities Loan Agreements. In Securities Loan Agreements, the "collateral" are the loaned securities themselves. Additionally, the set-off and netting provisions of a Securities Loan Agreement may not extend to the obligations of the counterparty's affiliates or across varying types of transactions. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash or cash equivalent collateral, the Funds' securities lending agent invests any cash collateral into short term investments following investment guidelines approved by Calamos Advisors. The Funds record the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds will pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
198

Notes to Financial Statements (Unaudited)

a loan and obtain the securities loaned at any time. The Funds do not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Funds could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Funds seek to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Funds' security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which a Fund lends securities.

The following table indicates the total amount of securities loaned by asset class, reconciled to the gross liability payable upon return of the securities loaned by the Funds as of April 30, 2024.

    AMOUNT OF
COLLATERAL
HELD IN
SHORT TERM
INVESTMENTS
AND
RESTRICTED		   AMOUNT OF
NON-CASH		  

TOTAL

   VALUE OF SECURITIES ON
LOAN TO BROKER-DEALERS AND
BANKS BY ASSET CLASS ON LOAN		   EXCESS
AMOUNT
DUE TO/(FROM)		  

FUND

  

CASH

  

COLLATERAL

  

COLLATERAL

  

EQUITY

  

FIXED INCOME

  

TOTAL

  

COUNTERPARTY

  

Market Neutral Income Fund

  

$

286,199,425

    

$

108,645,804

    

$

394,845,229

    

$

276,541,090

    

$

105,330,798

    

$

381,871,888

    

$

12,973,341

    

Hedged Equity Fund

    

29,457,698

      

9,809,082

      

39,266,780

      

37,879,720

      

—

      

37,879,720

      

1,387,060

    

Phineus Long/Short Fund

    

1,998,709

      

33,182,564

      

35,181,273

      

32,813,958

      

—

      

32,813,958

      

2,367,315

    

Convertible Fund

    

40,054,905

      

17,965,883

      

58,020,788

      

—

      

56,443,320

      

56,443,320

      

1,577,468

    

Global Convertible Fund

    

4,238,237

      

1,532,755

      

5,770,992

      

625,961

      

5,017,560

      

5,643,521

      

127,471

    

Growth Fund

    

1,921,091

      

55,419,067

      

57,340,158

      

55,458,352

      

—

      

55,458,352

      

1,881,806

    

Growth and Income Fund

    

38,876,871

      

76,900,899

      

115,777,770

      

65,067,814

      

47,448,164

      

112,515,978

      

3,261,792

    

Dividend Growth Fund

    

167,603

      

543,393

      

710,996

      

684,704

      

—

      

684,704

      

26,292

    

Select Fund

    

—

      

1,234,875

      

1,234,875

      

1,195,315

      

—

      

1,195,315

      

39,560

    

International Growth Fund

    

8,359,046

      

7,323,012

      

15,682,058

      

14,881,890

      

—

      

14,881,890

      

800,168

    

Evolving World Growth Fund

    

762,792

      

1,342,495

      

2,105,287

      

1,930,219

      

—

      

1,930,219

      

175,068

    

Global Equity Fund

    

5,271,615

      

1,004,550

      

6,276,165

      

5,934,290

      

—

      

5,934,290

      

341,875

    

Global Opportunities Fund

    

2,676,099

      

3,506,520

      

6,182,619

      

3,644,517

      

2,297,603

      

5,942,120

      

240,499

    

Total Return Bond Fund

    

675,600

      

45,338

      

720,938

      

—

      

704,862

      

704,862

      

16,076

    

High Income Opportunities Fund

    

1,658,493

      

531,675

      

2,190,168

      

11,325

      

2,132,620

      

2,143,945

      

46,223

    

Short-Term Bond Fund

    

11,639,293

      

8,530,528

      

20,169,821

      

—

      

19,728,120

      

19,728,120

      

441,701

    

Note 8 – Fair Value Measurements

Various inputs are used to determine the value of the Funds' investments. These inputs are categorized into three broad levels as follows:

•  Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

•  Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

•  Level 3 – Prices reflect unobservable market inputs (including the Funds' own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund's investments.

www.calamos.com
199

Notes to Financial Statements (Unaudited)

The following is a summary of the inputs used in valuing the Funds' holdings at fair value:

   

MARKET NEUTRAL INCOME FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Bonds

  

$

—

    

$

5,225,866,479

    

$

—

    

$

5,225,866,479

    

Corporate Bonds

    

—

      

229,027,924

      

—

      

229,027,924

    

Convertible Preferred Stocks

    

137,346,314

      

—

      

—

      

137,346,314

    

Common Stocks

    

8,355,911,441

      

3,867,500

      

277,808

      

8,360,056,749

    

Exchange-Traded Funds

    

195,414,790

      

—

      

—

      

195,414,790

    

Investments in Affiliated Funds

    

329,398,865

      

—

      

—

      

329,398,865

    

Warrants

    

—

      

6,636,988

      

—

      

6,636,988

    

Rights

    

—

      

199,825

      

—

      

199,825

    

Purchased Options

    

24,088,455

      

27,662,122

      

—

      

51,750,577

    

Investment of Cash Collateral For Securities Loaned

    

—

      

286,199,425

      

—

      

286,199,425

    

Forward Foreign Currency Contracts

    

—

      

304,634

      

—

      

304,634

    

Total

  

$

9,042,159,865

    

$

5,779,764,897

    

$

277,808

    

$

14,822,202,570

    

Liabilities:

  

Common Stocks Sold Short

  

$

2,623,521,012

    

$

30,729,909

    

$

—

    

$

2,654,250,921

    

Written Options

    

598,836,740

      

—

      

—

      

598,836,740

    

Forward Foreign Currency Contracts

    

—

      

156,345

      

—

      

156,345

    

Total Return Swaps

    

—

      

120,071

      

—

      

120,071

    

Total

  

$

3,222,357,752

    

$

31,006,325

    

$

—

    

$

3,253,364,077

    
   

HEDGED EQUITY FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

626,013,456

    

$

—

    

$

—

    

$

626,013,456

    

Exchange-Traded Funds

    

29,368,340

      

—

      

—

      

29,368,340

    

Purchased Options

    

12,969,525

      

—

      

—

      

12,969,525

    

Investment of Cash Collateral For Securities Loaned

    

—

      

29,457,698

      

—

      

29,457,698

    

Total

  

$

668,351,321

    

$

29,457,698

    

$

—

    

$

697,809,019

    

Liabilities:

  

Written Options

  

$

25,336,700

    

$

—

    

$

—

    

$

25,336,700

    

Total

  

$

25,336,700

    

$

—

    

$

—

    

$

25,336,700

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
200

Notes to Financial Statements (Unaudited)

   

PHINEUS LONG/SHORT FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

961,964,413

    

$

36,000,202

    

$

—

    

$

997,964,615

    

Purchased Options

    

11,977,168

      

—

      

—

      

11,977,168

    

Investment of Cash Collateral For Securities Loaned

    

—

      

1,998,709

      

—

      

1,998,709

    

Total

  

$

973,941,581

    

$

37,998,911

    

$

—

    

$

1,011,940,492

    

Liabilities:

  

Common Stocks Sold Short

  

$

92,460,653

    

$

—

    

$

—

    

$

92,460,653

    

Exchange-Traded Funds Sold Short

    

519,900,686

      

—

      

—

      

519,900,686

    

Written Options

    

13,028,680

      

—

      

—

      

13,028,680

    

Total

  

$

625,390,019

    

$

—

    

$

—

    

$

625,390,019

    
   

MERGER ARBITRAGE FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Bonds

  

$

—

    

$

546,851

    

$

—

    

$

546,851

    

Common Stocks

    

1,424,173

      

—

      

755

      

1,424,928

    

Rights

    

—

      

84

      

—

      

84

    

Warrants

    

—

      

21

      

—

      

21

    

Purchased Options

    

240

      

—

      

—

      

240

    

Total

  

$

1,424,413

    

$

546,956

    

$

755

    

$

1,972,124

    

Liabilities:

  

Common Stocks Sold Short

  

$

665,011

    

$

—

    

$

—

    

$

665,011

    

Written Options

    

575

      

—

      

—

      

575

    

Total

  

$

665,586

    

$

—

    

$

—

    

$

665,586

    
   

CONVERTIBLE FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Bonds

  

$

—

    

$

777,791,657

    

$

—

    

$

777,791,657

    

Convertible Preferred Stocks

    

24,634,426

      

—

      

—

      

24,634,426

    

Investment of Cash Collateral For Securities Loaned

    

—

      

40,054,905

      

—

      

40,054,905

    

Forward Foreign Currency Contracts

    

—

      

119,064

      

—

      

119,064

    

Total

  

$

24,634,426

    

$

817,965,626

    

$

—

    

$

842,600,052

    

Liabilities:

  

Forward Foreign Currency Contracts

  

$

—

    

$

18,667

    

$

—

    

$

18,667

    

Total

  

$

—

    

$

18,667

    

$

—

    

$

18,667

    

www.calamos.com
201

Notes to Financial Statements (Unaudited)

   

GLOBAL CONVERTIBLE FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Bonds

  

$

—

    

$

113,344,792

    

$

—

    

$

113,344,792

    

Convertible Preferred Stocks

    

2,621,409

      

—

      

—

      

2,621,409

    

U.S. Government and Agency Securities

    

—

      

4,503,332

      

—

      

4,503,332

    

Purchased Options

    

1,358,464

      

—

      

—

      

1,358,464

    

Investment Of Cash Collateral For Securities Loaned

    

—

      

4,238,237

      

—

      

4,238,237

    

Total

  

$

3,979,873

    

$

122,086,361

    

$

—

    

$

126,066,234

    

Liabilities:

  

Written Option

  

$

195,014

    

$

—

    

$

—

    

$

195,014

    

Total

  

$

195,014

    

$

—

    

$

—

    

$

195,014

    
   

TIMPANI SMALL CAP GROWTH FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

277,189,110

    

$

—

    

$

—

    

$

277,189,110

    

Total

  

$

277,189,110

    

$

—

    

$

—

    

$

277,189,110

    
   

TIMPANI SMID GROWTH FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

21,485,682

    

$

—

    

$

—

    

$

21,485,682

    

Total

  

$

21,485,682

    

$

—

    

$

—

    

$

21,485,682

    
   

GROWTH FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

1,382,057,066

    

$

—

    

$

—

    

$

1,382,057,066

    

Purchased Options

    

738,000

      

—

      

—

      

738,000

    

Investment of Cash Collateral For Securities Loaned

    

—

      

1,921,091

      

—

      

1,921,091

    

Futures

    

25,160

      

—

      

—

      

25,160

    

Total

  

$

1,382,820,226

    

$

1,921,091

    

$

—

    

$

1,384,741,317

    

Liabilities:

  

Written Options

  

$

283,800

    

$

—

    

$

—

    

$

283,800

    

Total

  

$

283,800

    

$

—

    

$

—

    

$

283,800

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
202

Notes to Financial Statements (Unaudited)

   

GROWTH AND INCOME FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Bonds

  

$

—

    

$

414,468,227

    

$

—

    

$

414,468,227

    

Convertible Preferred Stocks

    

26,770,704

      

6,479,312

      

—

      

33,250,016

    

Common Stocks

    

1,906,696,419

      

—

      

—

      

1,906,696,419

    

Exchange-Traded Funds

    

5,810,398

      

—

      

—

      

5,810,398

    

U.S. Government and Agency Securities

    

—

      

63,448,551

      

—

      

63,448,551

    

Purchased Options

    

2,466,420

      

—

      

—

      

2,466,420

    

Investment of Cash Collateral For Securities Loaned

    

—

      

38,876,871

      

—

      

38,876,871

    

Total

  

$

1,941,743,941

    

$

523,272,961

    

$

—

    

$

2,465,016,902

    

Liabilities:

  

Written Options

  

$

1,666,625

    

$

—

    

$

—

    

$

1,666,625

    

Total

  

$

1,666,625

    

$

—

    

$

—

    

$

1,666,625

    
   

DIVIDEND GROWTH FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Preferred Stocks

  

$

37,808

    

$

—

    

$

—

    

$

37,808

    

Common Stocks

    

17,984,092

      

—

      

—

      

17,984,092

    

Exchange-Traded Funds

    

240,970

      

—

      

—

      

240,970

    

Investment of Cash Collateral For Securities Loaned

    

—

      

167,603

      

—

      

167,603

    

Total

  

$

18,262,870

    

$

167,603

    

$

—

    

$

18,430,473

    
   

SELECT FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

49,722,340

    

$

—

    

$

—

    

$

49,722,340

    

Total

  

$

49,722,340

    

$

—

    

$

—

    

$

49,722,340

    
   

INTERNATIONAL GROWTH FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

43,242,501

    

$

180,164,614

    

$

—

    

$

223,407,115

    

Purchased Options

    

926,425

      

—

      

—

      

926,425

    

Warrants

    

—

      

—

      

—

      

—

    

Investment of Cash Collateral For Securities Loaned

    

—

      

8,359,046

      

—

      

8,359,046

    

Total

  

$

44,168,926

    

$

188,523,660

    

$

—

    

$

232,692,586

    

Liabilities:

  

Forward Foreign Currency Contracts

  

$

—

    

$

377,091

    

$

—

    

$

377,091

    

Total

  

$

—

    

$

377,091

    

$

—

    

$

377,091

    

www.calamos.com
203

Notes to Financial Statements (Unaudited)

   

EVOLVING WORLD GROWTH FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Bonds

  

$

—

    

$

42,479,647

    

$

—

    

$

42,479,647

    

Common Stocks

    

43,312,688

      

276,776,045

      

—

      

320,088,733

    

Purchased Options

    

8,258,819

      

—

      

—

      

8,258,819

    

Investment of Cash Collateral For Securities Loaned

    

—

      

762,792

      

—

      

762,792

    

Forward Foreign Currency Contracts

    

—

      

138,146

      

—

      

138,146

    

Total

  

$

51,571,507

    

$

320,156,630

    

$

—

    

$

371,728,137

    
   

GLOBAL EQUITY FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

85,645,864

    

$

33,143,586

    

$

—

    

$

118,789,450

    

Investment of Cash Collateral For Securities Loaned

    

—

      

5,271,615

      

—

      

5,271,615

    

Total

  

$

85,645,864

    

$

38,415,201

    

$

—

    

$

124,061,065

    
   

GLOBAL OPPORTUNITIES FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Convertible Bonds

  

$

—

    

$

75,135,497

    

$

—

    

$

75,135,497

    

Corporate Bonds

    

—

      

4,025,125

      

—

      

4,025,125

    

U.S. Government and Agency Securities

    

—

      

8,350,669

      

—

      

8,350,669

    

Convertible Preferred Stocks

    

3,896,622

      

—

      

—

      

3,896,622

    

Common Stocks

    

99,899,501

      

31,432,820

      

—

      

131,332,321

    

Bank Loans

    

—

      

1,748,385

      

—

      

1,748,385

    

Purchased Options

    

2,767,934

      

—

      

—

      

2,767,934

    

Investment of Cash Collateral For Securities Loaned

    

—

      

2,676,099

      

—

      

2,676,099

    

Total

  

$

106,564,057

    

$

123,368,595

    

$

—

    

$

229,932,652

    
   

INTERNATIONAL SMALL CAP GROWTH FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Common Stocks

  

$

613,535

    

$

3,146,692

    

$

—

    

$

3,760,227

    

Purchased Options

    

2,100

      

—

      

—

      

2,100

    

Total

  

$

615,635

    

$

3,146,692

    

$

—

    

$

3,762,327

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
204

Notes to Financial Statements (Unaudited)

   

TOTAL RETURN BOND FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Corporate Bonds

  

$

—

    

$

13,023,872

    

$

—

    

$

13,023,872

    

Bank Loans

    

—

      

2,257,109

      

—

      

2,257,109

    

U.S. Government and Agency Securities

    

—

      

25,036,772

      

—

      

25,036,772

    

Residential Mortgage Backed Securities

    

—

      

555,468

      

—

      

555,468

    

Asset Backed Securities

    

—

      

1,690,591

      

—

      

1,690,591

    

Investment Of Cash Collateral For Securities Loaned

    

—

      

675,600

      

—

      

675,600

    

Total

  

$

—

    

$

43,239,412

    

$

—

    

$

43,239,412

    

Liabilities:

  

Futures Contracts

  

$

39,268

    

$

—

    

$

—

    

$

39,268

    

Total

  

$

39,268

    

$

—

    

$

—

    

$

39,268

    
   

HIGH INCOME OPPORTUNITIES FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Asset Backed Securities

  

$

—

    

$

90,884

    

$

—

    

$

90,884

    

Corporate Bonds

    

—

      

28,277,185

      

—

      

28,277,185

    

Convertible Bonds

    

—

      

218,602

      

—

      

218,602

    

Bank Loans

    

—

      

6,375,175

      

—

      

6,375,175

    

Common Stocks

    

234,382

      

86,930

      

—

      

321,312

    

Warrants

    

—

      

1

      

—

      

1

    

Convertible Preferred Stocks

    

—

      

23,150

      

—

      

23,150

    

Preferred Stocks

    

197,135

      

46,315

      

—

      

243,450

    

Investment of Cash Collateral For Securities Loaned

    

—

      

1,658,493

      

—

      

1,658,493

    

Total

  

$

431,517

    

$

36,776,735

    

$

—

    

$

37,208,252

    
   

SHORT-TERM BOND FUND

  
   

LEVEL 1

  

LEVEL 2

  

LEVEL 3

  

TOTAL

  

Assets:

  

Corporate Bonds

  

$

—

    

$

203,037,779

    

$

—

    

$

203,037,779

    

U.S. Government and Agency Securities

    

—

      

20,733,493

      

—

      

20,733,493

    

Sovereign Bonds

    

—

      

6,539,826

      

—

      

6,539,826

    

Bank Loans

    

—

      

38,238,255

      

—

      

38,238,255

    

Asset Backed Securities

    

—

      

70,375,102

      

—

      

70,375,102

    

Municipal Obligations

    

—

      

15,438,727

      

—

      

15,438,727

    

Residential Mortgage Backed Securities

    

—

      

3,361,211

      

—

      

3,361,211

    

Investment of Cash Collateral For Securities Loaned

    

—

      

11,639,293

      

—

      

11,639,293

    

Total

  

$

—

    

$

369,363,686

    

$

—

    

$

369,363,686

    

Liabilities:

  

Futures Contracts

  

$

480,684

    

$

—

    

$

—

    

$

480,684

    

Total

  

$

480,684

    

$

—

    

$

—

    

$

480,684

    

www.calamos.com
205

Notes to Financial Statements (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Market Neutral Income Fund's assets and liabilities during the period ended April 30, 2024:

Investments
in
Securities		   Balance
as of
October 31,
2023		   Accrued
Discounts/
(Premiums)		   Realized
Gain
(Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		  

Purchases

   Sales
Proceeds		   Transfers
into
Level 3		   Transfers
out of
Level 3		   Balance
as of
April 30,
2024		   Net change in
Unrealized
Appreciation
(Depreciation) from
investments still held
as of April 30, 2024		  
Common
Stocks		  

$

41,310,000

    

$

—

    

$

12,791,673

    

$

(1,911,177

)

  

$

194,466

    

$

(52,107,154

)

  

$

—

    

$

—

    

$

277,808

    

$

83,342

    

Total

  

$

41,310,000

    

$

—

    

$

12,791,673

    

$

(1,911,177

)

  

$

194,466

    

$

(52,107,154

)

  

$

—

    

$

—

    

$

277,808

    

$

83,342

    

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Merger Arbitrage Fund's assets and liabilities during the period ended April 30, 2024:

Investments
in
Securities		   Balance
as of
October 31,
2023		   Accrued
Discounts/
(Premiums)		   Realized
Gain
(Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		  

Purchases

   Sales
Proceeds		   Transfers
into
Level 3		   Transfers
out of
Level 3		   Balance
as of
April 30,
2024		   Net change in
Unrealized
Appreciation
(Depreciation) from
investments still held
as of April 30, 2024		  
Common
Stocks		  

$

154,530

    

$

—

    

$

34,551

    

$

11,310

    

$

528

    

$

(200,164

)

  

$

—

    

$

—

    

$

755

    

$

227

    

Total

  

$

154,530

    

$

—

    

$

34,551

    

$

11,310

    

$

528

    

$

(200,164

)

  

$

—

    

$

—

    

$

755

    

$

227

    

As of April 30, 2024, Level 3 investments were valued by the Company using unadjusted pricing quotes obtained from dealers.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
206

Notes to Financial Statements (Unaudited)

Note 9 – Capital Share Transactions

The following table summarizes the activity in capital shares of the Funds for the six months ended April 30, 2024:

    MARKET NEUTRAL
INCOME FUND		  

HEDGED EQUITY FUND

  

PHINEUS LONG/SHORT FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

6,122,458

    

$

89,249,570

      

329,365

    

$

5,095,094

      

552,028

    

$

8,791,256

    

Shares issued as reinvestment of distributions

    

2,659,853

      

38,207,967

      

5,766

      

86,784

      

71,750

      

1,125,719

    

Less shares redeemed

    

(13,098,660

)

    

(191,370,659

)

    

(306,592

)

    

(4,741,263

)

    

(538,472

)

    

(8,611,515

)

  

Net increase (decrease)

    

(4,316,349

)

  

$

(63,913,122

)

    

28,539

    

$

440,615

      

85,306

    

$

1,305,460

    

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

605,495

    

$

8,870,481

      

75,052

    

$

1,119,393

      

106,820

    

$

1,616,472

    

Shares issued as reinvestment of distributions

    

626,074

      

9,046,763

      

1,138

      

16,679

      

21,268

      

317,274

    

Less shares redeemed

    

(2,725,170

)

    

(40,019,165

)

    

(25,234

)

    

(376,538

)

    

(290,008

)

    

(4,377,115

)

  

Net increase (decrease)

    

(1,493,601

)

  

$

(22,101,921

)

    

50,956

    

$

759,534

      

(161,920

)

  

$

(2,443,369

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

137,620,743

    

$

1,982,478,726

      

7,378,225

    

$

113,786,548

      

7,623,939

    

$

123,993,979

    

Shares issued as reinvestment of distributions

    

37,360,350

      

529,673,882

      

163,005

      

2,465,127

      

1,005,365

      

16,004,859

    

Less shares redeemed

    

(129,026,757

)

    

(1,858,966,158

)

    

(5,877,382

)

    

(89,930,572

)

    

(9,437,597

)

    

(152,717,410

)

  

Net increase (decrease)

    

45,954,336

    

$

653,186,450

      

1,663,848

    

$

26,321,103

      

(808,293

)

  

$

(12,718,572

)

  

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

4,785,911

    

$

69,713,134

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

243,226

      

3,448,935

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(1,350,631

)

    

(19,336,590

)

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

3,678,506

    

$

53,825,479

      

—

    

$

—

      

—

    

$

—

    

www.calamos.com
207

Notes to Financial Statements (Unaudited)

   

MERGER ARBITRAGE FUND

  

CONVERTIBLE FUND

  

GLOBAL CONVERTIBLE FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

4,932

    

$

50,597

      

409,471

    

$

8,065,919

      

57,935

    

$

636,617

    

Shares issued as reinvestment of distributions

    

83

      

864

      

188,437

      

3,756,265

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

(1,495,614

)

    

(29,398,723

)

    

(119,943

)

    

(1,315,533

)

  

Net increase (decrease)

    

5,015

    

$

51,461

      

(897,706

)

  

$

(17,576,539

)

    

(62,008

)

  

$

(678,916

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

58,790

    

$

1,118,581

      

10,139

    

$

103,900

    

Shares issued as reinvestment of distributions

    

43

      

440

      

23,655

      

457,259

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

(299,400

)

    

(5,701,453

)

    

(101,545

)

    

(1,061,236

)

  

Net increase (decrease)

    

43

    

$

440

      

(216,955

)

  

$

(4,125,613

)

    

(91,406

)

  

$

(957,336

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

8,523

    

$

84,198

      

5,136,442

    

$

86,373,341

      

1,104,513

    

$

12,214,882

    

Shares issued as reinvestment of distributions

    

1,134

      

11,740

      

673,959

      

11,460,662

      

—

      

—

    

Less shares redeemed

    

(11,977

)

    

(118,946

)

    

(9,295,910

)

    

(156,927,612

)

    

(1,883,048

)

    

(20,398,055

)

  

Net increase (decrease)

    

(2,320

)

  

$

(23,008

)

    

(3,485,509

)

  

$

(59,093,609

)

    

(778,535

)

  

$

(8,183,173

)

  

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Net increase (decrease)

    

—

    

$

—

      

—

    

$

—

      

—

    

$

—

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
208

Notes to Financial Statements (Unaudited)

    TIMPANI SMALL CAP
GROWTH FUND		   TIMPANI SMID
GROWTH FUND		  

GROWTH FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

135,387

    

$

3,648,052

      

4,334

    

$

43,081

      

262,483

    

$

9,718,079

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

1,163,676

      

41,543,231

    

Less shares redeemed

    

(112,135

)

    

(2,955,799

)

    

(23,231

)

    

(252,330

)

    

(1,920,643

)

    

(71,941,046

)

  

Net increase (decrease)

    

23,252

    

$

692,253

      

(18,897

)

  

$

(209,249

)

    

(494,484

)

  

$

(20,679,736

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

11,872

    

$

330,554

      

—

    

$

—

      

38,900

    

$

536,318

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

90,713

      

1,165,660

    

Less shares redeemed

    

(22,635

)

    

(622,618

)

    

—

      

—

      

(151,379

)

    

(2,083,683

)

  

Net increase (decrease)

    

(10,763

)

  

$

(292,064

)

    

—

    

$

—

      

(21,766

)

  

$

(381,705

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

939,380

    

$

27,359,980

      

94,931

    

$

1,180,536

      

100,352

    

$

5,701,971

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

149,020

      

8,240,800

    

Less shares redeemed

    

(2,100,859

)

    

(57,097,069

)

    

(23,000

)

    

(267,484

)

    

(334,511

)

    

(19,067,356

)

  

Net increase (decrease)

    

(1,161,479

)

  

$

(29,737,089

)

    

71,931

    

$

913,052

      

(85,139

)

  

$

(5,124,585

)

  

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

37,183

    

$

988,701

      

866

    

$

10,000

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(25,027

)

    

(718,978

)

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

12,156

    

$

269,723

      

866

    

$

10,000

      

—

    

$

—

    

www.calamos.com
209

Notes to Financial Statements (Unaudited)

   

GROWTH AND INCOME FUND

  

DIVIDEND GROWTH FUND

  

SELECT FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

720,470

    

$

31,147,906

      

20,625

    

$

335,845

      

6,787

    

$

128,276

    

Shares issued as reinvestment of distributions

    

1,048,959

      

44,212,344

      

15,751

      

246,667

      

26,877

      

492,652

    

Less shares redeemed

    

(2,138,777

)

    

(92,681,087

)

    

(10,801

)

    

(172,317

)

    

(38,605

)

    

(725,555

)

  

Net increase (decrease)

    

(369,348

)

  

$

(17,320,837

)

    

25,575

    

$

410,195

      

(4,941

)

  

$

(104,627

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

351,750

    

$

15,359,860

      

3,949

    

$

61,303

      

980

    

$

14,735

    

Shares issued as reinvestment of distributions

    

73,475

      

3,110,927

      

7,386

      

109,241

      

424

      

6,362

    

Less shares redeemed

    

(248,505

)

    

(10,810,326

)

    

(12,163

)

    

(188,845

)

    

(1,288

)

    

(20,042

)

  

Net increase (decrease)

    

176,720

    

$

7,660,461

      

(828

)

  

$

(18,301

)

    

116

    

$

1,055

    

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

2,850,799

    

$

116,897,162

      

91,325

    

$

1,518,885

      

68,004

    

$

1,340,150

    

Shares issued as reinvestment of distributions

    

1,117,129

      

44,713,826

      

22,783

      

358,151

      

72,425

      

1,384,771

    

Less shares redeemed

    

(2,421,831

)

    

(99,317,060

)

    

(51,189

)

    

(841,039

)

    

(123,954

)

    

(2,434,164

)

  

Net increase (decrease)

    

1,546,097

    

$

62,293,928

      

62,919

    

$

1,035,997

      

16,475

    

$

290,757

    

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

58,379

    

$

2,410,557

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

32,018

      

1,282,480

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(62,239

)

    

(2,558,256

)

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

28,158

    

$

1,134,781

      

—

    

$

—

      

—

    

$

—

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
210

Notes to Financial Statements (Unaudited)

    INTERNATIONAL
GROWTH FUND		   EVOLVING WORLD
GROWTH FUND		  

GLOBAL EQUITY FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

87,948

    

$

1,727,200

      

162,473

    

$

2,729,976

      

57,335

    

$

898,381

    

Shares issued as reinvestment of distributions

    

938

      

17,518

      

6,778

      

111,021

      

—

      

—

    

Less shares redeemed

    

(234,082

)

    

(4,502,217

)

    

(356,027

)

    

(5,969,879

)

    

(130,864

)

    

(1,935,972

)

  

Net increase (decrease)

    

(145,196

)

  

$

(2,757,499

)

    

(186,776

)

  

$

(3,128,882

)

    

(73,529

)

  

$

(1,037,591

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

3,108

    

$

48,229

      

16,411

    

$

253,230

      

6,614

    

$

72,822

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(15,249

)

    

(239,459

)

    

(94,471

)

    

(1,456,302

)

    

(9,347

)

    

(104,811

)

  

Net increase (decrease)

    

(12,141

)

  

$

(191,230

)

    

(78,060

)

  

$

(1,203,072

)

    

(2,733

)

  

$

(31,989

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

985,449

    

$

19,316,256

      

2,041,451

    

$

34,382,861

      

916,877

    

$

15,243,642

    

Shares issued as reinvestment of distributions

    

24,080

      

469,792

      

107,538

      

1,776,534

      

4,894

      

70,910

    

Less shares redeemed

    

(1,266,854

)

    

(25,430,831

)

    

(5,388,311

)

    

(90,158,082

)

    

(586,619

)

    

(9,627,724

)

  

Net increase (decrease)

    

(257,325

)

  

$

(5,644,783

)

    

(3,239,322

)

  

$

(53,998,687

)

    

335,152

    

$

5,686,828

    

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

96,120

    

$

2,030,014

      

—

    

$

—

      

3,337

    

$

50,813

    

Shares issued as reinvestment of distributions

    

1,111

      

21,914

      

—

      

—

      

13

      

193

    

Less shares redeemed

    

(77,946

)

    

(1,709,354

)

    

—

      

—

      

(6,620

)

    

(96,922

)

  

Net increase (decrease)

    

19,285

    

$

342,574

      

—

    

$

—

      

(3,270

)

  

$

(45,916

)

  

www.calamos.com
211

Notes to Financial Statements (Unaudited)

    GLOBAL
OPPORTUNITIES FUND		   INTERNATIONAL
SMALL CAP
GROWTH FUND		   TOTAL RETURN
BOND FUND		  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

153,817

    

$

1,698,727

      

8,244

    

$

79,048

      

24,312

    

$

216,190

    

Shares issued as reinvestment of distributions

    

23,350

      

248,839

      

—

      

—

      

24,238

      

215,403

    

Less shares redeemed

    

(915,355

)

    

(10,272,846

)

    

(650

)

    

(5,983

)

    

(166,154

)

    

(1,475,679

)

  

Net increase (decrease)

    

(738,188

)

  

$

(8,325,280

)

    

7,594

    

$

73,065

      

(117,604

)

  

$

(1,044,086

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

203,102

    

$

1,847,997

      

—

    

$

—

      

4,237

    

$

37,432

    

Shares issued as reinvestment of distributions

    

1,484

      

13,121

      

—

      

—

      

570

      

5,075

    

Less shares redeemed

    

(167,386

)

    

(1,534,871

)

    

—

      

—

      

(19,075

)

    

(166,829

)

  

Net increase (decrease)

    

37,200

    

$

326,247

      

—

    

$

—

      

(14,268

)

  

$

(124,322

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

1,681,897

    

$

19,868,503

      

76,463

    

$

706,558

      

1,818,920

    

$

16,421,027

    

Shares issued as reinvestment of distributions

    

43,007

      

484,653

      

—

      

—

      

68,305

      

606,925

    

Less shares redeemed

    

(1,161,216

)

    

(13,315,566

)

    

—

      

—

      

(468,930

)

    

(4,120,452

)

  

Net increase (decrease)

    

563,688

    

$

7,037,590

      

76,463

    

$

706,558

      

1,418,295

    

$

12,907,500

    

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Net increase (decrease)

    

—

    

$

—

      

—

    

$

—

      

—

    

$

—

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
212

Notes to Financial Statements (Unaudited)

    HIGH INCOME
OPPORTUNITIES FUND		  

SHORT-TERM BOND FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

42,081

    

$

322,554

      

21,162

    

$

198,911

    

Shares issued as reinvestment of distributions

    

111,919

      

851,739

      

9,057

      

85,595

    

Less shares redeemed

    

(182,702

)

    

(1,390,784

)

    

(32,505

)

    

(306,329

)

  

Net increase (decrease)

    

(28,702

)

  

$

(216,491

)

    

(2,286

)

  

$

(21,823

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

1,475

      

12,051

      

—

      

—

    

Less shares redeemed

    

(9,746

)

    

(80,108

)

    

—

      

—

    

Net increase (decrease)

    

(8,271

)

  

$

(68,057

)

    

—

    

$

—

    

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

426,380

    

$

3,173,418

      

345,350

    

$

3,259,897

    

Shares issued as reinvestment of distributions

    

36,998

      

281,715

      

74,893

      

707,083

    

Less shares redeemed

    

(429,589

)

    

(3,212,163

)

    

(382,156

)

    

(3,606,794

)

  

Net increase (decrease)

    

33,789

    

$

242,970

      

38,087

    

$

360,186

    

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

—

    

$

—

      

—

    

$

—

    

www.calamos.com
213

Notes to Financial Statements (Unaudited)

The following table summarizes the activity in capital shares of the Funds for the Year ended October 31, 2023.

    MARKET NEUTRAL
INCOME FUND		  

HEDGED EQUITY FUND

  

PHINEUS LONG/SHORT FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

12,170,301

    

$

174,881,045

      

314,123

    

$

4,355,061

      

1,406,590

    

$

21,423,583

    

Shares issued as reinvestment of distributions

    

867,511

      

12,393,537

      

13,915

      

186,843

      

—

      

—

    

Less shares redeemed

    

(34,288,966

)

    

(491,435,483

)

    

(1,151,110

)

    

(15,663,173

)

    

(860,503

)

    

(13,143,169

)

  

Net increase (decrease)

    

(21,251,154

)

  

$

(304,160,901

)

    

(823,072

)

  

$

(11,121,269

)

    

546,087

    

$

8,280,414

    

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

1,141,139

    

$

16,548,973

      

153,444

    

$

2,068,519

      

410,144

    

$

5,943,464

    

Shares issued as reinvestment of distributions

    

112,172

      

1,605,256

      

1,760

      

22,724

      

—

      

—

    

Less shares redeemed

    

(6,048,533

)

    

(87,408,980

)

    

(135,503

)

    

(1,826,078

)

    

(364,773

)

    

(5,312,518

)

  

Net increase (decrease)

    

(4,795,222

)

  

$

(69,254,751

)

    

19,701

    

$

265,165

      

45,371

    

$

630,946

    

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

187,447,512

    

$

2,661,213,488

      

12,788,661

    

$

176,576,502

      

25,949,835

    

$

402,905,403

    

Shares issued as reinvestment of distributions

    

13,110,726

      

185,267,214

      

340,304

      

4,617,784

      

15,148

      

228,127

    

Less shares redeemed

    

(390,304,518

)

    

(5,518,414,072

)

    

(17,426,092

)

    

(238,014,016

)

    

(17,828,557

)

    

(276,737,270

)

  

Net increase (decrease)

    

(189,746,280

)

  

$

(2,671,933,370

)

    

(4,297,127

)

  

$

(56,819,730

)

    

8,136,426

    

$

126,396,260

    

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

483,417

    

$

6,918,049

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

34,210

      

484,970

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(349,530

)

    

(4,991,947

)

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

168,097

    

$

2,411,072

      

—

    

$

—

      

—

    

$

—

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
214

Notes to Financial Statements (Unaudited)

    MERGER ARBITRAGE
FUND(​a​)​		  

CONVERTIBLE FUND

  

GLOBAL CONVERTIBLE FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

10,000

    

$

100,000

      

1,504,705

    

$

28,823,555

      

124,764

    

$

1,288,444

    

Shares issued as reinvestment of distributions

    

—

      

—

      

114,111

      

2,150,596

      

2,291

      

24,156

    

Less shares redeemed

    

—

      

—

      

(4,068,962

)

    

(77,321,899

)

    

(398,849

)

    

(3,990,708

)

  

Net increase (decrease)

    

10,000

    

$

100,000

      

(2,450,146

)

  

$

(46,347,748

)

    

(271,794

)

  

$

(2,678,108

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

10,000

    

$

100,000

      

302,944

    

$

5,602,479

      

17,911

    

$

175,953

    

Shares issued as reinvestment of distributions

    

—

      

—

      

7,504

      

135,456

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

(824,838

)

    

(15,151,925

)

    

(116,401

)

    

(1,146,474

)

  

Net increase (decrease)

    

10,000

    

$

100,000

      

(514,390

)

  

$

(9,413,990

)

    

(98,490

)

  

$

(970,521

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

191,530

    

$

1,910,468

      

13,481,446

    

$

219,294,017

      

4,281,532

    

$

43,701,747

    

Shares issued as reinvestment of distributions

    

—

      

—

      

499,000

      

8,054,555

      

44,862

      

474,411

    

Less shares redeemed

    

—

      

—

      

(20,730,117

)

    

(336,215,159

)

    

(5,705,217

)

    

(57,441,972

)

  

Net increase (decrease)

    

191,530

    

$

1,910,468

      

(6,749,671

)

  

$

(108,866,587

)

    

(1,378,823

)

  

$

(13,265,814

)

  

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Net increase (decrease)

    

—

    

$

—

      

—

    

$

—

      

—

    

$

—

    

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

www.calamos.com
215

Notes to Financial Statements (Unaudited)

    TIMPANI SMALL CAP
GROWTH FUND		   TIMPANI SMID
GROWTH FUND		  

GROWTH FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

213,781

    

$

5,334,892

      

9,599

    

$

91,993

      

448,404

    

$

13,637,659

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(292,028

)

    

(7,283,307

)

    

(2,244

)

    

(22,479

)

    

(3,825,623

)

    

(118,160,284

)

  

Net increase (decrease)

    

(78,247

)

  

$

(1,948,415

)

    

7,355

    

$

69,514

      

(3,377,219

)

  

$

(104,522,625

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

32,966

    

$

836,452

      

—

    

$

—

      

46,362

    

$

573,172

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(35,311

)

    

(899,810

)

    

—

      

—

      

(405,713

)

    

(4,801,705

)

  

Net increase (decrease)

    

(2,345

)

  

$

(63,358

)

    

—

    

$

—

      

(359,351

)

  

$

(4,228,533

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

2,812,358

    

$

72,418,856

      

168,329

    

$

1,662,934

      

230,544

    

$

10,893,185

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(5,200,522

)

    

(133,471,595

)

    

(96,521

)

    

(925,541

)

    

(664,396

)

    

(30,871,397

)

  

Net increase (decrease)

    

(2,388,164

)

  

$

(61,052,739

)

    

71,808

    

$

737,393

      

(433,852

)

  

$

(19,978,212

)

  

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

290,165

    

$

7,218,285

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(41,692

)

    

(1,081,342

)

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

248,473

    

$

6,136,943

      

—

    

$

—

      

—

    

$

—

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
216

Notes to Financial Statements (Unaudited)

   

GROWTH AND INCOME FUND

  

DIVIDEND GROWTH FUND

  

SELECT FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

1,395,701

    

$

55,123,038

      

66,886

    

$

934,201

      

21,923

    

$

357,049

    

Shares issued as reinvestment of distributions

    

1,105,036

      

41,224,918

      

1,525

      

20,483

      

18,659

      

285,851

    

Less shares redeemed

    

(3,785,998

)

    

(149,024,604

)

    

(92,888

)

    

(1,322,079

)

    

(86,039

)

    

(1,415,180

)

  

Net increase (decrease)

    

(1,285,261

)

  

$

(52,676,648

)

    

(24,477

)

  

$

(367,395

)

    

(45,457

)

  

$

(772,280

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

333,444

    

$

13,342,934

      

26,870

    

$

371,068

      

1,006

    

$

14,390

    

Shares issued as reinvestment of distributions

    

72,707

      

2,706,158

      

364

      

4,659

      

347

      

4,429

    

Less shares redeemed

    

(567,882

)

    

(22,558,728

)

    

(29,170

)

    

(409,286

)

    

(5,508

)

    

(75,176

)

  

Net increase (decrease)

    

(161,731

)

  

$

(6,509,636

)

    

(1,936

)

  

$

(33,559

)

    

(4,155

)

  

$

(56,357

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

3,530,219

    

$

132,943,429

      

179,291

    

$

2,720,520

      

91,036

    

$

1,481,648

    

Shares issued as reinvestment of distributions

    

1,131,090

      

40,224,840

      

3,110

      

41,829

      

46,957

      

747,078

    

Less shares redeemed

    

(5,335,877

)

    

(198,352,324

)

    

(416,596

)

    

(5,901,420

)

    

(187,861

)

    

(3,079,292

)

  

Net increase (decrease)

    

(674,568

)

  

$

(25,184,055

)

    

(234,195

)

  

$

(3,139,071

)

    

(49,868

)

  

$

(850,566

)

  

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

338,993

    

$

12,207,180

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

21,604

      

774,460

      

—

      

—

      

—

      

—

    

Less shares redeemed

    

(71,796

)

    

(2,665,015

)

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

288,801

    

$

10,316,625

      

—

    

$

—

      

—

    

$

—

    

www.calamos.com
217

Notes to Financial Statements (Unaudited)

    INTERNATIONAL
GROWTH FUND		   EVOLVING WORLD
GROWTH FUND		  

GLOBAL EQUITY FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

256,761

    

$

4,451,721

      

565,595

    

$

9,160,185

      

85,674

    

$

1,051,791

    

Shares issued as reinvestment of distributions

    

—

      

—

      

16,179

      

255,623

      

70,675

      

795,802

    

Less shares redeemed

    

(740,569

)

    

(12,753,986

)

    

(647,793

)

    

(10,312,912

)

    

(301,037

)

    

(3,670,818

)

  

Net increase (decrease)

    

(483,808

)

  

$

(8,302,265

)

    

(66,019

)

  

$

(897,104

)

    

(144,688

)

  

$

(1,823,225

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

8,311

    

$

119,516

      

25,567

    

$

380,930

      

7,374

    

$

71,977

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

4,013

      

36,318

    

Less shares redeemed

    

(63,336

)

    

(912,752

)

    

(199,158

)

    

(2,937,159

)

    

(25,671

)

    

(249,212

)

  

Net increase (decrease)

    

(55,025

)

  

$

(793,236

)

    

(173,591

)

  

$

(2,556,229

)

    

(14,284

)

  

$

(140,917

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

3,281,140

    

$

57,478,839

      

11,322,989

    

$

185,490,477

      

1,150,279

    

$

15,507,044

    

Shares issued as reinvestment of distributions

    

—

      

—

      

205,070

      

3,266,770

      

184,546

      

2,188,709

    

Less shares redeemed

    

(2,426,078

)

    

(43,942,761

)

    

(11,733,016

)

    

(189,295,685

)

    

(402,657

)

    

(5,110,431

)

  

Net increase (decrease)

    

855,062

    

$

13,536,078

      

(204,957

)

  

$

(538,438

)

    

932,168

    

$

12,585,322

    

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

64,500

    

$

1,169,046

      

—

    

$

—

      

6,358

    

$

79,421

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

      

40

      

477

    

Less shares redeemed

    

(49,940

)

    

(897,244

)

    

—

      

—

      

(3

)

    

(38

)

  

Net increase (decrease)

    

14,560

    

$

271,802

      

—

    

$

—

      

6,395

    

$

79,860

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
218

Notes to Financial Statements (Unaudited)

    GLOBAL
OPPORTUNITIES FUND		   INTERNATIONAL
SMALL CAP
GROWTH FUND		   TOTAL RETURN
BOND FUND		  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

841,115

    

$

8,263,851

      

4,126

    

$

33,328

      

88,728

    

$

798,909

    

Shares issued as reinvestment of distributions

    

29,808

      

304,335

      

10

      

77

      

49,508

      

438,950

    

Less shares redeemed

    

(1,764,946

)

    

(17,425,978

)

    

(3,113

)

    

(24,904

)

    

(425,660

)

    

(3,801,898

)

  

Net increase (decrease)

    

(894,023

)

  

$

(8,857,792

)

    

1,023

    

$

8,501

      

(287,424

)

  

$

(2,564,039

)

  

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

194,062

    

$

1,612,104

      

3,690

    

$

28,189

      

1,794

    

$

16,045

    

Shares issued as reinvestment of distributions

    

781

      

6,767

      

23

      

182

      

1,348

      

11,954

    

Less shares redeemed

    

(259,535

)

    

(2,157,512

)

    

(3,708

)

    

(29,884

)

    

(27,855

)

    

(245,982

)

  

Net increase (decrease)

    

(64,692

)

  

$

(538,641

)

    

5

    

$

(1,513

)

    

(24,713

)

  

$

(217,983

)

  

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

2,795,086

    

$

28,665,714

      

78,640

    

$

636,833

      

867,270

    

$

7,722,963

    

Shares issued as reinvestment of distributions

    

52,626

      

560,275

      

1,839

      

14,635

      

83,382

      

738,883

    

Less shares redeemed

    

(4,470,328

)

    

(45,956,185

)

    

—

      

—

      

(803,160

)

    

(7,161,353

)

  

Net increase (decrease)

    

(1,622,616

)

  

$

(16,730,196

)

    

80,479

    

$

651,468

      

147,492

    

$

1,300,493

    

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

7

      

56

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Net increase (decrease)

    

—

    

$

—

      

7

    

$

56

      

—

    

$

—

    

www.calamos.com
219

Notes to Financial Statements (Unaudited)

    HIGH INCOME
OPPORTUNITIES FUND		  

SHORT-TERM BOND FUND

  

Class A

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

125,036

    

$

930,176

      

286,429

    

$

2,682,456

    

Shares issued as reinvestment of distributions

    

209,678

      

1,549,071

      

13,227

      

123,782

    

Less shares redeemed

    

(504,389

)

    

(3,731,630

)

    

(150,216

)

    

(1,408,916

)

  

Net increase (decrease)

    

(169,675

)

  

$

(1,252,383

)

    

149,440

    

$

1,397,322

    

Class C

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

18,288

    

$

144,615

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

3,282

      

25,955

      

—

      

—

    

Less shares redeemed

    

(25,382

)

    

(201,323

)

    

—

      

—

    

Net increase (decrease)

    

(3,812

)

  

$

(30,753

)

    

—

    

$

—

    

Class I

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

272,227

    

$

2,016,027

      

1,665,162

    

$

15,595,621

    

Shares issued as reinvestment of distributions

    

69,814

      

515,875

      

144,315

      

1,349,695

    

Less shares redeemed

    

(516,836

)

    

(3,799,494

)

    

(2,181,708

)

    

(20,354,338

)

  

Net increase (decrease)

    

(174,795

)

  

$

(1,267,592

)

    

(372,231

)

  

$

(3,409,022

)

  

Class R6

  

Shares

  

Dollars

  

Shares

  

Dollars

  

Shares sold

    

—

    

$

—

      

—

    

$

—

    

Shares issued as reinvestment of distributions

    

—

      

—

      

—

      

—

    

Less shares redeemed

    

—

      

—

      

—

      

—

    

Net increase (decrease)

    

—

    

$

—

      

—

    

$

—

    

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
220

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Calamos Investment Trust

Results of Review of Interim Financial Information

We have reviewed the accompanying statements of assets and liabilities, including the schedules of investments, of Calamos Investment Trust comprising the Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Merger Arbitrage Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund, (the "Funds") as of April 30, 2024; the related statements of operations, changes in net assets, and the financial highlights for the six month period then ended; and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of changes in net assets of the Funds and the financial highlights for each of the periods listed in the table below; and in our report dated December 20, 2023, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.

Individual Fund Comprising the
Calamos Investment Trust		  

Statement of Changes in Net Assets

  

Financial Highlights

  

Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund

  

For the years ended October 31, 2023 and 2022

  

For the years ended October 31, 2023, 2022, 2021, 2020, and 2019

  

Calamos Timpani Small Cap Growth Fund (formerly, Frontier Timpani Small Cap Growth Fund for the period July 1, 2018 through May 31, 2019)

  

For the years ended October 31, 2023 and 2022

  

For the years ended October 31, 2023, 2022, 2021, 2020, and the period from May 31, 2019 (commencement of operations) through October 31, 2019 and July 1, 2018 through May 31, 2019

  

Calamos Timpani SMID Growth Fund

  

For the years ended October 31, 2023 and 2022

  

For the years ended October 31, 2023, 2022, 2021, 2020, and the period from August 1, 2019 (commencement of operations) through October 31, 2019

  

Calamos International Small Cap Growth Fund

  

For the year ended October 31, 2023, and the period from March 31, 2022 (commencement of operations) through October 31, 2022

  

For the year ended October 31, 2023, and the period from March 31, 2022 (commencement of operations) through October 31, 2022

  

Calamos Merger Arbitrage Fund

  

For the period from September 29, 2023 (commencement of operations) through October 31, 2023

  

For the period from September 29, 2023 (commencement of operations) through October 31, 2023

  

www.calamos.com
221

Report of Independent Registered Public Accounting Firm

Basis for Review Results

This interim financial information is the responsibility of the Funds' management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

June 20, 2024

Chicago, Illinois

We have served as the auditor of one or more Calamos investment companies since 2003.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT
222

Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Calamos Investment Trust (the "Trust"), on behalf of each series (each a "Fund" and collectively, the "Funds"), has established a liquidity risk management program to govern each Fund's approach to managing liquidity risk (the "Program"). The Program is overseen by the Liquidity Committee, a committee comprised of representatives of the Trust's investment adviser, Calamos Advisors LLC. The Trust's Board of Trustees (the "Board") has approved the designation of the Liquidity Committee to oversee the Program.

The Program's principal objectives include supporting the Funds' compliance with limits on investments in illiquid assets and mitigating the risk that each Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the periodic classification and re-classification of each Fund's investments into groupings that reflect the Liquidity Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on December 12, 2023, the Trustees received an annual report from the Liquidity Committee regarding the design and operational effectiveness of the Program. The Liquidity Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively to manage each Fund's liquidity risk. The Liquidity Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds' prospectus for more information regarding the Funds' exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

www.calamos.com
223

This page intentionally left blank.

MANAGING YOUR CALAMOS FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

Through a single toll-free number, Calamos 24-Hour Shareholder Assistance is fast and easy. Get fund prices and account balances, review recent transactions, order statements, literature and more.

PERSONAL ASSISTANCE: 800.582.6959

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

ONLINE ACCOUNT MANAGEMENT:
www.calamos.com

Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.

YOUR FINANCIAL ADVISOR

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

This report, including the audited financial statements contained herein, is submitted for general information for the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless accompanied by a currently effective prospectus of the Funds. The views expressed in this report reflect those of Calamos Advisors LLC only through April 30, 2024.

A description of the Calamos Proxy Voting Policies and Procedures and the Funds' proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds' proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

INVESTMENT ADVISER:
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:
State Street Bank and Trust Company
Boston, MA

TRANSFER AGENT:
U.S. Bank Global Fund Services
615 E. Michigan St., 3rd Floor
Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:
Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:
Ropes & Gray LLP
Chicago, IL

Visit our Web site for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

2020 Calamos Court
Naperville, IL 60563-2787
800.582.6959
www.calamos.com

© 2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

CITSAR 1631 043024

 

Item 1(b). Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

 

ITEM 2. CODE OF ETHICS.

 

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

 

 

 

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS

 

(a) Included in the Report to Shareholders in Item 1.

 

(b) Not applicable.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

 

 

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

No material changes.

 

ITEM 11. CONTROLS AND PROCEDURES.

 

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and timely reported.

 

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. EXHIBITS.

 

(a)(1) Code of Ethics - Not applicable for this semiannual report.

  

(a)(2)(i) Certification of Principal Executive Officer.

 

(a)(2)(ii) Certification of Principal Financial Officer.

 

(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Calamos Investment Trust

 

By: /s/    John P. Calamos, Sr.          
Name: John P. Calamos, Sr.  
Title: Principal Executive Officer  
Date: June 27, 2024  

 

By: /s/    Thomas E. Herman          
Name: Thomas E. Herman  
Title: Principal Financial Officer  
Date: June 27, 2024  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/    John P. Calamos, Sr.           
Name: John P. Calamos, Sr.  
Title: Principal Executive Officer  
Date: June 27, 2024  

 

By: /s/     Thomas E. Herman          
Name: Thomas E. Herman  
Title: Principal Financial Officer  
Date: June 27, 2024