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, 2025

DATE OF REPORTING PERIOD:

November 1, 2024 through April 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

TABLE OF CONTENTS

Calamos Convertible Fund Class A - CCVIX

Calamos Convertible Fund Class C - CCVCX

Calamos Convertible Fund Class I - CICVX

Calamos Dividend Growth Fund Class A - CADVX

Calamos Dividend Growth Fund Class C - CCDVX

Calamos Dividend Growth Fund Class I - CIDVX

Calamos Evolving World Growth Fund Class A - CNWGX

Calamos Evolving World Growth Fund Class C - CNWDX

Calamos Evolving World Growth Fund Class I - CNWIX

Calamos Global Convertible Fund Class A - CAGCX

Calamos Global Convertible Fund Class C - CCGCX

Calamos Global Convertible Fund Class I - CXGCX

Calamos Global Equity Fund Class A - CAGEX

Calamos Global Equity Fund Class C - CCGEX

Calamos Global Equity Fund Class I - CIGEX

Calamos Global Equity Fund Class R6 - CGEOX

Calamos Global Opportunities Fund Class A - CVLOX

Calamos Global Opportunities Fund Class C - CVLCX

Calamos Global Opportunities Fund Class I - CGCIX

Calamos Growth and Income Fund Class A - CVTRX

Calamos Growth and Income Fund Class C - CVTCX

Calamos Growth and Income Fund Class I - CGIIX

Calamos Growth and Income Fund Class R6 - CGIOX

Calamos Growth Fund Class A - CVGRX

Calamos Growth Fund Class C - CVGCX

Calamos Growth Fund Class I - CGRIX

Calamos High Income Opportunities Fund Class A - CHYDX

Calamos High Income Opportunities Fund Class C - CCHYX

Calamos High Income Opportunities Fund Class I - CIHYX

Calamos International Growth Fund Class A - CIGRX

Calamos International Growth Fund Class C - CIGCX

Calamos International Growth Fund Class I - CIGIX

Calamos International Growth Fund Class R6 - CIGOX

Calamos International Small Cap Growth Fund Class A - CAISX

Calamos International Small Cap Growth Fund Class C - CCISX

Calamos International Small Cap Growth Fund Class I - CSGIX

Calamos International Small Cap Growth Fund Class R6 - CISOX

Calamos Market Neutral Income Fund Class A - CVSIX

Calamos Market Neutral Income Fund Class C - CVSCX

Calamos Market Neutral Income Fund Class I - CMNIX

Calamos Market Neutral Income Fund Class R6 - CVSOX

Calamos Phineus Long/Short Fund Class A - CPLSX

Calamos Phineus Long/Short Fund Class C - CPCLX

Calamos Phineus Long/Short Fund Class I - CPLIX

Calamos Select Fund Class A - CVAAX

Calamos Select Fund Class C - CVACX

Calamos Select Fund Class I - CVAIX

Calamos Timpani Small Cap Growth Fund Class A - CTASX

Calamos Timpani Small Cap Growth Fund Class C - CTCSX

Calamos Timpani Small Cap Growth Fund Class I - CTSIX

Calamos Timpani Small Cap Growth Fund Class R6 - CTSOX

Calamos Timpani SMID Growth Fund Class A - CTAGX

Calamos Timpani SMID Growth Fund Class I - CTIGX

Calamos Timpani SMID Growth Fund Class R6 - CTOGX

Calamos Hedged Equity Fund Class A - CAHEX

Calamos Hedged Equity Fund Class C - CCHEX

Calamos Hedged Equity Fund Class I - CIHEX

Calamos Merger Arbitrage Fund Class A - CMRAX

Calamos Merger Arbitrage Fund Class C - CMRCX

Calamos Merger Arbitrage Fund Class I - CMRGX

Calamos Short-Term Bond Fund Class A - CSTBX

Calamos Short-Term Bond Fund Class I - CSTIX

Calamos Total Return Bond Fund Class A - CTRAX

Calamos Total Return Bond Fund Class C - CTRCX

Calamos Total Return Bond Fund Class I - CTRIX

Calamos Convertible Fund

Class A: CCVIX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$56	1.14%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$780,154,203	99	43%

WHAT DID THE FUND INVEST IN?

The Fund invests primarily in convertible securities of US companies and some foreign firms diversified across market sectors and credit quality. Although the Fund can invest across the convertible universe, it emphasizes convertibles with attractive risk-reward profiles issued by midsize companies with higher-quality balance sheets.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	38.9
Consumer Discretionary	10.8
Health Care	10.3
Utilities	9.0
Communication Services	8.9
Industrials	6.7
Financials	6.2
Real Estate	2.4
Materials	1.2
Consumer Staples	1.0
Energy	0.6
Other	0.5

TOP 10 HOLDINGS	% OF NET ASSETS
Boeing Company, 6.000%, 10/15/27	3.8
MicroStrategy, Inc., 0.000%, 03/01/30	2.9
NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27	2.5
Snowflake, Inc., 0.000%, 10/01/29	2.4
Live Nation Entertainment, Inc., 2.875%, 01/15/30	2.2
Datadog, Inc., 0.000%, 12/01/29	2.1
Southern Company, 3.875%, 12/15/25	2.1
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	2.0
Palo Alto Networks, Inc., 0.375%, 06/01/25	1.9
Booking Holdings, Inc., 0.750%, 05/01/25	1.8

www.calamos.com

Calamos Convertible Fund

Class A: CCVIX

Semi-Annual Shareholder Report - April 30, 2025

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Convertible Fund

Class C: CCVCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$93	1.89%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$780,154,203	99	43%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	38.9
Consumer Discretionary	10.8
Health Care	10.3
Utilities	9.0
Communication Services	8.9
Industrials	6.7
Financials	6.2
Real Estate	2.4
Materials	1.2
Consumer Staples	1.0
Energy	0.6
Other	0.5

TOP 10 HOLDINGS	% OF NET ASSETS
Boeing Company, 6.000%, 10/15/27	3.8
MicroStrategy, Inc., 0.000%, 03/01/30	2.9
NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27	2.5
Snowflake, Inc., 0.000%, 10/01/29	2.4
Live Nation Entertainment, Inc., 2.875%, 01/15/30	2.2
Datadog, Inc., 0.000%, 12/01/29	2.1
Southern Company, 3.875%, 12/15/25	2.1
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	2.0
Palo Alto Networks, Inc., 0.375%, 06/01/25	1.9
Booking Holdings, Inc., 0.750%, 05/01/25	1.8

www.calamos.com

Calamos Convertible Fund

Class C: CCVCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Convertible Fund

Class I: CICVX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$44	0.89%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$780,154,203	99	43%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	38.9
Consumer Discretionary	10.8
Health Care	10.3
Utilities	9.0
Communication Services	8.9
Industrials	6.7
Financials	6.2
Real Estate	2.4
Materials	1.2
Consumer Staples	1.0
Energy	0.6
Other	0.5

TOP 10 HOLDINGS	% OF NET ASSETS
Boeing Company, 6.000%, 10/15/27	3.8
MicroStrategy, Inc., 0.000%, 03/01/30	2.9
NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27	2.5
Snowflake, Inc., 0.000%, 10/01/29	2.4
Live Nation Entertainment, Inc., 2.875%, 01/15/30	2.2
Datadog, Inc., 0.000%, 12/01/29	2.1
Southern Company, 3.875%, 12/15/25	2.1
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	2.0
Palo Alto Networks, Inc., 0.375%, 06/01/25	1.9
Booking Holdings, Inc., 0.750%, 05/01/25	1.8

www.calamos.com

Calamos Convertible Fund

Class I: CICVX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Dividend Growth Fund

Class A: CADVX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Dividend Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$66	1.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$20,258,594	110	9%

WHAT DID THE FUND INVEST IN?

The Fund is broadly diversified by sector, favoring investments in dividend-paying equities and high-cash-generating businesses. Our preference for companies with stronger cash flows, improving or superior fundamentals, and upside intrinsic value worked well over the period. Dividend-paying equities often provide a sense of stability, and “quality” was a favored attribute.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.8
Financials	16.1
Consumer Discretionary	11.2
Communication Services	9.3
Health Care	8.6
Industrials	6.4
Consumer Staples	5.7
Utilities	3.1
Energy	3.1
Materials	2.7
Other	2.1
Real Estate	1.3

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.7
Microsoft Corp.	6.2
NVIDIA Corp.	5.7
Amazon.com, Inc.	3.7
Alphabet, Inc. - Class C	3.5
Meta Platforms, Inc. - Class A	2.6
Broadcom, Inc.	2.3
Berkshire Hathaway, Inc. - Class B	2.1
JPMorgan Chase & Company	2.1
Eli Lilly & Company	1.8

www.calamos.com

Calamos Dividend Growth Fund

Class A: CADVX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Dividend Growth Fund

Class C: CCDVX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$103	2.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$20,258,594	110	9%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.8
Financials	16.1
Consumer Discretionary	11.2
Communication Services	9.3
Health Care	8.6
Industrials	6.4
Consumer Staples	5.7
Utilities	3.1
Energy	3.1
Materials	2.7
Other	2.1
Real Estate	1.3

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.7
Microsoft Corp.	6.2
NVIDIA Corp.	5.7
Amazon.com, Inc.	3.7
Alphabet, Inc. - Class C	3.5
Meta Platforms, Inc. - Class A	2.6
Broadcom, Inc.	2.3
Berkshire Hathaway, Inc. - Class B	2.1
JPMorgan Chase & Company	2.1
Eli Lilly & Company	1.8

www.calamos.com

Calamos Dividend Growth Fund

Class C: CCDVX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Dividend Growth Fund

Class I: CIDVX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$54	1.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$20,258,594	110	9%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.8
Financials	16.1
Consumer Discretionary	11.2
Communication Services	9.3
Health Care	8.6
Industrials	6.4
Consumer Staples	5.7
Utilities	3.1
Energy	3.1
Materials	2.7
Other	2.1
Real Estate	1.3

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.7
Microsoft Corp.	6.2
NVIDIA Corp.	5.7
Amazon.com, Inc.	3.7
Alphabet, Inc. - Class C	3.5
Meta Platforms, Inc. - Class A	2.6
Broadcom, Inc.	2.3
Berkshire Hathaway, Inc. - Class B	2.1
JPMorgan Chase & Company	2.1
Eli Lilly & Company	1.8

www.calamos.com

Calamos Dividend Growth Fund

Class I: CIDVX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

Class A: CNWGX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$63	1.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$363,065,491	79	77%

WHAT DID THE FUND INVEST IN?

The Fund employs an active, risk-managed strategy to invest in emerging market growth opportunities. The Fund invests in common stocks and draws on our experience in convertible securities to actively manage risk. The Fund invests in emerging markets and certain developed market-domiciled-companies with significant revenue exposure to emerging markets.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Financials	21.3
Consumer Discretionary	18.6
Information Technology	17.2
Communication Services	15.8
Industrials	11.5
Consumer Staples	7.2
Materials	2.0
Other	1.8
Real Estate	1.7
Energy	1.5
Health Care	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
Taiwan Semiconductor Manufacturing Company, Ltd.	9.5
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	5.7
Xiaomi Best Time International, Ltd., 0.000%, 12/17/27	4.8
Goldman Sachs Finance Corp. International, Ltd., 0.000%, 03/15/27	3.9
Eastroc Beverage Group Company, Ltd. - Class A	3.4
Bharti Airtel, Ltd.	3.2
ICICI Bank, Ltd. (ADR)	2.9
Hanwha Aerospace Company, Ltd.	2.9
Meritz Financial Group, Inc.	2.7
Amber Enterprises India, Ltd.	2.7

www.calamos.com

Calamos Evolving World Growth Fund

Class A: CNWGX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

Class C: CNWDX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$99	2.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$363,065,491	79	77%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Financials	21.3
Consumer Discretionary	18.6
Information Technology	17.2
Communication Services	15.8
Industrials	11.5
Consumer Staples	7.2
Materials	2.0
Other	1.8
Real Estate	1.7
Energy	1.5
Health Care	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
Taiwan Semiconductor Manufacturing Company, Ltd.	9.5
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	5.7
Xiaomi Best Time International, Ltd., 0.000%, 12/17/27	4.8
Goldman Sachs Finance Corp. International, Ltd., 0.000%, 03/15/27	3.9
Eastroc Beverage Group Company, Ltd. - Class A	3.4
Bharti Airtel, Ltd.	3.2
ICICI Bank, Ltd. (ADR)	2.9
Hanwha Aerospace Company, Ltd.	2.9
Meritz Financial Group, Inc.	2.7
Amber Enterprises India, Ltd.	2.7

www.calamos.com

Calamos Evolving World Growth Fund

Class C: CNWDX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

Class I: CNWIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$51	1.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$363,065,491	79	77%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Financials	21.3
Consumer Discretionary	18.6
Information Technology	17.2
Communication Services	15.8
Industrials	11.5
Consumer Staples	7.2
Materials	2.0
Other	1.8
Real Estate	1.7
Energy	1.5
Health Care	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
Taiwan Semiconductor Manufacturing Company, Ltd.	9.5
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	5.7
Xiaomi Best Time International, Ltd., 0.000%, 12/17/27	4.8
Goldman Sachs Finance Corp. International, Ltd., 0.000%, 03/15/27	3.9
Eastroc Beverage Group Company, Ltd. - Class A	3.4
Bharti Airtel, Ltd.	3.2
ICICI Bank, Ltd. (ADR)	2.9
Hanwha Aerospace Company, Ltd.	2.9
Meritz Financial Group, Inc.	2.7
Amber Enterprises India, Ltd.	2.7

www.calamos.com

Calamos Evolving World Growth Fund

Class I: CNWIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

Class A: CAGCX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$67	1.33%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$133,866,305	109	19%

WHAT DID THE FUND INVEST IN?

The Fund invests in global convertible securities, striving to balance risk-reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	27.5
Consumer Discretionary	25.8
Health Care	7.8
Industrials	7.6
Financials	6.7
Materials	5.5
Energy	4.2
Utilities	3.7
Communication Services	2.8
Consumer Staples	2.2
Real Estate	1.9
Other	1.8

TOP 10 HOLDINGS	% OF NET ASSETS
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	5.0
Boeing Company, 6.000%, 10/15/27	3.5
JD.com, Inc., 0.250%, 06/01/29	3.0
Trip.com Group, Ltd., 0.750%, 06/15/29	2.1
Eni S.p.A, Series ENI, 2.950%, 09/14/30	2.0
NCL Corp., Ltd., 1.125%, 02/15/27	2.0
Rivian Automotive, Inc., 4.625%, 03/15/29	2.0
Sanrio Company, Ltd., 0.000%, 12/14/28	1.9
Apollo Global Management, Inc., 6.750%, 07/31/26	1.8
MakeMyTrip, Ltd., 0.000%, 02/15/28	1.8

www.calamos.com

Calamos Global Convertible Fund

Class A: CAGCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

Class C: CCGCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$105	2.08%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$133,866,305	109	19%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	27.5
Consumer Discretionary	25.8
Health Care	7.8
Industrials	7.6
Financials	6.7
Materials	5.5
Energy	4.2
Utilities	3.7
Communication Services	2.8
Consumer Staples	2.2
Real Estate	1.9
Other	1.8

TOP 10 HOLDINGS	% OF NET ASSETS
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	5.0
Boeing Company, 6.000%, 10/15/27	3.5
JD.com, Inc., 0.250%, 06/01/29	3.0
Trip.com Group, Ltd., 0.750%, 06/15/29	2.1
Eni S.p.A, Series ENI, 2.950%, 09/14/30	2.0
NCL Corp., Ltd., 1.125%, 02/15/27	2.0
Rivian Automotive, Inc., 4.625%, 03/15/29	2.0
Sanrio Company, Ltd., 0.000%, 12/14/28	1.9
Apollo Global Management, Inc., 6.750%, 07/31/26	1.8
MakeMyTrip, Ltd., 0.000%, 02/15/28	1.8

www.calamos.com

Calamos Global Convertible Fund

Class C: CCGCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

Class I: CXGCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$55	1.08%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$133,866,305	109	19%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	27.5
Consumer Discretionary	25.8
Health Care	7.8
Industrials	7.6
Financials	6.7
Materials	5.5
Energy	4.2
Utilities	3.7
Communication Services	2.8
Consumer Staples	2.2
Real Estate	1.9
Other	1.8

TOP 10 HOLDINGS	% OF NET ASSETS
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	5.0
Boeing Company, 6.000%, 10/15/27	3.5
JD.com, Inc., 0.250%, 06/01/29	3.0
Trip.com Group, Ltd., 0.750%, 06/15/29	2.1
Eni S.p.A, Series ENI, 2.950%, 09/14/30	2.0
NCL Corp., Ltd., 1.125%, 02/15/27	2.0
Rivian Automotive, Inc., 4.625%, 03/15/29	2.0
Sanrio Company, Ltd., 0.000%, 12/14/28	1.9
Apollo Global Management, Inc., 6.750%, 07/31/26	1.8
MakeMyTrip, Ltd., 0.000%, 02/15/28	1.8

www.calamos.com

Calamos Global Convertible Fund

Class I: CXGCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class A: CAGEX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$69	1.40%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$128,333,042	68	68%

WHAT DID THE FUND INVEST IN?

The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including higher earnings growth and cash flow generation, attractive returns on invested capital, and exposure to our key secular themes.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	25.3
Financials	17.8
Industrials	15.0
Consumer Discretionary	13.5
Communication Services	13.1
Health Care	4.6
Consumer Staples	4.0
Materials	3.6
Energy	2.4
Other	0.4

TOP 10 HOLDINGS	% OF NET ASSETS
NVIDIA Corp.	5.5
Palantir Technologies, Inc. - Class A	3.0
Amazon.com, Inc.	3.0
Taiwan Semiconductor Manufacturing Company, Ltd.	2.9
AT&T, Inc.	2.7
Hitachi, Ltd.	2.7
Netflix, Inc.	2.7
Eli Lilly & Company	2.5
Meta Platforms, Inc. - Class A	2.3
Spotify Technology, SA	2.2

www.calamos.com

Calamos Global Equity Fund

Class A: CAGEX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class C: CCGEX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$106	2.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$128,333,042	68	68%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	25.3
Financials	17.8
Industrials	15.0
Consumer Discretionary	13.5
Communication Services	13.1
Health Care	4.6
Consumer Staples	4.0
Materials	3.6
Energy	2.4
Other	0.4

TOP 10 HOLDINGS	% OF NET ASSETS
NVIDIA Corp.	5.5
Palantir Technologies, Inc. - Class A	3.0
Amazon.com, Inc.	3.0
Taiwan Semiconductor Manufacturing Company, Ltd.	2.9
AT&T, Inc.	2.7
Hitachi, Ltd.	2.7
Netflix, Inc.	2.7
Eli Lilly & Company	2.5
Meta Platforms, Inc. - Class A	2.3
Spotify Technology, SA	2.2

www.calamos.com

Calamos Global Equity Fund

Class C: CCGEX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class I: CIGEX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$57	1.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$128,333,042	68	68%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	25.3
Financials	17.8
Industrials	15.0
Consumer Discretionary	13.5
Communication Services	13.1
Health Care	4.6
Consumer Staples	4.0
Materials	3.6
Energy	2.4
Other	0.4

TOP 10 HOLDINGS	% OF NET ASSETS
NVIDIA Corp.	5.5
Palantir Technologies, Inc. - Class A	3.0
Amazon.com, Inc.	3.0
Taiwan Semiconductor Manufacturing Company, Ltd.	2.9
AT&T, Inc.	2.7
Hitachi, Ltd.	2.7
Netflix, Inc.	2.7
Eli Lilly & Company	2.5
Meta Platforms, Inc. - Class A	2.3
Spotify Technology, SA	2.2

www.calamos.com

Calamos Global Equity Fund

Class I: CIGEX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class R6: CGEOX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$53	1.08%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$128,333,042	68	68%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	25.3
Financials	17.8
Industrials	15.0
Consumer Discretionary	13.5
Communication Services	13.1
Health Care	4.6
Consumer Staples	4.0
Materials	3.6
Energy	2.4
Other	0.4

TOP 10 HOLDINGS	% OF NET ASSETS
NVIDIA Corp.	5.5
Palantir Technologies, Inc. - Class A	3.0
Amazon.com, Inc.	3.0
Taiwan Semiconductor Manufacturing Company, Ltd.	2.9
AT&T, Inc.	2.7
Hitachi, Ltd.	2.7
Netflix, Inc.	2.7
Eli Lilly & Company	2.5
Meta Platforms, Inc. - Class A	2.3
Spotify Technology, SA	2.2

www.calamos.com

Calamos Global Equity Fund

Class R6: CGEOX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Opportunities Fund

Class A: CVLOX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$60	1.22%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$260,077,116	88	62%

WHAT DID THE FUND INVEST IN?

The Fund invests primarily in global equity and convertible securities, aiming to actively manage the risk-reward profile while seeking an attractive total return. The strategy favors higher-quality growth businesses, emphasizing companies with higher earnings growth and free cash flow, attractive returns on invested capital, and exposure to our key secular themes.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	25.4
Financials	13.9
Industrials	13.0
Communication Services	11.6
Consumer Discretionary	9.9
Utilities	6.6
Consumer Staples	5.2
Energy	3.8
Materials	3.3
Other	3.3
Health Care	2.7

TOP 10 HOLDINGS	% OF NET ASSETS
NVIDIA Corp.	4.0
AT&T, Inc.	2.9
Southern Company, 4.500%, 06/15/27	2.8
Spotify USA, Inc., 0.000%, 03/15/26	2.8
Boeing Company, 6.000%, 10/15/27	2.6
Taiwan Semiconductor Manufacturing Company, Ltd.	2.4
Amazon.com, Inc.	2.3
Microsoft Corp.	2.1
Goldman Sachs Finance Corp. International Ltd., 0.000%, 03/15/27	2.0
Snowflake, Inc., 0.000%, 10/01/29	2.0

www.calamos.com

Calamos Global Opportunities Fund

Class A: CVLOX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Opportunities Fund

Class C: CVLCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$97	1.97%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$260,077,116	88	62%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	25.4
Financials	13.9
Industrials	13.0
Communication Services	11.6
Consumer Discretionary	9.9
Utilities	6.6
Consumer Staples	5.2
Energy	3.8
Materials	3.3
Other	3.3
Health Care	2.7

TOP 10 HOLDINGS	% OF NET ASSETS
NVIDIA Corp.	4.0
AT&T, Inc.	2.9
Southern Company, 4.500%, 06/15/27	2.8
Spotify USA, Inc., 0.000%, 03/15/26	2.8
Boeing Company, 6.000%, 10/15/27	2.6
Taiwan Semiconductor Manufacturing Company, Ltd.	2.4
Amazon.com, Inc.	2.3
Microsoft Corp.	2.1
Goldman Sachs Finance Corp. International Ltd., 0.000%, 03/15/27	2.0
Snowflake, Inc., 0.000%, 10/01/29	2.0

www.calamos.com

Calamos Global Opportunities Fund

Class C: CVLCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Opportunities Fund

Class I: CGCIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$48	0.97%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$260,077,116	88	62%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	25.4
Financials	13.9
Industrials	13.0
Communication Services	11.6
Consumer Discretionary	9.9
Utilities	6.6
Consumer Staples	5.2
Energy	3.8
Materials	3.3
Other	3.3
Health Care	2.7

TOP 10 HOLDINGS	% OF NET ASSETS
NVIDIA Corp.	4.0
AT&T, Inc.	2.9
Southern Company, 4.500%, 06/15/27	2.8
Spotify USA, Inc., 0.000%, 03/15/26	2.8
Boeing Company, 6.000%, 10/15/27	2.6
Taiwan Semiconductor Manufacturing Company, Ltd.	2.4
Amazon.com, Inc.	2.3
Microsoft Corp.	2.1
Goldman Sachs Finance Corp. International Ltd., 0.000%, 03/15/27	2.0
Snowflake, Inc., 0.000%, 10/01/29	2.0

www.calamos.com

Calamos Global Opportunities Fund

Class I: CGCIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class A: CVTRX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$52	1.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,709,505,694	140	15%

WHAT DID THE FUND INVEST IN?

The Fund pursues lower-volatility equity participation through a multi-asset-class portfolio consisting largely of stocks and convertible securities as well as US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on areas with growth tailwinds, companies with improving returns on capital, and valuations at favorable expected risk-adjusted returns.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.6
Financials	13.3
Consumer Discretionary	10.7
Communication Services	10.3
Health Care	7.7
Industrials	6.4
Consumer Staples	5.2
Utilities	3.9
Energy	3.0
Materials	2.2
Other	1.9
Real Estate	1.6

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	5.7
Microsoft Corp.	5.4
NVIDIA Corp.	4.8
Amazon.com, Inc.	4.0
Alphabet, Inc. - Class A	3.4
Meta Platforms, Inc. - Class A	2.3
Broadcom, Inc.	1.7
Visa, Inc. - Class A	1.6
JPMorgan Chase & Company	1.6
Eli Lilly & Company	1.4

www.calamos.com

Calamos Growth and Income Fund

Class A: CVTRX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class C: CVTCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$89	1.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,709,505,694	140	15%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.6
Financials	13.3
Consumer Discretionary	10.7
Communication Services	10.3
Health Care	7.7
Industrials	6.4
Consumer Staples	5.2
Utilities	3.9
Energy	3.0
Materials	2.2
Other	1.9
Real Estate	1.6

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	5.7
Microsoft Corp.	5.4
NVIDIA Corp.	4.8
Amazon.com, Inc.	4.0
Alphabet, Inc. - Class A	3.4
Meta Platforms, Inc. - Class A	2.3
Broadcom, Inc.	1.7
Visa, Inc. - Class A	1.6
JPMorgan Chase & Company	1.6
Eli Lilly & Company	1.4

www.calamos.com

Calamos Growth and Income Fund

Class C: CVTCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class I: CGIIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$39	0.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,709,505,694	140	15%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.6
Financials	13.3
Consumer Discretionary	10.7
Communication Services	10.3
Health Care	7.7
Industrials	6.4
Consumer Staples	5.2
Utilities	3.9
Energy	3.0
Materials	2.2
Other	1.9
Real Estate	1.6

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	5.7
Microsoft Corp.	5.4
NVIDIA Corp.	4.8
Amazon.com, Inc.	4.0
Alphabet, Inc. - Class A	3.4
Meta Platforms, Inc. - Class A	2.3
Broadcom, Inc.	1.7
Visa, Inc. - Class A	1.6
JPMorgan Chase & Company	1.6
Eli Lilly & Company	1.4

www.calamos.com

Calamos Growth and Income Fund

Class I: CGIIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class R6: CGIOX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$36	0.72%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,709,505,694	140	15%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.6
Financials	13.3
Consumer Discretionary	10.7
Communication Services	10.3
Health Care	7.7
Industrials	6.4
Consumer Staples	5.2
Utilities	3.9
Energy	3.0
Materials	2.2
Other	1.9
Real Estate	1.6

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	5.7
Microsoft Corp.	5.4
NVIDIA Corp.	4.8
Amazon.com, Inc.	4.0
Alphabet, Inc. - Class A	3.4
Meta Platforms, Inc. - Class A	2.3
Broadcom, Inc.	1.7
Visa, Inc. - Class A	1.6
JPMorgan Chase & Company	1.6
Eli Lilly & Company	1.4

www.calamos.com

Calamos Growth and Income Fund

Class R6: CGIOX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth Fund

Class A: CVGRX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$63	1.28%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,415,736,021	148	28%

WHAT DID THE FUND INVEST IN?

The Fund pursues lower-volatility equity participation through a multi-asset portfolio consisting largely of stocks and convertible securities as well as US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on areas with growth tailwinds, companies with improving returns on capital, and valuations at favorable expected risk-adjusted returns.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	38.9
Communication Services	18.0
Consumer Discretionary	17.4
Health Care	8.8
Financials	8.2
Industrials	4.8
Consumer Staples	1.8
Materials	1.6
Energy	0.1
Real Estate	0.1
Other	0.0

TOP 10 HOLDINGS	% OF NET ASSETS
Microsoft Corp.	10.0
NVIDIA Corp.	8.2
Amazon.com, Inc.	7.8
Apple, Inc.	7.7
Alphabet, Inc. - Class A	7.4
Meta Platforms, Inc. - Class A	4.1
Visa, Inc. - Class A	3.8
Netflix, Inc.	3.4
Broadcom, Inc.	3.1
Eli Lilly & Company	2.3

www.calamos.com

Calamos Growth Fund

Class A: CVGRX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth Fund

Class C: CVGCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$99	2.03%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,415,736,021	148	28%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	38.9
Communication Services	18.0
Consumer Discretionary	17.4
Health Care	8.8
Financials	8.2
Industrials	4.8
Consumer Staples	1.8
Materials	1.6
Energy	0.1
Real Estate	0.1
Other	0.0

TOP 10 HOLDINGS	% OF NET ASSETS
Microsoft Corp.	10.0
NVIDIA Corp.	8.2
Amazon.com, Inc.	7.8
Apple, Inc.	7.7
Alphabet, Inc. - Class A	7.4
Meta Platforms, Inc. - Class A	4.1
Visa, Inc. - Class A	3.8
Netflix, Inc.	3.4
Broadcom, Inc.	3.1
Eli Lilly & Company	2.3

www.calamos.com

Calamos Growth Fund

Class C: CVGCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth Fund

Class I: CGRIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$50	1.03%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,415,736,021	148	28%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	38.9
Communication Services	18.0
Consumer Discretionary	17.4
Health Care	8.8
Financials	8.2
Industrials	4.8
Consumer Staples	1.8
Materials	1.6
Energy	0.1
Real Estate	0.1
Other	0.0

TOP 10 HOLDINGS	% OF NET ASSETS
Microsoft Corp.	10.0
NVIDIA Corp.	8.2
Amazon.com, Inc.	7.8
Apple, Inc.	7.7
Alphabet, Inc. - Class A	7.4
Meta Platforms, Inc. - Class A	4.1
Visa, Inc. - Class A	3.8
Netflix, Inc.	3.4
Broadcom, Inc.	3.1
Eli Lilly & Company	2.3

www.calamos.com

Calamos Growth Fund

Class I: CGRIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos High Income Opportunities Fund

Class A: CHYDX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$50	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$34,764,087	477	17%

WHAT DID THE FUND INVEST IN?

The Fund invests primarily in a diversified portfolio of below-investment-grade bonds and loans from domestic issuers with the goal of providing a high level of current income and total return in excess of the benchmark index over full market cycles.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Consumer Discretionary	19.8
Financials	16.9
Energy	12.4
Industrials	11.0
Communication Services	9.6
Consumer Staples	6.6
Health Care	4.8
Information Technology	4.5
Materials	4.4
Other	2.8
Utilities	1.5
Airlines	1.3
Special Purpose Acquisition Companies	0.8
Real Estate	0.1

TOP 10 HOLDINGS	% OF NET ASSETS
Amneal Pharmaceuticals, LLC, 9.822%, 05/04/28	0.9
OCI, NV, 6.700%, 03/16/33	0.6
Tenet Healthcare Corp., 6.250%, 02/01/27	0.6
Burford Capital Global Financial, LLC, 6.875%, 04/15/30	0.6
Jefferies Finance, LLC / JFIN Co-Issuer Corp., 6.625%, 10/15/31	0.6
Ford Motor Credit Company, LLC, 5.113%, 05/03/29	0.6
CCO Holdings, LLC / CCO Holdings Capital Corp., 4.750%, 03/01/30	0.5
Aptiv Swiss Holdings, Ltd., 6.875%, 12/15/54	0.5
Ford Motor Credit Company, LLC, 2.900%, 02/16/28	0.5
Venture Global LNG, Inc., 9.000%, 09/30/29	0.5

www.calamos.com

Calamos High Income Opportunities Fund

Class A: CHYDX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos High Income Opportunities Fund

Class C: CCHYX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$87	1.75%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$34,764,087	477	17%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Consumer Discretionary	19.8
Financials	16.9
Energy	12.4
Industrials	11.0
Communication Services	9.6
Consumer Staples	6.6
Health Care	4.8
Information Technology	4.5
Materials	4.4
Other	2.8
Utilities	1.5
Airlines	1.3
Special Purpose Acquisition Companies	0.8
Real Estate	0.1

TOP 10 HOLDINGS	% OF NET ASSETS
Amneal Pharmaceuticals, LLC, 9.822%, 05/04/28	0.9
OCI, NV, 6.700%, 03/16/33	0.6
Tenet Healthcare Corp., 6.250%, 02/01/27	0.6
Burford Capital Global Financial, LLC, 6.875%, 04/15/30	0.6
Jefferies Finance, LLC / JFIN Co-Issuer Corp., 6.625%, 10/15/31	0.6
Ford Motor Credit Company, LLC, 5.113%, 05/03/29	0.6
CCO Holdings, LLC / CCO Holdings Capital Corp., 4.750%, 03/01/30	0.5
Aptiv Swiss Holdings, Ltd., 6.875%, 12/15/54	0.5
Ford Motor Credit Company, LLC, 2.900%, 02/16/28	0.5
Venture Global LNG, Inc., 9.000%, 09/30/29	0.5

www.calamos.com

Calamos High Income Opportunities Fund

Class C: CCHYX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos High Income Opportunities Fund

Class I: CIHYX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$37	0.75%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$34,764,087	477	17%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Consumer Discretionary	19.8
Financials	16.9
Energy	12.4
Industrials	11.0
Communication Services	9.6
Consumer Staples	6.6
Health Care	4.8
Information Technology	4.5
Materials	4.4
Other	2.8
Utilities	1.5
Airlines	1.3
Special Purpose Acquisition Companies	0.8
Real Estate	0.1

TOP 10 HOLDINGS	% OF NET ASSETS
Amneal Pharmaceuticals, LLC, 9.822%, 05/04/28	0.9
OCI, NV, 6.700%, 03/16/33	0.6
Tenet Healthcare Corp., 6.250%, 02/01/27	0.6
Burford Capital Global Financial, LLC, 6.875%, 04/15/30	0.6
Jefferies Finance, LLC / JFIN Co-Issuer Corp., 6.625%, 10/15/31	0.6
Ford Motor Credit Company, LLC, 5.113%, 05/03/29	0.6
CCO Holdings, LLC / CCO Holdings Capital Corp., 4.750%, 03/01/30	0.5
Aptiv Swiss Holdings, Ltd., 6.875%, 12/15/54	0.5
Ford Motor Credit Company, LLC, 2.900%, 02/16/28	0.5
Venture Global LNG, Inc., 9.000%, 09/30/29	0.5

www.calamos.com

Calamos High Income Opportunities Fund

Class I: CIHYX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class A: CIGRX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$60	1.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$238,213,221	86	82%

WHAT DID THE FUND INVEST IN?

The Fund seeks long-term capital appreciation by investing in international companies across a broad universe of developed and emerging markets. Our process emphasizes companies demonstrating compelling growth and quality characteristics, including higher earnings growth and cash flow generation, attractive returns on invested capital, and exposure to our key secular themes.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	24.3
Financials	21.5
Information Technology	20.5
Consumer Discretionary	10.9
Communication Services	7.2
Materials	6.0
Consumer Staples	3.6
Health Care	3.4
Energy	1.9
Other	0.2

TOP 10 HOLDINGS	% OF NET ASSETS
SAP, SE	5.1
Spotify Technology, SA	3.1
Taiwan Semiconductor Manufacturing Company, Ltd.	3.0
Rolls-Royce Holdings, PLC	3.0
Hitachi, Ltd.	2.9
UniCredit, S.p.A.	2.6
Heidelberg Materials, AG	2.3
London Stock Exchange Group, PLC	2.2
Eastroc Beverage Group Company, Ltd. - Class A	2.1
Alibaba Group Holding, Ltd. (ADR)	2.1

www.calamos.com

Calamos International Growth Fund

Class A: CIGRX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class C: CIGCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$97	1.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$238,213,221	86	82%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	24.3
Financials	21.5
Information Technology	20.5
Consumer Discretionary	10.9
Communication Services	7.2
Materials	6.0
Consumer Staples	3.6
Health Care	3.4
Energy	1.9
Other	0.2

TOP 10 HOLDINGS	% OF NET ASSETS
SAP, SE	5.1
Spotify Technology, SA	3.1
Taiwan Semiconductor Manufacturing Company, Ltd.	3.0
Rolls-Royce Holdings, PLC	3.0
Hitachi, Ltd.	2.9
UniCredit, S.p.A.	2.6
Heidelberg Materials, AG	2.3
London Stock Exchange Group, PLC	2.2
Eastroc Beverage Group Company, Ltd. - Class A	2.1
Alibaba Group Holding, Ltd. (ADR)	2.1

www.calamos.com

Calamos International Growth Fund

Class C: CIGCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class I: CIGIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$47	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$238,213,221	86	82%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	24.3
Financials	21.5
Information Technology	20.5
Consumer Discretionary	10.9
Communication Services	7.2
Materials	6.0
Consumer Staples	3.6
Health Care	3.4
Energy	1.9
Other	0.2

TOP 10 HOLDINGS	% OF NET ASSETS
SAP, SE	5.1
Spotify Technology, SA	3.1
Taiwan Semiconductor Manufacturing Company, Ltd.	3.0
Rolls-Royce Holdings, PLC	3.0
Hitachi, Ltd.	2.9
UniCredit, S.p.A.	2.6
Heidelberg Materials, AG	2.3
London Stock Exchange Group, PLC	2.2
Eastroc Beverage Group Company, Ltd. - Class A	2.1
Alibaba Group Holding, Ltd. (ADR)	2.1

www.calamos.com

Calamos International Growth Fund

Class I: CIGIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class R6: CIGOX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$42	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$238,213,221	86	82%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	24.3
Financials	21.5
Information Technology	20.5
Consumer Discretionary	10.9
Communication Services	7.2
Materials	6.0
Consumer Staples	3.6
Health Care	3.4
Energy	1.9
Other	0.2

TOP 10 HOLDINGS	% OF NET ASSETS
SAP, SE	5.1
Spotify Technology, SA	3.1
Taiwan Semiconductor Manufacturing Company, Ltd.	3.0
Rolls-Royce Holdings, PLC	3.0
Hitachi, Ltd.	2.9
UniCredit, S.p.A.	2.6
Heidelberg Materials, AG	2.3
London Stock Exchange Group, PLC	2.2
Eastroc Beverage Group Company, Ltd. - Class A	2.1
Alibaba Group Holding, Ltd. (ADR)	2.1

www.calamos.com

Calamos International Growth Fund

Class R6: CIGOX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class A: CAISX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$67	1.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$5,712,111	66	92%

WHAT DID THE FUND INVEST IN?

The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	25.1
Information Technology	16.4
Consumer Discretionary	15.5
Financials	13.6
Materials	8.0
Communication Services	7.8
Consumer Staples	3.3
Health Care	3.2
Energy	2.0
Utilities	1.0
Other	0.1

TOP 10 HOLDINGS	% OF NET ASSETS
DigiPlus Interactive Corp.	3.8
Scout24, SE	3.3
Amber Enterprises India, Ltd.	3.2
Swissquote Group Holding, SA	2.7
BayCurrent, Inc.	2.6
IHI Corp.	2.6
Embraer, SA. (ADR)	2.6
Lottomatica Group S.p.A	2.5
BAWAG Group, AG	2.4
R&S Group Holding, AG	2.3

www.calamos.com

Calamos International Small Cap Growth Fund

Class A: CAISX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class C: CCISX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$104	2.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$5,712,111	66	92%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	25.1
Information Technology	16.4
Consumer Discretionary	15.5
Financials	13.6
Materials	8.0
Communication Services	7.8
Consumer Staples	3.3
Health Care	3.2
Energy	2.0
Utilities	1.0
Other	0.1

TOP 10 HOLDINGS	% OF NET ASSETS
DigiPlus Interactive Corp.	3.8
Scout24, SE	3.3
Amber Enterprises India, Ltd.	3.2
Swissquote Group Holding, SA	2.7
BayCurrent, Inc.	2.6
IHI Corp.	2.6
Embraer, SA. (ADR)	2.6
Lottomatica Group S.p.A	2.5
BAWAG Group, AG	2.4
R&S Group Holding, AG	2.3

www.calamos.com

Calamos International Small Cap Growth Fund

Class C: CCISX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class I: CSGIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$55	1.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$5,712,111	66	92%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	25.1
Information Technology	16.4
Consumer Discretionary	15.5
Financials	13.6
Materials	8.0
Communication Services	7.8
Consumer Staples	3.3
Health Care	3.2
Energy	2.0
Utilities	1.0
Other	0.1

TOP 10 HOLDINGS	% OF NET ASSETS
DigiPlus Interactive Corp.	3.8
Scout24, SE	3.3
Amber Enterprises India, Ltd.	3.2
Swissquote Group Holding, SA	2.7
BayCurrent, Inc.	2.6
IHI Corp.	2.6
Embraer, SA. (ADR)	2.6
Lottomatica Group S.p.A	2.5
BAWAG Group, AG	2.4
R&S Group Holding, AG	2.3

www.calamos.com

Calamos International Small Cap Growth Fund

Class I: CSGIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class R6: CISOX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$50	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$5,712,111	66	92%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	25.1
Information Technology	16.4
Consumer Discretionary	15.5
Financials	13.6
Materials	8.0
Communication Services	7.8
Consumer Staples	3.3
Health Care	3.2
Energy	2.0
Utilities	1.0
Other	0.1

TOP 10 HOLDINGS	% OF NET ASSETS
DigiPlus Interactive Corp.	3.8
Scout24, SE	3.3
Amber Enterprises India, Ltd.	3.2
Swissquote Group Holding, SA	2.7
BayCurrent, Inc.	2.6
IHI Corp.	2.6
Embraer, SA. (ADR)	2.6
Lottomatica Group S.p.A	2.5
BAWAG Group, AG	2.4
R&S Group Holding, AG	2.3

www.calamos.com

Calamos International Small Cap Growth Fund

Class R6: CISOX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class A: CVSIX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$60	1.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$15,716,089,931	954	21%

WHAT DID THE FUND INVEST IN?

The Fund combines two core strategies, hedged equity and convertible arbitrage, with small allocations to merger arbitrage and special purpose acquisition company (SPAC) arbitrage. Hedged equity represented 53% of the Fund’s allocation on average during the semi-annual period, followed by convertible arbitrage (42%), merger arbitrage (4%), and SPAC arbitrage (1%).

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.9
Consumer Discretionary	12.9
Financials	10.2
Health Care	8.8
Industrials	8.1
Communication Services	7.7
Other	6.4
Utilities	5.5
Consumer Staples	3.6
Energy	2.4
Real Estate	1.7
Materials	1.6
Special Purpose Acquisition Companies	0.4
Airlines	0.0

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	3.6
Microsoft Corp.	3.3
SPDR^® S&P 500^® ETF Trust	3.1
NVIDIA Corp.	3.1
Palo Alto Networks, Inc., 0.375%, 06/01/25	2.4
Calamos Short-Term Bond Fund - Class I	2.1
Amazon.com, Inc.	2.0
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	1.5
Meta Platforms, Inc. - Class A	1.4
Broadcom, Inc.	1.0

www.calamos.com

Calamos Market Neutral Income Fund

Class A: CVSIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class C: CVSCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$98	1.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$15,716,089,931	954	21%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.9
Consumer Discretionary	12.9
Financials	10.2
Health Care	8.8
Industrials	8.1
Communication Services	7.7
Other	6.4
Utilities	5.5
Consumer Staples	3.6
Energy	2.4
Real Estate	1.7
Materials	1.6
Special Purpose Acquisition Companies	0.4
Airlines	0.0

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	3.6
Microsoft Corp.	3.3
SPDR^® S&P 500^® ETF Trust	3.1
NVIDIA Corp.	3.1
Palo Alto Networks, Inc., 0.375%, 06/01/25	2.4
Calamos Short-Term Bond Fund - Class I	2.1
Amazon.com, Inc.	2.0
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	1.5
Meta Platforms, Inc. - Class A	1.4
Broadcom, Inc.	1.0

www.calamos.com

Calamos Market Neutral Income Fund

Class C: CVSCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class I: CMNIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$48	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$15,716,089,931	954	21%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.9
Consumer Discretionary	12.9
Financials	10.2
Health Care	8.8
Industrials	8.1
Communication Services	7.7
Other	6.4
Utilities	5.5
Consumer Staples	3.6
Energy	2.4
Real Estate	1.7
Materials	1.6
Special Purpose Acquisition Companies	0.4
Airlines	0.0

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	3.6
Microsoft Corp.	3.3
SPDR^® S&P 500^® ETF Trust	3.1
NVIDIA Corp.	3.1
Palo Alto Networks, Inc., 0.375%, 06/01/25	2.4
Calamos Short-Term Bond Fund - Class I	2.1
Amazon.com, Inc.	2.0
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	1.5
Meta Platforms, Inc. - Class A	1.4
Broadcom, Inc.	1.0

www.calamos.com

Calamos Market Neutral Income Fund

Class I: CMNIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class R6: CVSOX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$43	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$15,716,089,931	954	21%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.9
Consumer Discretionary	12.9
Financials	10.2
Health Care	8.8
Industrials	8.1
Communication Services	7.7
Other	6.4
Utilities	5.5
Consumer Staples	3.6
Energy	2.4
Real Estate	1.7
Materials	1.6
Special Purpose Acquisition Companies	0.4
Airlines	0.0

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	3.6
Microsoft Corp.	3.3
SPDR^® S&P 500^® ETF Trust	3.1
NVIDIA Corp.	3.1
Palo Alto Networks, Inc., 0.375%, 06/01/25	2.4
Calamos Short-Term Bond Fund - Class I	2.1
Amazon.com, Inc.	2.0
Alibaba Group Holding, Ltd., 0.500%, 06/01/31	1.5
Meta Platforms, Inc. - Class A	1.4
Broadcom, Inc.	1.0

www.calamos.com

Calamos Market Neutral Income Fund

Class R6: CVSOX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Phineus Long/Short Fund

Class A (With Predecessor): CPLSX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$125	2.50%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,010,673,081	82	197%

WHAT DID THE FUND INVEST IN?

While the Fund invested in the mega-cap, AI-related market leaders, it was to a lesser extent, and the Fund owned a more diversified portfolio than the more narrowly focused equity indices. The Fund actively managed its beta positioning during the period, with low levels to start the period but increased positioning as the market reacted negatively amid heightened uncertainty.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short, or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	28.7
Information Technology	24.1
Communication Services	8.4
Other	8.2
Health Care	8.0
Consumer Discretionary	5.2
Financials	4.7
Consumer Staples	2.0

TOP 10 HOLDINGS	% OF NET ASSETS
Boeing Company	5.7
SPDR S&P Regional Banking ETF	4.9
Microsoft Corp.	4.6
Alphabet, Inc. - Class A	4.3
L3Harris Technologies, Inc.	4.1
Zimmer Biomet Holdings, Inc.	3.6
NVIDIA Corp.	3.4
3M Company	3.3
Taiwan Semiconductor Manufacturing Company, Ltd.(ADR)	3.3
Canadian Pacific Kansas City, Ltd.	2.9

www.calamos.com

Calamos Phineus Long/Short Fund

Class A (With Predecessor): CPLSX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Phineus Long/Short Fund

Class C (With Predecessor): CPCLX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$163	3.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,010,673,081	82	197%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short, or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	28.7
Information Technology	24.1
Communication Services	8.4
Other	8.2
Health Care	8.0
Consumer Discretionary	5.2
Financials	4.7
Consumer Staples	2.0

TOP 10 HOLDINGS	% OF NET ASSETS
Boeing Company	5.7
SPDR S&P Regional Banking ETF	4.9
Microsoft Corp.	4.6
Alphabet, Inc. - Class A	4.3
L3Harris Technologies, Inc.	4.1
Zimmer Biomet Holdings, Inc.	3.6
NVIDIA Corp.	3.4
3M Company	3.3
Taiwan Semiconductor Manufacturing Company, Ltd.(ADR)	3.3
Canadian Pacific Kansas City, Ltd.	2.9

www.calamos.com

Calamos Phineus Long/Short Fund

Class C (With Predecessor): CPCLX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Phineus Long/Short Fund

Class I (With Predecessor): CPLIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$113	2.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,010,673,081	82	197%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short, or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	28.7
Information Technology	24.1
Communication Services	8.4
Other	8.2
Health Care	8.0
Consumer Discretionary	5.2
Financials	4.7
Consumer Staples	2.0

TOP 10 HOLDINGS	% OF NET ASSETS
Boeing Company	5.7
SPDR S&P Regional Banking ETF	4.9
Microsoft Corp.	4.6
Alphabet, Inc. - Class A	4.3
L3Harris Technologies, Inc.	4.1
Zimmer Biomet Holdings, Inc.	3.6
NVIDIA Corp.	3.4
3M Company	3.3
Taiwan Semiconductor Manufacturing Company, Ltd.(ADR)	3.3
Canadian Pacific Kansas City, Ltd.	2.9

www.calamos.com

Calamos Phineus Long/Short Fund

Class I (With Predecessor): CPLIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Select Fund

Class A: CVAAX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$57	1.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$53,728,329	50	27%

WHAT DID THE FUND INVEST IN?

The Fund owns a more focused portfolio of approximately 50 stocks at any given time, looking for quality growth companies, exemplified by superior balance sheets and steady, potentially improving free cash flows.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	27.6
Consumer Discretionary	15.0
Financials	12.8
Communication Services	12.1
Health Care	10.6
Industrials	7.3
Consumer Staples	4.4
Materials	3.1
Utilities	2.3
Energy	1.5
Real Estate	1.3

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.5
Microsoft Corp.	6.1
Amazon.com, Inc.	5.6
Alphabet, Inc. - Class A	5.3
NVIDIA Corp.	5.2
Broadcom, Inc.	3.0
Visa, Inc. - Class A	2.7
Walmart, Inc.	2.7
Eli Lilly & Company	2.5
Netflix, Inc.	2.3

www.calamos.com

Calamos Select Fund

Class A: CVAAX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Select Fund

Class C: CVACX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$93	1.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$53,728,329	50	27%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	27.6
Consumer Discretionary	15.0
Financials	12.8
Communication Services	12.1
Health Care	10.6
Industrials	7.3
Consumer Staples	4.4
Materials	3.1
Utilities	2.3
Energy	1.5
Real Estate	1.3

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.5
Microsoft Corp.	6.1
Amazon.com, Inc.	5.6
Alphabet, Inc. - Class A	5.3
NVIDIA Corp.	5.2
Broadcom, Inc.	3.0
Visa, Inc. - Class A	2.7
Walmart, Inc.	2.7
Eli Lilly & Company	2.5
Netflix, Inc.	2.3

www.calamos.com

Calamos Select Fund

Class C: CVACX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Select Fund

Class I: CVAIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$44	0.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$53,728,329	50	27%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	27.6
Consumer Discretionary	15.0
Financials	12.8
Communication Services	12.1
Health Care	10.6
Industrials	7.3
Consumer Staples	4.4
Materials	3.1
Utilities	2.3
Energy	1.5
Real Estate	1.3

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.5
Microsoft Corp.	6.1
Amazon.com, Inc.	5.6
Alphabet, Inc. - Class A	5.3
NVIDIA Corp.	5.2
Broadcom, Inc.	3.0
Visa, Inc. - Class A	2.7
Walmart, Inc.	2.7
Eli Lilly & Company	2.5
Netflix, Inc.	2.3

www.calamos.com

Calamos Select Fund

Class I: CVAIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class A: CTASX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$63	1.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$358,948,362	98	95%

WHAT DID THE FUND INVEST IN?

We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While the skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach focuses on those that are either generating profits or have tremendous growth potential that leads to profitability in the near term.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Health Care	33.1
Consumer Discretionary	17.6
Information Technology	16.2
Industrials	12.6
Financials	10.1
Consumer Staples	4.1
Materials	3.1
Energy	1.5
Communication Services	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
ADMA Biologics, Inc.	6.0
Rush Street Interactive, Inc.	3.6
Genius Sports, Ltd.	2.8
Stride, Inc.	2.7
Corcept Therapeutics, Inc.	2.5
Marex Group, PLC	2.4
Lincoln Educational Services Corp.	2.4
GeneDx Holdings Corp.	2.3
Limbach Holdings, Inc.	2.3
AvePoint, Inc.	2.2

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class A: CTASX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class C: CTCSX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$100	2.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$358,948,362	98	95%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Health Care	33.1
Consumer Discretionary	17.6
Information Technology	16.2
Industrials	12.6
Financials	10.1
Consumer Staples	4.1
Materials	3.1
Energy	1.5
Communication Services	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
ADMA Biologics, Inc.	6.0
Rush Street Interactive, Inc.	3.6
Genius Sports, Ltd.	2.8
Stride, Inc.	2.7
Corcept Therapeutics, Inc.	2.5
Marex Group, PLC	2.4
Lincoln Educational Services Corp.	2.4
GeneDx Holdings Corp.	2.3
Limbach Holdings, Inc.	2.3
AvePoint, Inc.	2.2

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class C: CTCSX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class I: CTSIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$51	1.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$358,948,362	98	95%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Health Care	33.1
Consumer Discretionary	17.6
Information Technology	16.2
Industrials	12.6
Financials	10.1
Consumer Staples	4.1
Materials	3.1
Energy	1.5
Communication Services	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
ADMA Biologics, Inc.	6.0
Rush Street Interactive, Inc.	3.6
Genius Sports, Ltd.	2.8
Stride, Inc.	2.7
Corcept Therapeutics, Inc.	2.5
Marex Group, PLC	2.4
Lincoln Educational Services Corp.	2.4
GeneDx Holdings Corp.	2.3
Limbach Holdings, Inc.	2.3
AvePoint, Inc.	2.2

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class I: CTSIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class R6: CTSOX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$46	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$358,948,362	98	95%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Health Care	33.1
Consumer Discretionary	17.6
Information Technology	16.2
Industrials	12.6
Financials	10.1
Consumer Staples	4.1
Materials	3.1
Energy	1.5
Communication Services	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
ADMA Biologics, Inc.	6.0
Rush Street Interactive, Inc.	3.6
Genius Sports, Ltd.	2.8
Stride, Inc.	2.7
Corcept Therapeutics, Inc.	2.5
Marex Group, PLC	2.4
Lincoln Educational Services Corp.	2.4
GeneDx Holdings Corp.	2.3
Limbach Holdings, Inc.	2.3
AvePoint, Inc.	2.2

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class R6: CTSOX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani SMID Growth Fund

Class A: CTAGX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$66	1.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$31,684,608	96	90%

WHAT DID THE FUND INVEST IN?

We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While skeptics will say that a significant percentage of small- to mid-cap companies are currently unprofitable businesses, our approach focuses on those that are either generating profits or have tremendous growth potential that leads to profitability in the near term.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Health Care	27.4
Information Technology	22.6
Consumer Discretionary	18.6
Industrials	11.7
Financials	9.1
Consumer Staples	4.4
Materials	1.9
Energy	1.6
Communication Services	1.0
Real Estate	0.8

TOP 10 HOLDINGS	% OF NET ASSETS
ADMA Biologics, Inc.	5.9
Rush Street Interactive, Inc.	3.3
Axon Enterprise, Inc.	3.3
Natera, Inc.	3.0
Stride, Inc.	2.4
GoDaddy, Inc. - Class A	2.4
Corcept Therapeutics, Inc.	2.3
Penumbra, Inc.	2.2
Masimo Corp.	2.2
Fair Isaac Corp.	2.1

www.calamos.com

Calamos Timpani SMID Growth Fund

Class A: CTAGX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani SMID Growth Fund

Class I: CTIGX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$54	1.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$31,684,608	96	90%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Health Care	27.4
Information Technology	22.6
Consumer Discretionary	18.6
Industrials	11.7
Financials	9.1
Consumer Staples	4.4
Materials	1.9
Energy	1.6
Communication Services	1.0
Real Estate	0.8

TOP 10 HOLDINGS	% OF NET ASSETS
ADMA Biologics, Inc.	5.9
Rush Street Interactive, Inc.	3.3
Axon Enterprise, Inc.	3.3
Natera, Inc.	3.0
Stride, Inc.	2.4
GoDaddy, Inc. - Class A	2.4
Corcept Therapeutics, Inc.	2.3
Penumbra, Inc.	2.2
Masimo Corp.	2.2
Fair Isaac Corp.	2.1

www.calamos.com

Calamos Timpani SMID Growth Fund

Class I: CTIGX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani SMID Growth Fund

Class R6: CTOGX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$52	1.06%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$31,684,608	96	90%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

SECTOR WEIGHTINGS	% OF NET ASSETS
Health Care	27.4
Information Technology	22.6
Consumer Discretionary	18.6
Industrials	11.7
Financials	9.1
Consumer Staples	4.4
Materials	1.9
Energy	1.6
Communication Services	1.0
Real Estate	0.8

TOP 10 HOLDINGS	% OF NET ASSETS
ADMA Biologics, Inc.	5.9
Rush Street Interactive, Inc.	3.3
Axon Enterprise, Inc.	3.3
Natera, Inc.	3.0
Stride, Inc.	2.4
GoDaddy, Inc. - Class A	2.4
Corcept Therapeutics, Inc.	2.3
Penumbra, Inc.	2.2
Masimo Corp.	2.2
Fair Isaac Corp.	2.1

www.calamos.com

Calamos Timpani SMID Growth Fund

Class R6: CTOGX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Hedged Equity Fund

Class A: CAHEX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$56	1.14%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$697,645,116	263	3%

WHAT DID THE FUND INVEST IN?

Valuation in 2025 reflects a significant increase in volatility, influenced by trade policy uncertainties and fluctuating economic indicators. We remain focused on realizing market opportunities while mitigating downside risks, which is particularly relevant in today’s environment. The Fund’s strategic approach is designed to capture 65% of the market’s upside while limiting exposure to 35% of the downside. In response to current volatile conditions, we have strategically adjusted our hedge positions to better navigate anticipated future volatility.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.9
Financials	13.7
Health Care	10.6
Consumer Discretionary	9.9
Communication Services	9.3
Industrials	8.0
Other	7.3
Consumer Staples	5.9
Energy	3.2
Utilities	2.1
Real Estate	1.9
Materials	1.7

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.5
Microsoft Corp.	6.0
NVIDIA Corp.	5.5
S&P 500 Index, Put, Strike Price $5,600, 12/19/25	3.9
Amazon.com, Inc.	3.5
SPDR^® S&P 500^® ETF Trust	3.4
Meta Platforms, Inc. - Class A	2.4
Broadcom, Inc.	1.8
Alphabet, Inc. - Class C	1.8
Alphabet, Inc. - Class A	1.7

www.calamos.com

Calamos Hedged Equity Fund

Class A: CAHEX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Hedged Equity Fund

Class C: CCHEX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$93	1.89%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$697,645,116	263	3%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.9
Financials	13.7
Health Care	10.6
Consumer Discretionary	9.9
Communication Services	9.3
Industrials	8.0
Other	7.3
Consumer Staples	5.9
Energy	3.2
Utilities	2.1
Real Estate	1.9
Materials	1.7

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.5
Microsoft Corp.	6.0
NVIDIA Corp.	5.5
S&P 500 Index, Put, Strike Price $5,600, 12/19/25	3.9
Amazon.com, Inc.	3.5
SPDR^® S&P 500^® ETF Trust	3.4
Meta Platforms, Inc. - Class A	2.4
Broadcom, Inc.	1.8
Alphabet, Inc. - Class C	1.8
Alphabet, Inc. - Class A	1.7

www.calamos.com

Calamos Hedged Equity Fund

Class C: CCHEX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Hedged Equity Fund

Class I: CIHEX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$44	0.89%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$697,645,116	263	3%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	28.9
Financials	13.7
Health Care	10.6
Consumer Discretionary	9.9
Communication Services	9.3
Industrials	8.0
Other	7.3
Consumer Staples	5.9
Energy	3.2
Utilities	2.1
Real Estate	1.9
Materials	1.7

TOP 10 HOLDINGS	% OF NET ASSETS
Apple, Inc.	6.5
Microsoft Corp.	6.0
NVIDIA Corp.	5.5
S&P 500 Index, Put, Strike Price $5,600, 12/19/25	3.9
Amazon.com, Inc.	3.5
SPDR^® S&P 500^® ETF Trust	3.4
Meta Platforms, Inc. - Class A	2.4
Broadcom, Inc.	1.8
Alphabet, Inc. - Class C	1.8
Alphabet, Inc. - Class A	1.7

www.calamos.com

Calamos Hedged Equity Fund

Class I: CIHEX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Merger Arbitrage Fund

Class A: CMRAX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$111	2.23%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,013,135	37	73%

WHAT DID THE FUND INVEST IN?

The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short, or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.5
Special Purpose Acquisition Companies	15.8
Energy	12.4
Health Care	12.3
Real Estate	4.8
Communication Services	4.6
Materials	3.6
Consumer Discretionary	3.2
Industrials	3.0
Financials	2.7
Consumer Staples	2.1

TOP 10 HOLDINGS	% OF NET ASSETS
Juniper Networks, Inc.	9.1
Amedisys, Inc.	8.8
FutureTech II Acquisition Corp. - Class A	8.6
Hess Corp.	7.6
Ansys, Inc.	5.0
Everest Consolidator Acquisition Corp.	4.6
Interpublic Group of Cos., Inc.	4.6
Redfin Corp., 0.500%, 04/01/27	4.5
Five9, Inc., 1.000%, 03/15/29	4.5
Amcor, PLC	3.6

www.calamos.com

Calamos Merger Arbitrage Fund

Class A: CMRAX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Merger Arbitrage Fund

Class C: CMRCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$149	2.98%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,013,135	37	73%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short, or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.5
Special Purpose Acquisition Companies	15.8
Energy	12.4
Health Care	12.3
Real Estate	4.8
Communication Services	4.6
Materials	3.6
Consumer Discretionary	3.2
Industrials	3.0
Financials	2.7
Consumer Staples	2.1

TOP 10 HOLDINGS	% OF NET ASSETS
Juniper Networks, Inc.	9.1
Amedisys, Inc.	8.8
FutureTech II Acquisition Corp. - Class A	8.6
Hess Corp.	7.6
Ansys, Inc.	5.0
Everest Consolidator Acquisition Corp.	4.6
Interpublic Group of Cos., Inc.	4.6
Redfin Corp., 0.500%, 04/01/27	4.5
Five9, Inc., 1.000%, 03/15/29	4.5
Amcor, PLC	3.6

www.calamos.com

Calamos Merger Arbitrage Fund

Class C: CMRCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Merger Arbitrage Fund

Class I: CMRGX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$99	1.98%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,013,135	37	73%

WHAT DID THE FUND INVEST IN?

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short, or written options.

SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.5
Special Purpose Acquisition Companies	15.8
Energy	12.4
Health Care	12.3
Real Estate	4.8
Communication Services	4.6
Materials	3.6
Consumer Discretionary	3.2
Industrials	3.0
Financials	2.7
Consumer Staples	2.1

TOP 10 HOLDINGS	% OF NET ASSETS
Juniper Networks, Inc.	9.1
Amedisys, Inc.	8.8
FutureTech II Acquisition Corp. - Class A	8.6
Hess Corp.	7.6
Ansys, Inc.	5.0
Everest Consolidator Acquisition Corp.	4.6
Interpublic Group of Cos., Inc.	4.6
Redfin Corp., 0.500%, 04/01/27	4.5
Five9, Inc., 1.000%, 03/15/29	4.5
Amcor, PLC	3.6

www.calamos.com

Calamos Merger Arbitrage Fund

Class I: CMRGX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Short-Term Bond Fund

Class A: CSTBX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Short-Term Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$32	0.63%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$386,627,718	480	19%

WHAT DID THE FUND INVEST IN?

Through its diversified, core plus fixed-income strategy, the Fund invests across government, corporate, and securitized sectors while maintaining a dollar-weighted average portfolio duration of three years or less. The Fund aims to provide a high level of current income and total return.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.

ASSET ALLOCATION	% OF NET ASSETS
Corporate Bonds	56.3
Asset Backed Securities	20.4
Bank Loans	9.0
U.S. Government and Agency Securities	5.6
Municipal Obligations	3.2
Sovereign Bonds	1.6
Residential Mortgage Backed Securities	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
U.S. Treasury Note, 4.250%, 02/28/29	3.2
U.S. Treasury Note, 4.250%, 01/31/30	1.3
U.S. Treasury Note, 3.500%, 09/30/29	0.8
GS Mortgage Securities Corp. - Class A, Series 2023-SHIP, 4.466%, 09/10/38	0.7
CNH Equipment Trust - Class A3, Series 2024-B, 5.190%, 09/17/29	0.6
American Express Credit Account Master - Class A, Series 2024-2, 5.240%, 04/15/31	0.5
Toyota Auto Loan Extended Note Trust - Class A, Series 2023-1A, 4.930%, 06/25/36	0.5
MMAF Equipment Finance LLC - Class A3, Series 2023-A, 5.540%, 12/13/29	0.5
Ford Credit Auto Owner Trust - Class A, Series 2024-1, 4.870%, 08/15/36	0.5
DLLAA, LLC - Class A3, Series 2025-1A, 4.950%, 09/20/29	0.5

www.calamos.com

Calamos Short-Term Bond Fund

Class A: CSTBX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Short-Term Bond Fund

Class I: CSTIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$19	0.38%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$386,627,718	480	19%

WHAT DID THE FUND INVEST IN?

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.

ASSET ALLOCATION	% OF NET ASSETS
Corporate Bonds	56.3
Asset Backed Securities	20.4
Bank Loans	9.0
U.S. Government and Agency Securities	5.6
Municipal Obligations	3.2
Sovereign Bonds	1.6
Residential Mortgage Backed Securities	1.2

TOP 10 HOLDINGS	% OF NET ASSETS
U.S. Treasury Note, 4.250%, 02/28/29	3.2
U.S. Treasury Note, 4.250%, 01/31/30	1.3
U.S. Treasury Note, 3.500%, 09/30/29	0.8
GS Mortgage Securities Corp. - Class A, Series 2023-SHIP, 4.466%, 09/10/38	0.7
CNH Equipment Trust - Class A3, Series 2024-B, 5.190%, 09/17/29	0.6
American Express Credit Account Master - Class A, Series 2024-2, 5.240%, 04/15/31	0.5
Toyota Auto Loan Extended Note Trust - Class A, Series 2023-1A, 4.930%, 06/25/36	0.5
MMAF Equipment Finance LLC - Class A3, Series 2023-A, 5.540%, 12/13/29	0.5
Ford Credit Auto Owner Trust - Class A, Series 2024-1, 4.870%, 08/15/36	0.5
DLLAA, LLC - Class A3, Series 2025-1A, 4.950%, 09/20/29	0.5

www.calamos.com

Calamos Short-Term Bond Fund

Class I: CSTIX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Total Return Bond Fund

Class A: CTRAX

Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$45	0.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$29,706,597	204	9%

WHAT DID THE FUND INVEST IN?

The Fund invests across government, corporate, and securitized sectors through its diversified, core-plus fixed-income strategy. The Fund aims to provide a high level of current income and total return in excess of the benchmark over full market cycles.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.

ASSET ALLOCATION	% OF NET ASSETS
Corporate Bonds	46.0
U.S. Government and Agency Securities	42.9
Bank Loans	4.3
Asset Backed Securities	4.3
Residential Mortgage Backed Security	0.3

TOP 10 HOLDINGS	% OF NET ASSETS
U.S. Treasury Note, 3.750%, 08/31/31	3.8
U.S. Treasury Note, 3.875%, 08/15/34	3.1
Federal National Mortgage Association, 6.000%, 03/01/54	2.8
Federal National Mortgage Association, 6.000%, 09/01/53	2.3
Federal National Mortgage Association, 5.500%, 08/01/53	2.3
Federal National Mortgage Association, 4.500%, 02/01/53	2.1
Federal National Mortgage Association, 2.500%, 07/01/51	2.0
U.S. Treasury Bond, 3.500%, 02/15/39	1.7
Federal National Mortgage Association, 2.500%, 04/01/50	1.5
Federal National Mortgage Association, 4.000%, 11/01/52	1.5

www.calamos.com

Calamos Total Return Bond Fund

Class A: CTRAX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Total Return Bond Fund

Class C: CTRCX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$83	1.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$29,706,597	204	9%

WHAT DID THE FUND INVEST IN?

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.

ASSET ALLOCATION	% OF NET ASSETS
Corporate Bonds	46.0
U.S. Government and Agency Securities	42.9
Bank Loans	4.3
Asset Backed Securities	4.3
Residential Mortgage Backed Security	0.3

TOP 10 HOLDINGS	% OF NET ASSETS
U.S. Treasury Note, 3.750%, 08/31/31	3.8
U.S. Treasury Note, 3.875%, 08/15/34	3.1
Federal National Mortgage Association, 6.000%, 03/01/54	2.8
Federal National Mortgage Association, 6.000%, 09/01/53	2.3
Federal National Mortgage Association, 5.500%, 08/01/53	2.3
Federal National Mortgage Association, 4.500%, 02/01/53	2.1
Federal National Mortgage Association, 2.500%, 07/01/51	2.0
U.S. Treasury Bond, 3.500%, 02/15/39	1.7
Federal National Mortgage Association, 2.500%, 04/01/50	1.5
Federal National Mortgage Association, 4.000%, 11/01/52	1.5

www.calamos.com

Calamos Total Return Bond Fund

Class C: CTRCX

Semi-Annual Shareholder Report - April 30, 2025

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Total Return Bond Fund

Class I: CTRIX

Semi-Annual Shareholder Report - April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$33	0.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

KEY FUND STATISTICS

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$29,706,597	204	9%

WHAT DID THE FUND INVEST IN?

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.

ASSET ALLOCATION	% OF NET ASSETS
Corporate Bonds	46.0
U.S. Government and Agency Securities	42.9
Bank Loans	4.3
Asset Backed Securities	4.3
Residential Mortgage Backed Security	0.3

TOP 10 HOLDINGS	% OF NET ASSETS
U.S. Treasury Note, 3.750%, 08/31/31	3.8
U.S. Treasury Note, 3.875%, 08/15/34	3.1
Federal National Mortgage Association, 6.000%, 03/01/54	2.8
Federal National Mortgage Association, 6.000%, 09/01/53	2.3
Federal National Mortgage Association, 5.500%, 08/01/53	2.3
Federal National Mortgage Association, 4.500%, 02/01/53	2.1
Federal National Mortgage Association, 2.500%, 07/01/51	2.0
U.S. Treasury Bond, 3.500%, 02/15/39	1.7
Federal National Mortgage Association, 2.500%, 04/01/50	1.5
Federal National Mortgage Association, 4.000%, 11/01/52	1.5

www.calamos.com

Calamos Total Return Bond Fund

Class I: CTRIX

Semi-Annual Shareholder Report - April 30, 2025

Item 1(b). Not applicable.

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.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

ITEM 6. INVESTMENTS.

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of the N-CSR.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

TIMELY INFORMATION INSIDE

Family of Funds

SEMIANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION APRIL 30, 2025

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

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

TABLE OF CONTENTS

The Funds					1
Statements of Assets and Liabilities					2
Statements of Operations					7
Statements of Changes In Net Assets					11
Financial Highlights					18
Schedules of Investments					83
Notes to Financial Statements					175
Report of Independent Registered Public Accounting Firm					214

Statements of Assets and Liabilities April 30, 2025 (Unaudited)

	MARKET NEUTRAL INCOME FUND		HEDGED EQUITY FUND		PHINEUS LONG/SHORT FUND		MERGER ARBITRAGE FUND			CONVERTIBLE FUND
ASSETS
Investments in securities, at cost	$	12,397,727,743	$	494,023,306	$	926,787,448	$	1,996,184		$	779,044,503
Investments in affiliated funds, at cost		350,000,000		—		—		—			—
Investment in securities, at value*	$	16,262,711,325	$	740,629,113	$	944,299,404	$	1,932,211		$	827,458,463
Investments in affiliated funds, at value		336,071,124		—		—		—			—
Cash with custodian		325,538,737		1,343,932		126,488,053		52,590			24,131,251
Cash held at broker		1,626,635,035		30		254,006		8,001			75
Restricted cash for short positions		157,354,400		—		356,404,292		282,131			—
Cash collateral held		17,140,000		—		—		—			—
Collateral for short positions domestic		891,169,481		—		—		—			—
Collateral for short positions foreign (cost $227,904,207)		238,820,631		—		—		—			—
Restricted foreign currency for short positions (cost $103,144,436)		108,084,970		—		—		—			—
Foreign currencies held at broker (cost $22,954,034)		24,051,832		—		—		—			—
Unrealized appreciation on forward foreign currency contracts		116,509		—		—		—			8,644
Receivables:
Investments sold		118,295,310		—		3,281,304		1,590			9,726,270
Accrued interest and dividends		29,191,731		356,553		801,021		770			2,718,738
Fund shares sold		9,885,547		748,634		443,455		—			56,766
Due from investment advisor		—		—		—		5,495			—
Prepaid expenses		93,798		43,649		58,616		23,877			30,166
Other assets		3,884,520		—		1,540,945		488			189,446
Total assets		20,149,044,950		743,121,911		1,433,571,096		2,307,153			864,319,819
LIABILITIES
Cash due to broker		—		—		597,004		—			—
Restricted cash for short positions due to broker		54,209		—		—		—			—
Collateral for securities loaned		692,816,793		25,890,733		41,639,966		—			74,749,053
Foreign currency due to broker (cost $150,013,358 and $2,918,117)		157,198,875		—		2,917,416		—			—
Securities sold short, at value (proceeds $2,603,428,313, $367,138,809, $292,537)		2,997,539,190		—		358,391,070		256,485			—
Options written, at value (premium $651,359,831, $27,483,266, $18,968,355)		428,342,375		18,694,300		16,844,656		—			—
Unrealized depreciation on total return swaps		1,448,405		—		—		—			—
Unrealized depreciation on forward foreign currency contracts		15,547,257		—		—		—			53,929
Payables:
Investments purchased		115,500,004		—		864,150		6,439			7,676,545
Fund shares redeemed		11,747,346		357,325		388,152		—			831,104
Affiliates:
Investment advisory fees		8,318,044		415,847		1,008,881		1,626			463,966
Distribution fees		23,117		1,032		2,492		7			4,411
Deferred compensation to trustees		184,642		—		—		—			189,446
Trustees' fees and officer compensation		46,531		3,471		4,656		1,335			4,251
Other accounts payable and accrued liabilities		4,188,231		114,087		239,572		28,126			192,911
Total liabilities		4,432,955,019		45,476,795		422,898,015		294,018			84,165,616
NET ASSETS	$	15,716,089,931	$	697,645,116	$	1,010,673,081	$	2,013,135		$	780,154,203
COMPOSITION OF NET ASSETS
Paid in capital	$	14,041,548,744	$	522,767,322	$	924,990,074	$	2,044,190		$	695,643,064
Accumulated distributable earnings (loss)		1,674,541,187		174,877,794		85,683,007		(31,055	)		84,511,139
NET ASSETS	$	15,716,089,931	$	697,645,116	$	1,010,673,081	$	2,013,135		$	780,154,203

See accompanying Notes to Financial Statements

Statements of Assets and Liabilities April 30, 2025 (Unaudited)

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND		PHINEUS LONG/SHORT FUND		MERGER ARBITRAGE FUND			CONVERTIBLE FUND
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	855,797,317		$	25,983,755	$	65,663,609	$	122,946		$	223,299,536
Shares outstanding		55,802,541			1,541,796		4,038,762		12,511			10,565,795
Net asset value and redemption price per share	$	15.34		$	16.85	$	16.26	$	9.83		$	21.13
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	15.77	#	$	17.69	$	17.07	$	10.11	#	$	21.62	#
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	207,479,543		$	12,359,015	$	28,873,346	$	100,319		$	24,763,635
Shares outstanding		13,473,468			759,381		1,879,479		10,243			1,212,449
Net asset value and redemption price per share	$	15.40		$	16.28	$	15.36	$	9.79		$	20.42
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	14,248,067,302		$	659,302,346	$	916,136,126	$	1,789,870		$	532,091,032
Shares outstanding		941,477,734			39,032,644		55,458,122		182,007			29,608,106
Net asset value and redemption price per share	$	15.13		$	16.89	$	16.52	$	9.83		$	17.97
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	404,745,769		$	—	$	—	$	—		$	—
Shares outstanding		26,741,365			—		—		—			—
Net asset value and redemption price per share	$	15.14		$	—	$	—	$	—		$	—
* Includes securities on loan	$	698,059,121		$	26,588,291	$	42,294,348	$	—		$	74,418,056

# For Market Neutral Income Fund and Merger Arbitrage 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

Statements of Assets and Liabilities April 30, 2025 (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	$	141,014,935		$	284,389,027		$	26,349,284	$	740,453,801	$	1,424,910,622
Investment in securities, at value*	$	147,334,725		$	357,081,004		$	31,384,184	$	1,446,545,837	$	2,626,645,681
Cash with custodian		2,987,753			834,145			281,161		5,863,324		145,097,956
Cash held at broker		279			—			—		—		—
Collateral for short positions domestic		—			—			—		6,023		—
Restricted cash for short positions		—			—			—		—		8,419
Foreign currencies held by broker (cost $54)		57			—			—		—		—
Receivables:
Investments sold		—			2,112,965			165,358		671,431		341,064
Accrued interest		414,053			4,073			239		281,924		3,197,913
Fund shares sold		87,500			348,850			148,964		86,017		642,439
Due from investment advisor		—			24,280			7,790		—		—
Prepaid expenses		32,052			44,353			18,752		27,866		46,889
Other assets		—			—			—		918,278		396,504
Total assets		150,856,419			360,449,670			32,006,448		1,454,400,700		2,776,376,865
LIABILITIES
Collateral for securities loaned		16,793,640			—			—		35,080,417		57,515,683
Foreign currency overdraft (cost $55)		—			—			—		—		57
Options written, at value (premium $538,742 and $617,739)		—			—			—		42,900		351,523
Payables:
Investments purchased		—			1,015,171			281,358		655,554		5,377,458
Fund shares redeemed		63,081			185,231			—		674,576		1,319,233
Affiliates:
Investment advisory fees		90,948			255,813			22,353		1,013,829		1,464,371
Distribution fees		222			634			5		15,101		23,553
Deferred compensation to trustees		—			—			—		918,257		396,504
Trustees' fees and officer compensation		1,849			2,046			1,501		5,797		9,531
Other accounts payable and accrued liabilities		40,374			42,413			16,623		258,248		413,258
Total liabilities		16,990,114			1,501,308			321,840		38,664,679		66,871,171
NET ASSETS	$	133,866,305		$	358,948,362		$	31,684,608	$	1,415,736,021	$	2,709,505,694
COMPOSITION OF NET ASSETS
Paid in capital	$	132,108,947		$	386,410,642		$	26,959,088	$	683,288,434	$	1,426,054,936
Accumulated distributable earnings (loss)		1,757,358			(27,462,280	)		4,725,520		732,447,587		1,283,450,758
NET ASSETS	$	133,866,305		$	358,948,362		$	31,684,608	$	1,415,736,021	$	2,709,505,694
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	7,838,426		$	24,268,376		$	353,520	$	1,068,043,336	$	1,299,428,206
Shares outstanding		628,462			744,105			26,532		26,465,626		27,973,709
Net asset value and redemption price per share	$	12.47		$	32.61		$	13.32	$	40.36	$	46.45
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	12.76	#	$	34.24		$	13.98	$	42.37	$	48.77
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	2,098,058		$	5,256,194		$	—	$	9,242,909	$	106,197,670
Shares outstanding		177,400			159,985			—		728,231		2,287,971
Net asset value and redemption price per share	$	11.83		$	32.85		$	—	$	12.69	$	46.42
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	123,929,821		$	302,312,266		$	30,830,518	$	338,449,776	$	1,267,597,310
Shares outstanding		9,867,771			8,919,966			2,280,360		5,273,840		28,819,625
Net asset value and redemption price per share	$	12.56		$	33.89		$	13.52	$	64.18	$	43.98
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	—		$	27,111,526		$	500,570	$	—	$	36,282,508
Shares outstanding		—			795,741			36,998		—		824,291
Net asset value and redemption price per share	$	—		$	34.07		$	13.53	$	—	$	44.02
* Includes securities on loan	$	17,700,641		$	—		$	—	$	52,887,632	$	60,074,526

# 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

Statements of Assets and Liabilities April 30, 2025 (Unaudited)

	DIVIDEND GROWTH FUND		SELECT FUND		INTERNATIONAL GROWTH FUND		EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND
ASSETS
Investments in securities, at cost	$	10,798,883	$	32,801,775	$	203,057,748	$	303,814,276		$	94,793,872
Investment in securities, at value*	$	20,649,776	$	53,337,022	$	252,605,741	$	376,476,567		$	131,524,581
Cash with custodian		327,752		1,159,548		136,079		—			2,334,908
Cash held at broker		2		—		1,500		386			—
Restricted cash for short positions		—		—		—		—			—
Foreign currency (cost $509)		—		—		516		—			—
Unrealized appreciation on forward foreign currency contracts		—		—		996,125		378,788			—
Receivables:
Investments sold		—		—		—		2,200,302			672,374
Accrued dividends		7,788		15,434		529,598		412,978			181,021
Fund shares sold		—		121		194,974		109,230			36,850
Due from investment advisor		9,594		16,560		52,058		104,833			7,546
Prepaid expenses		18,822		32,227		47,898		28,776			45,275
Other assets		—		98,443		61,963		18,259			31,782
Total assets		21,013,734		54,659,355		254,626,452		379,730,119			134,834,337
LIABILITIES
Due to custodian bank		—		—		—		580,112			—
Collateral for securities loaned		716,183		694,946		15,468,354		14,093,979			3,568,861
Unrealized depreciation on forward foreign currency contracts		—		—		183,704		221,919			38,808
Payables:
Investments purchased		—		—		—		—			2,698,488
Fund shares redeemed		4,669		73,990		324,778		127,535			28,045
Affiliates:
Investment advisory fees		16,015		42,537		181,835		319,450			97,123
Distribution fees		239		203		712		658			431
Deferred compensation to trustees		—		98,443		61,963		18,259			31,782
Trustees' fees and officer compensation		1,525		1,623		2,220		2,784			1,832
Other accounts payable and accrued liabilities		16,509		19,284		189,665		1,299,932			35,925
Total liabilities		755,140		931,026		16,413,231		16,664,628			6,501,295
NET ASSETS	$	20,258,594	$	53,728,329	$	238,213,221	$	363,065,491		$	128,333,042
COMPOSITION OF NET ASSETS
Paid in capital	$	10,160,354	$	31,963,248	$	182,103,234	$	374,755,142		$	78,888,449
Accumulated distributable earnings (loss)		10,098,240		21,765,081		56,109,987		(11,689,651	)		49,444,593
NET ASSETS	$	20,258,594	$	53,728,329	$	238,213,221	$	363,065,491		$	128,333,042
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	6,860,523	$	13,485,832	$	47,236,098	$	35,714,777		$	26,603,966
Shares outstanding		381,481		667,809		2,246,244		1,897,545			1,666,389
Net asset value and redemption price per share	$	17.98	$	20.19	$	21.03	$	18.82		$	15.97
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	18.88	$	21.20	$	22.08	$	19.76		$	16.77
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	2,660,451	$	355,925	$	1,288,518	$	3,166,266		$	1,246,274
Shares outstanding		158,391		22,127		75,636		184,523			101,304
Net asset value and redemption price per share	$	16.80	$	16.09	$	17.04	$	17.16		$	12.30
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	10,737,620	$	39,886,572	$	181,251,152	$	324,184,448		$	100,227,836
Shares outstanding		593,080		1,884,007		8,208,313		17,018,070			5,905,178
Net asset value and redemption price per share	$	18.10	$	21.17	$	22.08	$	19.05		$	16.97
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	—	$	—	$	8,437,453	$	—		$	254,966
Shares outstanding		—		—		377,198		—			15,002
Net asset value and redemption price per share	$	—	$	—	$	22.37	$	—		$	17.00
* Includes securities on loan	$	801,973	$	682,885	$	14,447,878	$	18,063,097		$	3,330,295

† No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

Statements of Assets and Liabilities April 30, 2025 (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	$	213,035,727	$	4,665,319	$	32,267,346		$	37,482,835		$	384,144,072
Investment in securities, at value*	$	267,925,783	$	5,482,446	$	29,952,262		$	35,951,459		$	385,867,387
Cash with custodian		6,189,089		144,869		295,052			837,476			11,029,316
Cash held at broker		37		—		—			—			—
Restricted cash for futures		—		—		27,500			—			275,000
Variation margin on open futures contracts		—		—		57,479			—			574,925
Unrealized appreciation on forward foreign currency contracts		—		24,939		—			—			—
Receivables:
Investments sold		973,103		60,735		81,408			144,668			1,000,209
Accrued interest and dividends		723,934		8,023		227,441			500,098			3,133,404
Fund shares sold		21,619		—		2,062			1,615			323,736
Due from investment advisor		56,374		20,657		7,846			11,142			3,109
Prepaid expenses		27,546		48,457		16,286			28,430			15,875
Other assets		149,118		—		35,763			108,484			—
Total assets		276,066,603		5,790,126		30,703,099			37,583,372			402,222,961
LIABILITIES
Collateral for securities loaned		11,248,883		—		890,533			2,397,333			9,673,985
Unrealized depreciation on forward foreign currency contracts		92,080		2,006		—			—			—
Payables:
Investments purchased		4,085,751		47,931		—			202,306			4,350,838
Fund shares redeemed		142,406		3		21,858			57,340			30,504
Dividends payable		—		—		13,134			7,006			1,404,870
Affiliates:
Investment advisory fees		209,111		4,217		10,953			17,060			94,665
Distribution fees		1,899		5		151			376			54
Deferred compensation to trustees		149,118		—		35,763			108,484			—
Trustees' fees and officer compensation		2,211		1,478		1,582			1,592			2,652
Other accounts payable and accrued liabilities		58,028		22,375		22,528			27,788			37,675
Total liabilities		15,989,487		78,015		996,502			2,819,285			15,595,243
NET ASSETS	$	260,077,116	$	5,712,111	$	29,706,597		$	34,764,087		$	386,627,718
COMPOSITION OF NET ASSETS
Paid in capital	$	193,263,326	$	5,407,687	$	35,107,835		$	49,665,258		$	401,573,261
Accumulated distributable earnings (loss)		66,813,790		304,424		(5,401,238	)		(14,901,171	)		(14,945,543	)
NET ASSETS	$	260,077,116	$	5,712,111	$	29,706,597		$	34,764,087		$	386,627,718
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	90,014,795	$	275,321	$	9,768,330		$	25,902,418		$	3,929,395
Shares outstanding		7,546,833		27,472		1,087,110			3,389,785			410,355
Net asset value and redemption price per share	$	11.93	$	10.02	$	8.99		$	7.64		$	9.58
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	12.52	$	10.52	$	9.20	#	$	7.82	#	$	9.80	#
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	12,268,848	$	9,844	$	326,150		$	368,618		$	—
Shares outstanding		1,250,476		1,005		36,314			44,664			—
Net asset value and redemption price per share	$	9.81	$	9.80	$	8.98		$	8.25		$	—
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	157,793,473	$	5,416,781	$	19,612,117		$	8,493,051		$	382,698,323
Shares outstanding		12,645,682		536,992		2,181,344			1,110,775			40,003,993
Net asset value and redemption price per share	$	12.48	$	10.09	$	8.99		$	7.65		$	9.57
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	—	$	10,165	$	—		$	—		$	—
Shares outstanding		—		1,007		—			—			—
Net asset value and redemption price per share	$	—	$	10.09	$	—		$	—		$	—
* Includes securities on loan	$	10,855,769	$	—	$	1,267,244		$	2,474,251		$	20,167,180

# 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

Statements of Operations Six Months Ended April 30, 2025 (Unaudited)

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			PHINEUS LONG/SHORT FUND			MERGER ARBITRAGE FUND			CONVERTIBLE FUND
INVESTMENT INCOME
Interest	$	47,310,791		$	145,461		$	2,621,282		$	3,937		$	5,592,342
Interest on short sales		60,209,670			—			13,803,909			7,361			65
(Amortization)/accretion of investment securities		(33,449,764	)		—			—			(310	)		(7,696,462	)
Net interest		74,070,697			145,461			16,425,191			10,988			(2,104,055	)
Dividends		71,945,001			4,734,391			5,429,536			8,775			2,194,650
Dividends from affiliated funds		7,867,315			—			—			—			—
Dividend taxes withheld		(32,811	)		(1,653	)		(69,591	)		—			—
Securities lending income, net of rebates received or paid to borrowers		223,396			1,863			15,376			—			50,533
Total investment income		154,073,598			4,880,062			21,800,512			19,763			141,128
EXPENSES
Investment advisory fees		50,324,153			2,577,808			6,238,045			10,308			3,117,928
Distribution fees
Class A		1,098,427			34,081			82,103			153			299,454
Class C		1,045,226			61,249			153,118			498			136,902
Dividend or interest expense on short positions		12,985,590			—			4,379,036			7,490			—
Transfer agent fees		7,442,409			348,214			536,461			3,853			459,588
Fund administration fees		517,108			24,809			36,372			—			28,778
Accounting fees		401,285			25,198			31,325			1,606			27,052
Printing and mailing fees		334,040			20,961			30,173			4,416			26,531
Trustees' fees and officer compensation		307,793			19,187			25,637			5,145			22,612
Tax fees		246,614			10,927			17,412			333			14,639
Legal fees		236,436			14,638			19,935			3,586			16,836
Audit fees		181,493			12,998			16,755			4,785			15,154
Custodian fees		144,679			7,142			85,418			802			7,840
Registration fees		118,997			31,108			31,143			21,237			34,771
Other		270,005			19,299			13,546			8,861			19,571
Total expenses		75,654,255			3,207,619			11,696,479			73,073			4,227,656
Less expense reductions		(497,239	)		—			—			(52,049	)		—
Net expenses		75,157,016			3,207,619			11,696,479			21,024			4,227,656
NET INVESTMENT INCOME (LOSS)		78,916,582			1,672,443			10,104,033			(1,261	)		(4,086,528	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		137,826,640			3,373,878			116,920,944			(28,967	)		56,673,289
Purchased options		13,892,473			(21,204	)		(57,557,134	)		(213	)		(1,485,518	)
Foreign currency transactions		2,705,086			—			25,181			(2	)		(3,467	)
Forward foreign currency contracts		423,785			—			—			—			(159,600	)
Written options		59,040,244			(192,343	)		27,795,731			(15,026	)		1,568,252
Short positions		(57,858,796	)		—			40,317,140			50,220			—
Total return swaps		271,628			—			—			—			—
Futures contracts		9,444			—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(57,373,546	)		(22,476,910	)		(104,510,541	)		9,293			(56,556,447	)
Affiliated funds		1,755,858			—			—			—			—
Purchased options		(16,494,730	)		3,592,838			(2,372,516	)		—			—
Foreign currency translations		11,392,165			—			7,497			—			—
Forward foreign currency contracts		(13,974,468	)		—			—			—			202,145
Written options		302,561,193			9,793,048			1,747,436			189			—
Short positions		(73,064,058	)		—			(10,145,069	)		19,764			—
Total return swaps		(1,548,365	)		—			—			—			—
NET GAIN (LOSS)		309,564,553			(5,930,693	)		12,228,669			35,258			238,654
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	388,481,135		$	(4,258,250	)	$	22,332,702		$	33,997		$	(3,847,874	)

See accompanying Notes to Financial Statements

Statements of Operations Six Months Ended April 30, 2025 (Unaudited)

	GLOBAL CONVERTIBLE FUND			TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND
INVESTMENT INCOME
Interest	$	777,994		$	67,344		$	8,463		$	276,949		$	7,048,897
Interest on short sales		—			—			—			31,799			—
(Amortization)/accretion of investment securities		(183,894	)		—			—			—			(6,073,933	)
Net interest		594,100			67,344			8,463			308,748			974,964
Dividends		232,041			408,051			26,232			3,585,995			13,781,572
Non-cash dividends		—			237,922			—			—			—
Dividend taxes withheld		(966	)		—			—			(52,080	)		(5,883	)
Securities lending income, net of rebates received or paid to borrowers		5,559			—			—			22,914			48,261
Other income		—			—			—			—			1
Total investment income		830,734			713,317			34,695			3,865,577			14,798,915
EXPENSES
Investment advisory fees		561,516			1,793,058			141,422			6,924,092			9,622,791
Distribution fees
Class A		9,827			34,190			491			1,463,654			1,720,093
Class C		10,476			28,008			—			50,204			545,148
Transfer agent fees		71,458			190,674			9,931			687,320			1,168,360
Fund administration fees		4,327			10,670			929			55,990			101,630
Accounting fees		11,160			18,464			6,917			43,777			74,059
Printing and mailing fees		8,186			12,440			4,650			44,734			58,213
Trustees' fees and officer compensation		7,687			12,940			5,651			37,057			63,277
Tax fees		2,435			5,709			408			28,949			45,484
Legal fees		6,213			6,768			4,791			25,947			46,914
Audit fees		6,296			9,413			5,095			23,643			38,966
Custodian fees		2,940			13,678			4,426			19,970			23,359
Registration fees		23,468			27,657			19,986			27,917			43,723
Other		8,139			11,092			4,711			34,574			52,357
Total expenses		734,128			2,174,761			209,408			9,467,828			13,604,374
Less expense reductions		—			(42,657	)		(45,271	)		—			—
Net expenses		734,128			2,132,104			164,137			9,467,828			13,604,374
NET INVESTMENT INCOME (LOSS)		96,606			(1,418,787	)		(129,442	)		(5,602,251	)		1,194,541
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		3,649,072			(1,550,509	)		405,579			65,043,192			111,324,440
Purchased options		(479,703	)		—			—			(10,310,230	)		29,946,840
Foreign currency transactions		4,040			—			—			823			—
Written options		—			—			—			3,282,741			(3,404,420	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		1,613,443			(17,025,399	)		(1,762,079	)		(91,775,815	)		(161,276,477	)
Purchased options		246,128			—			—			636,649			(4,010,021	)
Foreign currency translations		5,708			—			—			1,094			146
Written options		—			—			—			(702,180	)		(49,600	)
NET GAIN (LOSS)		5,038,688			(18,575,908	)		(1,356,500	)		(33,823,726	)		(27,469,092	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,135,294		$	(19,994,695	)	$	(1,485,942	)	$	(39,425,977	)	$	(26,274,551	)

See accompanying Notes to Financial Statements

Statements of Operations Six Months Ended April 30, 2025 (Unaudited)

	DIVIDEND GROWTH FUND			SELECT FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND
INVESTMENT INCOME
Interest	$	9,077		$	31,851		$	43,142		$	216,579		$	44,255
(Amortization)/accretion of investment securities		—			—			—			(647,326	)		—
Net interest		9,077			31,851			43,142			(430,747	)		44,255
Dividends		124,685			276,694			1,473,796			2,271,663			672,477
Dividend taxes withheld		—			(1,463	)		(130,659	)		(264,637	)		(28,196	)
Securities lending income, net of rebates received or paid to borrowers		542			—			28,676			4,861			2,519
Total investment income		134,304			307,082			1,414,955			1,581,140			691,055
EXPENSES
Investment advisory fees		104,831			282,426			1,195,536			2,074,736			666,567
Performance fees		—			—			(44,374	)		—			(12,416	)
Distribution fees
Class A		8,930			17,920			59,601			48,113			34,537
Class C		13,743			1,749			6,677			16,508			6,317
Transfer agent fees		12,475			15,435			128,791			257,433			54,486
Fund administration fees		699			2,043			9,203			12,593			4,906
Accounting fees		8,018			8,038			13,941			15,657			11,426
Printing and mailing fees		4,998			5,184			9,684			19,021			6,703
Trustees' fees and officer compensation		5,498			6,229			9,987			12,867			7,863
Tax fees		324			895			13,939			22,969			11,454
Legal fees		4,703			5,190			10,413			10,313			6,421
Audit fees		5,010			5,439			7,633			9,398			6,380
Custodian fees		1,103			718			49,095			164,465			11,895
Registration fees		20,483			20,930			30,265			27,919			32,299
Other		4,418			5,243			7,353			7,797			6,865
Total expenses		195,233			377,439			1,507,744			2,699,789			855,703
Less expense reductions		(57,246	)		(103,588	)		(309,135	)		(654,739	)		(48,374	)
Net expenses		137,987			273,851			1,198,609			2,045,050			807,329
NET INVESTMENT INCOME (LOSS)		(3,683	)		33,231			216,346			(463,910	)		(116,274	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		301,682			1,329,196			7,208,779	^(a)		12,519,081	^(a)		11,632,576	^(a)
Purchased options		(1,489	)		—			(535,877	)		(2,304,132	)		2,564,289
Foreign currency transactions		—			37			(6,803	)		(466,940	)		1,717
Forward foreign currency contracts		—			—			(1,256,895	)		(1,749,256	)		—
Written options		—			—			—			—			135,526
Change in net unrealized appreciation/(depreciation) on:
Investments		(622,028	)		(1,951,699	)		(6,499,975	)^(b)		(24,490,695	)^(b)		(14,406,247	)^(b)
Purchased options		—			—			(609,137	)		(419,359	)		(691,080	)
Foreign currency translations		—			—			18,848			3,726			(3,422	)
Forward foreign currency contracts		—			—			1,441,426			1,359,436			(38,808	)
NET GAIN (LOSS)		(321,835	)		(622,466	)		(239,634	)		(15,548,139	)		(805,449	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(325,518	)	$	(589,235	)	$	(23,288	)	$	(16,012,049	)	$	(921,723	)

(a) Net of foreign capital gains tax of $569,904, $1,538,718, and $397,204, respectively.

(b) Net of change of $1,241,301, $3,146,295, and $613,156, respectively in deferred capital gains tax.

See accompanying Notes to Financial Statements

Statements of Operations Six Months Ended April 30, 2025 (Unaudited)

	GLOBAL OPPORTUNITIES FUND			INTERNATIONAL SMALL CAP GROWTH FUND			TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
INVESTMENT INCOME
Interest	$	995,965		$	4,378		$	645,201		$	1,227,136		$	8,512,200
(Amortization)/accretion of investment securities		(683,888	)		—			14,152			61,005			499,058
Net interest		312,077			4,378			659,353			1,288,141			9,011,258
Dividends		1,278,406			34,749			—			11,453			—
Dividend taxes withheld		(49,009	)		(3,683	)		—			—			—
Securities lending income, net of rebates received or paid to borrowers		2,712			—			1,193			5,199			24,398
Total investment income		1,544,186			35,444			660,546			1,304,793			9,035,656
EXPENSES
Investment advisory fees		1,384,003			26,440			66,568			107,667			558,357
Distribution fees
Class A		118,840			413			12,858			33,625			4,503
Class C		61,995			48			1,143			1,853			—
Transfer agent fees		148,236			6,061			17,079			20,830			30,908
Fund administration fees		9,522			211			1,448			1,303			12,782
Accounting fees		13,767			4,079			10,408			16,211			21,955
Printing and mailing fees		12,255			4,514			5,942			6,135			6,343
Trustees' fees and officer compensation		10,769			5,184			5,673			5,803			12,420
Tax fees		13,628			15,632			862			601			6,133
Legal fees		10,517			5,381			4,830			4,264			10,654
Audit fees		8,141			4,827			5,114			5,192			9,049
Custodian fees		14,630			7,476			1,182			2,312			4,304
Registration fees		23,690			27,640			21,160			21,618			17,017
Other		9,119			4,799			5,626			8,474			11,593
Total expenses		1,839,112			112,705			159,893			235,888			706,018
Less expense reductions		(315,795	)		(81,634	)		(49,740	)		(65,826	)		(3,109	)
Net expenses		1,523,317			31,071			110,153			170,062			702,909
NET INVESTMENT INCOME (LOSS)		20,869			4,373			550,393			1,134,731			8,332,747
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		12,681,755	^(a)		(253,110	)^(a)		(114,184	)		(473,295	)		51,757
Purchased options		2,451,038			26,235			—			—			—
Foreign currency transactions		15,042			(521	)		—			—			—
Forward foreign currency contracts		—			(2,728	)		—			—			—
Written options		280,490			—			—			—			—
Futures contracts		—			—			(48,800	)		—			(558,712	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(16,115,053	)^(b)		265,538	^(b)		185,408			(190,055	)		1,987,430
Purchased options		(1,846,963	)		(16,632	)		—			—			—
Foreign currency translations		(15	)		356			—			—			—
Forward foreign currency contracts		(92,080	)		22,933			—			—			—
Futures contracts		—			—			84,567			—			910,577
NET GAIN (LOSS)		(2,625,786	)		42,071			106,991			(663,350	)		2,391,052
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,604,917	)	$	46,444		$	657,384		$	471,381		$	10,723,799

(a) Net of foreign capital gains tax of $70,869 and $1,907, respectively.

(b) Net of change of $167,719 and $13,204, respectively in deferred capital gains tax.

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	78,916,582		$	162,757,996		$	1,672,443		$	3,606,733		$	10,104,033		$	27,269,709
Net realized gain (loss)		156,310,504			(1,043,943,908	)		3,160,331			(32,786,839	)		127,501,862			12,952,498
Change in unrealized appreciation/(depreciation)		153,254,049			2,098,000,251			(9,091,024	)		152,662,554			(115,273,193	)		105,496,807
Net increase (decrease) in net assets resulting from operations		388,481,135			1,216,814,339			(4,258,250	)		123,482,448			22,332,702			145,719,014
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(10,355,374	)		(51,746,743	)		(59,492	)		(101,872	)		(4,130,897	)		(1,127,444	)
Class C		(1,798,445	)		(11,368,494	)		(4,955	)		(16,785	)		(1,856,238	)		(317,398	)
Class I		(181,666,103	)		(722,761,391	)		(2,024,076	)		(3,460,430	)		(60,334,647	)		(16,078,836	)
Class R6		(2,272,506	)		(5,223,949	)		—			—			—			—
Total distributions		(196,092,428	)		(791,100,577	)		(2,088,523	)		(3,579,087	)		(66,321,782	)		(17,523,678	)
CAPITAL SHARE TRANSACTIONS		448,464,975			715,035,765			6,795,509			16,412,446			10,832,478			(20,261,932	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		640,853,682			1,140,749,527			448,736			136,315,807			(33,156,602	)		107,933,404
NET ASSETS
Beginning of period	$	15,075,236,249		$	13,934,486,722		$	697,196,380		$	560,880,573		$	1,043,829,683		$	935,896,279
End of period	$	15,716,089,931		$	15,075,236,249		$	697,645,116		$	697,196,380		$	1,010,673,081		$	1,043,829,683

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	MERGER ARBITRAGE FUND						CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	(1,261	)	$	26,451		$	(4,086,528	)	$	(2,797,322	)	$	96,606	$	(375,332	)
Net realized gain (loss)		6,012			34,551			56,592,956			23,053,384			3,173,409		3,753,281
Change in unrealized appreciation/(depreciation)		29,246			(941	)		(56,354,302	)		140,477,969			1,865,279		19,279,768
Net increase (decrease) in net assets resulting from operations		33,997			60,061			(3,847,874	)		160,734,031			5,135,294		22,657,717
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(3,252	)		(864	)		(2,525,833	)		(4,991,529	)		—		—
Class C		(1,945	)		(440	)		(209,531	)		(457,686	)		—		—
Class I		(55,048	)		(11,740	)		(8,212,090	)		(14,883,387	)		—		—
Class R6		—			—			—			—			—		—
Total distributions		(60,245	)		(13,044	)		(10,947,454	)		(20,332,602	)		—		—
CAPITAL SHARE TRANSACTIONS		(57,596	)		(8,682	)		(76,259,361	)		(104,387,833	)		925,298		(15,240,434	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(83,844	)		38,335			(91,054,689	)		36,013,596			6,060,592		7,417,283
NET ASSETS
Beginning of period	$	2,096,979		$	2,058,644		$	871,208,892		$	835,195,296		$	127,805,713	$	120,388,430
End of period	$	2,013,135		$	2,096,979		$	780,154,203		$	871,208,892		$	133,866,305	$	127,805,713

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	TIMPANI SMALL CAP GROWTH FUND						TIMPANI SMID GROWTH FUND						GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	(1,418,787	)	$	(2,539,559	)	$	(129,442	)	$	(202,067	)	$	(5,602,251	)	$	(9,322,206	)
Net realized gain (loss)		(1,550,509	)		59,919,290			405,579			4,075,185			58,016,526			105,006,218
Change in unrealized appreciation/(depreciation)		(17,025,399	)		64,459,005			(1,762,079	)		5,125,958			(91,840,252	)		395,169,533
Net increase (decrease) in net assets resulting from operations		(19,994,695	)		121,838,736			(1,485,942	)		8,999,076			(39,425,977	)		490,853,545
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(667,937	)		—			(10,262	)		—			(76,755,481	)		(44,789,321	)
Class C		(106,506	)		—			—			—			(1,928,971	)		(1,169,236	)
Class I		(9,011,089	)		—			(751,396	)		—			(15,327,414	)		(8,400,902	)
Class R6		(778,825	)		—			(15,203	)		—			—			—
Total distributions		(10,564,357	)		—			(776,861	)		—			(94,011,866	)		(54,359,459	)
CAPITAL SHARE TRANSACTIONS		42,134,778			(12,726,825	)		7,698,016			1,094,630			14,202,053			(99,204,528	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,575,726			109,111,911			5,435,213			10,093,706			(119,235,790	)		337,289,558
NET ASSETS
Beginning of period	$	347,372,636		$	238,260,725		$	26,249,395		$	16,155,689		$	1,534,971,811		$	1,197,682,253
End of period	$	358,948,362		$	347,372,636		$	31,684,608		$	26,249,395		$	1,415,736,021		$	1,534,971,811

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND						SELECT FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	1,194,541		$	7,226,192		$	(3,683	)	$	2,133		$	33,231		$	48,906
Net realized gain (loss)		137,866,860			126,447,345			300,193			623,254			1,329,233			4,194,477
Change in unrealized appreciation/(depreciation)		(165,335,952	)		533,604,579			(622,028	)		4,726,623			(1,951,699	)		11,344,630
Net increase (decrease) in net assets resulting from operations		(26,274,551	)		667,278,116			(325,518	)		5,352,010			(589,235	)		15,588,013
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(62,106,860	)		(51,839,834	)		(179,896	)		(249,190	)		(1,034,032	)		(520,261	)
Class C		(4,657,369	)		(3,121,424	)		(73,454	)		(109,241	)		(30,129	)		(6,362	)
Class I		(63,490,424	)		(49,754,222	)		(287,860	)		(358,151	)		(2,934,025	)		(1,384,807	)
Class R6		(1,822,524	)		(1,424,653	)		—			—			—			—
Total distributions		(132,077,177	)		(106,140,133	)		(541,210	)		(716,582	)		(3,998,186	)		(1,911,430	)
CAPITAL SHARE TRANSACTIONS		34,892,998			2,715,738			480,625			777,586			2,218,514			(895,481	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(123,458,730	)		563,853,721			(386,103	)		5,413,014			(2,368,907	)		12,781,102
NET ASSETS
Beginning of period	$	2,832,964,424		$	2,269,110,703		$	20,644,697		$	15,231,683		$	56,097,236		$	43,316,134
End of period	$	2,709,505,694		$	2,832,964,424		$	20,258,594		$	20,644,697		$	53,728,329		$	56,097,236

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	216,346		$	(51,869	)	$	(463,910	)	$	(555,291	)	$	(116,274	)	$	(372,701	)
Net realized gain (loss)		5,409,204			27,624,000			7,998,753			19,297,645			14,334,108			11,641,958
Change in unrealized appreciation/(depreciation)		(5,648,838	)		38,363,615			(23,546,892	)		86,789,607			(15,139,557	)		28,540,310
Net increase (decrease) in net assets resulting from operations		(23,288	)		65,935,746			(16,012,049	)		105,531,961			(921,723	)		39,809,567
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(2,178,884	)		(19,035	)		—			(117,314	)		(2,386,469	)		—
Class C		(74,590	)		—			—			—			(143,718	)		—
Class I		(7,822,008	)		(472,228	)		—			(1,785,077	)		(8,479,430	)		(71,037	)
Class R6		(232,875	)		(21,914	)		—			—			(19,318	)		(193	)
Total distributions		(10,308,357	)		(513,177	)		—			(1,902,391	)		(11,028,935	)		(71,230	)
CAPITAL SHARE TRANSACTIONS		6,064,341			(12,523,357	)		(17,564,607	)		(68,369,607	)		6,703,419			6,494,691
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,267,304	)		52,899,212			(33,576,656	)		35,259,963			(5,247,239	)		46,233,028
NET ASSETS
Beginning of period	$	242,480,525		$	189,581,313		$	396,642,147		$	361,382,184		$	133,580,281		$	87,347,253
End of period	$	238,213,221		$	242,480,525		$	363,065,491		$	396,642,147		$	128,333,042		$	133,580,281

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	GLOBAL OPPORTUNITIES FUND						INTERNATIONAL SMALL CAP GROWTH FUND						TOTAL RETURN BOND FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	20,869		$	(140,871	)	$	4,373		$	(8,332	)	$	550,393		$	1,354,264
Net realized gain (loss)		15,428,325			34,406,923			(230,124	)		297,057			(162,984	)		(989,701	)
Change in unrealized appreciation/(depreciation)		(18,054,111	)		36,711,988			272,195			454,077			269,975			2,675,899
Net increase (decrease) in net assets resulting from operations		(2,604,917	)		70,978,040			46,444			742,802			657,384			3,040,462
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(7,232,735	)		(436,600	)		—			—			(195,412	)		(443,589	)
Class C		(1,084,575	)		(13,157	)		—			—			(3,465	)		(8,203	)
Class I		(12,655,507	)		(921,904	)		—			—			(386,867	)		(1,013,778	)
Class R6		—			—			—			—			—			—
Total distributions		(20,972,817	)		(1,371,661	)		—			—			(585,744	)		(1,465,570	)
CAPITAL SHARE TRANSACTIONS		4,253,344			13,459,575			(54,312	)		2,615,155			(595,240	)		(2,668,246	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(19,324,390	)		83,065,954			(7,868	)		3,357,957			(523,600	)		(1,093,354	)
NET ASSETS
Beginning of period	$	279,401,506		$	196,335,552		$	5,719,979		$	2,362,022		$	30,230,197		$	31,323,551
End of period	$	260,077,116		$	279,401,506		$	5,712,111		$	5,719,979		$	29,706,597		$	30,230,197

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	1,134,731		$	2,269,827		$	8,332,747		$	14,960,656
Net realized gain (loss)		(473,295	)		(800,021	)		(506,955	)		(1,106,937	)
Change in unrealized appreciation/(depreciation)		(190,055	)		3,570,925			2,898,007			12,533,617
Net increase (decrease) in net assets resulting from operations		471,381			5,040,731			10,723,799			26,387,336
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(898,810	)		(1,717,866	)		(80,969	)		(166,086	)
Class C		(10,089	)		(21,770	)		—			—
Class I		(298,251	)		(570,665	)		(8,743,926	)		(17,520,565	)
Class R6		—			—			—			—
Total distributions		(1,207,150	)		(2,310,301	)		(8,824,895	)		(17,686,651	)
CAPITAL SHARE TRANSACTIONS		(1,935,734	)		1,228,142			17,676,958			718,730
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,671,503	)		3,958,572			19,575,862			9,419,415
NET ASSETS
Beginning of period	$	37,435,590		$	33,477,018		$	367,051,856		$	357,632,441
End of period	$	34,764,087		$	37,435,590		$	386,627,718		$	367,051,856

See accompanying Notes to Financial Statements

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	15.14		$	14.72		$	13.84		$	14.63		$	13.77		$	13.47
Income from investment operations:
Net investment income (loss)(a)		0.06			0.13			0.01			(0.04	)		(0.45	)		0.19
Net realized and unrealized gain (loss)		0.32			1.08			1.07			(0.72	)		1.37			0.24
Total from investment operations		0.38			1.21			1.08			(0.76	)		0.92			0.43
Distributions:
Dividends from net investment income		(0.18	)		(0.28	)		(0.20	)		(0.03	)		(0.06	)		(0.13	)
Dividends from net realized gains		—			(0.51	)		—			—			—			—
Total distributions**		(0.18	)		(0.79	)		(0.20	)		(0.03	)		(0.06	)		(0.13	)
Net asset value, end of period	$	15.34		$	15.14		$	14.72		$	13.84		$	14.63		$	13.77
Ratios and supplemental data:
Total return(b)		2.43	%		8.61	%		7.76	%		(5.22	%)		6.67	%		3.27	%
Net assets, end of period (000)	$	855,797		$	905,712		$	1,009,976		$	1,244,117		$	1,334,984		$	817,405
Ratio of net expenses to average net assets		1.20	%(c)(i)		1.20	%(d)		1.20	%(e)		1.16	%(f)		1.14	%(g)		1.20	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		1.21	%(i)		1.21	%		1.21	%		1.17	%		1.14	%		1.21	%
Ratio of net investment income (loss) to average net assets		0.80	%(i)		0.91	%		0.06	%		(1.12	%)		(3.15	%)		1.43	%
Portfolio turnover rate(j)		21	%		35	%		28	%		41	%		49	%		77	%

** 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 1.03% for the period ended April 30, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.02% for the year ended October 31, 2024.

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

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

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

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

(i) Annualized.

(j) Not annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	15.22		$	14.79		$	13.92		$	14.80		$	13.98		$	13.70
Income from investment operations:
Net investment income (loss)(a)		0.00			0.02			(0.10	)		(0.27	)		(0.57	)		0.10
Net realized and unrealized gain (loss)		0.31			1.10			1.07			(0.61	)		1.39			0.24
Total from investment operations		0.31			1.12			0.97			(0.88	)		0.82			0.34
Distributions:
Dividends from net investment income		(0.13	)		(0.18	)		(0.10	)		—			(0.00	)*		(0.06	)
Dividends from net realized gains		—			(0.51	)		—			—			—			—
Total distributions**		(0.13	)		(0.69	)		(0.10	)		—			(0.00	)*		(0.06	)
Net asset value, end of period	$	15.40		$	15.22		$	14.79		$	13.92		$	14.80		$	13.98
Ratios and supplemental data:
Total return(b)		2.05	%		7.80	%		6.93	%		(5.95	%)		5.88	%		2.46	%
Net assets, end of period (000)	$	207,480		$	215,591		$	254,478		$	306,312		$	322,432		$	252,490
Ratio of net expenses to average net assets		1.95	%(c)(i)		1.95	%(d)		1.95	%(e)		1.91	%(f)		1.89	%(g)		1.95	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		1.96	%(i)		1.96	%		1.96	%		1.92	%		1.89	%		1.96	%
Ratio of net investment income (loss) to average net assets		0.05	%(i)		0.16	%		(0.69	%)		(1.87	%)		(3.92	%)		0.70	%

* Amounts are less than $0.005.

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the period ended April 30, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the year ended October 31, 2024.

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

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

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

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

(i) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	14.95		$	14.54		$	13.68		$	14.45		$	13.60		$	13.30
Income from investment operations:
Net investment income (loss)(a)		0.08			0.17			0.04			(0.12	)		(0.41	)		0.22
Net realized and unrealized gain (loss)		0.29			1.07			1.06			(0.59	)		1.35			0.24
Total from investment operations		0.37			1.24			1.10			(0.71	)		0.94			0.46
Distributions:
Dividends from net investment income		(0.19	)		(0.32	)		(0.24	)		(0.06	)		(0.09	)		(0.16	)
Dividends from net realized gains		—			(0.51	)		—			—			—			—
Total distributions**		(0.19	)		(0.83	)		(0.24	)		(0.06	)		(0.09	)		(0.16	)
Net asset value, end of period	$	15.13		$	14.95		$	14.54		$	13.68		$	14.45		$	13.60
Ratios and supplemental data:
Total return(b)		2.59	%		8.86	%		8.07	%		(5.01	%)		6.92	%		3.51	%
Net assets, end of period (000)	$	14,248,067		$	13,793,265		$	12,620,874		$	14,470,090		$	14,780,637		$	9,207,961
Ratio of net expenses to average net assets		0.95	%(c)(i)		0.95	%(d)		0.95	%(e)		0.91	%(f)		0.89	%(g)		0.95	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		0.96	%(i)		0.96	%		0.95	%		0.92	%		0.89	%		0.96	%
Ratio of net investment income (loss) to average net assets		1.05	%(i)		1.16	%		0.31	%		(0.87	%)		(2.90	%)		1.66	%

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the period ended April 30, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2024.

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

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

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

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

(i) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	14.95		$	14.54		$	13.68		$	14.46		$	13.61		$	13.35
Income from investment operations:
Net investment income (loss)(a)		0.08			0.18			0.06			(0.11	)		(0.38	)		0.05
Net realized and unrealized gain (loss)		0.31			1.07			1.05			(0.60	)		1.33			0.21
Total from investment operations		0.39			1.25			1.11			(0.71	)		0.95			0.26
Distributions:
Dividends from net investment income		(0.20	)		(0.33	)		(0.25	)		(0.07	)		(0.10	)		—
Dividends from net realized gains		—			(0.51	)		—			—			—			—
Total distributions**		(0.20	)		(0.84	)		(0.25	)		(0.07	)		(0.10	)		—
Net asset value, end of period	$	15.14		$	14.95		$	14.54		$	13.68		$	14.46		$	13.61
Ratios and supplemental data:
Total return(b)		2.64	%		8.94	%		8.08	%		(4.94	%)		6.99	%		1.95	%
Net assets, end of period (000)	$	404,746		$	160,669		$	49,159		$	43,956		$	8,846		$	10
Ratio of net expenses to average net assets		0.85	%(c)(i)		0.86	%(d)		0.86	%(e)		0.86	%(f)		0.82	%(g)		0.77	%(h)(i)
Ratio of gross expenses to average net assets prior to expense reductions		0.85	%(i)		0.86	%		0.87	%		0.87	%		0.83	%		0.77	%(i)
Ratio of net investment income (loss) to average net assets		1.10	%(i)		1.24	%		0.40	%		(0.82	%)		(2.64	%)		1.06	%(i)

• Commencement of operations.

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the period ended April 30, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2024.

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

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

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

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

(i) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.00		$	14.05		$	13.08		$	14.66		$	12.35		$	11.88
Income from investment operations:
Net investment income (loss)(a)		0.02			0.05			0.08			0.06			0.06			0.10
Net realized and unrealized gain (loss)		(0.13	)		2.96			0.98			(1.60	)		2.32			0.47
Total from investment operations		(0.11	)		3.01			1.06			(1.54	)		2.38			0.57
Distributions:
Dividends from net investment income		(0.04	)		(0.06	)		(0.09	)		(0.04	)		(0.07	)		(0.10	)
Dividends from net realized gains		—			—			—			—			—			—
Total distributions**		(0.04	)		(0.06	)		(0.09	)		(0.04	)		(0.07	)		(0.10	)
Net asset value, end of period	$	16.85		$	17.00		$	14.05		$	13.08		$	14.66		$	12.35
Ratios and supplemental data:
Total return(b)		(0.67	%)		21.45	%		8.10	%		(10.51	%)		19.20	%		4.92	%
Net assets, end of period (000)	$	25,984		$	30,130		$	24,754		$	33,814		$	34,309		$	15,782
Ratio of net expenses to average net assets		1.14	%(c)		1.15	%		1.17	%		1.16	%		1.17	%		1.15	%
Ratio of gross expenses to average net assets prior to expense reductions		1.14	%(c)		1.15	%		1.17	%		1.16	%		1.17	%		1.20	%
Ratio of net investment income (loss) to average net assets		0.25	%(c)		0.34	%		0.58	%		0.42	%		0.44	%		0.84	%
Portfolio turnover rate(d)		3	%		20	%		19	%		32	%		39	%		57	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	16.45		$	13.67		$	12.78		$	14.39		$	12.18		$	11.72
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.07	)		(0.03	)		(0.04	)		(0.04	)		0.01
Net realized and unrealized gain (loss)		(0.12	)		2.88			0.96			(1.57	)		2.28			0.48
Total from investment operations		(0.16	)		2.81			0.93			(1.61	)		2.24			0.49
Distributions:
Dividends from net investment income		(0.01	)		(0.03	)		(0.04	)		—			(0.03	)		(0.03	)
Dividends from net realized gains		—			—			—			—			—			—
Total distributions**		(0.01	)		(0.03	)		(0.04	)		—			(0.03	)		(0.03	)
Net asset value, end of period	$	16.28		$	16.45		$	13.67		$	12.78		$	14.39		$	12.18
Ratios and supplemental data:
Total return(b)		(1.05	%)		20.55	%		7.28	%		(11.19	%)		18.43	%		4.19	%
Net assets, end of period (000)	$	12,359		$	11,877		$	8,703		$	7,884		$	6,960		$	3,429
Ratio of net expenses to average net assets		1.89	%(c)		1.90	%		1.92	%		1.91	%		1.92	%		1.90	%
Ratio of gross expenses to average net assets prior to expense reductions		1.89	%(c)		1.90	%		1.92	%		1.91	%		1.92	%		1.95	%
Ratio of net investment income (loss) to average net assets		(0.50	%)(c)		(0.42	%)		(0.20	%)		(0.31	%)		(0.30	%)		0.08	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.03		$	14.07		$	13.09		$	14.66		$	12.34		$	11.87
Income from investment operations:
Net investment income (loss)(a)		0.04			0.09			0.11			0.10			0.10			0.13
Net realized and unrealized gain (loss)		(0.13	)		2.96			0.99			(1.61	)		2.31			0.47
Total from investment operations		(0.09	)		3.05			1.10			(1.51	)		2.41			0.60
Distributions:
Dividends from net investment income		(0.05	)		(0.09	)		(0.12	)		(0.06	)		(0.09	)		(0.13	)
Dividends from net realized gains		—			—			—			—			—			—
Total distributions**		(0.05	)		(0.09	)		(0.12	)		(0.06	)		(0.09	)		(0.13	)
Net asset value, end of period	$	16.89		$	17.03		$	14.07		$	13.09		$	14.66		$	12.34
Ratios and supplemental data:
Total return(b)		(0.52	%)		21.75	%		8.41	%		(10.33	%)		19.60	%		5.09	%
Net assets, end of period (000)	$	659,302		$	655,189		$	527,423		$	547,166		$	514,903		$	342,851
Ratio of net expenses to average net assets		0.89	%(c)		0.90	%		0.92	%		0.91	%		0.92	%		0.90	%
Ratio of gross expenses to average net assets prior to expense reductions		0.89	%(c)		0.90	%		0.92	%		0.91	%		0.92	%		0.95	%
Ratio of net investment income (loss) to average net assets		0.50	%(c)		0.58	%		0.81	%		0.69	%		0.73	%		1.09	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	16.99		$	14.93		$	14.60		$	15.46		$	11.18		$	11.63
Income from investment operations:
Net investment income (loss)(a)		0.14			0.41			0.19			(0.06	)		(0.13	)		(0.08	)
Net realized and unrealized gain (loss)		0.20			1.91			0.14			(0.80	)		4.41			(0.36	)
Total from investment operations		0.34			2.32			0.33			(0.86	)		4.28			(0.44	)
Distributions:
Dividends from net investment income		(0.61	)		(0.26	)		—			—			—			(0.01	)
Dividends from net realized gains		(0.46	)		—			—			—			—			—
Return of capital		—			—			—			—			—			(0.00	)*
Total distributions**		(1.07	)		(0.26	)		—			—			—			(0.01	)
Net asset value, end of period	$	16.26		$	16.99		$	14.93		$	14.60		$	15.46		$	11.18
Ratios and supplemental data:
Total return(b)		2.03	%		15.82	%		2.12	%		(5.44	%)		38.19	%		(3.77	%)
Net assets, end of period (000)	$	65,664		$	67,243		$	65,214		$	55,800		$	51,971		$	40,748
Ratio of net expenses to average net assets		2.50	%(c)(i)		2.43	%(d)		2.38	%(e)		2.38	%(f)		2.34	%(g)		2.91	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		2.50	%(i)		2.43	%		2.38	%		2.38	%		2.34	%		2.92	%
Ratio of net investment income (loss) to average net assets		1.78	%(i)		2.49	%		1.21	%		(0.43	%)		(0.88	%)		(0.68	%)
Portfolio turnover rate(j)		197	%		342	%		194	%		214	%		211	%		206	%

* Amounts are less than $0.005.

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the period ended April 30, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.63% for the year ended October 31, 2024.

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

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

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

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

(i) Annualized.

(j) Not annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	16.05		$	14.11		$	13.90		$	14.83		$	10.80		$	11.32
Income from investment operations:
Net investment income (loss)(a)		0.08			0.28			0.07			(0.17	)		(0.24	)		(0.16	)
Net realized and unrealized gain (loss)		0.17			1.80			0.14			(0.76	)		4.27			(0.36	)
Total from investment operations		0.25			2.08			0.21			(0.93	)		4.03			(0.52	)
Distributions:
Dividends from net investment income		(0.48	)		(0.14	)		—			—			—			—
Dividends from net realized gains		(0.46	)		—			—			—			—			—
Return of capital		—			—			—			—			—			(0.00	)*
Total distributions**		(0.94	)		(0.14	)		—			—			—			(0.00	)*
Net asset value, end of period	$	15.36		$	16.05		$	14.11		$	13.90		$	14.83		$	10.80
Ratios and supplemental data:
Total return(b)		1.72	%		14.92	%		1.37	%		(6.20	%)		37.31	%		(4.59	%)
Net assets, end of period (000)	$	28,873		$	32,322		$	32,461		$	31,352		$	29,980		$	22,528
Ratio of net expenses to average net assets		3.25	%(c)(i)		3.17	%(d)		3.13	%(e)		3.12	%(f)		3.09	%(g)		3.65	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		3.25	%(i)		3.17	%		3.13	%		3.12	%		3.09	%		3.65	%
Ratio of net investment income (loss) to average net assets		1.03	%(i)		1.74	%		0.46	%		(1.19	%)		(1.63	%)		(1.43	%)

* Amounts are less than $0.005.

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the period ended April 30, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.38% for the year ended October 31, 2024.

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

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

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

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

(i) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.27		$	15.17		$	14.81		$	15.64		$	11.28		$	11.75
Income from investment operations:
Net investment income (loss)(a)		0.17			0.46			0.23			(0.02	)		(0.10	)		(0.05	)
Net realized and unrealized gain (loss)		0.19			1.94			0.13			(0.81	)		4.46			(0.37	)
Total from investment operations		0.36			2.40			0.36			(0.83	)		4.36			(0.42	)
Distributions:
Dividends from net investment income		(0.65	)		(0.30	)		(0.00	)*		—			—			(0.02	)
Dividends from net realized gains		(0.46	)		—			—			—			—			—
Return of capital		—			—			—			—			—			(0.03	)
Total distributions**		(1.11	)		(0.30	)		(0.00	)*		—			—			(0.05	)
Net asset value, end of period	$	16.52		$	17.27		$	15.17		$	14.81		$	15.64		$	11.28
Ratios and supplemental data:
Total return(b)		2.22	%		16.10	%		2.40	%		(5.25	%)		38.69	%		(3.67	%)
Net assets, end of period (000)	$	916,136		$	944,265		$	838,221		$	697,472		$	476,965		$	344,843
Ratio of net expenses to average net assets		2.25	%(c)(i)		2.18	%(d)		2.13	%(e)		2.14	%(f)		2.09	%(g)		2.64	%(h)
Ratio of gross expenses to average net assets prior to expense reductions		2.25	%(i)		2.18	%		2.13	%		2.14	%		2.09	%		2.65	%
Ratio of net investment income (loss) to average net assets		2.03	%(i)		2.75	%		1.48	%		(0.12	%)		(0.63	%)		(0.42	%)

* Amounts are less than $0.005.

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the period ended April 30, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.38% for the year ended October 31, 2024.

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

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

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

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

(i) Annualized.

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, 2025			Year Ended October 31, 2024			September 29, 2023• through October 31, 2023
Net asset value, beginning of period	$	9.95		$	9.73		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.11			0.00
Net realized and unrealized gain (loss)		0.15			0.16			(0.27	)
Total from investment operations		0.14			0.27			(0.27	)
Distributions:
Dividends from net investment income		(0.11	)		(0.04	)		—
Dividends from net realized gains		(0.15	)		(0.01	)		—
Total distributions**		(0.26	)		(0.05	)		—
Net asset value, end of period	$	9.83		$	9.95		$	9.73
Ratios and supplemental data:
Total return(b)		1.60	%		2.73	%		(2.70	%)
Net assets, end of period (000)	$	123		$	123		$	97
Ratio of net expenses to average net assets		2.23	%(c)(d)		2.16	%(e)		1.50	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		7.27	%(c)		12.56	%		6.06	%(c)
Ratio of net investment income (loss) to average net assets		(0.31	%)(c)		1.11	%		0.52	%(c)
Portfolio turnover rate(f)		73	%		136	%		13	%

• Commencement of operations.

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

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

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.50% for the period ended April 30, 2025.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.50% for the year ended October 31, 2024.

(f) Not annualized.

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, 2025			Year Ended October 31, 2024			September 29, 2023• through October 31, 2023
Net asset value, beginning of period	$	9.88		$	9.72		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		0.03			0.00
Net realized and unrealized gain (loss)		0.15			0.17			(0.28	)
Total from investment operations		0.10			0.20			(0.28	)
Distributions:
Dividends from net investment income		(0.04	)		(0.03	)		—
Dividends from net realized gains		(0.15	)		(0.01	)		—
Total distributions**		(0.19	)		(0.04	)		—
Net asset value, end of period	$	9.79		$	9.88		$	9.72
Ratios and supplemental data:
Total return(b)		1.17	%		1.98	%		(2.80	%)
Net assets, end of period (000)	$	100		$	99		$	97
Ratio of net expenses to average net assets		2.98	%(c)(d)		2.91	%(e)		2.25	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		8.02	%(c)		13.31	%		6.81	%(c)
Ratio of net investment income (loss) to average net assets		(1.05	%)(c)		0.31	%		(0.23	%)(c)

• Commencement of operations.

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

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

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.25% for the period ended April 30, 2025.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.25% for the year ended October 31, 2024.

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, 2025			Year Ended October 31, 2024			September 29, 2023• through October 31, 2023
Net asset value, beginning of period	$	9.97		$	9.73		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.00			0.13			0.01
Net realized and unrealized gain (loss)		0.15			0.17			(0.28	)
Total from investment operations		0.15			0.30			(0.27	)
Distributions:
Dividends from net investment income		(0.14	)		(0.05	)		—
Dividends from net realized gains		(0.15	)		(0.01	)		—
Total distributions**		(0.29	)		(0.06	)		—
Net asset value, end of period	$	9.83		$	9.97		$	9.73
Ratios and supplemental data:
Total return(b)		1.58	%		3.07	%		(2.70	%)
Net assets, end of period (000)	$	1,790		$	1,875		$	1,864
Ratio of net expenses to average net assets		1.98	%(c)(d)		1.91	%(e)		1.25	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		7.03	%(c)		12.31	%		5.81	%(c)
Ratio of net investment income (loss) to average net assets		(0.06	%)(c)		1.31	%		1.13	%(c)

• Commencement of operations.

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

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

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.25% for the period ended April 30, 2025.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.25% for the year ended October 31, 2024.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	21.45		$	18.18		$	18.57		$	27.25		$	22.78		$	17.45
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.09	)		(0.08	)		(0.27	)		(0.61	)		0.47
Net realized and unrealized gain (loss)		0.03			3.75			(0.15	)		(5.20	)		6.68			4.99
Total from investment operations		(0.09	)		3.66			(0.23	)		(5.47	)		6.07			5.46
Distributions:
Dividends from net investment income		(0.12	)		(0.17	)		(0.16	)		(0.02	)		(0.06	)		(0.13	)
Dividends from net realized gains		(0.11	)		(0.22	)		—			(3.19	)		(1.54	)		—
Total distributions**		(0.23	)		(0.39	)		(0.16	)		(3.21	)		(1.60	)		(0.13	)
Net asset value, end of period	$	21.13		$	21.45		$	18.18		$	18.57		$	27.25		$	22.78
Ratios and supplemental data:
Total return(b)		(0.47	%)		20.35	%		(1.26	%)		(22.29	%)		27.09	%		31.58	%
Net assets, end of period (000)	$	223,300		$	248,573		$	243,516		$	294,233		$	422,476		$	333,481
Ratio of net expenses to average net assets		1.14	%(c)		1.13	%		1.13	%		1.10	%		1.08	%		1.13	%
Ratio of gross expenses to average net assets prior to expense reductions		1.14	%(c)		1.13	%		1.13	%		1.10	%		1.08	%		1.13	%
Ratio of net investment income (loss) to average net assets		(1.10	%)(c)		(0.47	%)		(0.44	%)		(1.30	%)		(2.35	%)		2.37	%
Portfolio turnover rate(d)		43	%		54	%		40	%		39	%		41	%		71	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	20.75		$	17.62		$	18.03		$	26.73		$	22.48		$	17.27
Income from investment operations:
Net investment income (loss)(a)		(0.19	)		(0.24	)		(0.22	)		(0.42	)		(0.80	)		0.32
Net realized and unrealized gain (loss)		0.02			3.64			(0.13	)		(5.09	)		6.59			4.93
Total from investment operations		(0.17	)		3.40			(0.35	)		(5.51	)		5.79			5.25
Distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.06	)		—			—			(0.04	)
Dividends from net realized gains		(0.11	)		(0.22	)		—			(3.19	)		(1.54	)		—
Total distributions**		(0.16	)		(0.27	)		(0.06	)		(3.19	)		(1.54	)		(0.04	)
Net asset value, end of period	$	20.42		$	20.75		$	17.62		$	18.03		$	26.73		$	22.48
Ratios and supplemental data:
Total return(b)		(0.86	%)		19.46	%		(2.01	%)		(22.88	%)		26.16	%		30.53	%
Net assets, end of period (000)	$	24,764		$	29,466		$	31,773		$	41,804		$	71,925		$	56,935
Ratio of net expenses to average net assets		1.89	%(c)		1.88	%		1.88	%		1.85	%		1.83	%		1.88	%
Ratio of gross expenses to average net assets prior to expense reductions		1.89	%(c)		1.88	%		1.88	%		1.85	%		1.83	%		1.88	%
Ratio of net investment income (loss) to average net assets		(1.85	%)(c)		(1.22	%)		(1.19	%)		(2.04	%)		(3.10	%)		1.65	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	18.28		$	15.55		$	15.91		$	23.82		$	20.05		$	15.38
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.04	)		(0.03	)		(0.19	)		(0.48	)		0.46
Net realized and unrealized gain (loss)		0.03			3.21			(0.12	)		(4.49	)		5.86			4.39
Total from investment operations		(0.05	)		3.17			(0.15	)		(4.68	)		5.38			4.85
Distributions:
Dividends from net investment income		(0.15	)		(0.22	)		(0.21	)		(0.04	)		(0.07	)		(0.18	)
Dividends from net realized gains		(0.11	)		(0.22	)		—			(3.19	)		(1.54	)		—
Total distributions**		(0.26	)		(0.44	)		(0.21	)		(3.23	)		(1.61	)		(0.18	)
Net asset value, end of period	$	17.97		$	18.28		$	15.55		$	15.91		$	23.82		$	20.05
Ratios and supplemental data:
Total return(b)		(0.35	%)		20.67	%		(1.04	%)		(22.09	%)		27.40	%		31.91	%
Net assets, end of period (000)	$	532,091		$	593,170		$	559,907		$	680,441		$	1,161,030		$	773,460
Ratio of net expenses to average net assets		0.89	%(c)		0.88	%		0.88	%		0.85	%		0.83	%		0.88	%
Ratio of gross expenses to average net assets prior to expense reductions		0.89	%(c)		0.88	%		0.88	%		0.85	%		0.83	%		0.88	%
Ratio of net investment income (loss) to average net assets		(0.85	%)(c)		(0.22	%)		(0.19	%)		(1.04	%)		(2.09	%)		2.60	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	12.00		$	10.01		$	9.59		$	14.85		$	13.48		$	11.08
Income from investment operations:
Net investment income (loss)(a)		0.00			(0.06	)		(0.15	)		(0.01	)		(0.44	)		0.24
Net realized and unrealized gain (loss)		0.47			2.05			0.60			(3.45	)		2.95			2.37
Total from investment operations		0.47			1.99			0.45			(3.46	)		2.51			2.61
Distributions:
Dividends from net investment income		—			—			(0.03	)		(0.01	)		(0.01	)		(0.06	)
Dividends from net realized gains		—			—			—			(1.79	)		(1.13	)		(0.15	)
Total distributions**		—			—			(0.03	)		(1.80	)		(1.14	)		(0.21	)
Net asset value, end of period	$	12.47		$	12.00		$	10.01		$	9.59		$	14.85		$	13.48
Ratios and supplemental data:
Total return(b)		3.92	%		19.88	%		4.78	%		(26.01	%)		18.86	%		23.93	%
Net assets, end of period (000)	$	7,838		$	8,122		$	8,455		$	10,698		$	17,865		$	11,231
Ratio of net expenses to average net assets		1.33	%(c)		1.35	%		1.34	%		1.28	%		1.25	%		1.33	%
Ratio of gross expenses to average net assets prior to expense reductions		1.33	%(c)		1.35	%		1.34	%		1.28	%		1.25	%		1.34	%
Ratio of net investment income (loss) to average net assets		(0.07	%)(c)		(0.52	%)		(1.48	%)		(0.11	%)		(2.96	%)		1.96	%
Portfolio turnover rate(d)		19	%		40	%		27	%		31	%		35	%		48	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	11.42		$	9.60		$	9.23		$	14.47		$	13.25		$	10.93
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.14	)		(0.22	)		(0.09	)		(0.54	)		0.14
Net realized and unrealized gain (loss)		0.46			1.96			0.59			(3.36	)		2.89			2.35
Total from investment operations		0.41			1.82			0.37			(3.45	)		2.35			2.49
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.02	)
Dividends from net realized gains		—			—			—			(1.79	)		(1.13	)		(0.15	)
Total distributions**		—			—			—			(1.79	)		(1.13	)		(0.17	)
Net asset value, end of period	$	11.83		$	11.42		$	9.60		$	9.23		$	14.47		$	13.25
Ratios and supplemental data:
Total return(b)		3.59	%		18.96	%		4.01	%		(26.58	%)		17.95	%		23.09	%
Net assets, end of period (000)	$	2,098		$	2,086		$	2,615		$	3,425		$	5,448		$	4,824
Ratio of net expenses to average net assets		2.08	%(c)		2.10	%		2.09	%		2.03	%		2.00	%		2.08	%
Ratio of gross expenses to average net assets prior to expense reductions		2.08	%(c)		2.10	%		2.09	%		2.03	%		2.00	%		2.09	%
Ratio of net investment income (loss) to average net assets		(0.82	%)(c)		(1.28	%)		(2.23	%)		(0.85	%)		(3.72	%)		1.21	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	12.07		$	10.04		$	9.60		$	14.87		$	13.50		$	11.08
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.03	)		(0.13	)		0.01			(0.40	)		0.26
Net realized and unrealized gain (loss)		0.48			2.06			0.61			(3.46	)		2.94			2.39
Total from investment operations		0.49			2.03			0.48			(3.45	)		2.54			2.65
Distributions:
Dividends from net investment income		—			—			(0.04	)		(0.03	)		(0.04	)		(0.08	)
Dividends from net realized gains		—			—			—			(1.79	)		(1.13	)		(0.15	)
Total distributions**		—			—			(0.04	)		(1.82	)		(1.17	)		(0.23	)
Net asset value, end of period	$	12.56		$	12.07		$	10.04		$	9.60		$	14.87		$	13.50
Ratios and supplemental data:
Total return(b)		4.06	%		20.22	%		5.00	%		(25.82	%)		19.09	%		24.36	%
Net assets, end of period (000)	$	123,930		$	117,598		$	109,319		$	117,766		$	260,688		$	192,475
Ratio of net expenses to average net assets		1.08	%(c)		1.10	%		1.09	%		1.03	%		1.00	%		1.08	%
Ratio of gross expenses to average net assets prior to expense reductions		1.08	%(c)		1.10	%		1.09	%		1.03	%		1.00	%		1.09	%
Ratio of net investment income (loss) to average net assets		0.18	%(c)		(0.27	%)		(1.23	%)		0.13	%		(2.71	%)		2.19	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	34.52		$	22.20		$	26.35		$	42.31		$	29.18		$	22.31
Income from investment operations:
Net investment income (loss)(a)		(0.17	)		(0.33	)		(0.26	)		(0.24	)		(0.45	)		(0.28	)
Net realized and unrealized gain (loss)		(0.85	)		12.65			(3.89	)		(15.72	)		14.95			8.29
Total from investment operations		(1.02	)		12.32			(4.15	)		(15.96	)		14.50			8.01
Distributions:
Dividends from net investment income		(0.89	)		—			—			—			—			—
Dividends from net realized gains		—			—			—			—			(1.37	)		(1.14	)
Return of capital		—			—			—			—			(0.00	)*		—
Total distributions**		(0.89	)		—			—			—			(1.37	)		(1.14	)
Net asset value, end of period	$	32.61		$	34.52		$	22.20		$	26.35		$	42.31		$	29.18
Ratios and supplemental data:
Total return(b)		(3.27	%)		55.54	%		(15.75	%)		(37.71	%)		50.42	%		37.60	%
Net assets, end of period (000)	$	24,268		$	27,306		$	18,283		$	23,762		$	35,274		$	9,313
Ratio of net expenses to average net assets		1.30	%(c)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Ratio of gross expenses to average net assets prior to expense reductions		1.32	%(c)		1.35	%		1.37	%		1.37	%		1.37	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.95	%)(c)		(1.09	%)		(1.03	%)		(0.78	%)		(1.15	%)		(1.16	%)
Portfolio turnover rate(d)		95	%		229	%		215	%		197	%		165	%		181	%

* Amounts are less than $0.005.

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

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

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

(d) Not annualized.

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,
	2025			2024			2023			2022			2021
Net asset value, beginning of period	$	34.69		$	22.48		$	26.88		$	43.50		$	41.91
Income from investment operations:
Net investment income (loss)(a)		(0.30	)		(0.55	)		(0.45	)		(0.45	)		(0.82	)
Net realized and unrealized gain (loss)		(0.87	)		12.76			(3.95	)		(16.17	)		2.41
Total from investment operations		(1.17	)		12.21			(4.40	)		(16.62	)		1.59
Distributions:
Dividends from net investment income		(0.67	)		—			—			—			—
Dividends from net realized gains		—			—			—			—			—
Total distributions**		(0.67	)		—			—			—			—
Net asset value, end of period	$	32.85		$	34.69		$	22.48		$	26.88		$	43.50
Ratios and supplemental data:
Total return(b)		(3.64	%)		54.40	%		(16.37	%)		(38.18	%)		3.75	%
Net assets, end of period (000)	$	5,256		$	5,035		$	3,648		$	4,425		$	3,165
Ratio of net expenses to average net assets		2.05	%(c)		2.05	%		2.05	%		2.05	%		2.05	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.07	%(c)		2.10	%		2.12	%		2.12	%		2.06	%(c)
Ratio of net investment income (loss) to average net assets		(1.69	%)(c)		(1.84	%)		(1.79	%)		(1.50	%)		(2.00	%)(c)

• Commencement of operations.

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

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

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	35.87		$	23.01		$	27.24		$	43.65		$	29.99		$	22.85
Income from investment operations:
Net investment income (loss)(a)		(0.13	)		(0.26	)		(0.20	)		(0.16	)		(0.36	)		(0.23	)
Net realized and unrealized gain (loss)		(0.88	)		13.12			(4.03	)		(16.25	)		15.39			8.51
Total from investment operations		(1.01	)		12.86			(4.23	)		(16.41	)		15.03			8.28
Distributions:
Dividends from net investment income		(0.97	)		—			—			—			—			—
Dividends from net realized gains		—			—			—			—			(1.37	)		(1.14	)
Return of capital		—			—			—			—			(0.00	)*		—
Total distributions**		(0.97	)		—			—			—			(1.37	)		(1.14	)
Net asset value, end of period	$	33.89		$	35.87		$	23.01		$	27.24		$	43.65		$	29.99
Ratios and supplemental data:
Total return(b)		(3.13	%)		55.93	%		(15.53	%)		(37.57	%)		50.80	%		37.90	%
Net assets, end of period (000)	$	302,312		$	285,866		$	191,831		$	292,187		$	387,149		$	124,867
Ratio of net expenses to average net assets		1.05	%(c)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of gross expenses to average net assets prior to expense reductions		1.07	%(c)		1.10	%		1.12	%		1.12	%		1.11	%		1.16	%
Ratio of net investment income (loss) to average net assets		(0.69	%)(c)		(0.84	%)		(0.78	%)		(0.52	%)		(0.90	%)		(0.92	%)

* 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.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	36.06		$	23.11		$	27.33		$	43.74		$	30.02		$	22.86
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.23	)		(0.17	)		(0.11	)		(0.32	)		(0.21	)
Net realized and unrealized gain (loss)		(0.88	)		13.18			(4.05	)		(16.30	)		15.41			8.51
Total from investment operations		(0.99	)		12.95			(4.22	)		(16.41	)		15.09			8.30
Distributions:
Dividends from net investment income		(1.00	)		—			—			—			—			—
Dividends from net realized gains		—			—			—			—			(1.37	)		(1.14	)
Total distributions**		(1.00	)		—			—			—			(1.37	)		(1.14	)
Net asset value, end of period	$	34.07		$	36.06		$	23.11		$	27.33		$	43.74		$	30.02
Ratios and supplemental data:
Total return(b)		(3.10	%)		56.08	%		(15.41	%)		(37.51	%)		50.96	%		37.98	%
Net assets, end of period (000)	$	27,112		$	29,165		$	24,499		$	22,181		$	29,120		$	1,562
Ratio of net expenses to average net assets		0.95	%(c)		0.95	%		0.92	%		0.93	%		0.96	%		0.98	%
Ratio of gross expenses to average net assets prior to expense reductions		0.97	%(c)		1.00	%		0.99	%		1.00	%		1.02	%		1.09	%
Ratio of net investment income (loss) to average net assets		(0.60	%)(c)		(0.74	%)		(0.67	%)		(0.37	%)		(0.80	%)		(0.84	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	14.06		$	9.09		$	10.14		$	18.17		$	12.34		$	9.01
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.14	)		(0.10	)		(0.08	)		(0.20	)		(0.13	)
Net realized and unrealized gain (loss)		(0.26	)		5.11			(0.95	)		(6.23	)		6.03			3.46
Total from investment operations		(0.34	)		4.97			(1.05	)		(6.31	)		5.83			3.33
Distributions:
Dividends from net investment income		(0.37	)		—			—			—			—			—
Dividends from net realized gains		(0.03	)		—			—			(1.72	)		—			—
Total distributions**		(0.40	)		—			—			(1.72	)		—			—
Net asset value, end of period	$	13.32		$	14.06		$	9.09		$	10.14		$	18.17		$	12.34
Ratios and supplemental data:
Total return(b)		(2.78	%)		54.68	%		(10.36	%)		(37.07	%)		47.04	%		36.96	%
Net assets, end of period (000)	$	354		$	293		$	341		$	305		$	162		$	182
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		1.65	%(c)		1.83	%		1.98	%		1.93	%		1.79	%		2.45	%
Ratio of net investment income (loss) to average net assets		(1.12	%)(c)		(1.14	%)		(1.06	%)		(0.68	%)		(1.22	%)		(1.21	%)
Portfolio turnover rate(d)		90	%		220	%		231	%		205	%		188	%		201	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	14.27		$	9.20		$	10.23		$	18.28		$	12.38		$	9.02
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.11	)		(0.08	)		(0.06	)		(0.16	)		(0.10	)
Net realized and unrealized gain (loss)		(0.27	)		5.18			(0.95	)		(6.27	)		6.06			3.46
Total from investment operations		(0.33	)		5.07			(1.03	)		(6.33	)		5.90			3.36
Distributions:
Dividends from net investment income		(0.39	)		—			—			—			—			—
Dividends from net realized gains		(0.03	)		—			—			(1.72	)		—			—
Total distributions**		(0.42	)		—			—			(1.72	)		—			—
Net asset value, end of period	$	13.52		$	14.27		$	9.20		$	10.23		$	18.28		$	12.38
Ratios and supplemental data:
Total return(b)		(2.65	%)		55.11	%		(10.07	%)		(36.95	%)		47.46	%		37.25	%
Net assets, end of period (000)	$	30,831		$	25,448		$	15,495		$	16,497		$	25,793		$	16,877
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		1.40	%(c)		1.56	%		1.73	%		1.65	%		1.55	%		2.25	%
Ratio of net investment income (loss) to average net assets		(0.87	%)(c)		(0.90	%)		(0.80	%)		(0.48	%)		(0.98	%)		(0.94	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	14.28		$	9.21		$	10.23		$	18.28		$	12.38		$	9.02
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.11	)		(0.08	)		(0.05	)		(0.18	)		(0.09	)
Net realized and unrealized gain (loss)		(0.26	)		5.18			(0.94	)		(6.28	)		6.08			3.45
Total from investment operations		(0.32	)		5.07			(1.02	)		(6.33	)		5.90			3.36
Distributions:
Dividends from net investment income		(0.40	)		—			—			—			—			—
Dividends from net realized gains		(0.03	)		—			—			(1.72	)		—			—
Total distributions**		(0.43	)		—			—			(1.72	)		—			—
Net asset value, end of period	$	13.53		$	14.28		$	9.21		$	10.23		$	18.28		$	12.38
Ratios and supplemental data:
Total return(b)		(2.62	%)		55.05	%		(9.97	%)		(36.95	%)		47.46	%		37.25	%
Net assets, end of period (000)	$	501		$	508		$	320		$	355		$	499		$	12
Ratio of net expenses to average net assets		1.06	%(c)		1.07	%		1.07	%		1.07	%		1.08	%		1.06	%
Ratio of gross expenses to average net assets prior to expense reductions		1.37	%(c)		1.53	%		1.70	%		1.63	%		1.48	%		2.25	%
Ratio of net investment income (loss) to average net assets		(0.83	%)(c)		(0.87	%)		(0.77	%)		(0.43	%)		(1.04	%)		(0.90	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	44.28		$	32.47		$	28.24		$	45.88		$	34.96		$	32.23
Income from investment operations:
Net investment income (loss)(a)		(0.17	)		(0.28	)		(0.13	)		(0.22	)		(0.33	)		(0.14	)
Net realized and unrealized gain (loss)		(0.80	)		13.69			4.36			(12.47	)		15.44			5.90
Total from investment operations		(0.97	)		13.41			4.23			(12.69	)		15.11			5.76
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(2.95	)		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)
Total distributions**		(2.95	)		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)
Net asset value, end of period	$	40.36		$	44.28		$	32.47		$	28.24		$	45.88		$	34.96
Ratios and supplemental data:
Total return(b)		(2.93	%)		42.45	%		14.98	%		(30.58	%)		46.00	%		19.11	%
Net assets, end of period (000)	$	1,068,043		$	1,168,908		$	925,437		$	900,167		$	1,436,709		$	1,093,909
Ratio of net expenses to average net assets		1.28	%(c)		1.29	%		1.32	%		1.30	%		1.28	%		1.34	%
Ratio of gross expenses to average net assets prior to expense reductions		1.28	%(c)		1.29	%		1.32	%		1.30	%		1.28	%		1.34	%
Ratio of net investment income (loss) to average net assets		(0.78	%)(c)		(0.69	%)		(0.43	%)		(0.64	%)		(0.80	%)		(0.45	%)
Portfolio turnover rate(d)		28	%		42	%		57	%		42	%		45	%		115	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	15.83		$	12.59		$	11.03		$	21.21		$	18.18		$	18.26
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.21	)		(0.14	)		(0.19	)		(0.29	)		(0.20	)
Net realized and unrealized gain (loss)		(0.08	)		5.05			1.70			(5.04	)		7.51			3.15
Total from investment operations		(0.19	)		4.84			1.56			(5.23	)		7.22			2.95
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(2.95	)		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)
Total distributions**		(2.95	)		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)
Net asset value, end of period	$	12.69		$	15.83		$	12.59		$	11.03		$	21.21		$	18.18
Ratios and supplemental data:
Total return(b)		(3.30	%)		41.38	%		14.14	%		(31.12	%)		44.94	%		18.23	%
Net assets, end of period (000)	$	9,243		$	10,535		$	9,493		$	12,281		$	25,965		$	35,843
Ratio of net expenses to average net assets		2.03	%(c)		2.04	%		2.08	%		2.05	%		2.04	%		2.09	%
Ratio of gross expenses to average net assets prior to expense reductions		2.03	%(c)		2.04	%		2.08	%		2.05	%		2.04	%		2.10	%
Ratio of net investment income (loss) to average net assets		(1.53	%)(c)		(1.44	%)		(1.16	%)		(1.39	%)		(1.53	%)		(1.17	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	68.73		$	49.51		$	42.95		$	66.93		$	49.25		$	44.13
Income from investment operations:
Net investment income (loss)(a)		(0.18	)		(0.28	)		(0.09	)		(0.20	)		(0.33	)		(0.09	)
Net realized and unrealized gain (loss)		(1.42	)		21.10			6.65			(18.83	)		22.20			8.24
Total from investment operations		(1.60	)		20.82			6.56			(19.03	)		21.87			8.15
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(2.95	)		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)
Total distributions**		(2.95	)		(1.60	)		—			(4.95	)		(4.19	)		(3.03	)
Net asset value, end of period	$	64.18		$	68.73		$	49.51		$	42.95		$	66.93		$	49.25
Ratios and supplemental data:
Total return(b)		(2.81	%)		42.83	%		15.27	%		(30.43	%)		46.40	%		19.39	%
Net assets, end of period (000)	$	338,450		$	355,529		$	262,752		$	246,566		$	395,431		$	291,027
Ratio of net expenses to average net assets		1.03	%(c)		1.04	%		1.07	%		1.05	%		1.03	%		1.09	%
Ratio of gross expenses to average net assets prior to expense reductions		1.03	%(c)		1.04	%		1.07	%		1.05	%		1.03	%		1.09	%
Ratio of net investment income (loss) to average net assets		(0.53	%)(c)		(0.44	%)		(0.18	%)		(0.39	%)		(0.56	%)		(0.20	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	49.06		$	39.42		$	38.33		$	48.18		$	36.26		$	33.43
Income from investment operations:
Net investment income (loss)(a)		0.00			0.08			0.19			0.08			0.07			0.30
Net realized and unrealized gain (loss)		(0.38	)		11.32			2.38			(7.32	)		13.01			3.74
Total from investment operations		(0.38	)		11.40			2.57			(7.24	)		13.08			4.04
Distributions:
Dividends from net investment income		(0.24	)		(0.26	)		(0.44	)		(0.24	)		(0.27	)		(0.41	)
Dividends from net realized gains		(1.99	)		(1.50	)		(1.04	)		(2.37	)		(0.89	)		(0.80	)
Total distributions**		(2.23	)		(1.76	)		(1.48	)		(2.61	)		(1.16	)		(1.21	)
Net asset value, end of period	$	46.45		$	49.06		$	39.42		$	38.33		$	48.18		$	36.26
Ratios and supplemental data:
Total return(b)		(1.02	%)		29.65	%		6.86	%		(15.77	%)		36.68	%		12.43	%
Net assets, end of period (000)	$	1,299,428		$	1,387,946		$	1,182,667		$	1,199,491		$	1,531,445		$	1,163,876
Ratio of net expenses to average net assets		1.05	%(c)		1.05	%		1.06	%		1.05	%		1.06	%		1.08	%
Ratio of gross expenses to average net assets prior to expense reductions		1.05	%(c)		1.05	%		1.06	%		1.05	%		1.06	%		1.08	%
Ratio of net investment income (loss) to average net assets		(0.01	%)(c)		0.18	%		0.48	%		0.19	%		0.15	%		0.86	%
Portfolio turnover rate(d)		15	%		28	%		20	%		24	%		18	%		35	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	49.11		$	39.57		$	38.57		$	48.55		$	36.57		$	33.68
Income from investment operations:
Net investment income (loss)(a)		(0.18	)		(0.26	)		(0.11	)		(0.24	)		(0.25	)		0.04
Net realized and unrealized gain (loss)		(0.38	)		11.36			2.38			(7.37	)		13.12			3.79
Total from investment operations		(0.56	)		11.10			2.27			(7.61	)		12.87			3.83
Distributions:
Dividends from net investment income		(0.14	)		(0.06	)		(0.23	)		—			—			(0.14	)
Dividends from net realized gains		(1.99	)		(1.50	)		(1.04	)		(2.37	)		(0.89	)		(0.80	)
Total distributions**		(2.13	)		(1.56	)		(1.27	)		(2.37	)		(0.89	)		(0.94	)
Net asset value, end of period	$	46.42		$	49.11		$	39.57		$	38.57		$	48.55		$	36.57
Ratios and supplemental data:
Total return(b)		(1.40	%)		28.70	%		6.08	%		(16.41	%)		35.66	%		11.62	%
Net assets, end of period (000)	$	106,198		$	106,421		$	79,895		$	84,104		$	98,647		$	101,490
Ratio of net expenses to average net assets		1.80	%(c)		1.80	%		1.81	%		1.80	%		1.81	%		1.84	%
Ratio of gross expenses to average net assets prior to expense reductions		1.80	%(c)		1.80	%		1.81	%		1.80	%		1.81	%		1.84	%
Ratio of net investment income (loss) to average net assets		(0.76	%)(c)		(0.57	%)		(0.27	%)		(0.56	%)		(0.57	%)		0.13	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	46.54		$	37.47		$	36.50		$	46.02		$	34.68		$	32.03
Income from investment operations:
Net investment income (loss)(a)		0.06			0.19			0.27			0.17			0.17			0.36
Net realized and unrealized gain (loss)		(0.36	)		10.75			2.25			(6.97	)		12.44			3.58
Total from investment operations		(0.30	)		10.94			2.52			(6.80	)		12.61			3.94
Distributions:
Dividends from net investment income		(0.27	)		(0.37	)		(0.51	)		(0.35	)		(0.38	)		(0.49	)
Dividends from net realized gains		(1.99	)		(1.50	)		(1.04	)		(2.37	)		(0.89	)		(0.80	)
Total distributions**		(2.26	)		(1.87	)		(1.55	)		(2.72	)		(1.27	)		(1.29	)
Net asset value, end of period	$	43.98		$	46.54		$	37.47		$	36.50		$	46.02		$	34.68
Ratios and supplemental data:
Total return(b)		(0.90	%)		30.00	%		7.12	%		(15.55	%)		37.02	%		12.72	%
Net assets, end of period (000)	$	1,267,597		$	1,301,172		$	978,583		$	977,765		$	1,211,985		$	818,641
Ratio of net expenses to average net assets		0.80	%(c)		0.80	%		0.81	%		0.80	%		0.81	%		0.83	%
Ratio of gross expenses to average net assets prior to expense reductions		0.80	%(c)		0.80	%		0.81	%		0.80	%		0.81	%		0.83	%
Ratio of net investment income (loss) to average net assets		0.24	%(c)		0.43	%		0.73	%		0.44	%		0.40	%		1.11	%

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

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

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	46.57		$	37.49		$	36.51		$	46.04		$	34.69		$	33.24
Income from investment operations:
Net investment income (loss)(a)		0.07			0.22			0.30			0.21			0.16			0.12
Net realized and unrealized gain (loss)		(0.35	)		10.76			2.26			(6.99	)		12.49			1.42
Total from investment operations		(0.28	)		10.98			2.56			(6.78	)		12.65			1.54
Distributions:
Dividends from net investment income		(0.28	)		(0.40	)		(0.54	)		(0.38	)		(0.41	)		(0.09	)
Dividends from net realized gains		(1.99	)		(1.50	)		(1.04	)		(2.37	)		(0.89	)		—
Total distributions**		(2.27	)		(1.90	)		(1.58	)		(2.75	)		(1.30	)		(0.09	)
Net asset value, end of period	$	44.02		$	46.57		$	37.49		$	36.51		$	46.04		$	34.69
Ratios and supplemental data:
Total return(b)		(0.86	%)		30.07	%		7.21	%		(15.50	%)		37.14	%		4.63	%
Net assets, end of period (000)	$	36,283		$	37,425		$	27,965		$	16,688		$	5,968		$	15
Ratio of net expenses to average net assets		0.72	%(c)		0.73	%		0.71	%		0.73	%		0.73	%		0.71	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		0.72	%(c)		0.73	%		0.71	%		0.73	%		0.73	%		0.71	%(c)
Ratio of net investment income (loss) to average net assets		0.32	%(c)		0.51	%		0.78	%		0.55	%		0.38	%		0.99	%(c)

• Commencement of operations.

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

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

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	18.73		$	14.51		$	13.41		$	17.13		$	13.04		$	13.37
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.00	*		0.04			0.03			0.00	*		0.05
Net realized and unrealized gain (loss)		(0.26	)		4.90			1.11			(2.41	)		5.24			1.13
Total from investment operations		(0.27	)		4.90			1.15			(2.38	)		5.24			1.18
Distributions:
Dividends from net investment income		—	*		(0.04	)		(0.05	)		—			(0.02	)		(0.06	)
Dividends from net realized gains		(0.48	)		(0.64	)		—			(1.34	)		(1.13	)		(1.45	)
Total distributions**		(0.48	)		(0.68	)		(0.05	)		(1.34	)		(1.15	)		(1.51	)
Net asset value, end of period	$	17.98		$	18.73		$	14.51		$	13.41		$	17.13		$	13.04
Ratios and supplemental data:
Total return(b)		(1.61	%)		34.70	%		8.61	%		(15.01	%)		42.42	%		9.20	%
Net assets, end of period (000)	$	6,861		$	7,128		$	5,250		$	5,181		$	5,139		$	3,534
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		1.90	%(c)		1.99	%		2.09	%		2.03	%		2.04	%		2.15	%
Ratio of net investment income (loss) to average net assets		(0.07	%)(c)		(0.01	%)		0.29	%		0.23	%		0.02	%		0.40	%
Portfolio turnover rate(d)		9	%		24	%		28	%		25	%		20	%		22	%

* Amounts are less than $0.005.

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.59		$	13.74		$	12.77		$	16.49		$	12.67		$	13.07
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.12	)		(0.06	)(b)		(0.07	)		(0.11	)		(0.04	)
Net realized and unrealized gain (loss)		(0.24	)		4.62			1.06			(2.31	)		5.07			1.09
Total from investment operations		(0.31	)		4.50			1.00			(2.38	)		4.96			1.05
Distributions:
Dividends from net investment income		—			(0.01	)		(0.03	)		—			(0.01	)		—
Dividends from net realized gains		(0.48	)		(0.64	)		—			(1.34	)		(1.13	)		(1.45	)
Total distributions**		(0.48	)		(0.65	)		(0.03	)		(1.34	)		(1.14	)		(1.45	)
Net asset value, end of period	$	16.80		$	17.59		$	13.74		$	12.77		$	16.49		$	12.67
Ratios and supplemental data:
Total return(c)		(1.96	%)		33.69	%		7.82	%		(15.63	%)		41.37	%		8.35	%
Net assets, end of period (000)	$	2,660		$	2,696		$	2,342		$	2,202		$	2,017		$	685
Ratio of net expenses to average net assets		2.10	%(d)		2.10	%		2.10	%		2.10	%		2.10	%		2.11	%
Ratio of gross expenses to average net assets prior to expense reductions		2.65	%(d)		2.74	%		2.85	%		2.78	%		2.78	%		2.91	%
Ratio of net investment income (loss) to average net assets		(0.82	%)(d)		(0.75	%)		(0.46	%)		(0.51	%)		(0.74	%)		(0.36	%)

** 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 net investment income on 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 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	18.85		$	14.57		$	13.44		$	17.15		$	13.03		$	13.36
Income from investment operations:
Net investment income (loss)(a)		0.02			0.04			0.08			0.07			0.04			0.08
Net realized and unrealized gain (loss)		(0.27	)		4.93			1.11			(2.41	)		5.23			1.12
Total from investment operations		(0.25	)		4.97			1.19			(2.34	)		5.27			1.20
Distributions:
Dividends from net investment income		(0.02	)		(0.05	)		(0.06	)		(0.03	)		(0.02	)		(0.08	)
Dividends from net realized gains		(0.48	)		(0.64	)		—			(1.34	)		(1.13	)		(1.45	)
Total distributions**		(0.50	)		(0.69	)		(0.06	)		(1.37	)		(1.15	)		(1.53	)
Net asset value, end of period	$	18.10		$	18.85		$	14.57		$	13.44		$	17.15		$	13.03
Ratios and supplemental data:
Total return(b)		(1.53	%)		35.06	%		8.88	%		(14.76	%)		42.73	%		9.46	%
Net assets, end of period (000)	$	10,738		$	10,821		$	7,639		$	10,195		$	10,373		$	8,974
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		1.65	%(c)		1.74	%		1.84	%		1.78	%		1.80	%		1.88	%
Ratio of net investment income (loss) to average net assets		0.18	%(c)		0.23	%		0.56	%		0.48	%		0.28	%		0.67	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	21.98		$	16.77		$	15.86		$	20.48		$	14.93		$	14.21
Income from investment operations:
Net investment income (loss)(a)		(0.01	)(b)		(0.02	)(b)		0.03			0.00	*		(0.03	)		0.07
Net realized and unrealized gain (loss)		(0.17	)		5.99			1.29			(3.12	)		6.39			0.74
Total from investment operations		(0.18	)		5.97			1.32			(3.12	)		6.36			0.81
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.09	)
Dividends from net realized gains		(1.61	)		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—
Total distributions**		(1.61	)		(0.76	)		(0.41	)		(1.50	)		(0.81	)		(0.09	)
Net asset value, end of period	$	20.19		$	21.98		$	16.77		$	15.86		$	20.48		$	14.93
Ratios and supplemental data:
Total return(c)		(1.31	%)		36.52	%		8.60	%		(16.22	%)		43.93	%		5.71	%
Net assets, end of period (000)	$	13,486		$	14,301		$	11,533		$	11,628		$	14,211		$	10,595
Ratio of net expenses to average net assets		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of gross expenses to average net assets prior to expense reductions		1.52	%(d)		1.54	%		1.62	%		1.57	%		1.57	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.06	%)(d)		(0.09	%)		0.16	%		0.00	%		(0.19	%)		0.49	%
Portfolio turnover rate(e)		27	%		33	%		55	%		34	%		25	%		136	%

* 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 net investment income on the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

(e) Not annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.88		$	13.86		$	13.28		$	17.52		$	12.97		$	12.36
Income from investment operations:
Net investment income (loss)(a)		(0.07	)(b)		(0.14	)(b)		(0.08	)		(0.12	)		(0.14	)		(0.01	)
Net realized and unrealized gain (loss)		(0.11	)		4.92			1.07			(2.62	)		5.50			0.62
Total from investment operations		(0.18	)		4.78			0.99			(2.74	)		5.36			0.61
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.61	)		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—
Total distributions**		(1.61	)		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—
Net asset value, end of period	$	16.09		$	17.88		$	13.86		$	13.28		$	17.52		$	12.97
Ratios and supplemental data:
Total return(c)		(1.69	%)		35.56	%		7.76	%		(16.85	%)		42.92	%		4.85	%
Net assets, end of period (000)	$	356		$	347		$	120		$	170		$	887		$	1,056
Ratio of net expenses to average net assets		1.90	%(d)		1.90	%		1.90	%		1.91	%		1.90	%		1.90	%
Ratio of gross expenses to average net assets prior to expense reductions		2.27	%(d)		2.29	%		2.36	%		2.33	%		2.33	%		2.40	%
Ratio of net investment income (loss) to average net assets		(0.82	%)(d)		(0.83	%)		(0.57	%)		(0.77	%)		(0.92	%)		(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) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	22.97		$	17.45		$	16.45		$	21.15		$	15.36		$	14.62
Income from investment operations:
Net investment income (loss)(a)		0.02			0.03			0.07			0.05			0.01			0.10
Net realized and unrealized gain (loss)		(0.18	)		6.25			1.34			(3.23	)		6.59			0.76
Total from investment operations		(0.16	)		6.28			1.41			(3.18	)		6.60			0.86
Distributions:
Dividends from net investment income		(0.03	)		(0.00	)*		—			(0.02	)		—			(0.12	)
Dividends from net realized gains		(1.61	)		(0.76	)		(0.41	)		(1.50	)		(0.81	)		—
Total distributions**		(1.64	)		(0.76	)		(0.41	)		(1.52	)		(0.81	)		(0.12	)
Net asset value, end of period	$	21.17		$	22.97		$	17.45		$	16.45		$	21.15		$	15.36
Ratios and supplemental data:
Total return(b)		(1.17	%)		36.92	%		8.84	%		(16.00	%)		44.28	%		5.92	%
Net assets, end of period (000)	$	39,887		$	41,449		$	31,663		$	30,660		$	38,585		$	36,075
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		1.27	%(c)		1.29	%		1.37	%		1.32	%		1.32	%		1.39	%
Ratio of net investment income (loss) to average net assets		0.19	%(c)		0.16	%		0.41	%		0.25	%		0.07	%		0.69	%

* Amounts are less than $0.005.

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

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

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	21.94		$	16.25		$	15.43		$	28.83		$	22.96		$	17.97
Income from investment operations:
Net investment income (loss)(a)		0.00	*(b)		(0.04	)		0.05			0.21			0.05			(0.04	)
Net realized and unrealized gain (loss)		0.05			5.74			0.77			(9.48	)		7.29			5.03
Total from investment operations		0.05			5.70			0.82			(9.27	)		7.34			4.99
Distributions:
Dividends from net investment income		—			(0.01	)		—			(0.00	)*		—			—
Dividends from net realized gains		(0.96	)		—			—			(4.13	)		(1.47	)		—
Total distributions**		(0.96	)		(0.01	)		—			(4.13	)		(1.47	)		—
Net asset value, end of period	$	21.03		$	21.94		$	16.25		$	15.43		$	28.83		$	22.96
Ratios and supplemental data:
Total return(c)		0.35	%		35.07	%		5.31	%		(36.67	%)		32.76	%		27.82	%
Net assets, end of period (000)	$	47,236		$	50,314		$	41,631		$	46,993		$	79,503		$	60,527
Ratio of net expenses to average net assets		1.20	%(d)		1.20	%		1.16	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to average net assets prior to expense reductions		1.46	%(d)		1.40	%		1.49	%		1.64	%		1.56	%		1.52	%
Ratio of net investment income (loss) to average net assets		(0.02	%)(d)		(0.21	%)		0.27	%		1.04	%		0.19	%		(0.20	%)
Portfolio turnover rate(e)		82	%		127	%		131	%		129	%		99	%		85	%

* 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 net investment income on the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

(e) Not annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	18.02		$	13.44		$	12.86		$	24.94		$	20.17		$	15.91
Income from investment operations:
Net investment income (loss)(a)		(0.07	)(b)		(0.17	)		(0.07	)		0.05			(0.16	)		(0.16	)
Net realized and unrealized gain (loss)		0.05			4.75			0.65			(8.00	)		6.40			4.42
Total from investment operations		(0.02	)		4.58			0.58			(7.95	)		6.24			4.26
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(0.96	)		—			—			(4.13	)		(1.47	)		—
Total distributions**		(0.96	)		—			—			(4.13	)		(1.47	)		—
Net asset value, end of period	$	17.04		$	18.02		$	13.44		$	12.86		$	24.94		$	20.17
Ratios and supplemental data:
Total return(c)		(0.09	%)		34.15	%		4.51	%		(37.18	%)		31.79	%		26.84	%
Net assets, end of period (000)	$	1,289		$	1,452		$	1,339		$	1,989		$	3,953		$	6,344
Ratio of net expenses to average net assets		1.95	%(d)		1.95	%		1.91	%		1.85	%		1.85	%		1.85	%
Ratio of gross expenses to average net assets prior to expense reductions		2.21	%(d)		2.15	%		2.24	%		2.39	%		2.31	%		2.27	%
Ratio of net investment income (loss) to average net assets		(0.79	%)(d)		(0.97	%)		(0.48	%)		0.27	%		(0.69	%)		(0.95	%)

** 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 net investment income on the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	22.96		$	17.00		$	16.10		$	29.92		$	23.73		$	18.53
Income from investment operations:
Net investment income (loss)(a)		0.03			0.01	(b)		0.09			0.27			0.12			0.01
Net realized and unrealized gain (loss)		0.05			6.00			0.81			(9.88	)		7.54			5.19
Total from investment operations		0.08			6.01			0.90			(9.61	)		7.66			5.20
Distributions:
Dividends from net investment income		—			(0.05	)		—			(0.08	)		(0.00	)*		—
Dividends from net realized gains		(0.96	)		—			—			(4.13	)		(1.47	)		—
Total distributions**		(0.96	)		(0.05	)		—			(4.21	)		(1.47	)		—
Net asset value, end of period	$	22.08		$	22.96		$	17.00		$	16.10		$	29.92		$	23.73
Ratios and supplemental data:
Total return(c)		0.47	%		35.44	%		5.59	%		(36.54	%)		33.13	%		28.06	%
Net assets, end of period (000)	$	181,251		$	184,336		$	141,782		$	120,520		$	216,723		$	156,321
Ratio of net expenses to average net assets		0.95	%(d)		0.95	%		0.91	%		0.85	%		0.85	%		0.85	%
Ratio of gross expenses to average net assets prior to expense reductions		1.21	%(d)		1.15	%		1.24	%		1.39	%		1.31	%		1.28	%
Ratio of net investment income (loss) to average net assets		0.23	%(d)		0.03	%		0.52	%		1.28	%		0.43	%		0.05	%

* 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 net investment income on the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	23.24		$	17.21		$	16.28		$	30.20		$	23.93		$	18.67
Income from investment operations:
Net investment income (loss)(a)		0.05			0.03	(b)		0.11			0.31			0.15			0.05
Net realized and unrealized gain (loss)		0.04			6.07			0.82			(10.00	)		7.61			5.21
Total from investment operations		0.09			6.10			0.93			(9.69	)		7.76			5.26
Distributions:
Dividends from net investment income		—			(0.07	)		—			(0.10	)		(0.02	)		—
Dividends from net realized gains		(0.96	)		—			—			(4.13	)		(1.47	)		—
Total distributions**		(0.96	)		(0.07	)		—			(4.23	)		(1.49	)		—
Net asset value, end of period	$	22.37		$	23.24		$	17.21		$	16.28		$	30.20		$	23.93
Ratios and supplemental data:
Total return(c)		0.51	%		35.55	%		5.71	%		(36.47	%)		33.24	%		28.23	%
Net assets, end of period (000)	$	8,437		$	6,378		$	4,829		$	4,332		$	1,921		$	1,012
Ratio of net expenses to average net assets		0.85	%(d)		0.86	%		0.81	%		0.75	%		0.77	%		0.76	%
Ratio of gross expenses to average net assets prior to expense reductions		1.11	%(d)		1.06	%		1.13	%		1.28	%		1.22	%		1.17	%
Ratio of net investment income (loss) to average net assets		0.43	%(d)		0.14	%		0.61	%		1.59	%		0.51	%		0.24	%

** 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 net investment income on the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	19.61		$	14.87		$	14.51		$	22.25		$	19.60		$	14.12
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.06	)		0.01			0.12			(0.05	)		(0.07	)
Net realized and unrealized gain (loss)		(0.74	)		4.85			0.46			(7.79	)		3.15			5.66
Total from investment operations		(0.79	)		4.79			0.47			(7.67	)		3.10			5.59
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	$	18.82		$	19.61		$	14.87		$	14.51		$	22.25		$	19.60
Ratios and supplemental data:
Total return(b)		(4.03	%)		32.27	%		3.19	%		(34.55	%)		15.87	%		39.81	%
Net assets, end of period (000)	$	35,715		$	42,336		$	36,830		$	36,890		$	54,731		$	31,015
Ratio of net expenses to average net assets		1.30	%(c)		1.30	%		1.29	%		1.30	%		1.30	%		1.56	%
Ratio of gross expenses to average net assets prior to expense reductions		1.65	%(c)		1.65	%		1.63	%		1.63	%		1.60	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.48	%)(c)		(0.36	%)		0.09	%		0.67	%		(0.21	%)		(0.47	%)
Portfolio turnover rate(d)		77	%		140	%		137	%		132	%		140	%		125	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.94		$	13.67		$	13.34		$	20.55		$	18.26		$	13.16
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.18	)		(0.09	)		(0.03	)		(0.22	)		(0.18	)
Net realized and unrealized gain (loss)		(0.67	)		4.45			0.42			(7.18	)		2.96			5.28
Total from investment operations		(0.78	)		4.27			0.33			(7.21	)		2.74			5.10
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			—			—			—			(0.45	)		—
Total distributions**		—			—			—			—			(0.45	)		—
Net asset value, end of period	$	17.16		$	17.94		$	13.67		$	13.34		$	20.55		$	18.26
Ratios and supplemental data:
Total return(b)		(4.35	%)		31.24	%		2.40	%		(35.04	%)		15.05	%		38.75	%
Net assets, end of period (000)	$	3,166		$	3,709		$	3,930		$	6,153		$	16,050		$	13,183
Ratio of net expenses to average net assets		2.05	%(c)		2.05	%		2.04	%		2.05	%		2.05	%		2.32	%
Ratio of gross expenses to average net assets prior to expense reductions		2.40	%(c)		2.40	%		2.38	%		2.39	%		2.34	%		2.39	%
Ratio of net investment income (loss) to average net assets		(1.22	%)(c)		(1.11	%)		(0.63	%)		(0.16	%)		(1.04	%)		(1.23	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	19.82		$	15.03		$	14.67		$	22.51		$	19.78		$	14.26
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.02	)		0.06			0.17			0.01			(0.03	)
Net realized and unrealized gain (loss)		(0.75	)		4.90			0.45			(7.87	)		3.18			5.71
Total from investment operations		(0.77	)		4.88			0.51			(7.70	)		3.19			5.68
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	$	19.05		$	19.82		$	15.03		$	14.67		$	22.51		$	19.78
Ratios and supplemental data:
Total return(b)		(3.88	%)		32.59	%		3.44	%		(34.39	%)		16.17	%		40.16	%
Net assets, end of period (000)	$	324,184		$	350,597		$	320,622		$	315,858		$	509,216		$	193,243
Ratio of net expenses to average net assets		1.05	%(c)		1.05	%		1.04	%		1.05	%		1.05	%		1.30	%
Ratio of gross expenses to average net assets prior to expense reductions		1.40	%(c)		1.40	%		1.38	%		1.38	%		1.35	%		1.39	%
Ratio of net investment income (loss) to average net assets		(0.21	%)(c)		(0.11	%)		0.35	%		0.90	%		0.04	%		(0.22	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.58		$	12.08		$	11.50		$	18.40		$	14.05		$	11.64
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.08	)		0.01			0.02			(0.08	)		(0.07	)
Net realized and unrealized gain (loss)		(0.06	)		5.58			1.07			(4.94	)		5.49			3.37
Total from investment operations		(0.09	)		5.50			1.08			(4.92	)		5.41			3.30
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.52	)		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)
Total distributions**		(1.52	)		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)
Net asset value, end of period	$	15.97		$	17.58		$	12.08		$	11.50		$	18.40		$	14.05
Ratios and supplemental data:
Total return(b)		(0.96	%)		45.53	%		9.68	%		(29.36	%)		39.89	%		30.07	%
Net assets, end of period (000)	$	26,604		$	28,482		$	20,462		$	21,143		$	32,511		$	21,814
Ratio of net expenses to average net assets		1.40	%(c)		1.39	%		1.41	%		1.40	%		1.40	%		1.40	%
Ratio of gross expenses to average net assets prior to expense reductions		1.47	%(c)		1.42	%		1.52	%		1.61	%		1.58	%		1.65	%
Ratio of net investment income (loss) to average net assets		(0.36	%)(c)		(0.49	%)		0.04	%		0.17	%		(0.48	%)		(0.59	%)
Portfolio turnover rate(d)		68	%		78	%		90	%		77	%		72	%		71	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	13.93		$	9.64		$	9.35		$	15.45		$	12.03		$	10.15
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.16	)		(0.07	)		(0.07	)		(0.18	)		(0.14	)
Net realized and unrealized gain (loss)		(0.04	)		4.45			0.86			(4.05	)		4.66			2.91
Total from investment operations		(0.11	)		4.29			0.79			(4.12	)		4.48			2.77
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.52	)		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)
Total distributions**		(1.52	)		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)
Net asset value, end of period	$	12.30		$	13.93		$	9.64		$	9.35		$	15.45		$	12.03
Ratios and supplemental data:
Total return(b)		(1.31	%)		44.35	%		8.99	%		(29.96	%)		38.88	%		29.19	%
Net assets, end of period (000)	$	1,246		$	1,268		$	611		$	726		$	1,492		$	4,635
Ratio of net expenses to average net assets		2.15	%(c)		2.14	%		2.16	%		2.15	%		2.15	%		2.15	%
Ratio of gross expenses to average net assets prior to expense reductions		2.22	%(c)		2.18	%		2.28	%		2.37	%		2.33	%		2.40	%
Ratio of net investment income (loss) to average net assets		(1.11	%)(c)		(1.25	%)		(0.71	%)		(0.59	%)		(1.32	%)		(1.31	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	18.57		$	12.75		$	12.10		$	19.20		$	14.59		$	12.02
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.04	)		0.04			0.05			(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		(0.07	)		5.87			1.13			(5.17	)		5.71			3.50
Total from investment operations		(0.08	)		5.83			1.17			(5.12	)		5.67			3.46
Distributions:
Dividends from net investment income		—			(0.01	)		(0.02	)		—			—			—
Dividends from net realized gains		(1.52	)		—			(0.50	)		(1.98	)		(1.06	)		(0.89	)
Total distributions**		(1.52	)		(0.01	)		(0.52	)		(1.98	)		(1.06	)		(0.89	)
Net asset value, end of period	$	16.97		$	18.57		$	12.75		$	12.10		$	19.20		$	14.59
Ratios and supplemental data:
Total return(b)		(0.79	%)		45.79	%		9.98	%		(29.20	%)		40.29	%		30.46	%
Net assets, end of period (000)	$	100,228		$	103,751		$	66,181		$	51,538		$	103,256		$	65,062
Ratio of net expenses to average net assets		1.15	%(c)		1.14	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of gross expenses to average net assets prior to expense reductions		1.22	%(c)		1.17	%		1.25	%		1.36	%		1.33	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.11	%)(c)		(0.25	%)		0.28	%		0.37	%		(0.23	%)		(0.34	%)

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	18.59		$	12.76		$	12.11		$	19.21		$	14.59		$	13.19
Income from investment operations:
Net investment income (loss)(a)		—			(0.03	)		0.05			(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		(0.07	)		5.88			1.13			(5.10	)		5.71			1.42
Total from investment operations		(0.07	)		5.85			1.18			(5.12	)		5.68			1.40
Distributions:
Dividends from net investment income		—			(0.02	)		(0.03	)		—			—			—
Dividends from net realized gains		(1.52	)		—			(0.50	)		(1.98	)		(1.06	)		—
Total distributions**		(1.52	)		(0.02	)		(0.53	)		(1.98	)		(1.06	)		—
Net asset value, end of period	$	17.00		$	18.59		$	12.76		$	12.11		$	19.21		$	14.59
Ratios and supplemental data:
Total return(b)		(0.79	%)		45.88	%		10.04	%		(29.18	%)		40.36	%		10.61	%
Net assets, end of period (000)	$	255		$	79		$	93		$	11		$	168		$	120
Ratio of net expenses to average net assets		1.08	%(c)		1.07	%		1.06	%		1.12	%		1.09	%		1.09	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.16	%(c)		1.11	%		1.14	%		1.35	%		1.27	%		1.36	%(c)
Ratio of net investment income (loss) to average net assets		(0.01	%)(c)		(0.16	%)		0.35	%		(0.12	%)		(0.18	%)		(0.45	%)(c)

• Commencement of operations.

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

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

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	13.00		$	9.57		$	9.15		$	12.72		$	10.02		$	8.51
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.02	)		0.00			(0.03	)		(0.04	)		0.07
Net realized and unrealized gain (loss)		(0.10	)		3.50			0.46			(2.88	)		3.42			1.55
Total from investment operations		(0.11	)		3.48			0.46			(2.91	)		3.38			1.62
Distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.04	)		—			(0.05	)		(0.02	)
Dividends from net realized gains		(0.91	)		—			—			(0.66	)		(0.63	)		(0.09	)
Total distributions**		(0.96	)		(0.05	)		(0.04	)		(0.66	)		(0.68	)		(0.11	)
Net asset value, end of period	$	11.93		$	13.00		$	9.57		$	9.15		$	12.72		$	10.02
Ratios and supplemental data:
Total return(b)		(0.97	%)		36.38	%		4.97	%		(23.93	%)		34.84	%		19.09	%
Net assets, end of period (000)	$	90,015		$	98,640		$	81,821		$	86,403		$	119,261		$	88,618
Ratio of net expenses to average net assets		1.22	%(c)		1.22	%		1.22	%		1.22	%		1.31	%		1.53	%
Ratio of gross expenses to average net assets prior to expense reductions		1.45	%(c)		1.45	%		1.49	%		1.46	%		1.45	%		1.53	%
Ratio of net investment income (loss) to average net assets		(0.11	%)(c)		(0.17	%)		(0.05	%)		(0.28	%)		(0.33	%)		0.78	%
Portfolio turnover rate(d)		62	%		87	%		81	%		92	%		82	%		119	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	10.87		$	8.05		$	7.73		$	10.92		$	8.71		$	7.45
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.09	)		(0.07	)		(0.09	)		(0.11	)		0.00
Net realized and unrealized gain (loss)		(0.08	)		2.92			0.40			(2.44	)		2.95			1.35
Total from investment operations		(0.12	)		2.83			0.33			(2.53	)		2.84			1.35
Distributions:
Dividends from net investment income		(0.03	)		(0.01	)		(0.01	)		—			—			—
Dividends from net realized gains		(0.91	)		—			—			(0.66	)		(0.63	)		(0.09	)
Total distributions**		(0.94	)		(0.01	)		(0.01	)		(0.66	)		(0.63	)		(0.09	)
Net asset value, end of period	$	9.81		$	10.87		$	8.05		$	7.73		$	10.92		$	8.71
Ratios and supplemental data:
Total return(b)		(1.27	%)		35.25	%		4.22	%		(24.43	%)		33.77	%		18.22	%
Net assets, end of period (000)	$	12,269		$	12,173		$	7,317		$	7,528		$	10,032		$	8,946
Ratio of net expenses to average net assets		1.97	%(c)		1.97	%		1.97	%		1.97	%		2.07	%		2.28	%
Ratio of gross expenses to average net assets prior to expense reductions		2.20	%(c)		2.20	%		2.24	%		2.21	%		2.20	%		2.28	%
Ratio of net investment income (loss) to average net assets		(0.85	%)(c)		(0.92	%)		(0.80	%)		(1.03	%)		(1.09	%)		0.01	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	13.55		$	9.98		$	9.53		$	13.18		$	10.36		$	8.79
Income from investment operations:
Net investment income (loss)(a)		0.01			0.01	(b)		0.02			(0.02	)		(0.01	)		0.09
Net realized and unrealized gain (loss)		(0.10	)		3.64			0.48			(2.96	)		3.54			1.60
Total from investment operations		(0.09	)		3.65			0.50			(2.98	)		3.53			1.69
Distributions:
Dividends from net investment income		(0.07	)		(0.08	)		(0.05	)		(0.01	)		(0.08	)		(0.03	)
Dividends from net realized gains		(0.91	)		—			—			(0.66	)		(0.63	)		(0.09	)
Total distributions**		(0.98	)		(0.08	)		(0.05	)		(0.67	)		(0.71	)		(0.12	)
Net asset value, end of period	$	12.48		$	13.55		$	9.98		$	9.53		$	13.18		$	10.36
Ratios and supplemental data:
Total return(c)		(0.88	%)		36.70	%		5.21	%		(23.66	%)		35.16	%		19.33	%
Net assets, end of period (000)	$	157,793		$	168,589		$	107,198		$	117,790		$	152,596		$	65,909
Ratio of net expenses to average net assets		0.97	%(d)		0.97	%		0.97	%		0.97	%		1.04	%		1.28	%
Ratio of gross expenses to average net assets prior to expense reductions		1.20	%(d)		1.20	%		1.24	%		1.21	%		1.20	%		1.28	%
Ratio of net investment income (loss) to average net assets		0.15	%(d)		0.08	%		0.20	%		(0.14	%)		(0.09	%)		1.01	%

** 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 net investment income on the Statement of Operations for the period due to class specific expenses.

(d) Annualized.

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,			Year Ended October 31,						March 31, 2022• through October 31,
	2025			2024			2023			2022
Net asset value, beginning of period	$	9.95		$	7.54		$	7.65		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.05	)		0.00	*		0.05
Net realized and unrealized gain (loss)		0.08			2.46			(0.06	)		(2.40	)
Total from investment operations		0.07			2.41			(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	$	10.02		$	9.95		$	7.54		$	7.65
Ratios and supplemental data:
Total return(b)		0.70	%		31.96	%		(0.87	%)		(23.50	%)
Net assets, end of period (000)	$	275		$	433		$	20		$	13
Ratio of net expenses to average net assets		1.35	%(c)		1.35	%		1.35	%		2.66	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		4.28	%(c)		4.96	%		9.06	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(0.18	%)(c)		(0.46	%)		(0.04	%)		(9.66	%)(c)
Portfolio turnover rate(d)		92	%		117	%		126	%		64	%(d)

• Commencement of operations.

* Amounts are less than $0.005.

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

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

(d) Not annualized.

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,			Year Ended October 31,						March 31, 2022• through October 31,
	2025			2024			2023			2022
Net asset value, beginning of period	$	9.76		$	7.46		$	7.62		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.12	)		(0.07	)		0.01
Net realized and unrealized gain (loss)		0.08			2.42			(0.05	)		(2.39	)
Total from investment operations		0.04			2.30			(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	$	9.80		$	9.76		$	7.46		$	7.62
Ratios and supplemental data:
Total return(b)		0.31	%		30.83	%		(1.62	%)		(23.80	%)
Net assets, end of period (000)	$	10		$	10		$	7		$	8
Ratio of net expenses to average net assets		2.10	%(c)		2.10	%		2.09	%		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.03	%(c)		5.71	%		9.79	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(0.80	%)(c)		(1.22	%)		(0.92	%)		(9.66	%)(c)

• Commencement of operations.

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

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

Calamos 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,			Year Ended October 31,						March 31, 2022• through October 31,
	2025			2024			2023			2022
Net asset value, beginning of period	$	10.01		$	7.56		$	7.66		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.02	)		0.01			0.06
Net realized and unrealized gain (loss)		0.07			2.47			(0.05	)		(2.40	)
Total from investment operations		0.08			2.45			(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	$	10.09		$	10.01		$	7.56		$	7.66
Ratios and supplemental data:
Total return(b)		0.80	%		32.10	%		(0.48	%)		(23.40	%)
Net assets, end of period (000)	$	5,417		$	5,267		$	2,327		$	1,740
Ratio of net expenses to average net assets		1.10	%(c)		1.10	%		1.10	%		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		4.03	%(c)		4.71	%		8.80	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		0.18	%(c)		(0.20	%)		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) allocated based on average shares method.

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,			Year Ended October 31,						March 31, 2022• through October 31,
	2025			2024			2023			2022
Net asset value, beginning of period	$	10.01		$	7.56		$	7.66		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.02	)		0.01			0.06
Net realized and unrealized gain (loss)		0.07			2.47			(0.05	)		(2.40	)
Total from investment operations		0.08			2.45			(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	$	10.09		$	10.01		$	7.56		$	7.66
Ratios and supplemental data:
Total return(b)		0.90	%		32.10	%		(0.48	%)		(23.40	%)
Net assets, end of period (000)	$	10		$	10		$	8		$	8
Ratio of net expenses to average net assets		1.00	%(c)		1.08	%		1.07	%		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		4.02	%(c)		4.71	%		8.78	%		11.03	%(c)
Ratio of net investment income (loss) to average net assets		0.26	%(c)		(0.19	%)		0.19	%		(9.66	%)(c)

• Commencement of operations.

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

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

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	8.96		$	8.38		$	8.67		$	10.61		$	10.85		$	10.53
Income from investment operations:
Net investment income (loss)(a)		0.16			0.32			0.30			0.24			0.19			0.21
Net realized and unrealized gain (loss)		0.04			0.60			(0.27	)		(1.81	)		(0.19	)		0.33
Total from investment operations		0.20			0.92			0.03			(1.57	)		—			0.54
Distributions:
Dividends from net investment income		(0.17	)		(0.34	)		(0.32	)		(0.24	)		(0.23	)		(0.22	)
Dividends from net realized gains		—			—			—			(0.13	)		(0.01	)		—
Total distributions**		(0.17	)		(0.34	)		(0.32	)		(0.37	)		(0.24	)		(0.22	)
Net asset value, end of period	$	8.99		$	8.96		$	8.38		$	8.67		$	10.61		$	10.85
Ratios and supplemental data:
Total return(b)		2.24	%		11.03	%		0.18	%		(15.13	%)		0.01	%		5.18	%
Net assets, end of period (000)	$	9,768		$	11,500		$	11,764		$	14,662		$	22,394		$	24,376
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		1.24	%(c)		1.21	%		1.24	%		1.15	%		1.01	%		1.03	%
Ratio of net investment income (loss) to average net assets		3.56	%(c)		3.54	%		3.36	%		2.48	%		1.77	%		2.00	%
Portfolio turnover rate(d)		9	%		66	%		41	%		28	%		51	%		61	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	8.96		$	8.38		$	8.67		$	10.61		$	10.85		$	10.53
Income from investment operations:
Net investment income (loss)(a)		0.12			0.25			0.23			0.17			0.11			0.14
Net realized and unrealized gain (loss)		0.04			0.60			(0.27	)		(1.81	)		(0.19	)		0.32
Total from investment operations		0.16			0.85			(0.04	)		(1.64	)		(0.08	)		0.46
Distributions:
Dividends from net investment income		(0.14	)		(0.27	)		(0.25	)		(0.17	)		(0.15	)		(0.14	)
Dividends from net realized gains		—			—			—			(0.13	)		(0.01	)		—
Total distributions**		(0.14	)		(0.27	)		(0.25	)		(0.30	)		(0.16	)		(0.14	)
Net asset value, end of period	$	8.98		$	8.96		$	8.38		$	8.67		$	10.61		$	10.85
Ratios and supplemental data:
Total return(b)		1.75	%		10.21	%		(0.57	%)		(15.76	%)		(0.74	%)		4.40	%
Net assets, end of period (000)	$	326		$	200		$	323		$	549		$	800		$	1,777
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		1.99	%(c)		1.95	%		1.99	%		1.90	%		1.76	%		1.77	%
Ratio of net investment income (loss) to average net assets		2.83	%(c)		2.80	%		2.60	%		1.72	%		1.02	%		1.28	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	8.97		$	8.39		$	8.68		$	10.61		$	10.85		$	10.54
Income from investment operations:
Net investment income (loss)(a)		0.17			0.33			0.32			0.26			0.22			0.24
Net realized and unrealized gain (loss)		0.03			0.61			(0.27	)		(1.79	)		(0.20	)		0.32
Total from investment operations		0.20			0.94			0.05			(1.53	)		0.02			0.56
Distributions:
Dividends from net investment income		(0.18	)		(0.36	)		(0.34	)		(0.27	)		(0.25	)		(0.25	)
Dividends from net realized gains		—			—			—			(0.13	)		(0.01	)		—
Total distributions**		(0.18	)		(0.36	)		(0.34	)		(0.40	)		(0.26	)		(0.25	)
Net asset value, end of period	$	8.99		$	8.97		$	8.39		$	8.68		$	10.61		$	10.85
Ratios and supplemental data:
Total return(b)		2.36	%		11.17	%		0.55	%		(14.92	%)		0.17	%		5.34	%
Net assets, end of period (000)	$	19,612		$	18,530		$	19,236		$	18,622		$	43,979		$	60,602
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		0.99	%(c)		0.92	%		0.99	%		0.88	%		0.76	%		0.77	%
Ratio of net investment income (loss) to average net assets		3.82	%(c)		3.76	%		3.61	%		2.65	%		2.02	%		2.21	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	7.80		$	7.22		$	7.30		$	8.58		$	7.96		$	8.34
Income from investment operations:
Net investment income (loss)(a)		0.24			0.48			0.45			0.37			0.35			0.43
Net realized and unrealized gain (loss)		(0.14	)		0.59			(0.07	)		(1.27	)		0.66			(0.35	)
Total from investment operations		0.10			1.07			0.38			(0.90	)		1.01			0.08
Distributions:
Dividends from net investment income		(0.26	)		(0.49	)		(0.46	)		(0.38	)		(0.27	)		(0.46	)
Dividends from net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			(0.12	)		—
Total distributions**		(0.26	)		(0.49	)		(0.46	)		(0.38	)		(0.39	)		(0.46	)
Net asset value, end of period	$	7.64		$	7.80		$	7.22		$	7.30		$	8.58		$	7.96
Ratios and supplemental data:
Total return(b)		1.26	%		15.18	%		5.22	%		(10.67	%)		12.88	%		1.13	%
Net assets, end of period (000)	$	25,902		$	27,554		$	25,252		$	26,775		$	34,550		$	30,580
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		1.37	%(c)		1.37	%		1.43	%		1.40	%		1.33	%		1.37	%
Ratio of net investment income (loss) to average net assets		6.27	%(c)		6.27	%		6.12	%		4.71	%		4.10	%		5.34	%
Portfolio turnover rate(d)		17	%		42	%		25	%		30	%		49	%		52	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	8.41		$	7.74		$	7.80		$	9.14		$	8.45		$	8.82
Income from investment operations:
Net investment income (loss)(a)		0.23			0.45			0.43			0.33			0.31			0.40
Net realized and unrealized gain (loss)		(0.16	)		0.65			(0.09	)		(1.35	)		0.71			(0.38	)
Total from investment operations		0.07			1.10			0.34			(1.02	)		1.02			0.02
Distributions:
Dividends from net investment income		(0.23	)		(0.43	)		(0.40	)		(0.32	)		(0.21	)		(0.39	)
Dividends from net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			(0.12	)		—
Total distributions**		(0.23	)		(0.43	)		(0.40	)		(0.32	)		(0.33	)		(0.39	)
Net asset value, end of period	$	8.25		$	8.41		$	7.74		$	7.80		$	9.14		$	8.45
Ratios and supplemental data:
Total return(b)		0.92	%		14.32	%		4.35	%		(11.35	%)		12.11	%		0.38	%
Net assets, end of period (000)	$	369		$	379		$	438		$	471		$	677		$	981
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		2.12	%(c)		2.12	%		2.18	%		2.15	%		2.08	%		2.11	%
Ratio of net investment income (loss) to average net assets		5.52	%(c)		5.52	%		5.37	%		3.95	%		3.38	%		4.67	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	7.81		$	7.22		$	7.30		$	8.58		$	7.96		$	8.34
Income from investment operations:
Net investment income (loss)(a)		0.25			0.50			0.47			0.39			0.37			0.44
Net realized and unrealized gain (loss)		(0.14	)		0.60			(0.07	)		(1.27	)		0.67			(0.34	)
Total from investment operations		0.11			1.10			0.40			(0.88	)		1.04			0.10
Distributions:
Dividends from net investment income		(0.27	)		(0.51	)		(0.48	)		(0.40	)		(0.30	)		(0.48	)
Dividends from net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			(0.12	)		—
Total distributions**		(0.27	)		(0.51	)		(0.48	)		(0.40	)		(0.42	)		(0.48	)
Net asset value, end of period	$	7.65		$	7.81		$	7.22		$	7.30		$	8.58		$	7.96
Ratios and supplemental data:
Total return(b)		1.51	%		15.46	%		5.48	%		(10.45	%)		13.16	%		1.38	%
Net assets, end of period (000)	$	8,493		$	9,503		$	7,786		$	9,150		$	9,267		$	6,716
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		1.12	%(c)		1.12	%		1.18	%		1.15	%		1.08	%		1.12	%
Ratio of net investment income (loss) to average net assets		6.52	%(c)		6.52	%		6.36	%		4.98	%		4.34	%		5.56	%

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

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

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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	9.53		$	9.30		$	9.28		$	9.91		$	10.23		$	10.20
Income from investment operations:
Net investment income (loss)(a)		0.20			0.37			0.28			0.13			0.15			0.21
Net realized and unrealized gain (loss)		0.06			0.30			0.07			(0.62	)		(0.07	)		0.12
Total from investment operations		0.26			0.67			0.35			(0.49	)		0.08			0.33
Distributions:
Dividends from net investment income		(0.21	)		(0.44	)		(0.33	)		(0.14	)		(0.31	)		(0.25	)
Dividends from net realized gains		—			—			—			—			(0.09	)		(0.05	)
Total distributions**		(0.21	)		(0.44	)		(0.33	)		(0.14	)		(0.40	)		(0.30	)
Net asset value, end of period	$	9.58		$	9.53		$	9.30		$	9.28		$	9.91		$	10.23
Ratios and supplemental data:
Total return(b)		2.67	%		7.28	%		3.79	%		(4.99	%)		0.85	%		3.24	%
Net assets, end of period (000)	$	3,929		$	3,825		$	3,523		$	2,128		$	2,661		$	3,225
Ratio of net expenses to average net assets		0.63	%(c)		0.63	%		0.63	%		0.63	%		0.65	%		0.65	%
Ratio of gross expenses to average net assets prior to expense reductions		0.63	%(c)		0.63	%		0.63	%		0.63	%		0.65	%		0.68	%
Ratio of net investment income (loss) to average net assets		4.23	%(c)		3.86	%		2.94	%		1.36	%		1.51	%		2.12	%
Portfolio turnover rate(d)		19	%		41	%		41	%		48	%		44	%		41	%

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

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

(d) Not annualized.

Calamos 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,
	2025			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	9.52		$	9.29		$	9.28		$	9.91		$	10.23		$	10.20
Income from investment operations:
Net investment income (loss)(a)		0.21			0.39			0.30			0.15			0.17			0.25
Net realized and unrealized gain (loss)		0.06			0.30			0.06			(0.62	)		(0.06	)		0.10
Total from investment operations		0.27			0.69			0.36			(0.47	)		0.11			0.35
Distributions:
Dividends from net investment income		(0.22	)		(0.46	)		(0.35	)		(0.16	)		(0.34	)		(0.27	)
Dividends from net realized gains		—			—			—			—			(0.09	)		(0.05	)
Total distributions**		(0.22	)		(0.46	)		(0.35	)		(0.16	)		(0.43	)		(0.32	)
Net asset value, end of period	$	9.57		$	9.52		$	9.29		$	9.28		$	9.91		$	10.23
Ratios and supplemental data:
Total return(b)		2.91	%		7.56	%		3.93	%		(4.77	%)		1.11	%		3.49	%
Net assets, end of period (000)	$	382,698		$	363,227		$	354,109		$	356,908		$	306,398		$	176,439
Ratio of net expenses to average net assets		0.38	%(c)		0.38	%		0.39	%		0.38	%		0.40	%		0.40	%
Ratio of gross expenses to average net assets prior to expense reductions		0.38	%(c)		0.38	%		0.39	%		0.38	%		0.40	%		0.42	%
Ratio of net investment income (loss) to average net assets		4.48	%(c)		4.10	%		3.17	%		1.58	%		1.73	%		2.44	%

** 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.

Market Neutral Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (35.3%)
			Communication Services (2.2%)
	8,000,000		AST SpaceMobile, Inc.*~ 4.250%, 03/01/32	$	9,460,720
	7,500,000		Bandwidth, Inc.~ 0.500%, 04/01/28		6,056,475
	15,000,000		Live Nation Entertainment, Inc.^ 3.125%, 01/15/29~		21,140,100
	5,996,000		2.875%, 01/15/30*		6,196,386
	8,000,000		Lyft, Inc. 1.500%, 05/15/25		7,987,680
	6,000,000		0.625%, 03/01/29^		5,878,980
	15,000,000		Match Group Financeco 2, Inc.*~ 0.875%, 06/15/26		14,393,700
	15,000,000		Match Group Financeco 3, Inc.*~ 2.000%, 01/15/30		13,142,100
	80,040,000		Sea, Ltd.~^ 0.250%, 09/15/26		74,935,849
	40,000,000		Snap, Inc. 0.125%, 03/01/28~		33,966,800
	35,897,000		0.000%, 05/01/27~		32,200,686
	8,952,000		0.500%, 05/01/30*^		7,327,660
	4,000,000		0.250%, 05/01/25		3,992,520
	7,500,000		Sphere Entertainment Company 3.500%, 12/01/28		8,348,175
	15,000,000		TripAdvisor, Inc.~ 0.250%, 04/01/26		14,374,950
	27,000,000		Uber Technologies, Inc.~^ 0.875%, 12/01/28		35,441,550
	4,000,000		Weibo Corp. 1.375%, 12/01/30		4,173,880
	15,000,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		21,403,200
	20,000,000		Ziff Davis, Inc. 1.750%, 11/01/26		18,863,200
					339,284,611
			Consumer Discretionary (7.1%)
	116,893,000		Airbnb, Inc.~ 0.000%, 03/15/26		112,029,082
	175,000,000		Alibaba Group Holding, Ltd.*~ 0.500%, 06/01/31		230,214,250
	12,800,000		Booking Holdings, Inc. 0.750%, 05/01/25		31,372,800
	20,000,000		Carnival Corp.~ 5.750%, 12/01/27		31,928,600
	8,000,000		Cheesecake Factory, Inc.* 2.000%, 03/15/30		7,846,800
	15,000,000	EUR	Delivery Hero, SE 1.500%, 01/15/28		15,307,586

PRINCIPAL AMOUNT				VALUE
	50,000,000		DraftKings Holdings, Inc.~ 0.000%, 03/15/28	$	43,967,000
	50,000,000		Etsy, Inc.~ 0.250%, 06/15/28		42,735,000
	30,000,000		0.125%, 10/01/26		28,897,800
	18,500,000		Farfetch, Ltd.@ 3.750%, 05/01/27		387,020
	30,000,000		Fiverr International, Ltd.~ 0.000%, 11/01/25		29,140,500
	12,500,000		Ford Motor Company~^ 0.000%, 03/15/26		12,290,250
	6,500,000		Groupon, Inc.* 6.250%, 03/15/27		6,834,685
	15,000,000		Guess?, Inc.~ 3.750%, 04/15/28		14,064,750
	20,000,000		JD.com, Inc.*^ 0.250%, 06/01/29		21,007,600
	1,310,000,000	JPY	Kyoritsu Maintenance Company, Ltd. 0.000%, 01/29/26		11,904,252
	15,000,000		Li Auto, Inc.~ 0.250%, 05/01/28		17,197,800
	10,000,000		Liberty Broadband Corp.*~ 3.125%, 03/31/53		10,133,800
	45,000,000		Lucid Group, Inc.* 5.000%, 04/01/30		45,992,700
	13,000,000		Luminar Technologies, Inc.* 1.250%, 12/15/26		7,742,280
	10,000,000		Marriott Vacations Worldwide Corp.~ 3.250%, 12/15/27		9,138,700
	7,000,000		0.000%, 01/15/26		6,697,250
	25,000,000		NIO, Inc. 3.875%, 10/15/29~		18,944,250
	15,000,000		4.625%, 10/15/30		10,606,350
	10,000,000	GBP	Ocado Group, PLC 0.750%, 01/18/27		12,021,627
	15,000,000		PDD Holdings, Inc. 0.000%, 12/01/25		14,563,500
	12,500,000		Peloton Interactive, Inc.* 5.500%, 12/01/29		22,458,250
	5,000,000		Porch Group, Inc.* 0.750%, 09/15/26		4,246,850
	55,000,000		Rivian Automotive, Inc.~ 3.625%, 10/15/30^		49,750,250
	30,500,000		4.625%, 03/15/29		31,064,860
	10,245,000		Shake Shack, Inc.~ 0.000%, 03/01/28		9,490,558
	25,833,000		Stride, Inc.~^ 1.125%, 09/01/27		71,019,309
	25,000,000		Trip.com Group, Ltd.*~ 0.750%, 06/15/29		28,281,500
	4,642,000		Vail Resorts, Inc. 0.000%, 01/01/26		4,466,950

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	57,500,000		Wayfair, Inc. 3.500%, 11/15/28~	$	57,263,100
	25,555,000		3.250%, 09/15/27~		23,916,158
	12,500,000		1.000%, 08/15/26		11,588,375
	7,029,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		6,876,611
					1,113,389,003
			Consumer Staples (0.2%)
	36,755,000		Beyond Meat, Inc.~ 0.000%, 03/15/27		3,174,529
	8,000,000		Freshpet, Inc.~ 3.000%, 04/01/28		10,546,880
	15,000,000		Post Holdings, Inc.~^ 2.500%, 08/15/27		17,653,200
	7,000,000		Spectrum Brands, Inc.* 3.375%, 06/01/29		6,530,510
					37,905,119
			Energy (0.1%)
	15,000,000		Chesapeake Energy Corp. 0.000%, 09/15/26		60,000
	5,000,000		Northern Oil & Gas, Inc.~ 3.625%, 04/15/29		4,801,600
	6,000,000		World Kinect Corp. 3.250%, 07/01/28		6,537,900
					11,399,500
			Financials (1.2%)
	37,500,000		BofA Finance, LLC~ 0.600%, 05/25/27		37,172,625
	45,468,000		Coinbase Global, Inc.^ 0.250%, 04/01/30		45,276,125
	27,500,000		0.500%, 06/01/26~		27,578,650
	11,000,000		Federal Realty OP, LP*~ 3.250%, 01/15/29		10,998,680
	75,000,000	HKD	Link CB, Ltd. 4.500%, 12/12/27		9,698,379
	10,000,000		Ping An Insurance Group Company of China, Ltd. 0.875%, 07/22/29		12,129,200
	7,500,000		Rexford Industrial Realty, LP*^ 4.375%, 03/15/27~		7,455,825
	7,500,000		4.125%, 03/15/29		7,323,975
	5,000,000		Starwood Property Trust, Inc.~ 6.750%, 07/15/27		5,231,550
	15,000,000		Ventas Realty, LP~ 3.750%, 06/01/26		19,757,850
	4,000,000		WisdomTree, Inc.* 3.250%, 08/15/29		3,991,120
					186,613,979
			Health Care (2.3%)
	20,000,000		Alnylam Pharmaceuticals, Inc.~^ 1.000%, 09/15/27		22,929,600
	1,500,000		Alphatec Holdings, Inc.* 0.750%, 03/15/30		1,490,550

PRINCIPAL AMOUNT			VALUE
	10,000,000	Amphastar Pharmaceuticals, Inc. 2.000%, 03/15/29	$	8,659,000
	10,000,000	Bridgebio Pharma, Inc.~ 2.500%, 03/15/27^		11,975,100
	10,000,000	2.250%, 02/01/29		9,160,700
	27,500,000	CONMED Corp.~ 2.250%, 06/15/27		25,492,500
	30,000,000	Dexcom, Inc.~ 0.375%, 05/15/28		27,176,100
	9,000,000	Envista Holdings Corp. 1.750%, 08/15/28		8,178,570
	10,000,000	Haemonetics Corp.*~^ 2.500%, 06/01/29		9,585,300
	37,000,000	Halozyme Therapeutics, Inc.~ 1.000%, 08/15/28		46,338,430
	10,000,000	Innoviva, Inc.~ 2.125%, 03/15/28		9,723,000
	9,000,000	Insmed, Inc.~ 0.750%, 06/01/28		20,269,710
	13,276,000	Integer Holdings Corp.* 1.875%, 03/15/30		14,059,151
	12,366,000	Ionis Pharmaceuticals, Inc.~ 1.750%, 06/15/28		12,073,791
	5,000,000	iRhythm Technologies, Inc. 1.500%, 09/01/29		5,260,550
	15,000,000	Jazz Investments I, Ltd. 2.000%, 06/15/26~		15,474,600
	12,500,000	3.125%, 09/15/30*^		13,588,375
	5,000,000	Lantheus Holdings, Inc.~ 2.625%, 12/15/27		7,433,750
	7,250,000	Livongo Health, Inc.~ 0.875%, 06/01/25		7,201,063
	10,000,000	Merit Medical Systems, Inc.*~ 3.000%, 02/01/29		12,754,500
	5,000,000	Mesa Laboratories, Inc. 1.375%, 08/15/25		4,934,050
	6,500,000	Pacira BioSciences, Inc.* 2.125%, 05/15/29		6,606,340
	45,000,000	Sarepta Therapeutics, Inc.~ 1.250%, 09/15/27		42,737,850
	12,500,000	SmileDirectClub, Inc.*@!! 0.000%, 02/01/26		58,125
	10,000,000	Tandem Diabetes Care, Inc. 1.500%, 03/15/29		9,155,400
	16,250,000	Teladoc Health, Inc.~^ 1.250%, 06/01/27		14,801,150
				367,117,255
		Industrials (2.8%)
	5,000,000	Air Transport Services Group, Inc. 3.875%, 08/15/29		4,995,150
	17,500,000	American Airlines Group, Inc.~ 6.500%, 07/01/25		17,504,375

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	25,000,000		Axon Enterprise, Inc.~ 0.500%, 12/15/27	$	67,881,000
	11,000,000		Bloom Energy Corp.~ 3.000%, 06/01/28		13,929,300
	12,500,000		Fluor Corp.^ 1.125%, 08/15/29		13,195,625
	7,000,000		Granite Construction, Inc.~ 3.750%, 05/15/28		12,881,610
	6,600,000		Greenbrier Companies, Inc.~ 2.875%, 04/15/28		6,808,164
	20,000,000		JBT Marel Corp.~ 0.250%, 05/15/26		19,697,000
	16,467,000		Middleby Corp.~ 1.000%, 09/01/25		18,171,664
	20,000,000	EUR	Rheinmetall, AG Series A 1.875%, 02/07/28		108,960,961
	20,000,000	EUR	Rheinmetall, AG Series B 2.250%, 02/07/30		109,583,575
	20,000,000	SGD	Singapore Airlines, Ltd. 1.625%, 12/03/25		21,023,046
	4,000,000		Stem, Inc.*~ 0.500%, 12/01/28		1,012,720
	20,000,000		Upwork, Inc.~ 0.250%, 08/15/26		18,718,800
	15,000,000		Virgin Galactic Holdings, Inc.*~ 2.500%, 02/01/27		4,617,000
					438,979,990
			Information Technology (14.5%)
	5,000,000		Advanced Energy Industries, Inc.~ 2.500%, 09/15/28		5,244,900
	48,500,000		Akamai Technologies, Inc. 0.375%, 09/01/27~^		48,002,390
	45,000,000		1.125%, 02/15/29~		43,595,100
	40,000,000		0.125%, 05/01/25		39,972,800
	20,000,000		Alarm.com Holdings, Inc.*~ 2.250%, 06/01/29		19,197,000
	6,000,000		Alkami Technology, Inc.* 1.500%, 03/15/30		6,544,380
	16,398,000		Bentley Systems, Inc.~ 0.125%, 01/15/26		16,032,161
	17,500,000		BILL Holdings, Inc.* 0.000%, 04/01/30		14,825,825
	29,947,000		BlackLine, Inc.*~^ 1.000%, 06/01/29		29,574,160
	20,000,000		Block, Inc.~^ 0.250%, 11/01/27		17,756,000
	17,000,000		0.000%, 05/01/26		16,196,580
	12,000,000		Box, Inc. 0.000%, 01/15/26~		15,056,040
	11,951,000		1.500%, 09/15/29*^		11,748,669
	50,000,000		Cloudflare, Inc.~ 0.000%, 08/15/26		50,982,500

PRINCIPAL AMOUNT			VALUE
	55,000,000	Confluent, Inc.~^ 0.000%, 01/15/27	$	50,614,850
	24,963,000	CSG Systems International, Inc.~ 3.875%, 09/15/28		27,199,435
	15,000,000	Datadog, Inc.*^ 0.000%, 12/01/29		13,522,500
	50,000,000	DigitalOcean Holdings, Inc.~^ 0.000%, 12/01/26		46,589,500
	27,750,000	Dropbox, Inc.~ 0.000%, 03/01/28		28,324,425
	23,000,000	0.000%, 03/01/26		23,011,500
	20,000,000	Enphase Energy, Inc.~ 0.000%, 03/01/26		19,041,000
	16,000,000	0.000%, 03/01/28^		13,431,520
	10,000,000	Evolent Health, Inc. 3.500%, 12/01/29		8,192,000
	41,995,000	Five9, Inc. 1.000%, 03/15/29		35,796,538
	15,000,000	0.500%, 06/01/25~		14,927,100
	15,000,000	Guidewire Software, Inc.*~^ 1.250%, 11/01/29		16,590,600
	10,000,000	InterDigital, Inc.~ 3.500%, 06/01/27		26,271,700
	25,000,000	Itron, Inc. 1.375%, 07/15/30*^		27,303,750
	10,800,000	0.000%, 03/15/26~		11,384,604
	15,000,000	Jamf Holding Corp.~ 0.125%, 09/01/26		14,082,300
	8,000,000	Lenovo Group, Ltd. 2.500%, 08/26/29		9,944,080
	17,500,000	LivePerson, Inc. 0.000%, 12/15/26		6,931,925
	12,500,000	Lumentum Holdings, Inc. 0.500%, 06/15/28~		11,504,750
	12,000,000	0.500%, 12/15/26~		12,384,480
	10,000,000	1.500%, 12/15/29		11,429,200
	17,000,000	MARA Holdings, Inc.* 0.000%, 03/01/30		13,393,450
	7,000,000	2.125%, 09/01/31		6,331,710
	20,000,000	Microchip Technology, Inc.*~ 0.750%, 06/01/30		18,849,800
	82,000,000	MicroStrategy, Inc. 0.000%, 12/01/29*		74,926,680
	48,000,000	0.625%, 03/15/30		125,723,040
	40,000,000	2.250%, 06/15/32*~		80,342,800
	30,000,000	0.875%, 03/15/31		53,014,500
	15,000,000	MKS Instruments, Inc.* 1.250%, 06/01/30		12,940,350
	40,000,000	NCL Corp., Ltd.~ 1.125%, 02/15/27		37,767,600
	10,000,000	Nova, Ltd.~ 0.000%, 10/15/25		26,268,600
	10,000,000	Nutanix, Inc. 0.500%, 12/15/29*^		10,794,800
	8,960,000	0.250%, 10/01/27~		11,916,442

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	22,500,000	Okta, Inc.~ 0.125%, 09/01/25	$	22,101,075
	50,000,000	ON Semiconductor Corp.~ 0.500%, 03/01/29		43,286,500
	25,000,000	0.000%, 05/01/27		26,712,500
	10,000,000	PagerDuty, Inc. 1.500%, 10/15/28		9,415,200
	100,000,000	Palo Alto Networks, Inc.~ 0.375%, 06/01/25		373,700,000
	11,000,000	Parsons Corp.^ 2.625%, 03/01/29		11,662,750
	12,500,000	Progress Software Corp. 1.000%, 04/15/26~		14,448,625
	10,000,000	3.500%, 03/01/30^		11,343,000
	30,625,000	Q2 Holdings, Inc.~ 0.125%, 11/15/25		29,927,669
	10,000,000	Rapid7, Inc. 1.250%, 03/15/29		8,553,000
	9,500,000	0.250%, 03/15/27		8,711,025
	41,100,000	RingCentral, Inc.~ 0.000%, 03/15/26		39,176,109
	6,818,000	Riot Platforms, Inc.* 0.750%, 01/15/30		5,220,065
	20,000,000	Seagate HDD Cayman~^ 3.500%, 06/01/28		25,318,000
	13,967,000	Shift4 Payments, Inc. 0.500%, 08/01/27		14,278,324
	7,500,000	0.000%, 12/15/25~		8,544,750
	15,000,000	Shopify, Inc.~ 0.125%, 11/01/25		15,034,050
	40,000,000	Snowflake, Inc.*~ 0.000%, 10/01/27		48,997,600
	27,500,000	0.000%, 10/01/29		34,182,500
	75,000,000	Spotify USA, Inc.~ 0.000%, 03/15/26		96,510,750
	25,000,000	Super Micro Computer, Inc. 3.500%, 03/01/29		23,030,750
	7,000,000	Synaptics, Inc.* 0.750%, 12/01/31		6,174,420
	35,336,000	Unity Software, Inc. 0.000%, 11/15/26~		32,751,878
	2,373,000	0.000%, 03/15/30*^		2,240,231
	5,000,000	Varonis Systems, Inc. 1.000%, 09/15/29*		4,718,450
	3,000,000	1.250%, 08/15/25		4,218,390
	5,000,000	Veritone, Inc. 1.750%, 11/15/26		2,231,350
	5,000,000	Vertex, Inc.*^ 0.750%, 05/01/29		6,540,650
	10,000,000	Vishay Intertechnology, Inc. 2.250%, 09/15/30		8,338,500
	45,000,000	Western Digital Corp.~ 3.000%, 11/15/28		61,124,400

PRINCIPAL AMOUNT				VALUE
	22,473,000		Wolfspeed, Inc. 0.250%, 02/15/28	$	6,709,089
	20,000,000		1.875%, 12/01/29		5,811,000
	17,862,000		Workiva, Inc. 1.250%, 08/15/28^		16,889,593
	7,516,000		1.125%, 08/15/26		8,404,692
	15,000,000		Xerox Holdings Corp. 3.750%, 03/15/30		7,217,700
					2,279,000,619
			Materials (0.2%)
	15,000,000		Amyris, Inc.@ 0.000%, 11/15/26		79,650
	3,124,000		Lithium Argentina AG 1.750%, 01/15/27		2,549,372
	10,000,000		MP Materials Corp.*~ 3.000%, 03/01/30		13,971,400
	10,000,000	EUR	POSCO Holdings, Inc. 0.000%, 09/01/26		10,681,534
					27,281,956
			Other (0.4%)
	50,000,000		GameStop Corp.* 0.000%, 04/01/30		59,260,500
			Real Estate (0.6%)
	11,254,000		Digital Realty Trust, LP*^ 1.875%, 11/15/29		11,718,678
	42,800,000		Redfin Corp. 0.500%, 04/01/27		37,650,732
	20,000,000		Welltower OP, LLC* 2.750%, 05/15/28~		32,639,000
	9,082,000		3.125%, 07/15/29^		12,148,900
					94,157,310
			Utilities (3.7%)
	25,000,000		Alliant Energy Corp.~ 3.875%, 03/15/26		26,296,750
	50,000,000		American Water Capital Corp.~^ 3.625%, 06/15/26		51,489,500
	25,000,000		CenterPoint Energy, Inc.~^ 4.250%, 08/15/26		28,242,750
	10,040,000		CMS Energy Corp.~^ 3.375%, 05/01/28		11,123,919
	30,000,000		Duke Energy Corp.~ 4.125%, 04/15/26		32,746,200
	40,000,000		Evergy, Inc. 4.500%, 12/15/27		47,340,000
	30,000,000		FirstEnergy Corp.~ 4.000%, 05/01/26		31,103,400
	40,000,000		NextEra Energy Capital Holdings, Inc. 3.000%, 03/01/27		44,814,400

See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT			VALUE
	12,752,000	PG&E Corp. 4.250%, 12/01/27	$	13,286,564
	10,000,000	Pinnacle West Capital Corp.*^ 4.750%, 06/15/27		11,321,500
	31,922,000	PPL Capital Funding, Inc.~ 2.875%, 03/15/28		36,438,005
	70,000,000	Southern Company~ 4.500%, 06/15/27*^		77,823,200
	60,000,000	3.875%, 12/15/25		67,420,800
	8,000,000	Sunnova Energy International, Inc.~ 2.625%, 02/15/28		362,800
	20,000,000	UGI Corp.* 5.000%, 06/01/28		25,566,200
	40,000,000	WEC Energy Group, Inc.*~ 4.375%, 06/01/29^		48,052,400
	30,000,000	4.375%, 06/01/27		35,332,200
				588,760,588
		TOTAL CONVERTIBLE BONDS (Cost $4,870,564,464)		5,543,150,430
CORPORATE BONDS (1.0%)
		Airlines (0.0%)
	1,350,000	Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets, Ltd.* 6.500%, 06/20/27		1,355,710
		Communication Services (0.0%)
	3,257,000	Comcast Corp.~^ 3.375%, 08/15/25		3,245,764
	3,214,000	Netflix, Inc.*~ 3.625%, 06/15/25		3,208,536
				6,454,300
		Consumer Discretionary (0.1%)
	5,000,000	American Honda Finance Corp.~^ 4.750%, 01/12/26		5,007,200
	5,000,000	AutoZone, Inc.~ 5.050%, 07/15/26		5,032,000
	5,000,000	Cargill, Inc.*~ 4.875%, 10/10/25		5,008,250
	5,000,000	General Motors Financial Company, Inc.~ 1.250%, 01/08/26		4,876,900
	5,000,000	Lowe's Companies, Inc.~ 4.400%, 09/08/25		4,996,950
				24,921,300
		Energy (0.1%)
	5,000,000	Enterprise Products Operating, LLC~ 5.050%, 01/10/26		5,023,500
	3,000,000	Williams Companies, Inc.~ 5.400%, 03/02/26		3,018,030
				8,041,530

PRINCIPAL AMOUNT			VALUE
		Financials (0.3%)
	5,000,000	Bank of NY Mellon Corp.~‡ 4.414%, 07/24/26 SOFR + 1.35%	$	4,996,600
	2,000,000	Intercontinental Exchange, Inc.~ 3.650%, 05/23/25		1,998,640
	5,000,000	Mondelez International Holdings Netherlands, BV*~ 4.250%, 09/15/25		4,990,000
	166,000	Nasdaq, Inc. 5.650%, 06/28/25		166,234
	5,000,000	PayPal Holdings, Inc.~^ 2.650%, 10/01/26		4,908,550
	5,000,000	State Street Corp.~^‡ 5.751%, 11/04/26 SOFR + 1.35%		5,026,550
	5,000,000	Toronto-Dominion Bank~ 3.766%, 06/06/25		4,996,550
	5,000,000	Toyota Motor Credit Corp.~ 3.950%, 06/30/25		4,995,800
	5,000,000	Truist Financial Corp.~‡ 5.900%, 10/28/26 SOFR + 1.63%		5,028,650
	5,000,000	US Bancorp~^‡ 5.727%, 10/21/26 SOFR + 1.43%		5,024,400
				42,131,974
		Health Care (0.1%)
	5,000,000	CVS Health Corp.~ 5.000%, 02/20/26		5,012,150
	5,000,000	Elevance Health, Inc.~ 5.350%, 10/15/25		5,013,950
	5,000,000	UnitedHealth Group, Inc.~^ 5.150%, 10/15/25		5,017,900
	5,000,000	Zoetis, Inc.~^ 5.400%, 11/14/25		5,017,850
				20,061,850
		Industrials (0.1%)
	2,500,000	Lockheed Martin Corp.~^ 4.950%, 10/15/25		2,506,875
	3,830,000	RTX Corp.~ 3.950%, 08/16/25		3,820,808
	5,000,000	Siemens Financieringsmaatschappij, NV* 3.250%, 05/27/25		4,997,050
				11,324,733
		Information Technology (0.1%)
	3,500,000	Broadridge Financial Solutions, Inc.~ 3.400%, 06/27/26		3,453,660
	3,000,000	Mercedes-Benz Finance North America, LLC*~ 5.375%, 11/26/25		3,011,460
	5,000,000	Take-Two Interactive Software, Inc.~^ 5.000%, 03/28/26		5,016,400
				11,481,520

PRINCIPAL AMOUNT			VALUE
		Materials (0.1%)
	15,600,000	OCI, NV* 6.700%, 03/16/33	$	17,041,128
		Other (0.0%)
	5,000,000	Diageo Capital, PLC~^ 5.200%, 10/24/25		5,020,100
		Utilities (0.1%)
	5,000,000	National Rural Utilities Cooperative Finance Corp.~ 5.450%, 10/30/25		5,023,400
	5,000,000	Southern Company~^ 5.150%, 10/06/25		5,010,250
	5,000,000	WEC Energy Group, Inc.~^ 5.000%, 09/27/25		5,005,700
				15,039,350
		TOTAL CORPORATE BONDS (Cost $161,330,833)		162,873,495
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (2.9%)
		Financials (1.0%)
	849,428	Apollo Global Management, Inc.~ 6.750%, 07/31/26		61,260,747
	975,000	Ares Management Corp.~ 6.750%, 10/01/27		48,135,750
	1,000,000	KKR & Company, Inc.# 6.250%, 03/01/28		47,930,000
				157,326,497
		Health Care (0.1%)
	300,000	Brightspring Health Services, Inc.~ , 02/01/27		18,810,000
		Industrials (0.6%)
	1,000,000	Boeing Company~^ 6.000%, 10/15/27		61,380,000
	396,461	Chart Industries, Inc.~ 6.750%, 12/15/25		20,980,716
				82,360,716
		Information Technology (0.6%)
	850,000	Hewlett Packard Enterprise Company~ 7.625%, 09/01/27		42,670,000
	1,000,000	Microchip Technology, Inc.^# 7.500%, 03/15/28		47,460,000
				90,130,000
		Materials (0.1%)
	600,000	Albemarle Corp.~ 7.250%, 03/01/27		18,378,000

NUMBER OF SHARES			VALUE
		Utilities (0.5%)
	500,000	NextEra Energy, Inc. 7.299%, 06/01/27~	$	23,195,000
	500,000	7.234%, 11/01/27^		21,210,000
	300,000	6.926%, 09/01/25~^		11,550,000
	571,201	PG&E Corp. 6.000%, 12/01/27		24,841,532
				80,796,532
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $448,672,954)		447,801,745
COMMON STOCKS (55.9%)
		Communication Services (5.5%)
	925,796	Alphabet, Inc. - Class A~		147,016,405
	961,458	Alphabet, Inc. - Class C~		154,688,978
	1,006,546	AT&T, Inc.		27,881,324
	825,193	Comcast Corp. - Class A~		28,221,600
	149,159	Fox Corp. - Class A		7,426,627
	1,705,240	Interpublic Group of Companies, Inc.		42,835,629
	185,843	Match Group, Inc.		5,512,103
	386,714	Meta Platforms, Inc. - Class A~		212,305,986
	83,031	Netflix, Inc.~#		93,967,843
	132,919	T-Mobile U.S., Inc.		32,824,347
	473,025	Uber Technologies, Inc.#		38,319,755
	768,112	Verizon Communications, Inc.~		33,843,015
	372,562	Walt Disney Company~		33,884,514
				858,728,126
		Consumer Discretionary (5.6%)
	1,673,608	Amazon.com, Inc.~#		308,646,787
	825,000	Andretti Acquisition Corp. II - Class A#		8,448,000
	142,161	Aptiv, PLC#		8,111,707
	6,916	Booking Holdings, Inc.~		35,266,620
	188,200	Caesars Entertainment, Inc.^#		5,092,692
	596,053	Carnival Corp.#		10,931,612
	439,185	Chipotle Mexican Grill, Inc.#		22,187,626
	52,730	Darden Restaurants, Inc.~		10,579,747
	160,188	DR Horton, Inc.~		20,238,152
	150,215	eBay, Inc.		10,238,654
	766,913	Ford Motor Company~		7,676,799
	287,928	General Motors Company		13,025,863
	199,420	Home Depot, Inc.~		71,888,916
	171,353	Las Vegas Sands Corp.		6,283,515
	161,330	Lowe's Companies, Inc.~		36,066,935
	36,643	Lululemon Athletica, Inc.#		9,921,825
	127,397	McDonald's Corp.		40,722,451

NUMBER OF SHARES			VALUE
	23,333	MKDWELL Tech, Inc.#	$	6,533
	26,250	Next.e.GO, NV#		3
	270,288	NIKE, Inc. - Class B~		15,244,243
	409,787	Norwegian Cruise Line Holdings, Ltd.^#		6,568,886
	16,103	O'Reilly Automotive, Inc.#		22,788,966
	91,054	Ross Stores, Inc.~		12,656,506
	221,143	Starbucks Corp.~		17,702,497
	492,218	Tesla, Inc.~#		138,884,231
	250,238	TJX Companies, Inc.~		32,200,626
	925,000	Vine Hill Capital Investment Corp. - Class A#		9,481,250
				880,861,642
		Consumer Staples (3.4%)
	150,779	Archer-Daniels-Midland Company~		7,199,697
	54,349	Boston Beer Company, Inc. - Class A#		13,358,984
	96,899	Church & Dwight Company, Inc.		9,625,947
	642,928	Coca-Cola Company		46,644,426
	149,405	Colgate-Palmolive Company~		13,773,647
	74,890	Constellation Brands, Inc. - Class A		14,044,871
	59,336	Costco Wholesale Corp.~		59,009,652
	45,738	Dollar General Corp.~		4,285,193
	82,620	Dollar Tree, Inc.^#		6,755,837
	56,848	Estee Lauder Companies, Inc. - Class A		3,408,606
	163,418	General Mills, Inc.		9,272,337
	120,449	Kellanova		9,969,564
	89,771	Kimberly-Clark Corp.		11,830,022
	215,181	Kroger Company		15,538,220
	423,794	Mondelez International, Inc. - Class A		28,873,085
	186,564	Monster Beverage Corp.#		11,216,228
	197,694	PepsiCo, Inc.~		26,803,353
	354,141	Philip Morris International, Inc.~		60,685,602
	347,814	Procter & Gamble Company~		56,544,122
	161,669	Sysco Corp.		11,543,167
	100,041	Target Corp.~		9,673,965
	986,901	Walmart, Inc.~		95,976,122
				526,032,647
		Energy (2.2%)
	710,103	ChampionX Corp.		17,134,785
	384,617	Chevron Corp.		52,330,989
	246,857	ConocoPhillips~		21,999,896
	95,744	Core Natural Resources, Inc.		6,913,674
	73,884	EOG Resources, Inc.~		8,151,622

NUMBER OF SHARES			VALUE
	782,667	Exxon Mobil Corp.~	$	82,673,115
	529,497	Hess Corp.		68,331,588
	511,337	Kinder Morgan, Inc.		13,448,163
	154,548	Marathon Petroleum Corp.		21,236,441
	86,428	Noble Corp., PLC		1,878,945
	158,700	Occidental Petroleum Corp.^		6,254,367
	102,503	ONEOK, Inc.		8,421,646
	71,944	Phillips 66~		7,486,493
	228,072	Schlumberger, NV		7,583,394
	69,603	Valero Energy Corp.~		8,080,212
	258,002	Williams Companies, Inc.		15,111,177
				347,036,507
		Financials (7.7%)
	127,095	Aflac, Inc.~		13,812,685
	99,155	Allstate Corp.~		19,671,360
	113,483	American Express Company~		30,233,006
	49,684	Ameriprise Financial, Inc.		23,402,158
	88,636	Arthur J Gallagher & Company		28,424,679
	74,523	Assurant, Inc.~		14,363,563
	2,015,048	Bank of America Corp.~		80,360,114
	185,037	Bank of New York Mellon Corp.		14,878,825
	267,494	Berkshire Hathaway, Inc. - Class B~#		142,641,175
	19,198	Blackrock, Inc.		17,551,963
	97,486	Blackstone, Inc.		12,839,881
	88,105	Cboe Global Markets, Inc.		19,541,689
	347,744	Charles Schwab Corp.~		28,306,362
	114,239	Chubb, Ltd.~		32,681,493
	280,417	Citigroup, Inc.~		19,174,914
	39,928	CME Group, Inc.		11,063,250
	112,300	Discover Financial Services		20,513,841
	117,797	Fiserv, Inc.#		21,741,792
	66,770	Global Payments, Inc.		5,095,219
	107,630	Goldman Sachs Group, Inc.~		58,932,807
	500,000	HCM II Acquisition Corp. - Class A#		5,450,000
	420,818	Huntington Bancshares, Inc.		6,114,486
	44,512	Jack Henry & Associates, Inc.		7,719,716
	486,840	JPMorgan Chase & Company~		119,090,801
	49,389	M&T Bank Corp.		8,384,277
	137,018	Marsh & McLennan Companies, Inc.		30,893,448
	168,581	Mastercard, Inc. - Class A~		92,392,503
	149,289	MetLife, Inc.~		11,251,912
	252,032	Morgan Stanley~		29,089,533
	159,696	Mr. Cooper Group, Inc.#		19,005,421
	79,109	Northern Trust Corp.		7,434,664

NUMBER OF SHARES			VALUE
	134,861	PayPal Holdings, Inc.#	$	8,879,248
	59,451	Prudential Financial, Inc.~		6,106,212
	51,605	S&P Global, Inc.		25,805,080
	74,715	State Street Corp.~		6,582,392
	66,267	Travelers Companies, Inc.~		17,503,103
	151,091	US Bancorp		6,095,011
	361,954	Visa, Inc. - Class A~		125,055,107
	939,679	Wells Fargo & Company~		66,726,606
				1,214,810,296
		Health Care (6.3%)
	257,089	Abbott Laboratories		33,614,387
	322,491	AbbVie, Inc.~		62,917,994
	170,212	Agilent Technologies, Inc.		18,314,811
	492,439	Amedisys, Inc.#		46,732,461
	72,290	Amgen, Inc.~		21,030,607
	190,254	Baxter International, Inc.^		5,930,217
	61,787	Becton Dickinson & Company		12,795,470
	36,970	Biogen, Inc.~#		4,476,328
	579,412	Boston Scientific Corp.#		59,604,112
	117,062	Centene Corp.#		7,006,161
	49,815	Cigna Group		16,939,093
	220,049	CVS Health Corp.~		14,679,469
	149,332	Danaher Corp.~		29,766,348
	100,959	Dexcom, Inc.#		7,206,453
	168,965	Edwards Lifesciences Corp.~#		12,755,168
	152,291	Eli Lilly & Company~		136,901,994
	63,814	GE HealthCare Technologies, Inc.		4,488,039
	233,726	Gilead Sciences, Inc.		24,901,168
	50,337	HCA Healthcare, Inc.		17,370,292
	30,532	Humana, Inc.		8,006,712
	84,165	Intuitive Surgical, Inc.#		43,412,307
	51,266	IQVIA Holdings, Inc.#		7,949,819
	404,926	Johnson & Johnson~		63,293,983
	45,282	Labcorp Holdings, Inc.		10,913,415
	31,722	McKesson Corp.		22,611,124
	269,078	Medtronic, PLC		22,807,051
	509,229	Merck & Company, Inc.~		43,386,311
	1,860,332	Pfizer, Inc.~		45,410,704
	12,272	Regeneron Pharmaceuticals, Inc.~		7,347,983
	18,620	Solventum Corp.#		1,231,154
	43,766	Stryker Corp.~		16,364,983
	87,699	Thermo Fisher Scientific, Inc.~		37,622,871
	187,467	UnitedHealth Group, Inc.~		77,131,422
	45,721	Vertex Pharmaceuticals, Inc.#		23,294,849
	47,324	Zimmer Biomet Holdings, Inc.~		4,876,738
	121,123	Zoetis, Inc.		18,943,637
				992,035,635

NUMBER OF SHARES			VALUE
		Industrials (4.5%)
	74,485	3M Company	$	10,346,711
	52,290	Allegion, PLC		7,278,768
	99,717	Automatic Data Processing, Inc.		29,974,930
	353,123	AZEK Company, Inc.#		17,500,776
	133,126	Boeing Company~#		24,394,008
	286,902	Carrier Global Corp.		17,942,851
	143,229	Caterpillar, Inc.~		44,296,433
	751,995	CSX Corp.~		21,108,500
	51,666	Deere & Company		23,950,291
	76,079	Eaton Corp., PLC		22,395,375
	201,647	Emerson Electric Company~		21,195,116
	47,860	GE Vernova, Inc.		17,747,445
	54,997	Generac Holdings, Inc.#		6,290,557
	44,319	General Dynamics Corp.		12,060,086
	191,440	General Electric Company		38,582,818
	167,773	Honeywell International, Inc.		35,316,216
	8,617	Hubbell, Inc.		3,129,522
	63,229	Illinois Tool Works, Inc.~		15,169,269
	173,607	Johnson Controls International, PLC		14,565,627
	66,751	L3Harris Technologies, Inc.		14,686,555
	36,234	Lockheed Martin Corp.		17,310,794
	149,323	Masco Corp.		9,050,467
	39,774	Norfolk Southern Corp.		8,911,365
	36,015	Northrop Grumman Corp.		17,521,298
	66,731	Otis Worldwide Corp.		6,424,193
	157,481	PACCAR, Inc.		14,206,361
	93,588	Paychex, Inc.		13,768,667
	37,347	Paycom Software, Inc.^		8,454,987
	169,686	Pentair, PLC		15,395,611
	61,639	Quanta Services, Inc.		18,041,119
	358,196	RTX Corp.~		45,179,261
	330,947	Southwest Airlines Company~^		9,253,278
	145,355	Union Pacific Corp.~		31,347,259
	182,033	United Airlines Holdings, Inc.#		12,527,511
	120,372	United Parcel Service, Inc. - Class B		11,471,452
	22,869	United Rentals, Inc.		14,440,630
	49,775	Veralto Corp.		4,773,423
	58,864	Verisk Analytics, Inc.		17,449,056
	112,469	Waste Management, Inc.		26,245,766
	82,811	Xylem, Inc.		9,984,522
				709,688,874
		Information Technology (16.7%)
	99,208	Accenture, PLC - Class A~		29,678,073
	77,614	Adobe, Inc.#		29,103,698

NUMBER OF SHARES			VALUE
	354,168	Advanced Micro Devices, Inc.~#	$	34,478,255
	306,608	Amphenol Corp. - Class A~		23,593,486
	125,649	Analog Devices, Inc.		24,491,503
	125,000	Ansys, Inc.~#		40,235,000
	2,644,678	Apple, Inc.~		561,994,075
	160,656	Applied Materials, Inc.~		24,212,466
	172,169	Arista Networks, Inc.#		14,164,344
	45,021	Autodesk, Inc.#		12,347,009
	163,049	Blackbaud, Inc.#		9,870,986
	834,754	Broadcom, Inc.~		160,665,102
	897,294	Cisco Systems, Inc.~		51,800,783
	129,673	Cognizant Technology Solutions Corp. - Class A~		9,540,043
	57,736	Crowdstrike Holdings, Inc. - Class A#		24,761,238
	27,096	Enphase Energy, Inc.#		1,208,211
	43,790	Gartner, Inc.#		18,439,093
	252,343	HP, Inc.		6,452,410
	733,646	Intel Corp.~		14,746,285
	119,870	International Business Machines Corp.		28,986,963
	65,477	Intuit, Inc.		41,084,853
	1,478,989	Juniper Networks, Inc.		53,716,880
	186,730	Lam Research Corp.		13,382,939
	302,881	Micron Technology, Inc.~		23,306,693
	1,330,030	Microsoft Corp.~		525,707,658
	71,995	NetApp, Inc.		6,461,551
	4,423,834	NVIDIA Corp.~		481,843,999
	71,027	NXP Semiconductors, NV		13,090,986
	111,063	ON Semiconductor Corp.#		4,409,201
	329,547	Oracle Corp.		46,373,854
	400,619	Palantir Technologies, Inc. - Class A#		47,449,314
	160,797	Palo Alto Networks, Inc.#		30,057,783
	64,913	PTC, Inc.#		10,059,568
	215,873	QUALCOMM, Inc.		32,048,506
	205,028	Salesforce, Inc.~		55,093,074
	45,606	ServiceNow, Inc.#		43,554,186
	101,234	Skyworks Solutions, Inc.^		6,507,322
	79,222	Super Micro Computer, Inc.^#		2,524,013
	64,983	TE Connectivity, PLC		9,512,212
	102,062	Teradyne, Inc.		7,574,021
	116,774	Texas Instruments, Inc.~		18,689,679
	62,021	Twilio, Inc. - Class A#		5,998,051
	29,431	Tyler Technologies, Inc.#		15,989,862
	37,930	Workday, Inc. - Class A#		9,292,850
				2,624,498,078

NUMBER OF SHARES			VALUE
		Materials (1.2%)
	59,455	Air Products & Chemicals, Inc.~	$	16,117,656
	3,987,500	Amcor, PLC		36,685,000
	48,473	Avery Dennison Corp.		8,294,215
	168,968	Corteva, Inc.		10,474,326
	168,968	Dow, Inc.		5,168,731
	152,155	DuPont de Nemours, Inc.		10,040,708
	462,999	Freeport-McMoRan, Inc.		16,681,854
	129,887	Linde, PLC		58,868,685
	73,008	PPG Industries, Inc.		7,947,651
	43,730	Sherwin-Williams Company		15,433,192
				185,712,018
		Other (0.1%)
	500,000	Jackson Acquisition Company II#		5,165,000
	600,000	Live Oak Acquisition Corp. V#		6,108,000
	300,000	NewHold Investment Corp. III#		3,024,000
	600,000	Stellar V Capital Corp.#		6,204,000
				20,501,000
		Real Estate (1.1%)
	50,637	Alexandria Real Estate Equities, Inc.		3,679,284
	69,869	American Tower Corp.~		15,749,171
	97,616	Camden Property Trust		11,108,701
	134,454	Crown Castle, Inc.		14,219,855
	75,949	Digital Realty Trust, Inc.		12,192,852
	13,386	Equinix, Inc.		11,522,000
	511,755	Healthpeak Properties, Inc.		9,129,709
	60,366	Mid-America Apartment Communities, Inc.		9,637,432
	199,690	Prologis, Inc.~		20,408,318
	33,243	Public Storage~		9,987,195
	288,117	Realty Income Corp.		16,670,450
	145,080	Redfin Corp.#		1,379,711
	94,000	Regency Centers Corp.		6,784,920
	146,244	UDR, Inc.		6,124,699
	118,271	Welltower, Inc.		18,046,972
	225,885	Weyerhaeuser Company		5,852,680
				172,493,949
		Special Purpose Acquisition Companies (0.4%)
	9,673	Ai Transportation Acquisition Corp.#		106,403
	50,000	Alchemy Investments Acquisition Corp. 1#		587,500
	24,591	Black Hawk Acquisition Corp. - Class A#		260,296
	1,250,000	Everest Consolidator Acquisition Corp.‡‡‡		14,462,500

NUMBER OF SHARES			VALUE
INVESTMENT IN AFFILIATED FUND (2.1%)
		Other (2.1%)
	35,117,150	Calamos Short-Term Bond Fund (Cost $350,000,000)	$	336,071,124
WARRANTS (0.0%)#
		Communication Services (0.0%)
	200,000	PSQ Holdings, Inc. 07/19/28, Strike $11.50		39,280
		Consumer Discretionary (0.0%)
	22,968	Allurion Technologies, Inc. 08/01/30, Strike $8.10		744
	412,500	Andretti Acquisition Corp. II 10/24/29, Strike $11.50		74,250
	83,333	Carbon Revolution, PLC 11/03/28, Strike $11.50		2,342
	750,000	Classover Holdings, Inc. 04/07/30, Strike $11.50		35,625
	25,000	ECARX Holdings, Inc. 12/21/27, Strike $11.50		1,253
	75,000	flyExclusive, Inc. 05/28/28, Strike $11.50		6,187
	20,000	Grove Collaborative Holdings 06/16/27, Strike $11.50		265
	35,000	Lanvin Group Holdings, Ltd. 12/14/27, Strike $11.50		789
	33,333	Lotus Technology, Inc. 02/23/29, Strike $11.50		3,800
	140,000	MKDWELL Tech, Inc. 07/31/29, Strike $11.50		1,673
	200,000	Nogin, Inc. 08/26/27, Strike $11.50		20
	25,000	United Homes Group, Inc. 01/28/28, Strike $11.50		8,250
	462,500	Vine Hill Capital Investment Corp. 10/25/29, Strike $11.50		77,561
				212,759
		Consumer Staples (0.0%)
	83,333	African Agriculture Holdings, Inc. 12/31/27, Strike $11.50		8
	500,000	Psyence Biomedical, Ltd. 01/25/29, Strike $11.50		5,050
				5,058
		Energy (0.0%)
	250,000	AleAnna, Inc. 12/13/29, Strike $11.50		75,275
	25,000	Crown Lng Holdings, Ltd. 10/18/28, Strike $11.50		1,075
	250,000	New Era Helium, Inc. 12/06/29, Strike $11.50		18,425

NUMBER OF SHARES			VALUE
	350,000	Rubicon Technologies, Inc. 08/15/27, Strike $11.50	$	376
	459,150	SCHMID Group, NV 08/25/28, Strike $11.50		169,886
	100,000	Smx Security Matters, PLC 03/07/28, Strike $11.50		2,860
	192,245	Spectaire Holdings, Inc. 10/17/28, Strike $11.50		827
	250,000	SpringBig Holdings, Inc. 06/14/27, Strike $11.50		225
	250,000	Syntec Optics Holdings, Inc. 11/08/28, Strike $11.50		11,250
	20,000	Veea, Inc. 09/17/29, Strike $11.50		1,694
	500,000	Zapata Computing Holdings, Inc. 03/23/28, Strike $11.50		1,100
				874,431
		Materials (0.0%)
	126,666	Bolt Projects Holdings, Inc. 08/12/29, Strike $11.50		5,092
	500,000	Lifezone Metals, Ltd. 07/05/28, Strike $11.50		106,500
	177,835	Niocorp Developments, Ltd. 03/17/28, Strike $0.89		81,804
				193,396
		Other (0.0%)
	500,000	Critical Metals Corp. 02/23/29, Strike $11.50		115,000
	525,800	Devvstream Corp. 10/28/26, Strike $1.00		53
	250,000	FST Corp. 10/15/29, Strike $11.50		25
	625,000	TNL Mediagene 12/05/29, Strike $11.50		6,250
	200,000	Zoomcar Holdings, Inc. 07/01/28, Strike $11.50		2,240
				123,568
		Special Purpose Acquisition Companies (0.0%)
	500,000	Aetherium Acquisition Corp. 01/03/29, Strike $11.50		50
	25,000	Alchemy Investments Acquisition Corp. 1 06/26/28, Strike $11.50		4,470
	750,000	Altenergy Acquisition Corp. 11/02/28, Strike $11.50		825
	500,000	APx Acquisition Corp. I 08/19/28, Strike $11.50		500
	250,000	Athena Technology Acquisition Corp. II
		10/17/28, Strike $11.50		17,500

NUMBER OF SHARES			VALUE
	686,522	Perception Capital Corp IV 11/10/26, Strike $11.50	$	13,730
	144,093	Perception Capital Corp. III 06/18/23, Strike $11.50		14
	500,000	Pinstripes Holdings, Inc. 09/30/28, Strike $11.50		4,925
	250,000	Plum Acquisition Corp III 03/31/28, Strike $11.50		27,800
	50,000	Pyrophyte Acquisition Corp. 05/03/28, Strike $11.50		11,750
	1,000,000	Rigel Resource Acquisition Corp. 11/05/26, Strike $11.50		1,000
	40,000	RMG Acquisition Corp. III 02/08/26, Strike $11.50		100
	133,333	Ross Acquisition Corp. II 02/12/26, Strike $11.50		12,027
	150,000	Roth CH Acquisition Company 10/29/28, Strike $11.50		6,045
	1,000,000	ShoulderUp Technology Acquisition Corp. 07/26/23, Strike $11.50		25,000
	166,666	Silverbox Corp. IV 09/24/29, Strike $11.50		61,666
	7,500	Slam Corp. 02/23/26, Strike $11.50		870
	500,000	Southport Acquisition Corp. 05/24/28, Strike $11.50		99,950
	12,384	Spark I Acquisition Corp. 11/27/28, Strike $11.50		1,611
	250,000	Spree Acquisition Corp. 1, Ltd. 12/22/28, Strike $11.50		7,175
	333,333	Target Global Acquisition I Corp. 12/31/27, Strike $11.50		7,100
	328,694	Tlgy Acquisition Corp. 01/14/28, Strike $11.50		57,521
	266,666	Zalatoris II Acquisition Corp. 05/13/27, Strike $11.50		10,613
				1,033,290
		TOTAL WARRANTS (Cost $4,452,038)		4,061,718
RIGHTS (0.0%)#
		Consumer Staples (0.0%)
	277,808	Mirati Therapeutics, Inc., (Expires 12/31/99)‡‡‡		277,808
		Special Purpose Acquisition Companies (0.0%)
	9,673	AI Transportation Acquisition Corp., (Expires 10/25/24)		1,451
	4,918	Black Hawk Acquisition Corp., (Expires 6/20/25)		7,869

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Real Estate (0.0%)
	150	JPY	Daiwa House Industry Company, Ltd.
	53,940,000,000		Call, 03/30/29, Strike 93.88	$	1,873,494
	50	JPY	Daiwa House Industry Company, Ltd.
	17,980,000,000		Call, 03/30/29, Strike 94.87		652,864
	100	JPY	Relo Group, Inc.
	1,881,000,000,000		Call, 12/17/27, Strike 92.68		596,042
					3,122,400
			Communication Services (0.0%)
	90	JPY	Cyberagent, Inc.
	3,330,000,000		Call, 11/16/29, Strike 88.81		1,288,596
	50	JPY	Cyberagent, Inc.
	1,850,000,000		Call, 11/16/29, Strike 89.46		691,272
					1,979,868
			Materials (0.0%)
	130	JPY	JFE Holdings, Inc.
	16,978,000,000		Call, 09/08/28, Strike 94.99		909,908
	130	JPY	Kansai Paint Company, Ltd.
	2,795,000,000,000		Call, 03/08/29, Strike 94.43		1,215,934
	100	JPY	Kobe Steel, Ltd.
	1,669,000,000,000		Call, 12/14/28, Strike 92.11		540,635
					2,666,477
			Information Technology (0.0%)
	100	JPY	Ibiden Company, Ltd.
	24,750,000,000		Call, 03/14/31, Strike 91.31		741,930
					741,930
			TOTAL OVER THE COUNTER PURCHASED OPTIONS (Cost $14,273,919)		32,281,247
EXCHANGE-TRADED PURCHASED OPTIONS (0.7%)#
			Other (0.7%)
	9,000		S&P 500 Index
	5,012,154,000		Put, 06/30/25, Strike $5,200.00		71,955,000
	7,000		S&P 500 Index
	3,898,342,000		Put, 05/30/25, Strike $5,200.00		28,840,000
	2,500		S&P 500 Index
	1,392,265,000		Put, 05/30/25, Strike $5,000.00		5,475,000
	1,000		S&P 500 Index
	556,906,000		Put, 07/31/25, Strike $4,800.00		5,425,000
					111,695,000
			Consumer Discretionary (0.0%)
	780		PDD Holdings, Inc.
	8,234,460		Call, 10/17/25, Strike $130.00		440,700
					440,700
			TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost $157,536,874)		112,135,700

NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.4%)
	692,816,793		State Street Navigator Securities Lending Government Money Market Portfolio, 4.339%†*** (Cost $692,816,793)	$	692,816,793
			TOTAL INVESTMENTS (105.6%) (Cost $12,747,727,743)		16,598,782,449
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.4%)					(692,816,793	)
LIABILITIES, LESS OTHER ASSETS (-1.2%)					(189,875,725	)
NET ASSETS (100.0%)				$	15,716,089,931
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-19.1%)#
			Communication Services (-1.0%)
	(40,000	)	AST SpaceMobile, Inc.		(928,400	)
	(3,500	)	Charter Communications, Inc. - Class A		(1,371,510)
	(472,000	) JPY	CyberAgent, Inc.		(4,042,272	)
	(133,413	)	Live Nation Entertainment, Inc.		(17,670,552	)
	(165,406	)	Lyft, Inc. - Class A		(2,051,035	)
	(69,347	)	Match Group, Inc.		(2,056,832	)
	(386,002	)	Omnicom Group, Inc.		(29,397,912	)
	(146,846	)	Snap, Inc. - Class A		(1,168,894	)
	(106,200	)	Sphere Entertainment Company		(2,893,950	)
	(101,000	)	Spotify Technology, SA		(62,011,980	)
	(291,400	)	Uber Technologies, Inc.		(23,606,314	)
	(206,448	)	Weibo Corp. (ADR)		(1,672,229	)
	(24,929	)	Ziff Davis, Inc.		(736,153	)
					(149,608,033	)
			Consumer Discretionary (-3.2%)
	(1,342,000	)	Alibaba Group Holding, Ltd. (ADR)		(160,275,060)
	(1,271,000	)	Carnival Corp.		(23,310,140	)
	(65,100	)	Cheesecake Factory, Inc.		(3,279,087	)
	(157,300	)	DraftKings, Inc. - Class A		(5,236,517	)
	(1,440,100	) JPY	EDION Corp.		(19,197,305	)
	(143,759	)	Etsy, Inc.		(6,250,641	)
	(240,800	)	Ford Motor Company		(2,410,408	)
	(1,200,000	)	GameStop Corp. - Class A		(33,432,000	)
	(20,000	)	Groupon, Inc.		(364,200	)
	(170,736	)	Guess?, Inc.		(1,920,780	)
	(235,000	)	JD.com, Inc. (ADR)		(7,665,700	)
	(977,400	) JPY	Kyoritsu Maintenance Company, Ltd.		(20,637,646)

NUMBER OF SHARES				VALUE
	(381,900	)	Li Auto, Inc. (ADR)	$	(9,314,541	)
	(2,066,400	)	NIO, Inc. (ADR)		(8,368,920	)
	(552,200	)	Norwegian Cruise Line Holdings, Ltd.		(8,851,766)
	(78,700	) JPY	Park24 Company, Ltd.		(1,113,788	)
	(2,411,000	)	Peloton Interactive, Inc. - Class A		(16,611,790	)
	(2,883,200	)	Rivian Automotive, Inc. - Class A		(39,384,512	)
	(23,700	)	Shake Shack, Inc. - Class A		(2,079,438	)
	(482,355	)	Stride, Inc.		(68,614,999	)
	(1,091,600	) JPY	Takashimaya Company, Ltd.		(8,390,463	)
	(261,600	)	Trip.com Group, Ltd. (ADR)		(15,431,784	)
	(1,075,902	)	Wayfair, Inc. - Class A		(32,449,204	)
	(1,580,000	) HKD	Wynn Macau, Ltd.		(1,057,326	)
					(495,648,015	)
			Consumer Staples (-0.1%)
	(96,089	)	Freshpet, Inc.		(7,066,385	)
	(123,900	) JPY	Nippn Corp.		(1,949,748	)
	(107,400	)	Post Holdings, Inc.		(12,154,458	)
	(15,000	)	Spectrum Brands Holdings, Inc.		(946,500	)
					(22,117,091	)
			Energy (-0.3%)
	(273,211	)	Chevron Corp.		(37,173,089	)
	(74,468	)	Northern Oil & Gas, Inc.		(1,809,572	)
	(141,200	)	World Kinect Corp.		(3,542,708	)
					(42,525,369	)
			Financials (-1.0%)
	(429,130	)	Apollo Global Management, Inc.		(58,567,662	)
	(245,200	)	Ares Management Corp. - Class A		(37,400,356)
	(104,633	)	Coinbase Global, Inc. - Class A		(21,228,989	)
	(310,000	)	KKR & Company, Inc.		(35,423,700	)
	(1,196,000	) HKD	Ping An Insurance Group Company of China, Ltd. - Class H		(7,186,240)
	(45,000	)	Starwood Property Trust, Inc.		(863,550	)
	(188,024	)	WisdomTree, Inc.		(1,635,809	)
					(162,306,306	)
			Health Care (-1.0%)
	(43,700	)	Alnylam Pharmaceuticals, Inc.		(11,503,588	)
	(62,600	)	Alphatec Holdings, Inc.		(687,348	)
	(60,580	)	Amphastar Pharmaceuticals, Inc.		(1,478,758	)
	(195,466	)	Bridgebio Pharma, Inc.		(7,498,076	)
	(981,990	)	BrightSpring Health Services, Inc.		(17,214,285	)
	(22,956	)	CONMED Corp.		(1,127,369	)
	(55,257	)	Dexcom, Inc.		(3,944,245	)
	(49,406	)	Envista Holdings Corp.		(794,449	)
	(92,000	)	Evolent Health, Inc. - Class A		(907,120	)
	(36,400	)	Haemonetics Corp.		(2,293,928	)

NUMBER OF SHARES				VALUE
	(460,224	)	Halozyme Therapeutics, Inc.	$	(28,266,958	)
	(220,900	)	Innoviva, Inc.		(4,128,621	)
	(281,574	)	Insmed, Inc.		(20,273,328	)
	(52,733	)	Integer Holdings Corp.		(6,660,705	)
	(107,580	)	Ionis Pharmaceuticals, Inc.		(3,303,782	)
	(22,800	)	iRhythm Technologies, Inc.		(2,437,092	)
	(67,692	)	Jazz Pharmaceuticals, PLC		(7,917,256	)
	(49,580	)	Lantheus Holdings, Inc.		(5,173,177	)
	(68,400	)	Merck & Company, Inc.		(5,827,680	)
	(88,500	)	Merit Medical Systems, Inc.		(8,358,825	)
	(107,198	)	Pacira BioSciences, Inc.		(2,883,626	)
	(102,663	)	Sarepta Therapeutics, Inc.		(6,406,171	)
	(188,298	)	Tandem Diabetes Care, Inc.		(3,172,821	)
					(152,259,208	)
			Industrials (-2.8%)
	(198,100	) JPY	ANA Holdings, Inc.		(3,790,751	)
	(106,878	)	Axon Enterprise, Inc.		(65,548,277	)
	(442,400	)	Bloom Energy Corp. - Class A		(8,104,768	)
	(291,400	)	Boeing Company		(53,396,136	)
	(132,797	)	Chart Industries, Inc.		(17,924,939	)
	(181,333	)	Fluor Corp.		(6,326,708	)
	(133,056	)	Granite Construction, Inc.		(10,816,122	)
	(66,880	)	Greenbrier Companies, Inc.		(2,837,050	)
	(544,500	) JPY	INFRONEER Holdings, Inc.		(4,649,843	)
	(34,800	)	JBT Marel Corp.		(3,663,048	)
	(95,700	)	Middleby Corp.		(12,761,595	)
	(129,298	) EUR	Rheinmetall, AG		(219,566,483	)
	(624,300	) JPY	Seino Holdings Company, Ltd.		(9,815,544	)
	(4,086,000	) SGD	Singapore Airlines, Ltd.		(20,991,547	)
					(440,192,811	)
			Information Technology (-6.8%)
	(21,800	)	Advanced Energy Industries, Inc.		(2,123,538	)
	(296,322	)	Akamai Technologies, Inc.		(23,877,627	)
	(101,700	)	Alarm.com Holdings, Inc.		(5,451,120	)
	(111,500	)	Alkami Technology, Inc.		(2,975,935	)
	(60,700	)	BILL Holdings, Inc.		(2,766,099	)
	(131,669	)	Blackline, Inc.		(6,218,727	)
	(512,321	)	Box, Inc. - Class A		(15,994,662	)
	(77,994	)	Cloudflare, Inc. - Class A		(9,420,115	)
	(57,312	)	Confluent, Inc. - Class A		(1,364,599	)
	(78,439	)	CSG Systems International, Inc.		(4,716,537	)
	(27,800	)	Datadog, Inc. - Class A		(2,840,048	)
	(662,200	)	Dropbox, Inc. - Class A		(18,905,810	)
	(4,734	)	Enphase Energy, Inc.		(211,089	)
	(33,000	)	Five9, Inc.		(829,620	)
	(38,864	)	Guidewire Software, Inc.		(7,958,181	)
	(1,988,789	)	Hewlett Packard Enterprise Company		(32,258,158)

NUMBER OF SHARES				VALUE
	(25,800	) JPY	Ibiden Company, Ltd.	$	(713,118	)
	(129,041	)	InterDigital, Inc.		(25,937,241	)
	(178,565	)	Itron, Inc.		(19,872,499	)
	(4,183,000	) HKD	Lenovo Group, Ltd.		(4,848,776	)
	(175,153	)	Lumentum Holdings, Inc.		(10,341,033	)
	(665,000	)	MARA Holdings, Inc.		(8,891,050	)
	(766,000	)	Microchip Technology, Inc.		(35,297,280	)
	(638,710	)	MicroStrategy, Inc. - Class A		(242,780,058	)
	(48,100	)	MKS Instruments, Inc.		(3,373,734	)
	(134,048	)	Nova, Ltd.		(26,301,558	)
	(188,321	)	Nutanix, Inc. - Class A		(12,937,653	)
	(380,700	)	ON Semiconductor Corp.		(15,113,790	)
	(227,709	)	PagerDuty, Inc.		(3,531,767	)
	(1,823,646	)	Palo Alto Networks, Inc.		(340,894,147	)
	(49,992	)	Parsons Corp.		(3,342,465	)
	(219,700	)	Progress Software Corp.		(13,173,212	)
	(86,800	)	Rapid7, Inc.		(2,050,216	)
	(294,000	)	Riot Platforms, Inc.		(2,128,560	)
	(164,400	)	Seagate Technology Holdings, PLC		(14,965,332)
	(161,645	)	Shift4 Payments, Inc. - Class A		(13,222,561	)
	(15,000	)	Shopify, Inc. - Class A		(1,425,000	)
	(295,060	)	Snowflake, Inc. - Class A		(47,059,119	)
	(106,500	)	Super Micro Computer, Inc.		(3,393,090	)
	(37,600	)	Synaptics, Inc.		(2,092,816	)
	(18,800	)	Synopsys, Inc.		(8,629,388	)
	(36,000	)	Unity Software, Inc.		(758,520	)
	(138,700	)	Varonis Systems, Inc.		(5,941,908	)
	(105,900	)	Vertex, Inc. - Class A		(4,239,177	)
	(156,646	)	Vishay Intertechnology, Inc.		(2,034,831	)
	(888,113	)	Western Digital Corp.		(38,952,636	)
	(103,100	)	Workiva, Inc.		(7,760,337	)
	(137,000	)	Xerox Holdings Corp.		(604,170	)
	(2,225,000	) HKD	Xiaomi Corp. - Class B*		(14,330,129	)
					(1,074,849,036	)
			Materials (-0.4%)
	(206,550	)	Albemarle Corp.		(12,093,503	)
	(3,200,000	)	Amcor, PLC		(29,440,000	)
	(25,000	) JPY	ARE Holdings, Inc.		(310,358	)
	(59,100	) JPY	JFE Holdings, Inc.		(686,152	)
	(183,000	) JPY	Kansai Paint Company, Ltd.		(2,751,783	)
	(149,000	) JPY	Kobe Steel, Ltd.		(1,739,271	)
	(367,743	)	MP Materials Corp.		(8,994,994	)
					(56,016,061	)
			Real Estate (-0.4%)
	(179,500	) JPY	Daiwa House Industry Company, Ltd.		(6,471,692)
	(24,500	)	Digital Realty Trust, Inc.		(3,933,230	)

NUMBER OF SHARES				VALUE
	(28,300	)	Federal Realty Investment Trust	$	(2,660,766	)
	(79,000	) JPY	Relo Group, Inc.		(1,039,299	)
	(19,500	)	Rexford Industrial Realty, Inc.		(645,450	)
	(220,000	)	Ventas, Inc.		(15,417,600	)
	(252,400	)	Welltower, Inc.		(38,513,716	)
					(68,681,753	)
			Utilities (-2.1%)
	(152,700	)	Alliant Energy Corp.		(9,320,808	)
	(84,260	)	American Water Works Company, Inc.		(12,387,063)
	(223,000	)	CenterPoint Energy, Inc.		(8,647,940	)
	(52,000	)	CMS Energy Corp.		(3,829,800	)
	(133,500	)	Duke Energy Corp.		(16,289,670	)
	(414,000	)	Evergy, Inc.		(28,607,400	)
	(160,000	)	FirstEnergy Corp.		(6,860,800	)
	(944,800	)	NextEra Energy, Inc.		(63,188,224	)
	(1,223,500	)	PG&E Corp.		(20,212,220	)
	(48,500	)	Pinnacle West Capital Corp.		(4,616,230	)
	(490,000	)	PPL Corp.		(17,885,000	)
	(808,147	)	Southern Company		(74,260,628	)
	(501,200	)	UGI Corp.		(16,434,348	)
	(463,800	)	WEC Energy Group, Inc.		(50,795,376	)
					(333,335,507	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $2,603,428,313)		(2,997,539,190	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $2,603,428,313)		(2,997,539,190	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
EXCHANGE-TRADED WRITTEN OPTIONS (-2.7%)#
			Communication Services (0.0%)
	(2,400	)	AST SpaceMobile, Inc.
	(5,570,400	)	Call, 01/15/27, Strike $30.00		(2,298,000	)
	(955	)	Sphere Entertainment Company
	(2,602,375	)	Call, 01/16/26, Strike $35.00		(334,250	)
					(2,632,250	)
			Consumer Discretionary (0.0%)
	(1,560	)	PDD Holdings, Inc.
	(16,468,920	)	Call, 10/17/25, Strike $160.00		(234,000	)
					(234,000	)

COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust European Company	Monetary Unit	05/23/25		15,521,000	$	17,602,087	$	(84,263	)
State Street Bank and Trust	Singapore Dollar	05/23/25		2,856,000		2,188,866		41,837
							$	(42,426	)
COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	Singapore Dollar	05/23/25		1,378,000	$	1,056,113	$	(3,409	)
State Street Bank and Trust	Singapore Dollar	05/23/25		2,279,000		1,746,648		(47,995	)
State Street Bank British Pound and Trust	Sterling	05/23/25		8,099,000		10,794,193		(581,774	)
State Street Bank European and Trust	Monetary Unit	05/23/25		9,857,000		11,178,647		(864,676	)
Bank of New York	European Monetary Unit	05/23/25		11,521,000		13,065,759		(471,981	)
State Street Bank and Trust	Singapore Dollar	05/23/25		23,905,000		18,321,026		(363,058	)
Northern Trust European Company	Monetary Unit	05/23/25		19,640,000		22,273,371		(1,611,070	)

Calamos Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Convertible Fund

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Calamos Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Convertible Fund

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Calamos Convertible Fund

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Calamos Dividend Growth Fund

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Calamos Dividend Growth Fund

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Calamos Dividend Growth Fund

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Calamos Dividend Growth Fund

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Calamos Evolving World Growth Fund

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Calamos Evolving World Growth Fund

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Calamos Evolving World Growth Fund

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Calamos Evolving World Growth Fund

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Calamos Global Convertible Fund

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Calamos Global Convertible Fund

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Calamos Global Convertible Fund

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Calamos Global Convertible Fund

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Calamos Global Equity Fund

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Calamos Global Equity Fund

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©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

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©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

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RESTRICTED SECURITY	ACQUISITION DATE	ACQUISITION COST
SmileDirectClub, Inc.	02/05/2021	$	12,518,360
	TOTAL	$	12,518,360

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)
Bank of America NA	Lucid Group, Inc.	Equity returns on 436,825 shares of Lucid Group, Inc.	1 mo. SOFR Plus 1.000%	07/03/25	Monthly	$	1,013,434	$	—	$	(82,997	)	$	(82,997	)
Bank of America NA	Lucid Group, Inc.	Equity returns on 2,082,125 shares of Lucid Group, Inc.	1 mo. SOFR Plus 1.000%	04/01/30	Monthly		4,830,530		—		(395,604	)		(395,604	)
Citibank NA	Lucid Group, Inc.	Equity returns on 1,528,900 shares of Lucid Group, Inc.	1 mo. SOFR Plus 1.000%	07/03/25	Monthly		3,669,360		—		(168,179	)		(168,179	)
Citibank NA	Lucid Group, Inc.	Equity returns on 7,287,500 shares of Lucid Group, Inc.	1 mo. SOFR Plus 1.000%	04/01/30	Monthly		17,490,000		—		(801,625	)		(801,625	)
								$	—	$	(1,448,405	)	$	(1,448,405	)

NUMBER OF SHARES			VALUE
COMMON STOCKS (95.2%)
		Communication Services (9.3%)
	76,837	Alphabet, Inc. - Class A~	$	12,201,716
	76,657	Alphabet, Inc. - Class C		12,333,345
	77,047	AT&T, Inc.		2,134,202
	66,505	Comcast Corp. - Class A		2,274,471
	12,298	Fox Corp. - Class A		612,317
	14,221	Match Group, Inc.		421,795
	30,837	Meta Platforms, Inc. - Class A		16,929,513
	6,356	Netflix, Inc.#		7,193,212
	10,172	T-Mobile U.S., Inc.		2,511,975
	36,528	Uber Technologies, Inc.#		2,959,133
	63,476	Verizon Communications, Inc.		2,796,753
	30,838	Walt Disney Company		2,804,716
				65,173,148
		Consumer Discretionary (9.9%)
	133,375	Amazon.com, Inc.~#		24,597,017
	10,881	Aptiv, PLC#		620,870
	549	Booking Holdings, Inc.		2,799,505
	14,406	Caesars Entertainment, Inc.#^		389,826
	49,066	Carnival Corp.#		899,870
	32,923	Chipotle Mexican Grill, Inc.#		1,663,270
	4,254	Darden Restaurants, Inc.		853,522
	13,219	DR Horton, Inc.		1,670,088
	11,532	eBay, Inc.^		786,021
	58,697	Ford Motor Company		587,557
	22,036	General Motors Company		996,908
	16,183	Home Depot, Inc.		5,833,810
	13,676	Las Vegas Sands Corp.		501,499
	13,212	Lowe's Companies, Inc.		2,953,675
	2,975	Lululemon Athletica, Inc.#		805,541
	10,241	McDonald's Corp.		3,273,536
	20,687	NIKE, Inc. - Class B~		1,166,747
	31,362	Norwegian Cruise Line Holdings, Ltd.#^		502,733
	1,276	O'Reilly Automotive, Inc.#		1,805,795
	7,332	Ross Stores, Inc.		1,019,148
	17,775	Starbucks Corp.~		1,422,889
	39,073	Tesla, Inc.#		11,024,838
	20,491	TJX Companies, Inc.		2,636,782
				68,811,447
		Consumer Staples (5.9%)
	12,455	Archer-Daniels-Midland Company		594,726
	7,987	Church & Dwight Company, Inc.		793,428
	51,658	Coca-Cola Company~		3,747,788
	12,030	Colgate-Palmolive Company		1,109,046
	5,676	Constellation Brands, Inc. - Class A		1,064,477

NUMBER OF SHARES			VALUE
	4,912	Costco Wholesale Corp.	$	4,884,984
	3,844	Dollar General Corp.		360,144
	6,623	Dollar Tree, Inc.#		541,563
	4,351	Estee Lauder Companies, Inc. - Class A		260,886
	13,140	General Mills, Inc.		745,564
	9,967	Kellanova		824,969
	7,429	Kimberly-Clark Corp.		978,994
	17,293	Kroger Company		1,248,727
	34,707	Mondelez International, Inc. - Class A		2,364,588
	15,006	Monster Beverage Corp.#		902,161
	15,844	PepsiCo, Inc.~		2,148,129
	29,002	Philip Morris International, Inc.~		4,969,783
	28,483	Procter & Gamble Company		4,630,481
	12,943	Sysco Corp.		924,130
	8,192	Target Corp.		792,166
	73,299	Walmart, Inc.~		7,128,328
				41,015,062
		Energy (3.2%)
	31,988	Chevron Corp.		4,352,287
	21,706	ConocoPhillips		1,934,439
	6,121	EOG Resources, Inc.		675,330
	62,303	Exxon Mobil Corp.		6,581,066
	14,090	Hess Corp.		1,818,314
	41,177	Kinder Morgan, Inc.		1,082,955
	12,437	Marathon Petroleum Corp.		1,708,968
	12,227	Occidental Petroleum Corp.^		481,866
	8,254	ONEOK, Inc.		678,149
	5,781	Phillips 66		601,571
	17,420	Schlumberger, NV		579,215
	5,754	Valero Energy Corp.		667,982
	20,780	Williams Companies, Inc.		1,217,085
				22,379,227
		Financials (13.7%)
	8,535	Aflac, Inc.		927,584
	6,556	Allstate Corp.		1,300,645
	9,130	American Express Company		2,432,323
	4,016	Ameriprise Financial, Inc.		1,891,616
	7,311	Arthur J Gallagher & Company		2,344,565
	6,029	Assurant, Inc.		1,162,030
	162,108	Bank of America Corp.~		6,464,867
	14,878	Bank of New York Mellon Corp.		1,196,340
	22,096	Berkshire Hathaway, Inc. - Class B#		11,782,692
	1,544	Blackrock, Inc.		1,411,617
	7,623	Blackstone, Inc.		1,004,025
	6,793	Cboe Global Markets, Inc.		1,506,687
	28,496	Charles Schwab Corp.		2,319,574

NUMBER OF SHARES			VALUE
	9,078	Chubb, Ltd.	$	2,597,034
	21,464	Citigroup, Inc.		1,467,708
	3,212	CME Group, Inc.		889,981
	8,719	Discover Financial Services		1,592,700
	9,743	Fiserv, Inc.#		1,798,266
	5,396	Global Payments, Inc.		411,769
	8,662	Goldman Sachs Group, Inc.~		4,742,878
	32,205	Huntington Bancshares, Inc.		467,939
	3,683	Jack Henry & Associates, Inc.		638,743
	39,213	JPMorgan Chase & Company		9,592,284
	3,989	M&T Bank Corp.		677,173
	11,338	Marsh & McLennan Companies, Inc.		2,556,379
	12,904	Mastercard, Inc. - Class A~		7,072,166
	12,363	MetLife, Inc.		931,799
	20,097	Morgan Stanley		2,319,596
	6,393	Northern Trust Corp.		600,814
	10,321	PayPal Holdings, Inc.#		679,535
	4,789	Prudential Financial, Inc.		491,878
	4,153	S&P Global, Inc.		2,076,708
	5,633	State Street Corp.		496,267
	5,334	Travelers Companies, Inc.		1,408,869
	14,757	US Bancorp~		595,297
	29,276	Visa, Inc. - Class A		10,114,858
	75,872	Wells Fargo & Company~		5,387,671
				95,352,877
		Health Care (10.6%)
	21,184	Abbott Laboratories		2,769,808
	26,316	AbbVie, Inc.		5,134,252
	13,582	Agilent Technologies, Inc.		1,461,423
	5,960	Amgen, Inc.		1,733,883
	14,872	Baxter International, Inc.		463,560
	4,975	Becton Dickinson & Company		1,030,273
	3,099	Biogen, Inc.#		375,227
	43,880	Boston Scientific Corp.#		4,513,936
	9,676	Centene Corp.#		579,109
	4,111	Cigna Group		1,397,904
	18,180	CVS Health Corp.		1,212,788
	11,872	Danaher Corp.		2,366,446
	7,726	Dexcom, Inc.#		551,482
	13,846	Edwards Lifesciences Corp.#		1,045,234
	12,186	Eli Lilly & Company~		10,954,605
	5,097	GE HealthCare Technologies, Inc.		358,472
	19,367	Gilead Sciences, Inc.		2,063,360
	4,055	HCA Healthcare, Inc.		1,399,299
	2,619	Humana, Inc.		686,807
	6,938	Intuitive Surgical, Inc.#		3,578,620
	3,926	IQVIA Holdings, Inc.#		608,805

NUMBER OF SHARES			VALUE
	33,502	Johnson & Johnson	$	5,236,698
	3,839	Labcorp Holdings, Inc.		925,237
	2,530	McKesson Corp.		1,803,359
	20,540	Medtronic, PLC		1,740,970
	40,055	Merck & Company, Inc.		3,412,686
	81,222	Pfizer, Inc.		1,982,629
	988	Regeneron Pharmaceuticals, Inc.		591,575
	1,425	Solventum Corp.#		94,221
	3,618	Stryker Corp.		1,352,843
	7,092	Thermo Fisher Scientific, Inc.~		3,042,468
	14,629	UnitedHealth Group, Inc.		6,018,956
	3,775	Vertex Pharmaceuticals, Inc.#		1,923,362
	3,598	Zimmer Biomet Holdings, Inc.		370,774
	9,631	Zoetis, Inc.		1,506,288
				74,287,359
		Industrials (8.0%)
	5,701	3M Company		791,926
	4,314	Allegion, PLC		600,509
	8,220	Automatic Data Processing, Inc.		2,470,932
	10,491	Boeing Company#		1,922,371
	22,488	Carrier Global Corp.		1,406,400
	11,455	Caterpillar, Inc.~		3,542,688
	60,819	CSX Corp.~		1,707,189
	4,136	Deere & Company		1,917,284
	5,674	Eaton Corp., PLC		1,670,255
	16,231	Emerson Electric Company		1,706,040
	3,823	GE Vernova, Inc.		1,417,645
	4,209	Generac Holdings, Inc.#		481,425
	3,589	General Dynamics Corp.		976,639
	15,296	General Electric Company		3,082,756
	13,749	Honeywell International, Inc.		2,894,165
	711	Hubbell, Inc.		258,221
	5,114	Illinois Tool Works, Inc.		1,226,900
	13,191	Johnson Controls International, PLC		1,106,725
	5,713	L3Harris Technologies, Inc.		1,256,974
	2,881	Lockheed Martin Corp.		1,376,398
	12,068	Masco Corp.		731,442
	3,281	Norfolk Southern Corp.		735,108
	2,950	Northrop Grumman Corp.~		1,435,175
	5,402	Otis Worldwide Corp.		520,051
	12,662	PACCAR, Inc.		1,142,239
	7,726	Paychex, Inc.		1,136,649
	2,773	Paycom Software, Inc.		627,779
	12,986	Pentair, PLC		1,178,220
	4,848	Quanta Services, Inc.		1,418,961
	29,334	RTX Corp.		3,699,897
	25,923	Southwest Airlines Company^		724,807

NUMBER OF SHARES			VALUE
	11,457	Union Pacific Corp.	$	2,470,817
	14,973	United Airlines Holdings, Inc.#		1,030,442
	9,677	United Parcel Service, Inc. - Class B		922,218
	1,801	United Rentals, Inc.		1,137,241
	3,956	Veralto Corp.		379,380
	4,856	Verisk Analytics, Inc.		1,439,464
	9,295	Waste Management, Inc.		2,169,081
	6,677	Xylem, Inc.		805,046
				55,517,459
		Information Technology (28.9%)
	8,124	Accenture, PLC - Class A		2,430,295
	5,941	Adobe, Inc.#		2,227,756
	27,112	Advanced Micro Devices, Inc.#		2,639,353
	25,233	Amphenol Corp. - Class A		1,941,679
	10,074	Analog Devices, Inc.		1,963,624
	212,174	Apple, Inc.~		45,086,975
	12,298	Applied Materials, Inc.		1,853,432
	14,156	Arista Networks, Inc.#		1,164,614
	3,512	Autodesk, Inc.#		963,166
	66,774	Broadcom, Inc.		12,851,992
	74,197	Cisco Systems, Inc.		4,283,393
	9,850	Cognizant Technology Solutions Corp. - Class A		724,664
	4,597	Crowdstrike Holdings, Inc. - Class A#		1,971,515
	2,074	Enphase Energy, Inc.#		92,480
	3,631	Gartner, Inc.#		1,528,941
	20,249	HP, Inc.		517,767
	62,656	Intel Corp.		1,259,386
	9,908	International Business Machines Corp.		2,395,953
	5,196	Intuit, Inc.~		3,260,334
	15,500	Lam Research Corp.		1,110,885
	24,004	Micron Technology, Inc.~		1,847,108
	106,720	Microsoft Corp.~		42,182,147
	5,455	NetApp, Inc.		489,586
	354,252	NVIDIA Corp.		38,585,128
	5,433	NXP Semiconductors, NV		1,001,356
	8,500	ON Semiconductor Corp.#		337,450
	26,394	Oracle Corp.~		3,714,164
	31,352	Palantir Technologies, Inc. - Class A#		3,713,331
	12,860	Palo Alto Networks, Inc.#		2,403,920
	5,206	PTC, Inc.#		806,774
	17,346	QUALCOMM, Inc.		2,575,187
	16,418	Salesforce, Inc.		4,411,681
	3,489	ServiceNow, Inc.#		3,332,030
	7,747	Skyworks Solutions, Inc.		497,977
	6,920	Super Micro Computer, Inc.#^		220,471
	5,267	TE Connectivity, PLC		770,983

NUMBER OF SHARES			VALUE
	7,812	Teradyne, Inc.	$	579,729
	9,659	Texas Instruments, Inc.		1,545,923
	2,371	Tyler Technologies, Inc.#		1,288,164
	3,091	Workday, Inc. - Class A#		757,295
				201,328,608
		Materials (1.7%)
	4,767	Air Products & Chemicals, Inc.		1,292,286
	3,897	Avery Dennison Corp.		666,816
	13,588	Corteva, Inc.		842,320
	13,585	Dow, Inc.		415,565
	12,214	DuPont de Nemours, Inc.		806,002
	38,304	Freeport-McMoRan, Inc.		1,380,093
	10,654	Linde, PLC		4,828,713
	6,040	PPG Industries, Inc.		657,514
	3,698	Sherwin-Williams Company		1,305,098
				12,194,407
		Real Estate (1.9%)
	4,152	Alexandria Real Estate Equities, Inc.		301,684
	5,219	American Tower Corp.		1,176,415
	7,360	Camden Property Trust		837,568
	10,348	Crown Castle, Inc.		1,094,404
	5,814	Digital Realty Trust, Inc.		933,380
	954	Equinix, Inc.		821,155
	38,809	Healthpeak Properties, Inc.		692,353
	4,967	Mid-America Apartment Communities, Inc.		792,982
	15,283	Prologis, Inc.		1,561,923
	2,736	Public Storage		821,976
	22,815	Realty Income Corp.		1,320,076
	7,747	Regency Centers Corp.		559,178
	12,028	UDR, Inc.		503,733
	9,731	Welltower, Inc.		1,484,853
	18,110	Weyerhaeuser Company		469,230
				13,370,910
		Utilities (2.1%)
	29,640	AES Corp.^		296,400
	11,605	American Electric Power Company, Inc.		1,257,286
	9,039	Consolidated Edison, Inc.		1,019,147
	23,357	Dominion Energy, Inc.		1,270,154
	14,781	Duke Energy Corp.		1,803,578
	6,539	Edison International		349,902
	13,234	Entergy Corp.		1,100,672
	25,704	Exelon Corp.		1,205,517
	14,970	FirstEnergy Corp.		641,913
	23,776	NextEra Energy, Inc.		1,590,139
	18,291	NiSource, Inc.		715,361
	11,495	Public Service Enterprise Group, Inc.		918,795

NUMBER OF SHARES				VALUE
	16,408		Southern Company	$	1,507,731
	13,174		Xcel Energy, Inc.		931,402
					14,607,997
			TOTAL COMMON STOCKS (Cost $420,142,566)		664,038,501
EXCHANGE-TRADED FUND (3.4%)
			Other (3.4%)
	42,633		SPDR^® S&P 500^® ETF Trust^ (Cost $24,359,483)		23,641,704
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
EXCHANGE-TRADED PURCHASED OPTION (3.9%)#
			Other (3.9%)
	835		S&P 500 Index
	465,016,510		Put, 12/19/25, Strike $5,600.00 (Cost $23,630,524)		27,058,175
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.7%)
	25,890,733		State Street Navigator Securities Lending Government Money Market Portfolio, 4.339%†*** (Cost $25,890,733)		25,890,733
			TOTAL INVESTMENTS (106.2%) (Cost $494,023,306)		740,629,113
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.7%)					(25,890,733	)
LIABILITIES, LESS OTHER ASSETS (-2.5%)					(17,093,264	)
NET ASSETS (100.0%)				$	697,645,116
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
EXCHANGE-TRADED WRITTEN OPTIONS (-2.7%)#
			Other (-2.7%)
			S&P 500 Index
	(200	)
	(111,381,200	)	Put, 12/19/25, Strike $4,500.00		(1,790,000	)
	(410	)
	(228,331,460	)	Call, 12/19/25, Strike $5,600.00		(16,904,300	)
					(18,694,300	)
			TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premium $27,483,266)	$	(18,694,300	)

NUMBER OF SHARES				VALUE
COMMON STOCKS (80.2%)
			Communication Services (8.3%)
	271,000		Alphabet, Inc. - Class A~	$	43,034,800
	774,000		Pinterest, Inc. - Class A~#		19,597,680
	178,000		Reddit, Inc. - Class A#		20,749,460
					83,381,940
			Consumer Discretionary (5.2%)
	153,000		Amazon.com, Inc.~#		28,216,260
	102,500		Marriott International, Inc. - Class A~		24,454,450
					52,670,710
			Consumer Staples (2.0%)
	109,500		Constellation Brands, Inc. - Class A~		20,535,630
			Financials (4.6%)
	223,000		Morgan Stanley		25,738,660
	293,800		Wells Fargo & Company~		20,862,738
					46,601,398
			Health Care (8.0%)
	110,000		IQVIA Holdings, Inc.~#		17,057,700
	66,500		UnitedHealth Group, Inc.~		27,360,760
	353,000		Zimmer Biomet Holdings, Inc.~		36,376,650
					80,795,110
			Industrials (28.3%)
	238,000		3M Company~		33,060,580
	1,013,000	GBP	BAE Systems, PLC		23,484,012
	316,000		Boeing Company~#		57,903,840
	216,000		Booz Allen Hamilton Holding Corp.~		25,924,320
	55,000		CACI International, Inc. - Class A#^		25,182,850
	400,000		Canadian Pacific Kansas City, Ltd.~^		28,988,000
	689,000	EUR	Deutsche Lufthansa, AG		4,950,908
	185,000		L3Harris Technologies, Inc.~		40,703,700
	104,500		Union Pacific Corp.~		22,536,470
	343,450		United Airlines Holdings, Inc.~#		23,636,229
					286,370,909
			Information Technology (23.8%)
	338,000		BILL Holdings, Inc.#^		15,402,660
	116,000		Celestica, Inc.#^		9,900,600
	90,000		Datadog, Inc. - Class A#		9,194,400
	126,500		Fabrinet~#		25,940,090
	607,000		Flex, Ltd.#		20,844,380
	116,500		Microsoft Corp.~		46,047,790
	95,500		MKS Instruments, Inc.~		6,698,370
	312,000		NVIDIA Corp.~		33,983,040
	197,500		Oracle Corp.~		27,792,200
	12,500		ServiceNow, Inc.#		11,937,625