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, 2018

DATE OF REPORTING PERIOD:                 November 1, 2017 through October 31, 2018

Experience and Foresight

About Calamos Investments

For over 40 years, we have helped investors like you manage and build wealth to meet long-term objectives. Because investors have different time horizons, risk tolerances and goals, we offer funds to suit a variety of asset allocation needs. Our 17 mutual funds include equity, fixed income, convertible and alternative funds. We offer U.S. funds as well as global and international choices.

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

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

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

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

TABLE OF CONTENTS
Letter to Shareholders	1
The Funds
Calamos Market Neutral Income Fund	4
Calamos Hedged Equity Income Fund	8
Calamos Phineus Long/Short Fund	11
Calamos Convertible Fund	16
Calamos Global Convertible Fund	20
Calamos Growth Fund	24
Calamos Growth and Income Fund	28
Calamos Dividend Growth Fund	32
Calamos Opportunistic Value Fund	36
Calamos International Growth Fund	40
Calamos Evolving World Growth Fund	44
Calamos Emerging Market Equity Fund	47
Calamos Global Equity Fund	50
Calamos Global Growth and Income Fund	54
Calamos Total Return Bond Fund	58
Calamos High Income Opportunities Fund	62
Calamos Short-Term Bond Fund	66
Expense Overview	69
Schedules of Investments	73
Statements of Assets and Liabilities	147
Statements of Operations	151
Statements of Changes In Net Assets	155
Notes to Financial Statements	161
Financial Highlights	193
Report of Independent Registered Public Accounting Firm	227
Trustee Approval of Management Agreement	229
Trustees and Officers	235
Tax Information	238

Letter to Shareholders

JOHN P. CALAMOS, SR.

Founder, Chairman and Global Chief Investment Officer

Dear Fellow Shareholder:

Welcome to your annual report for the 12-month period ended October 31, 2018. In this report, you will find commentary from the Calamos portfolio management teams, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Funds.

Market Review

The global economy continued to expand during the reporting period, with especially strong fundamentals in the United States. Nonetheless, markets experienced turbulence, with non-U.S. markets facing the greatest pressures. A variety of factors contributed to investor apprehension, including trade policy uncertainty, rising U.S. interest rates, political uncertainties, and fears of softening global growth. In October, anxiety intensified, resulting in a selloff across global financial markets.

For the 12 months overall, U.S. stocks and convertible securities outperformed global averages.¹ Within the fixed income market, high yield securities and shorter-term bonds were more resilient than investment-grade and longer-term issues.²

Outlook

The U.S. economy is likely to maintain its growth trajectory through 2019. Unemployment is low, inflation is contained, consumer and small business confidence are strong, and capital spending is increasing. Deregulation and tax reform have already provided a powerful tailwind for U.S. economic activity and corporate earnings, but we believe the full measure of these policies has yet to be fully reflected in the economy. We expect the Federal Reserve to continue raising interest rates slowly in response to healthy economic conditions, but we do not believe these gradual increases represent an imminent threat to the U.S. economy or markets. Political gridlock is likely, which market participants may welcome if the fiscal policies put in place over recent years remain intact.

Outside the U.S., economic fundamentals are less strong on a relative basis and there is a wide range of political unknowns. However, there are a number of potential tailwinds for growth, such more stimulative fiscal policy in China and Europe, and supportive policies from global central banks. Additionally, many global investments are trading at what we believe are attractive prices.

www.calamos.com 1

Letter to Shareholders

As we look forward, we see continued opportunities in stocks, as well as in other economically sensitive areas of the market, such as convertible securities and high yield bonds. Selectivity and risk management will remain essential: Political, geopolitical, and interest rate uncertainties are likely to contribute to ongoing market volatility and shifts in market leadership as the economic cycle matures.

We believe the Calamos Funds are well positioned for the environment we expect. Our portfolio management teams are using rigorous research to take advantage of the volatility in the markets, adding to positions when valuations are attractive and locking in gains when prices rise. They remain highly attentive to the interests of the shareholders in the funds, including the need for appropriate levels of downside risk management.

Navigating Volatility: Strategies for Investors

Volatility can be challenging, but it is important to keep a long-term perspective about short-term market moves. Trying to time the day-to-day ups and downs in the markets is nearly impossible. Investors who make many quick moves often catch the downturns, but miss the rebounds.

If you are concerned about volatility, our fund family includes a breadth of strategies positioned with the aim of providing upside market participation with potentially less downside. These more defensive approaches include Calamos Convertible Fund (fund commentary on page 16), Calamos Growth and Income Fund (page 28) and Calamos Global Growth and Income Fund (page 54). Your financial advisor can tell you more about how these funds could support your asset allocation needs.

Your advisor may also discuss enhancing your portfolio’s diversification by adding liquid alternative strategies. For example, Calamos Market Neutral Income Fund (page 4) can serve as an alternative to traditional fixed income strategies. For a defensive equity allocation, our alternatives include Calamos Hedged Equity Income Fund (page 8) and Calamos Phineus Long/Short Fund (page 11).

Introducing Calamos Short-Term Bond Fund

Fixed income funds can play an important role in an asset allocation strategy, providing diversification for stock allocations as well as opportunities for income. This year, we launched Calamos Short-Term Bond Fund for investors who seek high current income but are also concerned with principal preservation. The Fund’s strategy, managed by the Calamos Investment Management team and led by Co-Chief Investment Officer Matt Freund, has the flexibility to invest in a broad investment universe, which I believe provides enhanced opportunities to generate income and manage risk. You can read more about the Fund in the commentary that begins on page 66.

2 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Letter to Shareholders

Conclusion

On behalf of all of us at Calamos Investments, thank you for entrusting us with your assets. I encourage you to visit our website, www.calamos.com, on an ongoing basis for updates about the Funds and the markets, as well as additional information about asset allocation.

Sincerely,

John P. Calamos, Sr.

Founder, Chairman and Global Chief Investment Officer

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information which can be obtained by calling 800.582.6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Opinions are as of the publication date, subject to change and may not come to pass. Information is for informational purposes only and should not be considered investment advice.

Diversification and asset allocation do not guarantee a profit or protection against a loss.

¹  The MSCI All Country World Index is a measure of global stock market performance, which returned 0.00% for the 12-month period ending October 31, 2018. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. For the 12-month period, the index returned 7.35%. The ICE BofAML All U.S. Convertibles Ex Mandatory Index represents the U.S. convertible securities market excluding mandatory convertibles. The index returned 4.05% for the 12-month period. The Thomson Reuters Global Convertible Bond Index is designed to broadly represent the global convertible bond market. The index returned -1.36% for the 12-month period.

²  The Bloomberg Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. For the 12-month period ended October 31, 2018, the index returned -2.05%. The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index measures the performance of high yield corporate bonds with a maximum allocation of 2% to any one issuer. The index returned 0.98% for the 12-month period ended October 31, 2018. The Bloomberg Barclays U.S. Government/Credit 1-3 Years Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. The index returned 0.34% for the 12-month period. The Bloomberg Barclays U.S. Government/Credit Index comprises long-term government and investment grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. The index returned -2.31% for the 12-month period.

Source: Lipper, Inc. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, that should be carefully considered prior to investing.

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

www.calamos.com 3

Calamos Market Neutral Income Fund

OVERVIEW

The fund’s core market strategies include covered call writing and convertible arbitrage. Together, these strategies intend to provide the fund with an enhanced potential for risk-managed returns due to their differing responses to volatility.

KEY FEATURES

◾ One of the first alternative mutual funds capitalizes on more than three decades of experience in the convertible space

◾ Lower correlation with most fixed income benchmarks provides a means to dampen volatility

◾ Risk-management focus blends strategies to achieve the most appropriate risk/reward profile

PORTFOLIO FIT

The fund may provide potential diversification, particularly in a low-interest-rate environment.

FUND NASDAQ SYMBOLS
A Shares	CVSIX
C Shares	CVSCX
I Shares	CMNIX
FUND CUSIP NUMBERS
A Shares	128119203
C Shares	128119849
I Shares	128119880

CALAMOS MARKET NEUTRAL INCOME FUND

INVESTMENT TEAM DISCUSSION

For the 12-month period ended October 31, 2018, Calamos Market Neutral Income Fund returned 3.79% (Class A shares at net asset value), strongly outperforming both the -2.31% loss of the Bloomberg Barclays U.S. Government/Credit Bond Index and the 1.62% increase for the Citigroup 30-Day U.S. Treasury Bill Index.

For both the 5-year and 10-year periods ended October 31, 2018, the Fund’s A shares return ranked in the 15th percentile and 18th percentile, respectively, in the Morningstar Market Neutral category peer group.* Launched more than 25 years ago, the strategy is one of the first liquid alternative mutual funds and blends two main strategies, convertible arbitrage and covered call writing. In addition to offering an attractive historical risk/reward profile, the Fund may enhance long-term portfolio diversification potential, especially versus fixed income securities.

Both strategies utilized in the Fund, convertible arbitrage and covered call writing, contributed positively to performance during a period that included rising interest rates. Since its inception on September 4, 1990, the Fund gained 6.23% on an annualized basis (Class A Shares at net asset value). For the same period, the Bloomberg Barclays U.S. Government/Credit Bond Index gained 5.86%, while the Citigroup 30-Day U.S. Treasury bill Index returned 2.51%.

What factors influenced performance during the reporting period?

The Fund’s fiscal year was characterized by several bouts of volatility that were conducive to the Fund’s ability to “monetize volatility” through frequent rebalancing of our option and convertible arbitrage hedges. The convertible and equity markets began the period (toward the end of 2017) in positive territory as investors cheered strong corporate earnings, the passing of corporate and individual tax reform, a smooth Fed Chairman transition, low unemployment and stronger economic growth. In February 2018, these positive sentiments were challenged by concerns of rising inflation and interest rates, President Trump’s tariffs, and uncertainty regarding the midterm elections. The S&P 500 Index began the period with a 12% gain, corrected 10% in late January and into February 2018, then bounced back 8%, only to see another 7% correction toward the end of March. The markets then rose fairly steadily until October when yet another 7% drop occurred.

As the markets saw significant advances, the profit on long convertible positions outpaced losses on the short common stock positions, while the long call options in our option trading strategy provided positive returns. When the markets declined, the portfolio’s short equity positions delivered larger gains than long convertible losses and the long puts provided downside protection and profits. As the markets swung back and forth, we opportunistically rebalanced our hedges and generated trading profits.

The Fund also performed well against a backdrop of rising interest rates and delivered on its premise of providing bond-like results without taking on bond-like risk exposures. The Federal Reserve hiked its target fed funds rate range by 25 basis points four times during the period to between 2.00% and 2.25%. The 3-year U.S. Treasury yield increased from 1.73% to 2.93%, while the 5-year U.S. Treasury yield moved from 2.01% to 2.98%. The 10-year U.S. Treasury yield increased from 2.38% to 3.15% and traded above 3% for the first time since January 2014.

* Data is as of 10/31/18. Morningstar category percentile ranking is based on annualized total return for the 5-year and 10-year periods. Calamos Market Neutral Income Fund Class A Shares were in the 17th, 17th, 15th, and 18th percentiles of 161, 131, 94 and 34 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Market Neutral category.

4 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Market Neutral Income Fund

The CBOE Volatility Index (VIX) increased from 10.18 at the beginning of the period to 21.23 at period end, but attained a high of 37.32 on February 5, 2018. Elevated option skew^† was present during the majority of the reporting period though it declined as volatility spiked. The Credit Suisse “Fear Barometer” Index, an index that compares the relative value of calls versus puts, had begun the period at 32.26 (well above the 20.65 historical average), which indicated that calls were priced relatively cheap when compared to puts. While the index finished the year at 21.99, it maintained an elevated 29.13 level throughout the year. The Fund benefited by using call and put spreads while the option markets had steep skew, which provided an affordable opportunity to construct a favorable upside/downside risk/reward profile.

How is the Fund positioned?

At the end of the reporting period, the Fund had a roughly equal allocation between the convertible arbitrage (47.2%) and covered call writing (52.8%) strategies. Our outlook projects similar though complementary risk-adjusted returns for both strategies going forward. Within convertible arbitrage, robust new convertible issuance has provided opportunities to invest in new convertibles with favorable terms and valuations.

With regard to our call positioning, skew in the options market presented an attractive opportunity to utilize call and put spreads, which benefited the portfolio’s risk/reward. By using slightly closer to the money calls, buying out of the money calls, and adding near the money put spreads, we constructed a more effective hedge with equity sensitivity similar to our historical baseline positioning. More recently, higher volatility and flatter option skew has made our typical baseline positioning look more appealing. We continue to monitor the options market for the best opportunities available and will actively adjust our positioning as conditions warrant.

What closing thoughts do you have for Fund shareholders?

We continue to expect heightened volatility from a variety of sources going forward. President Trump’s recent focus on balancing trade through tariffs may fuel volatility as investors attempt to determine the magnitude and duration of impending tariffs. Additionally, investor speculation on when and to what degree global central banks may join the U.S. Federal Reserve in quantitative tightening should also stoke volatility in both the equity and fixed income markets. We remain enthusiastic about this environment being supportive to the Calamos Market Neutral Income Fund. The Fund derives benefits from “volatility in volatility” whether from the rebalancing opportunities that higher volatility provides within the convertible arbitrage strategy or the potential to receive higher call premiums in the covered call allocation.

As the market moves into the later innings of the economic cycle, investors are facing a dilemma in terms of how to reduce equity sensitivity without embracing the interest rate sensitivity of the bond market. The Fund has historically provided bond-like returns with bond-like risk without having bond-like interest rate sensitivity. The Fund also has provided lower correlations to other asset classes. Therefore, including the Fund in an investment portfolio should provide a means to reduce equity sensitivity and to help ensure stability in a market environment that turns increasingly volatile for both stocks and bonds.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

† Skew describes asymmetry from the normal distribution in a set of statistical data.

SECTOR WEIGHTINGS
Information Technology	29.2	%
Health Care	14.8
Consumer Discretionary	9.6
Financials	9.5
Communication Services	8.1
Industrials	6.1
Consumer Staples	4.4
Other	4.3
Energy	3.6
Utilities	3.0
Real Estate	2.7
Materials	2.0

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

www.calamos.com 5

Calamos Market Neutral Income Fund

6 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

ANNUALIZED RETURN: SINCE INCEPTION (9/4/90) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 2.25%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation, Lipper, Inc., and Mellon Analytical Solutions, LLC.

Calamos Market Neutral Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/4/90
Without Sales Charge		3.79	%		3.31	%		4.82	%
With Sales Charge		1.45			2.31			4.31
Class C Shares – Inception 2/16/00
Without Sales Charge		3.03			2.53			4.04
With Sales Charge		2.03			2.53			4.04
Class I Shares – Inception 5/10/00		4.02			3.55			5.08

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.28%; C shares is 2.03% and Class I shares is 1.02%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The Bloomberg Barclays U.S. Government/Credit Index is comprised of long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Index data shown for the Annualized Returns Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

The Citigroup 30-Day Treasury Bill Index is an unmanaged index generally considered representative of the performance of short-term money instruments. U.S. Treasury Bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the repayment of principal and interest at maturity. Index data shown for the Annualized Returns Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC

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

The Morningstar Market Neutral Category represents funds that attempt to eliminate the risks of the market by holding 50% of assets in long positions in stocks and 50% of assets in short positions.

The Credit Suisse Fear Barometer essentially tracks the willingness of investors to pay up for downside protection with collar trades on the S&P 500 Index.

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

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

www.calamos.com 7

Calamos Hedged Equity Income Fund

OVERVIEW

The fund is an alternative strategy that invests in equities and sells options with the aim of achieving the total return of equity markets with lower volatility. It utilizes a covered call strategy, which involves investing in a diversified portfolio of equities while using options to generate income and manage risk.

KEY FEATURES

◾ Draws upon almost a decade of experience in covered call writing and two decades of equity investing

◾ Option-based risk-management strategy attempts to lower the volatility of equity investments

◾ An alternative approach potentially provides upside participation in equity markets while limiting downside exposure

PORTFOLIO FIT

The fund provides an alternative strategy that can generate income and provide equity exposure with potentially lower volatility than equities.

FUND NASDAQ SYMBOLS
A Shares	CAHEX
C Shares	CCHEX
I Shares	CIHEX
FUND CUSIP NUMBERS
A Shares	128120698
C Shares	128120680
I Shares	128120672

CALAMOS HEDGED EQUITY INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Hedged Equity Income Fund gained 6.08% (Class A shares at net asset value) versus the S&P 500 Index gain of 7.35% and the Bloomberg Barclays U.S. Aggregate Bond Index decline of -2.05%. Since its inception on December 31, 2014, the Fund gained 4.73% on an annualized basis (Class A shares at net asset value), versus 9.67% for the S&P 500 Index and 1.11% for the Bloomberg Barclays U.S. Aggregate Bond Index.

In this strategy, we utilize covered call writing in which we sell call options for income and buy a basket of equities that represents the broad stock market. The selling prices of call options tend to be higher when volatility is higher.

What factors influenced performance during the reporting period?

The Fund’s fiscal year was characterized by several bouts of volatility that were conducive to the Fund’s ability to “monetize volatility” through frequent rebalancing of our option hedges. The equity market began the period (toward the end of 2017) in positive territory as investors cheered strong corporate earnings, the passing of corporate and individual tax reform, a smooth Fed Chairman transition, low unemployment and stronger economic growth. In February 2018, these positive sentiments were challenged by concerns surrounding rising inflation and interest rates, President Trump’s tariffs, and uncertainty regarding the midterm elections. The S&P 500 Index began the period with a 12% gain, corrected 10% in late January and into February, then bounced back 8%, only to see another 7% correction toward the end of March. The markets then rose fairly steadily until October when yet another 7% drop occurred. This was an environment that provided favorable opportunities to monetize volatility as we rebalanced our option hedges, improved risk/reward positioning, and locked in profits.

The CBOE Volatility Index (VIX) increased from 10.18 at the beginning of the period to 21.23 at period end, but attained a high of 37.32 on February 5, 2018. Elevated option skew* was present during the majority of the reporting period though it declined as volatility spiked. The Credit Suisse “Fear Barometer” Index, an index that compares the relative value of calls versus puts, had begun the period at 32.26 (well above the 20.65 historical average), which indicated that calls were priced relatively cheap when compared to puts. While the index finished the year at 21.99, it maintained an elevated 29.13 level throughout the year. The Fund benefited by using call and put spreads while the option markets had steep skew, which provided an affordable opportunity to create a favorable upside/downside risk/reward profile.

The Fund’s use of derivative instruments, including select equity options, index options, and foreign currency forward hedges, had a minimal, non-material impact on the performance figures for the one-year period

How is the Fund positioned?

Option Positioning. Skew in the options market presented an attractive opportunity to utilize call and put spreads, which benefited the portfolio’s risk/reward. By using

* Skew describes asymmetry from the normal distribution in a set of statistical data.

8 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Hedged Equity Income Fund

slightly closer to the money calls, buying out of the money calls, and adding near the money put spreads, we constructed a more effective hedge with equity sensitivity similar to our historical baseline positioning. We frequently adjusted the call and put quantities to maintain a balanced risk/reward. This positioning provided additional protection over and above our typical 40%–50% put notional minimum while adding upside participation potential. The trade-off has been a reduction in the income we received. However, given the low volatility and high skew in the options market, we felt this arrangement was warranted and opportunistic for the Fund.

More recently, however, higher volatility and flatter option skew has made our typical baseline positioning look more appealing. We continue to monitor the options market for the best opportunities available and will actively adjust our positioning as conditions warrant.

At the end of the period, our call spread positioning included calls written of 56% (0.5% in the money) and long calls of 139% (6.9% out of the money, “OTM”). The Fund’s net put protection consisted of 86% long puts (4.3% OTM) and 8% puts sold short (7.8% OTM).

Sector Positioning. At the end of the reporting period and relative to the S&P 500, the equity basket was very slightly overweight to the health care, consumer staples, information technology and utilities sectors. The portfolio had slight underweight positions to the industrials, materials, energy and financials sectors.

Market Cap Positioning. Relative to the S&P 500, the portfolio maintained a heavier relative weight to larger capitalization (>$20 billion) holdings and a lighter weight to small and mid-capitalization ($5 billion to $20 billion) names.

What closing thoughts do you have for Fund shareholders?

We continue to expect heightened volatility from a variety of sources going forward. President Trump’s recent focus on balancing trade through tariffs may continue to fuel volatility as investors attempt to determine the magnitude, duration and retaliatory pain of impending tariffs. Additionally, investor speculation on when and to what degree global central banks may join the U.S. Federal Reserve in quantitative tightening should also stoke volatility. As we continue to expect volatility in the equity markets, we remain enthusiastic about this environment being favorable to our current positioning in the Calamos Hedged Equity Income Fund. Should the equity markets continue to advance, we think the Fund is poised to participate in this upside while also providing income to purchase downside protection. Conversely, should markets retreat, we believe the put protection will serve to provide a measure of downside protection.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

SECTOR WEIGHTINGS
Information Technology	19.8	%
Health Care	14.7
Financials	13.3
Communication Services	10.1
Consumer Discretionary	9.5
Industrials	8.7
Consumer Staples	7.2
Energy	5.5
Utilities	3.0
Real Estate	2.7
Other	2.5
Materials	1.9

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

www.calamos.com 9

Calamos Hedged Equity Income Fund

GROWTH OF $10,000: SINCE INCEPTION (12/31/14) THROUGH 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		6.08	%		4.73	%
With Sales Charge		1.05			3.40
Class C Shares – Inception 12/31/2014
Without Sales Charge		5.31			3.97
With Sales Charge		4.31			3.97
Class I Shares – Inception 12/31/2014		6.38			5.02

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 2.15%; Class C is 3.04% and Class I is 2.07%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through 3/1/22 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.25%, 2.00%, 1.00% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The Bloomberg Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. Index data shown for the Since Inception Growth of $10,000 graph is from 6/30/07, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

The Credit Suisse Fear Barometer essentially tracks the willingness of investors to pay up for downside protection with collar trades on the S&P 500 Index.

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

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

10 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Phineus Long/Short Fund

CALAMOS PHINEUS LONG/SHORT FUND

INVESTMENT TEAM DISCUSSION

What is the essence of the investment approach?

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

A fundamental global approach that blends top-down and bottom-up considerations. Company analysis is integrated with industry, thematic and macro research.

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

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

How has the Fund performed?

For the 12-month period, ended October 31, 2018, Calamos Phineus Long/Short Fund decreased -0.34% (Class A shares at net asset value). The S&P 500 Index rose 7.35% and the MSCI World Index increased 1.71% over the period.

Our approach in 2018 has been one of caution and patience. This has proven fortuitous, as general market equity losses have accumulated as the year progressed. As we write this note in October, the bear trend has become more substantial, more geographically widespread and nastier with respect to individual stocks than the major U.S. benchmarks. In recent developments, the damage is extending (at last) to the former leaders: U.S. mega-cap growth technology.

We have been selective in the large-cap U.S. growth space since late 2017, partly due to our forecasted reversal of “growth momentum” caused in part by higher long-term interest rates. Another reason was the overcrowding or excess positioning that is typical of a late-stage bull market. Finally, many passive strategies that have influenced equity behavior since 2016 appeared ripe for disruption. With money flows focused on a few mega-cap leaders, our lack of exposure in high-profile names has impacted, both positively and negatively, the Fund’s performance for the reporting period.

Since its inception on May 1, 2002, the Fund has returned 10.60% on an annualized basis (Class A shares at net asset value) and markedly outperformed both the S&P 500 and MSCI World Indexes, which returned 7.87% and 7.17%, respectively, over the same period.

What contributed to performance over the 12-month period under review?

The largest contributors arose from long investments in the information technology and industrials sectors, while long exposure in financials and a short position hedge on the Powershares QQQ hindered performance. Notable contributors during the period

FUND OVERVIEW

The fund seeks strong risk-adjusted and absolute returns across the global equity universe. The fund uses a global long/short strategy to invest in publicly listed equity securities.

KEY FEATURES

◾ Fundamental global approach blends top-down and bottom-up considerations

◾ Flexible asset allocation allows for all investment styles, market caps and geographic regions depending on the market environment

◾ Comprehensive approach assesses stock, industry, style, country and market factors

◾ Knowledge-based industry concentration includes technology, communications, media, financials and health care

PORTFOLIO FIT

The fund seeks to provide strong risk-adjusted returns via an alternative solution that complements and diversifies a global or U.S. equity allocation.

FUND NASDAQ SYMBOLS
A Shares	CPLSX
C Shares	CPCLX
I Shares	CPLIX
FUND CUSIP NUMBERS
A Shares	128120656
C Shares	128120649
I Shares	128120631

www.calamos.com 11

Calamos Phineus Long/Short Fund

SECTOR WEIGHTINGS
Financials	38.3	%
Consumer Discretionary	12.0
Other	10.7
Health Care	8.6
Industrials	8.4
Communication Services	6.5
Information Technology	5.8
Materials	2.3
Consumer Staples	0.2

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

included long positions in United Continental Holdings, Inc.* (Industrials) and Zendesk, Inc.* (information technology). Detractors included a long position in American International Group (financials) and a short position on the Nasdaq Index via QQQ* (market hedge).

The Fund’s use of derivative instruments, including select equity options, index options, and foreign currency forward hedges, had a minimal, non-material impact on the performance figures for the one-year period

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

Our largest sector exposure is in financials, where valuations make sense and fundamentals are benefiting from the tailwind of higher rates. This positioning envisions a gradual market transition from higher-momentum growth to domestic cyclical and non-cyclical equity. Financials should be buoyed by rising rates, steady loan growth and benign credit quality. This critical assumption is based on deflation risk ending in Western economies, underpinned by a sound U.S. consumer. As valuations suggest, this is somewhat contrarian and offers insight into our year-to-date attribution.

We slightly increased our exposure to certain areas of industrials. The key with industrials is to avoid businesses exposed to the different economic landscape abroad. We believe industrials that are U.S.-biased with an emphasis on quality and late-cycle businesses will benefit accordingly.

We have maintained a presence in health care, preferring diversified companies rather than traditional pharmaceuticals. We believe they offer more upside for the same types of risk. Drug pricing remains vulnerable to a variety of political clouds that will come more into focus after the November 2018 midterm elections. The industry will struggle to emerge unscathed from the secular spending pressures, which are an outcome of demographic realities. We view the group as a defensive rather than a genuine growth class.

We have exited much of our long exposure in consumer staples. Many of these stocks have performed well of late, as investors have sought more defensive positioning, yet corporate fundamentals remain structurally unattractive. We continue to be selective here, focused on more discretionary names, where we expect a predictable earnings stream and accelerated free cash flow growth.

In Europe, which we believe requires a much more inflationary investment cycle to outperform, our view is more tactical than strategic. That said, we have select holdings that we believe will benefit from the continued strength of the U.S. consumer. The Fund has less than 10% of its long portfolio outside the U.S. And within the U.S., we are sensitive to any overseas exposure, particularly Asian demand or the global producer industries. With respect to the latter, for example, we continue to avoid the energy sector. In September, we closed down the Fund’s shorts in the EM space based on the view that some tactical bounce was overdue.

What are your closing thoughts for the coming year?

The equity bull market is fatigued because the monetary tide in the West is turning. This is confusing to investors who have long relied upon central banks to support economic growth. Instead, financial asset prices are deflating because the paucity of economic growth is no longer the problem. The long path to higher interest rates seems assured, and financial markets face the pain of this adjustment: in other words, the monetary drugs are slowly being withdrawn by the central bankers.

* Sold prior to period end.

12 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Phineus Long/Short Fund

This has been the year of fiscally enhanced, underestimated, late-cycle American expansion. Because we believe much of this strength is sustainable, the significance of the disruptive divergence between U.S. and non-U.S. activity continues to be underestimated. While many view this U.S. robustness as a “sugar high” or the consequence of financial engineering due to the Tax Cuts and Jobs Act, we suspect the U.S. has entered a new investment cycle led by capital spending and the ramifications of trade conflict outside the U.S.

The controversy begins with the macroeconomic repercussions of the tax reform that was signed into law last December. Such a massive transfer of resources from the public to private sector must trigger some kind of investment upswing. These tax cuts are occurring alongside deregulation that has encouraged the highest levels of confidence on record among U.S. small businesses. By boosting corporate profitability and extending the duration of corporate credit, fiscal initiatives have pushed out the cyclical risks for what is widely viewed as an aged expansion.

All of this suggests that the path to slower U.S. growth will not occur spontaneously, if at all in 2019. One caveat to this “stronger for longer” narrative could be weaker external demand due to slower growth of world output and trade. To some degree, domestic U.S. demand should be affected by rising costs and more restrictive monetary policy. But any slowdown in 2019 or 2020 will almost certainly be the consequence, not the cause of financial disruption. In our view, 2019 could well be good for Main Street, but much more problematic for Wall Street. Equity markets are adjusting to a world of less capital subsidization, higher interest rates and higher labor costs. What is confusing to many is that the U.S. engine of profitability may well motor through much of 2019, if not 2020.

Outside the U.S., we are not succumbing to the argument that EM equities must be attractive because they have declined so much. The return of credit risk implies an ongoing monetary squeeze for emerging economies, which remain the weakest links. Europe remains a sorry and sad affair—a multiplicity of political problems. Longer term, we expect the EU will gradually splinter, and political uncertainty could weigh on growth for years.

In summary, our forecast for equities can be described as a valuation reset rather than the emergence of a fundamental economic or earnings dislocation. From the peak of buying frenzy in January, we see a total decline of 20% to 25% into the eventual trough later in 2019. For now, equities can enjoy some respite as the uncertainty of U.S. politics is calmed after the November midterm elections. This will be temporary, and ongoing convulsions will continue to occur as the major economies end their overreliance on monetary opioids.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

www.calamos.com 13

Calamos Phineus Long/Short Fund

ANNUALIZED RETURN: SINCE INCEPTION (5/1/02) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: Morningstar, Inc.

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

14 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Phineus Long/Short Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEAR			10 YEARS
Class A Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		-0.34	%		5.22	%		9.52	%
With Sales Charge		-5.04			4.20			8.99
Class C Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		-1.09			4.43			8.71
With Sales Charge		-2.07			4.43			8.71
Class I Shares (With Predecessor) – Inception 5/1/2002		-0.10			5.49			9.81

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 2.80%; Class C shares is 3.55% and Class I shares is 2.54%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until October 31, 2016. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

The MSCI World Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of

the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 4/30/02 since data is only available for full monthly periods. Source: Lipper, Inc.

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Source: Lipper, Inc.

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

www.calamos.com 15

Calamos Convertible Fund

OVERVIEW

The fund invests primarily in convertible securities of U.S. companies that are diversified across market sector and credit quality.

KEY FEATURES

◾ Leverages more than three decades of research and experience in convertible security investing

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

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

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CCVIX
C Shares	CCVCX
I Shares	CICVX
FUND CUSIP NUMBERS
A Shares	128119401
C Shares	128119823
I Shares	128119864

CALAMOS CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Convertible Fund returned 3.43% (Class A shares at NAV) versus the ICE BofAML All U.S. Convertibles Index increase of 3.67%. For the same period, the S&P 500 Index gained 7.35% and the Value Line Convertible Index rose 11.23%.

Since its inception on June 21, 1985, the Fund returned 8.85% on an annualized basis (Class A Shares at NAV) compared with gains of 10.80% for the S&P 500 Index and 8.88% for the Value Line Convertible Index.

What factors influenced performance?

The Fund’s fiscal year was characterized by several bouts of volatility. The convertible and equity markets began the period in positive territory as investors cheered strong corporate earnings, the passing of corporate and individual tax reform, a smooth Fed Chairman transition, low unemployment and robust economic growth. However, these positive sentiments were then challenged by concerns surrounding rising inflation and interest rates, President Trump’s tariffs, and political uncertainty regarding the midterm elections. The S&P 500 Index corrected 10% in late January/early February, then bounced back 8% only to see another 7% correction before the end of April 2018. The markets then rose fairly steadily until October when investors witnessed another 7% decline. This volatility was conducive to our approach as our positioning allowed the portfolio to participate in some upside as the markets advanced, while also providing a measure of downside protection when the markets fell.

The Fund also performed well against a backdrop of rising interest rates. The Federal Reserve hiked its target Fed Funds rate range by 25 basis points four times during the period to between 2.00% and 2.25%. The 3-year U.S. Treasury yield increased from 1.73% to 2.93%, while the 5-year U.S. Treasury yield moved from 2.01% to 2.98%. The 10-year U.S. Treasury yield increased from 2.38% to 3.15%, trading above 3% for the first time since January, 2014.

The reporting period was most favorable to convertibles displaying balanced risk/reward attributes. Balanced convertibles represented roughly 44% of the U.S. convertible market at the end of the reporting period and were up 7.34% during the 12-month period as measured by the ICE BofAML Total Return U.S. Convertible Index (VTOT). Balanced convertibles outperformed credit sensitive (+4.09%) and equity sensitive (0.00%) convertibles as measured by the ICE BofAML Yield Alternative U.S. Convertible (VYLD) and ICE BofAML Equity Alternative U.S. Convertible (VEQU) indices. Our approach led us to underweight the most equity sensitive convertibles in favor of those with balanced risk-reward attributes.

Economic Sector Contributors

Health Care. Security selection in the health care sector contributed significantly to performance during the period. Positions within the biotechnology, pharmaceuticals and life sciences and tools industries outperformed on a relative basis.

Information Technology. An overweight allocation and security selection in the information technology sector also added value during the period. Portfolio holdings within the application software, systems software, and technology hardware, storage & peripherals finished ahead of their peers in the index.

16 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Convertible Fund

Economic Sector Detractors

Industrials. An overweight position and selection in industrials detracted from the Fund’s return. Portfolio holdings in the air freight & logistics, construction & engineering, and aerospace & defense industries notably underperformed.

Consumer Discretionary. An overweight position and selection within the consumer discretionary sector also held back results, as holdings within the internet & direct marketing retail and movies & entertainment industries lagged. Additionally, the portfolio had a relatively heavy average weight to the underperforming automobiles manufacturers industry.

How is the Fund positioned?

We favor the balanced portion of the convertible bond market, as it offers the most attractive risk/reward profile relative to the convertible’s underlying stock. We have actively rebalanced positions by selling convertibles that became more equity sensitive as their underlying stocks increased and used the proceeds to purchase convertibles with stronger risk/reward characteristics. The new issue market has been strong and has provided ample opportunities for rebalancing.

In the technology sector where our largest allocation resides, we have focused on prospects in internet security, cloud computing, software and big data, while reducing our semiconductors exposure throughout the quarter. We have also maintained an overweight to industrials where we see favorable opportunities in transportation equipment and related services.

We remain underweight to the defensive sectors which include communication services, utilities, real estate and staples. While these sectors have recently performed well as global investors sought defensive positioning in the face of non-U.S. market underperformance and trade war uncertainty, the U.S. convertible market has provided a relatively low allocation to these defensive sectors and the convertibles in these areas offered less attractive opportunities in our view. Longer-term, many defensive positions, which served as bond proxies for the last 10 years, have underperformed with rising interest rates. Since we continue to expect rising rates going forward, our interest in these defensive sectors remains muted.

To a limited extent, we have opportunistically added non-U.S. convertibles that provide attractive risk-adjusted returns.

What are your closing thoughts for Fund shareholders?

We have a positive view on the current economic environment and see no signs of a near-term recession. Excesses that led up to previous recessions are not evident. For example, the banking industry remains in good condition and there does not appear to be overinvestment or significantly tighter financial conditions in the U.S. enduring deregulation efforts and tax cuts made earlier in the year continue to promote strong corporate earnings and a healthy job market. Supporting evidence includes vigorous job growth, low unemployment and the lowest jobless claims since 1969. Improving labor participation rates and subdued wage growth have also contributed to the highest consumer confidence in years and low consumer loan delinquencies. Further, positive economic signs include low inflation, strong small business optimism, strong ISM numbers, and the highest capital spending plans since 2007. There are, however, always risks in any environment. These include increasing oil prices and the potential for increased gasoline prices to act as a tax on the consumer, the possible inversion of the yield curve which historically predates recessions, more rapid-than-expected interest rate or inflation increases, and potential impacts of the changing composition of the U.S. Congress. But

SECTOR WEIGHTINGS
Information Technology	33.4	%
Health Care	14.6
Consumer Discretionary	11.1
Financials	10.4
Industrials	6.8
Energy	4.8
Utilities	4.0
Real Estate	4.0
Communication Services	2.2
Materials	1.2

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

www.calamos.com 17

Calamos Convertible Fund

currently the largest market risk is the potential for an escalating global trade war. A recent NAFTA replacement agreement with Mexico and Canada provides an air of hope, and we ultimately believe that negotiations with other nations will lead to better trade agreements for the U.S. In the meantime, the increase in market volatility supports the use of convertible bonds and provides us the opportunity to rebalance the portfolio.

We also have a positive outlook on the convertible market. Convertible bonds generally perform better in a rising rate environment than straight bonds. Most recently, from December 2016 to the end of September 2018, the Federal Reserve raised their target Federal Funds rate seven times and over that period convertible securities outperformed investment grade and high yield bonds. Looking forward, we expect the Federal Reserve to continue to raise its benchmark rate. We expect a 25 basis point increase in December and several more rate hikes in 2019. Our expectation is that convertible securities will outperform bonds in this rising rate environment. Additionally, with last December’s tax reform, we believe that lower corporate tax rates have improved the relative attractiveness of lower-coupon convertible bonds versus straight bonds. The reform also included limits on interest expense deductibility which provided potential to skew corporations in favor of issuing convertible bonds over straight bonds in financing. Finally, lower taxes combined with less regulation in a favorable economic environment contribute to a positive corporate climate where convertible securities make sense for growth. Although we may be in the mid-to-latter part of the business cycle, we still see many firms seeking growth capital for mergers and acquisitions, research and development, or capital spending.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

ANNUALIZED RETURN: SINCE INCEPTION (6/21/85) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 2.25%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation, Lipper, Inc., and Mellon Analytical Solutions, LLC.

18 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Convertible Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/21/85
Without Sales Charge		3.43	%		5.19	%		8.90	%
With Sales Charge		1.11			4.18			8.37
Class C Shares – Inception 7/5/96
Without Sales Charge		2.65			4.40			8.08
With Sales Charge		1.65			4.40			8.08
Class I Shares – Inception 6/25/97		3.73			5.46			9.17

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.18%; Class C is 1.93% and Class I is 0.93%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The ICE BofAML All U.S. Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities.

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

The Value Line Convertible Index is an equally-weighted index of the larger convertibles, representing 90% of the U.S. convertible securities market. Index data shown for the Annualized Returns Since Inception graph is from 6/30/85, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC.

Due to their structural complexities, the attributes of convertibles may vary. Therefore, they are typically categorized as Yield Alternatives represented by the U.S. CV Index (VYLD), Total Return Alternatives represented by the U.S. CV Index (VTOT), or Equity Alternatives represented by the U.S. CV Index (VEQU).

The ICE BofAML Total Return U.S. Convertibles Index is a subset of ICE BofAML All U.S. Convertibles Index including securities with a delta greater than or equal to 0.4 and less than 0.8 (VTOT).

The ICE BofAML Yield Alternative U.S. Convertibles Index (VYLD) is a subset of ICE BofAML All U.S. Convertibles Index including securities with a delta less than 0.4 (exhibiting bond-like characteristics).

The ICE BofAML Equity Alternative U.S. Convertibles Index (VEQU) is a subset of ICE BofAML All U.S. Convertibles Index including securities with a delta of 0.8 and greater (exhibiting stock-like characteristics).

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

www.calamos.com 19

Calamos Global Convertible Fund

OVERVIEW

The fund invests in global convertible securities. It strives to balance risk/reward, while providing growth and income.

KEY FEATURES

◾ Provides broadly diversified exposure to the global convertible bond universe

◾ Leverages more than 30 years of research in convertible security investing

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

◾ Blends global investment themes and fundamental research via active management

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CAGCX
C Shares	CCGCX
I Shares	CXGCX
FUND CUSIP NUMBERS
A Shares	128120748
C Shares	128120730
I Shares	128120722

CALAMOS GLOBAL CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Global Convertible Fund returned a flat -0.09% (Class A shares at net asset value) versus the Thomson Reuters Global Convertible Bond Index return of -1.36% and ICE BofAML Global 300 Convertible Index return of 1.95%. Since its inception on December 31, 2014, the Fund increased 3.99% versus a 3.09% gain for the Thomson Reuters Global Convertible Bond Index and 6.51% increase for the ICE BofAML Global 300 Convertible Index.

What factors influenced performance during the reporting period?

The global convertible markets seesawed back and forth during the period. Global equity markets began the period with a strong 11% MSCI World Index return through January as a combination of positive global economic growth, strong corporate earnings, and generally accommodative central bank policies provided support. The markets gave up much of this ground February through March, as investors grew concerned about President Trump’s tariffs, higher market volatility, mixed global economic growth data and the potential for rising interest rates. The markets then climbed a wall of worry into October when the equity markets sold off nearly 8% in the final month of the reporting period amid heightened political risk, ongoing trade disputes, and diverging monetary policy across the globe.

Global interest rates moved higher during the one-year period as illustrated by the Bloomberg Barclays Global Aggregate Bond Index -2.05% return. U.S. Interest rates rose during the period as the Federal Reserve hiked its target fed funds rate range by 25 basis points four times during the period to between 2.00% and 2.25%. The 3-year Treasury yield increased from 1.73% to 2.93%, while the 5-year Treasury yield moved from 2.01% to 2.98%. The 10-year U.S. Treasury yield increased from 2.38% to 3.15% and traded above 3% for the first time since January, 2014. Global high yield credit spreads widened slightly during the period with JPMorgan reporting global spreads widening 36 basis points to 435 basis points above government securities. Wider spreads had a negative impact on the largely below investment grade convertible market and especially on convertibles with CCC implied credit ratings. Consistent with our investment process, we were relatively underweight to these weak credit ratings.

Over the period, the market environment was most favorable to convertibles offering balanced risk/reward attributes. Convertibles with balanced risk/reward attributes were down 0.1% and held up better than those with the most equity sensitivity (-2.7%) and those with the most credit sensitivity (-1.5%). Our approach favored convertibles with balanced risk/reward attributes, while we maintained relative underweights toward the most equity-sensitive and credit-sensitive issues.

20 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Convertible Fund

Economic Sector Contributors

• Information Technology. Security selection in the information technology sector supported period results. Specifically, selection in the internet software & services and systems software industries outperformed. The portfolio also benefited from a relatively heavy allocation to the strong-performing application software industry. A relatively light allocation to the semiconductor equipment industry also added value during the period.

• Energy. Security selection in the energy sector also contributed to return during the period. The portfolio benefited from a relatively heavy weight to the strong performing oil & gas exploration & production industry and our names in this industry strongly outperformed.

Economic Sector Detractors

• Financials. Security selection in the financials sector detracted from period results. In particular, portfolio holdings in the asset management & custody banks and diversified banks industries lagged.

• Materials. Security selection in the materials sector also detracted from the Fund’s return. Specifically, the diversified metals & mining, specialty chemicals and diversified chemicals industries underperformed.

Geographic Influences

• Security selection in the U.S. added significant value during the period.

• An underweight allocation and security selection within Europe and Emerging Latin America also supported results.

• An underweight allocation and security selection Japan held back the portfolio return.

• Security selection in Emerging Europe & South Africa also detracted from results.

How is the Fund positioned?

We have favored the balanced portion of the convertible bond market and the new issue market has provided ample opportunities for rebalancing. Technology is the largest absolute sector allocation with financials being our largest relative overweight versus the Thomson Reuters Global Convertibles Index. Opportunities in the technology sector have been focused on internet security, cloud computing, software and big data. In financials, we see the best opportunities in diversified and regional banks which should benefit from rising global interest rates, while the convertibles also offer attractive current yield.

We have light absolute allocations to the defensive utilities, communication services and consumer staples sectors. While these sectors performed well during the latter part of the period as global investors sought defensive positioning in the midst of non-U.S. market underperformance and trade war uncertainty, the convertible market had a relatively lower exposure to these defensive sectors and offered less attractive opportunities. Looking longer-term, many defensive positions, which served as bond proxies for the last 10 years, have underperformed with rising interest rates, which we expect to continue. On a relative basis, the portfolio’s largest relative underweight is to health care. We have been especially light in biotechnology where smaller names have not provided attractive risk/reward profiles in our view, especially given that many of these

SECTOR WEIGHTINGS
Information Technology	21.5	%
Financials	13.5
Consumer Discretionary	11.2
Industrials	9.5
Real Estate	6.8
Energy	6.3
Health Care	6.2
Communication Services	5.1
Materials	3.1
Consumer Staples	2.0
Utilities	1.4

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

www.calamos.com 21

Calamos Global Convertible Fund

small biotech names do not even have drugs available to sell on the market. The outcome of these convertibles is heavily dependent on whether the drugs in trial become approved.

From a geographic perspective relative to the Thomson Reuters Global Convertible Bond Index, the portfolio holds an overweight allocation within the United States while being underweight in Europe and Japan. These allocation leanings are mostly the result of bottom-up considerations as we have found more favorable convertible structures in the United States than in the Europe and Japan.

What closing thoughts do you have for Fund shareholders?

Global corporate and macroeconomic data has been mixed versus expectations but, on balance, continues to reflect positive global growth. Global monetary policy remains accommodative overall, though multiple central banks are normalizing policy and we have seen a pivot toward fiscal stimulus. We have a positive outlook on the convertible market reflective of reasonably sound economic data including strong earnings growth, fairly benign inflation and attractive valuations. There is, however, always risk in any environment. These include the potential inversion of the U.S. yield curve which has historically predated recessions, more rapid then expected interest rate or inflation increases, and/or the change in the composition of the U.S. Congress. In our view, the largest market risk is the potential for an escalating and drawn-out global trade war. A recent NAFTA resolution with the United States, Mexico and Canada provides room for optimism. In the meantime, increased market volatility has provided opportunities to rebalance the portfolio into convertibles with attractive risk reward attributes. Convertibles should also perform well relative to straight bonds as they have in the past when global interest rates have increased. We have witnessed a healthy new convertible issuance market that has been supported by rising interest rates and increased volatility. Additionally, convertible issuance should benefit from last December’s tax legislation which capped the amount of interest expense that can be deducted by issuers given that convertibles have lower interest expense given the conversion option. Calendar year 2018 to date through 10/31 has brought over $76 billion of new issuance which is already more than the $74 billion brought to market in 2017.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

22 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Convertible Fund

GROWTH OF $10,000: SINCE INCEPTION (12/31/14) THROUGH 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		-0.09	%		3.99	%
With Sales Charge		-2.35			2.68
Class C Shares – Inception 12/31/2014
Without Sales Charge		-0.77			3.25
With Sales Charge		-1.73			3.25
Class I Shares – Inception 12/31/2014		0.24			4.28

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.46%; Class C is 2.20% and Class I is 1.19%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through 3/1/22 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.35%, 2.10% and 1.10% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

On July 1, 2018, the Thomson Reuters Global Convertible Bond Index (USD) replaced the ICE BofAML Global 300 Convertible Index as the Fund’s primary benchmark because it more closely aligns with the Fund’s investment universe. The Thomson Reuters Global Convertible Bond Index (USD) is designed to represent the global convertible market.

The ICE BofAML Global 300 Convertible Index is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region.

Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment grade fixed-rate debt markets. It is comprised of the U.S. Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. It also includes a wide range of standard and customized subindices by liquidity constraint, sector, quality and maturity.

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

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

www.calamos.com 23

Calamos Growth Fund

OVERVIEW

The fund invests in the equities of U.S. companies from a range of market capitalizations that we believe offer the best potential for growth.

KEY FEATURES

◾ Utilizes more than two decades of extensive research experience in growth investing

◾ Active management focuses on top-down views and bottom-up fundamentals

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

PORTFOLIO FIT

This actively managed fund seeks to provide attractive returns through its emphasis on higher growth companies primarily in large and mid cap arenas.

FUND NASDAQ SYMBOLS
A Shares	CVGRX
C Shares	CVGCX
I Shares	CGRIX
FUND CUSIP NUMBERS
A Shares	128119302
C Shares	128119856
I Shares	128119807

CALAMOS GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Growth Fund returned 6.12% (Class A shares at net asset value) versus the S&P Composite 1500 Growth Index return of 10.69%. For the same period, the S&P 500 Index rose 7.35% and the Russell Midcap Growth Index returned 6.14%. The top-three names of the S&P 1500 Growth Index accounted for 54% of index return or 17% of market value. Top-10 names accounted for 74% of return or 32% of market value.

The Fund’s performance reflects continued strength in the U.S. economy, where businesses enjoyed the continuation of strong, double-digit earnings growth (as represented by S&P 500 earnings growth). However, we also saw a slow decline in overall market valuation brought on by concerns of Fed rate hikes and slowing global growth.

Since its inception on September 4, 1990, the Fund has returned 12.61% on an annualized basis (Class A shares at net asset value), demonstrating its ability to outdistance the growth and broad indices over full market cycles. Over the same period, the S&P 500 Index and the Russell Midcap Growth Index returned 10.12% and 10.81%, respectively.

What factors influenced performance over the period?

The U.S. and world equity markets began the period in a state of euphoria. Investors and markets cheered strong global growth, tax reform in the U.S., and accommodative monetary policies around the world. Through January 26, 2018, the S&P 500 Index (as a broad measure of the U.S. equity market) was on pace for a 61% annualized return.

In late January and early February of 2018, U.S. equity markets witnessed their first correction since early 2016. Investor worry centered on strong U.S. economic data, which many believed could lead the Fed to be more hawkish than anticipated. Market volatility was back after being absent for most of 2016 and 2017. Eventually U.S. markets climbed higher on the back of strong U.S. corporate earnings growth. U.S. real GDP growth gained 4.2% in 2Q 2018, and the U.S. equity market regained its stride. The market and growth stocks climbed from early April though the end of August 2018 and attained new highs. After bouncing mostly sideways though September, the market dropped in October, and the culprit again appeared to be angst over rate hikes putting the brakes on future growth.

Equity market performance was extremely narrow during the period, perhaps indicating a crowded trade mentality. Within the S&P 500 Index, the top three stocks by market capitalization (Apple, Microsoft and Amazon) accounted for approximately 55% of the benchmark’s returns. While the S&P 500 Index was up 7.35% for the reporting period, the equally weighted S&P 500 Index was ahead only 4.58%.

The Fund had been outperforming the S&P Composite 1500 Growth Index for much of the first seven months of the reporting period, but Fund performance struggled from mid-May through the end of the reporting period. Our investments within the financials sector struggled most notably in the latter part of the reporting period. Our belief that rising rates and a steepening of the yield curve may provide a strong tailwind for the sector has not come to pass. But we continue to find attractive opportunities within the sector as we examine better capitalized U.S. banking institutions, attractive valuations,

24 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Growth Fund

and solid growth prospects. For the full reporting period, the overweight to the financials sector has been a drag on relative performance, as has company-specific selection within insurance and mortgage finance.

Selection within healthcare has been a drag on relative performance. Individual names within the pharmaceuticals as well as equipment industries underperformed. Additionally, as mentioned, our portfolio has been a bit more cautious around the mega cap names in general. In our view, those names (in aggregate) trade at more expensive valuations and could be a crowded trade. Our stance relative to the top names in the index has detracted from relative performance, as those names generally performed well for the reporting period.

Selection within the industrials sector strongly outperformed their counterparts within the benchmark. The industrials sector was a laggard among the market’s sectors, as concerns about growth outside of the U.S. and ongoing trade disputes seemed to dampen the outlook for cyclical growth opportunities. That being said, individual names within conglomerates, machinery and airlines industries all added significant value during the reporting period. Our stance on some of the more outright defensive sectors of the market, such as real estate and utilities, was also beneficial. Our view that investors would still prefer U.S. secular and cyclical growth names proved accurate.

How is the Fund positioned?

In this all-cap growth equity Fund, we seek to invest in U.S. companies that we believe have the best prospects for sustainable and high relative growth. The Fund offers a diversified approach and participates in long-term growth trends by focusing on companies with solid fundamentals, global brands, and strong growth catalysts, while being mindful of valuations.

Before we discuss positioning changes, it should be noted that during the reporting period, Standard & Poor’s changed the classification of some information technology, consumer discretionary and telecommunications services names, which may render comparisons to the beginning of the period more difficult. Most notably, the telecommunications services sector is now called communication services and is the home for Alphabet and Facebook (both formerly held within the information technology sector). Disney, Netflix, Comcast, Time Warner and Fox came out of the consumer discretionary sector and are now held within the communication services sector as well.

The Fund still favors a combination of secular and cyclical growth opportunities. Information technology, consumer discretionary and communication services are the Fund’s largest sectors in terms of absolute weight, though industrials, financials and health care also each make up more than 10% of portfolio holdings. Even so, our weights to information technology and consumer discretionary decreased over the period, and the increase in communication services was mainly a result of the reclassification mentioned earlier. That leaves real estate, utilities, energy, consumer staples and materials as sectors with smaller weights or, in some cases, no exposure. Despite an increase in volatility, we believe the underpinnings of the U.S. economy remain intact given the strength in corporate earnings, an accommodative monetary policy (despite incremental moves to raise rates), an improved fiscal policy and a more relaxed regulatory environment.

SECTOR WEIGHTINGS
Information Technology	25.5	%
Consumer Discretionary	15.9
Communication Services	13.9
Industrials	13.5
Financials	12.7
Health Care	12.2
Materials	3.7
Consumer Staples	2.0
Other	0.6

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

www.calamos.com 25

Calamos Growth Fund

What closing thoughts do you have for Fund shareholders?

We hold to the view that the U.S. market has not seen the last hurrah of its long, but slower growth recovery initiated many years ago. What can be confusing about the risk outlook is that slowing economic growth is not the problem—the source of market risk may be the turning of the monetary tide in the U.S. However, we remain cautious and patient, believing that the U.S. bull market still has legs. The consensus may have underestimated the impact of the Tax Cuts and Jobs Act, which promoted a massive transfer of resources from the public to the private sector. Along with deregulation, these changes have encouraged high levels of confidence among American small businesses and facilitated an acceleration of bank lending. So long as the U.S. can manage to balance interest rates and inflation, we believe that U.S. equities can continue to offer attractive opportunities.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

ANNUALIZED RETURN: SINCE INCEPTION (9/4/90) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.

26 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/4/90
Without Sales Charge		6.12	%		8.53	%		11.97	%
With Sales Charge		1.09			7.47			11.43
Class C Shares – Inception 9/3/96
Without Sales Charge		5.34			7.71			11.14
With Sales Charge		4.48			7.71			11.14
Class I Shares – Inception 9/18/97		6.41			8.80			12.26

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.40%; Class C is 2.15% and Class I is 1.15%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

On October 1, 2018, the S&P 1500 Growth Index replaced the Russell Midcap^® Growth Index as the Fund’s primary benchmark because the Fund’s portfolio managers believe the S&P 1500 Growth Index more closely represents the Fund’s investment universe. The S&P 1500 Growth Index is designed to provide investors with a measure of the performance of U.S. growth equities.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Annualized Return Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

The Russell Midcap^® Growth Index measures the performance of mid-sized companies with growth characteristics. Index data shown for the Annualized Return Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

www.calamos.com 27

Calamos Growth and Income Fund

OVERVIEW

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

KEY FEATURES

◾ Leverages more than three decades of research experience combining equities and convertible holdings to provide equity-like participation

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

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

PORTFOLIO FIT

The fund can provide a long-term core equity allocation with the potential for lower volatility.

FUND NASDAQ SYMBOLS
A Shares	CVTRX
C Shares	CVTCX
I Shares	CGIIX
FUND CUSIP NUMBERS
A Shares	128119104
C Shares	128119831
I Shares	128119872

CALAMOS GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Growth and Income Fund gained 5.20% (Class A Shares at net asset value) versus a return of 7.35% for the S&P 500 Index and a 4.05% increase for the ICE BofAML All U.S. Convertibles ex Mandatory Index.

We manage this Fund with the goal of achieving upside equity participation and potential downside protection over full market cycles. Since its inception on September 22, 1988, the Fund has returned 10.82% on an annualized basis (Class A shares at net asset value) versus a 10.36% gain for the S&P 500 Index and a 9.31% return for the ICE BofAML All U.S. Convertibles ex Mandatory Index.

Please discuss the Fund’s lower-volatility characteristics.

We believe the Fund’s historical lower-volatility characteristics are a byproduct of our investment style and focus on participating in equity market upside with less volatility than the market as a whole. Beta is one popular statistic for measuring volatility. Beta considers a fund’s historic volatility versus the market, which is assigned a beta of 1.0. A fund with half the volatility of the market would have a beta of 0.5, while a fund with a beta of 2.0 would have been twice as volatile as the market.

Since its inception, the Fund has had a beta of 0.73 (Class A shares) versus the S&P 500 Index. The Fund has therefore outperformed the broader equity market, as measured by the S&P 500 Index, over the life of the Fund with less volatility than the equity market. Please note that past performance does not indicate future results and that beta is one of many measures of risk.

What factors influenced performance over the period?

The U.S. and world equity markets began the period in a state of euphoria. Investors and markets cheered strong global growth, tax reform in the U.S., and accommodative monetary policies around the world. Through January 26, 2018, the S&P 500 Index (as a broad measure of the U.S. equity market) was on pace for a 61% annualized return.

In late January and early February of 2018, U.S. equity markets witnessed their first correction since early 2016. Investor worry centered on strong U.S. economic data, which could lead the Fed to be more hawkish than anticipated. Market volatility was back after being absent for most of 2016 and 2017. Eventually U.S. markets climbed higher on the back of strong U.S. corporate earnings growth. U.S. real GDP growth gained 4.2% in 2Q 2018, and the U.S. equity market regained its stride. The S&P 500 Index climbed from early April through the end of August 2018 and attained new highs. After bouncing mostly sideways through September, the market dropped in October, and the culprit again appeared to be angst over rate hikes putting the brakes on future growth.

Equity market performance was extremely narrow during the period, perhaps indicating a crowded trade mentality. Within the S&P 500 Index, the top three stocks by market capitalization (Apple, Microsoft and Amazon) accounted for approximately

28 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Growth and Income Fund

55% of the benchmark’s returns. While the S&P 500 Index was up 7.35% for the reporting period, most of this gain came from a few outsized tech stocks. In fact, the equally weighted* S&P 500 Index was ahead only 4.58% for the 12-month period. This index performance concentration, in our view, exemplifies one of the risks in the marketplace: investors crowding into a handful of names. An approach such as the Growth and Income Fund may help them access equity markets while being more mindful of risk.

Market volatility, while never enjoyable in the midst of it, can be beneficial to our strategy, as it provides opportunities to manage the risk/reward posture within the Fund. While the Fund participated strongly in the initial upward trajectory of the reporting period, the Fund also sustained its value better during the sharp and sudden sell-off in late January and early February. And again, toward the end of the reporting period in late September and October, the Fund’s positioning resulted in reduced downside participation during the equity market’s sell-off.

The Fund benefitted from convertible structures in the earlier part of 2018, as volatility pricing presented opportunities to access markets and securities with attractive risk/reward profiles. As volatility increased, these investments provided positive contributions to portfolio performance. Additionally, the Fund’s investments in the industrials and utilities sectors strongly outperformed those within the S&P 500 Index. While industrials names struggled within the market, Fund holdings within conglomerates as well as railroads performed well and provided strong absolute and relative results. A convertible holding in the electric utilities industry also outperformed to the benefit of Fund performance.

The Fund’s stance within the S&P 500 Index’s top-performing sectors, consumer discretionary, health care and information technology, delivered positive absolute returns, though relative underperformance. Selection within the consumer discretionary sector lagged and was a drag on relative performance. Holdings within the movies & entertainment space performed well overall providing double-digit increases for the reporting period, though trailing their S&P 500 Index peers. Selection within general merchandise stores as well as footwear underperformed. Information technology was one of the market’s leading sectors, but Fund holdings lagged the market’s return. The Fund’s convertible holdings in semiconductor names outperformed their underlying common stocks, though the issuing companies lagged the overall semiconductor industry.

How is the Fund positioned?

Before we discuss positioning changes, it should be noted that during the reporting period, Standard & Poor’s changed the classification of some information technology, consumer discretionary and telecommunications services names, which may render comparisons to the beginning of the period more difficult. Most notably, the telecommunications services sector is now called communication services and is the home for Alphabet and Facebook (both formerly held within the information technology sector). Disney, Netflix, Comcast, Time Warner and Fox came out of the consumer discretionary sector, and are now held within the communication services sector as well. In terms of the portfolio, our weights to information technology and consumer discretionary decreased over the period, and the increase in communication services was mainly a result of the reclassification mentioned above.

Overall, we believe that the U.S. equity market can climb higher on the back of strong fundamentals, a growing economy and improved household/consumer balance sheets. As the Fed has shown concern regarding inflation and responded by raising interest rates, we continue to favor higher-quality growth businesses that have the potential to continue expanding, yet offer strong free cash flow. Conversely, we avoid more

SECTOR WEIGHTINGS
Information Technology	19.7	%
Health Care	13.3
Financials	12.1
Consumer Discretionary	11.1
Industrials	9.2
Communication Services	8.7
Consumer Staples	6.3
Energy	5.0
Utilities	3.4
Real Estate	2.4
Other	2.1
Materials	1.4

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

* Equal weighting gives the same weight, or importance, to each stock in a portfolio or index.

www.calamos.com 29

Calamos Growth and Income Fund

outright defensive businesses that may offer cash flows, but have little-to-no growth potential. Despite the Standard & Poor’s reclassification, information technology is still the largest sector within the index, and remains the largest sector within the Fund. Within the tech sector, we favor application software companies who help other businesses remain productive. Within industrials, we favor transportation businesses who are able to wield pricing power in markets that have capacity constraints. We hold less in areas such as REITs and low-growth consumer staples, where businesses may offer stability but not enough growth, in our view.

What closing thoughts do you have for Fund shareholders?

There continues to be a lot of discussion about where the U.S. is situated within its economic cycle and also where the U.S. equity market is located in its progression. As the market has enjoyed a long run of solid market performance since the Great Financial Crisis back in 2008, many are beginning to question how long this might last. The U.S. economic recovery has been lengthy, but growth has also been lower than typical economic expansions of the past. In our view, this gives us reason to believe that the economy may continue to grow, as expansions are not time constrained, but are subject to booms and busts. We will keep a watchful eye on financial conditions and seek to tailor the portfolio’s risk/reward profile as we see changes in market and economic conditions. Volatility has increased over recent years, and we have again seen corrections within the equity market. We believe that the potential benefits of managing risk and volatility may be more timely today than in the recent past.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

ANNUALIZED RETURN: SINCE INCEPTION (9/22/88) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.

30 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Growth and Income Fund

GROWTH OF $10,000: FOR 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/22/88
Without Sales Charge		5.20	%		7.60	%		10.58	%
With Sales Charge		0.22			6.55			10.05
Class C Shares – Inception 8/5/96
Without Sales Charge		4.42			6.77			9.75
With Sales Charge		3.44			6.77			9.75
Class I Shares – Inception 9/18/97		5.45			7.85			10.85

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.12%; Class C is 1.87% and Class I is 0.87%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Source: Lipper, Inc.

The ICE BofAML All U.S. Convertibles ex Mandatory Index represents the U.S. convertibles securities market excluding mandatory convertibles. Index data shown for the Annualized Return Since Inception graph is from 9/30/88, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

www.calamos.com 31

Calamos Dividend Growth Fund

OVERVIEW

The fund invests in companies that we believe have the ability to increase dividends over time, either through increasing profits or more efficient use of capital.

KEY FEATURES

◾ Utilizes bottom-up stock picking and a benchmark-agnostic approach, which focuses on good businesses with solid cash flow and value prices

PORTFOLIO FIT

The fund seeks to provide a regular stream of income and dividend-paying equity investments that tend to be less volatile than non-dividend payers.

FUND NASDAQ SYMBOLS
A Shares	CADVX
C Shares	CCDVX
I Shares	CIDVX
FUND CUSIP NUMBERS
A Shares	128120839
C Shares	128120821
I Shares	128120813

CALAMOS DIVIDEND GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Dividend Growth Fund returned 5.26% (Class A shares at net asset value) versus a 7.35% gain for the S&P 500 Index.

The Fund’s performance reflects continued strength in the U.S. economy where businesses enjoyed the continuation of strong double-digit earnings growth (as represented by S&P 500 earnings growth). However, we also saw a slow decline in overall market valuation brought on by concerns of Fed rate hikes and slowing global growth. Market leadership came from areas not typically known as strong dividend growth stories, with consumer discretionary, information technology and health care representing the only sectors to outperform the broad market’s return.

Our screening and fundamental research process favors companies with higher-quality balance sheets rather than those that require additional financing to maintain operations. Our top-down view helped steer us toward cyclical growth companies that may see improving balance sheets in light of a synchronous global-growth environment. However, we also hold traditionally stronger, stable growth companies, avoiding most of the bond-proxy stocks.

What factors influenced performance?

The U.S. and world equity markets began the period in a state of euphoria. Investors and markets cheered strong global growth, tax reform in the U.S., and accommodative monetary policies around the world. Through January 26, 2018, the S&P 500 Index (as a broad measure of the U.S. equity market) was on pace for a 61% annualized return.

In late January and into February of 2018, U.S. equity markets witnessed their first correction since early 2016. Investor worry centered on strong U.S. economic data, which many believed could lead the Fed to be more hawkish than anticipated. Market volatility was back after being absent for most of 2016 and 2017. Eventually U.S. markets climbed higher on the back of strong U.S. corporate earnings growth. U.S. real GDP growth gained 4.2% in 2Q 2018, and the U.S. equity market regained its stride. The S&P 500 Index climbed from early April though the end of August 2018 and attained new highs. After bouncing mostly sideways though September, the market dropped in October, and the culprit again appeared to be angst over rate hikes putting the brakes on future growth.

Equity market performance was extremely narrow during the period, perhaps indicating a crowded trade mentality. Within the S&P 500 Index, the top three stocks by market capitalization (Apple, Microsoft, and Amazon) accounted for approximately 55% of the benchmark’s returns. While the S&P 500 Index was up 7.35% for the reporting period, the equally weighted* S&P 500 Index was ahead only 4.58%.

The Fund’s underweight and selection within both information technology and consumer discretionary detracted from relative performance. Within information technology, the Fund’s holdings collectively had strong double-digit returns, but trailed their S&P 500 Index peers. Selection within the semiconductor and semiconductor equipment industries

* Equal weighting gives the same weight, or importance, to each stock in a portfolio or index.

32 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Dividend Growth Fund

disappointed, as global growth decelerated. Holdings in internet software & services also lagged. In this case, we believed the Fund was better positioned from a valuation perspective, but we still underperformed on a relative basis. Within the consumer discretionary sector, holdings in the movies & entertainment industry lagged, as the Fund missed out on an outsized gain by not owning one highflying stock in the index. Struggles within a discount retailer also detracted from performance, as did missing out on large gains in smaller automotive retailers.

The Fund did see relative outperformance from sectors that trailed the overall market, such as industrials, utilities and real estate. Industrials tended to struggle as global growth disappointed, but the Fund’s selection within aerospace & defense as well as railroads strongly outperformed. Real estate and utilities are commonly viewed as defensive, yield-oriented sectors, and the Fund had lesser weights to each of those sectors as our preference for businesses showing higher growth steered us toward other areas.

How is the Fund positioned?

As always, our focus remains on solid businesses that have sustainable cash flows and are trading at attractive prices. Moreover, our emphasis on companies that are better stewards of capital should help relative performance in the current investment environment. We believe that rising interest rates will prove most difficult for companies heavily reliant on easy access to capital markets to fund their operations. The ability of companies to fund and potentially grow dividends is likely to be a priority among investors as interest rate increases are still modest. Holdings with equity yields and an opportunity for capital appreciation still appear to be an attractive investment allocation.

Before we discuss positioning changes, it should be noted that during the reporting period, Standard and Poor’s changed the classification of some information technology, consumer discretionary and telecommunications services names, which may render comparisons to the beginning of the period more difficult. Most notably, the telecommunications services sector is now called communication services, and is the home for Alphabet and Facebook (both formerly held within the information technology sector). Disney, Netflix, Comcast, Time Warner and Fox came out of the consumer discretionary sector, and are now held within the communication services sector as well. So, in absolute terms, the information technology and consumer discretionary sectors shrank in size, while the former telecommunication services, now communication services is considerably larger.

The Fund holds relatively modest overweights and underweights across the various sectors. The Fund continues to hold a slight overweight to the financials sector where we are finding attractive stocks with much improved balance sheets and growth potential in light of improved economic trends. Rising interest rates and more “normalized” business operations going forward could be a tailwind for financial stocks. The Fund now has a modest underweight to information technology stocks, as some of the blue chip names are no longer categorized as tech. The Fund maintains modest underweights to consumer staples and real estate, as we believe diminished growth prospects have made the sectors broadly less attractive.

SECTOR WEIGHTINGS
Information Technology	19.4	%
Financials	14.7
Health Care	14.0
Communication Services	10.2
Industrials	9.5
Consumer Discretionary	9.5
Consumer Staples	6.6
Energy	6.0
Utilities	3.5
Materials	2.5
Real Estate	2.0
Other	1.5

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

www.calamos.com 33

Calamos Dividend Growth Fund

What closing thoughts do you have for Fund shareholders?

There continues to be a lot of discussion about where the U.S. is situated within its economic cycle and also where the U.S. equity market is located in its progression. As the market has enjoyed a long run of solid market performance since the Great Financial Crisis back in 2008, many are beginning to question how long this might last. The U.S. economic recovery has been lengthy, but growth has also been lower than typical economic expansions of the past. In our view, this gives us reason to believe that the economy may continue to grow, as expansions are not time constrained, but are subject to booms and busts. We will keep a watchful eye on financial conditions and seek to tailor the portfolio’s risk/reward profile as we see changes in market and economic conditions. Volatility has increased over recent years, and we have again seen corrections within the equity market. We believe that the potential benefits of managing risk and volatility may be more timely today than in the recent past.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

34 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Dividend Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (8/5/13) THROUGH 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 8/5/2013
Without Sales Charge		5.26	%		7.09	%		7.48	%
With Sales Charge		0.30			6.05			6.48
Class C Shares – Inception 8/5/2013
Without Sales Charge		4.56			6.31			6.69
With Sales Charge		3.59			6.31			6.69
Class I Shares – Inception 8/5/2013		5.61			7.36			7.75

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.87%; Class C shares is 2.73% and Class I shares is 1.80%. The Fund’s Investment Adviser has contractually agreed to reimburse Fund expenses through 3/1/22 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.35%, 2.10%,1.10% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Annualized Return Since Inception graph is from 8/31/13, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

www.calamos.com 35

Calamos Opportunistic Value Fund

OVERVIEW

The fund invests in the equities of small, midsize and large U.S. companies that we believe are undervalued according to certain financial measurements of their intrinsic values.

KEY FEATURES

Utilizes bottom-up stock picking and a benchmark-agnostic approach, which focuses on good businesses with solid cash flow and value prices

PORTFOLIO FIT

The fund is a core value option that may balance a growth allocation and complement other value strategies. Our flexibility in analyzing all companies regardless of sector helps us avoid the cyclicality inherent in a deep value strategy or momentum growth strategy.

FUND NASDAQ SYMBOLS
A Shares	CVAAX
C Shares	CVACX
I Shares	CVAIX
FUND CUSIP NUMBERS
A Shares	128119666
C Shares	128119641
I Shares	128119633

CALAMOS OPPORTUNISTIC VALUE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Opportunistic Value Fund returned 4.53% (Class A shares at net asset value) versus a gain of 2.82% for the S&P Composite 1500 Value Index and increase of 3.03% for the Russell 1000 Value Index.

The Fund’s strong absolute and relative performance was a result of actively managing the Fund’s sector weightings and market exposures during a reporting period that witnessed two corrections. The Fund’s performance reflects continued strength in the U.S. economy, where businesses enjoyed the continuation of strong, double-digit earnings growth (as represented by S&P 500 earnings growth). However, we also saw a slow decline in overall market valuation brought on by concerns of Fed rate hikes and slowing global growth.

What factors influenced performance?

The U.S. and world equity markets began the period in a state of euphoria. Investors and markets cheered strong global growth, tax reform in the U.S., and accommodative monetary policies around the world. Through January 26, 2018, the S&P 500 Index (as a broad measure of the U.S. equity market) was on pace for a 61% annualized return.

In late January and into February of 2018, U.S. equity markets witnessed their first correction since early 2016. Investor worry centered on strong U.S. economic data, which many believed could lead the Fed to be more hawkish than anticipated. Market volatility was back after being absent for most of 2016 and 2017. Eventually U.S. markets climbed higher on the back of strong U.S. corporate earnings growth. U.S. real GDP growth gained 4.2% in 2Q 2018, and the U.S. equity market regained its stride. The market climbed from early April through the end of August 2018 and attained new highs. After bouncing mostly sideways through September, the market dropped in October, and the culprit again appeared to be angst over rate hikes putting the brakes on future growth.

The market had a preference for stocks offering higher-growth opportunities, as evidenced by the S&P Composite 1500 Growth Index’s 10.69% gain during the reporting period, which far outstripped the 2.82% gain of the S&P Composite 1500 Value Index. The Fund’s preference for stocks in companies showing stronger growth characteristics, yet trading at attractive valuations, worked well for portfolio performance.

Fund holdings in industrials added considerable value for the 12-month period. While industrials stocks within the benchmark struggled and declined in aggregate for the period, Fund holdings were able to deliver positive returns. Most notably, holdings within aerospace & defense as well as selection within industrial conglomerates provided strong outperformance.

Information technology holdings also strongly outperformed. The portfolio was overweight technology stocks during the period, favoring secular opportunities with the potential for cash flow growth. It was individual selection that was most additive to relative performance. Stock picks within the data processing, hardware, and systems software industries all strongly outperformed.

36 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Opportunistic Value Fund

Energy holdings lagged those of the benchmark and detracted from relative performance. Within the oil and gas exploration and production industry, a mix of holdings underperformed those of the value index. The consumer discretionary sector was a market leading sector within the value benchmark, but Fund holdings within movies & entertainment and luxury goods industries lagged.

How is the Fund positioned?

We believe that the U.S. economy is still in favorable shape and that select businesses may continue to offer free cash flows as well as growth. As such, we continue to underweight the “safety trade” names that typically offer high dividends, but do not offer much opportunity for growth, and certainly trade at premiums relative to their growth potential.

Before we discuss positioning changes, it should be noted that during the reporting period, Standard & Poor’s changed the classification of some information technology, consumer discretionary and telecommunications services names, which may render comparisons to the beginning of the period more difficult. Most notably, the telecommunications services sector is now called communication services.

The Fund’s largest weighting and overweight remains in the information technology sector. The sector is large and diverse and offers varying opportunities for cyclical and secular growth. These IT companies are typically well capitalized and generate high cash flows from operations. We currently favor IT services and software for these reasons. Health care represents the next largest overweight, where the main allocation currently resides in life sciences and equipment rather than biotechnology and pharmaceuticals. The portfolio is most underweight the consumer staples sector, where stability is not enough when other areas of the market continue to offer better growth prospects relative to valuation. With respect to changes, the Fund’s weights to information technology and consumer discretionary decreased over the period, while the increase in communication services was mainly a result of Standard & Poor’s reclassification.

What closing thoughts do you have for Fund shareholders?

There continues to be a lot of discussion about where the U.S. is situated within its economic cycle and also where the U.S. equity market is located in its progression. As the market has enjoyed a long run of solid market performance since the Great Financial Crisis back in 2008, many are beginning to question how long this might last. The U.S. economic recovery has been lengthy, but growth has also been lower than typical economic expansions of the past. In our view, this gives us reason to believe that the economy may continue to grow, as expansions are not time constrained, but are subject to booms and busts. At some point in the economic and market cycles, value stocks will likely regain their relative favor. During the annual period when growth investing primarily led the way, we are pleased that our approach of seeking businesses that are good stewards of capital and trading at attractive valuations relative to their growth and future prospects has delivered outperformance.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

SECTOR WEIGHTINGS
Financials	22.5	%
Information Technology	13.3
Health Care	12.6
Energy	11.4
Industrials	9.8
Consumer Staples	7.0
Communication Services	6.3
Consumer Discretionary	5.1
Utilities	4.7
Real Estate	3.1
Materials	2.7
Other	1.2

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

www.calamos.com 37

Calamos Opportunistic Value Fund

ANNUALIZED RETURN: SINCE INCEPTION (10/2/02) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. Source: State Street Corporation and Lipper, Inc.

38 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Opportunistic Value Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 1/2/02
Without Sales Charge		4.53	%		6.13	%		8.89	%
With Sales Charge		-0.44			5.10			8.37
Class C Shares – Inception 1/2/02
Without Sales Charge		3.77			5.34			8.09
With Sales Charge		2.77			5.34			8.09
Class I Shares – Inception 3/1/02		4.78			6.38			9.17

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.67%; Class C is 2.42% and Class I is 1.42%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through 3/1/22 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.15%, 1.90% and 0.90% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2004. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

On October 1, 2018, the S&P 1500 Value Index replaced the Russell 1000 Value Index as the Fund’s primary benchmark because it more closely aligns with the Fund’s investment strategy. The S&P 1500 Value Index is designed to provide investors with a measure of the performance of U.S. value equities.

The Russell 1000^® Value Index measures the performance of those companies in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values. Index data shown for the Annualized Return Since Inception graph is from 12/31/01, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

www.calamos.com 39

Calamos International Growth Fund

OVERVIEW

The fund invests in non-U.S. growth companies. We focus on those firms that we believe demonstrate key growth characteristics, including increasing profit margins and high returns on invested capital.

KEY FEATURES

◾ Focuses on growth in an asset class that is mostly defined by core and value offerings

◾ Stresses company fundamentals, including global presence and strong or accelerated earnings growth

◾ Investments driven by international sources of revenue for companies, not on location of headquarters

PORTFOLIO FIT

Investors tend to underinvest in growth outside the U.S. and emphasize growth with U.S.-oriented equity funds. The fund stands as a potential growth-focused addition to a mostly core- or value-intensive international allocation.

FUND NASDAQ SYMBOLS
A Shares	CIGRX
C Shares	CIGCX
I Shares	CIGIX
FUND CUSIP NUMBERS
A Shares	128119575
C Shares	128119559
I Shares	128119542

CALAMOS INTERNATIONAL GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the twelve-month period ended October 31, 2018, Calamos International Growth Fund returned -12.70% (Class A shares at net asset value) versus a -5.66% return for the MSCI EAFE Growth Index and -8.42% return for the MSCI ACWI Ex U.S. Growth Index.

The period gave rise to multiple cross-currents that increasingly challenged equity returns as the year progressed, and stocks were subject to two relatively distinct market environments over the period. International equities finished 2017 with strong gains for the year, synchronized global growth and low volatility by historic standards. As we progressed into 2018, stocks experienced higher volatility and declined over the past six months, in particular, because of escalating trade disputes, mixed economic data, a stronger U.S. dollar, and recurring political risk. For the one-year period, the Fund underperformed, as many of our holdings in companies with higher-growth and higher-quality characteristics trailed the benchmark despite their leading fundamental profiles.

Since its inception on March 16, 2005, the Fund has returned 6.12% on an annualized basis (Class A shares at net asset value) compared to a 5.11% return in the MSCI EAFE Growth Index and 5.20% gain by the MSCI ACWI Ex U.S. Growth Index. We believe this long-term record demonstrates the Fund’s ability to generate excess returns in international growth equities over complete market cycles.

What factors influenced performance during the reporting period?

The Fund underperformed the benchmark as many of our holdings in companies with higher growth and higher return on invested capital characteristics trailed the index. International markets rewarded companies with relatively more defensive growth and more value-oriented fundamentals, including lower price-to-earnings ratios.

From a geographic perspective, the Fund’s relative overweight stance in China and lagging security selection in Japan detracted from return, while Fund holdings in Canada and Sweden generated strong returns and added value to performance.

From a sector perspective, the Fund’s security selection in industrials and financials detracted from performance, as investors expressed concern about slowing global growth and certain holdings in diversified banks, machinery and aerospace industries declined in turn. The Fund’s selection within technology and real estate added to return; select positions in application software and real estate operating companies performed well due to sound fundamentals.

How is the Fund positioned?

The Fund’s regional and country positioning reflects the combined inputs of our top-down global framework and our bottom-up security analysis. Our investment team evaluates macroeconomic factors and growth opportunities and actively integrates these into the investment decision-making process.

The Fund has a modest overweight in Europe versus the MSCI ACWI Ex U.S. Growth Index, where we blend market capitalizations and end markets through a combination

40 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos International Growth Fund

of select exporters and companies that address domestic demand. The region offers attractive valuations and supportive liquidity, but we are also evaluating the mixed economic data and multiple political risks. We are underweight in Japan but see certain opportunities tied to the economy’s progress toward sustained growth and its inflation target. Japan’s accommodative policy, reasonable valuations and the potential for margin expansion provide additional enticements for investors.

We continue to be selective in emerging markets positioning, favoring companies exhibiting higher growth and quality fundamentals in key demand areas such as software & services, internet retail, and insurance. We are balancing positive earnings growth and attractive valuations against the negative effects of tighter global liquidity, a strong U.S. dollar, and persistent trade disputes.

From a sector perspective, the Fund has an overweight position in technology. We favor technology positions in software & services, consulting and select hardware areas due to leading growth fundamentals, large addressable markets and alignment with our secular themes. Industrials and consumer discretionary also represent key sector weights in the Fund. The Fund owns a number of positions in diverse industries including aerospace, industrial machinery, apparel and luxury goods, and internet retail.

We have an underweight stance in more defensive, interest rate-sensitive areas such as utilities and traditional telecom companies, while we favor exposure to defensive growth opportunities in health care and consumer staples with more consistent demand opportunities. We own select positions in energy and materials, and see more opportunities developing due to supply and demand fundamentals and earnings growth potential.

What closing thoughts do you have for Fund shareholders?

International macroeconomic data and corporate fundamentals have been divergent and mixed versus expectations but, on balance, reflect continued economic growth and moderate inflation. Global monetary policy remains accommodative overall, though multiple central banks are normalizing policy and we have seen a pivot toward fiscal stimulus. We continue to believe international equities are at a key juncture where important headwinds and tailwinds are colliding, and we will be looking to additional data to provide more confirmation of direction from here. We see opportunities in foreign markets, distinguished by positive earnings growth, fairly benign inflation and attractive valuations.

In terms of Fund positioning, we favor a blend of investments in secular growth and more defensive growth businesses, in addition to a set of more cyclical companies. This positioning reflects our anticipation of moderate growth conditions but also the potential for economic re-acceleration in the coming quarters. We see significant opportunities in companies with earnings growth catalysts, solid cash flow generation and healthy balance sheets. From a thematic and sector perspective, we see opportunities in the information technology sector, consumer and health care companies with targeted areas of demand, and a set of more cyclical companies with sound fundamentals and multiple catalysts. Our active investment approach and long-term perspective positions us well to take advantage of the volatility and opportunities in international equities.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

SECTOR WEIGHTINGS
Information Technology	17.3	%
Consumer Discretionary	13.8
Consumer Staples	13.3
Industrials	11.4
Financials	10.6
Health Care	10.2
Communication Services	7.7
Energy	4.9
Materials	3.5
Real Estate	2.0
Other	0.3

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

www.calamos.com 41

Calamos International Growth Fund

42 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

ANNUALIZED RETURN: SINCE INCEPTION (3/16/05) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.

Calamos International Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/16/05
Without Sales Charge		-12.70	%		2.06	%		9.14	%
With Sales Charge		-16.83			1.07			8.62
Class C Shares – Inception 3/16/05
Without Sales Charge		-13.35			1.30			8.34
With Sales Charge		-14.18			1.30			8.34
Class I Shares – Inception 3/16/05		-12.48			2.32			9.43
Class R6 Shares – Inception 9/17/18^								-10.67

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.46%; Class C is 2.21% and Class I is 1.21%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/1/22 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 1.10%, 1.85% and 0.85% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the U.S. and Canada). Source: MSCI Barra.

The MSCI ACWI Ex U.S. Growth Index measures equity market performance of companies outside of the United States with higher-growth values in developed and emerging markets.

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

www.calamos.com 43

Calamos Evolving World Growth Fund

OVERVIEW

The fund globally invests in growth companies, emphasizing businesses with revenue streams derived within or from emerging markets. The fund is designed to actively manage risk over a full market cycle.

KEY FEATURES

◾ Active risk management aims to generate alpha with less downside risk than the benchmark and peers

◾ Stresses strong or accelerated earnings growth and solid returns on invested capital

◾ Targets well-positioned global growth companies that may benefit from long-term secular themes in emerging markets such as the rise of the emerging-market consumer

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CNWGX
C Shares	CNWDX
I Shares	CNWIX
FUND CUSIP NUMBERS
A Shares	128119161
C Shares	128119146
I Shares	128119138

CALAMOS EVOLVING WORLD GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Evolving World Growth Fund returned -15.43% (Class A shares at net asset value) versus a -12.19% return for the MSCI Emerging Markets Index. The negative returns reflect the challenging backdrop for emerging market assets and two distinct market environments over the 12-month period. EM equities advanced initially through early 2018 thanks to strong fundamentals, but declined significantly over the final six months of the period due to escalating global trade disputes, slowing economic growth, tightening financial conditions and a stronger U.S. dollar.

As we pursued our risk-managed investment objective, the Fund managed to reduce volatility versus the Index during the period, but the significant outperformance of value-oriented companies in the index challenged the returns of our holdings with their higher-growth, higher-quality characteristics.

What factors influenced performance during the reporting period?

For the period, the Fund’s negative return was primarily a consequence of our positive outlook for emerging market assets in 2017 and into 2018, based on our view that global growth prospects were improving and equity valuations remained compelling. As a result of this outlook, we owned more of our equity holdings in local emerging market positions and raised the equity sensitivity within our convertible bond holdings. From a country perspective, we also invested more in two of our preferred countries: China and India. As the year progressed, both of these allocation decisions came under pressure as we underestimated the degree to which deteriorating U.S.-China trade relations and tighter global liquidity conditions would impact returns.

From a sector perspective, the Fund’s underweight stance and security selection within energy and financials negatively affected performance. Fund holdings in the diversified banks and integrated oil & gas industries lagged, as positions in the benchmark with higher leverage and lower quality outperformed in step with the value-based style leadership for the year.

The Fund’s selection within health care and real estate added value, as select positions in the life & health insurance and real estate development industries performed well due to security-specific factors. In addition, the Fund holdings in convertible bond securities experienced less volatility and added value versus the broad decline in the MSCI Emerging Markets Index, highlighting the benefit of actively investing in convertibles as one aspect of our risk-managed approach.

The Fund’s positioning detracted from performance in terms of select country allocation decisions. In particular, the Fund’s overweight stance in India and China, coupled with underweight allocations in Brazil and Russia, held back performance for the period.

How is the Fund positioned?

Our positioning favors economies benefiting from select domestic demand trends, pro-growth fiscal reforms, and a blend of secular growth and more cyclical opportunities. We favor investments in Emerging Asia, with China and India being two of our larger weights, though we have trimmed the absolute level over the year because of the near-term challenges in these markets. We also see bottom-up opportunities in South Korea,

44 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Evolving World Growth Fund

Taiwan, Brazil and the Philippines among other markets. We have added to weights in relatively more defensive developed market positions (with significant revenue ties to emerging markets) in order to provide diversification and reduce downside volatility.

From a sector perspective, the largest Fund allocations are in technology, financials, consumer discretionary, consumer staples and communication services. The Fund has underweight positions in utilities, materials and financials as many of the larger positions in the index exhibit lower-quality and higher-leverage characteristics than we prefer in our approach.

What closing thoughts to you have for Fund shareholders?

Global liquidity conditions tightened over the period and we are closely monitoring multiple headwinds to emerging markets including persistent trade disputes, the impact of more restrictive Fed policy, a strong dollar, and mixed economic data in China. Emerging market earnings growth remains quite positive, even as investor sentiment and positioning reflect a considerable degree of skepticism, and asset valuations are attractive relative to history. In our view, many companies with higher-quality fundamentals and sustainable-growth characteristics have been excessively punished during this broad sell-off and we believe these fundamental attributes may once again prove more meaningful as we see reduced market emphasis on global trade and policy developments. From a thematic and sector perspective, we see opportunities in information technology, consumer goods and media & entertainment, in addition to healthy financials and a select group of cyclical companies with improving fundamentals and catalysts. We believe our active and risk-managed investment approach will position the Fund to take advantage of the investment opportunities that should emerge in the wake of the widespread decline across emerging markets during the period.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

SECTOR WEIGHTINGS
Financials	19.8	%
Communication Services	18.2
Information Technology	16.5
Consumer Staples	9.7
Energy	8.7
Industrials	6.3
Consumer Discretionary	5.5
Materials	5.1
Real Estate	3.1
Health Care	3.1
Other	0.8

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

ANNUALIZED RETURN: SINCE INCEPTION (8/15/08) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.

www.calamos.com 45

Calamos Evolving World Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/15/08
Without Sales Charge		-15.43	%		-1.45	%		6.08	%
With Sales Charge		-19.45			-2.41			5.56
Class C Shares – Inception 8/15/08
Without Sales Charge		-16.04			-2.19			5.29
With Sales Charge		-16.88			-2.19			5.29
Class I Shares – Inception 8/15/08		-15.21			-1.21			6.35

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.67%; Class C is 2.41% and Class I is 1.41%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until October 31, 2009. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. Index data shown for the Since Inception Growth of $10,000 graph is from 8/31/08, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

46 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Emerging Market Equity Fund

CALAMOS EMERGING MARKET

EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Emerging Market Equity Fund returned -19.14% (Class A shares at net asset value) versus the -12.19% return for the MSCI Emerging Markets Index.

The negative return reflects the challenging backdrop for emerging market assets and two distinct market environments over the 12-month period. Emerging market stocks initially advanced through early 2018 thanks to strong fundamentals, but declined significantly over the final six months of the period due to escalating global trade disputes, slowing economic growth, tightening financial conditions and a stronger U.S. dollar. The Fund underperformed the index as many of our holdings in companies with strong growth and higher-quality characteristics lost ground despite their leading fundamentals.

What factors influenced performance during the reporting period?

The Fund underperformed the benchmark as many of our holdings in companies with higher-growth, higher-quality characteristics were out of favor as value-oriented names exerted leadership in the emerging market index. Specifically over the period, the MSCI EM Value Index returned -7.83% versus the -16.53% decline in the MSCI EM Growth Index, reflecting an 8% spread in favor of value stocks.

From a sector perspective, the Fund’s average overweight stance and security selection in technology detracted the most from performance. Specifically, the Fund’s holdings in internet software & services and semiconductors lagged the index due to concerns about global trade tension, increased regulations in China, and a slowdown in earnings growth. Fund positions in energy also detracted value. Holdings in the integrated oil & gas industry underperformed, as higher-beta, value-oriented parts of the index performed better. The Fund’s selection within health care and industrials added value, as select positions in the life & health insurance and industrial machinery industry performed well due to attractive growth and larger available markets.

The Fund’s select country allocation decisions detracted from performance. In particular, the Fund’s underweight allocation in Russia and trailing security selection in South Korea, Taiwan and Thailand held down return, while the Fund’s selection in Brazil, Indonesia and Mexico finished ahead of the index.

The Fund’s use of derivative instruments, including select equity options, index options, and foreign currency forward hedges, had a minimal, non-material impact on the performance figures for the one-year period

How is the Fund positioned?

Our positioning favors economies benefiting from select domestic demand trends, pro-growth fiscal reforms, and a blend of secular growth and more cyclical opportunities. We favor investments in Emerging Asia, with China and India being two of our larger weights, though we remain selective in the quality growth businesses we own in these markets. We also see investment opportunities in South Korea, Brazil, Taiwan, Mexico and Thailand among other markets.

OVERVIEW

The fund globally invests in growth companies, whose principal activities are in a developing market or are economically tied to a developing market country that we believe offers the best opportunities for growth.

KEY FEATURES

◾ Stresses company fundamentals, including global presence, strong revenue and earnings growth, solid returns on invested capital, and lower debt-to-capital levels

◾ Actively seeks growth opportunities by investing in equities with at least 80% emerging-market exposure

◾ Draws upon decades of Calamos experience investing globally through multiple economic, market and credit cycles

PORTFOLIO FIT

This actively managed fund complements emerging-market strategies with a less-pronounced growth orientation, such as those that more closely track the broad EM equity market.

FUND NASDAQ SYMBOLS
A Shares	CEGAX
C Shares	CEGCX
I Shares	CIEIX
FUND CUSIP NUMBERS
A Shares	128120789
C Shares	128120771
I Shares	128120763

www.calamos.com 47

Calamos Emerging Market Equity Fund

SECTOR WEIGHTINGS
Financials	20.6	%
Information Technology	18.6
Consumer Discretionary	12.6
Communication Services	12.1
Consumer Staples	6.7
Materials	6.5
Energy	5.2
Other	4.4
Industrials	4.1
Health Care	2.6
Real Estate	2.2

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

From a sector perspective, the Fund’s largest absolute allocations are in technology, financials, consumer discretionary and communication services. The Fund has an underweight position in utilities, energy and financials as many of the larger names in the index exhibit lower-quality and higher-leverage characteristics than we prefer in our growth-oriented investment approach.

From a bottom-up perspective, we favor companies with growth catalysts, stronger balance sheets, and high or increasing ROIC, which are supported by positive views on their competitive positioning and capital efficiency. In line with our process, we emphasize companies benefiting from secular themes that provide a tailwind for potential growth.

What are your closing thoughts for Fund shareholders?

Global liquidity conditions tightened materially over the one-year period and we are closely monitoring the multiple headwinds to emerging markets including persistent trade disputes, the impact of more restrictive Fed policy, a strong U.S. dollar, and slower growth in China. Emerging market corporate earnings remain quite positive, even as investor sentiment and positioning reflect a considerable degree of skepticism, and equity valuations are attractive relative to history.

In our view, many companies with quality fundamentals and sustainable growth have been excessively punished during this broad sell-off, and we believe these fundamental attributes may once again prove more meaningful as we see reduced market emphasis on global trade and policy concerns. From a thematic and sector perspective, we see opportunities in information technology, consumer goods and media & entertainment, in addition to higher quality financials and a select group of cyclical companies with improving fundamentals and catalysts. We believe our active investment approach emphasizing higher quality growth companies will position the Fund to take advantage of the investment opportunities that we expect to emerge following the correction in emerging market stocks.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

48 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Emerging Market Equity Fund

GROWTH OF $10,000: SINCE INCEPTION (12/31/13) THROUGH 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			SINCE INCEPTION
Class A Shares – Inception 12/31/2013
Without Sales Charge		-19.14	%		-3.05	%
With Sales Charge		-23.00			-4.02
Class C Shares – Inception 12/31/2013
Without Sales Charge		-19.79			-3.76
With Sales Charge		-20.59			-3.76
Class I Shares – Inception 12/31/2013		-18.96			-2.80

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 2.70%; Class C shares is 3.45% and Class I shares is 2.45%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through 3/1/22, to the extent necessary so that Total annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired funds fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.75%, 2.50%, and 1.50% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. Index data shown for the Since Inception Growth of $10,000 graph is from 12/31/13, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

www.calamos.com 49

Calamos Global Equity Fund

OVERVIEW

The fund invests in equities of companies around the globe. We focus on those firms that we believe demonstrate key growth characteristics, including increasing profit margins and high returns on invested capital.

KEY FEATURES

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

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

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CAGEX
C Shares	CCGEX
I Shares	CIGEX
FUND CUSIP NUMBERS
A Shares	128119484
C Shares	128119468
I Shares	128119450

CALAMOS GLOBAL EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Global Equity Fund returned -4.59% (Class A shares at net asset value) versus a 1.71% increase for the MSCI World Index, the Fund’s benchmark, and 1.45% return for the MSCI ACWI Growth Index.

Global markets navigated multiple cross-currents that increasingly challenged stock returns as the period progressed. Global equities finished 2017 with strong gains for the year, amid synchronized global growth and low market volatility by historic standards. As we progressed into 2018, however, stocks experienced higher volatility and declined these past six months, in particular, because of more divergent economic growth and monetary policy, escalating trade disputes and ongoing geopolitical uncertainty.

For the 12-month period, the Fund underperformed as several of its holdings in companies with growth and quality characteristics trailed the benchmark despite their leading fundamental profiles.

Since its inception on March 1, 2007, the Fund has returned 6.80% on an annualized basis (Class A shares at net asset value) compared to 5.46% for the MSCI World Index and a 6.37% gain for the MSCI ACWI Growth Index. We believe this demonstrates the Fund’s ability to generate long-term excess returns over complete market cycles and varied investment environments.

What factors influenced performance over the period?

The Fund underperformed the benchmark, as key holdings in companies with higher growth and higher return on invested capital characteristics trailed the index. Global markets rewarded companies with relatively more defensive or value-oriented fundamentals, including lower price-to-earnings ratios.

From a sector perspective, the Fund’s security selection in technology and industrials detracted from performance as investors expressed concern about slowing global growth and trade tensions. Certain Fund holdings in internet software & services and construction machinery underperformed as a result.

The Fund’s selection within real estate and consumer discretionary added to performance, as our positions in real estate operating companies and apparel performed well thanks to security-specific factors, including better growth and quality assets.

From a geographic perspective, the Fund’s relative underweight stance in the U.S. and overweight positions in emerging markets (China in particular), detracted the most from return in the period. On the other hand, the Fund’s holdings in Canada and Sweden generated strong relative returns and added value to performance.

How is the Fund positioned?

The Fund’s regional and country positioning reflects the combined inputs of our top-down global framework and our bottom-up security analysis. Our investment team evaluates macroeconomic factors and growth opportunities and actively integrates these into the investment decision-making process.

50 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Equity Fund

We are emphasizing investments in companies with solid growth in earnings, ample cash flow and quality balance sheets. We have positioned the Fund with an emphasis in information technology, consumer discretionary, financials and health care. We view the valuations of global companies as reasonable by historic standards and we have positioned the Fund in a combination of core and secular growth companies in addition to more cyclical opportunities.

The Fund holds a moderate underweight to the U.S., reflecting our view of tightening liquidity, relatively high valuations, and more challenging margin and earnings comparisons ahead. We favor companies with secular growth tailwinds and a select number of more cyclical opportunities, in addition to companies with more stable and defensive growth characteristics.

The Fund’s weight in Europe is slightly above the index, though we emphasize a blend of market capitalizations, industries and revenue exposures. The region offers attractive valuations and supportive liquidity, though we are also mindful of softer economic data and multiple political risks.

In Japan, we see continued opportunities born out of the economy’s progress toward higher growth and inflation, accommodative policy, reasonable valuations and the potential for margin expansion. We continue to be selective in emerging markets holdings, favoring companies exhibiting higher growth and quality fundamentals in key demand areas such as software & services, internet retail and insurance.

What closing thoughts do you have for Fund shareholders?

Global corporate and macroeconomic data has been mixed versus expectations but, on balance, continues to reflect positive global growth. Global monetary policy remains accommodative overall, though multiple central banks are normalizing policy and we have seen a pivot toward fiscal stimulus. We view global equity markets as at a key juncture where important headwinds and tailwinds are colliding and we will be looking to additional data to provide more confirmation of direction from here. Following the recent market sell-off, we see opportunities in global equities, distinguished by their positive earnings growth, fairly benign inflation and attractive valuations. In terms of portfolio positioning, we favor a blend of investments in secular growth and more defensive growth businesses, in addition to a set of more cyclical companies. This positioning reflects our anticipation of moderate growth conditions but also the potential for economic re-acceleration in the coming quarters. We see significant opportunities in companies with earnings growth catalysts, solid cash flow generation and healthy balance sheets. From a thematic and sector perspective, we see opportunities in the information technology sector, consumer and health care companies with targeted areas of demand, and a set of more cyclical companies with sound fundamentals and multiple catalysts. We believe our active investment approach and long-term perspective positions the Fund to take advantage of the volatility and opportunities in global equities.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

SECTOR WEIGHTINGS
Information Technology	19.5	%
Consumer Discretionary	14.0
Financials	13.4
Health Care	12.8
Communication Services	11.7
Consumer Staples	8.7
Industrials	8.7
Energy	4.9
Real Estate	1.4
Materials	0.8
Other	0.2

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

www.calamos.com 51

Calamos Global Equity Fund

ANNUALIZED RETURN: SINCE INCEPTION (3/1/07) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.

52 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Equity Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 3/1/07
Without Sales Charge		-4.59	%		6.40	%		11.65	%
With Sales Charge		-9.12			5.37			11.10
Class C Shares – Inception 3/1/07
Without Sales Charge		-5.31			5.61			10.82
With Sales Charge		-6.17			5.61			10.82
Class I Shares – Inception 3/1/07		-4.38			6.66			11.93

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.53%; Class C is 2.27% and Class I is 1.28%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through 3/1/22 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.40%, 2.15% and 1.15% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The MSCI World Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 2/28/07 since data is only available for full monthly periods. Source: Lipper, Inc.

The MSCI ACWI Growth Index is designed to measure the equity performance of companies with higher growth values in developed and emerging markets.

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

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

www.calamos.com 53

Calamos Global Growth and Income Fund

OVERVIEW

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

KEY FEATURES

◾ Combines equity and convertible holdings in order to limit downside risk while potentially capturing upside equity participation

◾ Provides a core holding option that seeks to maintain a consistent risk posture throughout the market cycle

◾ Seeks to participate in the upside movements of the global equity market while lessening the impact of down periods

PORTFOLIO FIT

The fund can provide a long-term, global-equity core allocation with the potential for lower volatility over a full market cycle.

FUND NASDAQ SYMBOLS
A Shares	CVLOX
C Shares	CVLCX
I Shares	CGCIX
FUND CUSIP NUMBERS
A Shares	128119500
C Shares	128119708
I Shares	128119609

CALAMOS GLOBAL GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos Global Growth and Income Fund returned -2.91% (Class A shares at net asset value), versus a 0.00% return for the MSCI ACWI Index (the “Index”), the Fund’s benchmark, and 1.71% for the MSCI World Index.

Global markets navigated multiple cross-currents that increasingly challenged equity returns as the period progressed. Global equities finished 2017 with strong gains for the year, amid synchronized global growth and low market volatility by historic standards. As we progressed into 2018, however, stocks experienced higher volatility and declined over the past six months, in particular, because of more divergent economic growth and monetary policy, escalating trade disputes and ongoing geopolitical uncertainty.

The Fund experienced lower volatility versus the Index, but underperformed the benchmark return. We position the Fund to capture a majority of equity market upside over complete market cycles, while paying keen attention to mitigating downside risk. For the one-year period, the Fund’s return was below the median level in its category, specifically in the 59th percentile of the Morningstar World Allocation category.* The Fund finished below its category average despite the benefit of our risk-managed global equity approach, which was instrumental in dampening equity volatility during multiple stock market sell-offs over the period.

Since its inception on September 9, 1996, the Fund has returned 7.54% on an annualized basis (Class A shares at net asset value) compared to a 6.78% return for the MSCI ACWI Index and 6.92% gain in the MSCI World Index. We believe this demonstrates the Fund’s ability to generate attractive long-term returns while pursuing an active, risk-managed investment approach over complete market cycles.

What factors influenced performance during the reporting period?

From a sector perspective, the Fund’s security selection in industrials and consumer discretionary detracted from performance, as investors expressed concern about ratcheting trade disputes and slowing global growth conditions. The Fund’s holdings in industrial machinery, autos and internet retail reflected these fundamental concerns and underperformed the benchmark as a result.

The Fund’s underweight position and security selection within financials and utilities supported Fund performance. Fund positions in higher-quality, diversified banks benefited from improved fundamentals, positive earnings growth and fewer regulatory obstacles, while the Fund’s modest weight in electric utilities also outperformed the benchmark and added value for the period.

From a geographic perspective, the Fund’s top-down positioning hampered results over the 12-month period. In terms of country positioning, the Fund’s security selection in Japan and Germany detracted value, in addition to the overweight position in China. The Fund’s individual positions in Canada, Australia and South Korea, with their grounding in sound growth fundamentals and exposure to key secular demand themes, delivered the most value to relative returns in the period.

* Data is as of 10/31/18. Morningstar category percentile ranking is based on annualized total return for the 5-year and 10-year periods. Calamos Global Growth & Income Fund Class A Shares were in the 59th, 48th, 26th, and 26th percentiles of 455, 393, 330 and 168 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar World Allocation category.

54 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Growth and Income Fund

How is the Fund positioned?

The Fund’s regional and country positioning reflects the combined inputs of our top-down global framework and bottom-up security analysis. Our investment team continually evaluates macroeconomic factors and growth opportunities and actively integrates these into investment decision making.

We have a moderate underweight position in the U.S. based on our view of tightening liquidity, relative valuation and potentially more challenging margin and earnings comparisons ahead. We favor companies with secular growth tailwinds along with more cyclical opportunities, in addition to select companies with more stable and defensive growth characteristics.

The Fund’s weight in Europe is relatively in line with the index, though we emphasize a blend of diverse market capitalizations, industries, and revenue exposures. The region offers attractive valuations and supportive liquidity, though we are also mindful of softer economic data and multiple political risks.

We are underweight to Japan but see continued opportunities born from the economy’s progress toward higher growth and inflation, accommodative policy, reasonable valuations and the potential for margin expansion. We continue to be selective in emerging markets holdings, favoring companies exhibiting higher growth and quality fundamentals in key demand areas such as software & services, internet retail, and insurance.

From a sector perspective, we have positioned the Fund with an emphasis on opportunities in information technology, financials, health care, communication services and consumer staples, among other areas, while we have an underweight stance in industrials and lower quality foreign financials.

What closing thoughts do you have for Fund shareholders?

Global corporate and macroeconomic data has been mixed versus expectations but, on balance, reflects continued global growth. Global monetary policy remains accommodative overall, though multiple central banks are normalizing policy and we have seen a pivot toward fiscal stimulus. We view global equity markets at a key juncture, with a set of important headwinds and tailwinds colliding, and we will be looking to additional data to provide more confirmation of direction. Following the recent sell-offs across global markets, we see opportunities in global equities spurred on by positive earnings growth, fairly benign inflation and attractive valuations, in particular.

In terms of portfolio positioning, we favor a blend of investments in secular growth and more defensive growth businesses, in addition to a set of more cyclical companies. This positioning reflects our anticipation of moderate macroeconomic conditions but also the potential for economic re-acceleration in the coming quarters. We see particular opportunities in companies with earnings growth catalysts, solid cash flow generation and quality balance sheets. From a thematic and sector perspective, we favor a number of investments in the information technology, consumer and health care sectors with targeted areas of demand, and a set of more cyclical companies with potential catalysts. Our active, risk-managed investment approach and long-term perspective positions us to take advantage of the volatility and opportunities in global equities and convertible securities.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

SECTOR WEIGHTINGS
Information Technology	17.3	%
Financials	17.1
Communication Services	11.6
Health Care	9.5
Energy	9.1
Consumer Staples	8.7
Industrials	5.3
Consumer Discretionary	4.4
Materials	2.5
Utilities	2.5
Real Estate	1.2
Other	0.5

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

www.calamos.com 55

Calamos Global Growth and Income Fund

56 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

ANNUALIZED RETURN: SINCE INCEPTION (9/9/96) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.

Calamos Global Growth and Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/9/96
Without Sales Charge		-2.91	%		3.86	%		7.92	%
With Sales Charge		-7.51			2.85			7.39
Class C Shares – Inception 9/24/96
Without Sales Charge		-3.61			3.08			7.12
With Sales Charge		-4.52			3.08			7.12
Class I Shares – Inception 9/18/97		-2.65			4.12			8.20

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.54%; Class C shares is 2.29% and Class I shares is 1.29%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlight section of this report.

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

NOTES:

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

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

The MSCI World Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 9/30/96 since data is only available for full monthly periods. Source: Lipper, Inc.

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

The Morningstar World Allocation Category comprises funds that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds.

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

www.calamos.com 57

Calamos Total Return Bond Fund

OVERVIEW

The Fund invests primarily in a diversified portfolio of investment-grade debt securities that generally have a dollar-weighted average portfolio duration between three to ten years.

KEY FEATURES

Dynamically allocates across the broad sectors of the U.S. investment-grade bond market, including corporate debt, U.S. Treasury bonds and agencies, mortgage-backed securities, and asset-backed securities.

◾ Opportunistic sector allocations provide greater flexibility in managing risk/reward.

◾ Complementary allocations may include high-yield securities, international bonds and bank loans.

◾ Managed by an experienced team, following a time-tested, risk-conscious philosophy.

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CTRAX
C Shares	CTRCX
I Shares	CTRIX
FUND CUSIP NUMBERS
A Shares	128119310
C Shares	128119286
I Shares	128119278

CALAMOS TOTAL RETURN BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ending October 31, 2018, Calamos Total Return Bond Fund returned -2.30% (Class A shares at net asset value), performing in line with the -2.05% return of the Bloomberg Barclays U.S. Aggregate Bond Index.

Since its inception on June 27, 2007, the Fund gained 3.69% on an annualized basis (Class A shares at net asset value) versus a 3.85% return for the Bloomberg Barclays U.S. Aggregate Bond Index.

What factors influenced performance?

During the last 12 months, yields on U.S. Treasuries moved markedly higher as the Federal Reserve Bank continued to raise its benchmark overnight rate. The increase in interest rates was the primary driver of declining performance for the Fund and across the investment-grade bond market. With two-year Treasury yields moving from 1.60% to 2.87%, and 10-year yields increasing from 2.38% to 3.14%, the yield curve flattened from a spread of 78 basis points to 27 basis points, after trading as low as 19 basis points intra-period. In expectation of higher interest rates, the Fund was positioned with a duration shorter than the Bloomberg Barclays U.S. Aggregate Bond Index throughout the annual period, which contributed to performance.

Source: U.S. Department of Treasury

With a -3.02% return, corporate bonds were the worst-performing sector within the index. The Fund held an overweight in corporate debt over the last year, but the Fund’s duration within the sector was shorter than the corporate component of the benchmark. As such, the corporate allocation of the Fund was beneficial in part due to security selection within specific industries, most notably consumer cyclical and non-cyclical. Conversely, both the underweight allocation to Treasuries and our longer duration within that sector detracted from Fund performance. We continue to favor an overweight to corporate bonds held primarily in shorter-than-benchmark duration issues as a means of delivering more income while mitigating the impact of credit-spread volatility.

58 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Total Return Bond Fund

Within the investment grade universe, AAA rated bonds outperformed the overall benchmark, and the Fund’s underweight to AAA rated securities was a detractor. The Fund’s allocation to less interest rate sensitive, high yield bonds and bank loans in both the BB and B rated categories had a positive impact on performance.

How is the Fund positioned?

The Fund has a duration* of 5.8 years versus the 6.0 years duration of the Bloomberg Barclays U.S. Aggregate Bond Index.

The Fund continues to hold an overweight toward corporate bonds in both the investment-grade and out-of-benchmark high yield ratings categories. These overweights have resulted in a lower overall credit quality of A compared to the AA quality of the benchmark. Slowing overseas demand for U.S. corporate bonds have generated headwinds, as credit spreads widened across rating categories. While the Fund remains overweight, our overall exposure to corporate bonds was reduced during the period, as the investment team sought out better relative value opportunities in the asset-backed securities market. These positions can provide diversification of risk and attractive yields versus like rated corporate opportunities. The Fund continues to hold an underweight position in residential mortgage-related debt, though over the last 12 months we have increased the allocation based on improving relative value and greater clarity on how the Federal Reserve Bank’s cutback on its mortgage-backed securities purchase program should impact the sector going forward.

Within the corporate bond allocation, the Fund’s largest overweight allocations are found in the electric utilities, technology, and food and beverage industries. The positions in the electric utilities and food and beverage industries reflect our belief in overweighting corporate bonds in less-cyclical businesses, while the technology positioning is based on our view of idiosyncratic value within the industry.

What are your closing thoughts for Fund shareholders?

Expectations for growth continue to be positive, and no signs of imminent recession are in sight. While we believe that overall corporate credit fundamentals are stable, a multi-year trend that has increased the representation of BBB rated issuers in the investment grade corporate universe to nearly 50% has created a situation where downgrades could be a more substantial driver of total return as the credit cycle continues to age. We continue to monitor company reports and economic data for evidence of how escalating tariffs and the strengthening U.S. dollar could exacerbate stress for emerging market economies.

Volatility in both interest rate and credit spread markets has increased in recent months as investors evaluate the potential outcomes of the 2018 midterm elections and trade tariffs. Additionally, the economy is navigating the effects of an active Fed hiking cycle coupled with quantitative tightening. In the current environment, active management and rigorous fundamental analysis is crucial. Investors should be picking spots wisely to appropriately balance risk and reward.

* Duration is useful in measuring a bond fund’s sensitivity to changes in interest rates. The longer the duration, the more a bond fund’s price will fluctuate when interest rates change.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

ASSET ALLOCATION
Corporate Bonds	55.7	%
U.S. Government and Agency Securities	26.1
Asset Backed Securities	12.3
Bank Loans	4.4
Residential Mortgage Backed Security	1.3

Fund asset allocations are calculated as a percentage of net assets and may vary over time. The table excludes cash or cash equivalents.

www.calamos.com 59

Calamos Total Return Bond Fund

60 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

ANNUALIZED RETURN: SINCE INCEPTION (6/27/07) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front end sales charge of 2.25%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Mellon Analytical Solutions, LLC.

Duration is useful in measuring a bond fund’s sensitivity to changes in interest rates. The longer the duration, the more a bond fund’s price will fluctuate when interest rates change.

Calamos Total Return Bond Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/27/07
Without Sales Charge		-2.30	%		1.72	%		3.83	%
With Sales Charge		-4.51			0.95			3.43
Class C Shares – Inception 6/27/07
Without Sales Charge		-3.03			0.96			3.06
With Sales Charge		-3.97			0.96			3.06
Class I Shares – Inception 6/27/07		-2.06			1.97			4.09

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.08%; Class C shares is 1.83% and Class I shares is 0.84%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/1/22, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 0.90%, 1.65% and 0.65% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

The Bloomberg Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. Source: Lipper, Inc.

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

www.calamos.com 61

Calamos High Income Opportunities Fund

OVERVIEW

The fund invests primarily in a diversified portfolio of U.S. high yield bonds.

KEY FEATURES

◾ Emphasizes total return rather than an exclusive focus on yield; our total-return framework enhances our ability to potentially generate alpha and preserve capital over entire credit cycles

◾ A disciplined process utilizes proprietary credit research to identify securities most likely to migrate to investment grade, ahead of a rating agency upgrade

◾ Multi-faceted risk management includes stress testing under various economic assumptions and avoids securities with a high probability of default and low expected recovery from default losses

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CHYDX
C Shares	CCHYX
I Shares	CIHYX
FUND CUSIP NUMBERS
A Shares	128119815
C Shares	128119799
I Shares	128119781

CALAMOS HIGH INCOME OPPORTUNITIES FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2018, Calamos High Income Opportunities Fund returned 0.25% (Class A shares at net asset value) versus a return of 0.98% for the Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index.

Since its inception on August 2, 1999, the Fund gained 5.87% on an annualized basis (Class A share at net asset value) versus a 6.91% return for the Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index.

What factors influenced performance over the period?

Fixed income markets as a whole came under pressure during the annual period, as Treasury yields rose significantly. Two-year Treasury yields increased from 1.60% to 2.87%, while five-year yields moved from 2.02% to 2.98%, each closing the reporting period near the highest levels in over a decade. Paired with the move higher in benchmark interest rates was a slight move toward wider credit spreads in the high yield market, with the option-adjusted spread of the market closing at 3.71%, up from 3.38% a year earlier. Both factors led to negative price returns which were, however, offset by coupon income that helped both the high yield market and the Fund delivered slightly positive returns over the year.

Source: U.S. Department of Treasury

Lower credit quality bonds outperformed, as CCC rated issuers returned 4.07%, while BB rated issuers posted a loss of -0.85%. As a result, our underweight to BB-rated bonds and overweight to CCC rated issuers both buoyed performance, while our security selection within the B rated component of the market offset those gains. Additionally, the out of benchmark allocation to floating-rate bank loans was additive to results.

62 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos High Income Opportunities Fund

From an industry perspective, the team’s security selection within the independent energy, supermarkets, and food and beverage industries contributed to return. Conversely, our security selection within the midstream, metals and mining, and chemicals industries detracted from performance.

How is the Fund positioned?

The Fund is currently overweight the pharmaceuticals, midstream, and life insurance industries. The pharmaceutical overweight is a result of idiosyncratic opportunities in three companies. It is an illustration of our investment process, which is grounded in company-level fundamental analysis. The Fund’s largest underweights are in the technology, chemicals, and cable/satellite industries. The Fund’s technology positioning is a function of finding only limited relative value within the industry. The underweight to chemical related companies is a function of increased raw material costs and the corresponding pressure on operating margins. If chemical companies are unable to pass along price increases to customers, we expect the pressure will result in weakened credit metrics.

From a credit-quality perspective, the Fund is positioned with relative underweights in the BB and B rated categories, while currently overweight toward CCC and non-rated issuers. We also have a higher overall duration* (4.0 years) in the portfolio relative to the Bloomberg Barclays U.S.High Yield 2% Issuer Capped Index (3.9 years).

Over the last year, the team has added out-of-benchmark positions in bank loans, which are senior in the capital structure to unsecured high yield debt and have floating rate coupons that benefit from a rising-interest-rate environment. Overall, these positions represent 10% of the portfolio.

What are your closing thoughts for Fund shareholders?

Though the default rate of the high yield market increased to 2.02% from 1.19% a year ago, Calamos expects the default environment to continue to trend below the long-term historical average of 3% until economic activity softens. We do anticipate gradual softening in high yield credit spreads, and we have begun to see signs of weaker underwriting practices in the market. Bond covenants are weakening, providing less protection for creditors, and some issuers are beginning to re-introduce bond structures that are indicative of late-credit-cycle management behavior.

Certainly, the market is experiencing a return of volatility in both interest rate and credit markets. High yield bond spreads are trading below long-run averages, and we see limited opportunity from price appreciation over the next 6 to 12 months. Even so, we continue to view the supply/demand technicals of the market favorably, as net supply year to date is negative (meaning the size of the high yield market is shrinking). In the current environment, it can be tempting to move away from a disciplined investment process. We continue to adhere to our discipline, as active management and rigorous fundamental analysis are crucial. Investors should be picking spots wisely to appropriately balance risk and reward.

* Duration is useful in measuring a bond fund’s sensitivity to changes in interest rates. The longer the duration, the more a bond fund’s price will fluctuate when interest rates change.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

SECTOR WEIGHTINGS
Energy	17.1	%
Financials	13.7
Consumer Discretionary	13.4
Health Care	13.4
Communication Services	12.8
Industrials	11.6
Materials	5.8
Consumer Staples	4.2
Information Technology	3.2
Utilities	1.4
Real Estate	1.2

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

www.calamos.com 63

Calamos High Income Opportunities Fund

64 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

ANNUALIZED RETURN: SINCE INCEPTION (8/2/99) THROUGH 10/31/18

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 2.25%. Had it been included, the Fund’s return would have been lower. The Fund also offers Class C and Class I shares, the performance of which may vary. Source: State Street Corporation and Mellon Analytical Solutions, LLC.

Calamos High Income Opportunities Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/18

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/2/99
Without Sales Charge		0.25	%		2.96	%		8.52	%
With Sales Charge		-1.96			1.97			8.00
Class C Shares – Inception 12/21/00
Without Sales Charge		-0.42			2.18			7.70
With Sales Charge		-1.36			2.18			7.70
Class I Shares – Inception 3/1/02		0.62			3.22			8.78

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

As of the prospectus dated 3/1/18, the Fund’s gross expense ratio for Class A shares is 1.33%; Class C is 2.08% and Class I is 1.08%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through 3/1/22, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.00%, 1.75% and 0.75% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expenses limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

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

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

www.calamos.com 65

Calamos Short-Term Bond Fund

OVERVIEW

Through its multi-sector fixed income strategy, the fund invests predominantly in U.S. issuers with the goal of generating a high level of current income consistent with preservation of principal.

KEY FEATURES

◾ We construct the portfolio bond-by-bond with a focus on being well compensated for risks taken.

◾ A broader investable universe including high yield bonds, bank loans and preferreds.

◾ Fixed income investment process unites quantitative and qualitative analyses into historical and forward-looking models.

◾ Employs a macro overlay across industries and sectors; considers the business cycle, geopolitical factors, inflation and real rate expectations.

PORTFOLIO FIT

The Fund may be suitable for investors seeking current income accompanied by lower volatility over a one-year to two-year time horizon.

FUND NASDAQ SYMBOLS
A Shares	CSTBX
I Shares	CSTIX
FUND CUSIP NUMBERS
A Shares	128120441
I Shares	128120433

CALAMOS SHORT-TERM BOND FUND

INVESTMENT TEAM DISCUSSION

What is your rationale behind launching the Calamos Short-Term Bond Fund?

The Calamos Short-Term Bond Fund seeks to provide high current income consistent with the preservation of principal. The Fund may be suitable for investors seeking current income accompanied by lower volatility over a one-year to two-year time horizon.

What is the investment approach?

The Fund typically invests at least 80% of its assets in a broad range of investment-grade debt securities that have a dollar-weighted average portfolio maturity of three years or less. The debt securities in which the Fund may invest include, among others, obligations of U.S., state and local governments, their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities, repurchase agreements, convertible securities, money market instruments, and other securities believed to have debt-like characteristics. The Fund may also invest up to 20% of its net assets in below-investment-grade securities (sometimes referred to as high yield or “junk” bonds) and up to 20% in non-U.S. debt securities and emerging markets.

How has the Fund performed?

Since its inception on September 19, 2018, the Fund returned 0.12% (Class A shares at net asset value) performing in line with the 0.34% return of the Bloomberg Barclays 1-3 Year Government/Credit Index and 0.15% return of the the Bloomberg Barclays U.S. 1-3 Year Credit Index.

What factors influenced performance?

During the since inception period, yields on U.S. Treasuries moved higher. The increase in interest rates, which caused the price of bonds to decrease, partially offset the income generated by the Fund’s holdings. One-year Treasury yields moved from 2.56% to 2.66%, and two-year yields increased from 2.79% to 2.87%. Positioned with a shorter duration than the Bloomberg Barclays 1-3 Year Government/Credit Index, the move to higher rates contributed to the Fund’s relative performance. Corporate bond spreads in the one-year to three-year segment of the market moved wider from 50 basis points to 59 basis points at the close of the period, which put pressure on short corporate bond prices. As such, the Fund’s overweight allocation to industrial-related corporate bonds detracted from performance.

How is the Fund positioned?

The Fund has a duration of 1.6 years versus the 1.9 years duration of the Bloomberg Barclays 1-3 Year Government/Credit Index.

The Fund continues to hold an overweight in corporate bonds in both the investment-grade and out-of-benchmark high yield ratings categories. These overweights led to a lower overall credit quality of A when compared to the AA+ quality of the benchmark. The Fund is positioned with overweights across a number of corporate sectors, the largest being consumer non-cyclicals and REITs. The Fund is also overweight to the asset-backed securities sector. The Fund holds an underweight position in U.S. Treasuries.

66 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Short-Term Bond Fund

What are your closing thoughts for Fund shareholders?

The economy and fixed income markets are navigating the impact of an active Fed hiking cycle coupled with quantitative tightening. This has led to a substantial flattening of the yield curve where compensation for extending the duration of fixed income portfolios is at its lowest point in over a decade. Despite this narrowing, expectations for growth continue to be positive, and no signs of imminent recession are in sight. While we believe that overall corporate credit fundamentals are stable, a multi-year trend that has increased the representation of BBB rated issuers in the investment-grade corporate universe to nearly 50% has created a situation where downgrades could be a more substantial driver of total return as the credit cycle continues to age. We continue to monitor company reports and economic data for evidence of impact from the escalations in tariffs and the strength of the U.S. dollar which is creating stress for emerging market economies. In the current environment, active management and rigorous fundamental analysis are crucial. Investors should be picking spots wisely to appropriately balance risk and reward.

This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.

ASSET ALLOCATION
Corporate Bonds	79.0	%
Asset Backed Securities	12.0
Bank Loans	3.3
Residential Mortgage Backed Securities	2.1
Municipal Obligations	1.3

Fund asset allocations are calculated as a percentage of net assets and may vary over time. The table excludes cash or cash equivalents.

www.calamos.com 67

Calamos Short-Term Bond Fund

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/18

	SINCE INCEPTION
Class A Shares – Inception 9/19/18
Without Sales Charge		0.12	%
With Sales Charge		-2.13
Class I Shares – Inception 9/19/18		0.16

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

As of the prospectus dated 8/29/18, the Fund’s gross expense ratio for Class A shares is 0.95% and Class I is 0.70%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/1/22 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A and Class I are limited to 0.65% and 0.40% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on CALAMOS ADVISORS and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

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

NOTES:

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

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

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

68 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Expense Overview

EXPENSE OVERVIEW

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

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

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

The examples in this report are based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2018 to October 31, 2018. It is intended to help you understand the ongoing costs associated with investing in each mutual fund and to compare these costs with the ongoing costs of investing in other mutual funds.

There are two parts of each Fund’s chart:

Actual

In this part of the chart, you’ll see the actual expenses you would have paid on a $1,000 investment made at the beginning of the period and held for the entire period in each fund from May 1, 2018 to October 31, 2018, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of the fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the Actual Expenses per $1,000 row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you’ll see the hypothetical expenses you would have paid on a $1,000 investment from May 1, 2018 to October 31, 2018, and the hypothetical returns, after expenses, you would have earned during that time. The Securities and Exchange Commission (SEC) has established the guidelines for this chart, including the assumed 5% annual rate of return before expenses, which is what you’ll see in the chart. Note that this chart will not help you determine your own expenses, but will help you compare expenses of the fund you own to the expenses of another fund since the information for that fund should be calculated using the same assumptions.

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

www.calamos.com 69

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, May 1, 2018 and held through October 31, 2018.

	CLASS A SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R6 SHARES
CALAMOS MARKET NEUTRAL INCOME FUND
Actual Expenses per $1,000*	$	6.24	$	10.02	$	4.97	$	—
Actual – Ending Balance	$	1,011.70	$	1,007.80	$	1,012.30	$	—
Hypothetical Expenses per $1,000*	$	6.26	$	10.06	$	4.99	$	—
Hypothetical – Ending Value	$	1,019.00	$	1,015.22	$	1,020.26	$	—
Annualized expense ratio(1)		1.23%		1.98%		0.98%		—
CALAMOS HEDGED EQUITY INCOME FUND
Actual Expenses per $1,000*	$	6.33	$	10.11	$	5.07	$	—
Actual – Ending Balance	$	1,010.30	$	1,006.40	$	1,011.50	$	—
Hypothetical Expenses per $1,000*	$	6.36	$	10.16	$	5.09	$	—
Hypothetical – Ending Value	$	1,018.90	$	1,015.12	$	1,020.16	$	—
Annualized expense ratio(2)		1.25%		2.00%		1.00%		—
CALAMOS PHINEUS LONG/SHORT FUND
Actual Expenses per $1,000*	$	10.74	$	14.45	$	9.57	$	—
Actual – Ending Balance	$	954.40	$	950.50	$	956.20	$	—
Hypothetical Expenses per $1,000*	$	11.07	$	14.90	$	9.86	$	—
Hypothetical – Ending Value	$	1,014.22	$	1,010.38	$	1,015.43	$	—
Annualized expense ratio(1)		2.18%		2.94%		1.94%		—
CALAMOS CONVERTIBLE FUND
Actual Expenses per $1,000*	$	5.77	$	9.55	$	4.51	$	—
Actual – Ending Balance	$	1,008.70	$	1,005.10	$	1,010.50	$	—
Hypothetical Expenses per $1,000*	$	5.80	$	9.60	$	4.53	$	—
Hypothetical – Ending Value	$	1,019.46	$	1,015.68	$	1,020.72	$	—
Annualized expense ratio		1.14%		1.89%		0.89%		—
CALAMOS GLOBAL CONVERTIBLE FUND
Actual Expenses per $1,000*	$	6.73	$	10.45	$	5.49	$	—
Actual – Ending Balance	$	978.20	$	974.80	$	979.50	$	—
Hypothetical Expenses per $1,000*	$	6.87	$	10.66	$	5.60	$	—
Hypothetical – Ending Value	$	1,018.40	$	1,014.62	$	1,019.66	$	—
Annualized expense ratio(2)		1.35%		2.10%		1.10%		—
CALAMOS GROWTH FUND
Actual Expenses per $1,000*	$	6.23	$	9.97	$	4.98	$	—
Actual – Ending Balance	$	992.20	$	988.20	$	993.80	$	—
Hypothetical Expenses per $1,000*	$	6.31	$	10.11	$	5.04	$	—
Hypothetical – Ending Value	$	1,018.95	$	1,015.17	$	1,020.21	$	—
Annualized expense ratio		1.24%		1.99%		0.99%		—
CALAMOS GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	5.44	$	9.24	$	4.17	$	—
Actual – Ending Balance	$	1,017.10	$	1,013.20	$	1,018.10	$	—
Hypothetical Expenses per $1,000*	$	5.45	$	9.25	$	4.18	$	—
Hypothetical – Ending Value	$	1,019.81	$	1,016.03	$	1,021.07	$	—
Annualized expense ratio		1.07%		1.82%		0.82%		—
CALAMOS DIVIDEND GROWTH FUND
Actual Expenses per $1,000*	$	6.88	$	10.68	$	5.61	$	—
Actual – Ending Balance	$	1,021.70	$	1,017.70	$	1,022.90	$	—
Hypothetical Expenses per $1,000*	$	6.87	$	10.66	$	5.60	$	—
Hypothetical – Ending Value	$	1,018.40	$	1,014.62	$	1,019.66	$	—
Annualized expense ratio(2)		1.35%		2.10%		1.10%		—

* Expenses for all Fund Classes A, C, and I are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

(1) Includes 0.18% and 0.61% related to dividend expense on short positions for Market Neutral Income Fund and Phineus Long/Short Fund, respectively.

(2) Annualized Expense Ratios for Hedged Equity Income Fund, Global Convertible Fund, and Dividend Growth Fund are adjusted to reflect fee waiver.

70 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, May 1, 2018 and held through October 31, 2018.

	CLASS A SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R6 SHARES
CALAMOS OPPORTUNISTIC VALUE FUND
Actual Expenses per $1,000*	$	5.83	$	9.62	$	4.57	$	—
Actual – Ending Balance	$	1,012.50	$	1,008.80	$	1,013.50	$	—
Hypothetical Expenses per $1,000*	$	5.85	$	9.65	$	4.58	$	—
Hypothetical – Ending Value	$	1,019.41	$	1,015.63	$	1,020.67	$	—
Annualized expense ratio(2)		1.15%		1.90%		0.90%		—
CALAMOS INTERNATIONAL GROWTH FUND(a)
Actual Expenses per $1,000*	$	5.80	$	9.15	$	4.49	$	0.87
Actual – Ending Balance	$	854.60	$	851.40	$	855.60	$	893.30
Hypothetical Expenses per $1,000*	$	6.31	$	9.96	$	4.89	$	0.92
Hypothetical – Ending Value	$	1,018.95	$	1,015.32	$	1,020.37	$	1,005.11
Annualized expense ratio(2)		1.24%		1.96%		0.96%		0.76%
CALAMOS EVOLVING WORLD GROWTH FUND
Actual Expenses per $1,000*	$	7.31	$	10.69	$	6.12	$	—
Actual – Ending Balance	$	823.40	$	820.30	$	824.40	$	—
Hypothetical Expenses per $1,000*	$	8.08	$	11.82	$	6.77	$	—
Hypothetical – Ending Value	$	1,017.19	$	1,013.46	$	1,018.50	$	—
Annualized expense ratio		1.59%		2.33%		1.33%		—
CALAMOS EMERGING MARKET EQUITY FUND
Actual Expenses per $1,000*	$	7.90	$	11.26	$	6.78	$	—
Actual – Ending Balance	$	790.70	$	787.70	$	792.20	$	—
Hypothetical Expenses per $1,000*	$	8.89	$	12.68	$	7.63	$	—
Hypothetical – Ending Value	$	1,016.38	$	1,012.60	$	1,017.64	$	—
Annualized expense ratio(2)		1.75%		2.50%		1.50%		—
CALAMOS GLOBAL EQUITY FUND
Actual Expenses per $1,000*	$	6.78	$	10.40	$	5.57	$	—
Actual – Ending Balance	$	922.70	$	918.80	$	923.10	$	—
Hypothetical Expenses per $1,000*	$	7.12	$	10.92	$	5.85	$	—
Hypothetical – Ending Value	$	1,018.15	$	1,014.37	$	1,019.41	$	—
Annualized expense ratio(2)		1.40%		2.15%		1.15%		—
CALAMOS GLOBAL GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	7.22	$	10.89	$	6.00	$	—
Actual – Ending Balance	$	948.50	$	945.50	$	950.10	$	—
Hypothetical Expenses per $1,000*	$	7.48	$	11.27	$	6.21	$	—
Hypothetical – Ending Value	$	1,017.79	$	1,014.01	$	1,019.05	$	—
Annualized expense ratio		1.47%		2.22%		1.22%		—

* Expenses for all Fund Classes A, C, and I are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

(2) Annualized Expense Ratios for Opportunistic Value Fund, International Growth Fund, Emerging Markets Equity Fund, and Global Equity Fund are adjusted to reflect fee waiver.

(a) September 17, 2018 (commencement of operations) through October 31, 2018. Expenses for Class R6 of the International Growth Fund are equal to the Fund’s annualized expense ratio, multiplied by the average account value from inception to period end, multiplied by 44/365.

www.calamos.com 71

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, May 1, 2018 and held through October 31, 2018.

	CLASS A SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R6 SHARES
CALAMOS TOTAL RETURN BOND FUND
Actual Expenses per $1,000*	$	4.54	$	8.30	$	3.28	$	—
Actual – Ending Balance	$	999.40	$	994.60	$	999.60	$	—
Hypothetical Expenses per $1,000*	$	4.58	$	8.39	$	3.31	$	—
Hypothetical – Ending Value	$	1,020.67	$	1,016.89	$	1,021.93	$	—
Annualized expense ratio(2)		0.90%		1.65%		0.65%		—
CALAMOS HIGH INCOME OPPORTUNITIES FUND
Actual Expenses per $1,000*	$	5.06	$	8.84	$	3.80	$	—
Actual – Ending Balance	$	1,009.30	$	1,004.80	$	1,010.60	$	—
Hypothetical Expenses per $1,000*	$	5.09	$	8.89	$	3.82	$	—
Hypothetical – Ending Value	$	1,020.16	$	1,016.38	$	1,021.42	$	—
Annualized expense ratio(2)		1.00%		1.75%		0.75%		—
CALAMOS SHORT-TERM BOND FUND(b)
Actual Expenses per $1,000	$	0.76	$	—	$	0.48	$	—
Actual – Ending Balance	$	1,001.20	$	—	$	1,001.60	$	—
Hypothetical Expenses per $1,000	$	0.76	$	—	$	0.48	$	—
Hypothetical – Ending Value	$	1,004.99	$	—	$	1,005.27	$	—
Annualized expense ratio(2)		0.66%		—		0.42%		—

* Expenses for all Fund Classes A, C, and I are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

(2) Annualized Expense Ratios for Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund are adjusted to reflect fee waiver.

(b) September 19, 2018 (commencement of operations) through October 31, 2018. Expenses for all Fund Classes of the Short-Term Bond Fund are equal to the Fund’s annualized expense ratio, multiplied by the average account value from inception to period end, multiplied by 42/365.

72 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Market Neutral Income Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (39.1%)
			Communication Services (1.9%)
	7,000,000		Boingo Wireless, Inc.* 1.000%, 10/01/23	$	7,063,770
	1,000,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		9,854,877
	267,000		Live Nation Entertainment, Inc. 2.500%, 05/15/19		405,044
	10,000,000		Momo, Inc.* 1.250%, 07/01/25		8,774,550
	5,833,000		Sea, Ltd.* 2.250%, 07/01/23		5,439,768
			Twitter, Inc.
	25,000,000		0.250%, 06/15/24*		23,410,500
	15,000,000		1.000%, 09/15/21~		13,956,450
	15,000,000		Weibo Corp.*^ 1.250%, 11/15/22		13,397,175
	13,000,000		World Wrestling Entertainment, Inc.*~ 3.375%, 12/15/23		38,252,890
	8,500,000		Zillow Group, Inc.^ 2.000%, 12/01/21		9,004,518
					129,559,542
			Consumer Discretionary (4.8%)
	30,000,000		Booking Holdings, Inc.~ 0.350%, 06/15/20		43,512,000
	5,000,000		Chegg, Inc.* 0.250%, 05/15/23		5,914,800
			Ctrip.com International, Ltd.
	29,827,000		1.990%, 07/01/25~^		29,723,500
	10,500,000		1.000%, 07/01/20		9,977,415
	13,500,000		Etsy, Inc.* 0.000%, 03/01/23		18,010,755
	11,000,000		Gannett Company, Inc.*~ 4.750%, 04/15/24		11,411,180
	4,000,000		GNC Holdings, Inc. 1.500%, 08/15/20		3,102,200
	1,400,000		LGI Homes, Inc. 4.250%, 11/15/19		2,809,765
	5,000,000		Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		5,427,675
	25,000,000		MercadoLibre, Inc.*~^ 2.000%, 08/15/28		24,042,375
	7,500,000		RH~ 0.000%, 06/15/19		8,349,825
	5,250,000		TAL Education Group~ 2.500%, 05/15/19		34,930,193
			Tesla, Inc.^
	32,500,000		1.250%, 03/01/21~		36,473,287
	30,000,000		2.375%, 03/15/22~		36,574,200
	15,000,000		0.250%, 03/01/19		16,041,600
	12,500,000		Wayfair, Inc. 0.375%, 09/01/22		15,486,938

PRINCIPAL AMOUNT				VALUE
	2,000,000,000	JPY	Yamada Denki Company, Ltd. 0.000%, 06/28/19	$	18,488,678
					320,276,386
			Consumer Staples (0.8%)
	25,000,000		Herbalife Nutrition Ltd.^ 2.000%, 08/15/19		31,895,375
	15,000,000	GBP	J Sainsbury, PLC 1.250%, 11/21/19		20,994,632
					52,890,007
			Energy (0.8%)
	15,000,000		Chesapeake Energy Corp.^ 5.500%, 09/15/26		14,078,625
	5,000,000		Golar LNG, Ltd. 2.750%, 02/15/22		5,141,800
	5,000,000		Nabors Industries, Inc.^ 0.750%, 01/15/24		3,732,825
	5,000,000		Oasis Petroleum, Inc.~^ 2.625%, 09/15/23		5,656,725
	4,000,000		Renewable Energy Group, Inc. 4.000%, 06/15/36		11,722,080
	4,000,000		SEACOR Holdings, Inc. 3.250%, 05/15/30		3,791,020
	10,000,000		Whiting Petroleum Corp.~ 1.250%, 04/01/20		9,556,150
					53,679,225
			Financials (2.2%)
	5,000,000		Apollo Commercial Real Estate Finance, Inc. 4.750%, 08/23/22		4,898,625
	21,120,000		AXA, SA*~ 7.250%, 05/15/21		21,665,741
	3,500,000		Cowen, Inc.~ 3.000%, 03/15/19		3,518,182
	15,000,000	EUR	Credit Agricole, SA 0.000%, 10/03/19		12,604,275
	10,000,000		Goldman Sachs BDC, Inc. 4.500%, 04/01/22		10,092,400
	5,000,000		Heritage Insurance Holdings, Inc. 5.875%, 08/01/37		5,668,075
	15,000,000		IAC FinanceCo, Inc.*~^ 0.875%, 10/01/22		20,962,575
	25,000,000		LendingTree, Inc.~ 0.625%, 06/01/22		29,396,625
	5,000,000		PRA Group, Inc. 3.500%, 06/01/23		4,741,000
			Redwood Trust, Inc.
	5,000,000		5.625%, 07/15/24		4,955,750
	5,000,000		4.750%, 08/15/23		4,793,100
	1,500,000,000	JPY	SBI Holdings, Inc. 0.000%, 09/14/20		22,936,633
					146,232,981

See accompanying Notes to Schedule of Investments www.calamos.com 73

Market Neutral Income Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
			Health Care (6.8%)
	5,000,000		Allscripts Healthcare Solutions, Inc.~^ 1.250%, 07/01/20	$	4,997,225
	10,000,000		AMAG Pharmaceuticals, Inc.~ 3.250%, 06/01/22		10,796,300
	20,000,000	EUR	Bayer Capital Corp., BV 5.625%, 11/22/19		18,929,985
	10,000,000	EUR	Bayer, AG 0.050%, 06/15/20		11,724,687
	7,500,000		Dermira, Inc. 3.000%, 05/15/22		6,396,263
	12,953,000		DexCom, Inc. 0.750%, 05/15/22		18,839,232
	5,000,000		Evolent Health, Inc.* 1.500%, 10/15/25		4,837,575
	5,000,000		Flexion Therapeutics, Inc. 3.375%, 05/01/24		4,401,150
	45,000,000		Illumina, Inc.~ 0.000%, 06/15/19		56,827,575
	2,500,000		Immunomedics, Inc. 4.750%, 02/15/20		11,203,300
	12,500,000		Innoviva, Inc. 2.500%, 08/15/25		13,142,625
	13,333,000		Insmed, Inc. 1.750%, 01/15/25		10,131,480
			Insulet Corp.
	15,000,000		1.250%, 09/15/21~		23,323,200
	1,280,000		1.375%, 11/15/24*		1,450,368
	5,000,000		Intercept Pharmaceuticals, Inc. 3.250%, 07/01/23		4,662,450
	3,000,000		Invacare Corp. 4.500%, 06/01/22		3,154,980
	15,000,000		Ionis Pharmaceuticals, Inc. 1.000%, 11/15/21		15,631,425
	8,000,000		Ironwood Pharmaceuticals, Inc.^ 2.250%, 06/15/22		8,455,040
	9,000,000		Ligand Pharmaceuticals, Inc.*^ 0.750%, 05/15/23		8,596,845
			Medicines Company
	12,500,000		2.750%, 07/15/23		10,610,625
	7,500,000		2.500%, 01/15/22~^		7,282,613
	6,855,000		Molina Healthcare, Inc.~ 1.125%, 01/15/20		21,356,375
	15,000,000		Neurocrine Biosciences, Inc.~ 2.250%, 05/15/24		23,053,950
	20,000,000		NuVasive, Inc. 2.250%, 03/15/21		22,328,700
	5,000,000		Pacira Pharmaceuticals, Inc.~^ 2.375%, 04/01/22		5,261,950
	6,661,000		Quidel Corp.~ 3.250%, 12/15/20		13,722,759
	5,000,000		Radius Health, Inc. 3.000%, 09/01/24		3,895,300

PRINCIPAL AMOUNT				VALUE
	3,500,000		Retrophin, Inc. 2.500%, 09/15/25	$	3,386,408
	20,000,000		Sarepta Therapeutics, Inc.*~ 1.500%, 11/15/24		39,505,400
	10,000,000		Supernus Pharmaceuticals, Inc.*^ 0.625%, 04/01/23		10,867,050
			Teladoc Health, Inc.
	8,050,000		1.375%, 05/15/25*^		11,632,813
	8,000,000		3.000%, 12/15/22		13,855,760
	5,000,000		Theravance Biopharma, Inc.~ 3.250%, 11/01/23		5,041,775
	5,000,000		Tilray, Inc.* 5.000%, 10/01/23		4,162,850
	11,461,000		Wright Medical Group, Inc.*^ 1.625%, 06/15/23		11,633,259
	7,500,000		Wright Medical Group, NV 2.250%, 11/15/21		10,271,212
					455,370,504
			Industrials (1.3%)
	17,500,000		51job, Inc.~ 3.250%, 04/15/19		26,245,450
	5,000,000		Aerojet Rocketdyne Holdings, Inc.~ 2.250%, 12/15/23		7,361,700
	5,385,000		Air Transport Services Group, Inc.^ 1.125%, 10/15/24		4,931,368
	10,000,000	EUR	Airbus, SE 0.000%, 06/14/21		13,445,466
	11,250,000		FTI Consulting, Inc.* 2.000%, 08/15/23		10,723,556
	1,000,000,000	JPY	Nagoya Railroad Company, Ltd. 0.000%, 12/11/24		9,708,335
	7,500,000		Navistar International Corp. 4.750%, 04/15/19		7,525,838
	3,667,000		Patrick Industries, Inc.* 1.000%, 02/01/23		3,110,624
	3,000,000		Tesla Energy Operations, Inc.^ 1.625%, 11/01/19		2,825,790
					85,878,127
			Information Technology (18.4%)
	20,000,000		Advanced Micro Devices, Inc.~ 2.125%, 09/01/26		47,686,400
	30,000,000		Akamai Technologies, Inc.~ 0.000%, 02/15/19		29,791,800
	12,500,000		Altaba, Inc.~ 0.000%, 12/01/18		14,065,000
	12,500,000		Alteryx, Inc.* 0.500%, 06/01/23		16,935,687
	4,000,000		Apptio, Inc.* 0.875%, 04/01/23		3,846,140
	36,000,000		Atlassian, Inc.*~^ 0.625%, 05/01/23		41,267,880
	5,000,000		Avaya Holdings Corp.* 2.250%, 06/15/23		4,433,800

74 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Market Neutral Income Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
		CalAmp Corp.
	7,500,000	1.625%, 05/15/20	$	7,492,763
	5,000,000	2.000%, 08/01/25*		4,585,550
	7,000,000	Carbonite, Inc. 2.500%, 04/01/22		10,159,870
	8,800,000	Cardtronics, Inc.~ 1.000%, 12/01/20		8,207,232
	20,000,000	Citrix Systems, Inc.~ 0.500%, 04/15/19		28,312,400
	11,000,000	CSG Systems International, Inc. 4.250%, 03/15/36		11,279,730
	15,000,000	Cypress Semiconductor Corp.~^ 4.500%, 01/15/22		17,738,025
	10,000,000	DocuSign, Inc.* 0.500%, 09/15/23		9,374,850
	10,500,000	Electronics For Imaging, Inc. 0.750%, 09/01/19		10,317,353
	10,000,000	Envestnet, Inc. 1.750%, 12/15/19		10,351,600
	5,000,000	Euronet Worldwide, Inc.~ 1.500%, 10/01/44		7,657,125
	17,500,000	Finisar Corp.~^ 0.500%, 12/15/33		17,436,300
		FireEye, Inc.
	15,000,000	0.875%, 06/01/24*^		15,767,775
	5,000,000	1.625%, 06/01/35^		4,599,550
	5,000,000	1.000%, 06/01/35~		4,827,675
	4,999,000	Guidewire Software, Inc.^ 1.250%, 03/15/25		5,043,641
	15,000,000	HubSpot, Inc.~^ 0.250%, 06/01/22		22,792,125
	15,000,000	Infinera Corp. 2.125%, 09/01/24		13,236,600
		Inphi Corp.
	5,000,000	1.125%, 12/01/20		5,263,575
	3,975,000	0.750%, 09/01/21		3,720,580
	20,000,000	Integrated Device Technology, Inc.~ 0.875%, 11/15/22		29,955,100
	15,000,000	Intel Corp.~ 3.250%, 08/01/39		34,377,600
	25,000,000	j2 Global, Inc.~^ 3.250%, 06/15/29		29,636,250
	17,500,000	Lumentum Holdings, Inc.^ 0.250%, 03/15/24		19,962,512
		Microchip Technology, Inc.
	20,000,000	1.625%, 02/15/25~		26,024,800
	19,903,000	1.625%, 02/15/27~^		18,863,466
	7,500,000	2.250%, 02/15/37		6,818,363
	25,000,000	Micron Technology, Inc.~ 3.125%, 05/01/32		95,067,625
	9,000,000	MongoDB, Inc.*^ 0.750%, 06/15/24		11,998,440
	10,000,000	New Relic, Inc.*^ 0.500%, 05/01/23		10,543,200

PRINCIPAL AMOUNT			VALUE
	10,000,000	Nice Systems, Inc.^ 1.250%, 01/15/24	$	13,432,000
	10,000,000	Nuance Communications, Inc.~ 1.000%, 12/15/35		9,405,950
	11,500,000	Nutanix, Inc.* 0.000%, 01/15/23		12,683,177
	15,000,000	NXP Semiconductors, NV~^ 1.000%, 12/01/19		15,196,050
	17,500,000	Okta, Inc.*~^ 0.250%, 02/15/23		23,845,325
	25,000,000	ON Semiconductor Corp.~^ 1.625%, 10/15/23		27,222,250
	10,000,000	OSI Systems, Inc. 1.250%, 09/01/22		9,136,800
		Palo Alto Networks, Inc.~
	30,000,000	0.750%, 07/01/23*		29,172,450
	20,600,000	0.000%, 07/01/19		34,206,506
	7,500,000	Pandora Media, Inc. 1.750%, 12/01/20		7,175,925
	10,000,000	Pure Storage, Inc.*^ 0.125%, 04/15/23		10,271,850
	8,000,000	Q2 Holdings, Inc.* 0.750%, 02/15/23		8,803,800
	9,000,000	Quotient Technology, Inc.* 1.750%, 12/01/22		9,209,160
	20,000,000	RealPage, Inc.~ 1.500%, 11/15/22		27,508,700
	10,000,000	Red Hat, Inc.~ 0.250%, 10/01/19		23,248,450
	23,000,000	RingCentral, Inc.*~^ 0.000%, 03/15/23		26,043,820
	7,500,000	Rovi Corp. 0.500%, 03/01/20		7,028,700
	15,000,000	Silicon Laboratories, Inc.^ 1.375%, 03/01/22		16,203,150
	10,000,000	SINA Corp. 1.000%, 12/01/18		9,950,750
		Splunk, Inc.*~
	25,000,000	1.125%, 09/15/25^		23,692,000
	25,000,000	0.500%, 09/15/23		23,925,250
		Square, Inc.~
	25,000,000	0.375%, 03/01/22		79,900,000
	20,000,000	0.500%, 05/15/23*^		23,966,900
	12,500,000	Synaptics, Inc.^ 0.500%, 06/15/22		11,198,313
	5,000,000	Teradyne, Inc.^ 1.250%, 12/15/23		6,277,450
	15,000,000	TTM Technologies, Inc.~ 1.750%, 12/15/20		19,919,175
	15,000,000	Twilio, Inc.* 0.250%, 06/01/23		18,744,600
	10,000,000	Vishay Intertechnology, Inc.*^ 2.250%, 06/15/25		9,005,550

See accompanying Notes to Schedule of Investments www.calamos.com 75

Market Neutral Income Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
	15,000,000		Wix.com, Ltd.*^ 0.000%, 07/01/23	$	14,748,075
	7,500,000		Workday, Inc.~ 1.500%, 07/15/20		12,552,375
	10,000,000		Zendesk, Inc.* 0.250%, 03/15/23		10,968,750
					1,234,081,633
			Materials (0.8%)
	10,000,000		Allegheny Technologies, Inc.~^ 4.750%, 07/01/22		19,429,500
	10,000,000		Arconic, Inc.^ 1.625%, 10/15/19		10,080,050
	3,000,000		Pretium Resources, Inc. 2.250%, 03/15/22		2,749,140
	5,000,000		TimkenSteel Corp. 6.000%, 06/01/21		6,192,850
	10,000,000	GBP	Volcan Holdings, PLC 4.125%, 04/11/20		16,137,087
					54,588,627
			Real Estate (1.1%)
	13,000,000		American Residential Properties OP, LP*~ 3.250%, 11/15/18		15,305,810
	31,500,000		Extra Space Storage, LP*~^ 3.125%, 10/01/35		33,864,705
	6,000,000		Forestar Group, Inc. 3.750%, 03/01/20		5,896,800
			IH Merger Sub, LLC
	7,700,000		3.500%, 01/15/22		8,251,974
	6,000,000		3.000%, 07/01/19		7,214,640
	5,000,000		iStar, Inc.* 3.125%, 09/15/22		4,718,100
					75,252,029
			Utilities (0.2%)
			Chugoku Electric Power Company, Inc.
	500,000,000	JPY	0.000%, 01/24/20		4,762,529
	500,000,000	JPY	0.000%, 01/25/22		4,861,767
					9,624,296
			TOTAL CONVERTIBLE BONDS (Cost $2,478,765,056)		2,617,433,357
NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCKS (4.6%)
			Communication Services (1.2%)
	500,000		Alibaba Exchangeable (Softbank)*§ 5.750%, 06/01/19		80,642,250
			Financials (0.6%)
	200,000		2017 Mandatory Exchangeable Trust* 5.188%, 12/01/20		26,390,000

NUMBER OF SHARES			VALUE
	122,820	Assurant, Inc. 6.500%, 03/15/21	$	13,088,313
	50,000	Virtus Investment Partners, Inc. 7.250%, 02/01/20		4,558,000
				44,036,313
		Health Care (0.5%)
	314,735	Becton Dickinson and Company~ 6.125%, 05/01/20		18,465,503
	35,000	Teva Pharmaceutical Industries, Ltd.~ 7.000%, 12/15/18		12,950,000
				31,415,503
		Industrials (0.4%)
	10,500	Fortive Corp. 5.000%, 07/01/21		10,313,205
	300,000	Rexnord Corp. 5.750%, 11/15/19		17,151,000
				27,464,205
		Information Technology (0.2%)
	65,000	Belden, Inc.~ 6.750%, 07/15/19		4,828,850
	100,000	MTS Systems Corp. 8.750%, 07/01/19		10,587,500
				15,416,350
		Materials (0.2%)
	242,647	International Flavors & Fragrances, Inc. 6.000%, 09/15/21		13,971,614
		Real Estate (0.2%)
	12,856	Crown Castle International Corp. 6.875%, 08/01/20		13,434,520
		Utilities (1.3%)
	400,000	CenterPoint Energy, Inc. 7.000%, 09/01/21		19,848,000
	60,597	Dominion Energy, Inc. 6.750%, 08/15/19		2,905,626
	130,000	DTE Energy Company^ 6.500%, 10/01/19		6,932,900
		Sempra Energy
	147,059	6.000%, 01/15/21		14,582,370
	135,000	6.750%, 07/15/21^		13,460,850
	88,235	South Jersey Industries, Inc. 7.250%, 04/15/21		4,436,456
	250,000	Vistra Energy Corp. 7.000%, 07/01/19		22,937,500
				85,103,702
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $282,640,436)		311,484,457

76 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	COMMON STOCKS (49.2%)
		Communication Services (5.0%)
	98,182	Activision Blizzard, Inc.	$	6,779,467
	42,668	Alphabet, Inc. - Class A~#		46,532,868
	43,265	Alphabet, Inc. - Class C~#		46,586,454
	1,054,418	AT&T, Inc.~		32,349,544
	197,692	CenturyLink, Inc.~		4,080,363
	28,255	Charter Communications, Inc. - Class A#		9,052,054
	697,004	Comcast Corp. - Class A~		26,583,733
	419,793	Facebook, Inc. - Class A~#		63,720,380
	61,398	Netflix, Inc.#		18,528,689
	266,045	Twenty-First Century Fox, Inc. - Class A~		12,110,368
	259,395	Twitter, Inc.#		9,013,976
	602,524	Verizon Communications, Inc.~		34,398,095
	229,874	Walt Disney Company~^		26,396,431
				336,132,422
		Consumer Discretionary (4.8%)
	60,010	Amazon.com, Inc.~#		95,896,580
	97,484	Aptiv, PLC		7,486,771
	5,579	Booking Holdings, Inc.~#		10,458,282
	83,231	Carnival Corp.~		4,664,265
	158,354	D.R. Horton, Inc.~		5,694,410
	42,581	Darden Restaurants, Inc.~		4,537,005
	54,716	Dollar General Corp.~		6,094,268
	148,905	eBay, Inc.#		4,322,712
	58,697	Expedia Group, Inc.		7,362,365
	578,328	Ford Motor Company~		5,523,032
	154,054	General Motors Company		5,636,836
	177,894	Home Depot, Inc.~		31,287,997
	111,777	Leggett & Platt, Inc.^		4,058,623
	136,185	Lowe’s Companies, Inc.~		12,967,536
	143,981	McDonald’s Corp.~		25,470,239
	252,812	MGM Resorts International		6,745,024
	54,783	Mohawk Industries, Inc.~#		6,833,084
	192,522	Nike, Inc. - Class B~		14,446,851
	17,510	O’Reilly Automotive, Inc.#		5,616,332
	35,193	PVH Corp.~		4,250,962
	73,528	Ross Stores, Inc.~		7,279,272
	38,749	Royal Caribbean Cruises, Ltd.		4,058,183
	178,579	Starbucks Corp.~		10,405,798
	94,483	Tapestry, Inc.~		3,997,576
	97,630	Target Corp.~		8,164,797
	114,924	TJX Companies, Inc.~		12,627,849
	65,893	VF Corp.		5,461,212
				321,347,861

NUMBER OF SHARES			VALUE
		Consumer Staples (3.6%)
	299,337	Altria Group, Inc.~	$	19,468,878
	97,395	Archer-Daniels-Midland Company~		4,601,914
	92,756	Church & Dwight Company, Inc.		5,506,924
	535,351	Coca-Cola Company		25,632,606
	120,651	Colgate-Palmolive Company~		7,184,767
	24,980	Constellation Brands, Inc. - Class A		4,976,765
	60,003	Costco Wholesale Corp.~		13,718,486
	131,962	General Mills, Inc.		5,779,936
	64,795	Kellogg Company~		4,242,777
	61,362	Kimberly-Clark Corp.		6,400,057
	87,148	Kraft Heinz Company		4,790,526
	173,762	Kroger Company		5,171,157
	337,131	Mondelez International, Inc. - Class A		14,152,759
	75,327	Monster Beverage Corp.#		3,981,032
	202,064	PepsiCo, Inc.~		22,707,952
	299,754	Philip Morris International, Inc.~		26,399,335
	360,916	Procter & Gamble Company		32,006,031
	85,056	Sysco Corp.		6,067,044
	122,420	Walgreens Boots Alliance, Inc.		9,765,443
	209,036	Walmart, Inc.~		20,962,130
				243,516,519
		Energy (2.8%)
	102,051	Anadarko Petroleum Corp.~		5,429,113
	273,990	Chevron Corp.~		30,590,983
	65,433	Concho Resources, Inc.~#		9,101,076
	161,103	ConocoPhillips~		11,261,100
	70,215	EOG Resources, Inc.~		7,396,448
	512,875	Exxon Mobil Corp.~		40,865,880
	296,629	Halliburton Company		10,287,094
	412,919	Kinder Morgan, Inc.		7,027,881
	129,729	Marathon Petroleum Corp.		9,139,408
	112,067	Occidental Petroleum Corp.		7,516,334
	82,775	ONEOK, Inc.		5,430,040
	58,097	Phillips 66~		5,973,534
	74,456	Pioneer Natural Resources Company		10,965,135
	280,661	Schlumberger, Ltd.		14,400,716
	68,386	Valero Energy Corp.~		6,229,281
	208,342	Williams Companies, Inc.		5,068,961
				186,682,984
		Financials (6.7%)
	43,737	Affiliated Managers Group, Inc.		4,971,147
	102,635	Aflac, Inc.~		4,420,489
	80,072	Allstate Corp.~		7,664,492
	102,008	American Express Company~		10,479,282

See accompanying Notes to Schedule of Investments www.calamos.com 77

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	292,772	American International Group, Inc.~	$	12,088,556
	100,578	Arthur J. Gallagher & Company		7,443,778
	60,181	Assurant, Inc.		5,850,195
	1,627,219	Bank of America Corp.~		44,748,522
	149,418	Bank of New York Mellon Corp.		7,071,954
	127,047	BB&T Corp.~		6,245,631
	274,301	Berkshire Hathaway, Inc. - Class B~#		56,308,509
	15,503	BlackRock, Inc.~		6,378,244
	207,463	Capital One Financial Corp.~		18,526,446
	102,980	Cboe Global Markets, Inc.		11,621,293
	136,582	Charles Schwab Corp.~		6,315,552
	66,832	Chubb Corp.~		8,347,985
	363,633	Citigroup, Inc.~		23,803,416
	32,242	CME Group, Inc.		5,908,024
	70,779	Discover Financial Services		4,931,173
	186,515	E*TRADE Financial Corp.		9,217,571
	182,920	Fifth Third Bancorp~		4,937,011
	86,917	Goldman Sachs Group, Inc.~		19,588,484
	531,704	JPMorgan Chase & Company~		57,966,370
	196,751	KeyCorp		3,572,998
	145,559	MetLife, Inc.~		5,995,575
	93,145	Morgan Stanley~		4,253,001
	65,650	PNC Financial Services Group, Inc.~		8,435,369
	48,008	Prudential Financial, Inc.~		4,502,190
	337,106	Regions Financial Corp.~		5,720,689
	41,673	S&P Global, Inc.		7,597,821
	60,333	State Street Corp.~		4,147,894
	83,268	SunTrust Banks, Inc.~		5,217,573
	53,512	Travelers Companies, Inc.~		6,695,957
	240,150	US Bancorp		12,552,641
	531,258	Wells Fargo & Company~		28,278,863
	192,560	Zions Bancorporation, N.A. ^		9,059,948
				450,864,643
		Health Care (7.5%)
	251,519	Abbott Laboratories~		17,339,720
	235,113	AbbVie, Inc.~		18,303,547
	42,421	Aetna, Inc.~		8,416,326
	176,168	Agilent Technologies, Inc.		11,413,925
	105,732	Alexion Pharmaceuticals, Inc.~#		11,849,385
	49,546	Allergan, PLC		7,828,764
	52,990	Amgen, Inc.~		10,215,942
	188,059	Baxter International, Inc.		11,755,568
	27,050	Becton Dickinson and Company		6,235,025
	34,764	Biogen, Inc.~#		10,577,642
	211,850	Bristol-Myers Squibb Company~		10,706,899

NUMBER OF SHARES			VALUE
	170,217	Celgene Corp.#	$	12,187,537
	72,814	Cerner Corp.~#		4,170,786
	39,012	Cigna Corp.		8,341,156
	161,541	CVS Health Corp.~		11,693,953
	76,405	Danaher Corp.		7,594,657
	90,801	Edwards Lifesciences Corp.~#		13,402,228
	120,293	Eli Lilly and Company~		13,044,573
	81,438	Express Scripts Holding Company~#		7,897,043
	254,746	Gilead Sciences, Inc.		17,368,582
	40,648	HCA Healthcare, Inc.		5,427,727
	47,684	Humana, Inc.		15,278,431
	17,407	IDEXX Laboratories, Inc.#		3,692,373
	22,416	Illumina, Inc.#		6,974,738
	11,032	Intuitive Surgical, Inc.#		5,749,658
	422,209	Johnson & Johnson~		59,105,038
	44,999	Laboratory Corp. of America Holdings~#		7,224,590
	37,478	McKesson Corp.		4,675,755
	195,389	Medtronic, PLC		17,549,840
	383,408	Merck & Company, Inc.		28,222,663
	833,649	Pfizer, Inc.~		35,896,926
	48,784	Quest Diagnostics, Inc.~		4,591,062
	9,909	Regeneron Pharmaceuticals, Inc.~#		3,361,529
	50,649	Stryker Corp.~		8,216,281
	44,922	Thermo Fisher Scientific, Inc.~		10,496,025
	170,827	UnitedHealth Group, Inc.~		44,645,637
	50,293	Varian Medical Systems, Inc.#		6,003,475
	32,227	Vertex Pharmaceuticals, Inc.#		5,461,187
	38,214	Zimmer Biomet Holdings, Inc.		4,340,728
	49,274	Zoetis, Inc.		4,442,051
				501,698,972
		Industrials (4.4%)
	85,919	3M Company		16,346,949
	53,347	Allegion, PLC^		4,573,438
	78,045	Boeing Company~		27,695,049
	123,080	Caterpillar, Inc.~		14,932,066
	202,421	CSX Corp.~		13,938,710
	82,785	Deere & Company		11,212,400
	182,999	Delta Air Lines, Inc.~		10,015,535
	61,440	Eaton Corp., PLC		4,403,405
	162,836	Emerson Electric Company~		11,053,308
	30,786	FedEx Corp.		6,783,387
	88,752	Fortune Brands Home & Security, Inc.		3,978,752
	35,790	General Dynamics Corp.		6,176,638
	106,449	Honeywell International, Inc.		15,415,944
	51,058	Illinois Tool Works, Inc.~		6,513,469

78 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	140,193	Johnson Controls International, PLC	$	4,481,970
	29,261	Lockheed Martin Corp.		8,598,345
	23,577	Norfolk Southern Corp.		3,956,928
	42,470	Northrop Grumman Corp.		11,125,017
	84,782	PACCAR, Inc.		4,850,378
	144,081	Pentair, PLC		5,784,852
	173,351	Quanta Services, Inc.#		5,408,551
	67,305	Raytheon Company		11,781,067
	1	Resideo Technologies, Inc.#		11
	51,124	Rockwell Collins, Inc.		6,544,894
	106,246	Southwest Airlines Company~		5,216,679
	59,412	Stanley Black & Decker, Inc.		6,922,686
	11,730	TransDigm Group, Inc.#		3,873,833
	146,293	Union Pacific Corp.~		21,390,962
	97,204	United Parcel Service, Inc. - Class B		10,356,114
	88,589	United Technologies Corp.~		11,003,640
	55,289	Verisk Analytics, Inc.#		6,625,834
	75,525	Waste Management, Inc.		6,757,222
	66,874	Xylem, Inc.		4,385,597
				292,103,630
		Information Technology (10.5%)
	64,553	Accenture, PLC - Class A~		10,174,844
	69,552	Adobe, Inc.#		17,093,100
	435,393	Advanced Micro Devices, Inc.^#		7,928,507
	55,513	Akamai Technologies, Inc.~#		4,010,814
	78,179	Amphenol Corp. - Class A~		6,997,020
	700,477	Apple, Inc.~		153,306,396
	347,393	Applied Materials, Inc.~		11,422,282
	40,803	Autodesk, Inc.#		5,273,788
	58,646	Automatic Data Processing, Inc.		8,449,716
	40,737	Broadcom, Inc.		9,104,312
	795,519	Cisco Systems, Inc.~		36,394,994
	104,715	Cognizant Technology Solutions Corp. - Class A~		7,228,476
	52,221	DXC Technology Company		3,803,255
	107,011	Fiserv, Inc.#		8,485,972
	81,909	FLIR Systems, Inc.		3,793,206
	261,645	Hewlett Packard Enterprise Company		3,990,086
	203,775	HP, Inc.		4,919,128
	669,404	Intel Corp.~		31,381,660
	63,522	International Business Machines Corp.		7,332,344
	32,414	Intuit, Inc.		6,839,354
	130,668	MasterCard, Inc. - Class A		25,829,144
	94,623	Microchip Technology, Inc.^		6,224,301
	265,411	Micron Technology, Inc.~#		10,011,303
	1,094,965	Microsoft Corp.~		116,953,212

NUMBER OF SHARES			VALUE
	105,614	NVIDIA Corp.	$	22,266,600
	437,984	Oracle Corp.		21,391,139
	151,338	PayPal Holdings, Inc.#		12,741,146
	174,325	QUALCOMM, Inc.^		10,963,299
	43,127	Red Hat, Inc.~#		7,402,318
	134,961	Salesforce.com, Inc.#		18,522,048
	243,790	ServiceNow, Inc.#		44,135,726
	52,475	TE Connectivity, Ltd.		3,957,664
	142,313	Texas Instruments, Inc.~		13,210,916
	292,290	Visa, Inc. - Class A~		40,292,176
	106,688	Xilinx, Inc.		9,107,955
				710,938,201
		Materials (1.0%)
	83,944	Air Products & Chemicals, Inc.~		12,956,756
	39,146	Avery Dennison Corp.		3,551,325
	129,425	Ball Corp.^		5,798,240
	409,345	DowDuPont, Inc.		22,071,883
	297,486	Freeport-McMoRan, Inc.		3,465,712
	32,751	Linde, PLC^		5,419,308
	68,133	PPG Industries, Inc.		7,160,097
	12,664	Sherwin-Williams Company		4,982,904
				65,406,225
		Real Estate (1.4%)
	49,248	Alexandria Real Estate Equities, Inc.		6,019,583
	56,174	American Tower Corp.~		8,752,471
	142,486	Apartment Investment & Management Company - Class A		6,132,597
	16,653	AvalonBay Communities, Inc.~		2,920,603
	51,899	Crown Castle International Corp.		5,643,497
	44,436	Digital Realty Trust, Inc.		4,588,461
	10,762	Equinix, Inc.		4,076,000
	50,610	Federal Realty Investment Trust		6,278,171
	84,582	Macerich Company		4,366,123
	76,282	Prologis, Inc.~		4,917,901
	20,597	Public Storage~		4,232,066
	111,380	Realty Income Corp.		6,712,873
	61,305	Simon Property Group, Inc.		11,250,694
	167,344	UDR, Inc.^		6,558,211
	81,235	Welltower, Inc.^		5,367,196
	181,611	Weyerhaeuser Company		4,836,301
				92,652,748
		Utilities (1.5%)
	437,606	AES Corp.~		6,380,295
	128,180	American Electric Power Company, Inc.~		9,403,285
	145,448	CMS Energy Corp.~		7,202,585
	59,993	Consolidated Edison, Inc.		4,559,468

See accompanying Notes to Schedule of Investments www.calamos.com 79

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	90,712		Dominion Energy, Inc.~^	$	6,478,651
	161,280		Duke Energy Corp.~		13,326,566
	69,348		Edison International		4,812,058
	88,119		Entergy Corp.		7,397,590
	97,089		Exelon Corp.~		4,253,469
	172,172		FirstEnergy Corp.~		6,418,572
	59,608		NextEra Energy, Inc.		10,282,380
	239,894		NiSource, Inc.		6,083,712
	83,267		PG&E Corp.#		3,897,728
	93,364		Public Service Enterprise Group, Inc.~		4,988,439
	147,508		Xcel Energy, Inc.		7,229,367
					102,714,165
			TOTAL COMMON STOCKS (Cost $3,059,316,808)		3,304,058,370
	EXCHANGE-TRADED FUND (4.3%)
			Other (4.3%)
	1,056,085		SPDR S&P 500 ETF Trust^ (Cost $294,009,453)		285,808,283
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	PURCHASED OPTIONS (0.9%)#
			Communication Services (0.0%)
	450 6,830,550		Facebook, Inc. Call, 01/18/19, Strike $170.00		105,300
	250 7,544,500		Netflix, Inc. Put, 03/15/19, Strike $310.00		881,250
	1,400 4,865,000		Twitter, Inc. Call, 01/18/19, Strike $32.00		665,000
					1,651,550
			Consumer Discretionary (0.0%)
	1,180 4,243,280		D.R. Horton, Inc. Call, 11/16/18, Strike $43.00		7,080
	350 4,390,050		Expedia Group, Inc. Call, 11/16/18, Strike $125.00		124,250
	750 13,267,500		McDonald’s Corp. Call, 12/21/18, Strike $165.00		1,014,375
	1,500 4,002,000		MGM Resorts International Call, 12/21/18, Strike $28.00		127,500
	500 7,675,000	EUR	Moncler S.p.A Call, 03/15/19, Strike 38.00		100,976
	7,500 3,645,000		Vipshop Holdings, Ltd. Call, 01/18/19, Strike $12.00		18,750
					1,392,931
			Energy (0.0%)
	1,250 621,250		Nabors Industries, Inc. Call, 01/18/19, Strike $8.00		3,125

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Financials (0.0%)
	500 11,268,500	Goldman Sachs Group, Inc. Call, 12/21/18, Strike $230.00	$	316,250
		Health Care (0.0%)
		Illumina, Inc.
	250 7,778,750	Put, 12/21/18, Strike $290.00		171,250
	150 4,667,250	Call, 12/21/18, Strike $360.00		39,000
	300 5,083,800	Vertex Pharmaceuticals, Inc. Put, 04/18/19, Strike $175.00		535,500
				745,750
		Industrials (0.0%)
	350 12,420,100	Boeing Company Call, 12/21/18, Strike $375.00		242,375
	1,250 4,186,250	Navistar International Corp. Call, 01/18/19, Strike $35.00		300,000
				542,375
		Information Technology (0.1%)
		Advanced Micro Devices, Inc.
	900 1,638,900	Call, 11/16/18, Strike $36.00		450
	900 1,638,900	Put, 11/16/18, Strike $28.00		879,750
	3,000 21,675,000	Akamai Technologies, Inc. Call, 01/18/19, Strike $70.00		1,830,000
				2,710,200
		Other (0.8%)
		S&P 500 Index
	4,500 1,220,283,000	Put, 12/31/18, Strike $2,700.00		32,692,500
	3,750 1,016,902,500	Put, 11/14/18, Strike $2,650.00		9,862,500
	3,000 813,522,000	Call, 11/16/18, Strike $2,900.00		270,000
	2,500 677,935,000	Call, 11/07/18, Strike $2,850.00		118,750
	2,500 677,935,000	Call, 11/16/18, Strike $2,950.00		100,000
	2,500 677,935,000	Put, 12/31/18, Strike $2,300.00		2,275,000
	2,000 542,348,000	Call, 12/31/18, Strike $2,825.00		5,500,000
	500 135,587,000	Put, 11/12/18, Strike $2,725.00		2,500,000
				53,318,750
		TOTAL PURCHASED OPTIONS (Cost $70,253,393)		60,680,931

80 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES					VALUE
	SHORT TERM INVESTMENTS (2.0%)
	65,833,786			Fidelity Prime Money Market Fund - Institutional Class, 2.240%***	$	65,853,536
	66,793,640			Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		66,793,640
				TOTAL SHORT TERM INVESTMENTS (Cost $132,647,176)		132,647,176
NUMBER OF SHARES/ PRINCIPAL AMOUNT					VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.0%)
	188,136,315			Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		188,136,315
	214,279,301			State Street Navigator Securities Lending Government Money Market Portfolio†		214,279,301
				TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $402,415,616)		402,415,616
	TOTAL INVESTMENTS (106.1%) (Cost $6,720,047,938)					7,114,528,190
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.0%)					(402,415,616	)
	LIABILITIES, LESS OTHER ASSETS (-0.1%)					(6,271,370	)
	NET ASSETS (100.0%)				$	6,705,841,204
NUMBER OF SHARES					VALUE
	COMMON STOCKS SOLD SHORT (-28.7%)#
				Communication Services (-1.2%)
	(109,000	)		Boingo Wireless, Inc.		(3,414,970	)
	(81,600	)	JPY	CyberAgent, Inc.		(3,472,338	)
	(83,500	)		IAC/InterActive Corp.		(16,415,265	)
	(7,600	)		Live Nation Entertainment, Inc.		(397,480	)
	(82,500	)		Momo, Inc.		(2,769,525	)
	(203,000	)		Sea, Ltd.		(2,649,150	)
	(271,400	)		Twitter, Inc.		(9,431,150	)
	(29,000	)		Weibo Corp.		(1,711,290	)
	(499,500	)		World Wrestling Entertainment, Inc. - Class A		(36,258,705	)
	(82,900	)		Zillow Group, Inc. - Class C		(3,337,554	)
						(79,857,427	)
				Consumer Discretionary (-4.5%)
	(539,350	)		Alibaba Group Holding, Ltd.		(76,738,718	)
	(20,100	)		Booking Holdings, Inc.		(37,679,058	)

NUMBER OF SHARES					VALUE
	(138,300	)		Chegg, Inc.	$	(3,772,824	)
	(220,000	)		Ctrip.com International, Ltd.		(7,321,600	)
	(304,000	)		Etsy, Inc.		(12,926,080	)
	(500,000	)		Gannett Company, Inc.		(4,850,000	)
	(65,100	)		LGI Homes, Inc.		(2,785,629	)
	(103,000	)		Liberty Media Corp. / Liberty Formula One		(3,407,240	)
	(45,204	)		MercadoLibre, Inc.		(14,668,698	)
	(939,000	)		New York Times Company - Class A		(24,789,600	)
	(55,000	)		RH		(6,364,050	)
	(1,203,222	)		TAL Education Group		(34,869,374	)
	(138,594	)		Tesla, Inc.		(46,750,528	)
	(90,400	)		Wayfair, Inc. - Class A		(9,970,216	)
	(2,509,300	)	JPY	Yamada Denki Company, Ltd.		(11,832,225	)
						(298,725,840	)
				Consumer Staples (-0.6%)
	(509,000	)		Herbalife Nutrition Ltd.		(27,109,340	)
	(2,915,031	)	GBP	J Sainsbury, PLC		(11,581,617	)
						(38,690,957	)
				Energy (-0.3%)
	(676,400	)		Chesapeake Energy Corp.		(2,374,164	)
	(88,000	)		Golar LNG, Ltd.		(2,356,640	)
	(364,400	)		Renewable Energy Group, Inc.		(11,325,552	)
	(35,000	)		SEACOR Holdings, Inc.		(1,679,650	)
						(17,736,006	)
				Financials (-1.2%)
	(104,397	)		Assurant, Inc.		(10,148,432	)
	(816,000	)		AXA Equitable Holdings, Inc.		(16,556,640	)
	(118,650	)	EUR	Eurazeo, SE		(8,664,710	)
	(276,100	)		Heritage Insurance Holdings, Inc.		(3,854,356	)
	(88,200	)		LendingTree, Inc.		(17,789,058	)
	(68,000	)		PRA Group, Inc.		(2,097,120	)
	(817,300	)	JPY	SBI Holdings, Inc.		(21,342,163	)
	(34,000	)		Virtus Investment Partners, Inc.		(3,377,560	)
						(83,830,039	)
				Health Care (-4.7%)
	(160,000	)		Allscripts Healthcare Solutions, Inc.		(1,905,600	)
	(246,000	)		AMAG Pharmaceuticals, Inc.		(5,289,000	)
	(169,000	)	EUR	Bayer, AG		(12,954,260	)
	(70,000	)		Becton Dickinson and Company		(16,135,000	)
	(110,000	)		DexCom, Inc.		(14,604,700	)
	(98,379	)		Evolent Health, Inc. - Class A		(2,184,014	)
	(120,000	)		Flexion Therapeutics, Inc.		(1,624,800	)
	(148,326	)		Illumina, Inc.		(46,151,635	)
	(182,500	)		Immunomedics, Inc.		(4,111,725	)
	(94,500	)		Innoviva, Inc.		(2,293,515	)

See accompanying Notes to Schedule of Investments www.calamos.com 81

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES					VALUE
	(579,600	)		Innoviva, Inc.	$	(8,091,216	)
	(150,431	)		Insmed, Inc.		(2,196,292	)
	(231,600	)		Insulet Corp.		(20,429,436	)
	(12,000	)		Intercept Pharmaceuticals, Inc.		(1,152,120	)
	(128,000	)		Invacare Corp.		(1,653,760	)
	(134,600	)		Ionis Pharmaceuticals, Inc.		(6,669,430	)
	(342,000	)		Ironwood Pharmaceuticals, Inc.		(4,480,200	)
	(22,100	)		Ligand Pharmaceuticals, Inc.		(3,642,301	)
	(252,000	)		Medicines Company		(5,861,520	)
	(168,040	)		Molina Healthcare, Inc.		(21,302,431	)
	(182,371	)		Neurocrine Biosciences, Inc.		(19,541,053	)
	(202,000	)		NuVasive, Inc.		(11,346,340	)
	(37,500	)		Pacira Pharmaceuticals, Inc.		(1,833,375	)
	(199,773	)		Quidel Corp.		(12,857,390	)
	(63,137	)		Retrophin, Inc.		(1,620,095	)
	(245,000	)		Sarepta Therapeutics, Inc.		(32,771,200	)
	(114,000	)		Supernus Pharmaceuticals, Inc.		(5,421,840	)
	(300,200	)		Teladoc Health, Inc.		(20,815,868	)
	(500,000	)		Teva Pharmaceutical Industries, Ltd.		(9,990,000	)
	(540,717	)		Wright Medical Group, NV		(14,588,545	)
						(313,518,661	)
				Industrials (-1.0%)
	(364,918	)		51job, Inc.		(22,409,614	)
	(162,159	)		Aerojet Rocketdyne Holdings, Inc.		(5,727,456	)
	(116,500	)		Air Transport Services Group, Inc.		(2,283,400	)
	(1	)		Altra Industrial Motion Corp.		(29	)
	(5,100	)	EUR	Dassault Aviation, SA		(8,462,597	)
	(101,500	)		Fortive Corp.		(7,536,375	)
	(66,050	)		FTI Consulting, Inc.		(4,564,716	)
	(165,000	)	JPY	Nagoya Railroad Company, Ltd.		(3,984,964	)
	(17,000	)		Patrick Industries, Inc.		(739,670	)
	(535,000	)		Rexnord Corp.		(14,343,350	)
						(70,052,171	)
				Information Technology (-12.8%)
	(2,373,100	)		Advanced Micro Devices, Inc.		(43,214,151	)
	(148,703	)		Altaba, Inc.		(8,937,050	)
	(227,500	)		Alteryx, Inc. - Class A		(12,055,225	)
	(64,100	)		Apptio, Inc. - Class A		(1,660,190	)
	(331,350	)		Atlassian Corp., PLC - Class A		(25,152,779	)
	(115,000	)		Avaya Holdings Corp.		(1,888,300	)
	(75,000	)		Belden, Inc.		(4,053,750	)
	(250,231	)		CalAmp Corp.		(4,989,606	)
	(238,400	)		Carbonite, Inc.		(8,155,664	)
	(56,610	)		Cardtronics, PLC - Class A		(1,537,528	)
	(271,966	)		Citrix Systems, Inc.		(27,868,356	)
	(55,000	)		CSG Systems International, Inc.		(1,930,500	)

NUMBER OF SHARES				VALUE
	(744,000	)	Cypress Semiconductor Corp.	$	(9,627,360	)
	(70,770	)	DocuSign, Inc.		(2,968,094	)
	(40,000	)	Electronics For Imaging, Inc.		(1,218,000	)
	(77,050	)	Envestnet, Inc.		(4,008,141	)
	(69,267	)	Euronet Worldwide, Inc.		(7,701,105	)
	(423,500	)	FireEye, Inc.		(7,830,515	)
	(29,500	)	Guidewire Software, Inc.		(2,624,615	)
	(137,000	)	HubSpot, Inc.		(18,584,050	)
	(1,043,000	)	Infinera Corp.		(5,778,220	)
	(104,100	)	Inphi Corp.		(3,331,200	)
	(532,900	)	Integrated Device Technology, Inc.		(24,945,049	)
	(676,850	)	Intel Corp.		(31,730,728	)
	(278,000	)	j2 Global, Inc.		(20,249,520	)
	(224,500	)	Lumentum Holdings, Inc.		(12,268,925	)
	(663,000	)	Microchip Technology, Inc.		(43,612,140	)
	(2,492,300	)	Micron Technology, Inc.		(94,009,556	)
	(120,000	)	MongoDB, Inc.		(9,780,000	)
	(190,500	)	MTS Systems Corp.		(9,020,175	)
	(62,000	)	New Relic, Inc.		(5,533,500	)
	(110,000	)	Nice, Ltd.		(11,653,400	)
	(176,470	)	Nuance Communications, Inc.		(3,068,813	)
	(163,900	)	Nutanix, Inc. - Class A		(6,803,489	)
	(25,773	)	NXP Semiconductors, NV		(1,932,717	)
	(295,800	)	Okta, Inc.		(17,262,888	)
	(838,000	)	ON Semiconductor Corp.		(14,246,000	)
	(45,100	)	OSI Systems, Inc.		(3,119,116	)
	(245,800	)	Palo Alto Networks, Inc.		(44,991,232	)
	(30,000	)	Pandora Media, Inc.		(255,000	)
	(269,973	)	Pure Storage, Inc. - Class A		(5,448,055	)
	(104,800	)	Q2 Holdings, Inc.		(5,578,504	)
	(315,500	)	Quotient Technology, Inc.		(4,060,485	)
	(418,800	)	RealPage, Inc.		(22,196,400	)
	(125,000	)	Red Hat, Inc.		(21,455,000	)
	(212,900	)	RingCentral, Inc. - Class A		(16,548,717	)
	(243,795	)	ServiceNow, Inc.		(44,136,647	)
	(100,600	)	Silicon Laboratories, Inc.		(8,201,918	)
	(205,000	)	Splunk, Inc.		(20,467,200	)
	(1,243,500	)	Square, Inc. - Class A		(91,335,075	)
	(69,000	)	Synaptics, Inc.		(2,590,260	)
	(119,800	)	Teradyne, Inc.		(4,127,110	)
	(17,500	)	TiVo Corp.		(192,500	)
	(1,348,100	)	TTM Technologies, Inc.		(15,772,770	)
	(163,500	)	Twilio, Inc. - Class A		(12,298,470	)
	(161,000	)	Vishay Intertechnology, Inc.		(2,946,300	)
	(58,400	)	Wix.com, Ltd.		(5,685,240	)
	(84,847	)	Workday, Inc. - Class A		(11,286,348	)
	(116,000	)	Zendesk, Inc.		(6,376,520	)
					(860,300,166	)

82 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES					VALUE
				Materials (-0.8%)
	(652,000	)		Allegheny Technologies, Inc.	$	(16,880,280	)
	(725,000	)	GBP	Anglo American, PLC		(15,473,948	)
	(106,615	)		Arconic, Inc.		(2,167,483	)
	(20,000	)	EUR	Covestro, AG*		(1,289,776	)
	(71,000	)		International Flavors & Fragrances, Inc.		(10,270,860	)
	(85,500	)		Pretium Resources, Inc.		(681,435	)
	(325,000	)		TimkenSteel Corp.		(3,779,750	)
						(50,543,532	)
				Real Estate (-0.6%)
	(143,706	)		American Homes 4 Rent - Class A		(3,027,886	)
	(90,000	)		Crown Castle International Corp.		(9,786,600	)
	(157,700	)		Extra Space Storage, Inc.		(14,202,462	)
	(504,499	)		Invitation Homes, Inc.		(11,038,438	)
	(112,900	)		iStar, Inc.		(1,185,450	)
						(39,240,836	)
				Utilities (-1.0%)
	(575,000	)		CenterPoint Energy, Inc.		(15,530,750	)
	(385,000	)	JPY	Chugoku Electric Power Company, Inc.		(4,952,134	)
	(30,000	)		Dominion Energy, Inc.		(2,142,600	)
	(42,000	)		DTE Energy Company		(4,720,800	)
	(188,000	)		Sempra Energy		(20,702,560	)
	(114,706	)		South Jersey Industries, Inc.		(3,388,415	)
	(808,480	)		Vistra Energy Corp.		(18,295,903	)
						(69,733,162	)
				TOTAL COMMON STOCKS SOLD SHORT (Proceeds $1,620,440,640)		(1,922,228,797	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT					VALUE
	WRITTEN OPTIONS (-2.3%)#
				Communication Services (0.0%)
				Facebook, Inc.
	900 13,661,100			Put, 11/16/18, Strike $135.00		(52,200	)
	900 13,661,100			Call, 01/18/19, Strike $185.00		(56,700	)
	450 6,830,550			Put, 03/15/19, Strike $120.00		(120,825	)
	500 15,089,000			Netflix, Inc. Put, 03/15/19, Strike $270.00		(907,500	)
	2,800 9,730,000			Twitter, Inc. Call, 01/18/19, Strike $36.00		(728,000	)
						(1,865,225	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Consumer Discretionary (-0.1%)
	2,360 8,486,560	D.R. Horton, Inc. Call, 11/16/18, Strike $47.00	$	(3,540	)
		Expedia Group, Inc.
	700 8,780,100	Call, 11/16/18, Strike $140.00		(7,000	)
	350 4,390,050	Put, 11/16/18, Strike $100.00		(1,750	)
	1,500 26,535,000	McDonald’s Corp. Call, 12/21/18, Strike $175.00		(885,000	)
	1,500 4,002,000	MGM Resorts International Put, 01/18/19, Strike $22.00		(54,000	)
		RH
	375 4,339,125	Put, 01/18/19, Strike $95.00		(204,375	)
	175 2,024,925	Put, 01/18/19, Strike $100.00		(122,500	)
	305 10,288,260	Tesla, Inc. Call, 01/17/20, Strike $325.00		(2,623,763	)
	7,500 3,645,000	Vipshop Holdings, Ltd. Call, 01/18/19, Strike $17.00		(18,750	)
				(3,920,678	)
		Energy (0.0%)
	1,250 621,250	Nabors Industries, Inc. Call, 01/18/19, Strike $12.00		(3,125	)
	3,000 3,018,000	Oasis Petroleum, Inc. Call, 01/17/20, Strike $12.00		(510,000	)
				(513,125	)
		Financials (0.0%)
	1,000 22,537,000	Goldman Sachs Group, Inc. Call, 12/21/18, Strike $240.00		(286,500	)
		Health Care (-0.1%)
		Illumina, Inc.
	300 9,334,500	Call, 12/21/18, Strike $380.00		(29,250	)
	250 7,778,750	Put, 12/21/18, Strike $310.00		(348,750	)
	3,000 6,759,000	Immunomedics, Inc. Call, 01/18/19, Strike $10.00		(3,990,000	)
	800 1,266,400	Radius Health, Inc. Call, 01/18/19, Strike $40.00		(4,000	)
		Tilray, Inc
	100 947,900	Call, 01/17/20, Strike $175.00		(96,500	)
	50 473,950	Call, 01/15/21, Strike $185.00		(70,000	)
	45 426,555	Call, 01/15/21, Strike $210.00		(59,625	)
	600 10,167,600	Vertex Pharmaceuticals, Inc. Put, 04/18/19, Strike $155.00		(576,000	)
				(5,174,125	)

See accompanying Notes to Schedule of Investments www.calamos.com 83

Market Neutral Income Fund    Schedule of Investments October 31, 2018

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Industrials (0.0%)
	700 24,840,200	Boeing Company Call, 12/21/18, Strike $390.00	$	(236,250	)
	2,500 8,372,500	Navistar International Corp. Call, 01/18/19, Strike $45.00		(75,000	)
				(311,250	)
		Information Technology (0.0%)
		Advanced Micro Devices, Inc.
	3,500 6,373,500	Put, 01/17/20, Strike $10.00		(339,500	)
	1,200 2,185,200	Call, 11/16/18, Strike $32.00		(600	)
	113 205,773	Put, 11/16/18, Strike $32.00		(151,420	)
	6,000 43,350,000	Akamai Technologies, Inc. Call, 01/18/19, Strike $80.00		(1,044,000	)
	360 5,102,280	Lam Research Corp. Put, 03/15/19, Strike $135.00		(333,000	)
				(1,868,520	)
		Other (-2.1%)
		S&P 500 Index
	3,000 813,522,000	Call, 12/21/18, Strike $2,600.00		(44,910,000	)
	3,000 813,522,000	Call, 06/28/19, Strike $2,700.00		(50,265,000	)
	2,700 732,169,800	Call, 12/21/18, Strike $2,700.00		(21,613,500	)
	2,100 569,465,400	Call, 12/31/18, Strike $2,700.00		(18,154,500	)
	1,000 271,174,000	Put, 12/31/18, Strike $2,500.00		(2,505,000	)
	750 203,380,500	Call, 12/31/18, Strike $2,775.00		(3,487,500	)
				(140,935,500	)
		TOTAL WRITTEN OPTIONS (Premium $211,332,844)		(154,874,923	)

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	European Monetary Unit	01/24/19		4,851,000	$	5,536,972	$	(27,925	)
Bank of New York	Japanese Yen	01/24/19		588,440,000		5,253,290		(16,217	)
							$	(44,142	)
COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	British Pound Sterling	01/24/19		28,387,000	$	36,445,110	$	1,235,567
State Street Bank and Trust	European Monetary Unit	01/24/19		67,324,000		76,844,172		1,775,381
Bank of New York	Japanese Yen	01/24/19		8,247,817,000		73,632,266		467,116
							$	3,478,064

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $1,305,259,534.

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

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

# Non-income producing security.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

FOREIGN CURRENCY ABBREVIATION

EUR	European Monetary Unit
GBP	British Pound Sterling
JPY	Japanese Yen

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

84 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Hedged Equity Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	COMMON STOCKS (96.3%)
		Communication Services (10.0%)
	2,842	Activision Blizzard, Inc.	$	196,240
	1,231	Alphabet, Inc. - Class A#~		1,342,504
	1,252	Alphabet, Inc. - Class C#~		1,348,116
	30,510	AT&T, Inc.~		936,047
	5,708	CenturyLink, Inc.		117,813
	818	Charter Communications, Inc. - Class A#		262,063
	20,282	Comcast Corp. - Class A~		773,555
	12,277	Facebook, Inc. - Class A#~		1,863,526
	1,787	Netflix, Inc.#		539,281
	7,693	Twenty-First Century Fox, Inc. - Class A		350,185
	5,847	Twitter, Inc.#		203,183
	17,420	Verizon Communications, Inc.		994,508
	6,654	Walt Disney Company~^		764,079
				9,691,100
		Consumer Discretionary (9.5%)
	1,735	Amazon.com, Inc.#~		2,772,547
	2,815	Aptiv, PLC		216,192
	160	Booking Holdings, Inc.#		299,933
	2,493	Carnival Corp.		139,708
	4,339	D.R. Horton, Inc.		156,030
	1,236	Darden Restaurants, Inc.		131,696
	1,586	Dollar General Corp.		176,649
	4,312	eBay, Inc.#		125,177
	1,712	Expedia Group, Inc.		214,736
	16,770	Ford Motor Company		160,153
	4,464	General Motors Company		163,338
	5,145	Home Depot, Inc.~		904,903
	3,234	Leggett & Platt, Inc.		117,427
	3,938	Lowe’s Companies, Inc.		374,976
	4,187	McDonald’s Corp.~		740,680
	7,302	MGM Resorts International		194,817
	1,582	Mohawk Industries, Inc.#		197,323
	5,565	Nike, Inc. - Class B		417,598
	506	O’Reilly Automotive, Inc.#		162,299
	1,025	PVH Corp.		123,810
	2,129	Ross Stores, Inc.		210,771
	1,130	Royal Caribbean Cruises, Ltd.		118,345
	5,163	Starbucks Corp.		300,848
	2,733	Tapestry, Inc.		115,633
	2,820	Target Corp.		235,837
	3,326	TJX Companies, Inc.		365,461
	1,905	VF Corp.		157,886
				9,294,773
		Consumer Staples (7.2%)
	8,204	Altria Group, Inc.~		533,588
	2,826	Archer-Daniels-Midland Company		133,528

NUMBER OF SHARES			VALUE
	2,524	Church & Dwight Company, Inc.	$	149,850
	15,495	Coca-Cola Company~		741,901
	3,495	Colgate-Palmolive Company		208,127
	698	Constellation Brands, Inc. - Class A		139,063
	1,671	Costco Wholesale Corp.		382,041
	3,816	General Mills, Inc.		167,141
	1,876	Kellogg Company^		122,840
	1,772	Kimberly-Clark Corp.		184,820
	2,375	Kraft Heinz Company		130,554
	5,018	Kroger Company		149,336
	9,826	Mondelez International, Inc. - Class A		412,495
	2,179	Monster Beverage Corp.#		115,160
	5,843	PepsiCo, Inc.~		656,636
	8,724	Philip Morris International, Inc.~		768,323
	10,442	Procter & Gamble Company~		925,997
	2,464	Sysco Corp.		175,757
	3,542	Walgreens Boots Alliance, Inc.~		282,545
	6,046	Walmart, Inc.~		606,293
				6,985,995
		Energy (5.5%)
	2,955	Anadarko Petroleum Corp.		157,206
	7,929	Chevron Corp.~		885,273
	1,893	Concho Resources, Inc.#		263,297
	4,664	ConocoPhillips		326,014
	2,029	EOG Resources, Inc.		213,735
	14,831	Exxon Mobil Corp.~		1,181,734
	8,635	Halliburton Company		299,462
	11,957	Kinder Morgan, Inc.		203,508
	3,758	Marathon Petroleum Corp.		264,751
	3,059	Occidental Petroleum Corp.		205,167
	2,397	ONEOK, Inc.		157,243
	1,681	Phillips 66		172,841
	2,155	Pioneer Natural Resources Company		317,367
	8,123	Schlumberger, Ltd.		416,791
	1,815	Valero Energy Corp.~		165,328
	6,033	Williams Companies, Inc.		146,783
				5,376,500
		Financials (13.3%)
	1,262	Affiliated Managers Group, Inc.		143,439
	2,478	Aflac, Inc.		106,728
	1,903	Allstate Corp.		182,155
	2,956	American Express Company		303,670
	8,475	American International Group, Inc.		349,933
	2,936	Arthur J. Gallagher & Company		217,293
	1,751	Assurant, Inc.~		170,215
	47,084	Bank of America Corp.~		1,294,810
	4,320	Bank of New York Mellon Corp.		204,466
	3,470	BB&T Corp.		170,585

See accompanying Notes to Schedule of Investments www.calamos.com 85

Hedged Equity Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	7,936	Berkshire Hathaway, Inc. - Class B#~	$	1,629,102
	449	BlackRock, Inc.		184,728
	6,017	Capital One Financial Corp.		537,318
	2,980	Cboe Global Markets, Inc.		336,293
	3,981	Charles Schwab Corp.		184,081
	1,932	Chubb Corp.		241,326
	10,588	Citigroup, Inc.~		693,091
	934	CME Group, Inc.		171,146
	1,903	Discover Financial Services		132,582
	5,403	E*TRADE Financial Corp.		267,016
	5,013	Fifth Third Bancorp		135,301
	2,515	Goldman Sachs Group, Inc.~		566,806
	15,477	JPMorgan Chase & Company~		1,687,303
	5,696	KeyCorp		103,439
	4,238	MetLife, Inc.		174,563
	2,705	Morgan Stanley		123,510
	1,911	PNC Financial Services Group, Inc.		245,544
	1,390	Prudential Financial, Inc.		130,354
	9,221	Regions Financial Corp.		156,480
	1,206	S&P Global, Inc.		219,878
	1,636	State Street Corp.		112,475
	2,274	SunTrust Banks, Inc.		142,489
	1,549	Travelers Companies, Inc.		193,826
	6,435	US Bancorp		336,358
	15,361	Wells Fargo & Company~		817,666
	5,564	Zions Bancorporation, N.A.		261,786
				12,927,755
		Health Care (14.7%)
	7,283	Abbott Laboratories~		502,090
	6,799	AbbVie, Inc.~		529,302
	1,229	Aetna, Inc.~		243,834
	5,125	Agilent Technologies, Inc.		332,049
	2,736	Alexion Pharmaceuticals, Inc.#		306,624
	1,435	Allergan, PLC		226,744
	1,024	Amgen, Inc.		197,417
	5,443	Baxter International, Inc.		340,242
	782	Becton Dickinson and Company		180,251
	992	Biogen, Inc.#~		301,836
	6,123	Bristol-Myers Squibb Company~		309,456
	4,956	Celgene Corp.#		354,850
	1,966	Cerner Corp.#		112,612
	1,116	Cigna Corp.		238,612
	4,668	CVS Health Corp.~		337,916
	2,214	Danaher Corp.		220,072
	2,624	Edwards Lifesciences Corp.#		387,302
	3,382	Eli Lilly and Company		366,744
	2,346	Express Scripts Holding Company#		227,492
	7,367	Gilead Sciences, Inc.		502,282

NUMBER OF SHARES			VALUE
	1,178	HCA Healthcare, Inc.	$	157,298
	1,390	Humana, Inc.		445,370
	503	IDEXX Laboratories, Inc.#		106,696
	648	Illumina, Inc.#		201,625
	319	Intuitive Surgical, Inc.#		166,256
	12,290	Johnson & Johnson~		1,720,477
	1,304	Laboratory Corp. of America Holdings#		209,357
	1,083	McKesson Corp.		135,115
	5,656	Medtronic, PLC		508,022
	11,092	Merck & Company, Inc.~		816,482
	24,103	Pfizer, Inc.~		1,037,875
	1,345	Quest Diagnostics, Inc.		126,578
	287	Regeneron Pharmaceuticals, Inc.#		97,362
	1,462	Stryker Corp.		237,166
	1,301	Thermo Fisher Scientific, Inc.		303,979
	4,974	UnitedHealth Group, Inc.~		1,299,955
	1,345	Varian Medical Systems, Inc.#		160,553
	931	Vertex Pharmaceuticals, Inc.#~		157,767
	1,045	Zimmer Biomet Holdings, Inc.		118,702
	1,421	Zoetis, Inc.		128,103
				14,352,465
		Industrials (8.7%)
	2,483	3M Company		472,416
	1,549	Allegion, PLC		132,796
	2,256	Boeing Company		800,564
	3,562	Caterpillar, Inc.		432,142
	5,889	CSX Corp.		405,517
	2,394	Deere & Company		324,243
	5,335	Delta Air Lines, Inc.		291,985
	1,648	Eaton Corp., PLC		118,112
	4,715	Emerson Electric Company		320,054
	897	FedEx Corp.		197,645
	2,560	Fortune Brands Home & Security, Inc.		114,765
	1,043	General Dynamics Corp.		180,001
	3,079	Honeywell International, Inc.~		445,901
	1,486	Illinois Tool Works, Inc.		189,569
	3,832	Johnson Controls International, PLC		122,509
	836	Lockheed Martin Corp.		245,659
	686	Norfolk Southern Corp.		115,131
	1,230	Northrop Grumman Corp.		322,198
	2,452	PACCAR, Inc.		140,279
	4,174	Pentair, PLC		167,586
	5,019	Quanta Services, Inc.#		156,593
	1,947	Raytheon Company		340,806
	1,500	Rockwell Collins, Inc.		192,030
	3,099	Southwest Airlines Company		152,161
	1,722	Stanley Black & Decker, Inc.		200,647
	341	TransDigm Group, Inc.#		112,615

86 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Hedged Equity Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	4,255	Union Pacific Corp.~	$	622,166
	2,810	United Parcel Service, Inc. - Class B~		299,377
	2,577	United Technologies Corp.~		320,089
	1,599	Verisk Analytics, Inc.#		191,624
	2,189	Waste Management, Inc.		195,850
	1,941	Xylem, Inc.~		127,291
				8,450,321
		Information Technology (19.8%)
	1,868	Accenture, PLC - Class A		294,434
	2,019	Adobe, Inc.#		496,189
	12,856	Advanced Micro Devices, Inc.#		234,108
	1,503	Akamai Technologies, Inc.#		108,592
	2,132	Amphenol Corp. - Class A		190,814
	20,261	Apple, Inc.~		4,434,322
	10,045	Applied Materials, Inc.		330,280
	1,189	Autodesk, Inc.#		153,678
	1,695	Automatic Data Processing, Inc.		244,216
	1,179	Broadcom, Inc.~		263,495
	23,158	Cisco Systems, Inc.~		1,059,478
	2,862	Cognizant Technology Solutions Corp. - Class A		197,564
	1,509	DXC Technology Company		109,900
	3,095	Fiserv, Inc.#		245,434
	2,364	FLIR Systems, Inc.		109,477
	7,553	Hewlett Packard Enterprise Company		115,183
	5,877	HP, Inc.		141,871
	19,356	Intel Corp.~		907,409
	1,848	International Business Machines Corp.		213,315
	937	Intuit, Inc.		197,707
	3,779	MasterCard, Inc. - Class A~		746,995
	2,733	Microchip Technology, Inc.^		179,777
	7,671	Micron Technology, Inc.#		289,350
	31,545	Microsoft Corp.~		3,369,321
	3,054	NVIDIA Corp.~		643,875
	12,581	Oracle Corp.~		614,456
	4,348	PayPal Holdings, Inc.#		366,058
	5,040	QUALCOMM, Inc.^		316,966
	1,247	Red Hat, Inc.#		214,035
	3,903	Salesforce.com, Inc.#		535,648
	1,531	TE Connectivity, Ltd.		115,468
	4,114	Texas Instruments, Inc.		381,903
	8,504	Visa, Inc. - Class A~		1,172,276
	3,109	Xilinx, Inc.		265,415
				19,259,009
		Materials (1.9%)
	2,430	Air Products & Chemicals, Inc.		375,070
	1,130	Avery Dennison Corp.		102,514

NUMBER OF SHARES			VALUE
	3,750	Ball Corp.^	$	168,000
	11,836	DowDuPont, Inc.~		638,197
	8,608	Freeport-McMoRan, Inc.		100,283
	955	Linde, PLC^		158,024
	1,968	PPG Industries, Inc.		206,817
	366	Sherwin-Williams Company		144,010
				1,892,915
		Real Estate (2.7%)
	1,358	Alexandria Real Estate Equities, Inc.		165,988
	1,515	American Tower Corp.		236,052
	4,120	Apartment Investment & Management Company - Class A		177,325
	473	AvalonBay Communities, Inc.		82,955
	1,505	Crown Castle International Corp.		163,654
	1,200	Digital Realty Trust, Inc.		123,912
	279	Equinix, Inc.		105,669
	1,464	Federal Realty Investment Trust		181,609
	2,415	Macerich Company		124,662
	2,079	Prologis, Inc.		134,033
	588	Public Storage		120,817
	3,214	Realty Income Corp.		193,708
	1,666	Simon Property Group, Inc.		305,744
	4,833	UDR, Inc.		189,405
	2,353	Welltower, Inc.		155,463
	5,256	Weyerhaeuser Company		139,967
				2,600,963
		Utilities (3.0%)
	11,872	AES Corp.		173,094
	3,735	American Electric Power Company, Inc.~		273,999
	4,200	CMS Energy Corp.		207,984
	1,747	Consolidated Edison, Inc.		132,772
	2,619	Dominion Energy, Inc.^		187,049
	4,670	Duke Energy Corp.		385,882
	1,900	Edison International		131,841
	2,543	Entergy Corp.		213,485
	2,646	Exelon Corp.		115,921
	4,711	FirstEnergy Corp.		175,626
	1,726	NextEra Energy, Inc.		297,735
	6,952	NiSource, Inc.		176,303
	2,274	PG&E Corp.#		106,446
	2,717	Public Service Enterprise Group, Inc.		145,169
	4,264	Xcel Energy, Inc.		208,979
				2,932,285
		TOTAL COMMON STOCKS (Cost $93,313,072)		93,764,081

See accompanying Notes to Schedule of Investments www.calamos.com 87

Hedged Equity Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	EXCHANGE-TRADED FUND (0.6%)
		Other (0.6%)
	2,276	SPDR S&P 500 ETF Trust (Cost $599,145)	$	615,954
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (2.0%)#
		Communication Services (0.1%)
	16 242,864	Facebook, Inc. Call, 01/18/19, Strike $170.00		3,744
	6 181,068	Netflix, Inc. Put, 03/15/19, Strike $310.00		21,150
	26 90,350	Twitter, Inc. Call, 01/18/19, Strike $32.00		12,350
				37,244
		Consumer Discretionary (0.0%)
	19 68,324	D.R. Horton, Inc. Call, 11/16/18, Strike $43.00		114
	7 87,801	Expedia Group, Inc. Call, 11/16/18, Strike $125.00		2,485
	14 247,660	McDonald’s Corp. Call, 12/21/18, Strike $165.00		18,935
	44 117,392	MGM Resorts International Call, 12/21/18, Strike $28.00		3,740
				25,274
		Financials (0.0%)
	17 383,129	Goldman Sachs Group, Inc. Call, 12/21/18, Strike $230.00		10,752
		Health Care (0.0%)
		Illumina, Inc.
	7 217,805	Put, 12/21/18, Strike $290.00		4,795
	5 155,575	Call, 12/21/18, Strike $360.00		1,300
	10 169,460	Vertex Pharmaceuticals, Inc. Put, 04/18/19, Strike $175.00		17,850
				23,945
		Industrials (0.0%)
	11 390,346	Boeing Company Call, 12/21/18, Strike $375.00		7,618
		Information Technology (0.0%)
		Advanced Micro Devices, Inc.
	25 45,525	Call, 11/16/18, Strike $36.00		13
	25 45,525	Put, 11/16/18, Strike $28.00		24,437
				24,450

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Other (1.9%)
		S&P 500 Index
	130 35,252,620	Put, 12/31/18, Strike $2,700.00	$	944,450
	125 33,896,750	Call, 11/16/18, Strike $2,900.00		11,250
	100 27,117,400	Call, 11/16/18, Strike $2,950.00		4,000
	80 21,693,920	Call, 12/31/18, Strike $2,825.00		220,000
	75 20,338,050	Call, 11/30/18, Strike $3,000.00		2,625
	65 17,626,310	Call, 11/30/18, Strike $2,825.00		67,600
	50 13,558,700	Put, 11/07/18, Strike $2,425.00		6,500
	50 13,558,700	Put, 12/31/18, Strike $2,675.00		318,250
	50 13,558,700	Put, 12/31/18, Strike $2,175.00		27,750
	40 10,846,960	Call, 11/07/18, Strike $2,850.00		1,900
	40 10,846,960	Put, 11/12/18, Strike $2,725.00		200,000
	30 8,135,220	Put, 12/31/18, Strike $2,300.00		27,300
				1,831,625
		TOTAL PURCHASED OPTIONS (Cost $1,937,035)		1,960,908
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (1.7%)
	815,525	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		815,769
	815,780	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		815,780
		TOTAL SHORT TERM INVESTMENTS (Cost $1,631,549)		1,631,549

88 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Hedged Equity Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.6%)
	564,146	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $564,146)	$	564,146
	TOTAL INVESTMENTS (101.2%) (Cost $98,044,947)			98,536,638
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.6%)			(564,146	)
	LIABILITIES, LESS OTHER ASSETS (-0.6%)			(615,981	)
	NET ASSETS (100.0%)		$	97,356,511
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	WRITTEN OPTIONS (-2.4%)#
		Communication Services (-0.1%)
		Facebook, Inc.
	32 485,728	Call, 01/18/19, Strike $185.00		(2,016	)
	20 303,580	Put, 11/16/18, Strike $135.00		(1,160	)
	16 242,864	Put, 03/15/19, Strike $120.00		(4,296	)
	12 362,136	Netflix, Inc. Put, 03/15/19, Strike $270.00		(21,780	)
	52 180,700	Twitter, Inc. Call, 01/18/19, Strike $36.00		(13,520	)
				(42,772	)
		Consumer Discretionary (0.0%)
	38 136,648	D.R. Horton, Inc. Call, 11/16/18, Strike $47.00		(57	)
		Expedia Group, Inc.
	14 175,602	Call, 11/16/18, Strike $140.00		(140	)
	7 87,801	Put, 11/16/18, Strike $100.00		(35	)
	28 495,320	McDonald’s Corp. Call, 12/21/18, Strike $175.00		(16,520	)
	44 117,392	MGM Resorts International Put, 01/18/19, Strike $22.00		(1,584	)
				(18,336	)
		Financials (0.0%)
	35 788,795	Goldman Sachs Group, Inc. Call, 12/21/18, Strike $240.00		(10,028	)
		Health Care (0.0%)
		Illumina, Inc.
	10 311,150	Call, 12/21/18, Strike $380.00		(975	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	7 217,805	Put, 12/21/18, Strike $310.00	$	(9,765	)
	20 338,920	Vertex Pharmaceuticals, Inc. Put, 04/18/19, Strike $155.00		(19,200	)
				(29,940	)
		Industrials (0.0%)
	22 780,692	Boeing Company Call, 12/21/18, Strike $390.00		(7,425	)
		Information Technology (0.0%)
	34 61,914	Advanced Micro Devices, Inc. Call, 11/16/18, Strike $32.00		(17	)
	9 127,557	Lam Research Corp. Put, 03/15/19, Strike $135.00		(8,325	)
				(8,342	)
		Other (-2.3%)
		S&P 500 Index
	97 26,303,878	Call, 12/31/18, Strike $2,700.00		(838,565	)
	75 20,338,050	Put, 12/31/18, Strike $2,425.00		(126,750	)
	52 14,101,048	Call, 06/28/19, Strike $2,700.00		(871,260	)
	25 6,779,350	Call, 12/31/18, Strike $2,775.00		(116,250	)
	21 5,694,654	Call, 12/21/18, Strike $2,600.00		(314,370	)
				(2,267,195	)
		TOTAL WRITTEN OPTIONS (Premium $3,297,666)	$	(2,384,038	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $17,725,219.

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

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

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

See accompanying Notes to Financial Statements www.calamos.com 89

Phineus Long/Short Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	COMMON STOCKS (81.6%)
			Communication Services (6.4%)
	33,500		Alphabet, Inc. - Class A#~	$	36,534,430
	251,000		Facebook, Inc. - Class A#~		38,099,290
					74,633,720
			Consumer Discretionary (11.9%)
	57,500	EUR	Adidas, AG		13,521,925
	5,500		Booking Holdings, Inc.#		10,310,190
	422,500		CarMax, Inc.#~^		28,691,975
	186,500		McDonald’s Corp.~		32,991,850
	925,000		MGM Resorts International~		24,679,000
	146,000		Mohawk Industries, Inc.#~		18,210,580
	37,500		Ulta Salon Cosmetics & Fragrance, Inc.#~		10,294,500
					138,700,020
			Financials (38.2%)
	554,000		American International Group, Inc.~		22,874,660
	1,482,000		Bank of America Corp.~		40,755,000
	345,000		Cboe Global Markets, Inc.~		38,933,250
	510,000		Charles Schwab Corp.		23,582,400
	345,000		Citigroup, Inc.~		22,583,700
	587,800		E*TRADE Financial Corp.~		29,049,076
	227,500		Goldman Sachs Group, Inc.~		51,271,675
	1,746,000	EUR	ING Groep, NV		20,656,911
	328,000		Intercontinental Exchange, Inc.~		25,269,120
	510,000		JPMorgan Chase & Company~		55,600,200
	1,173,500		Morgan Stanley~		53,582,010
	2,153,000		SLM Corp.#~		21,831,420
	1,981,000		UBS Group, AG#~^		27,535,900
	300,000		Unum Group		10,878,000
					444,403,322
			Health Care (8.6%)
	138,000		Agilent Technologies, Inc.		8,941,020
	205,000		Alexion Pharmaceuticals, Inc.#~		22,974,350
	166,000		Johnson & Johnson		23,238,340
	200,000		Laboratory Corp. of America Holdings#~		32,110,000
	47,500		UnitedHealth Group, Inc.~		12,414,125
					99,677,835
			Industrials (8.4%)
	331,500		Air Lease Corp.~		12,630,150
	712,500		Delta Air Lines, Inc.~		38,995,125
	346,500		Emerson Electric Company		23,520,420
	66,000		Raytheon Company		11,552,640
	80,000		Union Pacific Corp.~		11,697,600
					98,395,935

NUMBER OF SHARES			VALUE
		Information Technology (5.8%)
	719,000	Applied Materials, Inc.	$	23,640,720
	93,000	Ellie Mae, Inc.#^		6,164,040
	615,000	First Solar, Inc.#~		25,707,000
	92,500	Workday, Inc. - Class A#		12,304,350
				67,816,110
		Materials (2.3%)
	176,500	Air Products & Chemicals, Inc.~		27,242,775
		TOTAL COMMON STOCKS (Cost $1,014,659,606)		950,869,717
	EXCHANGE-TRADED FUNDS (8.5%)
		Other (8.5%)
	2,200,000	Financial Select Sector SPDR Fund^		57,816,000
	1,200,000	SPDR S&P Homebuilders ETF^		40,788,000
		TOTAL EXCHANGE-TRADED FUNDS (Cost $110,908,802)		98,604,000
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (2.7%)#
		Communication Services (0.1%)
	1,500 32,829,000	Apple, Inc. Put, 11/02/18, Strike $210.00		363,000
	1,150 17,455,850	Facebook, Inc. Call, 11/02/18, Strike $152.50		208,725
				571,725
		Consumer Discretionary (0.1%)
	6,500 23,783,500	General Motors Company Call, 11/16/18, Strike $35.00		1,391,000
		Consumer Staples (0.2%)
		Walmart, Inc.
	6,600 66,184,800	Call, 11/16/18, Strike $100.00		2,046,000
	5,400 54,151,200	Call, 11/16/18, Strike $105.00		569,700
				2,615,700
		Financials (0.1%)
	2,770 11,437,330	American International Group I Put, 11/02/18, Strike $40.00		260,380
	2,350 9,703,150	American International Group, Inc. Call, 11/16/18, Strike $50.00		12,925
	6,600 23,931,600	Unum Group Call, 12/21/18, Strike $40.00		808,500
				1,081,805

90 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Phineus Long/Short Fund    Schedule of Investments October 31, 2018

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Industrials (0.0%)
	2,560 11,228,160	Fluor Corp. Call, 11/16/18, Strike $45.00	$	448,000
		Other (2.2%)
		SPDR S&P 500 ETF Trust
	18,500 500,665,500	Call, 11/07/18, Strike $275.00		2,294,000
	11,000 297,693,000	Call, 11/16/18, Strike $295.00		49,500
	11,000 297,693,000	Call, 11/16/18, Strike $300.00		27,500
	9,000 243,567,000	Put, 11/16/18, Strike $270.00		4,104,000
	8,500 230,035,500	Put, 11/16/18, Strike $287.00		14,207,750
	6,650 179,968,950	Put, 11/16/18, Strike $275.00		4,674,950
				25,357,700
		TOTAL PURCHASED OPTIONS (Cost $20,066,138)		31,465,930
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (7.0%)
	40,749,876	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		40,762,100
	40,634,967	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		40,634,967
		TOTAL SHORT TERM INVESTMENTS (Cost $81,397,067)		81,397,067
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (7.9%)
	35,466,698	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		35,466,698
	55,909,652	State Street Navigator Securities Lending Government Money Market Portfolio†		55,909,652
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $91,376,350)		91,376,350
	TOTAL INVESTMENTS (107.7%) (Cost $1,318,407,963)			1,253,713,064
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.8%)			(91,376,350	)
	OTHER ASSETS, LESS LIABILITIES (0.1%)			2,019,270
	NET ASSETS (100.0%)		$	1,164,355,984

NUMBER OF SHARES				VALUE
	COMMON STOCK SOLD SHORT (-0.8%)#
			Health Care (-0.8%)
	(49,000	)	Amgen, Inc. (Proceeds $9,064,869)	$	(9,446,710	)
	EXCHANGE-TRADED FUNDS SOLD SHORT (-31.6%)#
			Other (-31.6%)
	(289,000	)	iShares Edge MSCI Min Vol USA ETF		(15,816,970	)
	(1,300,000	)	SPDR S&P 500 ETF Trust		(351,819,000	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $388,632,841)		(367,635,970	)
	TOTAL SECURITIES SOLD SHORT (-32.4%) (Proceeds $397,697,710)				(377,082,680	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	WRITTEN OPTIONS (-1.3%)#
			Communication Services (0.0%)
	1,500 32,829,000		Apple, Inc. Call, 11/30/18, Strike $240.00		(252,000	)
	1,150 17,455,850		Facebook, Inc. Put, 11/02/18, Strike $148.00		(93,150	)
					(345,150	)
			Financials (-0.1%)
	2,770 11,437,330		American International Group I Put, 12/21/18, Strike $35.00		(198,055	)
	3,300 11,965,800		Unum Group Put, 12/21/18, Strike $35.00		(561,000	)
					(759,055	)
			Industrials (0.0%)
	2,560 11,228,160		Fluor Corp. Put, 12/21/18, Strike $37.50		(185,600	)
			Other (-1.2%)
			SPDR S&P 500 ETF Trust
	26,000 703,638,000		Put, 12/31/18, Strike $250.00		(7,150,000	)
	12,500 338,287,500		Call, 12/07/18, Strike $285.00		(1,168,750	)
	8,500 230,035,500		Put, 12/31/18, Strike $260.00		(3,969,500	)
	6,650 179,968,950		Put, 12/21/18, Strike $255.00		(2,134,650	)
					(14,422,900	)
			TOTAL WRITTEN OPTIONS (Premium $12,976,517)	$	(15,712,705	)

See accompanying Notes to Schedule of Investments www.calamos.com 91

Phineus Long/Short Fund    Schedule of Investments October 31, 2018

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $391,378,862.

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

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

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

92 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Convertible Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (76.2%)
		Communication Services (2.1%)
	6,000,000	GCI Liberty, Inc.* 1.750%, 09/30/46	$	6,507,870
	6,785,000	Twitter, Inc.* 0.250%, 06/15/24		6,353,610
				12,861,480
		Consumer Discretionary (10.9%)
	8,750,000	Booking Holdings, Inc.~ 0.350%, 06/15/20		12,691,000
	2,500,000	Ctrip.com International, Ltd. 1.000%, 07/01/20		2,375,575
	11,750,000	DISH Network Corp. 2.375%, 03/15/24		9,939,795
		Liberty Media Corp.
	8,380,000	1.375%, 10/15/23		9,751,890
	7,178,237	2.250%, 09/30/46		3,845,059
	3,250,000	Liberty Media Corp. (Sirius XM Holdings, Inc.)*§ 2.125%, 03/31/48		3,161,259
	3,000,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		3,256,605
	3,000,000	Marriott Vacations Worldwide Corp.^ 1.500%, 09/15/22		2,808,180
	5,500,000	RH 0.000%, 07/15/20		6,282,760
	11,500,000	Tesla, Inc. 1.250%, 03/01/21		12,905,932
				67,018,055
		Energy (3.9%)
	2,200,000	Helix Energy Solutions Group, Inc. 4.125%, 09/15/23		2,594,108
	4,631,000	Oil States International, Inc.*^ 1.500%, 02/15/23		4,268,995
	5,750,000	PDC Energy, Inc. 1.125%, 09/15/21		5,418,484
	5,750,000	SM Energy Company^ 1.500%, 07/01/21		5,777,686
	5,600,000	TOTAL, SA 0.500%, 12/02/22		6,094,256
				24,153,529
		Financials (5.1%)
	12,250,000	Ares Capital Corp.^ 3.750%, 02/01/22		12,422,296
	3,015,000	Hope Bancorp, Inc.* 2.000%, 05/15/38		2,665,516
	2,982,000	IAC FinanceCo, Inc.* 0.875%, 10/01/22		4,167,360
	6,300,000	JPMorgan Chase Bank, N.A. 0.000%, 12/30/20		6,579,625

PRINCIPAL AMOUNT			VALUE
	6,250,000	JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)*§ 0.250%, 05/01/23	$	5,844,688
				31,679,485
		Health Care (12.1%)
	8,000,000	BioMarin Pharmaceutical, Inc.^ 1.500%, 10/15/20		9,451,720
	3,500,000	Evolent Health, Inc.* 1.500%, 10/15/25		3,386,302
	3,250,000	Exact Sciences Corp.^ 1.000%, 01/15/25		3,814,297
	2,400,000	Flexion Therapeutics, Inc. 3.375%, 05/01/24		2,112,552
		Illumina, Inc.
	4,750,000	0.500%, 06/15/21		6,429,149
	1,364,000	0.000%, 06/15/19~		1,722,507
		Innoviva, Inc.
	3,250,000	2.125%, 01/15/23		3,177,330
	477,000	2.500%, 08/15/25		501,523
	1,500,000	Insmed, Inc.^ 1.750%, 01/15/25		1,139,820
	6,000,000	Insulet Corp.* 1.375%, 11/15/24		6,798,600
	2,370,000	Ironwood Pharmaceuticals, Inc.^ 2.250%, 06/15/22		2,504,806
	5,540,000	Jazz Investments I, Ltd.^ 1.875%, 08/15/21		5,859,021
	3,250,000	Ligand Pharmaceuticals, Inc.* 0.750%, 05/15/23		3,104,416
	1,100,000	Medicines Company 2.500%, 01/15/22		1,068,117
	1,600,000	Neurocrine Biosciences, Inc. 2.250%, 05/15/24		2,459,088
	2,575,000	NuVasive, Inc. 2.250%, 03/15/21		2,874,820
	3,000,000	Pacira Pharmaceuticals, Inc.^ 2.375%, 04/01/22		3,157,170
	2,000,000	Sarepta Therapeutics, Inc.* 1.500%, 11/15/24		3,950,540
	2,652,000	Supernus Pharmaceuticals, Inc.*^ 0.625%, 04/01/23		2,881,942
	3,250,000	Teladoc Health, Inc.* 1.375%, 05/15/25		4,696,477
	3,350,000	Wright Medical Group, Inc.* 1.625%, 06/15/23		3,400,350
				74,490,547
		Industrials (5.2%)
	3,500,000	Air Transport Services Group, Inc.^ 1.125%, 10/15/24		3,205,160
	3,250,000	Atlas Air Worldwide Holdings, Inc.^ 2.250%, 06/01/22		3,412,841
	4,750,000	Dycom Industries, Inc.^ 0.750%, 09/15/21		4,814,624

See accompanying Notes to Schedule of Investments www.calamos.com 93

Convertible Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	5,750,000	Echo Global Logistics, Inc. 2.500%, 05/01/20	$	5,717,886
	2,501,000	FTI Consulting, Inc.* 2.000%, 08/15/23		2,383,966
	4,500,000	Greenbrier Companies, Inc. 2.875%, 02/01/24		4,735,980
	2,750,000	Meritor, Inc. 3.250%, 10/15/37		2,529,477
	1,711,000	Patrick Industries, Inc.* 1.000%, 02/01/23		1,451,399
	4,100,000	Tutor Perini Corp. 2.875%, 06/15/21		3,916,074
				32,167,407
		Information Technology (33.3%)
	2,000,000	Advanced Micro Devices, Inc. 2.125%, 09/01/26		4,768,640
	6,004,000	Akamai Technologies, Inc.* 0.125%, 05/01/25		5,872,632
	5,500,000	Altaba, Inc. 0.000%, 12/01/18		6,188,600
	856,000	Apptio, Inc.* 0.875%, 04/01/23		823,074
	3,300,000	Atlassian, Inc.*^ 0.625%, 05/01/23		3,782,889
	3,350,000	Avaya Holdings Corp.* 2.250%, 06/15/23		2,970,646
	4,943,000	Citrix Systems, Inc.~ 0.500%, 04/15/19		6,997,410
	6,900,000	DocuSign, Inc.*^ 0.500%, 09/15/23		6,468,647
		Envestnet, Inc.
	3,285,000	1.750%, 06/01/23*^		3,302,706
	2,750,000	1.750%, 12/15/19		2,846,690
	3,250,000	FireEye, Inc.*^ 0.875%, 06/01/24		3,416,351
	6,000,000	Guidewire Software, Inc. 1.250%, 03/15/25		6,053,580
	5,400,000	II-VI, Inc. 0.250%, 09/01/22		5,558,085
	6,100,000	Inphi Corp. 0.750%, 09/01/21		5,709,570
	4,250,000	Intel Corp.~ 3.250%, 08/01/39		9,740,320
	3,750,000	Lumentum Holdings, Inc.^ 0.250%, 03/15/24		4,277,681
	13,750,000	Microchip Technology, Inc. 1.625%, 02/15/27		13,031,837
	2,500,000	Micron Technology, Inc. 3.000%, 11/15/43		3,261,038
	6,200,000	New Relic, Inc.*^ 0.500%, 05/01/23		6,536,784
		ON Semiconductor Corp.
	5,800,000	1.000%, 12/01/20		6,507,107

PRINCIPAL AMOUNT			VALUE
	3,000,000	1.625%, 10/15/23^	$	3,266,670
	3,250,000	OSI Systems, Inc. 1.250%, 09/01/22		2,969,460
	13,750,000	Palo Alto Networks, Inc.*^ 0.750%, 07/01/23		13,370,706
	3,350,000	Pure Storage, Inc.*^ 0.125%, 04/15/23		3,441,070
	1,654,000	Q2 Holdings, Inc.* 0.750%, 02/15/23		1,820,186
	3,150,000	Quotient Technology, Inc.* 1.750%, 12/01/22		3,223,206
	1,906,000	Rapid7, Inc.* 1.250%, 08/01/23		2,094,856
	2,000,000	RealPage, Inc.^ 1.500%, 11/15/22		2,750,870
	2,500,000	Silicon Laboratories, Inc.^ 1.375%, 03/01/22		2,700,525
	13,870,000	Splunk, Inc.* 1.125%, 09/15/25		13,144,322
	6,620,000	Square, Inc.*^ 0.500%, 05/15/23		7,933,044
	2,620,000	Synaptics, Inc. 0.500%, 06/15/22		2,347,166
	2,500,000	Twilio, Inc.* 0.250%, 06/01/23		3,124,100
	5,500,000	Viavi Solutions, Inc.^ 1.000%, 03/01/24		5,967,060
	6,700,000	Wix.com, Ltd.* 0.000%, 07/01/23		6,587,473
	14,250,000	Workday, Inc. 0.250%, 10/01/22		15,840,799
	6,000,000	Zendesk, Inc.*^ 0.250%, 03/15/23		6,581,250
				205,277,050
		Materials (0.6%)
	3,450,000	Royal Gold, Inc. 2.875%, 06/15/19		3,483,120
		Real Estate (2.4%)
	3,100,000	Empire State Realty OP, LP* 2.625%, 08/15/19		3,078,811
	4,700,000	IH Merger Sub, LLC 3.000%, 07/01/19		5,651,468
	3,350,000	Redfin Corp. 1.750%, 07/15/23		2,920,480
	3,000,000	Starwood Property Trust, Inc.^ 4.375%, 04/01/23		3,003,675
				14,654,434
		Utilities (0.6%)
	3,250,000	NRG Energy, Inc.* 2.750%, 06/01/48		3,381,040
		TOTAL CONVERTIBLE BONDS (Cost $466,856,889)		469,166,147

94 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Convertible Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	SYNTHETIC CONVERTIBLE SECURITIES (3.2%)¤
	U.S. Government and Agency Securities (2.9%)
		United States Treasury Note
	6,200,000	2.500%, 06/30/20	$	6,164,875
	6,000,000	2.375%, 03/15/21		5,928,511
	6,000,000	1.875%, 05/31/22		5,781,171
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES		17,874,557
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	Purchased Options (0.3%)#
		Communication Services (0.1%)
	530 6,830,110	Take-Two Interactive Software, Inc. Call, 01/18/19, Strike $130.00		604,200
		Financials (0.1%)
	3,000 8,250,000	Bank of America Corp. Call, 01/18/19, Strike $27.00		520,500
		Industrials (0.0%)
		Stanley Black & Decker, Inc.
	835 9,729,420	Call, 04/18/19, Strike $155.00		41,750
	420 4,893,840	Call, 01/18/19, Strike $170.00		3,150
				44,900
		Information Technology (0.1%)
	350 6,007,400	Red Hat, Inc. Call, 01/18/19, Strike $155.00		651,000
		TOTAL PURCHASED OPTIONS		1,820,600
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $21,218,690)		19,695,157
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (14.2%)
		Energy (0.9%)
	86,650	Hess Corp. 8.000%, 02/01/19		5,501,409
		Financials (5.2%)
	10,300	Bank of America Corp. 7.250%, 05/01/21		13,094,390
	15,570	Virtus Investment Partners, Inc. 7.250%, 02/01/20		1,419,361
	13,900	Wells Fargo & Company 7.500%, 11/01/24		17,680,661
				32,194,412

NUMBER OF SHARES			VALUE
		Health Care (0.9%)
	90,500	Becton Dickinson and Company 6.125%, 05/01/20	$	5,309,635
		Industrials (1.6%)
	6,050	Fortive Corp. 5.000%, 07/01/21		5,942,370
	65,400	Rexnord Corp. 5.750%, 11/15/19		3,738,918
				9,681,288
		Materials (0.6%)
	60,662	International Flavors & Fragrances, Inc. 6.000%		3,492,918
		Real Estate (1.6%)
	6,200	Crown Castle International Corp. 6.875%, 08/01/20		6,479,000
	52,200	Welltower, Inc. 6.500%, 11/15/22		3,215,520
				9,694,520
		Utilities (3.4%)
	69,000	DTE Energy Company 6.500%, 10/01/19		3,679,770
	193,000	NextEra Energy, Inc.^ 6.123%, 09/01/19		11,194,000
		Sempra Energy
	33,430	6.750%, 07/15/21		3,333,305
	30,000	6.000%, 01/15/21		2,974,800
				21,181,875
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $82,879,023)		87,056,057
	COMMON STOCKS (1.6%)
		Health Care (1.6%)
	24,945	Anthem, Inc.		6,874,094
	21,660	Molina Healthcare, Inc.^#		2,745,838
		TOTAL COMMON STOCKS (Cost $7,496,656)		9,619,932
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTION (0.2%) #
		Consumer Discretionary (0.2%)
	56 10,497,648	Booking Holdings, Inc. Put, 01/18/19, Strike $2,100.00 (Cost $680,581)		1,359,960

See accompanying Notes to Schedule of Investments www.calamos.com 95

Convertible Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (4.5%)
	13,865,759	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***	$	13,869,918
	13,831,683	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		13,831,683
		TOTAL SHORT TERM INVESTMENTS (Cost $27,701,889)		27,701,601
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (9.6%)
	43,488,274	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		43,488,274
	15,671,174	State Street Navigator Securities Lending Government Money Market Portfolio†		15,671,174
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $59,159,448)		59,159,448
	TOTAL INVESTMENTS (109.5%) (Cost $665,993,176)			673,758,302
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-9.6%)			(59,159,448	)
	OTHER ASSETS, LESS LIABILITIES (0.2%)			942,315
	NET ASSETS (100.0%)		$	615,541,169
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	WRITTEN OPTION (-0.1%) #
		Consumer Discretionary (-0.1%)
	56 10,497,648	Booking Holdings, Inc. Put, 01/18/19, Strike $1,850.00 (Premium $246,215)	$	(509,320	)

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	European Monetary Unit	01/24/19		563,000	$	642,613	$	(3,241	)
State Street Bank and Trust	European Monetary Unit	01/24/19		374,000		426,887		(6,273	)
Northern Trust Company	Hong Kong Dollar	01/24/19		865,000		110,524		(10	)
							$	(9,524	)
COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	European Monetary Unit	01/24/19		3,205,000	$	3,658,214	$	84,518
Bank of New York	Hong Kong Dollar	01/24/19		10,369,000		1,324,882		(104	)
Bank of New York	Hong Kong Dollar	01/24/19		13,853,000		1,770,045		413
							$	84,827

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $6,421.

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

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

¤ The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

# Non-income producing security.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

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

96 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Global Convertible Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (74.8%)
			Communication Services (4.9%)
	2,300,000	EUR	America Movil, SAB de CV 0.000%, 05/28/20	$	2,575,124
			CyberAgent, Inc.
	60,000,000	JPY	0.000%, 02/17/23		579,998
	60,000,000	JPY	0.000%, 02/19/25		591,293
	1,285,000		GCI Liberty, Inc.* 1.750%, 09/30/46		1,393,769
	790,000		Momo, Inc.* 1.250%, 07/01/25		693,189
	350,000		Twitter, Inc.* 0.250%, 06/15/24		327,747
	523,000		Weibo Corp.*^ 1.250%, 11/15/22		467,115
					6,628,235
			Consumer Discretionary (9.8%)
	1,000,000		Cie Generale des Etablissements Michelin, SCA 0.000%, 01/10/22		931,520
			Ctrip.com International, Ltd.
	1,610,000		1.250%, 09/15/22^		1,559,760
	690,000		1.000%, 07/01/20		655,659
	1,210,000		DISH Network Corp. 3.375%, 08/15/26		1,082,387
	60,000,000	JPY	Iida Group Holdings Company, Ltd. 0.000%, 06/18/20		535,943
	425,000		Liberty Expedia Holdings, Inc.*^ 1.000%, 06/30/47		424,513
	745,000		Liberty Media Corp. 1.375%, 10/15/23		866,964
	695,000		Liberty Media Corp. (Sirius XM Holdings, Inc.)*§ 2.125%, 03/31/48		676,023
	510,000		Marriott Vacations Worldwide Corp. 1.500%, 09/15/22		477,391
	680,000		RH* 0.000%, 06/15/23		600,525
	436,000	EUR	SEB, SA 0.000%, 11/17/21		928,297
	470,000		Shanghai Port Group BVI Holding Company, Ltd. 0.000%, 08/09/22		481,130
	900,000	EUR	Steinhoff Finance Holding Company 1.250%, 10/21/23		504,152
			Tesla, Inc.
	2,001,000		1.250%, 03/01/21^		2,245,632
	365,000		2.375%, 03/15/22		444,986
	1,000,000		Valeo, SA 0.000%, 06/16/21		899,305
					13,314,187
			Consumer Staples (2.0%)
	3,000,000		Carrefour, SA 0.000%, 03/27/24		2,802,105

PRINCIPAL AMOUNT				VALUE
			Energy (4.8%)
	405,000		Nabors Industries, Inc.^ 0.750%, 01/15/24	$	302,359
	450,000		SM Energy Company 1.500%, 07/01/21		452,167
	4,000,000		TOTAL, SA 0.500%, 12/02/22		4,353,040
	800,000		Tullow Oil Jersey, Ltd. 6.625%, 07/12/21		958,344
	480,000		Whiting Petroleum Corp. 1.250%, 04/01/20		458,695
					6,524,605
			Financials (8.2%)
	95,000,000	JPY	AEON Financial Service Company, Ltd. 0.000%, 09/13/19		871,376
	1,700,000	EUR	AURELIUS Equity Opportunities SE & Co. KGaA 1.000%, 12/01/20		1,964,545
	2,700,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22		2,974,317
	1,789,500	EUR	Credit Agricole, SA 0.000%, 10/03/19		1,503,690
	700,000	EUR	Cromwell SPV Finance Pty, Ltd. 2.000%, 02/04/20		791,289
	2,000,000	HKD	Haitong International Securities Group, Ltd. 0.000%, 10/25/21		245,550
	250,000		IAC FinanceCo, Inc.* 0.875%, 10/01/22		349,376
	900,000	EUR	LEG Immobilien, AG 0.875%, 09/01/25		1,109,713
	50,000,000	JPY	Mitsubishi Chemical Holdings Corp. 0.000%, 03/29/24		458,043
	900,000		Yamaguchi Financial Group, Inc.‡ 1.874%, 03/26/20 3 mo. USD LIBOR - 0.50%		905,080
					11,172,979
			Health Care (5.7%)
	1,100,000	EUR	Bayer Capital Corp., BV 5.625%, 11/22/19		1,041,149
	900,000	EUR	Bayer, AG 0.050%, 06/15/20		1,055,222
	705,000		BioMarin Pharmaceutical, Inc.^ 1.500%, 10/15/20		832,933
	500,000	EUR	GN Store Nord, A/S 0.000%, 05/31/22		669,917
	620,000		Illumina, Inc.^ 0.000%, 06/15/19		782,958
	262,000		Innoviva, Inc. 2.500%, 08/15/25		275,469
	540,000		Insulet Corp.*^ 1.375%, 11/15/24		611,874

See accompanying Notes to Schedule of Investments www.calamos.com 97

Global Convertible Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
	805,000		NuVasive, Inc. 2.250%, 03/15/21	$	898,730
	625,000		Pacira Pharmaceuticals, Inc. 2.375%, 04/01/22		657,744
	657,000		Teladoc Health, Inc.* 1.375%, 05/15/25		949,411
					7,775,407
			Industrials (9.1%)
	140,000,000	JPY	ANA Holdings, Inc. 0.000%, 09/19/24		1,255,304
	1,380,000	EUR	Elis, SA 0.000%, 10/06/23		495,865
	705,000		Greenbrier Companies, Inc. 2.875%, 02/01/24		741,970
	13,000,000	HKD	Harvest International Company 0.000%, 11/21/22		1,557,946
	1,000,000		Johnson Electric Holdings, Ltd. 1.000%, 04/02/21		1,080,315
	70,000,000	JPY	Kandenko Company, Ltd. 0.000%, 03/31/21		697,001
	130,000,000	JPY	Kansai Paint Company, Ltd. 0.000%, 06/17/19		1,144,636
	2,115,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		2,078,643
	130,000,000	JPY	LIXIL Group Corp. 0.000%, 03/04/22		1,127,060
	70,000,000	JPY	Nippon Flour Mills Company, Ltd. 0.000%, 06/20/25		631,585
	400,000	EUR	Symrise, AG 0.238%, 06/20/24		511,448
	1,000,000		Vinci, SA 0.375%, 02/16/22		1,061,545
					12,383,318
			Information Technology (20.8%)
	1,375,000		Akamai Technologies, Inc.* 0.125%, 05/01/25		1,344,915
	1,685,000		Altaba, Inc. 0.000%, 12/01/18		1,895,962
	1,814,000		Citrix Systems, Inc.^~ 0.500%, 04/15/19		2,567,935
	287,000		Coupa Software, Inc.*^ 0.375%, 01/15/23		444,025
	695,000		DocuSign, Inc.* 0.500%, 09/15/23		651,552
			FireEye, Inc.
	330,000		1.625%, 06/01/35		303,570
	183,000		1.000%, 06/01/35		176,693
	475,000		II-VI, Inc. 0.250%, 09/01/22		488,906
	400,000		Inphi Corp. 0.750%, 09/01/21		374,398

PRINCIPAL AMOUNT				VALUE
	595,000		Lumentum Holdings, Inc.^ 0.250%, 03/15/24	$	678,725
	1,480,000		Microchip Technology, Inc. 1.625%, 02/15/27		1,402,700
			Micron Technology, Inc.
	505,000		3.000%, 11/15/43		658,730
	305,000		2.125%, 02/15/33~		1,049,917
	649,000		New Relic, Inc.* 0.500%, 05/01/23		684,254
	405,000		Nice Systems, Inc. 1.250%, 01/15/24		543,996
	1,423,000		NXP Semiconductors, NV 1.000%, 12/01/19		1,441,599
	617,000		Okta, Inc.* 0.250%, 02/15/23		840,718
	395,000		ON Semiconductor Corp. 1.000%, 12/01/20		443,156
	680,000		Palo Alto Networks, Inc.* 0.750%, 07/01/23		661,242
	477,000		Q2 Holdings, Inc.* 0.750%, 02/15/23		524,927
	480,000		RealPage, Inc.^ 1.500%, 11/15/22		660,209
	450,000		Silicon Laboratories, Inc.^ 1.375%, 03/01/22		486,094
	1,505,000		Splunk, Inc.* 1.125%, 09/15/25		1,426,258
	1,335,000		Square, Inc.* 0.500%, 05/15/23		1,599,791
	600,000		STMicroelectronics, NV 0.000%, 07/03/22		620,430
	221,000		Synaptics, Inc.^ 0.500%, 06/15/22		197,986
	400,000		Teradyne, Inc.^ 1.250%, 12/15/23		502,196
	665,000		Twilio, Inc.* 0.250%, 06/01/23		831,011
	405,000		Veeco Instruments, Inc. 2.700%, 01/15/23		339,351
	680,000		Wix.com, Ltd.*^ 0.000%, 07/01/23		668,579
	1,730,000		Workday, Inc. 0.250%, 10/01/22		1,923,128
	1,415,000		Xero Investments, Ltd. 2.375%, 10/04/23		1,290,890
	640,000		Zendesk, Inc.* 0.250%, 03/15/23		702,000
					28,425,843
			Materials (3.1%)
	3,500,000		BASF, SE 0.925%, 03/09/23		3,214,365
	300,000	EUR	Buzzi Unicem, S.p.A. 1.375%, 07/17/19		383,012

98 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Global Convertible Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
	600,000		LG Chem, Ltd. 0.000%, 04/16/21	$	604,488
					4,201,865
			Real Estate (6.4%)
	2,623,000		AYC Finance, Ltd. 0.500%, 05/02/19		2,637,741
	2,000,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		2,440,771
	1,300,000		IH Merger Sub, LLC 3.000%, 07/01/19		1,563,172
	6,000,000	HKD	Smart Insight International, Ltd. 0.000%, 01/27/19		757,492
	1,179,000		Starwood Property Trust, Inc. 4.000%, 01/15/19		1,308,330
					8,707,506
			TOTAL CONVERTIBLE BONDS (Cost $106,192,028)		101,936,050
	SYNTHETIC CONVERTIBLE SECURITIES (11.8%) ¤
	Corporate Bonds (1.9%)
			Communication Services (0.2%)
	283,000		Sprint Corp. 7.250%, 09/15/21		296,136
			Consumer Discretionary (0.8%)
	625,000		Lennar Corp.^ 6.625%, 05/01/20		647,491
	479,000		Mediacom Broadband, LLC / Mediacom Broadband Corp. 5.500%, 04/15/21		482,432
					1,129,923
			Health Care (0.5%)
	630,000		HCA Healthcare, Inc. 6.250%, 02/15/21		655,726
			Industrials (0.4%)
	450,000		AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 5.000%, 10/01/21		462,098
			TOTAL CORPORATE BONDS		2,543,883
	U.S. Government and Agency Securities (8.6%)
			United States Treasury Note
	4,661,000		1.875%, 05/31/22		4,491,006
	3,719,000		1.000%, 06/30/19		3,680,999
	3,675,000		1.750%, 10/31/20		3,594,919
			TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES		11,766,924

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	Purchased Options (1.3%) #
			Consumer Discretionary (0.6%)
	166 2,361,848		Alibaba Group Holding, Ltd. Call, 04/18/19, Strike $155.00	$	162,680
	9 1,687,122		Booking Holdings, Inc. Call, 01/17/20, Strike $1,920.00		220,500
			Kering, SA
	45 1,912,896	EUR	Call, 12/21/18, Strike 483.37		4,954
	43 1,827,878	EUR	Call, 12/21/18, Strike 520.55		1,999
			LVMH Moet Hennessy Louis Vuitton, SE
	159 4,273,920	EUR	Call, 01/18/19, Strike 260.00		293,369
	63 1,693,440	EUR	Call, 12/21/18, Strike 290.00		16,127
	282 1,526,466		Sony Corp. Call, 04/18/19, Strike $57.50		88,830
					788,459
			Industrials (0.0%)
	150 1,465,650	EUR	Airbus, SE Call, 12/21/18, Strike 100.00		52,498
			Information Technology (0.7%)
	135 1,913,355		Lam Research Corp. Call, 03/15/19, Strike $150.00		116,775
	157 2,694,748		Red Hat, Inc. Call, 03/15/19, Strike $125.00		772,440
					889,215
			Materials (0.0%)
	297 951,719	GBP	Glencore, PLC Call, 12/21/18, Strike 3.80		7,630
			TOTAL PURCHASED OPTIONS		1,737,802
			TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $16,322,931)		16,048,609
NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCKS (8.6%)
			Energy (1.5%)
	31,870		Hess Corp. 8.000%, 02/01/19		2,023,426
			Financials (5.3%)
	6,300		Assurant, Inc. 6.500%, 03/15/21		671,360
	2,570		Bank of America Corp. 7.250%, 12/31/49		3,267,241
	2,615		Wells Fargo & Company 7.500%, 12/31/49		3,326,254
					7,264,855

See accompanying Notes to Schedule of Investments www.calamos.com 99

Global Convertible Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
		Real Estate (0.4%)
	440	Crown Castle International Corp. 6.875%, 08/01/20	$	459,800
		Utilities (1.4%)
	10,735	DTE Energy Company 6.500%, 10/01/19		572,497
		Sempra Energy
	6,825	6.750%, 07/15/21		680,521
	6,655	6.000%, 01/15/21		659,910
				1,912,928
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $11,217,594)		11,661,009
	SHORT TERM INVESTMENTS (2.5%)
	1,728,800	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		1,729,318
	1,719,450	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		1,719,450
		TOTAL SHORT TERM INVESTMENTS (Cost $3,448,768)		3,448,768
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.9%)
	3,555,584	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		3,555,584
	1,773,124	State Street Navigator Securities Lending Government Money Market Portfolio†		1,773,124
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $5,328,708)		5,328,708
	TOTAL INVESTMENTS (101.6%) (Cost $142,510,029)			138,423,144
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.9%)			(5,328,708	)
	OTHER ASSETS, LESS LIABILITIES (2.3%)			3,143,561
	NET ASSETS (100.0%)		$	136,237,997

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

‡ Variable rate security. The rate shown is the rate in effect at October 31, 2018.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $42,082.

¤ The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

# Non-income producing security.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

FOREIGN CURRENCY ABBREVIATIONS

EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen

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

CURRENCY EXPOSURE

OCTOBER 31, 2018

	VALUE		% of TOTAL INVESTMENTS
US Dollar	$	108,644,829		78.5%
European Monetary Unit		19,317,458		14.0%
Japanese Yen		7,892,239		5.7%
Hong Kong Dollar		2,560,988		1.8%
British Pound Sterling		7,630		0.0%
Total Investments	$	138,423,144		100.0%

Currency exposure may vary over time.

100 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	COMMON STOCKS (99.2%)
			Communication Services (13.9%)
	79,000		Alphabet, Inc. - Class A#~	$	86,155,820
	5,250		Cargurus, Inc.#^		233,205
	415,000		Comcast Corp. - Class A~		15,828,100
	519,000		Facebook, Inc. - Class A#~		78,779,010
	1,800		IAC/InterActive Corp.#		353,862
	4,930		Match Group, Inc.#^		254,980
	6,640		Momo, Inc.#		222,905
	23,500		Netflix, Inc.#		7,091,830
	22,220		QuinStreet, Inc.#		353,298
	15,230		TechTarget, Inc.#		309,473
	7,410		United States Cellular Corp.#		353,976
	121,900		Walt Disney Company^		13,997,777
	5,870		Yelp, Inc.#^		251,353
					204,185,589
			Consumer Discretionary (15.9%)
	82,000	EUR	Adidas, AG		19,283,440
	35,300		Amazon.com, Inc.#~		56,409,753
	27,700		American Axle & Manufacturing Holdings, Inc.#^		420,209
	7,600		Booking Holdings, Inc.#		14,246,808
	10,490	CAD	BRP, Inc.		422,006
	379,000		CarMax, Inc.#^		25,737,890
	5,640		Etsy, Inc.#^		239,813
	92,100		Home Depot, Inc.		16,198,548
	6,520		Kohl’s Corp.		493,760
	179,000		Lowe’s Companies, Inc.		17,044,380
	14,100		Macy’s, Inc.		483,489
	157,000		McDonald’s Corp.		27,773,300
	839,000		MGM Resorts International		22,384,520
	136,500		Mohawk Industries, Inc.#		17,025,645
	7,120		Penske Automotive Group, Inc.		315,986
	48,500		Ulta Salon Cosmetics & Fragrance, Inc.#		13,314,220
	6,990		Weight Watchers International, Inc.#^		462,039
					232,255,806
			Consumer Staples (1.8%)
	72,000		Constellation Brands, Inc. - Class A		14,344,560
	7,100		Lamb Weston Holdings, Inc.		554,936
	3,950		McCormick & Company, Inc.		568,800
	207,600		Monster Beverage Corp.#		10,971,660
	4,700		USANA Health Sciences, Inc.#		549,994
					26,989,950
			Energy (0.0%)
	4,660		HollyFrontier Corp.		314,270

NUMBER OF SHARES			VALUE
	17,900	Solaris Oilfield Infrastructure, Inc. - Class A#^	$	236,280
				550,550
		Financials (12.7%)
	9,000	AllianceBernstein Holding, LP		260,190
	434,000	American International Group, Inc.		17,919,860
	5,430	Athene Holding, Ltd. - Class A#		248,260
	556,500	Bank of America Corp.		15,303,750
	262,500	Cboe Global Markets, Inc.		29,623,125
	327,000	Charles Schwab Corp.		15,120,480
	3,620	City Holding Company		267,084
	4,160	Commerce Bancshares, Inc.^		264,576
	1,280	Credit Acceptance Corp.#		543,258
	502,730	E*TRADE Financial Corp.		24,844,916
	4,560	East West Bancorp, Inc.		239,126
	17,220	First Commonwealth Financial Corp.		232,470
	109,000	Goldman Sachs Group, Inc.		24,565,330
	11,560	Independent Bank Corp.		255,823
	318,000	Intercontinental Exchange, Inc.~		24,498,720
	4,290	LPL Financial Holdings, Inc.		264,264
	6,035	Macatawa Bank Corp.		65,480
	21,200	MGIC Investment Corp.#		258,852
	12,120	NMI Holdings, Inc. - Class A#		256,217
	5,750	PacWest Bancorp^		233,565
	1,576,000	SLM Corp.#		15,980,640
	11,590	TCF Financial Corp.		241,999
	10,220	TriState Capital Holdings, Inc.#		257,748
	267,500	US Bancorp		13,982,225
	3,230	Wintrust Financial Corp.		245,932
				185,973,890
		Health Care (12.2%)
	174,000	AbbVie, Inc.		13,545,900
	132,500	Agilent Technologies, Inc.		8,584,675
	205,500	Alexion Pharmaceuticals, Inc.#		23,030,385
	501,000	Baxter International, Inc.		31,317,510
	19,500	Biogen, Inc.#		5,933,265
	5,840	Genomic Health, Inc.#		418,787
	3,600	Haemonetics Corp.#		376,092
	1,660	Inogen, Inc.#		314,686
	11,740	iRadimed Corp.#^		293,030
	204,500	Johnson & Johnson~		28,627,955
	160,000	Laboratory Corp. of America Holdings#~		25,688,000
	1,480	Ligand Pharmaceuticals, Inc.#^		243,919
	10,670	Medpace Holdings, Inc.#		555,907
	155,500	Medtronic, PLC		13,967,010
	2,730	Molina Healthcare, Inc.#^		346,082

See accompanying Notes to Schedule of Investments www.calamos.com 101

Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	8,770	Myriad Genetics, Inc.#	$	394,913
	6,310	Quidel Corp.#		406,112
	14,490	Tenet Healthcare Corp.#^		372,828
	92,000	UnitedHealth Group, Inc.~		24,044,200
	1,270	WellCare Health Plans, Inc.#		350,507
				178,811,763
		Industrials (13.5%)
	12,870	Advanced Drainage Systems, Inc.		357,657
	407,500	Air Lease Corp.		15,525,750
	7,700	Allison Transmission Holdings, Inc.		339,416
	5,400	Applied Industrial Technologies, Inc.		354,942
	8,240	ArcBest Corp.		305,869
	62,500	Boeing Company		22,178,750
	10,770	Continental Building Products, Inc.#		299,514
	622,500	Delta Air Lines, Inc.~		34,069,425
	286,500	Emerson Electric Company		19,447,620
	7,230	Generac Holdings, Inc.#		366,778
	10,810	H&E Equipment Services, Inc.		260,413
	98,000	Harris Corp.		14,573,580
	97,500	Honeywell International, Inc.		14,119,950
	26,460	NCI Building Systems, Inc.#		324,135
	18,830	PGT Innovations, Inc.#		381,496
	146,500	Raytheon Company		25,643,360
	16,250	Resideo Technologies, Inc.#		342,062
	5,570	Ryder System, Inc.		308,077
	6,840	SkyWest, Inc.		391,863
	10,040	Terex Corp.^		335,236
	246,500	TransUnion~		16,207,375
	103,500	Union Pacific Corp.		15,133,770
	176,000	Waste Management, Inc.		15,746,720
				197,013,758
		Information Technology (25.5%)
	4,030	Akamai Technologies, Inc.#		291,167
	477,700	Apple, Inc.~		104,549,422
	322,000	Applied Materials, Inc.		10,587,360
	11,180	Booz Allen Hamilton Holding Corp.		553,857
	6,500	Cadence Design Systems, Inc.#		289,705
	3,300	CDW Corp.		297,033
	2,640	Citrix Systems, Inc.		270,521
	3,710	CyberArk Software, Ltd.#		253,245
	20,270	Cypress Semiconductor Corp.^		262,294
	16,930	Electro Scientific Industries, Inc.#^		490,970
	160,500	Ellie Mae, Inc.#^		10,637,940
	10,190	Entegris, Inc.		270,443
	2,920	Euronet Worldwide, Inc.#		324,646
	202,500	Fidelity National Information Services, Inc.		21,080,250

NUMBER OF SHARES			VALUE
	339,000	First Solar, Inc.#	$	14,170,200
	3,180	Fortinet, Inc.#		261,332
	1,840	Gartner, Inc.#		271,437
	810,500	GreenSky, Inc. - Class A#^		10,682,390
	4,790	Lumentum Holdings, Inc.#^		261,773
	127,000	Microchip Technology, Inc.^		8,354,060
	663,900	Microsoft Corp.~		70,911,159
	7,960	Nanometrics, Inc.#		255,198
	112,000	Paycom Software, Inc.#^		14,022,400
	2,800	Proofpoint, Inc.#		254,660
	209,400	RealPage, Inc.#^		11,098,200
	107,500	Salesforce.com, Inc.#		14,753,300
	6,320	Seagate Technology, PLC^		254,254
	10,150	SMART Global Holdings, Inc.#^		284,301
	219,100	Total System Services, Inc.~		19,970,965
	1,900	Trade Desk, Inc. - Class A#		234,745
	9,350	Upland Software, Inc.#		294,899
	273,000	Visa, Inc. - Class A~		37,633,050
	1,470	WEX, Inc.#		258,661
	2,460	Wix.com, Ltd.#		239,481
	132,500	Workday, Inc. - Class A#~^		17,625,150
	1,640	Zebra Technologies Corp- Class A#		272,732
				372,523,200
		Materials (3.7%)
	135,000	Air Products & Chemicals, Inc.		20,837,250
	2,850	Celanese Corp. - Class A		276,279
	292,500	DowDuPont, Inc.		15,771,600
	2,600	Ingevity Corp.#		236,808
	5,150	Nucor Corp.		304,468
	3,830	Reliance Steel & Aluminum Company		302,264
	40,600	Sherwin-Williams Company		15,974,882
				53,703,551
		Utilities (0.0%)
	8,990	NRG Energy, Inc.		325,348
	5,940	UGI Corp.		315,176
				640,524
		TOTAL COMMON STOCKS (Cost $1,153,068,154)		1,452,648,581
	EXCHANGE-TRADED FUNDS (0.6%)
		Other (0.6%)
	25,400	iShares Core S&P U.S. Growth ETF^		1,448,308
	30,000	iShares Russell 2000 Growth ETF		5,636,700
	20,570	iShares U.S. Real Estate ETF^		1,606,723
		TOTAL EXCHANGE-TRADED FUNDS (Cost $8,575,583)		8,691,731

102 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.2%)#
		Financials (0.0%)
	2,170 8,959,930	American International Group I Put, 11/02/18, Strike $40.00	$	203,980
		Information Technology (0.0%)
	1,380 30,202,680	Apple, Inc. Put, 11/02/18, Strike $207.50		253,230
		Consumer Staples (0.2%)
		Walmart, Inc.
	6,500 65,182,000	Call, 11/16/18, Strike $105.00		685,750
	4,500 45,126,000	Call, 11/16/18, Strike $100.00		1,395,000
				2,080,750
		TOTAL PURCHASED OPTIONS (Cost $2,428,564)		2,537,960
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (1.7%)
	12,335,927	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		12,339,628
	12,292,625	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		12,292,625
		TOTAL SHORT TERM INVESTMENTS (Cost $24,632,253)		24,632,253
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.0%)
	11,446,773	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		11,446,773
	17,752,578	State Street Navigator Securities Lending Government Money Market Portfolio†		17,752,578
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $29,199,351)		29,199,351
	TOTAL INVESTMENTS (103.7%) (Cost $1,217,903,905)			1,517,709,876
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.0%)			(29,199,351	)
	LIABILITIES, LESS OTHER ASSETS (-1.7%)			(24,975,450	)
	NET ASSETS (100.0%)		$	1,463,535,075

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	WRITTEN OPTIONS (0.0%) #
		Financials (0.0%)
	2,170 8,959,930	American International Group I Put, 12/21/18, Strike $35.00	$	(155,155	)
		Information Technology (0.0%)
	460 10,067,560	Apple, Inc. Call, 11/02/18, Strike $217.50		(293,250	)
		TOTAL WRITTEN OPTIONS (Premium $374,781)	$	(448,405	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $2,756,575.

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

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
EUR	European Monetary Unit

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

See accompanying Notes to Financial Statements www.calamos.com 103

Growth and Income Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (12.9%)
		Communication Services (0.7%)
	6,600,000	GCI Liberty, Inc.* 1.750%, 09/30/46	$	7,158,657
	2,090,000	Live Nation Entertainment, Inc.*^ 2.500%, 03/15/23		2,236,864
	5,150,000	Twitter, Inc.* 0.250%, 06/15/24		4,822,563
				14,218,084
		Consumer Discretionary (2.7%)
	7,300,000	Booking Holdings, Inc. 0.350%, 06/15/20		10,587,920
		Ctrip.com International, Ltd.
	2,130,000	1.000%, 07/01/20		2,023,990
	2,010,000	1.990%, 07/01/25		2,003,025
	2,150,000	DISH Network Corp. 3.375%, 08/15/26		1,923,250
		Liberty Media Corp.
	9,655,726	2.250%, 09/30/46		5,172,138
	6,963,000	1.375%, 10/15/23		8,102,913
	5,125,000	Liberty Media Corp. (Sirius XM Holdings, Inc.)*§ 2.125%, 03/31/48		4,985,062
	4,550,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		4,939,184
	3,100,000	Marriott Vacations Worldwide Corp. 1.500%, 09/15/22		2,901,786
	5,200,000	RH* 0.000%, 06/15/23		4,592,250
	5,885,000	Tesla, Inc. 1.250%, 03/01/21		6,604,471
				53,835,989
		Energy (0.3%)
	1,593,000	Oil States International, Inc.*^ 1.500%, 02/15/23		1,468,475
	5,000,000	TOTAL, SA 0.500%, 12/02/22		5,441,300
				6,909,775
		Financials (0.5%)
	6,600,000	JPMorgan Chase Bank, N.A. 0.000%, 12/30/20		6,892,941
	4,000,000	JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)*§ 0.250%, 05/01/23		3,740,600
				10,633,541
		Health Care (1.4%)
	1,750,000	BioMarin Pharmaceutical, Inc.^ 1.500%, 10/15/20		2,067,564
	2,045,000	Evolent Health, Inc.* 1.500%, 10/15/25		1,978,568

PRINCIPAL AMOUNT			VALUE
		Illumina, Inc.
	7,172,000	0.000%, 08/15/23*^	$	7,491,907
	4,149,000	0.000%, 06/15/19		5,239,502
	4,135,000	Insulet Corp.* 1.375%, 11/15/24		4,685,368
	2,425,000	Teladoc Health, Inc.* 1.375%, 05/15/25		3,504,295
	2,050,000	Wright Medical Group, Inc.*^ 1.625%, 06/15/23		2,080,812
				27,048,016
		Industrials (0.2%)
	2,050,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		1,877,308
	2,930,000	Meritor, Inc. 3.250%, 10/15/37		2,695,043
				4,572,351
		Information Technology (5.7%)
	1,727,000	Akamai Technologies, Inc.* 0.125%, 05/01/25		1,689,213
	4,350,000	Altaba, Inc.~ 0.000%, 12/01/18		4,894,620
	2,050,000	Citrix Systems, Inc. 0.500%, 04/15/19		2,902,021
	2,060,000	Cypress Semiconductor Corp.* 2.000%, 02/01/23		1,968,588
	5,250,000	DocuSign, Inc.* 0.500%, 09/15/23		4,921,796
	2,000,000	Envestnet, Inc. 1.750%, 12/15/19		2,070,320
	2,100,000	Guidewire Software, Inc. 1.250%, 03/15/25		2,118,753
	1,760,000	II-VI, Inc. 0.250%, 09/01/22		1,811,524
	7,000,000	Intel Corp. 3.250%, 08/01/39		16,042,880
	4,285,000	Lumentum Holdings, Inc. 0.250%, 03/15/24		4,887,964
	6,200,000	Microchip Technology, Inc. 1.625%, 02/15/27		5,876,174
	3,998,000	New Relic, Inc.* 0.500%, 05/01/23		4,215,171
	3,775,000	NXP Semiconductors, NV 1.000%, 12/01/19		3,824,339
	6,184,000	ON Semiconductor Corp. 1.000%, 12/01/20		6,937,922
	6,125,000	Palo Alto Networks, Inc.* 0.750%, 07/01/23		5,956,042
	2,000,000	Pure Storage, Inc.* 0.125%, 04/15/23		2,054,370
	2,000,000	RealPage, Inc.^ 1.500%, 11/15/22		2,750,870
	4,375,000	Silicon Laboratories, Inc.^ 1.375%, 03/01/22		4,725,919

104 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Growth and Income Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	5,165,000	Splunk, Inc.* 0.500%, 09/15/23	$	4,942,957
	1,650,000	Twilio, Inc. - Class A* 0.250%, 06/01/23		2,061,906
	5,100,000	Wix.com, Ltd.* 0.000%, 07/01/23		5,014,346
	12,000,000	Workday, Inc. 0.250%, 10/01/22		13,339,620
	7,320,000	Zendesk, Inc.* 0.250%, 03/15/23		8,029,125
				113,036,440
		Materials (0.3%)
	5,150,000	Royal Gold, Inc.^ 2.875%, 06/15/19		5,199,440
		Real Estate (0.8%)
	7,345,000	Empire State Realty OP, LP* 2.625%, 08/15/19		7,294,797
	3,440,000	IH Merger Sub, LLC 3.500%, 01/15/22		3,686,597
	3,950,000	Starwood Property Trust, Inc.^ 4.000%, 01/15/19		4,383,295
				15,364,689
		Utilities (0.3%)
	5,100,000	NRG Energy, Inc.*^ 2.750%, 06/01/48		5,305,632
		TOTAL CONVERTIBLE BONDS (Cost $247,333,536)		256,123,957
	SYNTHETIC CONVERTIBLE SECURITIES (5.4%)¤
	Corporate Bonds (3.2%)
		Communication Services (0.5%)
	9,865,000	Alphabet, Inc. 3.375%, 02/25/24		9,850,696
		Consumer Discretionary (1.6%)
	5,153,000	Dana, Inc. 5.500%, 12/15/24		4,967,492
	4,235,000	GameStop Corp.*^ 6.750%, 03/15/21		4,272,332
	9,900,000	Home Depot, Inc. 2.700%, 04/01/23		9,598,000
	10,000,000	L Brands, Inc. 5.625%, 02/15/22		10,160,200
	2,429,000	Lowe’s Companies, Inc.^ 3.875%, 09/15/23		2,461,111
				31,459,135
		Consumer Staples (0.5%)
	9,865,000	Walmart, Inc. 3.300%, 04/22/24		9,784,206

PRINCIPAL AMOUNT			VALUE
		Financials (0.2%)
	4,950,000	Berkshire Hathaway, Inc. 2.750%, 03/15/23	$	4,809,469
		Health Care (0.2%)
	3,000,000	Universal Health Services, Inc.* 4.750%, 08/01/22		3,015,870
		Information Technology (0.2%)
	4,935,000	Apple, Inc. 3.450%, 05/06/24		4,888,710
		TOTAL CORPORATE BONDS		63,808,086
	U.S. Government and Agency Securities (2.1%)
		United States Treasury Note
	11,600,000	1.125%, 06/30/21		11,072,566
	10,800,000	2.000%, 01/31/20		10,698,138
	8,450,000	2.750%, 02/15/19		8,458,598
	5,800,000	1.625%, 05/15/26^		5,231,835
	5,500,000	2.000%, 11/15/26		5,068,381
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES		40,529,518
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	Purchased Options (0.1%)#
		Information Technology (0.0%)
	460 3,872,740	Paypal Holdings, Inc. Call, 01/18/19, Strike $90.00		120,060
		Other (0.1%)
		iShares China Large-Cap ETF
	3,800 14,930,200	Call, 12/21/18, Strike $42.00		180,500
	3,600 14,144,400	Call, 11/16/18, Strike $44.00		7,200
	8,800 54,964,800	iShares MSCI EAFE ETF Call, 12/21/18, Strike $67.00		110,000
	3,740 14,645,840	iShares MSCI Emerging Markets Call, 12/21/18, Strike $43.00		57,970
	975 14,627,925	iShares Russell 2000 ETF Call, 02/15/19, Strike $148.00		832,163
				1,187,833
		TOTAL PURCHASED OPTIONS		1,307,893
	TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $112,007,143)			105,645,497

See accompanying Notes to Schedule of Investments www.calamos.com 105

Growth and Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (5.8%)
		Energy (0.4%)
	113,330	Hess Corp. 8.000%, 02/01/19	$	7,195,322
		Financials (0.2%)
	80,250	AMG Capital Trust II^ 5.150%, 10/15/37		4,384,338
		Health Care (0.3%)
	104,250	Becton Dickinson and Company 6.125%, 05/01/20		6,116,348
		Industrials (1.7%)
	10,100	Fortive Corp. 5.000%, 07/01/21		9,920,321
	204,910	Rexnord Corp. 5.750%, 11/15/19		11,714,704
	122,025	Stanley Black & Decker, Inc.^ 5.375%, 05/15/20		11,195,794
				32,830,819
		Materials (0.2%)
	83,500	International Flavors & Fragrances, Inc. 6.000%, 09/15/21		4,807,930
		Real Estate (0.7%)
	14,350	Crown Castle International Corp. 6.875%, 08/01/20		14,995,750
		Utilities (2.3%)
	80,675	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§** 3.399%, 09/15/29		3,505,813
	39,953	Dominion Energy, Inc. 6.750%, 08/15/19		1,915,746
	180,700	DTE Energy Company 6.500%, 10/01/19		9,636,731
	395,600	NextEra Energy, Inc. 6.123%, 09/01/19		22,944,800
		Sempra Energy
	41,640	6.750%, 07/15/21		4,151,925
	30,200	6.000%, 01/15/21		2,994,632
				45,149,647
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $114,136,371)		115,480,154
	COMMON STOCKS (70.7%)
		Communication Services (7.5%)
	45,055	Alphabet, Inc. - Class A#		49,136,082
	271,175	AT&T, Inc.		8,319,649

NUMBER OF SHARES			VALUE
	321,635	Comcast Corp. - Class A	$	12,267,159
	182,000	Facebook, Inc. - Class A#		27,625,780
	39,830	Netflix, Inc.#		12,019,897
	319,000	Verizon Communications, Inc.		18,211,710
	173,000	Walt Disney Company^		19,865,590
				147,445,867
		Consumer Discretionary (6.8%)
	32,625	Amazon.com, Inc.#		52,135,076
	46,230	Aptiv, PLC		3,550,464
	69,680	Dollar Tree, Inc.#		5,874,024
	16,650	Expedia Group, Inc.		2,088,410
	110,420	General Motors Company		4,040,268
	141,235	Home Depot, Inc.		24,840,412
	72,300	Lowe’s Companies, Inc.		6,884,406
	62,615	McDonald’s Corp.		11,076,593
	100,640	Nike, Inc. - Class B		7,552,026
	27,775	PVH Corp.		3,354,942
	38,060	Royal Caribbean Cruises, Ltd.		3,986,024
	80,305	Starbucks Corp.		4,679,372
	50,060	TJX Companies, Inc.		5,500,593
				135,562,610
		Consumer Staples (5.8%)
	438,800	Coca-Cola Company		21,009,744
	63,700	Costco Wholesale Corp.		14,563,731
	69,700	Kroger Company		2,074,272
	253,435	Mondelez International, Inc. - Class A		10,639,201
	138,150	PepsiCo, Inc.		15,525,297
	159,000	Philip Morris International, Inc.		14,003,130
	208,455	Procter & Gamble Company		18,485,789
	61,015	Walgreens Boots Alliance, Inc.		4,867,167
	131,200	Walmart, Inc.		13,156,736
				114,325,067
		Energy (4.3%)
	192,360	Chevron Corp.		21,476,994
	101,580	ConocoPhillips		7,100,442
	110,600	EOG Resources, Inc.		11,650,604
	304,530	Exxon Mobil Corp.		24,264,950
	86,245	Halliburton Company		2,990,977
	92,435	Marathon Petroleum Corp.		6,512,046
	37,275	Pioneer Natural Resources Company		5,489,489
	124,000	Schlumberger, Ltd.		6,362,440
				85,847,942
		Financials (11.2%)
	201,860	American International Group, Inc.		8,334,799
	1,168,755	Bank of America Corp.~		32,140,762

106 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Growth and Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	101,675	Capital One Financial Corp.	$	9,079,577
	42,480	Cboe Global Markets, Inc.		4,793,868
	83,850	Chubb Corp.		10,473,703
	195,500	Citigroup, Inc.		12,797,430
	44,000	Discover Financial Services		3,065,480
	190,500	E*TRADE Financial Corp.		9,414,510
	51,670	Goldman Sachs Group, Inc.		11,644,868
	155,565	Intercontinental Exchange, Inc.		11,984,728
	362,535	JPMorgan Chase & Company		39,523,566
	299,725	KeyCorp		5,443,006
	122,180	Marsh & McLennan Companies, Inc.		10,354,755
	88,905	MetLife, Inc.		3,661,997
	103,375	Morgan Stanley		4,720,103
	82,600	Northern Trust Corp.		7,770,182
	56,450	PNC Financial Services Group, Inc.		7,253,260
	89,829	Prudential Financial, Inc.		8,424,164
	152,895	US Bancorp		7,991,822
	167,345	Wells Fargo & Company		8,907,774
	72,550	Zions Bancorporation, N.A. ^		3,413,478
				221,193,832
		Health Care (11.4%)
	118,790	AbbVie, Inc.		9,247,801
	119,860	Agilent Technologies, Inc.		7,765,729
	34,325	Alexion Pharmaceuticals, Inc.#		3,846,803
	48,145	Anthem, Inc.		13,267,318
	236,885	Baxter International, Inc.		14,807,681
	13,900	Biogen, Inc.#		4,229,353
	75,420	Bristol-Myers Squibb Company		3,811,727
	85,840	Celgene Corp.#		6,146,144
	24,100	Edwards Lifesciences Corp.#		3,557,160
	83,040	Gilead Sciences, Inc.		5,661,667
	26,750	Humana, Inc.		8,570,967
	5,875	Intuitive Surgical, Inc.#		3,061,933
	288,240	Johnson & Johnson		40,350,718
	27,900	Laboratory Corp. of America Holdings#		4,479,345
	131,210	Medtronic, PLC		11,785,282
	222,685	Merck & Company, Inc.		16,391,843
	28,317	Molina Healthcare, Inc.^#		3,589,746
	487,630	Pfizer, Inc.		20,997,348
	31,390	Stryker Corp.		5,092,086
	7,500	Teleflex, Inc.		1,805,550
	36,935	Thermo Fisher Scientific, Inc.		8,629,863
	111,850	UnitedHealth Group, Inc.		29,231,997
				226,328,061
		Industrials (7.3%)
	47,150	Boeing Company		16,731,649
	98,265	Caterpillar, Inc.		11,921,510

NUMBER OF SHARES			VALUE
	220,325	CSX Corp.	$	15,171,579
	416,000	Delta Air Lines, Inc.		22,767,680
	128,475	Emerson Electric Company		8,720,883
	472,245	General Electric Company		4,769,675
	138,300	Honeywell International, Inc.		20,028,606
	34,300	Lockheed Martin Corp.		10,079,055
	60,350	Northrop Grumman Corp.		15,808,682
	23,050	Resideo Technologies, Inc.#		485,203
	122,000	Union Pacific Corp.		17,838,840
				144,323,362
		Information Technology (13.8%)
	67,175	Accenture, PLC - Class A		10,588,123
	26,280	Adobe, Inc.#		6,458,573
	400,735	Apple, Inc.~		87,704,862
	35,450	Broadcom, Inc.		7,922,721
	353,500	Cisco Systems, Inc.		16,172,625
	21,300	Fidelity National Information Services, Inc.		2,217,330
	47,891	Lam Research Corp.		6,787,591
	92,725	MasterCard, Inc. - Class A		18,328,951
	632,505	Microsoft Corp.~		67,557,859
	51,750	NVIDIA Corp.		10,910,452
	113,400	Oracle Corp.		5,538,456
	60,370	Salesforce.com, Inc.#		8,285,179
	179,460	Visa, Inc. - Class A		24,738,561
				273,211,283
		Materials (0.9%)
	248,750	DowDuPont, Inc.		13,412,600
	70,000	Nucor Corp.		4,138,400
				17,551,000
		Real Estate (0.9%)
	96,520	American Tower Corp.		15,038,781
	49,000	Welltower, Inc.		3,237,430
				18,276,211
		Utilities (0.8%)
	345,213	Exelon Corp.		15,123,782
		TOTAL COMMON STOCKS (Cost $994,329,367)		1,399,189,017
	EXCHANGE-TRADED FUNDS (1.9%)
		Other (1.9%)
	281,135	iShares MSCI EAFE ETF^		17,559,692
	108,250	iShares MSCI Emerging Markets ETF		4,239,070
	123,400	iShares Russell 2000 Value ETF^		14,949,910
		TOTAL EXCHANGE-TRADED FUNDS (Cost $39,461,997)		36,748,672

See accompanying Notes to Schedule of Investments www.calamos.com 107

Growth and Income Fund    Schedule of Investments October 31, 2018

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTION (0.1%)#
		Other (0.1%)
	109 29,557,966	S&P 500 Index Put, 12/21/18, Strike $2,900.00 (Cost $592,223)	$	2,132,040
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (3.0%)
	29,731,925	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		29,740,845
	29,579,464	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		29,579,464
		TOTAL SHORT TERM INVESTMENTS (Cost $59,322,573)		59,320,309
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.7%)
	32,421,164	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		32,421,164
	20,136,793	State Street Navigator Securities Lending Government Money Market Portfolio†		20,136,793
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $52,557,957)		52,557,957
	TOTAL INVESTMENTS (102.5%) (Cost $1,619,741,167)			2,027,197,603
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.7%)			(52,557,957	)
	OTHER ASSETS, LESS LIABILITIES (0.2%)			3,809,089
	NET ASSETS (100.0%)		$	1,978,448,735

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	European Monetary Unit	01/24/19		503,000	$	574,128	$	(2,896	)
State Street Bank and Trust	European Monetary Unit	01/24/19		334,000		381,230		(5,602	)
Northern Trust Company	Hong Kong Dollar	01/24/19		665,000		84,969		(8	)
							$	(8,506	)
COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	European Monetary Unit	01/24/19		2,862,000	$	3,266,711	$	75,473
Bank of New York	Hong Kong Dollar	01/24/19		10,656,000		1,361,553		318
Bank of New York	Hong Kong Dollar	01/24/19		14,478,000		1,849,903		(145	)
							$	75,646

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $2,100,282.

¤ The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

# Non-income producing security.

** Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at October 31, 2018.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

Note: The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

108 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Dividend Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	COMMON STOCKS (97.9%)
		Communication Services (10.2%)
	95	Alphabet, Inc. - Class A#	$	103,605
	560	Alphabet, Inc. - Class C#		602,991
	9,471	AT&T, Inc.		290,570
	235	Charter Communications, Inc. - Class A#		75,287
	4,410	Comcast Corp. - Class A		168,197
	765	Electronic Arts, Inc.#		69,600
	2,860	Facebook, Inc. - Class A#		434,120
	490	Netflix, Inc.#		147,872
	5,105	Verizon Communications, Inc.		291,445
	2,160	Walt Disney Company^		248,033
				2,431,720
		Consumer Discretionary (9.5%)
	465	Amazon.com, Inc.#		743,075
	580	Aptiv, PLC		44,544
	70	Booking Holdings, Inc.#		131,221
	950	Dollar Tree, Inc.#		80,085
	310	Expedia Group, Inc.		38,883
	1,385	General Motors Company		50,677
	1,765	Home Depot, Inc.		310,428
	863	Lowe’s Companies, Inc.		82,175
	1,660	McDonald’s Corp.		293,654
	1,595	Nike, Inc. - Class B		119,689
	345	PVH Corp.		41,673
	700	Royal Caribbean Cruises, Ltd.		73,311
	1,235	Starbucks Corp.		71,963
	1,080	Target Corp.		90,320
	855	TJX Companies, Inc.		93,947
				2,265,645
		Consumer Staples (6.6%)
	1,050	Altria Group, Inc.		68,292
	5,745	Coca-Cola Company		275,071
	920	Costco Wholesale Corp.		210,340
	1,790	Kroger Company		53,270
	3,150	Mondelez International, Inc. - Class A		132,237
	1,717	PepsiCo, Inc.		192,956
	1,950	Philip Morris International, Inc.		171,736
	2,790	Procter & Gamble Company		247,417
	950	Walgreens Boots Alliance, Inc.		75,782
	1,645	Walmart, Inc.		164,961
				1,592,062
		Energy (6.0%)
	3,255	Chevron Corp.		363,421
	2,915	ConocoPhillips		203,758
	880	EOG Resources, Inc.		92,699

NUMBER OF SHARES			VALUE
	4,720	Exxon Mobil Corp.	$	376,090
	1,060	Halliburton Company		36,761
	1,500	Marathon Petroleum Corp.		105,675
	1,020	Phillips 66		104,876
	460	Pioneer Natural Resources Company		67,744
	1,725	Schlumberger, Ltd.		88,510
				1,439,534
		Financials (14.7%)
	945	American Express Company		97,080
	2,938	American International Group, Inc.		121,310
	16,135	Bank of America Corp.		443,712
	2,095	Berkshire Hathaway, Inc. - Class B#		430,062
	1,270	Capital One Financial Corp.		113,411
	535	Cboe Global Markets, Inc.		60,375
	1,120	Charles Schwab Corp.		51,789
	1,050	Chubb Corp.		131,156
	2,415	Citigroup, Inc.		158,086
	550	Discover Financial Services		38,319
	1,770	E*TRADE Financial Corp.		87,473
	610	Goldman Sachs Group, Inc.		137,476
	1,910	Intercontinental Exchange, Inc.		147,146
	4,745	JPMorgan Chase & Company		517,300
	3,740	KeyCorp		67,918
	915	Marsh & McLennan Companies, Inc.		77,546
	1,095	MetLife, Inc.		45,103
	1,535	Morgan Stanley		70,088
	1,150	Northern Trust Corp.		108,181
	820	PNC Financial Services Group, Inc.		105,362
	1,545	Prudential Financial, Inc.		144,890
	685	Travelers Companies, Inc.		85,714
	2,360	US Bancorp		123,357
	2,375	Wells Fargo & Company~		126,421
	905	Zions Bancorporation, N.A.		42,580
				3,531,855
		Health Care (14.0%)
	2,100	Abbott Laboratories		144,774
	1,710	AbbVie, Inc.		133,123
	350	Aetna, Inc.		69,440
	1,505	Agilent Technologies, Inc.		97,509
	425	Alexion Pharmaceuticals, Inc.#		47,630
	170	Allergan, PLC		26,862
	380	Anthem, Inc.		104,717
	2,310	Baxter International, Inc.		144,398
	170	Biogen, Inc.#		51,726
	935	Bristol-Myers Squibb Company		47,255
	830	Celgene Corp.#		59,428

See accompanying Notes to Schedule of Investments www.calamos.com 109

Dividend Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	305	Edwards Lifesciences Corp.#	$	45,018
	1,360	Gilead Sciences, Inc.		92,725
	335	Humana, Inc.		107,337
	255	Illumina, Inc.#		79,343
	70	Intuitive Surgical, Inc.#		36,483
	4,165	Johnson & Johnson~		583,058
	760	Laboratory Corp. of America Holdings#		122,018
	1,835	Medtronic, PLC		164,820
	3,215	Merck & Company, Inc.		236,656
	7,210	Pfizer, Inc.		310,462
	390	Stryker Corp.		63,266
	95	Teleflex, Inc.		22,870
	875	Thermo Fisher Scientific, Inc.		204,444
	1,400	UnitedHealth Group, Inc.		365,890
				3,361,252
		Industrials (9.5%)
	740	Boeing Company		262,596
	1,195	Caterpillar, Inc.		144,977
	2,740	CSX Corp.		188,676
	4,720	Delta Air Lines, Inc.		258,326
	1,575	Emerson Electric Company		106,911
	7,760	General Electric Company		78,376
	2,649	Honeywell International, Inc.		383,628
	1,285	Ingersoll-Rand, PLC		123,283
	705	Lockheed Martin Corp.		207,164
	355	Northrop Grumman Corp.		92,992
	442	Resideo Technologies, Inc.#		9,294
	1,225	Southwest Airlines Company		60,148
	1,125	Stanley Black & Decker, Inc.		131,085
	1,600	Union Pacific Corp.		233,952
				2,281,408
		Information Technology (19.4%)
	950	Accenture, PLC - Class A		149,739
	320	Adobe, Inc.#		78,643
	5,385	Apple, Inc.		1,178,561
	2,465	Applied Materials, Inc.		81,049
	510	Broadcom, Inc.		113,980
	5,360	Cisco Systems, Inc.		245,220
	275	Fidelity National Information Services, Inc.		28,628
	5,800	Intel Corp.		271,904
	510	International Business Machines Corp.		58,869
	590	Lam Research Corp.		83,621
	1,150	MasterCard, Inc. - Class A		227,320
	1,025	Microchip Technology, Inc.^		67,424
	8,790	Microsoft Corp.		938,860
	755	NVIDIA Corp.		159,177
	1,900	Oracle Corp.		92,796

NUMBER OF SHARES			VALUE
	185	Red Hat, Inc.#	$	31,753
	1,490	Salesforce.com, Inc.#		204,488
	1,530	Texas Instruments, Inc.		142,030
	3,660	Visa, Inc. - Class A		504,531
				4,658,593
		Materials (2.5%)
	710	Avery Dennison Corp.		64,411
	3,790	DowDuPont, Inc.		204,357
	1,200	LyondellBasell Industries, NV - Class A		107,124
	975	Nucor Corp.		57,642
	400	Sherwin-Williams Company		157,388
				590,922
		Real Estate (2.0%)
	1,170	American Tower Corp.		182,298
	615	Crown Castle International Corp.		66,875
	3,300	Welltower, Inc.		218,031
				467,204
		Utilities (3.5%)
	1,800	Duke Energy Corp.		148,734
	5,825	Exelon Corp.		255,193
	2,315	NextEra Energy, Inc.		399,338
	225	Sempra Energy^		24,777
				828,042
		TOTAL COMMON STOCKS (Cost $17,774,332)		23,448,237
	EXCHANGE-TRADED FUNDS (1.5%)
		Other (1.5%)
	560	iShares NASDAQ Biotechnology ETF^		58,279
	865	iShares Russell 2000 ETF		129,776
	1,500	iShares Russell 2000 Value ETF^		181,725
				369,780
		TOTAL EXCHANGE-TRADED FUNDS (Cost $372,708)		369,780
	SHORT TERM INVESTMENTS (0.3%)
	31,608	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		31,618
	31,614	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		31,614
		TOTAL SHORT TERM INVESTMENTS (Cost $63,232)		63,232
	TOTAL INVESTMENTS (99.7%) (Cost $18,210,272)			23,881,249
	OTHER ASSETS, LESS LIABILITIES (0.3%)			78,787
	NET ASSETS (100.0%)		$	23,960,036

110 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Dividend Growth Fund    Schedule of Investments October 31, 2018

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $278,430.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

See accompanying Notes to Financial Statements www.calamos.com 111

Opportunistic Value Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	COMMON STOCKS (98.5%)
		Communication Services (6.3%)
	375	Alphabet, Inc. - Class A#	$	408,968
	7,625	AT&T, Inc.		233,935
	2,600	CBS Corp. - Class B Non Voting		149,110
	495	Charter Communications, Inc. - Class A#		158,583
	10,600	Comcast Corp. - Class A		404,284
	5,340	Discovery, Inc. - Class A#		172,963
	17,905	Verizon Communications, Inc.		1,022,196
	3,840	Walt Disney Company^		440,947
				2,990,986
		Consumer Discretionary (5.1%)
	325	Amazon.com, Inc.#		519,353
	1,800	Best Buy Company, Inc.		126,288
	1,000	Burlington Stores, Inc.#		171,490
	975	Home Depot, Inc.		171,483
	2,055	Kohl’s Corp.		155,625
	3,500	Macy’s, Inc.		120,015
	3,850	MCBC Holdings, Inc.#		114,268
	2,110	Michael Kors Holdings, Ltd.#		116,915
	1,865	Nike, Inc. - Class B		139,950
	2,100	Nordstrom, Inc.		138,117
	570	O’Reilly Automotive, Inc.#		182,828
	3,000	Target Corp.		250,890
	1,175	TJX Companies, Inc.		129,109
	1,400	VF Corp.		116,032
				2,452,363
		Consumer Staples (7.0%)
	2,215	Altria Group, Inc.		144,064
	2,400	Church & Dwight Company, Inc.		142,488
	1,100	Clorox Company		163,295
	5,370	Coca-Cola Company		257,116
	2,100	Energizer Holdings, Inc.		123,417
	1,530	Hershey Company		163,939
	2,365	Kellogg Company		154,860
	5,790	Kroger Company		172,310
	1,630	Lamb Weston Holdings, Inc.		127,401
	1,075	McCormick & Company, Inc.		154,800
	5,300	Mondelez International, Inc. - Class A		222,494
	2,190	PepsiCo, Inc.		246,112
	1,610	Post Holdings, Inc.#		142,356
	3,920	Procter & Gamble Company		347,626
	2,400	Sysco Corp.		171,192
	3,600	Walgreens Boots Alliance, Inc.		287,172
	3,105	Walmart, Inc.		311,369
				3,332,011

NUMBER OF SHARES			VALUE
		Energy (11.4%)
	3,950	Anadarko Petroleum Corp.	$	210,140
	3,690	Cheniere Energy, Inc.#		222,913
	6,750	Chevron Corp.		753,637
	6,660	ConocoPhillips		465,534
	2,400	Continental Resources, Inc.#^		126,432
	2,780	EOG Resources, Inc.		292,845
	16,925	Exxon Mobil Corp.		1,348,584
	2,600	HollyFrontier Corp.		175,344
	7,500	Marathon Oil Corp.		142,425
	3,810	Marathon Petroleum Corp.		268,415
	4,680	Occidental Petroleum Corp.		313,888
	2,350	ONEOK, Inc.		154,160
	4,500	PBF Energy, Inc. - Class A		188,325
	1,050	Phillips 66		107,961
	23,500	Southwestern Energy Company#		125,490
	3,850	Valero Energy Corp.		350,696
	4,550	Whiting Petroleum Corp.#		169,715
				5,416,504
		Financials (22.5%)
	1,705	Allstate Corp.		163,203
	2,900	American Express Company		297,917
	5,000	Arch Capital Group, Ltd.#		141,850
	6,325	Associated Banc-Corp		146,614
	1,410	Assurant, Inc.		137,066
	19,800	Bank of America Corp.		544,500
	7,890	Berkshire Hathaway, Inc. - Class B#		1,619,659
	5,550	Brown & Brown, Inc.		156,399
	2,635	Capital One Financial Corp.		235,305
	10,350	Citigroup, Inc.		677,511
	2,085	Comerica, Inc.		170,053
	2,350	Commerce Bancshares, Inc.^		149,460
	425	Credit Acceptance Corp.#		180,378
	2,400	Discover Financial Services		167,208
	2,430	E*TRADE Financial Corp.		120,091
	1,010	Goldman Sachs Group, Inc.		227,624
	1,750	Green Dot Corp. - Class A#		132,545
	1,300	Hanover Insurance Group, Inc.		144,794
	13,950	JPMorgan Chase & Company		1,520,829
	3,000	LPL Financial Holdings, Inc.		184,800
	6,150	Morgan Stanley		280,809
	1,025	MSCI, Inc. - Class A		154,139
	1,700	NASDAQ, Inc.		147,407
	1,400	Northern Trust Corp.		131,698
	9,450	OFG Bancorp		161,500
	1,550	PNC Financial Services Group, Inc.		199,159
	2,985	Popular, Inc.		155,250

112 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Opportunistic Value Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	4,890	Progressive Corp.	$	340,833
	13,700	Regions Financial Corp.		232,489
	930	S&P Global, Inc.		169,558
	3,430	SunTrust Banks, Inc.		214,924
	500	SVB Financial Group#		118,615
	6,000	TCF Financial Corp.		125,280
	5,650	US Bancorp		295,325
	2,350	Webster Financial Corp.		138,274
	13,465	Wells Fargo & Company		716,742
				10,699,808
		Health Care (12.6%)
	2,230	Abbott Laboratories		153,736
	920	Allergan, PLC		145,369
	1,630	Amgen, Inc.		314,248
	755	Anthem, Inc.		208,055
	500	Becton Dickinson and Company		115,250
	365	Biogen, Inc.#		111,059
	3,750	Boston Scientific Corp.#		135,525
	1,000	Centene Corp.#		130,320
	1,150	Charles River Laboratories International, Inc.#		140,093
	1,140	Cigna Corp.		243,743
	3,845	CVS Health Corp.		278,340
	1,780	Danaher Corp.		176,932
	2,420	Eli Lilly and Company		262,425
	1,925	Encompass Health Corp.		129,553
	1,430	HCA Healthcare, Inc.		190,948
	720	Humana, Inc.		230,695
	260	Intuitive Surgical, Inc.#		135,507
	5,085	Johnson & Johnson		711,849
	2,975	Medtronic, PLC		267,214
	7,075	Merck & Company, Inc.		520,791
	13,000	Pfizer, Inc.		559,780
	1,425	PRA Health Sciences, Inc.#		138,040
	1,030	Thermo Fisher Scientific, Inc.		240,659
	510	UnitedHealth Group, Inc.		133,289
	600	WellCare Health Plans, Inc.#		165,594
	1,675	Zoetis, Inc.		151,001
				5,990,015
		Industrials (9.8%)
	2,630	Allison Transmission Holdings, Inc.		115,930
	1,785	Ametek, Inc.		119,738
	2,410	Armstrong World Industries, Inc.#		148,818
	555	Boeing Company		196,947
	1,590	C.H. Robinson Worldwide, Inc.		141,558
	1,295	Caterpillar, Inc.		157,109
	2,410	Clean Harbors, Inc.#		163,976

NUMBER OF SHARES			VALUE
	1,800	CSX Corp.	$	123,948
	2,600	Delta Air Lines, Inc.		142,298
	2,165	Fortive Corp.		160,751
	4,000	HD Supply Holdings, Inc.#		150,280
	1,565	HEICO Corp.^		131,194
	1,330	Honeywell International, Inc.		192,611
	1,065	IDEX Corp.		135,063
	2,850	IHS Markit, Ltd.#		149,711
	1,650	Ingersoll-Rand, PLC		158,301
	2,100	Jacobs Engineering Group, Inc.		157,689
	2,430	KAR Auction Services, Inc.		138,364
	1,450	Norfolk Southern Corp.		243,353
	975	Parker-Hannifin Corp.		147,839
	222	Resideo Technologies, Inc.#		4,666
	1,855	Robert Half International, Inc.		112,283
	610	Roper Industries, Inc.		172,569
	2,300	TransUnion		151,225
	1,750	Union Pacific Corp.		255,885
	2,250	United Continental Holdings, Inc.#		192,398
	1,330	United Parcel Service, Inc. - Class B		141,698
	2,035	United Technologies Corp.		252,767
	1,850	Waste Management, Inc.		165,520
	450	WW Grainger, Inc.		127,787
				4,652,276
		Information Technology (13.3%)
	1,300	Accenture, PLC - Class A		204,906
	580	Adobe, Inc.#		142,541
	2,790	Apple, Inc.		610,619
	1,070	Automatic Data Processing, Inc.		154,166
	3,055	Booz Allen Hamilton Holding Corp.		151,345
	1,305	Broadridge Financial Solutions, Inc.		152,607
	2,000	CDW Corp.		180,020
	16,465	Cisco Systems, Inc.		753,274
	820	F5 Networks, Inc.#		143,730
	2,020	Fiserv, Inc.#		160,186
	800	FleetCor Technologies, Inc.#		160,024
	2,600	Fortinet, Inc.#		213,668
	6,415	Intel Corp.		300,735
	700	Intuit, Inc.		147,700
	2,110	MasterCard, Inc. - Class A		417,084
	6,420	Microsoft Corp.		685,720
	2,395	NetApp, Inc.		187,983
	4,825	Oracle Corp.		235,653
	1,370	Texas Instruments, Inc.		127,177
	1,350	Total System Services, Inc.		123,052
	3,975	Visa, Inc. - Class A		547,954
	1,245	VMware, Inc. - Class A#		176,031

See accompanying Notes to Schedule of Investments www.calamos.com 113

Opportunistic Value Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES			VALUE
	1,800	Worldpay, Inc. - Class A#	$	165,312
	1,025	Zebra Technologies Corp- Class A#		170,457
				6,311,944
		Materials (2.7%)
	1,650	Avery Dennison Corp.		149,688
	1,725	Celanese Corp. - Class A		167,222
	2,872	CF Industries Holdings, Inc.		137,942
	5,450	DowDuPont, Inc.		293,864
	1,225	Ingevity Corp.#		111,573
	5,000	Mosaic Company		154,700
	2,050	Nucor Corp.		121,196
	2,750	Sonoco Products Company		150,095
				1,286,280
		Real Estate (3.1%)
	3,050	Equity Residential		198,128
	1,560	Extra Space Storage, Inc.		140,494
	6,200	GEO Group, Inc.		137,082
	2,800	National Retail Properties, Inc.		130,900
	2,250	Prologis, Inc.		145,058
	6,625	Sabra Health Care REIT, Inc.		143,431
	700	Simon Property Group, Inc.		128,464
	5,350	STORE Capital Corp.		155,310
	3,900	UDR, Inc.^		152,841
	2,375	Welltower, Inc.		156,916
				1,488,624
		Utilities (4.7%)
	11,700	AES Corp.		170,586
	2,000	Ameren Corp.		129,160
	2,100	American Electric Power Company, Inc.		154,056
	5,070	CenterPoint Energy, Inc.		136,941
	2,600	CMS Energy Corp.		128,752
	2,550	Dominion Energy, Inc.^		182,121
	1,150	DTE Energy Company^		129,260
	1,800	Duke Energy Corp.		148,734
	1,550	Entergy Corp.		130,123
	3,950	Exelon Corp.		173,049
	4,630	FirstEnergy Corp.		172,606
	900	NextEra Energy, Inc.		155,250
	3,950	NRG Energy, Inc.		142,950
	3,300	Southern Company		148,599
	2,615	UGI Corp.		138,752
				2,240,939
		TOTAL COMMON STOCKS (Cost $43,605,709)		46,861,750

NUMBER OF SHARES			VALUE
	EXCHANGE-TRADED FUND (0.5%)
		Other (0.5%)
	4,370	Utilities Select Sector SPDR Fund^ (Cost $237,848)	$	234,625
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.7%)#
		Other (0.7%)
	75 1,273,650	Invesco QQQ Trust Series Put, 12/31/18, Strike $185.00		123,113
	10 2,711,740	S&P 500 Index Put, 12/31/18, Strike $2,900.00		195,450
		TOTAL PURCHASED OPTIONS (Cost $98,559)		318,563
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (0.6%)
	137,606	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		137,647
	137,563	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		137,563
		TOTAL SHORT TERM INVESTMENTS (Cost $275,210)		275,210
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.0%)
	966,475	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $966,475)		966,475
		TOTAL INVESTMENTS (102.3%) (Cost $45,183,801)		48,656,623
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.0%)			(966,475	)
	LIABILITIES, LESS OTHER ASSETS (-0.3%)			(131,305	)
	NET ASSETS (100.0%)		$	47,558,843

114 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Opportunistic Value Fund    Schedule of Investments October 31, 2018

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	WRITTEN OPTIONS (-0.3%)#
		Other (-0.3%)
	75 1,273,650	Invesco QQQ Trust Series Put, 12/31/18, Strike $170.00	$	(51,525	)
	10 2,711,740	S&P 500 Index Put, 12/31/18, Strike $2,750.00		(94,400	)
		TOTAL WRITTEN OPTIONS (Premium $42,474)	$	(145,925	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

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

See accompanying Notes to Financial Statements www.calamos.com 115

International Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	COMMON STOCKS (94.6%)
			Communication Services (7.7%)
	27,300	JPY	CyberAgent, Inc.	$	1,161,701
	14,300	JPY	Nintendo Company, Ltd.		4,464,500
	55,900		SoftBank Group Corp.^~		2,195,752
	228,700	HKD	Tencent Holdings, Ltd.		7,835,093
	24,600	EUR	Ubisoft Entertainment, SA#		2,206,682
					17,863,728
			Consumer Discretionary (13.8%)
	74,402		Alibaba Group Holding, Ltd.^#		10,585,917
	30,300		Aptiv, PLC		2,327,040
	125,000	CAD	Aritzia, Inc.#		1,839,227
	1,650		Booking Holdings, Inc.~#		3,093,057
	3,727	EUR	Kering, SA		1,656,608
	34,540		Lululemon Athletica, Inc.~#		4,860,814
	17,600		Michael Kors Holdings, Ltd.#		975,216
	46,600	EUR	Moncler, S.p.A.		1,618,315
	6,250	EUR	Puma, SE		3,213,870
	421,000	HKD	Techtronic Industries Company, Ltd.		1,982,391
					32,152,455
			Consumer Staples (13.3%)
	77,200	GBP	British American Tobacco, PLC		3,346,641
	150,800	GBP	Diageo, PLC		5,213,385
	16,200	GBP	Fevertree Drinks, PLC		575,112
	35,700	EUR	Kerry Group, PLC - Class A		3,653,358
	3,100	EUR	Kerry Group, PLC - Class A		317,765
	8,000	JPY	Kose Corp.		1,195,575
	19,454	CNY	Kweichow Moutai Company, Ltd. - Class A		1,540,971
	41,700		Nestle, SA		3,514,476
	90,400	SEK	Swedish Match, AB		4,604,857
	483,800	AUD	Treasury Wine Estates, Ltd.		5,207,410
	760,000	MXN	Wal-Mart de Mexico, SAB de CV		1,943,283
					31,112,833
			Energy (4.9%)
	48,300	NOK	Aker BP, ASA		1,583,986
	83,900		BP, PLC		3,638,743
	10,900		CNOOC, Ltd.		1,844,825
	43,700		Schlumberger, Ltd.		2,242,247
	780,000	GBP	Tullow Oil, PLC#		2,237,870
					11,547,671
			Financials (10.6%)
	375,800	HKD	AIA Group, Ltd.		2,858,727
	208,381	CHF	Credit Suisse Group, AG#		2,724,302
	75,000	SGD	DBS Group Holdings, Ltd.		1,272,556

NUMBER OF SHARES				VALUE
	37,150	EUR	Deutsche Böerse, AG	$	4,694,739
	145,800	INR	HDFC Bank, Ltd.		3,774,386
	2,525	CHF	Partners Group Holding, AG		1,797,685
	227,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		2,150,791
	120,600	GBP	Prudential, PLC		2,414,850
	57,000	CAD	Toronto-Dominion Bank		3,162,072
					24,850,108
			Health Care (10.2%)
	69,000	GBP	AstraZeneca, PLC		5,277,784
	29,500	CAD	Canopy Growth Corp.^#		1,085,256
	36,800	AUD	CSL, Ltd.		4,912,695
	22,600		ICON, PLC#		3,120,608
	21,625	EUR	Ipsen, SA		2,998,379
	16,150		LivaNova, PLC#		1,808,638
	7,000	CHF	Lonza Group, AG#		2,201,076
	27,400	CHF	Novartis, AG		2,399,481
					23,803,917
			Industrials (11.4%)
	74,800	SEK	Alfa Laval, AB		1,908,529
	480,200	CAD	Bombardier, Inc. - Class B#		1,163,613
	21,000	CAD	Canadian Pacific Railway, Ltd.		4,306,559
	48,900	JPY	en-japan, Inc.		1,950,477
	50,300	GBP	Experian, PLC		1,156,860
	10,800	JPY	FANUC Corp.		1,878,843
	62,400	JPY	Japan Airport Terminal Company, Ltd.		2,403,512
	72,100	JPY	Komatsu, Ltd.		1,877,660
	153,000	BRL	Localiza Rent a Car, SA		1,181,983
	65,100	JPY	Recruit Holdings Company, Ltd.		1,747,257
	14,000	EUR	Safran, SA		1,809,190
	41,000	EUR	Thales, SA		5,236,439
					26,620,922
			Information Technology (17.2%)
	23,000		Accenture, PLC - Class A		3,625,260
	3,655	EUR	Adyen, NV#*		2,364,261
	28,300	EUR	ASML Holding, NV		4,874,506
	6,950	CAD	Constellation Software, Inc.		4,783,144
	44,400		CyberArk Software, Ltd.#		3,030,744
	20,000	JPY	GMO Payment Gateway, Inc.^		968,921
	4,700	JPY	Keyence Corp.		2,296,042
	158,179	GBP	Keywords Studios, PLC		2,769,924
	590,000	SEK	LM Ericsson Telephone Company - Class B		5,136,987
	958,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		7,192,072
	9,300	CHF	Temenos, AG#		1,278,164

116 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

International Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	6,600	EUR	Wirecard, AG	$	1,234,576
	18,400	AUD	Xero, Ltd.#		521,604
					40,076,205
			Materials (3.5%)
	500,000	GBP	Glencore, PLC#		2,034,830
	960,000	AUD	Lynas Corp., Ltd.#		1,420,574
	445,000	AUD	Northern Star Resources, Ltd.		2,780,013
	120,500		Vale, SA^		1,819,550
					8,054,967
			Real Estate (2.0%)
	558,900	EUR	Aroundtown, SA		4,631,391
			TOTAL COMMON STOCKS (Cost $211,368,156)		220,714,197
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	PURCHASED OPTIONS (0.4%)#
			Consumer Discretionary (0.0%)
	450 2,435,850		Sony Corp. Call, 01/18/19, Strike $62.50		27,000
			Information Technology (0.1%)
	285 4,912,260		ASML Holding, NV Put, 01/18/19, Strike $170.00		277,875
			Other (0.3%)
	1,055 11,982,690		iShares 20+ Year Treasury Bond Call, 03/15/19, Strike $120.00		81,235
	2,482 9,751,778		iShares China Large-Cap ETF Put, 01/18/19, Strike $39.00		476,544
					557,779
			TOTAL PURCHASED OPTIONS (Cost $947,344)		862,654
NUMBER OF SHARES				VALUE
	SHORT TERM INVESTMENTS (5.4%)
	6,308,107		Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		6,310,000
	6,309,081		Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		6,309,081
			TOTAL SHORT TERM INVESTMENTS (Cost $12,619,081)		12,619,081

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.3%)
	735,881	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $735,881)	$	735,881
		TOTAL INVESTMENTS (100.7%) (Cost $225,670,462)		234,931,813
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.3%)			(735,881	)
	LIABILITIES, LESS OTHER ASSETS (-0.4%)			(845,862	)
	NET ASSETS (100.0%)		$	233,350,070

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	European Monetary Unit	11/30/18		11,425,000	$	12,968,488	$	(301,672	)
State Street Bank and Trust	European Monetary Unit	11/30/18		3,000,000		3,405,292		(4,220	)
State Street Bank and Trust	Swiss Franc	11/30/18		5,160,000		5,135,938		(91,805	)
							$	(397,697	)
COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	Swiss Franc	11/30/18		3,425,000	$	3,409,029	$	5,161

NOTES TO SCHEDULE OF INVESTMENTS

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $395,385.

# Non-income producing security.

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

See accompanying Notes to Financial Statements www.calamos.com 117

International Growth Fund    Schedule of Investments October 31, 2018

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	New Taiwan Dollar

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

CURRENCY EXPOSURE OCTOBER 31, 2018

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	62,900,503		26.8%
European Monetary Unit		40,510,079		17.2%
British Pound Sterling		25,027,256		10.6%
Japanese Yen		19,944,488		8.5%
Canadian Dollar		16,339,871		7.0%
Australian Dollar		14,842,296		6.3%
Hong Kong Dollar		14,827,002		6.3%
Swedish Krona		11,650,373		5.0%
Swiss Franc		10,400,708		4.4%
New Taiwan Dollar		7,192,072		3.1%
Indian Rupee		3,774,386		1.6%
Mexican Peso		1,943,283		0.8%
Norwegian Krone		1,583,986		0.7%
Chinese Yuan Renminbi		1,540,971		0.7%
Singapore Dollar		1,272,556		0.5%
Brazilian Real		1,181,983		0.5%
Total Investments	$	234,931,813		100.0%

Currency exposure may vary over time.

118 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Evolving World Growth Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (21.5%)
			Communication Services (1.9%)
	2,380,000		Momo, Inc.*^ 1.250%, 07/01/25	$	2,088,343
	1,870,000		Sea, Ltd.*~ 2.250%, 07/01/23		1,743,934
					3,832,277
			Consumer Discretionary (2.9%)
	2,265,000		Ctrip.com International, Ltd.^ 1.990%, 07/01/25		2,257,141
	3,565,000		Shanghai Port Group BVI Holding Company, Ltd. 0.000%, 08/09/22		3,649,419
					5,906,560
			Energy (3.9%)
	4,400,000		TOTAL, SA 0.500%, 12/02/22		4,788,344
	2,600,000		Tullow Oil Jersey, Ltd. 6.625%, 07/12/21		3,114,618
					7,902,962
			Financials (4.8%)
	9,400,000		JPMorgan Chase Bank, N.A. 0.000%, 12/30/20		9,817,219
			Health Care (1.4%)
	36,000,000	THB	Bangkok Dusit Medical Services, PCL 0.000%, 09/18/19		1,267,927
	1,800,000		NMC Health Jersey, Ltd. 1.875%, 04/30/25		1,630,935
					2,898,862
			Industrials (3.1%)
	2,000,000		China Railway Construction Corp, Ltd. 0.000%, 01/29/21		2,202,550
	4,320,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		4,245,739
					6,448,289
			Materials (1.2%)
	2,800,000		Glencore Funding, LLC 0.000%, 03/27/25		2,521,890
			Real Estate (2.3%)
	4,732,000		AYC Finance, Ltd. 0.500%, 05/02/19		4,758,594
			TOTAL CONVERTIBLE BONDS (Cost $46,096,235)		44,086,653
NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCK (7.3%)
			Communication Services (7.3%)
	92,748		Alibaba Exchangeable (Softbank)*§ 5.750%, 06/01/19 (Cost $12,074,296)		14,958,815

NUMBER OF SHARES				VALUE
	COMMON STOCKS (66.8%)
			Communication Services (8.9%)
	142,900		America Movil, SAB de CV - Class L^	$	2,056,331
	8,280		Baidu, Inc.#		1,573,697
	16,240	ZAR	Naspers, Ltd. - Class N		2,848,510
	34,972		Telekomunikasi Indonesia Persero, Tbk PT		881,294
	313,900	HKD	Tencent Holdings, Ltd.		10,753,982
					18,113,814
			Consumer Discretionary (2.5%)
	131,000	TWD	Eclat Textile Company, Ltd.		1,559,778
	181,500	INR	Mahindra & Mahindra, Ltd.		1,878,086
	355,100	HKD	Techtronic Industries Company, Ltd.		1,672,084
					5,109,948
			Consumer Staples (9.7%)
	349,000		Ambev, SA		1,511,170
	48,400	GBP	British American Tobacco, PLC		2,098,152
	848,200	THB	CP ALL, PCL		1,695,121
	100,700	GBP	Diageo, PLC		3,481,352
	22,319	CNY	Kweichow Moutai Company, Ltd. - Class A		1,767,911
	1,580	KRW	LG Household & Health Care, Ltd.		1,452,976
	7,600	INR	Nestlé India, Ltd.		1,040,447
	24,700	CHF	Nestlé, SA		2,085,250
	1,811,200	MXN	Wal-Mart de Mexico, SAB de CV		4,631,151
					19,763,530
			Energy (4.7%)
	285,000	GBP	BP, PLC		2,058,760
	23,700		CNOOC, Ltd.		4,011,225
	110,600	INR	Reliance Industries, Ltd.		1,583,240
	37,300		Schlumberger, Ltd.		1,913,863
					9,567,088
			Financials (15.0%)
	317,600	HKD	AIA Group, Ltd.		2,415,997
	231,500	BRL	Banco do Brasil, SA		2,659,311
	1,286,900	IDR	Bank Central Asia, Tbk PT		2,003,781
	5,612,000	HKD	China Construction Bank Corp. - Class H		4,453,384
	101,200	ZAR	Discovery, Ltd.		1,086,109
	252,900	ZAR	FirstRand, Ltd.		1,104,582
	90,600	KRW	Hana Financial Group, Inc.		3,051,917
	190,500	INR	HDFC Bank, Ltd.		4,931,554
	103,000	INR	Housing Development Finance Corp., Ltd.		2,461,268
	88,700	INR	ICICI Lombard General Insurance Company, Ltd.*		968,565

See accompanying Notes to Schedule of Investments www.calamos.com 119

Evolving World Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	92,600	BRL	IRB Brasil Resseguros, SA	$	1,802,982
	290,400		Itau Unibanco Holding, SA^		3,824,568
					30,764,018
			Health Care (1.7%)
	60,900		AstraZeneca, PLC		2,361,702
	129,900	INR	Sun Pharmaceutical Industries, Ltd.		1,017,857
					3,379,559
			Industrials (3.2%)
	1,324,000	HKD	CIMC Enric Holdings, Ltd.		1,017,770
	134,000	BRL	Localiza Rent a Car, SA		1,035,201
	514,300	BRL	Randon, SA Implementos e Participacoes		1,097,284
	27,300	EUR	Thales, SA		3,486,702
					6,636,957
			Information Technology (16.4%)
	60,200		Advanced Micro Devices, Inc.~#		1,096,242
	7,700		Apple, Inc.~		1,685,222
	80,000	TWD	ASMedia Technology, Inc.		1,107,516
	23,500	KRW	Koh Young Technology, Inc.		1,862,086
	87,100	INR	Larsen & Toubro Infotech, Ltd.*		2,066,659
	365,000	SEK	LM Ericsson Telephone Company - Class B		3,177,966
	40,500		Pagseguro Digital, Ltd - Class A^#		1,093,095
	134,500	KRW	Samsung Electronics Company, Ltd.		5,035,114
	1,380,649	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		10,365,060
	232,100	INR	Tata Consultancy Services, Ltd.		6,073,459
					33,562,419
			Materials (3.9%)
	286,600	HKD	Anhui Conch Cement Company, Ltd. - Class H		1,485,488
	154,800		Cia de Minas Buenaventura, SAA		2,142,432
	1,031,900	MYR	Petronas Chemicals Group, Bhd		2,307,273
	141,700		Vale, SA^		2,139,670
					8,074,863
			Real Estate (0.8%)
	643,500	HKD	Longfor Group Holdings, Ltd.		1,563,824
			TOTAL COMMON STOCKS (Cost $126,413,173)		136,536,020
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	PURCHASED OPTIONS (1.2%)#
			Communication Services (0.1%)
	100 1,900,600		Baidu, Inc. Call, 01/17/20, Strike $250.00		114,750

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Consumer Discretionary (0.1%)
	145 2,063,060	Alibaba Group Holding, Ltd. Call, 01/17/20, Strike $175.00	$	183,062
		Energy (0.1%)
	660 4,930,200	Lukoil, PJSC Call, 03/15/19, Strike $75.00		244,200
		Information Technology (0.1%)
	275 2,347,675	Xilinx, Inc. Call, 01/18/19, Strike $85.00		159,500
	675 2,033,775	Yandex, NV Call, 11/16/18, Strike $40.00		1,688
				161,188
		Other (0.8%)
	930 10,562,940	iShares 20+ Year Treasury Bond Call, 03/15/19, Strike $120.00		71,610
	2,710 10,647,590	iShares China Large-Cap ETF Put, 01/18/19, Strike $39.00		520,320
	5,360 20,989,760	iShares MSCI Emerging Markets ETF Call, 01/18/19, Strike $40.00		594,960
	3,400 7,072,000	Vaneck Vectors Russia ETF Call, 02/15/19, Strike $21.00		258,400
		Xtrackers Harvest CSI 300 China A Shares ETF
	1,770 4,111,710	Call, 01/18/19, Strike $25.00		104,430
	1,770 4,111,710	Call, 01/17/20, Strike $27.00		237,180
				1,786,900
		TOTAL PURCHASED OPTIONS (Cost $2,887,456)		2,490,100
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (3.5%)
	3,534,974	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		3,536,035
	3,535,416	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		3,535,416
		TOTAL SHORT TERM INVESTMENTS (Cost $7,071,451)		7,071,451
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.7%)
	5,380,487	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		5,380,487

120 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Evolving World Growth Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	229,706	State Street Navigator Securities Lending Government Money Market Portfolio†	$	229,706
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $5,610,193)		5,610,193
	TOTAL INVESTMENTS (103.0%) (Cost $200,152,804)			210,753,232
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.7%)			(5,610,193	)
	LIABILITIES, LESS OTHER ASSETS (-0.3%)			(611,834	)
	NET ASSETS (100.0%)		$	204,531,205

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $493,519.

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

# Non-income producing security.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

FOREIGN CURRENCY ABBREVIATIONS

BRL	Brazilian Real
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
SEK	Swedish Krona
THB	Thai Baht
TWD	New Taiwan Dollar
ZAR	South African Rand

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

CURRENCY EXPOSURE

OCTOBER 31, 2018

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	99,239,796		47.1%
Hong Kong Dollar		23,362,529		11.1%
Indian Rupee		22,021,135		10.4%
New Taiwan Dollar		13,032,354		6.2%
South Korean Won		11,402,093		5.4%
British Pound Sterling		7,638,264		3.6%
Brazilian Real		6,594,778		3.1%
South African Rand		5,039,201		2.4%
Mexican Peso		4,631,151		2.2%
European Monetary Unit		3,486,702		1.7%
Swedish Krona		3,177,966		1.5%
Thai Baht		2,963,048		1.4%
Malaysian Ringgit		2,307,273		1.1%
Swiss Franc		2,085,250		1.0%
Indonesian Rupiah		2,003,781		1.0%
Chinese Yuan Renminbi		1,767,911		0.8%
Total Investments	$	210,753,232		100.0%

Currency exposure may vary over time.

See accompanying Notes to Financial Statements www.calamos.com 121

Emerging Market Equity Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	COMMON STOCKS (91.1%)
			Communication Services (12.1%)
	14,400		America Movil, SAB de CV - Class L	$	207,216
	915		Baidu, Inc.#		173,905
	1,800	PLN	CD Projekt, SA#		74,100
	1,293	ZAR	Naspers, Ltd. - Class N		226,793
	6,100		Sea, Ltd.#^		79,605
	5,307		Telekomunikasi Indonesia Persero, Tbk PT^		133,736
	23,300	HKD	Tencent Holdings, Ltd.		798,241
					1,693,596
			Consumer Discretionary (12.6%)
	7,425		Alibaba Group Holding, Ltd.#^		1,056,429
	134,000	IDR	Astra International, Tbk PT		69,702
	15,000	TWD	Eclat Textile Company, Ltd.		178,600
	1,800		Geely Automobile Holdings, Ltd.		68,724
	2,250	BRL	Magazine Luiza, SA		102,056
	16,800		Mahindra & Mahindra, Ltd.		173,880
	25,500	HKD	Techtronic Industries Company, Ltd.		120,074
					1,769,465
			Consumer Staples (6.7%)
	24,900		Ambev, SA		107,817
	70,900	THB	CP ALL, PCL		141,693
	28,000		ITC, Ltd.#		105,840
	2,292	CNY	Kweichow Moutai Company, Ltd. - Class A		181,552
	108	KRW	LG Household & Health Care, Ltd.		99,317
	120,900	MXN	Wal-Mart de Mexico, SAB de CV		309,136
					945,355
			Energy (5.1%)
	1,620		CNOOC, Ltd.^		274,185
	4,500		Ecopetrol, SA^		104,670
	24,800	THB	PTT Exploration & Production, PCL		103,873
	4,700		Reliance Industries, Ltd.*		134,158
	33,900	GBP	Tullow Oil, PLC#		97,261
					714,147
			Financials (20.6%)
	24,800	HKD	AIA Group, Ltd.		188,655
	21,000	BRL	Banco do Brasil, SA		241,233
	139,513	IDR	Bank Central Asia, Tbk PT		217,230
	569,000	HKD	China Construction Bank Corp. - Class H		451,528
	7,000	ZAR	Discovery, Ltd.		75,126
	16,100	ZAR	FirstRand, Ltd.		70,319
	6,650	KRW	Hana Financial Group, Inc.		224,009
	5,700		HDFC Bank, Ltd.~		506,787
	14,600		ICICI Bank, Ltd.^		138,554

NUMBER OF SHARES				VALUE
	8,700	BRL	IRB Brasil Resseguros, SA	$	169,395
	19,700		Itau Unibanco Holding, SA^		259,449
	35,600	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		336,564
					2,878,849
			Health Care (2.6%)
	105,000	THB	Bangkok Dusit Medical Services, PCL - Class F		77,602
	1,000	KRW	Dentium Company, Ltd.		63,537
	3,100		Dr. Reddy’s Laboratories, Ltd.^		105,493
	2,550	GBP	NMC Health, PLC		114,978
					361,610
			Industrials (4.1%)
	88,000	HKD	China Railway Construction Corp., Ltd. - Class H		111,761
	90,000	HKD	CIMC Enric Holdings, Ltd.		69,184
	11,450		Larsen & Toubro, Ltd.		200,451
	9,100	BRL	Localiza Rent a Car, SA		70,301
	57,300	BRL	Randon, SA Implementos e Participacoes		122,252
					573,949
			Information Technology (18.6%)
	5,000	TWD	ASMedia Technology, Inc.		69,220
	2,500		Fabrinet#		108,300
	48,600		Infosys, Ltd.^		460,242
	72,000	HKD	Kingdee International Software Group Company, Ltd.		59,045
	1,720	KRW	Koh Young Technology, Inc.		136,289
	1,000	TWD	Largan Precision Company, Ltd.		109,263
	4,100		Pagseguro Digital, Ltd - Class A#^		110,659
	1,140	KRW	Samsung Electro-Mechanics Company, Ltd.		118,998
	14,750	KRW	Samsung Electronics Company, Ltd.		552,178
	1,820	KRW	SK Hynix, Inc.		109,610
	93,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		698,186
	46,200	HKD	Xiaomi Corp. - Class B#*		72,248
					2,604,238
			Materials (6.5%)
	25,800	HKD	Anhui Conch Cement Company, Ltd. - Class H		133,725
	12,600		Cia de Minas Buenaventura, SAA		174,384
	472	KRW	LG Chem, Ltd.		144,232
	89,700	MYR	Petronas Chemicals Group, Bhd		200,564
	308	KRW	POSCO		70,499
	12,000		Vale, SA^		181,200
					904,604

122 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Emerging Market Equity Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
			Real Estate (2.2%)
	268,500	PHP	Ayala Land, Inc.	$	199,228
	43,500	HKD	Longfor Group Holdings, Ltd.		105,714
					304,942
			TOTAL COMMON STOCKS (Cost $12,349,829)		12,750,755
	EXCHANGE-TRADED FUNDS (3.9%)
			Other (3.9%)
	5,600		iShares MSCI Qatar ETF		104,216
	3,750		iShares MSCI Saudi Arabia Capped ETF		111,450
	7,000		iShares MSCI UAE ETF		106,260
	14,400		VanEck Vectors Vietnam ETF^		218,592
			TOTAL EXCHANGE-TRADED FUNDS (Cost $588,052)		540,518
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	PURCHASED OPTIONS (0.6%) #
			Energy (0.1%)
	45 336,150		Lukoil, PJSC Call, 03/15/19, Strike $75.00		16,650
			Information Technology (0.0%)
	45 135,585		Yandex, NV Call, 11/16/18, Strike $40.00		112
			Other (0.5%)
	65 738,270		iShares 20+ Year Treasury Bond Call, 03/15/19, Strike $120.00		5,005
	145 569,705		iShares China Large-Cap ETF Put, 01/18/19, Strike $39.00		27,840
	235 488,800		Vaneck Vectors Russia ETF Call, 02/15/19, Strike $21.00		17,860
			Xtrackers Harvest CSI 300 China A Shares ETF
	120 278,760		Call, 01/18/19, Strike $25.00		7,080
	120 278,760		Call, 01/17/20, Strike $27.00		16,080
					73,865
			TOTAL PURCHASED OPTIONS (Cost $111,590)		90,627
NUMBER OF SHARES				VALUE
	SHORT TERM INVESTMENTS (6.3%)
	443,689		Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		443,822

NUMBER OF SHARES			VALUE
	442,997	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***	$	442,997
		TOTAL SHORT TERM INVESTMENTS (Cost $886,819)		886,819
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (18.2%)
	1,447,195	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†		1,447,195
	1,096,193	State Street Navigator Securities Lending Government Money Market Portfolio†		1,096,193
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $2,543,388)		2,543,388
	TOTAL INVESTMENTS (120.1%) (Cost $16,479,678)			16,812,107
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-18.2%)			(2,543,388	)
	LIABILITIES, LESS OTHER ASSETS (-1.9%)			(269,294	)
	NET ASSETS (100.0%)		$	13,999,425

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $17,782.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

See accompanying Notes to Financial Statements www.calamos.com 123

Emerging Market Equity Fund    Schedule of Investments October 31, 2018

FOREIGN CURRENCY ABBREVIATIONS

BRL	Brazilian Real
CNY	Chinese Yuan Renminbi
GBP	British Pound Sterling
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
PHP	Philippine Peso
PLN	Polish Zloty
THB	Thai Baht
TWD	New Taiwan Dollar
ZAR	South African Rand

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

CURRENCY EXPOSURE

OCTOBER 31, 2018

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	8,927,036		53.1%
Hong Kong Dollar		2,446,739		14.6%
South Korean Won		1,518,669		9.0%
New Taiwan Dollar		1,055,269		6.3%
Brazilian Real		705,237		4.2%
South African Rand		372,238		2.2%
Thai Baht		323,168		1.9%
Mexican Peso		309,136		1.8%
Indonesian Rupiah		286,932		1.7%
British Pound Sterling		212,239		1.3%
Malaysian Ringgit		200,564		1.2%
Philippine Peso		199,228		1.2%
Chinese Yuan Renminbi		181,552		1.1%
Polish Zloty		74,100		0.4%
Total Investments	$	16,812,107		100.0%

Currency exposure may vary over time.

124 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Global Equity Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	COMMON STOCKS (95.9%)
			Communication Services (11.7%)
	2,835		Alphabet, Inc. - Class A#	$	3,091,794
	10,720		Facebook, Inc. - Class A#		1,627,189
	5,800	JPY	Nintendo Company, Ltd.		1,810,776
	80,500	HKD	Tencent Holdings, Ltd.		2,757,870
	17,420		Walt Disney Company^		2,000,339
					11,287,968
			Consumer Discretionary (14.0%)
	22,850		Alibaba Group Holding, Ltd.#^		3,251,098
	1,905		Amazon.com, Inc.#~		3,044,209
	12,300		Aptiv, PLC		944,640
	7,600		Lowe’s Companies, Inc.		723,672
	14,300		Lululemon Athletica, Inc.#		2,012,439
	20,800	EUR	Moncler, S.p.A.		722,338
	3,000		O’Reilly Automotive, Inc.#		962,250
	1,950	EUR	Puma, SE		1,002,727
	172,000	HKD	Techtronic Industries Company, Ltd.		809,908
					13,473,281
			Consumer Staples (8.7%)
	28,713	GBP	Diageo, PLC		992,652
	8,360	EUR	Kerry Group, PLC - Class A		855,520
	8,100	CNY	Kweichow Moutai Company, Ltd. - Class A		641,609
	7,100		McCormick & Company, Inc.^		1,022,400
	13,200		Philip Morris International, Inc.		1,162,524
	23,100	SEK	Swedish Match, AB		1,176,684
	173,000	AUD	Treasury Wine Estates, Ltd.		1,862,096
	7,000		Walmart, Inc.		701,960
					8,415,445
			Energy (4.9%)
	20,000	NOK	Aker BP, ASA		655,895
	12,600		Marathon Petroleum Corp.		887,670
	6,220		Pioneer Natural Resources Company		916,019
	35,250	EUR	Royal Dutch Shell, PLC - Class A		1,119,591
	21,540		Schlumberger, Ltd.		1,105,218
					4,684,393
			Financials (13.4%)
	46,000		Bank of America Corp.		1,265,000
	11,000		Cboe Global Markets, Inc.		1,241,350
	84,324	CHF	Credit Suisse Group, AG#		1,102,423
	12,100	EUR	Deutsche Böerse, AG		1,529,107
	12,780		E*TRADE Financial Corp.		631,588
	5,400		Goldman Sachs Group, Inc.		1,216,998
	54,520	INR	HDFC Bank, Ltd.		1,411,382
	11,760		JPMorgan Chase & Company		1,282,075

NUMBER OF SHARES				VALUE
	60,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H	$	571,969
	61,420	GBP	Prudential, PLC		1,229,851
	4,040		S&P Global, Inc.		736,573
	13,600		US Bancorp		710,872
					12,929,188
			Health Care (12.8%)
	12,560		Alexion Pharmaceuticals, Inc.#		1,407,599
	15,400	GBP	AstraZeneca, PLC		1,177,940
	17,640		Baxter International, Inc.		1,102,676
	12,100	CAD	Canopy Growth Corp.#^		445,139
	8,500		Edwards Lifesciences Corp.#		1,254,600
	7,200		HealthEquity, Inc.#~		660,960
	3,420		Humana, Inc.		1,095,802
	5,200	EUR	Ipsen, SA		720,998
	12,940		Johnson & Johnson		1,811,471
	7,700		Laboratory Corp. of America Holdings#		1,236,235
	2,800	CHF	Lonza Group, AG#		880,430
	7,400		Teladoc Health, Inc.#		513,116
					12,306,966
			Industrials (8.7%)
	29,900	SEK	Alfa Laval, AB		762,901
	15,450		CSX Corp.		1,063,887
	19,210		Delta Air Lines, Inc.		1,051,363
	20,200	JPY	en-japan, Inc.		805,719
	7,000	JPY	FANUC Corp.		1,217,768
	26,900	JPY	Komatsu, Ltd.		700,542
	63,000	BRL	Localiza Rent a Car, SA		486,699
	5,250		Raytheon Company		918,960
	10,900	EUR	Thales, SA		1,392,127
					8,399,966
			Information Technology (19.5%)
	6,170		Accenture, PLC - Class A		972,515
	30,500		Advanced Micro Devices, Inc.#		555,405
	20,198		Apple, Inc.~		4,420,534
	7,280	EUR	ASML Holding, NV		1,253,937
	6,500		Atlassian Corp., PLC - Class A#		493,415
	2,590	CAD	Constellation Software, Inc.		1,782,495
	14,500		CyberArk Software, Ltd.#		989,770
	54,131	GBP	Keywords Studios, PLC		947,906
	110,900	SEK	LM Ericsson Telephone Company - Class B		965,579
	10,810		MasterCard, Inc. - Class A		2,136,813
	3,220		NVIDIA Corp.		678,873
	9,300		PayPal Holdings, Inc.#		782,967
	264,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		1,981,949

See accompanying Notes to Schedule of Investments www.calamos.com 125

Global Equity Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
	8,800		Worldpay, Inc. - Class A#	$	808,192
					18,770,350
			Materials (0.8%)
	192,540	GBP	Glencore, PLC#		783,572
			Real Estate (1.4%)
	168,800	EUR	Aroundtown, SA		1,398,781
			TOTAL COMMON STOCKS (Cost $76,108,369)		92,449,910
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	PURCHASED OPTION (0.2%) #
			Other (0.2%)
	1,028 4,039,012		iShares China Large-Cap ETF Put, 01/18/19, Strike $39.00 (Cost $210,664)		197,376
NUMBER OF SHARES				VALUE
	SHORT TERM INVESTMENTS (5.5%)
	2,663,376		Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		2,664,175
	2,662,079		Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		2,662,079
			TOTAL SHORT TERM INVESTMENTS (Cost $5,326,254)		5,326,254
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.4%)
	404,808		State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $404,808)		404,808
	TOTAL INVESTMENTS (102.0%) (Cost $82,050,095)				98,378,348
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.4%)				(404,808	)
	LIABILITIES, LESS OTHER ASSETS (-1.6%)				(1,519,950	)
	NET ASSETS (100.0%)			$	96,453,590

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $118,384.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
TWD	New Taiwan Dollar

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

CURRENCY EXPOSURE

OCTOBER 31, 2018 (UNAUDITED)

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	60,421,468		61.4%
European Monetary Unit		9,995,126		10.2%
British Pound Sterling		5,131,921		5.2%
Japanese Yen		4,534,805		4.6%
Hong Kong Dollar		4,139,747		4.2%
Swedish Krona		2,905,164		3.0%
Canadian Dollar		2,227,634		2.3%
Swiss Franc		1,982,853		2.0%
New Taiwan Dollar		1,981,949		2.0%
Australian Dollar		1,862,096		1.9%
Indian Rupee		1,411,382		1.4%
Norwegian Krone		655,895		0.7%
Chinese Yuan Renminbi		641,609		0.6%
Brazilian Real		486,699		0.5%
Total Investments	$	98,378,348		100.0%

Currency exposure may vary over time.

126 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Global Growth and Income Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (27.0%)
			Communication Services (1.4%)
	100,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25	$	985,488
	1,600,000		GCI Liberty, Inc.* 1.750%, 09/30/46		1,735,432
					2,720,920
			Consumer Discretionary (1.6%)
	1,530,000		Ctrip.com International, Ltd.^ 1.990%, 07/01/25		1,524,691
	447,500		LVMH Moet Hennessy Louis Vuitton, SE 0.000%, 02/16/21		1,462,663
					2,987,354
			Energy (3.7%)
	3,800,000		TOTAL, SA 0.500%, 12/02/22		4,135,388
	2,400,000		Tullow Oil Jersey, Ltd. 6.625%, 07/12/21		2,875,032
					7,010,420
			Financials (6.0%)
	1,100,000	EUR	AURELIUS Equity Opportunities SE & Co. KGaA 1.000%, 12/01/20		1,271,176
	1,800,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22		1,982,878
			JPMorgan Chase Bank, N.A.
	14,000,000	HKD	0.000%, 10/29/20*		1,854,253
	4,200,000		0.000%, 12/30/20		4,386,417
	220,000,000	JPY	Mitsubishi Chemical Holdings Corp. 0.000%, 03/29/24		2,015,388
					11,510,112
			Health Care (1.6%)
	1,800,000	EUR	Bayer Capital Corp., BV 5.625%, 11/22/19		1,703,698
	1,326,000	CAD	Canopy Growth Corp.* 4.250%, 07/15/23		1,329,576
					3,033,274
			Industrials (2.9%)
	2,350,000		Echo Global Logistics, Inc. 2.500%, 05/01/20		2,336,875
	3,270,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		3,213,789
					5,550,664
			Information Technology (7.0%)
	840,000		Atlassian, Inc.* 0.625%, 05/01/23		962,917
	1,035,000		DocuSign, Inc.* 0.500%, 09/15/23		970,297
	1,000,000		Envestnet, Inc. 1.750%, 12/15/19		1,035,160
	60,000,000	JPY	GMO Payment Gateway, Inc. 0.000%, 06/19/23		572,317

PRINCIPAL AMOUNT			VALUE
	3,060,000	Palo Alto Networks, Inc.* 0.750%, 07/01/23	$	2,975,590
	2,045,000	Splunk, Inc.*^ 0.500%, 09/15/23		1,957,085
	790,000	Twilio, Inc.* 0.250%, 06/01/23		987,216
	1,780,000	Workday, Inc.^ 0.250%, 10/01/22		1,978,710
	2,050,000	Xero Investments, Ltd. 2.375%, 10/04/23		1,870,195
				13,309,487
		Materials (2.5%)
	1,560,000	Cemex, SAB de CV 3.720%, 03/15/20		1,537,505
	3,600,000	Glencore Funding, LLC 0.000%, 03/27/25		3,242,430
				4,779,935
		Real Estate (0.3%)
	558,000	AYC Finance, Ltd. 0.500%, 05/02/19		561,136
		TOTAL CONVERTIBLE BONDS (Cost $54,382,992)		51,463,302
	SYNTHETIC CONVERTIBLE SECURITIES (6.7%)¤
	Corporate Bond (0.6%)
		Information Technology (0.6%)
	1,080,000	Apple, Inc. 2.000%, 11/13/20		1,057,039
	U.S. Government and Agency Securities (5.5%)
		United States Treasury Note
	2,205,000	1.875%, 05/31/22		2,124,580
	2,200,000	1.875%, 10/31/22		2,110,004
	2,125,000	1.750%, 10/31/20		2,078,695
	2,095,000	2.625%, 08/15/20^		2,086,022
	2,080,000	2.625%, 11/15/20		2,069,327
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES		10,468,628
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	Purchased Options (0.6%)#
		Consumer Discretionary (0.2%)
	34 5,433,234	Amazon.com, Inc. Call, 11/16/18, Strike $1,900.00		4,709
	8 1,499,664	Booking Holdings, Inc. Call, 01/17/20, Strike $1,920.00		196,000
	280 2,357,320	Paypal Holdings, Inc. Call, 01/18/19, Strike $90.00		73,080
	350 1,894,550	Sony Corp. Call, 01/18/19, Strike $62.50		21,000
				294,789

See accompanying Notes to Schedule of Investments www.calamos.com 127

Global Growth and Income Fund    Schedule of Investments October 31, 2018

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Health Care (0.0%)
	66 2,053,590	Illumina, Inc. Call, 12/21/18, Strike $330.00	$	51,150
		Industrials (0.0%)
	285 1,962,510	CSX Corp. Call, 01/18/19, Strike $75.00		34,200
		Information Technology (0.1%)
	250 2,296,000	Worldpay, Inc. Call, 01/18/19, Strike $95.00		103,750
	250 2,134,250	Xilinx, Inc. Call, 01/18/19, Strike $85.00		145,000
				248,750
		Other (0.3%)
		iShares 20+ Year Treasury Bond
	865 9,824,670	Call, 01/18/19, Strike $125.00		11,245
	840 9,540,720	Call, 03/15/19, Strike $120.00		64,680
	720 3,948,480	iShares MSCI Japan ETF Call, 01/18/19, Strike $60.00		10,440
	475 12,854,925	SPDR S&P 500 ETF Trust Call, 01/18/19, Strike $267.00		531,762
				618,127
		TOTAL PURCHASED OPTIONS		1,247,016
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $14,003,883)		12,772,683
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (6.7%)
		Communication Services (2.7%)
	32,160	Alibaba Exchangeable (Softbank)*§ 5.750%, 06/01/19		5,186,910
		Industrials (0.6%)
	20,300	Rexnord Corp. 5.750%, 11/15/19		1,160,551
		Real Estate (0.9%)
	1,580	Crown Castle International Corp. 6.875%, 08/01/20		1,651,100
		Utilities (2.5%)
	43,500	DTE Energy Company 6.500%, 10/01/19		2,319,855
	41,100	NextEra Energy, Inc.^ 6.123%, 09/01/19		2,383,800
				4,703,655
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,849,203)		12,702,216

NUMBER OF SHARES				VALUE
	COMMON STOCKS (54.5%)
			Communication Services (7.5%)
	2,670		Alphabet, Inc. - Class A#	$	2,911,849
	9,800		Facebook, Inc. - Class A#		1,487,542
	5,800	JPY	Nintendo Company, Ltd.		1,810,776
	74,800	HKD	Tencent Holdings, Ltd.		2,562,593
	24,600		Verizon Communications, Inc.		1,404,414
	35,100		Walt Disney Company^		4,030,533
					14,207,707
			Consumer Discretionary (2.6%)
	12,400		Aptiv, PLC		952,320
	32,100	EUR	Daimler, AG		1,901,495
	3,900	EUR	Puma, SE		2,005,455
					4,859,270
			Consumer Staples (8.7%)
	49,800		Coca-Cola Company		2,384,424
	14,000	EUR	Danone, SA		991,387
	55,700	GBP	Diageo, PLC		1,925,633
	19,200	EUR	Kerry Group, PLC - Class A		1,964,831
	38,500	CHF	Nestlé, SA		3,250,289
	10,500		Philip Morris International, Inc.		924,735
	18,900	JPY	Pigeon Corp.		799,323
	19,083	EUR	Unilever, NV		1,025,425
	32,600		Walmart, Inc.		3,269,128
					16,535,175
			Energy (5.4%)
	12,800		Chevron Corp.		1,429,120
	5,300		CNOOC, Ltd.		897,025
	24,500		Exxon Mobil Corp.		1,952,160
	18,400		Marathon Petroleum Corp.		1,296,280
	81,800	EUR	Royal Dutch Shell, PLC - Class A		2,598,086
	42,800		Schlumberger, Ltd.		2,196,068
					10,368,739
			Financials (11.1%)
	113,900		Bank of America Corp.		3,132,250
	10,500		Cboe Global Markets, Inc.		1,184,925
	133,563	CHF	Credit Suisse Group, AG#		1,746,157
	19,350	EUR	Deutsche Böerse, AG		2,445,308
	11,000		Goldman Sachs Group, Inc.		2,479,070
	75,100	INR	HDFC Bank, Ltd.		1,944,145
	29,200		JPMorgan Chase & Company		3,183,384
	111,675	GBP	Prudential, PLC		2,236,139
	7,950		S&P Global, Inc.		1,449,444
	27,200		US Bancorp		1,421,744
					21,222,566

128 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Global Growth and Income Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES				VALUE
			Health Care (7.9%)
	19,500		Alexion Pharmaceuticals, Inc.#	$	2,185,365
	5,234		Anthem, Inc.		1,442,333
	21,400	GBP	AstraZeneca, PLC		1,636,878
	14,000		Baxter International, Inc.		875,140
	6,600		Edwards Lifesciences Corp.#		974,160
	5,000		Humana, Inc.		1,602,050
	34,300		Johnson & Johnson		4,801,657
	9,300		Laboratory Corp. of America Holdings#		1,493,115
					15,010,698
			Industrials (1.8%)
	27,500		Delta Air Lines, Inc.		1,505,075
	11,500	JPY	FANUC Corp.		2,000,619
					3,505,694
			Information Technology (9.5%)
	59,000		Advanced Micro Devices, Inc.#		1,074,390
	19,000		Apple, Inc.		4,158,340
	8,425	EUR	ASML Holding, NV		1,451,156
	2,100	CAD	Constellation Software, Inc.		1,445,266
	117,000	SEK	LM Ericsson Telephone Company - Class B		1,018,691
	15,700		MasterCard, Inc. - Class A		3,103,419
	28,500		Microsoft Corp.		3,044,085
	374,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		2,807,761
					18,103,108
			TOTAL COMMON STOCKS (Cost $88,912,553)		103,812,957
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	PURCHASED OPTIONS (0.3%)#
			Other (0.3%)
	280 4,754,960		Invesco QQQ Trust Series Put, 01/18/19, Strike $170.00		211,120
	500 1,964,500		iShares China Large-Cap ETF Put, 01/18/19, Strike $39.00		96,000
	770 4,809,420		iShares MSCI EAFE ETF Put, 01/18/19, Strike $62.00		138,215
	485 1,899,260		iShares MSCI Emerging Markets ETF Put, 01/18/19, Strike $39.00		87,300
			TOTAL PURCHASED OPTIONS (Cost $442,412)		532,635

NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (5.5%)
	5,194,930	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***	$	5,196,489
	5,191,962	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		5,191,962
		TOTAL SHORT TERM INVESTMENTS (Cost $10,388,451)		10,388,451
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.1%)
	2,140,313	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***† (Cost $2,140,313)		2,140,313
	TOTAL INVESTMENTS (101.8%) (Cost $181,119,807)			193,812,557
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.1%)			(2,140,313	)
	LIABILITIES, LESS OTHER ASSETS (-0.7%)			(1,335,716	)
	NET ASSETS (100.0%)		$	190,336,528

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

# Non-income producing security.

¤ The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

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

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

See accompanying Notes to Financial Statements www.calamos.com 129

Global Growth and Income Fund    Schedule of Investments October 31, 2018

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
CHF	Swiss Franc
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
SEK	Swedish Krona
TWD	New Taiwan Dollar

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

CURRENCY EXPOSURE

OCTOBER 31, 2018

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	142,530,370		73.5%
European Monetary Unit		19,340,895		10.0%
Japanese Yen		8,183,911		4.2%
British Pound Sterling		5,798,650		3.0%
Swiss Franc		4,996,446		2.6%
Hong Kong Dollar		4,416,846		2.3%
New Taiwan Dollar		2,807,761		1.5%
Canadian Dollar		2,774,842		1.4%
Indian Rupee		1,944,145		1.0%
Swedish Krona		1,018,691		0.5%
Total Investments	$	193,812,557		100.0%

Currency exposure may vary over time.

130 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Total Return Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (55.7%)
		Communication Services (3.3%)
	250,000	British Telecommunications, PLC 2.350%, 02/14/19	$	249,510
	250,000	Comcast Corp. 3.900%, 03/01/38		223,901
	110,000	Crown Castle Towers, LLC* 3.720%, 07/15/23		109,600
	300,000	Electronic Arts, Inc. 4.800%, 03/01/26		308,716
	150,000	Embarq Corp. 7.995%, 06/01/36		143,277
	110,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		105,079
	150,000	Sprint Corp. 7.125%, 06/15/24		153,436
	200,000	Sprint Spectrum Company, LLC / Sprint Spectrum Company II, LLC / Sprint Spectrum Company III, LLC* 4.738%, 03/20/25		200,331
	125,000	United States Cellular Corp. 6.700%, 12/15/33		128,023
	250,000	Verizon Communications, Inc. 3.500%, 11/01/24		244,919
				1,866,792
		Consumer Discretionary (6.7%)
	200,000	Allergan Funding SCS^ 3.800%, 03/15/25		193,022
	350,000	BMW US Capital, LLC* 3.100%, 04/12/21		346,748
	275,000	Cargill, Inc.* 3.250%, 03/01/23		270,385
	150,000	CCO Holdings, LLC / CCO Holdings Capital Corp.*^ 5.750%, 02/15/26		148,898
	250,000	D.R. Horton, Inc. 4.750%, 02/15/23		254,491
	150,000	DISH DBS Corp.^ 7.750%, 07/01/26		133,261
	250,000	Expedia Group, Inc. 5.950%, 08/15/20		259,750
	250,000	Ford Motor Credit Company, LLC 5.875%, 08/02/21		258,645
	250,000	General Motors Financial Company, Inc.^ 3.700%, 05/09/23		242,309
	250,000	Harley-Davidson Financial Services, Inc.* 2.150%, 02/26/20		245,859
	250,000	Hasbro, Inc. 3.150%, 05/15/21		246,949
	150,000	L Brands, Inc. 5.625%, 02/15/22		152,403
	150,000	Lennar Corp. 4.750%, 11/15/22		148,972

PRINCIPAL AMOUNT			VALUE
	200,000	Mattel, Inc.*^ 6.750%, 12/31/25	$	191,505
	250,000	Starbucks Corp. 3.100%, 03/01/23		243,951
	180,904	US Airways Series 2012-2, Class B Pass Through Trust 6.750%, 06/03/21		189,708
	250,000	Warner Media, LLC 3.600%, 07/15/25		237,143
				3,763,999
		Consumer Staples (3.6%)
	250,000	Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		237,595
	200,000	Brown-Forman Corp. 3.500%, 04/15/25		196,453
	250,000	Conagra Brands, Inc. 3.800%, 10/22/21		250,659
	400,000	General Mills, Inc. 2.600%, 10/12/22		382,292
	250,000	Hershey Company 3.375%, 05/15/23		248,706
	250,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 7.250%, 06/01/21		253,434
	250,000	Mondelez International Holdings Netherlands, BV* 2.000%, 10/28/21		238,127
	250,000	WM Wrigley Jr. Company*^ 3.375%, 10/21/20		250,199
				2,057,465
		Energy (2.6%)
	200,000	Buckeye Partners, LP‡ 6.375%, 01/22/78 3 mo. USD LIBOR + 4.02%		183,465
	150,000	CenterPoint Energy Houston Electric, LLC^ 3.950%, 03/01/48		139,915
	150,000	Continental Resources, Inc.^ 4.500%, 04/15/23		150,592
	175,000	Energy Transfer, LP‡ 5.559%, 11/01/66 3 mo. USD LIBOR + 3.02%		150,934
	250,000	Enterprise Products Operating, LLC^‡ 4.875%, 08/16/77 3 mo. USD LIBOR + 2.99%		233,475
	175,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		164,034
	190,000	Rochester Gas & Electric Corp.* 3.100%, 06/01/27		179,857
	250,000	Schlumberger Investment, SA*^ 3.300%, 09/14/21		248,699
				1,450,971

See accompanying Notes to Schedule of Investments www.calamos.com 131

Total Return Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
		Financials (17.6%)
	100,000	Ally Financial, Inc. 8.000%, 11/01/31	$	120,379
	250,000	American Express Company 3.000%, 10/30/24		236,945
	250,000	AON Corp. 5.000%, 09/30/20		257,164
	350,000	Axis Specialty Finance, PLC^ 4.000%, 12/06/27		328,305
	450,000	Bank of America Corp.‡ 3.366%, 01/23/26 3 mo. USD LIBOR + 0.81%		430,186
	300,000	Bank of Montreal 1.900%, 08/27/21		287,696
	300,000	Bank of Nova Scotia 2.450%, 09/19/22		288,211
	350,000	Capital One Financial Corp.^ 3.200%, 01/30/23		338,562
	350,000	Charles Schwab Corp.‡ 5.000%, 12/01/27 3 mo. USD LIBOR + 2.58%		333,102
	250,000	CIT Group, Inc. 4.125%, 03/09/21		249,606
	250,000	Citigroup, Inc.‡ 3.520%, 10/27/28 3 mo. USD LIBOR + 1.15%		231,829
	140,000	Dell International, LLC / EMC Corp.* 6.020%, 06/15/26		145,241
	350,000	Discover Bank 3.450%, 07/27/26		322,507
	250,000	EPR Properties 4.950%, 04/15/28		242,389
	250,000	Franklin Resources, Inc. 2.850%, 03/30/25		234,061
	400,000	Goldman Sachs Group, Inc.‡ 3.814%, 04/23/29 3 mo. USD LIBOR + 1.16%		376,352
	250,000	ILFC E-Capital Trust II*‡ 5.030%, 12/21/65 3 mo. USD LIBOR + 1.80%		222,623
	150,000	Iron Mountain, Inc.* 5.250%, 03/15/28		135,220
	300,000	JPMorgan Chase & Company^‡ 3.220%, 03/01/25 3 mo. USD LIBOR + 1.16%		288,871
	350,000	Macquarie Group, Ltd.*‡ 4.150%, 03/27/24 3 mo. USD LIBOR + 1.33%		347,424
	250,000	Markel Corp.^ 3.500%, 11/01/27		230,979
	400,000	MetLife, Inc. 6.400%, 12/15/36		415,998
	250,000	Morgan Stanley 2.500%, 04/21/21		243,619

PRINCIPAL AMOUNT			VALUE
	250,000	Nuveen, LLC* 4.000%, 11/01/28	$	250,300
	300,000	Oil Insurance, Ltd.*‡ 5.378%, 12/03/18 3 mo. USD LIBOR + 2.98%		290,671
	250,000	PNC Bank NA 3.500%, 06/08/23		248,479
	850,000	Private Export Funding Corp.* 2.650%, 02/16/21		841,814
	250,000	RenaissanceRe Finance, Inc. 3.450%, 07/01/27		233,826
	250,000	Torchmark Corp.^ 4.550%, 09/15/28		249,074
	250,000	Toronto-Dominion Bank 2.125%, 04/07/21		243,078
	200,000	Travelers Companies, Inc.^ 4.050%, 03/07/48		186,956
	250,000	US Bancorp 3.600%, 09/11/24		246,470
	350,000	USAA Capital Corp.* 2.000%, 06/01/21		337,470
	250,000	Ventas Realty, LP^ 4.000%, 03/01/28		239,441
	250,000	Wells Fargo & Company^ 4.400%, 06/14/46		226,906
				9,901,754
		Health Care (3.9%)
	250,000	AbbVie, Inc. 2.850%, 05/14/23		239,136
	200,000	Aetna, Inc. 2.750%, 11/15/22		192,072
	150,000	CVS Health Corp.^ 4.780%, 03/25/38		144,531
	150,000	DaVita, Inc.^ 5.125%, 07/15/24		143,477
	150,000	HCA, Inc.^ 4.500%, 02/15/27		146,092
	200,000	Humana, Inc. 3.850%, 10/01/24		196,921
	250,000	Johnson & Johnson 3.400%, 01/15/38		225,076
	100,000	Magellan Health, Inc. 4.400%, 09/22/24		96,143
	400,000	Teva Pharmaceutical Finance IV, BV^ 3.650%, 11/10/21		383,274
	200,000	Thermo Fisher Scientific, Inc. 3.150%, 01/15/23		195,127
	250,000	UnitedHealth Group, Inc. 2.875%, 03/15/22		245,455
				2,207,304

132 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Total Return Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
		Industrials (3.9%)
	205,000	Aircastle, Ltd.^ 5.000%, 04/01/23	$	208,068
	400,000	Delta Air Lines, Inc. 3.625%, 03/15/22		393,874
	250,000	General Dynamics Corp. 3.375%, 05/15/23		249,231
	95,253	Hawaiian Airlines Series 2013-1, Class B Pass Through Certificates 4.950%, 01/15/22		95,291
	200,000	IHO Verwaltungs GmbH* 4.125%, 09/15/21 4.875% PIK rate		194,311
	200,000	Rockwell Collins, Inc. 2.800%, 03/15/22		194,143
	250,000	Southwest Airlines Company 2.750%, 11/06/19		248,905
	200,000	United Airlines Series 2018-1, Class B Pass Through Trust 4.600%, 03/01/26		200,981
	175,000	United Parcel Service, Inc.^ 2.500%, 04/01/23		168,168
	250,000	Verisk Analytics, Inc. 4.125%, 09/12/22		252,435
				2,205,407
		Information Technology (3.8%)
	200,000	Alliance Data Systems Corp.* 5.875%, 11/01/21		203,899
	250,000	Amphenol Corp. 4.000%, 02/01/22		252,631
	500,000	Apple, Inc. 4.375%, 05/13/45		499,655
	250,000	Fiserv, Inc. 3.500%, 10/01/22		247,866
	250,000	Hewlett Packard Enterprise Company^ 4.900%, 10/15/25		254,321
	250,000	Microsoft Corp. 4.100%, 02/06/37		250,955
	185,000	Nuance Communications, Inc.^ 6.000%, 07/01/24		188,006
	250,000	NXP, BV / NXP Funding, LLC* 4.125%, 06/01/21		249,295
				2,146,628
		Materials (1.4%)
	200,000	Alcoa Nederland Holding, BV* 6.750%, 09/30/24		209,952
	175,000	ArcelorMittal, SA^ 7.000%, 10/15/39		194,137
	250,000	Georgia-Pacific, LLC*^ 3.600%, 03/01/25		245,925
	140,000	Kinross Gold Corp. 4.500%, 07/15/27		125,521
				775,535

PRINCIPAL AMOUNT			VALUE
		Real Estate (4.1%)
	500,000	American Tower Corp. 5.900%, 11/01/21	$	529,947
	250,000	Federal Realty Investment Trust^ 3.250%, 07/15/27		232,783
	250,000	HCP, Inc. 4.200%, 03/01/24		248,275
	300,000	Hospitality Properties Trust 3.950%, 01/15/28		269,962
	100,000	MPT Operating Partnership, LP / MPT Finance Corp. 5.000%, 10/15/27		94,122
	300,000	SL Green Operating Partnership, LP 3.250%, 10/15/22		289,791
	100,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		96,163
	400,000	Tanger Properties, LP 3.875%, 07/15/27		372,044
	200,000	UDR, Inc. 4.625%, 01/10/22		204,219
				2,337,306
		Utilities (4.8%)
	250,000	AES Corp.^ 4.000%, 03/15/21		248,250
	500,000	Alabama Power Company 2.450%, 03/30/22		482,630
	150,000	Berkshire Hathaway Energy Company^ 3.800%, 07/15/48		130,738
	250,000	CenterPoint Energy, Inc. 3.850%, 02/01/24		250,141
		Duke Energy Carolinas, LLC
	200,000	3.050%, 03/15/23		196,828
	150,000	3.700%, 12/01/47		132,278
	250,000	Exelon Corp. 2.450%, 04/15/21		243,220
	100,000	NGPL PipeCo, LLC* 4.875%, 08/15/27		96,793
	150,000	Northern States Power Co. 3.750%, 12/01/47		133,922
	150,000	PECO Energy Company 3.900%, 03/01/48		138,198
	175,000	PPL Capital Funding, Inc.^‡ 5.051%, 03/30/67 3 mo. USD LIBOR + 2.67%		170,612
	150,000	Public Service Electric & Gas Company 3.600%, 12/01/47		133,625
	350,000	Southern California Edison Company 3.400%, 06/01/23		345,751
				2,702,986
		Total Corporate Bonds (Cost $32,309,181)		31,416,147

See accompanying Notes to Schedule of Investments www.calamos.com 133

Total Return Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	BANK LOANS (4.4%) ‡
		Communication Services (0.6%)
	348,250	CSC Holdings, LLC 4.780%, 01/25/26 1 mo. LIBOR + 2.50%	$	348,522
		Financials (1.3%)
	250,000	Resideo Funding, Inc. 4.490%, 10/24/25 1 mo. LIBOR + 2.00%		251,095
	250,000	Level 3 Financing, Inc.! 0.000%, 02/22/24		250,488
	222,727	GLP Financing, LLC 3.780%, 04/28/21 1 mo. LIBOR + 1.50%		221,057
				722,640
		Health Care (1.0%)
	297,733	Mallinckrodt International Finance, SA 5.136%, 09/24/24 1 mo. LIBOR + 2.75%		294,267
	274,249	Amneal Pharmaceuticals, LLC 5.813%, 05/04/25 1 mo. LIBOR + 3.50%		276,340
				570,607
		Industrials (1.0%)
	297,750	TransDigm, Inc. 4.802%, 08/22/24 1 mo. LIBOR + 2.50%		296,852
	273,625	Scientific Games International, Inc. 5.046%, 08/14/24 1 mo. LIBOR + 2.75%		271,353
				568,205
		Information Technology (0.5%)
	275,000	First Data Corp. 4.287%, 04/26/24 1 mo. LIBOR + 2.00%		273,826
		TOTAL BANK LOANS (Cost $2,495,829)		2,483,800
	U.S. GOVERNMENT AND AGENCY SECURITIES (26.1%)
	564,027	Federal Home Loan Mortgage Corp. 3.500%, 11/01/47		549,495
		Federal National Mortgage Association
	1,071,278	3.000%, 07/01/46		1,014,877
	916,185	3.500%, 08/01/47		892,399
	674,090	4.000%, 04/01/48		674,435
	561,232	4.500%, 04/01/48		575,207
	489,927	4.000%, 03/01/47		490,684
	458,850	3.000%, 02/01/33		450,507
	836,061	Freddie Mac Multifamily Structured Class A1 Pass Through Certificates 2.892%, 06/25/27		812,259
	460,000	Freddie Mac Multifamily Structured Class A2 Pass Through Certificates 3.350%, 01/25/28		445,412

PRINCIPAL AMOUNT			VALUE
		Government National Mortgage Association II Pool
	841,464	3.500%, 10/20/47	$	827,218
	561,457	3.000%, 10/20/47		537,062
		United States Treasury Bond
	1,850,000	2.750%, 08/15/47^		1,632,311
	1,250,000	3.500%, 02/15/39		1,286,692
	750,000	2.875%, 11/15/46^		680,188
	600,000	3.000%, 05/15/47		557,339
	250,000	3.125%, 05/15/48		237,688
		United States Treasury Inflation Indexed Note
	1,277,750	0.500%, 01/15/28		1,208,157
	531,620	0.375%, 07/15/25		509,434
		United States Treasury Note
	600,000	2.875%, 07/31/25		593,153
	500,000	2.125%, 03/31/24		478,117
	250,000	2.875%, 05/31/25		247,293
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $15,483,564)		14,699,927
	ASSET BACKED SECURITIES (12.3%)
	680,000	Ally Master Owner Trust Series 2018-1, Class A2 2.700%, 01/17/23		670,667
	500,000	American Express Credit Account Master Trust Series 2017-6, Class A 2.040%, 05/15/23		489,348
	500,000	BMW Floorplan Master Owner Trust Series 2018-1, Class A1* 3.150%, 05/15/23		497,684
	250,000	Credit Acceptance Auto Loan Trust Series 2018-3A, Class A* 3.550%, 08/15/27		249,615
	534,000	Dell Equipment Finance Trust Series 2017-2, Class A3* 2.190%, 10/24/22		528,671
	235,000	Dell Equipment Finance Trust Series 2017-2, Class B* 2.470%, 10/24/22		231,467
	200,000	Enterprise Fleet Financing, LLC Series 2018-1, Class A2* 2.870%, 10/20/23		199,148
	500,000	Ford Credit Floorplan Master Owner Trust Series 2018-1, Class A1 2.950%, 05/15/23		495,586
	500,000	Golden Credit Card Trust Series 2018-1A, Class A* 2.620%, 01/15/23		492,350
	350,000	Hertz Fleet Lease Funding, LP Series 2018-1, Class A2* 3.230%, 05/10/32		349,395

134 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Total Return Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	500,000	Hyundai Auto Lease Securitization Trust Series 2018-B, Class A3* 3.040%, 10/15/21	$	498,701
	300,000	OSCAR US Funding Trust IX, LLC Series 2018-2A, Class A3* 3.390%, 09/12/22		298,590
	400,000	SoFi Professional Loan Program LLC Series 2016-C, Class A2B* 2.360%, 12/27/32		389,847
	500,000	SoFi Professional Loan Program LLC Series 2017-F, Class A2FX* 2.840%, 01/25/41		480,964
	400,000	Verizon Owner Trust Series 2018-1A, Class A1A* 2.820%, 09/20/22		397,000
	200,000	Verizon Owner Trust Series 2018-A, Class A1A 3.230%, 04/20/23		199,560
	492,000	World Financial Network Credit Card Master Trust Series 2017-A, Class A 2.120%, 03/15/24		483,359
		TOTAL ASSET BACKED SECURITIES (Cost $7,031,953)		6,951,952
	RESIDENTIAL MORTGAGE BACKED SECURITY (1.3%)
	741,865	SBA Small Business Investment Companies Series 2017-10B, Class 1 2.518%, 09/10/27 (Cost $741,865)		705,131
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (0.4%)
	122,761	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		122,798
	122,770	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		122,770
		TOTAL SHORT TERM INVESTMENTS (Cost $245,568)		245,568

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (9.8%)
	3,061,405	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†	$	3,061,405
	2,472,422	State Street Navigator Securities Lending Government Money Market Portfolio†		2,472,422
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $5,533,827)		5,533,827
	TOTAL INVESTMENTS (110.0%) (Cost $63,841,787)			62,036,352
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-9.8%)			(5,533,827	)
	LIABILITIES, LESS OTHER ASSETS (-0.2%)			(93,139	)
	NET ASSETS (100.0%)		$	56,409,386

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

‡ Variable rate security. The rate shown is the rate in effect at October 31, 2018.

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

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

See accompanying Notes to Financial Statements www.calamos.com 135

High Income Opportunities Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (83.7%)
		Communication Services (10.5%)
	200,000	Altice Financing, SA*^ 7.500%, 05/15/26	$	189,353
	300,000	Altice France, SA* 7.375%, 05/01/26		288,001
	200,000	Cequel Communications Holdings I, LLC / Cequel Capital Corp.*^ 7.500%, 04/01/28		207,472
	145,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		132,046
	80,000	Consolidated Communications, Inc.^ 6.500%, 10/01/22		73,710
	335,000	CSC Holdings, LLC*^ 5.500%, 04/15/27		322,677
	682,000	Embarq Corp. 7.995%, 06/01/36		651,433
		Frontier Communications Corp.^
	355,000	11.000%, 09/15/25		261,271
	265,000	7.625%, 04/15/24		159,723
	60,000	8.500%, 04/01/26*		55,864
		Hughes Satellite Systems Corp.
	170,000	6.625%, 08/01/26^		162,205
	30,000	5.250%, 08/01/26		28,658
	300,000	Inmarsat Finance, PLC*^ 4.875%, 05/15/22		294,487
		Intelsat Jackson Holdings, SA
	195,000	9.750%, 07/15/25*		204,383
	140,000	8.000%, 02/15/24*^		146,593
	118,000	7.500%, 04/01/21^		119,475
	75,000	8.500%, 10/15/24*		74,140
	65,000	MDC Partners, Inc.*^ 6.500%, 05/01/24		53,446
	155,000	Qwest Corp. 6.875%, 09/15/33		150,255
		Sprint Corp.
	595,000	7.875%, 09/15/23^		635,829
	425,000	7.125%, 06/15/24		434,737
	140,000	T-Mobile USA, Inc.^ 4.750%, 02/01/28		130,035
	25,000	Telecom Italia Capital, SA 6.000%, 09/30/34		22,583
	231,000	United States Cellular Corp. 6.700%, 12/15/33		236,586
		Windstream Services, LLC / Windstream Finance Corp.
	135,000	8.625%, 10/31/25*		126,306
	42,000	7.750%, 10/01/21		26,602
	24,000	10.500%, 06/30/24*		19,592
				5,207,462
		Consumer Discretionary (11.5%)
	70,000	American Greetings Corp.* 7.875%, 02/15/25		62,378

PRINCIPAL AMOUNT			VALUE
	195,000	Beverages & More, Inc.* 11.500%, 06/15/22	$	153,218
	140,000	Boyd Gaming Corp. 6.000%, 08/15/26		136,086
	155,000	Caesars Resort Collection, LLC / CRC Finco, Inc.* 5.250%, 10/15/25		144,434
		CCO Holdings, LLC / CCO Holdings Capital Corp.
	365,000	5.125%, 05/01/27*		344,237
	110,000	5.750%, 09/01/23^		111,049
	80,000	5.000%, 02/01/28*^		74,794
		Century Communities, Inc.
	259,000	6.875%, 05/15/22		259,449
	85,000	5.875%, 07/15/25		77,032
	263,000	Dana, Inc. 5.500%, 12/15/24		253,532
		DISH DBS Corp.^
	200,000	5.875%, 11/15/24		170,254
	150,000	7.750%, 07/01/26		133,261
	270,000	Eldorado Resorts, Inc.^ 6.000%, 04/01/25		267,709
	375,000	ESH Hospitality, Inc.* 5.250%, 05/01/25		355,500
	20,000	GameStop Corp.*^ 6.750%, 03/15/21		20,176
	110,000	goeasy, Ltd.* 7.875%, 11/01/22		114,125
	135,000	Guitar Center Escrow Issuer, Inc.* 9.500%, 10/15/21		132,391
	200,000	International Game Technology, PLC*^ 6.250%, 01/15/27		197,694
	380,000	L Brands, Inc.^ 6.875%, 11/01/35		323,129
	170,000	M/I Homes, Inc. 5.625%, 08/01/25		157,050
	305,000	Mattel, Inc.*^ 6.750%, 12/31/25		292,045
	200,000	Mclaren Finance, PLC* 5.750%, 08/01/22		189,757
	155,000	Meritage Homes Corp. 6.000%, 06/01/25		151,254
	285,000	Penske Automotive Group, Inc.^ 5.375%, 12/01/24		276,684
		PetSmart, Inc.*^
	175,000	5.875%, 06/01/25		137,577
	35,000	8.875%, 06/01/25		24,523
		Rite Aid Corp.
	325,000	7.700%, 02/15/27		227,705
	85,000	6.125%, 04/01/23*^		72,409
	320,000	Salem Media Group, Inc.* 6.750%, 06/01/24		288,109
	135,000	Sally Holdings, LLC / Sally Capital, Inc.^ 5.625%, 12/01/25		125,551

136 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

High Income Opportunities Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	150,000	Sotheby’s* 4.875%, 12/15/25	$	139,094
	140,000	Taylor Morrison Communities Corp. 6.625%, 05/15/22		141,805
	50,832	US Airways Series 2012-2, Class B Pass Through Trust 6.750%, 06/03/21		53,306
	120,000	VOC Escrow, Ltd.*^ 5.000%, 02/15/28		112,907
				5,720,224
		Consumer Staples (4.2%)
	150,000	Albertsons Companies, LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s, LLC 5.750%, 03/15/25		133,345
	160,000	Fresh Market, Inc.* 9.750%, 05/01/23		117,400
		JBS USA LUX, SA / JBS USA Finance, Inc.*
	765,000	7.250%, 06/01/21		775,507
	205,000	6.750%, 02/15/28		200,134
		New Albertson’s, Inc.
	145,000	7.450%, 08/01/29		122,280
	90,000	7.750%, 06/15/26		79,325
	70,000	8.000%, 05/01/31		60,310
		Pilgrim’s Pride Corp.*
	220,000	5.875%, 09/30/27		200,342
	60,000	5.750%, 03/15/25^		56,073
		Post Holdings, Inc.*
	170,000	5.750%, 03/01/27		162,581
	30,000	5.625%, 01/15/28		28,263
		Simmons Foods, Inc.*^
	84,000	7.750%, 01/15/24		85,226
	65,000	5.750%, 11/01/24		47,653
				2,068,439
		Energy (13.6%)
	45,000	Berry Petroleum Company, LLC* 7.000%, 02/15/26		44,811
	82,000	Bruin E&P Partners, LLC* 8.875%, 08/01/23		80,928
	145,000	Buckeye Partners, LP‡ 6.375%, 01/22/78 3 mo. USD LIBOR + 4.02%		133,012
	275,000	Calfrac Holdings, LP* 8.500%, 06/15/26		247,908
	205,000	California Resources Corp.*^ 8.000%, 12/15/22		182,893
	375,000	Carrizo Oil & Gas, Inc.^ 6.250%, 04/15/23		369,127
	145,000	Chaparral Energy, Inc.* 8.750%, 07/15/23		139,853
	110,000	Cheniere Energy Partners, LP* 5.625%, 10/01/26		108,384
		Chesapeake Energy Corp.
	150,000	8.000%, 01/15/25^		152,144

PRINCIPAL AMOUNT			VALUE
	120,000	7.000%, 10/01/24	$	117,667
	85,000	Comstock Escrow Corp.* 9.750%, 08/15/26		82,171
	365,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		326,784
	75,000	DCP Midstream, LP‡ 7.375%, 12/15/22 3 mo. USD LIBOR + 5.15%		71,948
		Denbury Resources, Inc.
	120,000	5.500%, 05/01/22^		104,308
	80,000	9.250%, 03/31/22*^		83,510
	55,000	7.500%, 02/15/24*		53,994
	75,000	Diamond Offshore Drilling, Inc.^ 7.875%, 08/15/25		74,113
	555,000	Energy Transfer, LP‡ 5.559%, 11/01/66 3 mo. USD LIBOR + 3.02%		478,676
		Enterprise Products Operating, LLC‡
	225,000	4.875%, 08/16/77^ 3 mo. USD LIBOR + 2.99%		210,128
	55,000	5.375%, 02/15/78 3 mo. USD LIBOR + 2.57%		49,271
		EP Energy, LLC / Everest Acquisition Finance, Inc.*
	105,000	7.750%, 05/15/26^		104,768
	100,000	9.375%, 05/01/24		76,143
		Genesis Energy, LP / Genesis Energy Finance Corp.
	150,000	6.500%, 10/01/25		139,369
	150,000	6.250%, 05/15/26		136,325
		Gulfport Energy Corp.^
	130,000	6.375%, 05/15/25		123,297
	100,000	6.000%, 10/15/24		94,104
	110,000	Halcon Resources Corp. 6.750%, 02/15/25		100,356
	183,000	Lonestar Resources America, Inc.* 11.250%, 01/01/23		198,540
	135,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		133,553
	110,000	McDermott Technologies Americas, Inc. / McDermott Technology U.S., Inc.* 10.625%, 05/01/24		99,078
	50,000	Moss Creek Resources Holdings, Inc.* 7.500%, 01/15/26		48,198
	15,000	Nabors Industries, Inc.^ 5.750%, 02/01/25		13,845
	80,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		81,293
	15,000	Northern Oil and Gas, Inc.* 9.500%, 05/15/23 9.500% PIK rate		15,492
	95,000	Oasis Petroleum, Inc.*^ 6.250%, 05/01/26		93,387

See accompanying Notes to Schedule of Investments www.calamos.com 137

High Income Opportunities Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	150,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25	$	148,642
	150,000	PDC Energy, Inc. 5.750%, 05/15/26		137,882
	125,000	Petroleum Geo-Services, ASA* 7.375%, 12/15/20		125,252
	150,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		140,601
	55,000	QEP Resources, Inc.^ 5.625%, 03/01/26		51,856
	205,000	SESI, LLC^ 7.750%, 09/15/24		201,635
	60,000	SM Energy Company^ 6.750%, 09/15/26		60,176
	135,000	Southwestern Energy Company 7.500%, 04/01/26		137,481
	100,000	Sunoco, LP / Sunoco Finance Corp.*^ 5.500%, 02/15/26		95,788
	30,000	Targa Resources Partners, LP / Targa Resources Partners Finance Corp.* 5.875%, 04/15/26		30,247
	30,000	TransMontaigne Partners, LP / TLP Finance Corp. 6.125%, 02/15/26		28,212
	27,000	Transocean Pontus, Ltd.* 6.125%, 08/01/25		26,877
	145,000	Transocean, Inc.*^ 7.500%, 01/15/26		142,586
	150,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.*^ 8.750%, 04/15/23		139,439
	215,000	W&T Offshore, Inc.* 9.750%, 11/01/23		208,349
	285,000	Weatherford International, Ltd.^ 8.250%, 06/15/23		218,395
	150,000	Whiting Petroleum Corp.^ 6.625%, 01/15/26		150,050
	145,000	WildHorse Resource Development Corp. 6.875%, 02/01/25		144,471
				6,757,317
		Financials (12.4%)
	295,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		264,385
	510,000	Ally Financial, Inc. 8.000%, 11/01/31		613,930
	145,000	Amwins Group, Inc.* 7.750%, 07/01/26		149,170
	275,000	Ardonagh Midco 3, PLC* 8.625%, 07/15/23		256,708
	315,000	AssuredPartners, Inc.* 7.000%, 08/15/25		310,214

PRINCIPAL AMOUNT			VALUE
	150,000	Bank of America Corp.‡ 5.875%, 03/15/28 3 mo. USD LIBOR + 2.93%	$	145,782
	145,000	Bank of Nova Scotia‡ 4.650%, 10/12/22 3 mo. USD LIBOR + 2.65%		134,573
	285,000	Charles Schwab Corp.‡ 5.000%, 12/01/27 3 mo. USD LIBOR + 2.58%		271,240
	120,000	Dell International, LLC / EMC Corp.* 6.020%, 06/15/26		124,492
	150,000	Discover Financial Services‡ 5.500%, 10/30/27 3 mo. USD LIBOR + 3.08%		142,013
	65,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		63,643
	135,000	HUB International, Ltd.*^ 7.000%, 05/01/26		132,039
	160,000	ILFC E-Capital Trust II*‡ 5.030%, 12/21/65 3 mo. USD LIBOR + 1.80%		142,478
	305,000	Iron Mountain, Inc.* 5.250%, 03/15/28		274,947
	625,000	Jefferies Finance, LLC* 7.250%, 08/15/24		611,259
	140,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		130,032
	150,000	Level 3 Financing, Inc.^ 5.375%, 05/01/25		147,045
	175,000	LPL Holdings, Inc.* 5.750%, 09/15/25		170,010
		MetLife, Inc.
	260,000	6.400%, 12/15/36		270,399
	15,000	5.875%, 03/15/28‡ 3 mo. USD LIBOR + 2.96%		14,992
	285,000	Nationstar Mortgage, LLC / Nationstar Capital Corp. 6.500%, 07/01/21		285,023
		Navient Corp.^
	225,000	6.750%, 06/25/25		220,244
	89,000	6.500%, 06/15/22		90,867
	400,000	Oil Insurance, Ltd.*‡ 5.378%, 12/03/18 3 mo. USD LIBOR + 2.98%		387,562
	270,000	Quicken Loans, Inc.* 5.750%, 05/01/25		260,682
		Springleaf Finance Corp.
	185,000	6.875%, 03/15/25		177,341
	140,000	7.125%, 03/15/26		132,826
	310,000	Tronox Finance, PLC*^ 5.750%, 10/01/25		272,197
				6,196,093

138 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

High Income Opportunities Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
		Health Care (10.2%)
	180,000	Acadia Healthcare Company, Inc. 6.500%, 03/01/24	$	183,640
		Bausch Health Cos., Inc.*
	300,000	9.000%, 12/15/25		313,414
	275,000	8.500%, 01/31/27		281,484
	135,000	9.250%, 04/01/26		141,944
	125,000	7.500%, 07/15/21^		126,988
		Community Health Systems, Inc.
	388,000	8.125%, 06/30/24*^		305,503
	40,000	6.875%, 02/01/22		20,302
	500,000	DaVita, Inc.^ 5.125%, 07/15/24		478,255
	525,000	Endo DAC / Endo Finance, LLC / Endo Finco, Inc.*^ 6.000%, 07/15/23		453,477
		HCA, Inc.
	785,000	5.375%, 02/01/25		791,190
	130,000	7.500%, 11/06/33		141,142
	200,000	Horizon Pharma, Inc. / Horizon Pharma USA, Inc.*^ 8.750%, 11/01/24		210,578
	150,000	Magellan Health, Inc. 4.400%, 09/22/24		144,214
	175,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*^ 5.625%, 10/15/23		150,760
	60,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		51,725
		Tenet Healthcare Corp.
	435,000	6.750%, 06/15/23^		434,239
	300,000	4.625%, 07/15/24		289,341
	190,000	Teva Pharmaceutical Finance Company, BV 2.950%, 12/18/22		172,758
		Teva Pharmaceutical Finance Netherlands III, BV
	200,000	6.000%, 04/15/24		199,239
	95,000	2.800%, 07/21/23		83,942
	125,000	West Street Merger Sub, Inc.*^ 6.375%, 09/01/25		117,788
				5,091,923
		Industrials (10.5%)
	200,000	ACCO Brands Corp.* 5.250%, 12/15/24		187,766
	175,000	Allison Transmission, Inc.* 4.750%, 10/01/27		160,872
	85,000	Apergy Corp.* 6.375%, 05/01/26		86,352
	209,138	ARD Securities Finance Sarl*^ 8.750%, 01/31/23 8.750% PIK rate		201,493
	150,000	Beacon Roofing Supply, Inc.*^ 4.875%, 11/01/25		134,821
	220,000	Bombardier, Inc.*^ 7.500%, 03/15/25		220,608

PRINCIPAL AMOUNT			VALUE
		Covanta Holding Corp.
	160,000	5.875%, 03/01/24	$	160,338
	45,000	5.875%, 07/01/25^		43,991
	155,000	Delphi Technologies, PLC* 5.000%, 10/01/25		139,960
	85,000	Energizer Gamma Acquisition, Inc.*^ 6.375%, 07/15/26		85,113
	200,000	Fly Leasing, Ltd. 5.250%, 10/15/24		191,496
	30,000	FXI Holdings, Inc.*^ 7.875%, 11/01/24		28,119
	257,000	Garda World Security Corp.* 7.250%, 11/15/21		255,112
	265,000	Golden Nugget, Inc.* 6.750%, 10/15/24		264,821
	130,000	Gray Television, Inc.*^ 5.875%, 07/15/26		125,127
	155,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		159,426
	255,000	H&E Equipment Services, Inc.^ 5.625%, 09/01/25		243,046
		Hertz Corp.^
	140,000	7.375%, 01/15/21		137,527
	40,000	7.625%, 06/01/22*		38,356
		Icahn Enterprises, LP
	182,000	6.750%, 02/01/24		183,294
	160,000	6.375%, 12/15/25		159,160
	200,000	James Hardie International Finance, Ltd.*^ 4.750%, 01/15/25		186,366
	150,000	Jeld-Wen, Inc.* 4.625%, 12/15/25		134,859
	80,000	JPW Industries Holding Corp.* 9.000%, 10/01/24		81,556
	205,000	Meritor, Inc.^ 6.250%, 02/15/24		202,034
	145,000	Multi-Color Corp.*^ 4.875%, 11/01/25		134,332
	210,000	Navistar International Corp.*^ 6.625%, 11/01/25		214,495
		Park Aerospace Holdings, Ltd.*
	90,000	4.500%, 03/15/23		85,944
	65,000	5.500%, 02/15/24^		64,487
	315,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		316,840
	140,000	Scientific Games International, Inc.*^ 5.000%, 10/15/25		130,396
	105,000	Tennant Company 5.625%, 05/01/25		104,548
	25,000	Titan Acquisition, Ltd. / Titan Co-Borrower, LLC* 7.750%, 04/15/26		20,845
		United Rentals North America, Inc.
	125,000	5.875%, 09/15/26		122,469
	105,000	4.875%, 01/15/28		94,786

See accompanying Notes to Schedule of Investments www.calamos.com 139

High Income Opportunities Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	55,000	6.500%, 12/15/26^	$	55,598
	75,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		71,826
				5,228,179
		Information Technology (2.7%)
	210,000	Alliance Data Systems Corp.* 5.875%, 11/01/21		214,094
		Cardtronics, Inc.
	67,000	5.125%, 08/01/22		65,422
	55,000	5.500%, 05/01/25*		51,488
	205,000	CBS Radio, Inc.*^ 7.250%, 11/01/24		193,982
	280,000	Clear Channel Worldwide Holdings, Inc.^ 7.625%, 03/15/20		280,254
	130,000	CommScope Technologies, LLC* 6.000%, 06/15/25		126,602
	145,000	Harland Clarke Holdings Corp.* 8.375%, 08/15/22		131,172
	130,000	Nuance Communications, Inc.^ 5.625%, 12/15/26		126,601
	155,000	VFH Parent, LLC* 6.750%, 06/15/22		158,342
				1,347,957
		Materials (5.8%)
	308,000	AK Steel Corp.^ 6.375%, 10/15/25		274,975
	200,000	Alcoa Nederland Holding, BV* 7.000%, 09/30/26		210,720
	565,000	ArcelorMittal, SA 7.000%, 10/15/39		626,785
	335,000	Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.*^ 6.000%, 02/15/25		314,064
	55,000	Baffinland Iron Mines Corp. / Baffinland Iron Mines, LP* 8.750%, 07/15/26		55,542
	200,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		184,731
	200,000	INEOS Group Holdings, SA*^ 5.625%, 08/01/24		191,552
	85,000	JW Aluminum Continuous Cast Company*^ 10.250%, 06/01/26		85,077
	110,000	Kinross Gold Corp. 4.500%, 07/15/27		98,623
	140,000	New Gold, Inc.*^ 6.375%, 05/15/25		112,296
	400,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		413,540
		United States Steel Corp.
	290,000	6.875%, 08/15/25^		284,774
	55,000	6.250%, 03/15/26		51,896
				2,904,575

PRINCIPAL AMOUNT			VALUE
		Real Estate (0.9%)
	310,000	MPT Operating Partnership, LP / MPT Finance Corp. 5.000%, 10/15/27	$	291,778
	150,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		144,245
				436,023
		Utilities (1.4%)
	85,000	NGPL PipeCo, LLC* 4.875%, 08/15/27		82,274
	150,000	NRG Energy, Inc.^ 6.625%, 01/15/27		155,433
	265,000	PPL Capital Funding, Inc.^‡ 5.051%, 03/30/67 3 mo. USD LIBOR + 2.67%		258,355
	90,000	Talen Energy Supply, LLC* 10.500%, 01/15/26		79,356
	150,000	TerraForm Power Operating, LLC*^ 5.000%, 01/31/28		134,605
				710,023
		TOTAL CORPORATE BONDS (Cost $43,759,051)		41,668,215
	CONVERTIBLE BONDS (0.7%)
		Consumer Discretionary (0.7%)
		Liberty Interactive, LLC
	255,000	3.750%, 02/15/30		174,590
	253,963	4.000%, 11/15/29		175,010
		TOTAL CONVERTIBLE BONDS (Cost $362,356)		349,600
	BANK LOANS (10.0%)‡
		Communication Services (2.2%)
	275,000	Cincinnati Bell, Inc. 5.552%, 10/02/24 1 mo. LIBOR + 3.25%		275,393
	248,750	CSC Holdings, LLC 4.780%, 01/25/26 1 mo. LIBOR + 2.50%		248,944
	206,296	Cumulus Media, Inc. 6.810%, 05/15/22 1 mo. LIBOR + 4.50%		204,105
	150,000	Intelsat Jackson Holdings, SA 6.625%, 01/02/24		154,339
	193,157	New Media Holdings II, LLC 8.552%, 07/14/22 1 mo. LIBOR + 6.25%		194,606
				1,077,387
		Consumer Discretionary (1.2%)
	69,825	American Greetings Corp. 6.804%, 04/06/24 1 mo. LIBOR + 4.50%		70,043
	250,000	R.R. Donnelley & Sons Company 7.280%, 01/15/24 1 mo. LIBOR + 5.00%		248,437

140 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

High Income Opportunities Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	288,750	Weight Watchers International, Inc. 7.150%, 11/29/24 1 mo. LIBOR + 4.75%	$	290,871
				609,351
		Energy (0.2%)
	119,400	McDermott Tech Americas, Inc. 7.302%, 05/12/25 1 mo. LIBOR + 5.00%		118,176
		Financials (1.3%)
	54,725	AssuredPartners, Inc. 5.552%, 10/22/24 1 mo. LIBOR + 3.25%		54,663
	273,625	Genworth Financial, Inc. 6.831%, 03/07/23 1 mo. LIBOR + 4.50%		279,783
	89,091	GLP Financing, LLC 3.780%, 04/28/21 1 mo. LIBOR + 1.50%		88,423
	199,500	HUB International, Ltd. 5.490%, 04/25/25 1 mo. LIBOR + 3.00%		199,188
				622,057
		Health Care (3.2%)
	274,249	Amneal Pharmaceuticals, LLC 5.813%, 05/04/25 1 mo. LIBOR + 3.50%		276,340
	268,125	Bausch Health Cos., Inc. 5.274%, 06/02/25 1 mo. LIBOR + 3.00%		268,597
	150,000	Gentiva Health Services, Inc. 9.313%, 07/02/26 1 mo. LIBOR + 7.00%		153,656
	68,416	Gentiva Health Services, Inc. 6.063%, 07/02/25 1 mo. LIBOR + 3.75%		68,801
	272,922	Mallinckrodt International Finance, SA 5.136%, 09/24/24 1 mo. LIBOR + 2.75%		269,745
	272,250	Ortho Clinical Diagnostics, SA 5.544%, 06/30/25 1 mo. LIBOR + 3.25%		271,706
	272,922	Team Health Holdings, Inc. 5.052%, 02/06/24 1 mo. LIBOR + 2.75%		258,935
				1,567,780
		Industrials (1.1%)
	273,625	Scientific Games International, Inc. 5.046%, 08/14/24 1 mo. LIBOR + 2.75%		271,353
	297,750	TransDigm, Inc. 4.802%, 08/22/24 1 mo. LIBOR + 2.50%		296,852
				568,205
		Information Technology (0.5%)
	250,000	BMC Software Finance, Inc.! 0.000%, 10/02/25		251,172
		Real Estate (0.3%)
	144,637	iStar, Inc. 5.028%, 06/28/23 1 mo. LIBOR + 2.75%		144,909
		TOTAL BANK LOANS (Cost $4,941,731)		4,959,037

NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (1.5%)
		Energy (1.5%)
		NuStar Energy, LP‡
	25,350	7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%	$	531,336
	8,552	8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		197,380
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $862,664)		728,716
	COMMON STOCKS (1.9%)
		Communication Services (0.1%)
	1,527	Cumulus Media, Inc. - Class A#		22,233
		Energy (1.8%)
	215	Chevron Corp.		24,005
	4,645	Enterprise Products Partners, LP		124,579
	1,525	GasLog, Ltd.		31,202
	2,915	Gulfmark Offshore, Inc.#		98,206
	1,421	Gulfmark Offshore, Inc.^#		47,873
	2,955	Magellan Midstream Partners, LP		182,264
	3,413	Ocean Rig UDW, Inc. - Class A#		103,380
	790	Schlumberger, Ltd.		40,535
	3,465	Spectra Energy Partners, LP		119,543
	2,200	Targa Resources Corp.^		113,674
	965	Williams Companies, Inc.		23,479
				908,740
		TOTAL COMMON STOCKS (Cost $1,100,842)		930,973
	SHORT TERM INVESTMENTS (0.9%)
	225,883	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		225,951
	225,900	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		225,900
		TOTAL SHORT TERM INVESTMENTS (Cost $451,851)		451,851

See accompanying Notes to Schedule of Investments www.calamos.com 141

High Income Opportunities Fund    Schedule of Investments October 31, 2018

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (25.3%)
	5,920,293	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***†	$	5,920,293
	6,662,931	State Street Navigator Securities Lending Government Money Market Portfolio†		6,662,931
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $12,583,224)		12,583,224
	TOTAL INVESTMENTS (124.0%) (Cost $64,061,719)			61,671,616
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-25.3%)			(12,583,224	)
	OTHER ASSETS, LESS LIABILITIES (1.3%)			671,744
	NET ASSETS (100.0%)		$	49,760,136

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

‡ Variable rate security. The rate shown is the rate in effect at October 31, 2018.

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

# Non-income producing security.

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

142 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Short-Term Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (79.0%)
		Communication Services (5.6%)
	225,000	AT&T, Inc. 2.450%, 06/30/20	$	221,532
	200,000	Charter Communications Operating, LLC / Charter Communications Operating Capital 4.464%, 07/23/22		202,576
	225,000	Comcast Corp. 3.300%, 10/01/20		224,950
	100,000	Electronic Arts, Inc. 3.700%, 03/01/21		100,575
	100,000	Hughes Satellite Systems Corp. 6.500%, 06/15/19		101,477
				851,110
		Consumer Discretionary (5.0%)
	75,000	Allergan Funding SCS^ 2.450%, 06/15/19		74,789
	100,000	American Honda Finance Corp. 2.000%, 02/14/20		98,622
	100,000	D.R. Horton, Inc. 4.000%, 02/15/20		100,372
	47,009	Delta Air Lines Series 2010-2, Class A Pass Through Trust 4.950%, 05/23/19		47,206
	100,000	General Motors Financial Company, Inc. 3.150%, 01/15/20		99,559
	75,000	Lennar Corp. 4.500%, 11/15/19		75,463
	75,000	Toll Brothers Finance Corp. 6.750%, 11/01/19		77,002
	100,000	Toyota Motor Credit Corp. 2.950%, 04/13/21		99,248
	72,511	US Airways Series 2012-2, Class B Pass Through Trust 6.750%, 06/03/21		76,040
				748,301
		Consumer Staples (2.9%)
	100,000	Anheuser-Busch InBev Finance, Inc.^ 2.650%, 02/01/21		98,081
	100,000	Conagra Brands, Inc.‡ 2.908%, 10/09/20 3 mo. USD LIBOR + .50%		99,801
	100,000	Constellation Brands, Inc. 2.000%, 11/07/19		98,728
	150,000	Unilever Capital Corp. 3.000%, 03/07/22		148,294
				444,904
		Energy (5.9%)
	225,000	Chevron Corp. 2.100%, 05/16/21		218,524

PRINCIPAL AMOUNT			VALUE
		Enterprise Products Operating, LLC
	125,000	2.850%, 04/15/21	$	123,046
	100,000	2.550%, 10/15/19		99,434
	225,000	Magellan Midstream Partners, LP 4.250%, 02/01/21		228,040
	225,000	TransCanada PipeLines, Ltd. 3.800%, 10/01/20		226,617
				895,661
		Financials (25.6%)
	100,000	American Express Credit Corp. 2.375%, 05/26/20		98,633
	29,000	AON Corp. 5.000%, 09/30/20		29,831
	100,000	AXIS Specialty Finance, LLC 5.875%, 06/01/20		103,356
	100,000	Bank of America Corp.‡ 2.369%, 07/21/21 3 mo. USD LIBOR + .66%		98,126
	100,000	Bank of Montreal 2.100%, 06/15/20		98,287
	100,000	Bank of Nova Scotia 2.500%, 01/08/21		98,209
	100,000	BB&T Corp. 3.200%, 09/03/21		99,420
	100,000	BP Capital Markets, PLC 2.315%, 02/13/20		98,980
	100,000	Capital One Financial Corp. 3.450%, 04/30/21		99,600
	100,000	Caterpillar Financial Services Corp.^ 2.100%, 01/10/20		98,858
	100,000	Charles Schwab Corp. 3.250%, 05/21/21		99,676
	100,000	Chubb INA Holdings, Inc. 2.300%, 11/03/20		98,092
	100,000	Citigroup, Inc. 2.400%, 02/18/20		98,924
	225,000	ERP Operating, LP 4.625%, 12/15/21		231,914
	225,000	Goldman Sachs Group, Inc. 2.625%, 04/25/21		220,074
	100,000	Hartford Financial Services Group, Inc. 6.000%, 01/15/19		100,619
	100,000	International Lease Finance Corp. 4.625%, 04/15/21		101,957
	100,000	John Deere Capital Corp. 2.050%, 03/10/20		98,524
	100,000	JPMorgan Chase & Company 2.250%, 01/23/20		98,839
	100,000	KeyCorp 2.900%, 09/15/20		99,119
	100,000	Markel Corp. 5.350%, 06/01/21		104,020

See accompanying Notes to Schedule of Investments www.calamos.com 143

Short-Term Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	100,000	Marsh & McLennan Companies, Inc. 2.350%, 03/06/20	$	98,631
	100,000	MetLife, Inc. 4.750%, 02/08/21		102,757
	100,000	Morgan Stanley 2.650%, 01/27/20		99,379
	100,000	Prudential Financial, Inc. 2.350%, 08/15/19		99,473
	100,000	Royal Bank of Canada 2.500%, 01/19/21		98,231
	125,000	Shell International Finance, BV 1.875%, 05/10/21		120,887
	100,000	SunTrust Banks, Inc. 2.900%, 03/03/21		98,519
		Toronto-Dominion Bank
	150,000	3.150%, 09/17/20		149,904
	100,000	2.550%, 01/25/21		98,382
	100,000	Travelers Companies, Inc. 3.900%, 11/01/20		101,243
	100,000	US Bancorp 2.350%, 01/29/21		97,906
	150,000	USAA Capital Corp.* 2.000%, 06/01/21		144,630
	100,000	Ventas Realty, LP / Ventas Capital Corp. 2.700%, 04/01/20		98,962
	100,000	Weingarten Realty Investors 3.375%, 10/15/22		98,027
	100,000	Wells Fargo & Company 2.500%, 03/04/21		97,608
				3,879,597
		Health Care (10.2%)
		AbbVie, Inc.
	125,000	3.375%, 11/14/21		124,384
	100,000	2.500%, 05/14/20		98,741
	100,000	Amgen, Inc. 2.125%, 05/01/20		98,383
	100,000	Anthem, Inc. 2.250%, 08/15/19		99,388
	100,000	CVS Health Corp. 3.125%, 03/09/20		99,755
	100,000	Gilead Sciences, Inc. 2.350%, 02/01/20		99,056
	100,000	GlaxoSmithKline Capital, PLC‡ 2.669%, 05/14/21 3 mo. USD LIBOR + .35%		100,218
	225,000	HCA, Inc. 6.500%, 02/15/20		232,404
	100,000	Medtronic, Inc. 2.500%, 03/15/20		99,113
	200,000	Teva Pharmaceutical Finance Netherlands III, BV 2.200%, 07/21/21		187,019

PRINCIPAL AMOUNT			VALUE
		UnitedHealth Group, Inc.
	100,000	2.594%, 06/15/21‡ 3 mo. USD LIBOR + .26%	$	100,019
	100,000	2.300%, 12/15/19		99,168
	100,000	Zoetis, Inc.^ 3.250%, 08/20/21		99,488
				1,537,136
		Industrials (6.9%)
	200,000	3M Company^ 3.000%, 09/14/21		199,434
		Air Lease Corp.
	200,000	3.500%, 01/15/22		197,666
	100,000	2.125%, 01/15/20		98,352
	75,000	Aircastle, Ltd. 6.250%, 12/01/19		77,040
	100,000	GATX Corp.‡ 3.061%, 11/05/21 3 mo. USD LIBOR + .72%		100,002
	100,000	General Dynamics Corp.‡ 2.718%, 05/11/21 3 mo. USD LIBOR + .38%		100,438
	76,202	Hawaiian Airlines Series 2013-1, Class B Pass Through Certificates 4.950%, 01/15/22		76,233
	100,000	United Technologies Corp. 3.350%, 08/16/21		99,626
	100,000	Vulcan Materials Company‡ 2.971%, 03/01/21 3 mo. USD LIBOR + .65%		100,074
				1,048,865
		Information Technology (2.1%)
	225,000	Hewlett Packard Enterprise Company 3.500%, 10/05/21		224,439
	100,000	QUALCOMM, Inc. 2.250%, 05/20/20		98,626
				323,065
		Materials (1.2%)
	75,000	ArcelorMittal, SA 5.125%, 06/01/20		76,734
	100,000	EI du Pont de Nemours & Company 2.200%, 05/01/20		98,889
				175,623
		Real Estate (6.2%)
	100,000	AvalonBay Communities, Inc. 3.625%, 10/01/20		100,458
	225,000	Boston Properties, LP 5.625%, 11/15/20		233,545
	100,000	Federal Realty Investment Trust 2.550%, 01/15/21		98,037
	100,000	Kimco Realty Corp. 3.200%, 05/01/21		98,943

144 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Schedule of Investments

Short-Term Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	100,000	Public Storage 2.370%, 09/15/22	$	95,991
	100,000	Realty Income Corp. 5.750%, 01/15/21		104,314
	100,000	Simon Property Group, LP 2.500%, 09/01/20		98,636
	100,000	UDR, Inc. 4.625%, 01/10/22		102,109
				932,033
		Utilities (7.4%)
	225,000	CenterPoint Energy, Inc. 3.600%, 11/01/21		225,143
	100,000	Consolidated Edison Company of New York, Inc.‡ 2.773%, 06/25/21 3 mo. USD LIBOR + .40%		100,391
	100,000	Consolidated Edison, Inc. 2.000%, 03/15/20		98,372
	100,000	Dominion Energy, Inc.** 2.962%, 07/01/19		99,943
	100,000	Exelon Generation Company, LLC 2.950%, 01/15/20		99,389
	100,000	Georgia Power Company 4.250%, 12/01/19		101,116
	100,000	Nevada Power Company 2.750%, 04/15/20		99,553
	100,000	PPL Capital Funding, Inc.‡ 5.051%, 03/30/67 3 mo. USD LIBOR + 2.67%		97,493
	100,000	Sempra Energy‡ 2.784%, 03/15/21 3 mo. USD LIBOR + .45%		100,029
	100,000	WEC Energy Group, Inc. 3.375%, 06/15/21		99,818
				1,121,247
		TOTAL CORPORATE BONDS (Cost $11,983,994)		11,957,542
	BANK LOANS (3.3%)‡
		Financials (3.3%)
	250,000	Level 3 Financing, Inc.! 0.000%, 02/22/24		250,489
	250,000	Resideo Funding, Inc. 4.490%, 10/04/25 1 mo. LIBOR + 2.00%		251,095
		TOTAL BANK LOANS (Cost $501,563)		501,584
	ASSET BACKED SECURITIES (12.0%)
	150,000	BA Credit Card Trust Series 2017-A1, Class A1 1.950%, 08/15/22		147,760

PRINCIPAL AMOUNT			VALUE
	150,000	Capital One Multi-Asset Execution Trust Series 2016-A6, Class A6 1.820%, 09/15/22	$	148,248
	150,000	CarMax Auto Owner Trust Series 2018-3, Class A2A 2.880%, 10/15/21		149,690
	200,000	Dell Equipment Finance Trust Series 2018-2, Class A2* 3.160%, 02/22/21		199,760
	200,000	Discover Card Execution Note Trust Series 2012-A6, Class A6 1.670%, 01/18/22		198,372
	50,000	Ford Credit Auto Lease Trust Series 2017-A, Class A4 2.020%, 06/15/20		49,738
	155,000	Ford Credit Floorplan Master Owner Trust Series 2016-1, Class A1 1.760%, 02/15/21		154,571
	150,000	GE Capital Credit Card Master Note Trust Series 2012-7, Class A 1.760%, 09/15/22		148,410
	150,000	GM Financial Consumer Automobile Receivables Series 2018-3, Class A3 3.020%, 05/16/23		149,344
	150,000	Hertz Vehicle Financing II, LP Series 2015-1A, Class A* 2.730%, 03/25/21		148,468
	155,000	Verizon Owner Trust Series 2017-1A, Class A* 2.060%, 09/20/21		153,621
	30,000	World Financial Network Credit Card Master Trust Series 2015-B, Class A 2.550%, 06/17/24		29,576
	140,000	World Financial Network Credit Card Master Trust Series 2017-A, Class A 2.120%, 03/15/24		137,541
		TOTAL ASSET BACKED SECURITIES (Cost $1,817,627)		1,815,099
	RESIDENTIAL MORTGAGE BACKED SECURITIES (2.2%)
	145,344	Federal National Mortgage Association 2.761%, 04/01/21		143,924
	24,639	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A1 1.597%, 05/15/49		24,199
	25,686	Morgan Stanley Capital I Trust, Series 2015-UBS8, Class A1 1.966%, 12/15/48		25,564
	144,759	Morgan Stanley Capital I Trust, Series 2018-H3, Class A1 3.176%, 07/15/51		144,046
		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $345,587)		337,733

See accompanying Notes to Schedule of Investments www.calamos.com 145

Short-Term Bond Fund    Schedule of Investments October 31, 2018

PRINCIPAL AMOUNT			VALUE
	MUNICIPAL OBLIGATIONS (1.3%)
		Financials (0.6%)
	95,000	Massachusetts Housing Finance Agency 2.313%, 12/01/19	$	94,365
		Industrials (0.7%)
	100,000	Metropolitan Transportation Authority 5.269%, 11/15/20		103,790
		TOTAL MUNICIPAL OBLIGATIONS (Cost $198,386)		198,155
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (3.5%)
	263,403	Fidelity Prime Money Market Fund - Institutional Class, 2.240%***		263,482
	263,437	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.050%***		263,437
		TOTAL SHORT TERM INVESTMENTS (Cost $526,919)		526,919
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.1%)
	472,778	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $472,778)		472,778
	TOTAL INVESTMENTS (104.4%) (Cost $15,846,854)			15,809,810
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.1%)			(472,778	)
	LIABILITIES, LESS OTHER ASSETS (-1.3%)			(194,057	)
	NET ASSETS (100.0%)		$	15,142,975

NOTES TO SCHEDULE OF INVESTMENTS

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

‡ Variable rate security. The rate shown is the rate in effect at October 31, 2018.

* Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

** Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at October 31, 2018.

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

*** The rate disclosed is the 7 day net yield as of October 31, 2018.

† Represents investment of cash collateral received from securities on loan as of October 31, 2018.

146 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Statements of Assets and Liabilities    October 31, 2018

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY INCOME FUND			PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
ASSETS
Investments in securities, at cost	$	6,720,047,938		$	98,044,947		$	1,318,407,963		$	665,993,176		$	142,510,029
Investment in securities, at value	$	7,114,528,190		$	98,536,638		$	1,253,713,064		$	673,758,302		$	138,423,144
Cash with custodian (interest bearing)		13,274,217			—			6,490,610			—			337,078
Restricted cash for short positions (interest bearing)		1,775,272,010			—			433,089,798			—			—
Restricted foreign currency for short positions (cost $127,658,885)		123,591,676			—			—			—			—
Foreign currency (cost $10,241,099)		10,241,099			—			—			—			—
Unrealized appreciation on forward foreign currency contracts		3,478,064			—			—			84,931			—
Receivables:
Accrued interest and dividends		13,256,948			96,127			783,238			1,902,158			380,650
Investments sold		140,274,467			718,745			15,792,923			17,332,871			2,650,435
Fund shares sold		33,872,082			1,971,223			3,677,796			1,376,099			510,936
Due from investment advisor		—			15,271			—			—			1,514
Prepaid expenses		142,409			6,294			56,897			29,536			5,305
Other assets		173,858			103,154			177			160,487			214,864
Total assets		9,228,105,020			101,447,452			1,713,604,503			694,644,384			142,523,926
LIABILITIES
Due to custodian bank		—			98,420			—			277,826			337,078
Collateral for securities loaned		402,415,616			564,146			91,376,350			59,159,448			5,328,708
Foreign currency overdraft (cost $209,216)		—			—			—			—			209,219
Securities sold short, at value (proceeds $1,620,440,640, and $397,697,710)		1,922,228,797			—			377,082,680			—			—
Options written, at value (premium $211,332,844, $3,297,666, $12,976,517, and $246,215)		154,874,923			2,384,038			15,712,705			509,320			—
Unrealized depreciation on forward foreign currency contracts		44,142			—			—			9,628			—
Payables:
Investments purchased		30,170,179			843,827			60,420,027			17,509,150			—
Fund shares redeemed		7,060,808			76,034			3,199,462			911,964			258,056
Dividends payable		469			—			—			16			—
Affiliates:
Investment advisory fees		3,694,884			69,764			1,217,416			392,101			100,740
Distribution fees		26,672			103			4,274			9,806			362
Deferred compensation to trustees		150,048			4,734			—			160,487			4,825
Financial accounting fees		64,302			1,070			11,547			6,098			1,364
Trustees’ fees and officer compensation		48,943			1,904			6,411			6,636			2,574
Other accounts payable and accrued liabilities		1,484,033			46,901			217,647			150,735			43,003
Total liabilities		2,522,263,816			4,090,941			549,248,519			79,103,215			6,285,929
NET ASSETS	$	6,705,841,204		$	97,356,511		$	1,164,355,984		$	615,541,169		$	136,237,997
COMPOSITION OF NET ASSETS
Paid in capital	$	6,457,503,118		$	96,349,727		$	1,183,584,817		$	525,022,516		$	130,659,723
Undistributed net investment income (loss)		24,117,951			108,525			(22,441	)		6,332,351			2,114,331
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options, short positions and total return swaps		75,755,196			(507,060	)		27,611,846			76,608,978			7,566,065
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		148,464,939			1,405,319			(46,818,238	)		7,577,324			(4,102,122	)
NET ASSETS	$	6,705,841,204		$	97,356,511		$	1,164,355,984		$	615,541,169		$	136,237,997
CLASS A SHARES†
Net assets applicable to shares outstanding	$	743,925,258		$	5,151,139		$	108,730,042		$	210,845,026		$	11,184,254
Shares outstanding		55,033,805			450,127			8,952,488			11,643,468			1,034,537
Net asset value and redemption price per share	$	13.52		$	11.44		$	12.15		$	18.11		$	10.81
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	13.83	#	$	12.01		$	12.76		$	18.53	#	$	11.06	#
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	303,416,818		$	616,231		$	52,168,892		$	128,919,801		$	3,884,088
Shares outstanding		22,106,509			54,306			4,378,330			7,194,587			363,177
Net asset value and redemption price per share	$	13.73		$	11.35		$	11.92		$	17.92		$	10.69
CLASS I SHARES†
Net assets applicable to shares outstanding	$	5,658,499,128		$	91,589,141		$	1,003,457,050		$	275,776,342		$	121,169,655
Shares outstanding		423,460,684			7,997,596			82,034,370			16,994,170			11,201,616
Net asset value and redemption price per share	$	13.36		$	11.45		$	12.23		$	16.23		$	10.82

† No par value; unlimited number of shares authorized.

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

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

See accompanying Notes to Financial Statements www.calamos.com 147

Statements of Assets and Liabilities    October 31, 2018

	GROWTH FUND			GROWTH AND INCOME FUND		DIVIDEND GROWTH FUND		OPPORTUNISTIC VALUE FUND
ASSETS
Investments in securities, at cost	$	1,217,903,905		$	1,619,741,167	$	18,210,272	$	45,183,801
Investment in securities, at value	$	1,517,709,876		$	2,027,197,603	$	23,881,249	$	48,656,623
Restricted cash for short positions (interest bearing)		29,798			—		—		—
Unrealized appreciation on forward foreign currency contracts		—			75,791		—		—
Receivables:
Accrued interest and dividends		821,077			3,291,529		20,248		40,332
Investments sold		1,579,594			4,346,049		113,750		1,199,478
Fund shares sold		101,535			1,662,621		—		10,108
Due from investment advisor		—			—		—		14,119
Prepaid expenses		39,304			51,047		20,761		7,036
Other assets		638,091			445,175		8,859		10,006
Total assets		1,520,919,275			2,037,069,815		24,044,867		49,937,702
LIABILITIES
Due to Investment advisor		—			—		10,124		—
Collateral for securities loaned		29,199,351			52,557,957		—		966,475
Foreign currency overdraft		—			—		—		—
Options written, at value (premium $374,781, and $42,474)		448,405			—		—		145,925
Unrealized depreciation on forward foreign currency contracts		—			8,651		—		—
Payables:
Investments purchased		24,043,654			2,318,490		20,781		1,174,102
Fund shares redeemed		1,318,630			1,502,951		—		12,664
Affiliates:
Investment advisory fees		1,166,037			1,184,687		21,009		41,497
Distribution fees		29,095			38,301		87		521
Deferred compensation to trustees		604,438			445,175		8,859		10,006
Financial accounting fees		14,944			19,851		241		478
Trustees’ fees and officer compensation		17,075			20,861		1,988		2,184
Other accounts payable and accrued liabilities		542,571			524,156		21,742		25,007
Total liabilities		57,384,200			58,621,080		84,831		2,378,859
NET ASSETS	$	1,463,535,075		$	1,978,448,735	$	23,960,036	$	47,558,843
COMPOSITION OF NET ASSETS
Paid in capital	$	960,041,688		$	1,454,091,089	$	17,382,394	$	37,080,584
Undistributed net investment income (loss)		(614,598	)		3,120,200		31,765		189,191
Accumulated net realized gain (loss) on investments, foreign currency transactions and written options		204,377,017			113,713,870		874,900		6,919,697
Unrealized appreciation (depreciation) of investments, foreign currency translations and written options		299,730,968			407,523,576		5,670,977		3,369,371
NET ASSETS	$	1,463,535,075		$	1,978,448,735	$	23,960,036	$	47,558,843
CLASS A SHARES†
Net assets applicable to shares outstanding	$	851,590,424		$	832,433,350	$	2,346,710	$	21,348,663
Shares outstanding		25,699,009			25,586,136		190,135		1,389,080
Net asset value and redemption price per share	$	33.14		$	32.53	$	12.34	$	15.37
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	34.79		$	34.15	$	12.96	$	16.14
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	329,883,455		$	502,593,146	$	1,027,915	$	4,318,188
Shares outstanding		15,708,699			15,372,522		85,038		313,485
Net asset value and redemption price per share	$	21.00		$	32.69	$	12.09	$	13.77
CLASS I SHARES†
Net assets applicable to shares outstanding	$	282,061,196		$	643,422,239	$	20,585,411	$	21,891,992
Shares outstanding		6,487,434			20,570,125		1,669,637		1,385,706
Net asset value and redemption price per share	$	43.48		$	31.28	$	12.33	$	15.80

† No par value; unlimited number of shares authorized.

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

148 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Statements of Assets and Liabilities    October 31, 2018

	INTERNATIONAL GROWTH FUND		EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND			GLOBAL GROWTH AND INCOME FUND
ASSETS
Investments in securities, at cost	$	225,670,462	$	200,152,804		$	16,479,678		$	82,050,095		$	181,119,807
Investment in securities, at value	$	234,931,813	$	210,753,232		$	16,812,107		$	98,378,348		$	193,812,557
Foreign currency (cost $2)		—		2			—			—			—
Restricted cash for open forward foreign currency contracts		320,000		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		5,161		—			—			—			—
Receivables:
Accrued interest and dividends		924,553		378,296			10,072			126,034			567,938
Investments sold		2,939,683		3,309,899			35,037			461,767			2,488,308
Fund shares sold		187,297		259,897			—			69,815			31,505
Due from investment advisor		96,669		—			6,529			7,610			—
Prepaid expenses		25,788		25,851			2,688			15,075			25,206
Other assets		9,273		—			8,857			76,675			213,596
Total assets		239,440,237		214,727,177			16,875,290			99,135,324			197,139,110
LIABILITIES
Collateral for securities loaned		735,881		5,610,193			2,543,388			404,808			1,965,061
Foreign currency overdraft		—		—			—			—			—
Foreign currency overdraft (cost $603,635)		602,887		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		397,697		—			—			—			—
Payables:
Investments purchased		3,748,629		4,022,914			282,464			1,995,543			4,048,408
Fund shares redeemed		262,637		225,952			79			69,980			304,654
Affiliates:
Investment advisory fees		210,054		199,490			13,531			86,196			167,567
Distribution fees		1,898		1,418			75			949			3,788
Deferred compensation to trustees		9,273		—			8,857			76,675			213,596
Financial accounting fees		2,418		2,087			142			992			1,929
Trustees’ fees and officer compensation		3,825		4,591			1,934			2,759			3,404
Other accounts payable and accrued liabilities		114,968		129,327			25,395			43,832			94,175
Total liabilities		6,090,167		10,195,972			2,875,865			2,681,734			6,802,582
NET ASSETS	$	233,350,070	$	204,531,205		$	13,999,425		$	96,453,590		$	190,336,528
COMPOSITION OF NET ASSETS
Paid in capital	$	201,089,079	$	215,091,637		$	16,228,241		$	61,626,799		$	158,985,607
Undistributed net investment income (loss)		78,000		(76,789	)		(8,030	)		(125,369	)		374,066
Accumulated net realized gain (loss) on investments, foreign currency transactions and written options		23,330,088		(21,066,073	)		(2,553,383	)		18,623,777			18,292,485
Unrealized appreciation (depreciation) of investments and foreign currency translations		8,852,903		10,582,430			332,597			16,328,383			12,684,370
NET ASSETS	$	233,350,070	$	204,531,205		$	13,999,425		$	96,453,590		$	190,336,528
CLASS A SHARES†
Net assets applicable to shares outstanding	$	59,566,410	$	34,677,501		$	4,479,256		$	27,489,059		$	63,068,906
Shares outstanding		3,290,745		2,765,404			524,358			2,019,973			7,015,778
Net asset value and redemption price per share	$	18.10	$	12.54		$	8.54		$	13.61		$	8.99
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	19.00	$	13.17		$	8.97		$	14.29		$	9.44
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	20,448,956	$	17,739,468		$	284,445		$	10,886,601		$	54,424,905
Shares outstanding		1,248,449		1,506,320			34,214			882,510			6,821,924
Net asset value and redemption price per share	$	16.38	$	11.78		$	8.31		$	12.34		$	7.98
CLASS I SHARES†
Net assets applicable to shares outstanding	$	153,312,371	$	152,114,236		$	9,235,724		$	58,077,930		$	72,842,717
Shares outstanding		8,265,807		12,041,177			1,076,616			4,168,603			7,873,836
Net asset value and redemption price per share	$	18.55	$	12.63		$	8.58		$	13.93		$	9.25
CLASS R6 SHARES†
Net assets applicable to shares outstanding	$	22,333	$	—		$	—		$	—		$	—
Shares Outstanding		1,197		—			—			—			—
Net asset value and redemption price per share	$	18.66	$	—		$	—		$	—		$	—

† No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements www.calamos.com 149

Statements of Assets and Liabilities    October 31, 2018

	TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
ASSETS
Investments in securities, at cost	$	63,841,787		$	64,061,719		$	15,846,854
Investment in securities, at value	$	62,036,352		$	61,671,616		$	15,809,810
Cash with custodian (interest bearing)		2,981			6,675			456
Receivables:
Accrued interest and dividends		403,113			833,132			106,780
Investments sold		—			369,801			—
Fund shares sold		10,427			5,414			—
Due from investment advisor		—			—			20,760
Prepaid expenses		18,975			19,380			38
Deferred offering costs		—			—			105,681
Other assets		74,973			104,075			—
Total assets		62,546,821			63,010,093			16,043,525
LIABILITIES
Due to Investment advisor		16,003			1,600			—
Collateral for securities loaned		5,533,827			12,583,224			472,778
Foreign currency overdraft		—			—			—
Payables:
Investments purchased		376,875			250,313			376,875
Fund shares redeemed		70,320			189,100			1,899
Dividends payable		12,665			14,908			2
Affiliates:
Investment advisory fees		21,995			25,841			3,848
Distribution fees		587			980			—
Deferred compensation to trustees		74,973			104,075			—
Financial accounting fees		563			495			147
Trustees’ fees and officer compensation		2,315			2,231			45
Other accounts payable and accrued liabilities		27,312			77,190			44,956
Total liabilities		6,137,435			13,249,957			900,550
NET ASSETS	$	56,409,386		$	49,760,136		$	15,142,975
COMPOSITION OF NET ASSETS
Paid in capital	$	59,123,205		$	61,170,267		$	15,179,104
Undistributed net investment income (loss)		(71,478	)		(197,961	)		6,246
Accumulated net realized gain (loss) on investments and written options		(836,906	)		(8,822,067	)		(5,331	)
Unrealized appreciation (depreciation) of investments		(1,805,435	)		(2,390,103	)		(37,044	)
NET ASSETS	$	56,409,386		$	49,760,136		$	15,142,975
CLASS A SHARES†
Net assets applicable to shares outstanding	$	17,108,643		$	32,282,362		$	25,021
Shares outstanding		1,744,558			3,855,568			2,508
Net asset value and redemption price per share	$	9.81		$	8.37		$	9.98
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	10.04	#	$	8.56	#	$	10.21	#
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	6,412,530		$	9,772,019		$	—
Shares outstanding		653,746			1,107,550			—
Net asset value and redemption price per share	$	9.81		$	8.82		$	—
CLASS I SHARES†
Net assets applicable to shares outstanding	$	32,888,213		$	7,705,755		$	15,117,954
Shares outstanding		3,353,061			920,316			1,515,411
Net asset value and redemption price per share	$	9.81		$	8.37		$	9.98

† No par value; unlimited number of shares authorized.

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

# 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.

150 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Statements of Operations    Year Ended October 31, 2018

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY INCOME FUND			PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
INVESTMENT INCOME
Interest	$	114,118,878		$	—		$	5,142,147		$	16,949,390		$	4,720,103
Dividends		71,116,947			940,249			14,429,731			5,597,740			773,237
Securities lending income		8,016,792			598			261,494			177,667			26,872
Dividend taxes withheld		(91,875	)		—			(288,459	)		—			—
Total investment income		193,160,742			940,847			19,544,913			22,724,797			5,520,212
EXPENSES
Investment advisory fees		36,719,872			370,507			11,698,243			4,499,419			1,087,399
Distribution fees
Class A		1,750,351			48,436			260,870			548,829			35,398
Class C		2,868,764			2,787			459,750			1,410,422			36,495
Class R		9,734	(a)		—			—			2,651	(a)		13	(a)
Dividend or interest expense on short positions		9,895,777			—			5,850,632			—			—
Transfer agent fees		5,318,144			52,576			922,158			596,003			120,098
Financial accounting fees		638,634			5,695			110,593			70,069			14,765
Printing and mailing fees		575,130			21,367			134,812			70,571			18,678
Accounting fees		341,543			16,412			62,307			45,305			21,409
Trustees’ fees and officer compensation		258,859			13,224			55,803			37,429			17,592
Legal fees		239,293			14,567			49,749			32,126			17,002
Audit fees		191,785			10,324			46,839			25,759			12,582
Custodian fees		183,540			46,596			114,312			3,618			10,784
Registration fees		181,771			57,360			109,758			89,642			71,357
Other		427,003			5,021			38,060			41,926			13,343
Total expenses		59,600,200			664,872			19,913,886			7,473,769			1,476,915
Less expense reductions		—			(119,218	)		—			—			(6,281	)
Net expenses		59,600,200			545,654			19,913,886			7,473,769			1,470,634
NET INVESTMENT INCOME (LOSS)		133,560,542			395,193			(368,973	)		15,251,028			4,049,578
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		214,898,013			(639,916	)		44,885,627			63,470,706			3,550,790
Purchased options		21,132,553			504,582			(34,366,637	)		(763,474	)		883,944
Foreign currency transactions		922,460			—			182,802			(11,094	)		2,039
Forward foreign currency contracts		5,773,601			—			—			45,996			—
Written options		(187,900,559	)		(212,872	)		35,796,730			1,060,537			120,855
Short positions		(136,694,531	)		—			(12,907,467	)		—			—
Total return swaps		(2,219,363	)		—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(78,519,724	)		(1,862,513	)		(112,820,443	)		(60,673,798	)		(9,072,434	)
Purchased options		9,204,625			119,174			12,508,825			(182,248	)		(158,638	)
Foreign currency translations		(5,961,858	)		—			44,413			1,109			(16,258	)
Forward foreign currency contracts		2,979,532			—			—			75,303			—
Written options		150,754,188			1,408,721			(2,897,828	)		(263,105	)		—
Short positions		72,106,452			—			38,249,392			—			—
NET GAIN (LOSS)		66,475,389			(682,824	)		(31,324,586	)		2,759,932			(4,689,702	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	200,035,931		$	(287,631	)	$	(31,693,559	)	$	18,010,960		$	(640,124	)

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

See accompanying Notes to Financial Statements www.calamos.com 151

Statements of Operations    Year Ended October 31, 2018

	GROWTH FUND			GROWTH AND INCOME FUND			DIVIDEND GROWTH FUND			OPPORTUNISTIC VALUE FUND
INVESTMENT INCOME
Interest	$	—		$	(716,546	)	$	—		$	—
Dividends		17,538,898			38,449,433			490,114			920,827
Securities lending income		153,655			480,483			667			4,204
Dividend taxes withheld		(54,038	)		—			—			(131	)
Total investment income		17,638,515			38,213,370			490,781			924,900
EXPENSES
Investment advisory fees		14,646,119			14,159,993			255,827			514,206
Distribution fees
Class A		2,391,612			2,259,188			5,750			55,781
Class C		3,809,336			5,549,698			10,634			46,335
Class R		8,365	(a)		18,433	(a)		—			257	(a)
Transfer agent fees		2,018,766			2,060,743			14,677			37,529
Financial accounting fees		189,686			238,139			2,953			5,936
Printing and mailing fees		251,596			193,302			12,627			11,603
Accounting fees		99,404			123,966			12,532			15,677
Trustees’ fees and officer compensation		81,977			100,929			12,942			14,096
Legal fees		(455,370	)(b)		72,185			30,208			13,380
Audit fees		53,402			67,342			8,598			9,346
Custodian fees		35,597			35,959			1,325			4,543
Registration fees		81,025			96,068			53,907			64,629
Other		110,541			123,689			3,416			5,741
Total expenses		23,322,056			25,099,634			425,396			799,059
Less expense reductions		—			—			(127,483	)		(233,598	)
Net expenses		23,322,056			25,099,634			297,913			565,461
NET INVESTMENT INCOME (LOSS)		(5,683,541	)		13,113,736			192,868			359,439
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		246,667,600			119,406,100			1,005,910			7,244,846
Purchased options		(7,427,911	)		5,666,108			—			31,569
Foreign currency transactions		(8,332	)		(8,412	)		—			—
Forward foreign currency contracts		—			74,180			—			—
Written options		7,574,821			781,477			—			(8,505	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(135,388,940	)		(34,083,946	)		197,081			(5,345,006	)
Purchased options		383,529			(1,693,147	)		—			275,966
Foreign currency translations		(1,379	)		—			—			—
Forward foreign currency contracts		—			67,140			—			—
Written options		796,351			53,679			—			(103,451	)
NET GAIN (LOSS)		112,595,739			90,263,179			1,202,991			2,095,419
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	106,912,198		$	103,376,915		$	1,395,859		$	2,454,858

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(b) Includes insurance proceeds received of approximately $1.0 million in current year for expenses in prior fiscal year.

152 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Statements of Operations    Year Ended October 31, 2018

	INTERNATIONAL GROWTH FUND(a)			EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND			GLOBAL GROWTH AND INCOME FUND
INVESTMENT INCOME
Interest	$	—		$	743		$	—		$	—		$	2,017,128
Dividends		6,528,908			4,568,987			334,562			1,665,223			3,531,712
Securities lending income		131,960			9,770			3,184			27,658			23,523
Dividend taxes withheld		(608,150	)		(370,518	)		(31,653	)		(109,715	)		(254,491	)
Total investment income		6,052,718			4,208,982			306,093			1,583,166			5,317,872
EXPENSES
Investment advisory fees		3,109,789			3,036,128			191,580			1,165,867			2,186,845
Performance fees		22,237			—			—			22,589			—
Distribution fees
Class A		257,695			119,815			13,767			76,269			185,347
Class C		262,207			235,504			3,732			132,339			656,240
Class R		10,824	(b)		3,947	(b)		—			8,251	(b)		1,861	(b)
Transfer agent fees		360,693			339,327			11,380			123,005			245,097
Financial accounting fees		35,904			31,866			2,011			13,459			25,265
Printing and mailing fees		33,342			40,082			9,540			15,428			54,513
Accounting fees		27,944			27,055			12,401			17,610			24,071
Trustees’ fees and officer compensation		24,689			23,939			12,841			16,924			20,164
Legal fees		89,238			25,333			13,183			26,258			25,121
Audit fees		15,937			15,023			8,477			11,323			14,089
Custodian fees		83,692			145,223			22,278			26,746			33,910
Registration fees		70,832			75,316			57,474			60,109			72,961
Other		41,583			61,296			11,914			32,756			32,699
Total expenses		4,446,606			4,179,854			370,578			1,748,933			3,578,183
Less expense reductions		(598,153	)		—			(91,696	)		(187,877	)		—
Net expenses		3,848,453			4,179,854			278,882			1,561,056			3,578,183
NET INVESTMENT INCOME (LOSS)		2,204,265			29,128			27,211			22,110			1,739,689
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		29,113,757	(c)		33,716,498	(c)		440,027			23,815,847	(c)		16,232,339	(c)
Purchased options		(1,164,907	)		1,785,949			(190,638	)		(758,785	)		3,972,513
Foreign currency transactions		(84,554	)		(310,200	)		(14,091	)		(14,128	)		4,963
Forward foreign currency contracts		(917,906	)		1,618			(377	)		(224,327	)		(248,834	)
Written options		(261,658	)		(1,777,103	)		(3,121	)		48,128			(965,151	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(62,772,571	)(d)		(70,248,286	)(d)		(3,667,477	)		(24,922,585	)(d)		(24,443,012	)(d)
Purchased options		(84,690	)		748,526			(20,962	)		(13,288	)		(1,573,078	)
Foreign currency translations		(16,258	)		(16,181	)		(93	)		2,304			(461	)
Forward foreign currency contracts		(189,660	)		—			—			28,974			77,062
Written options		—			(151,944	)		—			—			—
NET GAIN (LOSS)		(36,378,447	)		(36,251,123	)		(3,456,732	)		(2,037,860	)		(6,943,659	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,174,182	)	$	(36,221,995	)	$	(3,429,521	)	$	(2,015,750	)	$	(5,203,970	)

(a) International Growth Fund Class R6 commenced operations on September 17, 2018.

(b) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(c) Net of foreign capital gains tax of $155,131, $1,018,322, $102,925, and $178,283, respectively.

(d) Net of change of $1,077,929, $2,039,376, $369,437 and $274,943, respectively in deferred capital gains tax.

See accompanying Notes to Financial Statements www.calamos.com 153

Statements of Operations    Year Ended October 31, 2018

	TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND  FUND(a)
INVESTMENT INCOME
Interest	$	2,171,190		$	3,281,898		$	60,754
Dividends		13,016			154,400			1,102
Securities lending income		8,888			55,873			—
Foreign Taxes Withheld		(197	)		—			—
Total investment income		2,192,897			3,492,171			61,856
EXPENSES
Investment advisory fees		295,133			326,715			5,094
Distribution fees
Class A		48,837			85,802			8
Class C		75,779			114,819			—
Class R		727	(b)		188	(b)		—
Transfer agent fees		57,987			64,156			630
Financial accounting fees		7,572			6,286			277
Printing and mailing fees		12,877			102,298			420
Accounting fees		18,985			22,115			1,801
Trustees’ fees and officer compensation		14,439			14,219			2,856
Legal fees		22,534			21,465			3,570
Audit fees		9,531			11,444			6,090
Custodian fees		3,049			6,389			630
Registration fees		69,470			67,861			—
Organization expense		—			—			2,210
Offering costs		—			—			13,776
Other		10,856			18,145			209
Total expenses		647,776			861,902			37,571
Less expense reductions		(95,007	)		(251,715	)		(30,444	)
Net expenses		552,769			610,187			7,127
NET INVESTMENT INCOME (LOSS)		1,640,128			2,881,984			54,729
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(587,926	)		(556,924	)		356
Purchased options		—			(24,477	)		—
Written options		—			33,542			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(2,567,811	)		(2,175,869	)		(37,044	)
Purchased options		—			4,977			—
Written options		—			(1,949	)		—
NET GAIN (LOSS)		(3,155,737	)		(2,720,700	)		(36,688	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,515,609	)	$	161,284		$	18,041

(a) Short-Term Bond Fund commenced operations on September 19, 2018.

(b) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

154 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY INCOME FUND						PHINEUS LONG/SHORT FUND
	YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017
OPERATIONS
Net investment income (loss)	$	133,560,542		$	91,247,432		$	395,193		$	181,655		$	(368,973	)	$	(2,917,066	)
Net realized gain (loss)		(84,087,826	)		159,536,884			(348,206	)		57,097			33,591,055			6,751,755
Change in unrealized appreciation/(depreciation)		150,563,215			(44,791,816	)		(334,618	)		1,125,060			(64,915,641	)		16,710,433
Net increase (decrease) in net assets resulting from operations		200,035,931			205,992,500			(287,631	)		1,363,812			(31,693,559	)		20,545,122
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(19,790,489	)		(22,723,555	)		(98,050	)		(43,240	)		(963,926	)		(181,954	)
Class B		—			(4,845	)(a)		—			—			—			—	(a)
Class C		(6,104,800	)		(5,494,616	)		(87	)		(425	)		(403,405	)		(55,519	)
Class I		(132,167,069	)		(81,753,034	)		(196,116	)		(113,498	)		(4,970,781	)		(623,093	)
Class R		(126,158	)(b)		(189,266	)		—			(322	)		—			—
Class T(c)		—			(186	)		—			(128	)		—			—
Total distributions		(158,188,516	)		(110,165,502	)(d)		(294,253	)		(157,613	)(e)		(6,338,112	)		(860,566	)(f)
CAPITAL SHARE TRANSACTIONS		1,958,907,302			722,732,603			84,875,022			(6,711,161	)		757,759,541			348,980,675
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,000,754,717			818,559,601			84,293,138			(5,504,962	)		719,727,870			368,665,231
NET ASSETS
Beginning of year	$	4,705,086,487		$	3,886,526,886		$	13,063,373		$	18,568,335		$	444,628,114		$	75,962,883
End of year	$	6,705,841,204		$	4,705,086,487		$	97,356,511		$	13,063,373		$	1,164,355,984		$	444,628,114

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(c) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

(d) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(8,322,047) and $(14,401,508) for Class A, $(178) and $(4,667) for Class B, $(790,382) and $(4,704,234) for Class C, $(40,383,844) and $(41,369,190) for Class I, $(61,200) and $(128,066) for Class R, and $(186) and $— for Class T. The undistributed net investment income (loss) was $(2,241,712) as of the year ended October 31, 2017.

(e) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(43,240) and $— for Class A, $— and $— for Class B, $(425) and $— for Class C, $(113,498) and $— for Class I, $(322) and $— for Class R, and $(128) and $— for Class T. The undistributed net investment income (loss) was $21,782 as of the year ended October 31, 2017.

(f) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $— and $(181,954) for Class A, $— and $— for Class B, $— and $(55,519) for Class C, $— and $(623,093) for Class I, $— and $— for Class R, and $— and $— for Class T. The undistributed net investment income (loss) was $284,868 as of the year ended October 31, 2017.

See accompanying Notes to Financial Statements www.calamos.com 155

Statements of Changes in Net Assets

	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						GROWTH FUND
	YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017
OPERATIONS
Net investment income (loss)	$	15,251,028		$	16,917,797		$	4,049,578		$	2,056,449		$	(5,683,541	)	$	(11,734,027	)
Net realized gain (loss)		63,802,671			23,515,846			4,557,628			4,789,067			246,806,178			284,205,717
Change in unrealized appreciation/(depreciation)		(61,042,739	)		54,024,384			(9,247,330	)		4,879,632			(134,210,439	)		83,347,904
Net increase (decrease) in net assets resulting from operations		18,010,960			94,458,027			(640,124	)		11,725,148			106,912,198			355,819,594
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(9,096,274	)		(4,208,641	)		(486,775	)		(252,762	)		(118,711,102	)		(38,507,349	)
Class B		—			(15,118	)(a)		—			—			—			(202,787	)(a)
Class C		(5,028,361	)		(2,193,115	)		(95,051	)		(18,025	)		(70,806,265	)		(28,962,503	)
Class I		(11,800,923	)		(5,189,389	)		(3,913,214	)		(834,620	)		(28,576,842	)		(9,770,431	)
Class R		(52,590	)(b)		(27,025	)		(245	)(b)		(4,701	)		(690,251	)(b)		(308,256	)
Class T(c)		—			(247	)		—			(135	)		—			—
Total distributions		(25,978,148	)		(11,633,535	)(d)		(4,495,285	)		(1,110,243	)(e)		(218,784,460	)		(77,751,326	)(f)
CAPITAL SHARE TRANSACTIONS		19,548,691			(144,483,552	)		34,679,408			16,514,728			(97,019,944	)		(504,896,240	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,581,503			(61,659,060	)		29,543,999			27,129,633			(208,892,206	)		(226,827,972	)
NET ASSETS
Beginning of year	$	603,959,666		$	665,618,726		$	106,693,998		$	79,564,365		$	1,672,427,281		$	1,899,255,253
End of year	$	615,541,169		$	603,959,666		$	136,237,997		$	106,693,998		$	1,463,535,075		$	1,672,427,281

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(c) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

(d) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(4,208,641) and $— for Class A, $(15,118) and $— for Class B, $(2,193,115) and $— for Class C, $(5,189,389) and $— for Class I, $(27,025) and $— for Class R, and $(247) and $— for Class T. The undistributed net investment income (loss) was $(3,961,053) as of the year ended October 31, 2017.

(e) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(252,762) and $— for Class A, $— and $— for Class B, $(18,025) and $— for Class C, $(834,620) and $— for Class I, $(4,701) and $— for Class R, and $(135) and $— for Class T. The undistributed net investment income (loss) was $(34,049) as of the year ended October 31, 2017.

(f) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $— and $(38,507,349) for Class A, $— and $(202,787) for Class B, $— and $(28,962,503) for Class C, $— and $(9,770,431) for Class I, $— and $(308,256) for Class R, and $— and $— for Class T. The undistributed net investment income (loss) was $(607,467) as of the year ended October 31, 2017.

156 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND						OPPORTUNISTIC VALUE FUND
	YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017
OPERATIONS
Net investment income (loss)	$	13,113,736		$	29,767,679		$	192,868		$	260,519		$	359,439		$	610,984
Net realized gain (loss)		125,919,453			151,411,720			1,005,910			2,499,431			7,267,910			3,541,761
Change in unrealized appreciation/(depreciation)		(35,656,274	)		154,924,702			197,081			3,602,591			(5,172,491	)		6,612,973
Net increase (decrease) in net assets resulting from operations		103,376,915			336,104,101			1,395,859			6,362,541			2,454,858			10,765,718
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(61,831,918	)		(60,595,884	)		(163,449	)		(79,969	)		(737,994	)		(242,435	)
Class B		—			(128,610	)(a)		—			—			—			—	(a)
Class C		(34,200,058	)		(40,963,374	)		(79,037	)		(2,236	)		(155,577	)		(3,013	)
Class I		(41,414,931	)		(35,933,951	)		(1,856,416	)		(155,496	)		(917,598	)		(176,657	)
Class R		(687,487	)(c)		(833,217	)		—			(231	)(b)		(5,402	)(c)		(637	)
Class T(d)		—			(348	)		—			(125	)		—			—
Total distributions		(138,134,394	)		(138,455,384	)(e)		(2,098,902	)		(238,057	)(f)		(1,816,571	)		(422,742	)(g)
CAPITAL SHARE TRANSACTIONS		(46,306,586	)		(338,922,418	)		(607,473	)		(13,080,377	)		(5,531,659	)		(12,041,288	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(81,064,065	)		(141,273,701	)		(1,310,516	)		(6,955,893	)		(4,893,372	)		(1,698,312	)
NET ASSETS
Beginning of year	$	2,059,512,800		$	2,200,786,501		$	25,270,552		$	32,226,445		$	52,452,215		$	54,150,527
End of year	$	1,978,448,735		$	2,059,512,800		$	23,960,036		$	25,270,552		$	47,558,843		$	52,452,215

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class R shares were liquidated on January 23, 2017.

(c) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(d) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

(e) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(24,704,286) and $(35,891,598) for Class A, $(31,165) and $(97,445) for Class B, $(13,019,794) and $(27,943,580) for Class C, $(15,691,834) and $(20,242,117) for Class I, $(320,852) and $(512,365) for Class R, and $(348) and $— for Class T. The undistributed net investment income (loss) was $(5,247,530) as of the year ended October 31, 2017.

(f) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(79,969) and $— for Class A, $— and $— for Class B, $(2,236) and $— for Class C, $(155,496) and $— for Class I, $(231) and $— for Class R, and $(125) and $— for Class T. The undistributed net investment income (loss) was $5,843 as of the year ended October 31, 2017.

(g) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(242,435) and $— for Class A, $— and $— for Class B, $(3,013) and $— for Class C, $(176,657) and $— for Class I, $(637) and $— for Class R, and $— and $— for Class T. The undistributed net investment income (loss) was $139,246 as of the year ended October 31, 2017.

See accompanying Notes to Financial Statements www.calamos.com 157

Statements of Changes in Net Assets

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						EMERGING MARKET EQUITY FUND
	YEAR ENDED OCTOBER 31, 2018(a)			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017
OPERATIONS
Net investment income (loss)	$	2,204,265		$	1,434,072		$	29,128		$	1,850,583		$	27,211		$	29,239
Net realized gain (loss)		26,684,732			26,314,392			33,416,762			7,440,607			231,800			118,973
Change in unrealized appreciation/(depreciation)		(63,063,179	)		43,017,368			(69,667,885	)		51,679,465			(3,688,532	)		3,167,683
Net increase (decrease) in net assets resulting from operations		(34,174,182	)		70,765,832			(36,221,995	)		60,970,655			(3,429,521	)		3,315,895
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(4,300,922	)		—			(8,575	)		—			(9,319	)		—
Class C		(1,129,875	)		—			—			—			—			—
Class I		(6,458,775	)		—			(954,899	)		—			(45,343	)		—
Class R		(267,543	)(b)		—			—	(b)		—			—			—
Total distributions		(12,157,115	)		—	(c)		(963,474	)		—	(d)		(54,662	)		—	(e)
Return of capital
Class A		—			—			(1	)		—			(1	)		—
Class I		—			—			(109	)		—			(7	)		—
Total return of capital		—			—			(110	)		—			(8	)		—
CAPITAL SHARE TRANSACTIONS		(2,477,933	)		(154,256,115	)		(79,460,414	)		(132,140,928	)		399,376			(119,656	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(48,809,230	)		(83,490,283	)		(116,645,993	)		(71,170,273	)		(3,084,815	)		3,196,239
NET ASSETS
Beginning of year	$	282,159,300		$	365,649,583		$	321,177,198		$	392,347,471		$	17,084,240		$	13,888,001
End of year	$	233,350,070		$	282,159,300		$	204,531,205		$	321,177,198		$	13,999,425		$	17,084,240

(a) International Growth Fund Class R6 commenced operations on September 17, 2018.

(b) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(c) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $— and $— for Class A, $— and $— for Class B, $— and $— for Class C, $— and $— for Class I, $— and $— for Class R, and $— and $— for Class T. The undistributed net investment income (loss) was $116,038 as of the year ended October 31, 2017.

(d) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $— and $— for Class A, $— and $— for Class B, $— and $— for Class C, $— and $— for Class I, $— and $— for Class R, and $— and $— for Class T. The undistributed net investment income (loss) was $281,214 as of the year ended October 31, 2017.

(e) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $— and $— for Class A, $— and $— for Class B, $— and $— for Class C, $— and $— for Class I, $— and $— for Class R, and $— and $— for Class T. The undistributed net investment income (loss) was $4,877 as of the year ended October 31, 2017.

158 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	GLOBAL EQUITY FUND						GLOBAL GROWTH AND INCOME FUND						TOTAL RETURN BOND FUND
	YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017
OPERATIONS
Net investment income (loss)	$	22,110		$	61,317		$	1,739,689		$	2,379,096		$	1,640,128		$	1,715,310
Net realized gain (loss)		22,866,735			13,692,064			18,995,830			11,646,069			(587,926	)		728,527
Change in unrealized appreciation/(depreciation)		(24,904,595	)		17,340,054			(25,939,489	)		21,181,925			(2,567,811	)		(1,965,302	)
Net increase (decrease) in net assets resulting from operations		(2,015,750	)		31,093,435			(5,203,970	)		35,207,090			(1,515,609	)		478,535
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(2,369,038	)		(1,256,480	)		(4,633,084	)		(587,603	)		(628,147	)		(952,087	)
Class B		—			(6,812	)(a)		—			(3,262	)(a)		—			(3,929	)(a)
Class C		(1,306,602	)		(732,328	)		(4,392,776	)		(631,481	)		(192,264	)		(208,350	)
Class I		(7,611,885	)		(3,617,965	)		(4,640,349	)		(1,258,741	)		(1,298,630	)		(768,586	)
Class R		(472,463	)(b)		(195,399	)		(74,198	)(b)		(8,328	)		(5,977	)(b)		(7,703	)
Class T(c)		—			—			—			(19	)		—			(338	)
Total distributions		(11,759,988	)		(5,808,984	)(d)		(13,740,407	)		(2,489,434	)(e)		(2,125,018	)		(1,940,993	)(f)
Return of capital
Class A		—			—			—			—			(52,753	)		—
Class C		—			—			—			—			(15,293	)		—
Class I		—			—			—			—			(111,460	)		—
Class R		—			—			—			—			(414	)		—
Total return of capital		—			—			—			—			(179,920	)		—
CAPITAL SHARE TRANSACTIONS		(22,045,459	)		(30,788,750	)		(13,750,518	)		(110,935,787	)		(11,492,890	)		(23,691,788	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(35,821,197	)		(5,504,299	)		(32,694,895	)		(78,218,131	)		(15,313,437	)		(25,154,246	)
NET ASSETS
Beginning of year	$	132,274,787		$	137,779,086		$	223,031,423		$	301,249,554		$	71,722,823		$	96,877,069
End of year	$	96,453,590		$	132,274,787		$	190,336,528		$	223,031,423		$	56,409,386		$	71,722,823

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(c) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

(d) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $— and $(1,256,480) for Class A, $— and $(6,812) for Class B, $— and $(732,328) for Class C, $— and $(3,617,965) for Class I, $— and $(195,399) for Class R, and $— and $— for Class T. The undistributed net investment income (loss) was $61,718 as of the year ended October 31, 2017.

(e) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(62,313) and $(525,290) for Class A, $— and $(3,262) for Class B, $— and $(631,481) for Class C, $(490,123) and $(768,618) for Class I, $(201) and $(8,127) for Class R, and $(19) and $— for Class T. The undistributed net investment income (loss) was $(321,787) as of the year ended October 31, 2017.

(f) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(905,067) and $(47,020) for Class A, $(3,434) and $(495) for Class B, $(195,065) and $(13,285) for Class C, $(750,341) and $(18,245) for Class I, $(7,392) and $(311) for Class R, and $(338) and $— for Class T. The undistributed net investment income (loss) was $6,037 as of the year ended October 31, 2017.

See accompanying Notes to Financial Statements www.calamos.com 159

Statements of Changes in Net Assets

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
	YEAR ENDED OCTOBER 31, 2018			YEAR ENDED OCTOBER 31, 2017			PERIOD ENDED OCTOBER 31, 2018(a)
OPERATIONS
Net investment income (loss)	$	2,881,984		$	2,830,872		$	54,729
Net realized gain (loss)		(547,859	)		298,201			356
Change in unrealized appreciation/(depreciation)		(2,172,841	)		1,517,692			(37,044	)
Net increase (decrease) in net assets resulting from operations		161,284			4,646,765			18,041
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(2,078,697	)		(1,791,822	)		(81	)
Class B		—			(3,444	)(b)		—
Class C		(565,261	)		(562,447	)		—
Class I		(537,734	)		(487,920	)		(54,089	)
Class R		(1,704	)(c)		(7,164	)		—
Class T		—			(702	)(d)		—
Total distributions		(3,183,396	)		(2,853,499	)		(54,170	)
CAPITAL SHARE TRANSACTIONS		(7,003,095	)		(16,247,787	)(e)		15,179,104
TOTAL INCREASE (DECREASE) IN NET ASSETS		(10,025,207	)		(14,454,521	)		15,142,975
NET ASSETS
Beginning of year	$	59,785,343		$	74,239,864		$	—
End of year	$	49,760,136		$	59,785,343		$	15,142,975

(a) Short-Term Bond Fund commenced operations on September 19, 2018.

(b) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(c) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(d) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

(e) Included in total distributions for net investment income and net realized gains, respectively, as of the year ended October 31, 2017 was $(1,791,822) and $— for Class A, $(3,444) and $— for Class B, $(562,447) and $— for Class C, $(487,920) and $— for Class I, $(7,164) and $— for Class R, and $(702) and $— for Class T. The undistributed net investment income (loss) was $27,892 as of the year ended October 31, 2017.

160 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT See accompanying Notes to Financial Statements

Notes to Financial Statements

Note 1 – Organization and Significant Accounting Policies

Organization.  CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the “Trust”), consists of seventeen series, Market Neutral Income Fund, Hedged Equity Income Fund, Phineus Long/Short Fund, Convertible Fund, Global Convertible Fund, Growth Fund, Growth and Income Fund, Dividend Growth Fund, Opportunistic Value Fund, International Growth Fund, Evolving World Growth Fund, Emerging Market Equity Fund, Global Equity Fund, Global Growth and Income Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (commenced operations on September 19, 2018), (each a “Fund” and collectively the “Funds”). The Trust is registered under the Investment Company Act of 1940 as amended (the “1940 Act”) as an open-end management investment company. The Trust currently offers Class A, Class C, and Class I shares of each of the Funds. Class R6 shares are offered in International Growth Fund only.

Significant Accounting Policies.  The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds’ are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. The Funds adhere to the accounting and reporting requirements set forth in ASU 2013-08 and ASC 946. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Fund Valuation.  The valuation of the Funds’ investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, certain convertible preferred securities and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

www.calamos.com 161

Notes to Financial Statements

Each Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Investment Transactions.  Investment transactions are recorded on a trade date basis as of October 31, 2018. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

Foreign Currency Translation.  Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

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

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

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

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

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

The Fund recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2014—2017 remain subject to

162 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

examination by the U.S. and the State of Illinois tax jurisdictions for those Funds that have been in existence during that time, and for all years since inception for those Funds created subsequent to October 31, 2013.

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

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

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

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

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

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

The average investment advisory fee as of the year or period ended October 31, 2018 was as follows:

FUND	PERCENTAGE
Market Neutral Income Fund		0.66	%
Hedged Equity Income Fund		0.75
Phineus Long/Short Fund		1.22
Convertible Fund		0.74
Global Convertible Fund		0.85
Growth Fund		0.89
Growth and Income Fund		0.69
Dividend Growth Fund		1.00
Opportunistic Value Fund		1.00
International Growth Fund		1.01
Evolving World Growth Fund		1.10
Emerging Market Equity Fund		1.10
Global Equity Fund		1.01
Global Growth and Income Fund		1.00
Total Return Bond Fund		0.45
High Income Opportunities Fund		0.60
Short-Term Bond Fund		0.30	*

* Annualized.

www.calamos.com 163

Notes to Financial Statements

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

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

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

Pursuant to a financial accounting services agreement, during the year the Funds paid Calamos Advisors a fee for financial accounting services payable monthly at the annual rate of 0.0175% on the first $1 billion of combined assets, 0.0150% on the next $1 billion of combined assets and 0.0110% on combined assets above $2 billion (for purposes of this calculation “combined assets” means the sum of the total average daily net assets of Calamos Investment Trust and Calamos Advisors Trust and the total average weekly managed assets of Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Convertible Opportunities and Income Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund and Calamos Dynamic Convertible and Income Fund). Financial accounting services include, but are not limited to, the following: managing expenses and expense payment processing; monitoring the calculation of expense accrual amounts; calculating, tracking and reporting tax adjustments on all assets; and monitoring trustee deferred compensation plan accruals and valuations. The Funds pay their pro rata share of the financial accounting services fee payable to Calamos Advisors based on their relative portion of combined assets used in calculating the fee. On October 12, 2018, the Board of Trustees approved terminating the financial accounting services agreement between the Funds and Calamos Advisors effective November 1, 2018. Effective November 1, 2018, the Funds entered into an agreement with Ernst & Young LLP (“EY”) to provide certain tax services to the Funds. The tax services include the following: calculating, tracking and reporting tax adjustments on all assets of each Fund, including but not limited to contingent debt and preferred trust obligations; preparing excise tax and fiscal year distribution schedules; preparing tax information required for financial statement footnotes; preparing state and federal income tax returns; preparing specialized calculations of amortization on convertible securities; preparing year-end dividend disclosure information; providing treaty-based foreign withholding tax reclaim services; providing certain global compliance and reporting services; providing a match service and analysis of the “passive foreign investment company status of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax impact on the Funds’ holdings. Effective November 1, 2018, the Funds entered into an agreement with State Street pursuant to which State Street provides certain administration treasury services to the Funds. These services include: monitoring the calculation of expense accrual amounts for each Fund and making any necessary modifications; managing the Fund’s expenses and expense payment processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain distributions; coordinating the audits for each Fund; preparing financial reporting statements for each Fund; preparing certain regulatory filings; and calculating asset coverage tests for certain Calamos Funds.

The Funds reimburses Calamos Advisors for a portion of compensation paid to the Trust’s Chief Compliance Officer. This compensation is reported as part of the “Trustees’ fees and officer compensation” expense on the Statements of Operations.

164 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of each Fund as a percentage of the average daily net assets as follows:

Fund	CLASS A SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R6 SHARES
Market Neutral Income Fund		1.75%		2.50%		1.50%		—
Hedged Equity Income Fund		1.25%		2.00%		1.00%		—
Phineus Long/Short Fund		2.00%		2.75%		1.75%		—
Convertible Fund		1.75%		2.50%		1.50%		—
Global Convertible Fund		1.35%		2.10%		1.10%		—
Growth Fund		1.75%		2.50%		1.50%		—
Growth and Income Fund		1.75%		2.50%		1.50%		—
Dividend Growth Fund		1.35%		2.10%		1.10%		—
Opportunistic Value Fund		1.15%		1.90%		0.90%		—
International Growth Fund		1.10%		1.85%		0.85%		0.85% less the annual sub-transfer agency ratio	*
Evolving World Growth Fund		1.75%		2.50%		1.50%		—
Emerging Market Equity Fund		1.75%		2.50%		1.50%		—
Global Equity Fund		1.40%		2.15%		1.15%		—
Global Growth and Income Fund		1.75%		2.50%		1.50%		—
Total Return Bond Fund		0.90%		1.65%		0.65%		—
High Income Opportunities Fund		1.00%		1.75%		0.75%		—
Short-Term Bond Fund		0.65%		—		0.40%		—

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

These agreements are binding on Calamos Advisors through March 1, 2022.

For the year or period ended October 31, 2018, Calamos Advisors waived or absorbed the following expenses:

FUND	AMOUNT
Hedged Equity Income Fund	$	119,218
Global Convertible Fund		6,281
Dividend Growth Fund		127,483
Opportunistic Value Fund		233,598
International Growth Fund		598,153
Emerging Market Equity Fund		91,696
Global Equity Fund		187,877
Total Return Bond Fund		95,007
High Income Opportunities Fund		251,715
Short-Term Bond Fund		30,444

These amounts are included in the Statements of Operations under the caption “Expense reductions”.

As Distributor, Calamos Financial Services LLC (“CFS”) assumed all expenses of personnel, office space, office facilities and equipment incidental to such service. Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act whereby the Fund pays to CFS a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets of the Fund’s Class A shares; a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75% of the average daily net assets of the Fund’s Class B and Class C shares; a service fee at the annual rate of 0.25% and a distribution fee of 0.25% of the average daily net assets of the Fund’s Class R shares. No such fees are paid on each Fund’s Class I or Class R6 shares.

www.calamos.com 165

Notes to Financial Statements

CFS also receives a sales commission and/or an underwriting fee on certain sales of each Fund’s Class A shares. During the year or period ended October 31, 2018, CFS received commissions and underwriting fees as follows:

FUND	AMOUNT
Market Neutral Income Fund	$	34,016
Hedged Equity Income Fund		2,382
Phineus Long/Short Fund		139,413
Convertible Fund		10,996
Global Convertible Fund		880
Growth Fund		40,057
Growth and Income Fund		84,218
Dividend Growth Fund		446
Opportunistic Value Fund		1,548
International Growth Fund		11,862
Evolving World Growth Fund		12,506
Emerging Market Equity Fund		62
Global Equity Fund		3,988
Global Growth and Income Fund		6,112
Total Return Bond Fund		78
High Income Opportunities Fund		616
Short-Term Bond Fund		—

A trustee and certain officers of the Trust are also officers and directors of CFS and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Trust’s Statement of Additional Information contains additional information about the Trust’s Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

As of October 31, 2018, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:

FUND	PERCENTAGE
Hedged Equity Income Fund		33	%
Opportunistic Value Fund		40
Emerging Market Equity Fund		88

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

166 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

At October 31, 2018, the Funds had deferred compensation balances, which are included in “Other assets” on the Statements of Assets and Liabilities, as follows:

FUND	AMOUNT
Market Neutral Income Fund	$	150,048
Hedged Equity Income Fund		4,734
Convertible Fund		160,487
Global Convertible Fund		4,825
Growth Fund		604,438
Growth and Income Fund		445,175
Dividend Growth Fund		8,859
Opportunistic Value Fund		10,006
International Growth Fund		9,273
Emerging Market Equity Fund		8,857
Global Equity Fund		76,675
Global Growth and Income Fund		213,596
Total Return Bond Fund		74,973
High Income Opportunities Fund		104,075

Each Fund’s obligation to make payments under the Plan is a general obligation of the Fund and is included in “Payable for deferred compensation to trustees” on the Statements of Assets and Liabilities at October 31, 2018.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments for the year or period ended October 31, 2018 were as follows:

	COST OF PURCHASES				PROCEEDS FROM SALES
FUND	U.S. GOV’T SECURITIES		OTHER		U.S. GOV’T SECURITIES		OTHER
Market Neutral Income Fund	$	—	$	6,206,300,392	$	—	$	4,958,056,241
Hedged Equity Income Fund		—		151,069,518		—		69,492,498
Phineus Long/Short Fund		—		3,505,622,364		—		2,837,386,869
Convertible Fund		18,124,102		403,722,139		—		419,880,335
Global Convertible Fund		2,518,980		63,828,445		—		37,606,618
Growth Fund		—		1,142,876,010		—		1,391,200,569
Growth and Income Fund		19,289,840		475,066,473		—		637,315,502
Dividend Growth Fund		—		2,685,657		—		4,818,454
Opportunistic Value Fund		—		60,458,204		—		66,439,848
International Growth Fund		—		330,431,169		—		358,659,567
Evolving World Growth Fund		—		256,821,404		—		339,792,848
Emerging Market Equity Fund		—		16,705,683		—		17,050,062
Global Equity Fund		—		92,616,607		—		129,441,096
Global Growth and Income Fund		6,260,406		150,857,685		—		187,393,019
Total Return Bond Fund		11,959,355		29,422,113		22,190,660		29,970,034
High Income Opportunities Fund		—		29,380,387		—		40,698,304
Short-Term Bond Fund		—		14,738,915		—		455,334

The following information is presented on a federal income tax basis as of October 31, 2018. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

www.calamos.com 167

Notes to Financial Statements

The cost basis of investments for federal income tax purposes at October 31, 2018 was as follows:

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Market Neutral Income Fund	$	4,864,991,101	$	855,071,101	$	(682,637,732	)	$	172,433,369
Hedged Equity Income Fund		97,759,499		4,923,324		(6,530,223	)		(1,606,899	)
Phineus Long/Short Fund		917,532,516		55,720,058		(112,334,896	)		(56,614,838	)
Convertible Fund		654,080,389		34,907,286		(15,738,693	)		19,168,593
Global Convertible Fund		138,835,834		5,712,180		(6,124,870	)		(412,690	)
Growth Fund		1,217,721,980		372,978,470		(73,438,979	)		299,539,491
Growth and Income Fund		1,629,247,247		468,078,711		(70,128,355	)		397,950,356
Dividend Growth Fund		18,209,189		6,402,073		(730,013	)		5,672,060
Opportunistic Value Fund		45,207,012		4,517,169		(1,213,483	)		3,303,686
International Growth Fund		226,471,614		20,394,026		(11,933,827	)		8,460,199
Evolving World Growth Fund		200,152,869		22,159,823		(11,559,460	)		10,600,363
Emerging Market Equity Fund		16,497,190		1,322,710		(1,007,793	)		314,917
Global Equity Fund		82,144,725		19,289,155		(3,055,532	)		16,233,623
Global Growth and Income Fund		180,354,001		22,285,144		(8,826,588	)		13,458,556
Total Return Bond Fund		63,919,807		70,427		(1,953,881	)		(1,883,455	)
High Income Opportunities Fund		64,269,183		335,045		(2,932,612	)		(2,597,567	)
Short-Term Bond Fund		15,852,553		1,647		(44,390	)		(42,743	)

Note 4 – Income Taxes

For the fiscal year ended October 31, 2018, the Fund recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.

FUND	PAID-IN CAPITAL			ACCUMULATED UNDISTRIBUTED/ (OVERDISTRIBUTED) NET INVESTMENT INCOME			ACCUMULATED NET REALIZED GAIN/(LOSS) ON INVESTMENTS
Market Neutral Income Fund	$	(8,253,322	)	$	(29,821,727	)	$	38,075,049
Hedged Equity Income Fund		223			(14,197	)		13,974
Phineus Long/Short Fund		2,033,187			77,019			(2,110,206	)
Convertible Fund		(3,651,486	)		2,943,900			707,586
Global Convertible Fund		(1,116,980	)		(693,030	)		1,810,010
Growth Fund		34,957,588			5,676,410			(40,633,998	)
Growth and Income Fund		5,451,665			16,455,457			(21,907,122	)
Dividend Growth Fund		141,265			(9,799	)		(131,466	)
Opportunistic Value Fund		460,104			(89,747	)		(370,357	)
International Growth Fund		5,383,046			(2,242,303	)		(3,140,743	)
Evolving World Growth Fund		(1,445,506	)		576,453			869,053
Emerging Market Equity Fund		(31,691	)		14,552			17,139
Global Equity Fund		4,332,420			(116,280	)		(4,216,140	)
Global Growth and Income Fund		1,877,276			(393,551	)		(1,483,725	)
Total Return Bond Fund		(179,920	)		234,914			(54,994	)
High Income Opportunities Fund		—			75,559			(75,559	)
Short-Term Bond Fund		—			5,687			(5,687	)

168 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

Distributions were characterized for federal income tax purposes as follows:

	YEAR OR PERIOD ENDED October 31, 2018						YEAR ENDED October 31, 2017
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		ORDINARY INCOME		LONG-TERM CAPITAL GAIN
Market Neutral Income Fund	$	77,379,152	$	80,809,364	$	—	$	73,358,003	$	36,807,499
Hedged Equity Income Fund		294,253		223		—		157,613		—
Phineus Long/Short Fund		4,847,673		3,469,521		—		817,252		153,764
Convertible Fund		10,520,105		18,076,624		—		11,633,535		2,859,294
Global Convertible Fund		1,935,321		2,717,363		—		1,110,243		—
Growth Fund		34,957,588		218,784,460		—		43,408,854		87,653,493
Growth and Income Fund		30,462,496		116,932,931		—		52,285,501		100,114,190
Dividend Growth Fund		157,148		2,083,020		—		342,454		417,354
Opportunistic Value Fund		679,851		1,596,824		—		632,156		—
International Growth Fund		2,007,704		16,295,738		—		1,751,387		942,337
Evolving World Growth Fund		2,351,175		—		110		1,217,623		—
Emerging Market Equity Fund		86,283		—		8		28,948		—
Global Equity Fund		2,634,875		13,457,533		—		1,929,356		5,808,984
Global Growth and Income Fund		2,786,565		13,090,122		—		1,594,228		2,623,228
Total Return Bond Fund		1,692,483		352,324		179,920		1,822,895		261,144
High Income Opportunities Fund		3,181,977		—		—		2,867,566		—
Short-Term Bond Fund		54,170		—		—		—		—

As of October 31, 2018, the components of accumulated earnings/(loss) on tax basis were as follows:

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY INCOME FUND			PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
Undistributed ordinary income	$	121,821,134		$	115,829		$	28,941,168		$	19,864,531		$	3,197,164
Undistributed capital gains		123,323,179			2,507,493			8,774,837			51,619,872			2,821,799
Total undistributed earnings		245,144,313			2,623,322			37,716,005			71,484,403			6,018,963
Accumulated capital and other losses		—			—			—			—			—
Net unrealized gains/(losses)		171,748,292			(1,606,899	)		(56,617,019	)		19,243,896			(427,927	)
Total accumulated earnings/(losses)		416,892,605			1,016,423			(18,901,014	)		90,728,299			5,591,036
Other		(168,554,519	)		(9,639	)		(327,819	)		(209,646	)		(12,762	)
Paid-in-capital		6,457,503,118			96,349,727			1,183,584,817			525,022,516			130,659,723
Net assets applicable to common shareholders	$	6,705,841,204		$	97,356,511		$	1,164,355,984		$	615,541,169		$	136,237,997
	GROWTH FUND			GROWTH AND INCOME FUND			DIVIDEND GROWTH FUND			OPPORTUNISTIC VALUE FUND
Undistributed ordinary income	$	55,750,632		$	20,038,784		$	39,753		$	1,883,295
Undistributed capital gains		148,820,107			106,596,572			873,817			5,369,753
Total undistributed earnings		204,570,739			126,635,356			913,570			7,253,048
Accumulated capital and other losses		—			—			—			—
Net unrealized gains/(losses)		299,538,112			398,017,496			5,672,060			3,303,686
Total accumulated earnings/(losses)		504,108,851			524,652,852			6,585,630			10,556,734
Other		(615,464	)		(295,206	)		(7,988	)		(78,475	)
Paid-in-capital		960,041,688			1,454,091,089			17,382,394			37,080,584
Net assets applicable to common shareholders	$	1,463,535,075		$	1,978,448,735		$	23,960,036		$	47,558,843

www.calamos.com 169

Notes to Financial Statements

	INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND			GLOBAL GROWTH AND INCOME FUND
Undistributed ordinary income	$	—		$	—		$	—		$	—		$	3,498,839
Undistributed capital gains		23,806,913			—			—			18,654,809			14,609,164
Total undistributed earnings		23,806,913			—			—			18,654,809			18,108,003
Accumulated capital and other losses		—			(21,066,008	)		(2,535,659	)		—			—
Net unrealized gains/(losses)		8,051,751			10,582,365			315,085			16,233,753			13,450,176
Total accumulated earnings/(losses)		31,858,664			(10,483,643	)		(2,220,574	)		34,888,562			31,558,179
Other		402,327			(76,789	)		(8,242	)		(61,771	)		(207,258	)
Paid-in-capital		201,089,079			215,091,637			16,228,241			61,626,799			158,985,607
Net assets applicable to common shareholders	$	233,350,070		$	204,531,205		$	13,999,425		$	96,453,590		$	190,336,528
	TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
Undistributed ordinary income	$	—		$	10,982		$	8,807
Undistributed capital gains		—			—			—
Total undistributed earnings		—			10,982			8,807
Accumulated capital and other losses		(758,886	)		(8,722,495	)		—
Net unrealized gains/(losses)		(1,883,455	)		(2,597,567	)		(42,743	)
Total accumulated earnings/(losses)		(2,642,341	)		(11,309,080	)		(33,936	)
Other		(71,478	)		(101,051	)		(2,193	)
Paid-in-capital		59,123,205			61,170,267			15,179,104
Net assets applicable to common shareholders	$	56,409,386		$	49,760,136		$	15,142,975

The following Funds had capital loss carryforwards for the year or period ended October 31, 2018, with no expiration date, available to offset future realized capital gains:

FUND	SHORT-TERM			LONG-TERM
Evolving World Growth Fund	$	(21,066,008	)	$	—
Emerging Market Equity Fund		(2,535,659	)		—
Total Return Bond Fund		(365,302	)		(393,584	)
High Income Opportunities Fund		(1,130,937	)		(7,591,558	)

Note 5 – Short Sales

Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

Note 6 – Derivative Investments

Foreign Currency Risk.  Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to

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Notes to Financial Statements

purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between the Fund and the counterparty and the amount of collateral due from the Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, the Fund’s custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among the Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that the Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to the Fund’s custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The Fund’s net counterparty exposure is reflected in the counterparty table below. The net unrealized gain, if any, represents the credit risk to the respective Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts. Please see the disclosure regarding ISDA Master Agreements under Foreign Currency Risk within this note.

As of October 31, 2018, the Funds had outstanding forward foreign currency contracts listed on the Schedules of Investments.

Equity Risk.  Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds (“ETFs”). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or certain ETFs.

When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

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Notes to Financial Statements

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of October 31, 2018, the Fund had outstanding purchased options and/or written options as listed on the Schedules of Investments.

As of October 31, 2018, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	MARKET NEUTRAL INCOME FUND
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	3,478,064	$	44,142
Purchased options(2)		60,680,931		—
Written options(3)		—		154,874,923
	$	64,158,995	$	154,919,065
	HEDGED EQUITY INCOME FUND
Gross amounts at fair value:
Purchased options(2)	$	1,960,908	$	—
Written options(3)		—		2,384,038
	$	1,960,908	$	2,384,038
	PHINEUS LONG/SHORT FUND
Gross amounts at fair value:
Purchased options(2)	$	31,465,930	$	—
Written options(3)		—		15,712,705
	$	31,465,930	$	15,712,705
	CONVERTIBLE FUND
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	84,931	$	9,628
Purchased options(2)		3,180,560		—
Written options(3)		—		509,320
	$	3,265,491	$	518,948
	GLOBAL CONVERTIBLE FUND
Gross amounts at fair value:
Purchased options(2)	$	1,737,802	$	—
	$	1,737,802	$	—
	GROWTH FUND
Gross amounts at fair value:
Purchased options(2)	$	2,537,960	$	—
Written options(3)		—		448,405
	$	2,537,960	$	448,405

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Notes to Financial Statements

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	GROWTH AND INCOME FUND
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	75,791	$	8,651
Purchased options(2)		3,439,933		—
	$	3,515,724	$	8,651
	OPPORTUNISTIC VALUE FUND
Gross amounts at fair value:
Purchased options(2)	$	318,563	$	—
Written options(3)		—		145,925
	$	318,563	$	145,925
	INTERNATIONAL GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	5,161	$	397,697
Purchased options(2)		862,654		—
	$	867,815	$	397,697
	EVOLVING WORLD GROWTH FUND
Gross amounts at fair value:
Purchased options(2)	$	2,490,100	$	—
	$	2,490,100	$	—
	EMERGING MARKET EQUITY FUND
Gross amounts at fair value:
Purchased options(2)	$	90,627	$	—
	$	90,627	$	—
	GLOBAL EQUITY FUND
Gross amounts at fair value:
Purchased options(2)	$	197,376	$	—
	$	197,376	$	—
	GLOBAL GROWTH AND INCOME FUND
Gross amounts at fair value:
Purchased options(2)	$	1,779,651	$	—
	$	1,779,651	$	—

The following tables present the outstanding derivative contracts, organized by counterparty, that are subject to enforceable master netting agreements as of October 31, 2018.

	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
MARKET NEUTRAL INCOME FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES
Bank of New York		ISDA	$	467,116	$	16,217	$	—	$	450,899	$	—
Northern Trust Company		ISDA		1,235,567		—		—		1,235,567		—
State Street Bank and Trust		ISDA		1,775,381		27,925		—		1,747,456		—
			$	3,478,064	$	44,142	$	—	$	3,433,922	$	—

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Notes to Financial Statements

CONVERTIBLE FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES
Bank of New York		ISDA	$	413	$	104	$	—	$	309	$	—
Northern Trust Company		ISDA		—		10		—		—		10
State Street Bank and Trust		ISDA		84,518		9,514		—		75,004		—
			$	84,931	$	9,628	$	—	$	75,313	$	10
GROWTH AND INCOME FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES
Bank of New York		ISDA	$	318	$	145	$	—	$	173	$	—
Northern Trust Company		ISDA		—		8		—		—		8
State Street Bank and Trust		ISDA		75,473		8,498		—		66,975		—
			$	75,791	$	8,651	$	—	$	67,148	$	8
INTERNATIONAL GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES
State Street Bank and Trust		ISDA	$	5,161	$	397,697	$	—	$	—	$	392,536
			$	5,161	$	397,697	$	—	$	—	$	392,536

For the year or period ended October 31, 2018, the volume of derivative activity for the Fund is reflected below:*

FUND	FORWARD CONTRACTS(1)		PURCHASED OPTIONS(2)		WRITTEN OPTIONS(3)		TOTAL RETURN SWAPS(4)
Market Neutral Income Fund		516,442,438		361,397		184,388		994,800
Hedged Equity Income Fund		—		6,121		2,749		—
Phineus Long/Short Fund		—		1,008,957		1,068,624		—
Convertible Fund		18,585,797		14,403		1,698		—
Global Convertible Fund		—		7,467		153		—
Growth Fund		—		83,040		72,157		—
Growth and Income Fund		19,796,768		376,783		6,085		—
Dividend Growth Fund		—		—		—		—
Opportunistic Value Fund		—		2,640		425		—
International Growth Fund		136,594,900		26,958		7,754		—
Evolving World Growth Fund		186,280		220,175		97,550		—
Emerging Market Equity Fund		65,073		4,293		371		—
Global Equity Fund		31,671,004		9,604		4,572		—
Global Growth and Income Fund		47,862,989		65,212		20,452		—
Total Return Bond Fund		—		—		—		—
High Income Opportunities Fund		—		80		40		—
Short-Term Bond Fund		—		—		—		—

* Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), and opened total return swaps (measured in notional).

(1) Generally, the Statement of Assets and Liabilities location for Forward contracts is Unrealized appreciation on forward foreign currency contracts for asset derivatives and Unrealized depreciation on forward foreign currency contracts for liability derivatives.

(2) Generally, the Statement of Assets and Liabilities location for Purchased Options is Investments in securities, at value.

(3) Generally, the Statement of Assets and Liabilities location for Written Options is Options written, at value.

(4) Generally, the Statement of Assets and Liabilities location for Swap contracts is Unrealized appreciation on total return swaps for asset derivatives and Unrealized depreciation on total return swaps for liability derivatives.

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Notes to Financial Statements

Note 7 – Securities Lending

The Funds may loan one or more of their securities to broker-dealers and banks. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash or cash equivalent collateral, the Funds’ securities lending agent invests the collateral into short term investments following investment guidelines approved by Calamos Advisors. The Funds record the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds will pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call a loan and obtain the securities loaned at any time. The Funds do not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Funds could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Funds seek to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Funds’ security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which a Fund lends securities.

The following table indicates the total amount of securities loaned by asset class, reconciled to the gross liability payable upon return of the securities loaned by the Funds as of October 31, 2018.

	VALUE OF  COLLATERAL FROM BROKER-DEALERS AND BANKS		AMOUNT OF COLLATERAL HELD IN SHORT TERM INVESTMENTS AND RESTRICTED CASH BY ASSET CLASS ON LOAN						EXCESS AMOUNT DUE TO/FROM COUNTERPARTY
FUND			EQUITY		FIXED     INCOME		TOTAL
Market Neutral Income Fund	$	402,415,616	$	298,400,273	$	141,248,666	$	439,648,939	$	37,233,323
Hedged Equity Income Fund		564,146		1,620,424		—		1,620,424		1,056,278
Phineus Long/Short Fund		91,376,350		99,260,032		—		99,260,032		7,883,682
Convertible Fund		59,159,448		11,608,238		51,126,474		62,734,712		3,575,264
Global Convertible Fund		5,328,708		—		5,289,342		5,289,342		(39,366	)
Growth Fund		29,199,351		76,300,087		—		76,300,087		47,100,736
Growth and Income Fund		52,557,957		68,305,414		25,464,618		93,770,032		41,212,075
Dividend Growth Fund		—		—		—		—		—
Opportunistic Value Fund		966,475		1,306,894		—		1,306,894		340,419
International Growth Fund		735,881		15,744,594		—		15,744,594		15,008,713
Evolving World Growth Fund		5,610,193		3,894,584		2,789,756		6,684,340		1,074,147
Emerging Market Equity Fund		2,543,388		2,732,250		—		2,732,250		188,862
Global Equity Fund		404,808		6,332,745		—		6,332,745		5,927,937
Global Growth and Income Fund		1,965,061		4,035,521		4,045,990		8,081,511		6,116,450
Total Return Bond Fund		5,533,827		—		8,260,134		8,260,134		2,726,307
High Income Opportunities Fund		12,583,224		161,547		13,644,222		13,805,769		1,222,545
Short-Term Bond Fund		472,778		—		460,453		460,453		(12,325	)

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Notes to Financial Statements

Note 8 – Fair Value Measurements

Various inputs are used to determine the value of the Funds’ investments. These inputs are categorized into three broad levels as follows:

• Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

• Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

• Level 3 – Prices reflect unobservable market inputs (including the Funds’ own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund’s investments.

The following is a summary of the inputs used in valuing the Funds’ holdings at fair value:

	MARKET NEUTRAL INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	2,617,433,357	$	—	$	2,617,433,357
Convertible Preferred Stocks		193,864,707		117,619,750		—		311,484,457
Common Stocks U.S.		3,304,058,370		—		—		3,304,058,370
Exchange-Traded Funds		285,808,283		—		—		285,808,283
Purchased Options		60,680,931		—		—		60,680,931
Short Term Investments		132,647,176		—		—		132,647,176
Investment of Cash Collateral For Securities Loaned		188,136,315		214,279,301		—		402,415,616
Forward Foreign Currency Contracts		—		3,478,064		—		3,478,064
Total	$	4,165,195,782	$	2,952,810,472	$	—	$	7,118,006,254
Liabilities:
Common Stocks Sold Short U.S.	$	1,818,218,065	$	—	$	—	$	1,818,218,065
Common Stocks Sold Short Foreign		8,462,597		95,548,135		—		104,010,732
Written Options		154,874,923		—		—		154,874,923
Forward Foreign Currency Contracts		—		44,142		—		44,142
Total	$	1,981,555,585	$	95,592,277	$	—	$	2,077,147,862
	HEDGED EQUITY INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	93,764,081	$	—	$	—	$	93,764,081
Exchange-Traded Funds		615,954		—		—		615,954
Purchased Options		1,960,908		—		—		1,960,908
Short Term Investments		1,631,549		—		—		1,631,549
Investment of Cash Collateral For Securities Loaned		—		564,146		—		564,146
Total	$	97,972,492	$	564,146	$	—	$	98,536,638
Liabilities:
Written Options	$	2,384,038	$	—	$	—	$	2,384,038
Total	$	2,384,038	$	—	$	—	$	2,384,038

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Notes to Financial Statements

	PHINEUS LONG/SHORT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	916,690,881	$	—	$	—	$	916,690,881
Common Stocks Foreign		—		34,178,836		—		34,178,836
Exchange-Traded Funds		98,604,000		—		—		98,604,000
Purchased Options		31,465,930		—		—		31,465,930
Short Term Investments		81,397,067		—		—		81,397,067
Investment of Cash Collateral For Securities Loaned		35,466,698		55,909,652		—		91,376,350
Total	$	1,163,624,576	$	90,088,488	$	—	$	1,253,713,064
Liabilities:
Common Stocks Sold Short U.S.	$	9,446,710	$	—	$	—	$	9,446,710
Exchange-Traded Funds Sold Short		367,635,970		—		—		367,635,970
Written Options		15,712,705		—		—		15,712,705
Total	$	392,795,385	$	—	$	—	$	392,795,385
	CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	469,166,147	$	—	$	469,166,147
Synthetic Convertible Securities (U.S. Government and Agency Security)		—		17,874,557		—		17,874,557
Synthetic Convertible Securities (Purchased Options)		1,820,600		—		—		1,820,600
Convertible Preferred Stocks		87,056,057		—		—		87,056,057
Common Stocks U.S.		9,619,932		—		—		9,619,932
Purchased Options		1,359,960		—		—		1,359,960
Short Term Investments		27,701,601		—		—		27,701,601
Investment of Cash Collateral For Securities Loaned		43,488,274		15,671,174		—		59,159,448
Forward Foreign Currency Contracts		—		84,931		—		84,931
Total	$	171,046,424	$	502,796,809	$	—	$	673,843,233
Liabilities:
Written Options	$	509,320	$	—	$	—	$	509,320
Forward Foreign Currency Contracts		—		9,628		—		9,628
Total	$	509,320	$	9,628	$	—	$	518,948
	GLOBAL CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	101,936,050	$	—	$	101,936,050
Synthetic Convertible Securities (Corporate Bonds)		—		2,543,883		—		2,543,883
Synthetic Convertible Securities (U.S. Government and Agency Securities)		—		11,766,924		—		11,766,924
Synthetic Convertible Securities (Purchased Options)		1,737,802		—		—		1,737,802
Convertible Preferred Stocks		11,661,009		—		—		11,661,009
Short Term Investments		3,448,768		—		—		3,448,768
Investment of Cash Collateral For Securities Loaned		3,555,584		1,773,124		—		5,328,708
Total	$	20,403,163	$	118,019,981	$	—	$	138,423,144

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Notes to Financial Statements

	GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	1,432,943,135	$	—	$	—	$	1,432,943,135
Common Stocks Foreign		422,006		19,283,440		—		19,705,446
Exchange-Traded Funds		8,691,731		—		—		8,691,731
Purchased Options		2,537,960		—		—		2,537,960
Short Term Investments		24,632,253		—		—		24,632,253
Investment of Cash Collateral For Securities Loaned		11,446,773		17,752,578		—		29,199,351
Total	$	1,480,673,858	$	37,036,018	$	—	$	1,517,709,876
Liabilities:
Written Options	$	448,405	$	—	$	—	$	448,405
Total	$	448,405	$	—	$	—	$	448,405
	GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	256,123,957	$	—	$	256,123,957
Synthetic Convertible Securities (Corporate Bonds)		—		63,808,086		—		63,808,086
Synthetic Convertible Securities (U.S. Government and Agency Security)		—		40,529,518		—		40,529,518
Synthetic Convertible Securities (Purchased Options)		1,307,893		—		—		1,307,893
Convertible Preferred Stocks		107,590,003		7,890,151		—		115,480,154
Common Stocks U.S.		1,399,189,017		—		—		1,399,189,017
Exchange-Traded Funds		36,748,672		—		—		36,748,672
Purchased Options		2,132,040		—		—		2,132,040
Short Term Investments		59,320,309		—		—		59,320,309
Investment of Cash Collateral For Securities Loaned		32,421,164		20,136,793		—		52,557,957
Forward Foreign Currency Contracts		—		75,791		—		75,791
Total	$	1,638,709,098	$	388,564,296	$	—	$	2,027,273,394
Liabilities:
Forward Foreign Currency Contracts	$	—	$	8,651	$	—	$	8,651
Total	$	—	$	8,651	$	—	$	8,651
	DIVIDEND GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	23,448,237	$	—	$	—	$	23,448,237
Exchange-Traded Funds		369,780		—		—		369,780
Short Term Investments		63,232		—		—		63,232
Total	$	23,881,249	$	—	$	—	$	23,881,249

178 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

	OPPORTUNISTIC VALUE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	46,861,750	$	—	$	—	$	46,861,750
Exchange-Traded Funds		234,625		—		—		234,625
Purchased Options		318,563		—		—		318,563
Short Term Investments		275,210		—		—		275,210
Investment of Cash Collateral For Securities Loaned		—		966,475		—		966,475
Total	$	47,690,148	$	966,475	$	—	$	48,656,623
Liabilities:
Written Options	$	145,925	$	—	$	—	$	145,925
Total	$	145,925	$	—	$	—	$	145,925
	INTERNATIONAL GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks Foreign	$	25,800,521	$	146,230,789	$	—	$	172,031,310
Common Stocks U.S.		48,682,887		—		—		48,682,887
Forward Foreign Currency Contracts		—		5,161		—		5,161
Purchased Options		862,654		—		—		862,654
Short Term Investments		12,619,081		—		—		12,619,081
Investment of Cash Collateral For Securities Loaned		—		735,881		—		735,881
Total	$	87,965,143	$	146,971,831	$	—	$	234,936,974
Liabilities:
Forward Foreign Currency Contracts	$	—	$	397,697	$	—	$	397,697
Total	$	—	$	397,697	$	—	$	397,697
	EVOLVING WORLD GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	44,086,653	$	—	$	44,086,653
Convertible Preferred Stocks		—		14,958,815		—		14,958,815
Common Stocks U.S.		26,290,511		—		—		26,290,511
Common Stocks Foreign		12,921,050		97,324,459		—		110,245,509
Purchased Options		2,490,100		—		—		2,490,100
Short Term Investments		7,071,451		—		—		7,071,451
Investment of Cash Collateral For Securities Loaned		5,380,487		229,706		—		5,610,193
Total	$	54,153,599	$	156,599,633	$	—	$	210,753,232
	EMERGING MARKET EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	4,462,351	$	403,333	$	—	$	4,865,684
Common Stocks Foreign		1,233,668		6,651,403		—		7,885,071
Exchange-Traded Funds		540,518		—		—		540,518
Purchased Options		90,627		—		—		90,627
Short Term Investments		886,819		—		—		886,819
Investment of Cash Collateral For Securities Loaned		1,447,195		1,096,193		—		2,543,388
Total	$	8,661,178	$	8,150,929	$	—	$	16,812,107

www.calamos.com 179

Notes to Financial Statements

	GLOBAL EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	54,493,030	$	—	$	—	$	54,493,030
Common Stocks Foreign		3,569,853		34,387,027		—		37,956,880
Purchased Options		197,376		—		—		197,376
Short Term Investments		5,326,254		—		—		5,326,254
Investment of Cash Collateral For Securities Loaned		—		404,808		—		404,808
Total	$	63,586,513	$	34,791,835	$	—	$	98,378,348
	GLOBAL GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	51,463,302	$	—	$	51,463,302
Synthetic Convertible Securities (Corporate Bonds)		—		1,057,039		—		1,057,039
Synthetic Convertible Securities (U.S. Government and Agency Security)		—		10,468,628		—		10,468,628
Synthetic Convertible Securities (Purchased Options)		1,247,016		—		—		1,247,016
Convertible Preferred Stocks		7,515,306		5,186,910		—		12,702,216
Common Stocks U.S.		64,245,544		—		—		64,245,544
Common Stocks Foreign		3,410,097		36,157,316		—		39,567,413
Purchased Options		532,635		—		—		532,635
Short Term Investments		10,388,451		—		—		10,388,451
Investment of Cash Collateral For Securities Loaned		2,140,313		—		—		2,140,313
Total	$	89,479,362	$	104,333,195	$	—	$	193,812,557
	TOTAL RETURN BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	31,416,147	$	—	$	31,416,147
Bank Loans		—		2,483,800		—		2,483,800
U.S. Government and Agency Securities		—		14,699,927		—		14,699,927
Asset Backed Securities		—		6,951,952		—		6,951,952
Residential Mortgage Backed Security		—		705,131		—		705,131
Short Term Investments		245,568		—		—		245,568
Investment of Cash Collateral For Securities Loaned		3,061,405		2,472,422		—		5,533,827
Total	$	3,306,973	$	58,729,379	$	—	$	62,036,352
	HIGH INCOME OPPORTUNITIES FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	41,668,215	$	—	$	41,668,215
Convertible Bonds		—		349,600		—		349,600
Bank Loans		—		4,959,037		—		4,959,037
Convertible Preferred Stocks		728,716		—		—		728,716
Common Stocks U.S.		832,767		98,206		—		930,973
Short Term Investments		451,851		—		—		451,851
Investment of Cash Collateral For Securities Loaned		5,920,293		6,662,931		—		12,583,224
Total	$	7,933,627	$	53,737,989	$	—	$	61,671,616

180 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

	SHORT-TERM BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	11,957,542	$	—	$	11,957,542
Bank Loans		—		501,584		—		501,584
Asset Backed Securities		—		1,815,099		—		1,815,099
Residential Mortgage Backed Securities		—		337,733		—		337,733
Municipal Obligations		—		198,155		—		198,155
Short Term Investments		526,919		—		—		526,919
Investment of Cash Collateral For Securities Loaned		—		472,778		—		472,778
Total	$	526,919	$	15,282,891	$	—	$	15,809,810

Note 9 – Capital Share Transactions

The following table summarizes the activity in capital shares of the Funds for the year or period ended October 31, 2018:

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY INCOME FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		23,304,729		$	313,766,420			3,026,723		$	34,707,585			6,488,594		$	81,785,520
Shares issued as reinvestment of distributions		1,389,035			18,438,255			8,436			98,050			77,219			962,149
Shares converted from class R		456,993			6,105,427			–			–			–			–
Less shares redeemed		(20,993,918	)		(282,581,777	)		(2,677,841	)		(30,489,455	)		(3,035,625	)		(38,072,768	)
Net increase (decrease)		4,156,839		$	55,728,325			357,318		$	4,316,180			3,530,188		$	44,674,901
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		5,044,232		$	69,003,246			41,040		$	471,929			2,677,188		$	33,309,114
Shares issued as reinvestment of distributions		410,720			5,529,317			8			87			32,298			397,268
Less shares redeemed		(4,056,839	)		(55,404,303	)		(2,778	)		(30,004	)		(704,983	)		(8,639,555	)
Net increase (decrease)		1,398,113		$	19,128,260			38,270		$	442,012			2,004,503		$	25,066,827
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		201,073,177		$	2,677,721,119			7,299,401		$	84,667,799			72,928,696		$	926,283,927
Shares issued as reinvestment of distributions		8,642,306			113,598,391			16,925			196,116			392,138			4,909,564
Less shares redeemed		(67,773,139	)		(900,807,963	)		(414,839	)		(4,747,085	)		(19,452,058	)		(243,175,678	)
Net increase (decrease)		141,942,344		$	1,890,511,547			6,901,487		$	80,116,830			53,868,776		$	688,017,813
Class R(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		25,000		$	332,597			—		$	—			—		$	—
Shares issued as reinvestment of distributions		7,310			96,131			—			—			—			—
Less shares redeemed		(58,819	)		(784,131	)		—			—			—			—
Shares converted to class A		(458,875	)		(6,105,427	)		—			—			—			—
Net increase (decrease)		(485,384	)	$	(6,460,830	)		—		$	—			—		$	—
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			—		$	—			—		$	—

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

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Notes to Financial Statements

	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,490,392		$	46,027,206			769,987		$	8,556,786			1,045,901		$	35,392,030
Shares issued as reinvestment of distributions		445,294			7,973,633			44,303			483,005			3,302,766			106,811,442
Shares converted from class R		94,626			1,692,856			743			8,253			160,063			5,406,928
Less shares redeemed		(3,539,359	)		(65,339,068	)		(911,638	)		(10,154,591	)		(6,039,038	)		(208,488,738	)
Net increase (decrease)		(509,047	)	$	(9,645,373	)		(96,605	)	$	(1,106,547	)		(1,530,308	)	$	(60,878,338	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		451,525		$	8,239,481			147,136		$	1,617,477			239,855		$	5,182,517
Shares issued as reinvestment of distributions		263,210			4,631,349			8,538			91,739			3,338,958			68,882,701
Less shares redeemed		(1,653,755	)		(30,141,422	)		(51,663	)		(566,118	)		(4,283,795	)		(95,076,494	)
Net increase (decrease)		(939,020	)	$	(17,270,592	)		104,011		$	1,143,098			(704,982	)	$	(21,011,276	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		7,786,551		$	129,978,184			5,534,311		$	61,616,069			759,645		$	34,701,111
Shares issued as reinvestment of distributions		716,667			11,544,487			357,579			3,907,030			658,057			27,862,157
Less shares redeemed		(5,674,347	)		(93,339,101	)		(2,791,104	)		(30,872,234	)		(1,597,541	)		(72,616,037	)
Net increase (decrease)		2,828,871		$	48,183,570			3,100,786		$	34,650,865			(179,839	)	$	(10,052,769	)
Class R(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,804		$	50,132			—		$	—			14,470		$	457,344
Shares issued as reinvestment of distributions		2,260			39,597			23			245			19,006			574,749
Less shares redeemed		(6,421	)		(115,787	)		—			—			(21,840	)		(702,726	)
Shares converted to class A		(95,040	)		(1,692,856	)		(747	)		(8,253	)		(171,252	)		(5,406,928	)
Net increase (decrease)		(96,397	)	$	(1,718,914	)		(724	)	$	(8,008	)		(159,616	)	$	(5,077,561	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			—		$	—			—		$	—

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

182 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

	GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND						OPPORTUNISTIC VALUE FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,828,279		$	60,648,514			36,621		$	457,419			68,060		$	1,062,665
Shares issued as reinvestment of distributions		1,668,011			53,417,704			13,502			163,449			47,295			712,264
Shares converted from class R		348,363			11,447,223			—			—			9,856			151,294
Less shares redeemed		(5,973,982	)		(199,006,475	)		(19,572	)		(247,248	)		(175,440	)		(2,724,491	)
Net increase (decrease)		(2,129,329	)	$	(73,493,034	)		30,551		$	373,620			(50,229	)	$	(798,268	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		620,929		$	20,716,983			9,121		$	111,383			3,505		$	49,331
Shares issued as reinvestment of distributions		1,010,250			32,400,402			6,653			79,037			10,988			149,333
Less shares redeemed		(3,510,401	)		(117,073,601	)		(13,712	)		(170,222	)		(45,143	)		(637,684	)
Net increase (decrease)		(1,879,222	)	$	(63,956,216	)		2,062		$	20,198			(30,650	)	$	(439,020	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		5,419,973		$	174,411,586			131,156		$	1,670,092			29,642		$	473,387
Shares issued as reinvestment of distributions		1,302,327			40,205,524			153,479			1,856,415			57,863			893,972
Less shares redeemed		(3,503,146	)		(111,683,122	)		(361,307	)		(4,527,798	)		(344,243	)		(5,499,472	)
Net increase (decrease)		3,219,154		$	102,933,988			(76,672	)	$	(1,001,291	)		(256,738	)	$	(4,132,113	)
Class R(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		15,639		$	506,978			—		$	—			291		$	4,471
Shares issued as reinvestment of distributions		19,246			606,450			—			—			80			1,186
Less shares redeemed		(44,626	)		(1,457,529	)		—			—			(1,114	)		(16,621	)
Shares converted to class A		(351,366	)		(11,447,223	)		—			—			(9,994	)		(151,294	)
Net increase (decrease)		(361,107	)	$	(11,791,324	)		—		$	—			(10,737	)	$	(162,258	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			—		$	—			—		$	—

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

www.calamos.com 183

Notes to Financial Statements

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						EMERGING MARKET EQUITY FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,560,783		$	77,582,022			793,820		$	12,006,694			16,938		$	182,579
Shares issued as reinvestment of distributions		188,722			3,940,528			550			8,122			887			9,320
Shares converted from class R		312,475			6,808,822			145,134			2,303,279			—			—
Less shares redeemed		(4,134,915	)		(87,647,764	)		(2,769,557	)		(41,240,663	)		(12,255	)		(126,537	)
Net increase (decrease)		(72,935	)	$	683,608			(1,830,053	)	$	(26,922,568	)		5,570		$	65,362
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		77,422		$	1,510,861			175,178		$	2,500,143			4,210		$	41,438
Shares issued as reinvestment of distributions		54,710			1,040,583			—			—			—			—
Less shares redeemed		(295,417	)		(5,656,723	)		(440,136	)		(6,102,909	)		(7,248	)		(71,644	)
Net increase (decrease)		(163,285	)	$	(3,105,279	)		(264,958	)	$	(3,602,766	)		(3,038	)	$	(30,206	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,908,475		$	41,551,059			3,062,969		$	46,063,386			109,133		$	1,222,231
Shares issued as reinvestment of distributions		295,866			6,316,729			59,671			885,521			4,307			45,350
Less shares redeemed		(1,893,024	)		(41,115,312	)		(6,143,599	)		(92,860,230	)		(91,379	)		(903,361	)
Net increase (decrease)		311,317		$	6,752,476			(3,020,959	)	$	(45,911,323	)		22,061		$	364,220
Class R(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		26,978		$	574,860			11,039		$	168,394			—		$	—
Shares issued as reinvestment of distributions		9,239			188,200			—			—			—			—
Less shares redeemed		(36,825	)		(787,976	)		(58,709	)		(888,872	)		—			—
Shares converted to class A		(320,427	)		(6,808,822	)		(147,156	)		(2,303,279	)		—			—
Net increase (decrease)		(321,035	)	$	(6,833,738	)		(194,826	)	$	(3,023,757	)		—		$	—
Class R6(b)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,197		$	25,000			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		1,197		$	25,000			—		$	—			—		$	—

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(b) International Growth Fund Class R6 commenced operations on September 17, 2018.

184 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

	GLOBAL EQUITY FUND						GLOBAL GROWTH AND INCOME FUND						TOTAL RETURN BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		346,836		$	5,221,585			544,702		$	5,257,205			168,855		$	1,706,191
Shares issued as reinvestment of distributions		126,959			1,837,097			420,944			3,955,552			51,227			517,633
Shares converted from class R		357,072			5,398,935			104,769			1,016,255			61,291			614,140
Less shares redeemed		(535,449	)		(8,085,122	)		(1,993,126	)		(19,270,396	)		(626,257	)		(6,288,448	)
Net increase (decrease)		295,418		$	4,372,495			(922,711	)	$	(9,041,384	)		(344,884	)	$	(3,450,484	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		83,432		$	1,145,132			291,472		$	2,491,887			67,659		$	686,541
Shares issued as reinvestment of distributions		86,016			1,135,416			489,662			4,088,680			18,552			187,881
Less shares redeemed		(243,411	)		(3,334,186	)		(1,901,384	)		(16,249,536	)		(330,688	)		(3,351,059	)
Net increase (decrease)		(73,963	)	$	(1,053,638	)		(1,120,250	)	$	(9,668,969	)		(244,477	)	$	(2,476,637	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,007,980		$	15,534,006			2,678,700		$	26,661,221			1,193,049		$	12,036,831
Shares issued as reinvestment of distributions		506,670			7,488,587			429,390			4,152,611			137,422			1,386,984
Less shares redeemed		(2,764,474	)		(43,444,918	)		(2,487,651	)		(24,606,215	)		(1,854,902	)		(18,617,344	)
Net increase (decrease)		(1,249,824	)	$	(20,422,325	)		620,439		$	6,207,617			(524,431	)	$	(5,193,529	)
Class R(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		61,091		$	901,022			5,432		$	51,418			25,219		$	257,282
Shares issued as reinvestment of distributions		28,155			394,456			5,692			52,426			162			1,666
Less shares redeemed		(57,612	)		(838,534	)		(34,928	)		(335,371	)		(1,672	)		(17,048	)
Shares converted to class A		(368,961	)		(5,398,935	)		(106,802	)		(1,016,255	)		(61,421	)		(614,140	)
Net increase (decrease)		(337,327	)	$	(4,941,991	)		(130,606	)	$	(1,247,782	)		(37,712	)	$	(372,240	)
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			—		$	—			—		$	—

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

www.calamos.com 185

Notes to Financial Statements

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND(b)
Class A	Shares			Dollars			Shares			Dollars
Shares sold		995,944		$	8,579,913			2,500		$	25,000
Shares issued as reinvestment of distributions		221,549			1,906,178			8			81
Shares converted from class R		13,166			114,548			—			—
Less shares redeemed		(1,475,277	)		(12,733,842	)		—			—
Net increase (decrease)		(244,618	)	$	(2,133,203	)		2,508		$	25,081
Class C	Shares			Dollars			Shares			Dollars
Shares sold		21,467		$	198,026			—		$	—
Shares issued as reinvestment of distributions		61,066			553,202			—			—
Less shares redeemed		(401,593	)		(3,653,160	)		—			—
Net increase (decrease)		(319,060	)	$	(2,901,932	)		—		$	—
Class I	Shares			Dollars			Shares			Dollars
Shares sold		348,933		$	3,017,151			3,015		$	30,140
Shares acquired through In-Kind purchases		—			—			1,507,400			15,074,001
Shares issued as reinvestment of distributions		55,269			475,680			5,418			54,087
Less shares redeemed		(614,914	)		(5,339,800	)		(422	)		(4,205	)
Net increase (decrease)		(210,712	)	$	(1,846,969	)		1,515,411		$	15,154,023
Class R(a)	Shares			Dollars			Shares			Dollars
Shares sold		646		$	5,668			—		$	—
Shares issued as reinvestment of distributions		174			1,527			—			—
Less shares redeemed		(1,543	)		(13,638	)		—			—
Shares converted to class A		(13,211	)		(114,548	)		—			—
Net increase (decrease)		(13,934	)	$	(120,991	)		—		$	—
Class R6	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—
Less shares redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—

(a) Class R shares were converted into Class A shares at the close of business on February 22, 2018.

(b) Short-Term Bond Fund commenced operations on September 19, 2018.

186 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

The following table summarizes the activity in capital shares of the Funds for the year ended October 31, 2017:

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY INCOME FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		21,809,752		$	288,217,457			229,714		$	2,379,482			5,918,551		$	71,210,101
Shares issued as reinvestment of distributions		1,654,029			21,633,797			4,200			43,240			15,592			181,954
Shares converted from class B		11,244			149,539			—			—			—			—
Less shares redeemed		(46,555,325	)		(615,948,605	)		(1,165,890	)		(12,155,368	)		(1,876,910	)		(22,474,406	)
Net increase (decrease)		(23,080,300	)	$	(305,947,812	)		(931,976	)	$	(9,732,646	)		4,057,233		$	48,917,649
Class B(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		34		$	472			—		$	—			—		$	—
Shares issued as reinvestment of distributions		313			4,353			—			—			—			—
Shares converted to class A		(10,542	)		(149,539	)		—			—			—			—
Less shares redeemed		(25,818	)		(361,652	)		—			—			—			—
Net increase (decrease)		(36,013	)	$	(506,366	)		—		$	—			—		$	—
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,546,155		$	47,603,403			1,392		$	14,704			2,057,953		$	24,608,557
Shares issued as reinvestment of distributions		342,645			4,544,452			41			425			4,605			53,460
Less shares redeemed		(7,104,810	)		(95,465,679	)		(966	)		(10,085	)		(148,737	)		(1,754,869	)
Net increase (decrease)		(3,216,010	)	$	(43,317,824	)		467		$	5,044			1,913,821		$	22,907,148
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		141,201,499		$	1,847,652,277			658,780		$	6,979,240			26,382,480		$	319,010,843
Shares issued as reinvestment of distributions		5,468,217			70,919,796			10,792			113,498			50,070			585,816
Less shares redeemed		(64,456,477	)		(843,868,311	)		(373,898	)		(3,971,061	)		(3,483,664	)		(42,439,648	)
Net increase (decrease)		82,213,239		$	1,074,703,762			295,674		$	3,121,677			22,948,886		$	277,157,011
Class R(b)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		185,761		$	2,444,666			—		$	—			—		$	—
Shares issued as reinvestment of distributions		10,348			134,876			—			—			—			—
Less shares redeemed		(361,746	)		(4,778,397	)		(10,223	)		(104,618	)		—			—
Net increase (decrease)		(165,637	)	$	(2,198,855	)		(10,223	)	$	(104,618	)		—		$	—
Class T(c)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,891		$	25,000			2,376		$	25,000			2,119		$	25,000
Less shares redeemed		(1,891	)		(25,302	)		(2,376	)		(25,618	)		(2,119	)		(26,133	)
Net increase (decrease)		—		$	(302	)		—		$	(618	)		—		$	(1,133	)

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class R shares were liquidated on January 23, 2017.

(c) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

www.calamos.com 187

Notes to Financial Statements

	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,984,897		$	67,754,277			1,550,252		$	16,157,712			2,601,224		$	85,169,257
Shares issued as reinvestment of distributions		228,135			3,777,198			25,305			251,672			1,224,344			36,216,101
Shares converted from class B		30,017			519,892			—			—			32,025			1,066,420
Less shares redeemed		(6,421,325	)		(108,531,659	)		(3,378,936	)		(35,740,967	)		(10,407,382	)		(331,020,189	)
Net increase (decrease)		(2,178,276	)	$	(36,480,292	)		(1,803,379	)	$	(19,331,583	)		(6,549,789	)	$	(208,568,411	)
Class B(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		67		$	1,413			—		$	—			234		$	6,234
Shares issued as reinvestment of distributions		613			12,855			—			—			7,229			192,505
Shares converted to class A		(23,067	)		(519,892	)		—			—			(35,721	)		(1,066,420	)
Less shares redeemed		(168,336	)		(3,602,455	)		—			—			(191,968	)		(5,356,510	)
Net increase (decrease)		(190,723	)	$	(4,108,079	)		—		$	—			(220,226	)	$	(6,224,191	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		288,413		$	4,836,026			126,493		$	1,340,655			559,366		$	11,618,420
Shares issued as reinvestment of distributions		108,187			1,759,129			1,739			17,384			1,177,543			23,927,671
Less shares redeemed		(4,508,178	)		(75,412,207	)		(116,735	)		(1,203,798	)		(10,958,232	)		(241,650,900	)
Net increase (decrease)		(4,111,578	)	$	(68,817,052	)		11,497		$	154,241			(9,221,323	)	$	(206,104,809	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		5,735,409		$	87,769,797			6,238,579		$	66,840,028			1,771,306		$	71,841,735
Shares issued as reinvestment of distributions		319,581			4,786,811			80,483			832,389			240,850			9,039,128
Less shares redeemed		(8,457,705	)		(127,450,124	)		(3,022,710	)		(31,481,137	)		(3,999,585	)		(161,794,781	)
Net increase (decrease)		(2,402,715	)	$	(34,893,516	)		3,296,352		$	36,191,280			(1,987,429	)	$	(80,913,918	)
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		18,593		$	316,073			12,378		$	125,851			42,737		$	1,273,403
Shares issued as reinvestment of distributions		1,248			20,524			462			4,665			9,051			253,058
Less shares redeemed		(31,304	)		(519,535	)		(57,696	)		(627,440	)		(152,007	)		(4,608,645	)
Net increase (decrease)		(11,463	)	$	(182,938	)		(44,856	)	$	(496,924	)		(100,219	)	$	(3,082,184	)
Class T(b)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,484		$	25,000			2,456		$	25,000			792		$	25,000
Less shares redeemed		(1,484	)		(26,675	)		(2,456	)		(27,286	)		(792	)		(27,727	)
Net increase (decrease)		—		$	(1,675	)		—		$	(2,286	)		—		$	(2,727	)

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

188 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

	GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND						OPPORTUNISTIC VALUE FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,777,741		$	119,020,123			509,052		$	5,513,492			230,979		$	3,128,149
Shares issued as reinvestment of distributions		1,805,326			54,495,015			7,189			79,969			17,447			238,151
Shares converted from class B		25,222			796,749			—			—			1,608			22,776
Less shares redeemed		(8,742,755	)		(272,081,567	)		(2,587,636	)		(30,126,760	)		(1,378,663	)		(19,132,359	)
Net increase (decrease)		(3,134,466	)	$	(97,769,680	)		(2,071,395	)	$	(24,533,299	)		(1,128,629	)	$	(15,743,283	)
Class B(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,234		$	46,381			—		$	—			—		$	—
Shares issued as reinvestment of distributions		3,326			121,506			—			—			—			—
Shares converted to class A		(20,587	)		(796,749	)		—			—			(1,741	)		(22,776	)
Less shares redeemed		(80,438	)		(3,007,950	)		—			—			(6,220	)		(79,099	)
Net increase (decrease)		(96,465	)	$	(3,636,812	)		—		$	—			(7,961	)	$	(101,875	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		688,905		$	21,218,249			25,198		$	267,584			68,958		$	845,613
Shares issued as reinvestment of distributions		1,093,204			33,026,832			200			2,236			212			2,636
Less shares redeemed		(8,959,162	)		(280,900,715	)		(36,816	)		(410,532	)		(156,467	)		(1,981,119	)
Net increase (decrease)		(7,177,053	)	$	(226,655,634	)		(11,418	)	$	(140,712	)		(87,297	)	$	(1,132,870	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		6,605,429		$	198,145,185			1,843,292		$	21,833,354			937,119		$	13,399,501
Shares issued as reinvestment of distributions		1,102,432			32,173,200			13,088			155,496			11,927			166,853
Less shares redeemed		(7,973,494	)		(238,550,682	)		(878,906	)		(10,274,906	)		(594,707	)		(8,641,485	)
Net increase (decrease)		(265,633	)	$	(8,232,297	)		977,474		$	11,713,944			354,339		$	4,924,869
Class R(b)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		134,902		$	4,209,111			—		$	—			1,204		$	16,815
Shares issued as reinvestment of distributions		24,431			731,321			—			—			6			86
Less shares redeemed		(241,126	)		(7,566,968	)		(10,725	)		(118,095	)		(224	)		(3,186	)
Net increase (decrease)		(81,793	)	$	(2,626,536	)		(10,725	)	$	(118,095	)		986		$	13,715
Class T(c)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		805		$	25,000			2,161		$	25,000			1,782		$	25,000
Less shares redeemed		(805	)		(26,459	)		(2,161	)		(27,215	)		(1,782	)		(26,844	)
Net increase (decrease)		—		$	(1,459	)		—		$	(2,215	)		—		$	(1,844	)

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class R shares were liquidated on January 23, 2017.

(c) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

www.calamos.com 189

Notes to Financial Statements

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						EMERGING MARKET EQUITY FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		560,732		$	10,124,084			1,782,311		$	22,421,073			8,664		$	83,325
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares converted from class B		4,402			83,068			900			11,846			—			—
Less shares redeemed		(3,869,634	)		(67,455,152	)		(5,652,041	)		(69,446,509	)		(10,779	)		(99,614	)
Net increase (decrease)		(3,304,500	)	$	(57,248,000	)		(3,868,830	)	$	(47,013,590	)		(2,115	)	$	(16,289	)
Class B(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares converted to class A		(4,792	)		(83,068	)		(948	)		(11,846	)		—			—
Less shares redeemed		(12,779	)		(201,214	)		(7,763	)		(90,417	)		—			—
Net increase (decrease)		(17,571	)	$	(284,282	)		(8,711	)	$	(102,263	)		—		$	—
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		98,595		$	1,545,542			202,511		$	2,402,717			14,548		$	117,959
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(1,001,646	)		(15,982,257	)		(1,135,941	)		(13,390,513	)		(10,325	)		(83,904	)
Net increase (decrease)		(903,051	)	$	(14,436,715	)		(933,430	)	$	(10,987,796	)		4,223		$	34,055
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,573,836		$	47,547,037			6,018,155		$	75,924,899			125,136		$	1,064,962
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(7,185,952	)		(129,403,658	)		(11,949,210	)		(149,762,320	)		(119,149	)		(1,114,299	)
Net increase (decrease)		(4,612,116	)	$	(81,856,621	)		(5,931,055	)	$	(73,837,421	)		5,987		$	(49,337	)
Class R(b)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		108,018		$	1,880,088			80,220		$	1,023,973			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(132,890	)		(2,304,444	)		(94,450	)		(1,218,511	)		(10,017	)		(82,398	)
Net increase (decrease)		(24,872	)	$	(424,356	)		(14,230	)	$	(194,538	)		(10,017	)	$	(82,398	)
Class T(c)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,472		$	25,000			2,073		$	25,000			2,938		$	25,000
Less shares redeemed		(1,472	)		(31,141	)		(2,073	)		(30,320	)		(2,938	)		(30,687	)
Net increase (decrease)		—		$	(6,141	)		—		$	(5,320	)		—		$	(5,687	)

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class R shares were liquidated on January 23, 2017.

(c) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

190 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Notes to Financial Statements

	GLOBAL EQUITY FUND						GLOBAL GROWTH AND INCOME FUND						TOTAL RETURN BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		267,886		$	3,631,787			1,271,007		$	11,536,491			616,675		$	6,401,692
Shares issued as reinvestment of distributions		82,310			994,304			62,980			534,014			81,886			845,848
Shares converted from class B		1,461			20,314			3,521			32,254			2,756			28,576
Less shares redeemed		(928,684	)		(12,069,159	)		(3,398,601	)		(29,999,159	)		(4,051,289	)		(41,987,744	)
Net increase (decrease)		(577,027	)	$	(7,422,754	)		(2,061,093	)	$	(17,896,400	)		(3,349,972	)	$	(34,711,628	)
Class B(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		88		$	1,043			33		$	276			—		$	—
Shares issued as reinvestment of distributions		607			6,812			352			2,986			370			3,802
Shares converted to class A		(1,579	)		(20,314	)		(3,514	)		(32,254	)		(2,754	)		(28,576	)
Less shares redeemed		(13,353	)		(161,512	)		(59,827	)		(523,560	)		(54,904	)		(566,190	)
Net increase (decrease)		(14,237	)	$	(173,971	)		(62,956	)	$	(552,552	)		(57,288	)	$	(590,964	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		79,865		$	1,020,183			392,300		$	3,098,222			85,621		$	884,124
Shares issued as reinvestment of distributions		52,717			590,436			69,000			524,399			14,688			151,828
Less shares redeemed		(556,903	)		(6,824,659	)		(4,362,066	)		(34,932,226	)		(752,710	)		(7,787,857	)
Net increase (decrease)		(424,321	)	$	(5,214,040	)		(3,900,766	)	$	(31,309,605	)		(652,401	)	$	(6,751,905	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		842,940		$	11,438,592			1,904,954		$	17,526,653			2,931,151		$	30,402,823
Shares issued as reinvestment of distributions		290,431			3,572,303			134,938			1,169,624			71,487			741,606
Less shares redeemed		(2,477,622	)		(32,885,172	)		(9,061,190	)		(79,702,176	)		(1,218,817	)		(12,652,880	)
Net increase (decrease)		(1,344,251	)	$	(17,874,277	)		(7,021,298	)	$	(61,005,899	)		1,783,821		$	18,491,549
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		66,830		$	893,328			18,580		$	164,274			5,384		$	55,765
Shares issued as reinvestment of distributions		13,200			155,231			714			5,930			206			2,125
Less shares redeemed		(90,324	)		(1,147,337	)		(38,431	)		(338,695	)		(18,061	)		(186,669	)
Net increase (decrease)		(10,294	)	$	(98,778	)		(19,137	)	$	(168,491	)		(12,471	)	$	(128,779	)
Class T(b)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,953		$	25,000			2,867		$	25,000			2,418		$	25,000
Less shares redeemed		(1,953	)		(29,930	)		(2,867	)		(27,840	)		(2,418	)		(25,061	)
Net increase (decrease)		—		$	(4,930	)		—		$	(2,840	)		—		$	(61	)

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

www.calamos.com 191

Notes to Financial Statements

	HIGH INCOME OPPORTUNITIES FUND
Class A	Shares			Dollars
Shares sold		1,414,032		$	12,403,213
Shares issued as reinvestment of distributions		188,421			1,655,641
Shares converted from class B		2,831			24,971
Less shares redeemed		(2,267,440	)		(19,857,958	)
Net increase (decrease)		(662,156	)	$	(5,774,133	)
Class B(a)	Shares			Dollars
Shares sold		10		$	93
Shares issued as reinvestment of distributions		330			3,051
Shares converted to class A		(2,661	)		(24,971	)
Less shares redeemed		(26,145	)		(242,613	)
Net increase (decrease)		(28,466	)	$	(264,440	)
Class C	Shares			Dollars
Shares sold		104,430		$	958,954
Shares issued as reinvestment of distributions		54,380			501,112
Less shares redeemed		(667,377	)		(6,147,863	)
Net increase (decrease)		(508,567	)	$	(4,687,797	)
Class I	Shares			Dollars
Shares sold		782,434		$	6,895,841
Shares issued as reinvestment of distributions		48,476			426,255
Less shares redeemed		(1,462,485	)		(12,688,275	)
Net increase (decrease)		(631,575	)	$	(5,366,179	)
Class R	Shares			Dollars
Shares sold		753		$	6,580
Shares issued as reinvestment of distributions		630			5,517
Less shares redeemed		(19,095	)		(167,180	)
Net increase (decrease)		(17,712	)	$	(155,083	)
Class T(b)	Shares			Dollars
Shares sold		2,818		$	25,000
Less shares redeemed		(2,818	)		(25,155	)
Net increase (decrease)		—		$	(155	)

(a) Class B shares were converted into Class A shares at the close of business on July 3, 2017.

(b) Class T commenced operations on February 28, 2017 and shares were liquidated on October 26, 2017.

192 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Market Neutral Income Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$13.41			$13.13			$13.08			$13.13			$13.09
Income from investment operations:
Net investment income (loss)(a)		0.30			0.26			0.25			0.21			0.15
Net realized and unrealized gain (loss)		0.19			0.35			0.16			—			0.27
Total from investment operations		0.49			0.61			0.41			0.21			0.42
Distributions:
Dividends from net investment income		(0.16	)		(0.13	)		(0.16	)		(0.12	)		(0.12	)
Dividends from net realized gains		(0.22	)		(0.20	)		(0.20	)		(0.14	)		(0.26	)
Total distributions		(0.38	)		(0.33	)		(0.36	)		(0.26	)		(0.38	)
Net asset value, end of year		$13.52			$13.41			$13.13			$13.08			$13.13
Ratios and supplemental data:
Total return(b)		3.79%			4.74%			3.16%			1.60%			3.27%
Net assets, end of year (000)		$743,925			$682,451			$970,737			$1,051,576			$1,351,641
Ratio of net expenses to average net assets		1.25%	(c)		1.28%	(d)		1.22%	(e)		1.23%			1.20%
Ratio of gross expenses to average net assets prior to expense reductions		1.25%			1.28%			1.22%			1.23%			1.20%
Ratio of net investment income (loss) to average net assets		2.26%			1.96%			1.91%			1.58%			1.17%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		66.8%			81.1%			37.5%			37.6%			70.5%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$13.62			$13.33			$13.27			$13.32			$13.30
Income from investment operations:
Net investment income (loss)(a)		0.21			0.16			0.15			0.11			0.06
Net realized and unrealized gain (loss)		0.19			0.36			0.17			0.01			0.26
Total from investment operations		0.40			0.52			0.32			0.12			0.32
Distributions:
Dividends from net investment income		(0.07	)		(0.03	)		(0.06	)		(0.03	)		(0.04	)
Dividends from net realized gains		(0.22	)		(0.20	)		(0.20	)		(0.14	)		(0.26	)
Total distributions		(0.29	)		(0.23	)		(0.26	)		(0.17	)		(0.30	)
Net asset value, end of year		$13.73			$13.62			$13.33			$13.27			$13.32
Ratios and supplemental data:
Total return(b)		3.03%			3.98%			2.41%			0.86%			2.40%
Net assets, end of year (000)		$303,417			$282,115			$318,853			$339,054			$349,791
Ratio of net expenses to average net assets		2.00%	(c)		2.03%	(d)		1.97%	(e)		1.98%			1.95%
Ratio of gross expenses to average net assets prior to expense reductions		2.00%			2.03%			1.97%			1.98%			1.95%
Ratio of net investment income (loss) to average net assets		1.51%			1.22%			1.16%			0.83%			0.42%

(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 1.07% and 1.81% for the year ended October 31, 2018.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.08% and 1.83% for the year ended October 31, 2017.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.08% and 1.84% for the year ended October 31, 2016.

www.calamos.com 193

Calamos Market Neutral Income Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$13.26			$12.98			$12.94			$12.99			$12.97
Income from investment operations:
Net investment income (loss)(a)		0.33			0.29			0.27			0.24			0.18
Net realized and unrealized gain (loss)		0.19			0.36			0.16			—			0.25
Total from investment operations		0.52			0.65			0.43			0.24			0.43
Distributions:
Dividends from net investment income		(0.20	)		(0.17	)		(0.19	)		(0.15	)		(0.15	)
Dividends from net realized gains		(0.22	)		(0.20	)		(0.20	)		(0.14	)		(0.26	)
Total distributions		(0.42	)		(0.37	)		(0.39	)		(0.29	)		(0.41	)
Net asset value, end of year		$13.36			$13.26			$12.98			$12.94			$12.99
Ratios and supplemental data:
Total return(b)		4.02%			5.07%			3.38%			1.89%			3.40%
Net assets, end of year (000)		$5,658,499			$3,734,035			$2,587,922			$2,377,641			$2,470,829
Ratio of net expenses to average net assets		0.99%	(c)		1.02%	(d)		0.97%	(e)		0.98%			0.95%
Ratio of gross expenses to average net assets prior to expense reductions		0.99%			1.02%			0.97%			0.98%			0.95%
Ratio of net investment income (loss) to average net assets		2.49%			2.22%			2.15%			1.83%			1.41%

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.81% for the year ended October 31, 2018.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.83% for the year ended October 31, 2017.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.84% for the year ended October 31, 2016.

194 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Hedged Equity Income Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,									December 31, 2014• through October 31,
	2018			2017			2016			2015
Net asset value, beginning of year		$10.85			$10.03			$10.00			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.08			0.12			0.10			0.06
Net realized and unrealized gain (loss)		0.57			0.76			0.17			0.01
Total from investment operations		0.65			0.88			0.27			0.07
Distributions:
Dividends from net investment income		(0.06	)		(0.06	)		(0.15	)		(0.07	)
Dividends from net realized gains		—			—			(0.09	)		—
Total distributions		(0.06	)		(0.06	)		(0.24	)		(0.07	)
Net asset value, end of year		$11.44			$10.85			$10.03			$10.00
Ratios and supplemental data:
Total return(b)		6.08%			8.77%			2.79%			0.67%
Net assets, end of year (000)		$5,151			$1,007			$10,275			$5,661
Ratio of net expenses to average net assets		1.25%			1.25%			1.22%			1.25%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.47%			2.14%			2.03%			3.05%	(c)
Ratio of net investment income (loss) to average net assets		0.65%			1.12%			1.01%			0.78%	(c)
	Year Ended October 31,									December 31, 2014• through October 31,
	2018			2017			2016			2015
Portfolio turnover rate		140.8%			49.2%			19.6%			29.4%
	CLASS C
	Year Ended October 31,									December 31, 2014• through October 31,
	2018			2017			2016			2015
Net asset value, beginning of year		$10.78			$10.00			$9.98			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.02			0.03			(0.00	)*
Net realized and unrealized gain (loss)		0.58			0.79			0.16			0.01
Total from investment operations		0.57			0.81			0.19			0.01
Distributions:
Dividends from net investment income		(0.00	)*		(0.03	)		(0.08	)		(0.03	)
Dividends from net realized gains		—			—			(0.09	)		—
Total distributions		(0.00	)*		(0.03	)		(0.17	)		(0.03	)
Net asset value, end of year		$11.35			$10.78			$10.00			$9.98
Ratios and supplemental data:
Total return(b)		5.31%			8.09%			1.92%			0.09%
Net assets, end of year (000)		$616			$173			$156			$100
Ratio of net expenses to average net assets		2.00%			2.00%			1.97%			2.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.30%			3.03%			2.79%			3.79%	(c)
Ratio of net investment income (loss) to average net assets		(0.07%	)		0.24%			0.26%			0.03%	(c)

• Commencement of operations.

* Amounts are less than $0.005.

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

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

(c) Annualized.

www.calamos.com 195

Calamos Hedged Equity Income Fund    Financial Highlights

	CLASS I
	Year Ended October 31,									December 31, 2014• through October 31,
	2018			2017			2016			2015
Net asset value, beginning of year		$10.84			$10.04			$10.01			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.10			0.13			0.13			0.09
Net realized and unrealized gain (loss)		0.59			0.78			0.17			—
Total from investment operations		0.69			0.91			0.30			0.09
Distributions:
Dividends from net investment income		(0.08	)		(0.11	)		(0.18	)		(0.08	)
Dividends from net realized gains		—			—			(0.09	)		—
Total distributions		(0.08	)		(0.11	)		(0.27	)		(0.08	)
Net asset value, end of year		$11.45			$10.84			$10.04			$10.01
Ratios and supplemental data:
Total return(b)		6.38%			9.12%			3.02%			0.89%
Net assets, end of year (000)		$91,589			$11,883			$8,035			$5,527
Ratio of net expenses to average net assets		1.00%			1.00%			0.97%			1.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.26%			2.06%			1.81%			2.80%	(c)
Ratio of net investment income (loss) to average net assets		0.91%			1.22%			1.27%			1.03%	(c)

• Commencement of operations.

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

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

(c) Annualized.

196 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Phineus Long/Short Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,						April 5, 2016• through October 31,
	2018			2017			2016
Net asset value, beginning of year		$12.33			$10.77			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.16	)		(0.10	)
Net realized and unrealized gain (loss)		—			1.82			0.87
Total from investment operations		(0.03	)		1.66			0.77
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		(0.15	)		(0.10	)		—
Total distributions		(0.15	)		(0.10	)		—
Net asset value, end of year		$12.15			$12.33			$10.77
Ratios and supplemental data:
Total return(b)		(0.34%	)		15.46%			7.70%
Net assets, end of year (000)		$108,730			$66,854			$14,708
Ratio of net expenses to average net assets		2.28%	(d)		2.71%	(e)		2.99%	(c)(f)
Ratio of gross expenses to average net assets prior to expense reductions		2.28%			2.71%			4.04%	(c)
Ratio of net investment income (loss) to average net assets		(0.27%	)		(1.34%	)		(1.77%	)(c)
	Year Ended October 31,						April 5, 2016• through October 31,
	2018			2017			2016
Portfolio turnover rate		228.6%			167.8%			177.6%
	CLASS C
	Year Ended October 31,						April 5, 2016• through October 31,
	2018			2017			2016
Net asset value, beginning of year		$12.19			$10.73			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.13	)		(0.25	)		(0.15	)
Net realized and unrealized gain (loss)		0.01			1.81			0.88
Total from investment operations		(0.12	)		1.56			0.73
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		(0.15	)		(0.10	)		—
Total distributions		(0.15	)		(0.10	)		—
Net asset value, end of year		$11.92			$12.19			$10.73
Ratios and supplemental data:
Total return(b)		(1.09%	)		14.58%			7.30%
Net assets, end of year (000)		$52,169			$28,933			$4,936
Ratio of net expenses to average net assets		3.03%	(d)		3.46%	(e)		3.69%	(c)(f)
Ratio of gross expenses to average net assets prior to expense reductions		3.03%			3.46%			4.82%	(c)
Ratio of net investment income (loss) to average net assets		(1.02%	)		(2.11%	)		(2.54%	)(c)

• Commencement of operations.

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

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

(c) Annualized.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% and 2.39% for the year ended October 31, 2018.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.73% and 2.47% for the year ended October 31, 2017.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.01% and 2.67% for the period ended October 31, 2016.

www.calamos.com 197

Calamos Phineus Long/Short Fund    Financial Highlights

	CLASS I
	Year Ended October 31,						April 5, 2016• through October 31,
	2018			2017			2016
Net asset value, beginning of year		$12.39			$10.80			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.13	)		(0.08	)
Net realized and unrealized gain (loss)		(0.02	)		1.82			0.88
Total from investment operations		(0.01	)		1.69			0.80
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		(0.15	)		(0.10	)		—
Total distributions		(0.15	)		(0.10	)		—
Net asset value, end of year		$12.23			$12.39			$10.80
Ratios and supplemental data:
Total return(b)		(0.10%	)		15.70%			8.00%
Net assets, end of year (000)		$1,003,457			$348,840			$56,319
Ratio of net expenses to average net assets		2.00%	(d)		2.45%	(e)		2.77%	(c)(f)
Ratio of gross expenses to average net assets prior to expense reductions		2.00%			2.45%			4.04%	(c)
Ratio of net investment income (loss) to average net assets		0.05%			(1.09%	)		(1.33%	)(c)

• Commencement of operations.

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

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

(c) Annualized.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2018.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.47% for the year ended October 31, 2017.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.76% for the period ended October 31, 2016.

198 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Convertible Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$18.27			$15.93			$16.56			$18.59			$19.14
Income from investment operations:
Net investment income (loss)(a)		0.48			0.49			0.50			0.44			0.40
Net realized and unrealized gain (loss)		0.13			2.16			(0.30	)		(1.01	)		1.14
Total from investment operations		0.61			2.65			0.20			(0.57	)		1.54
Distributions:
Dividends from net investment income		(0.24	)		(0.31	)		(0.56	)		(0.58	)		(0.76	)
Dividends from net realized gains		(0.53	)		—			(0.27	)		(0.88	)		(1.33	)
Total distributions		(0.77	)		(0.31	)		(0.83	)		(1.46	)		(2.09	)
Net asset value, end of year		$18.11			$18.27			$15.93			$16.56			$18.59
Ratios and supplemental data:
Total return(b)		3.43%			16.88%			1.33%			(3.31%	)		8.74%
Net assets, end of year (000)		$210,845			$222,017			$228,334			$385,844			$488,842
Ratio of net expenses to average net assets		1.16%			1.18%			1.15%			1.13%			1.10%
Ratio of gross expenses to average net assets prior to expense reductions		1.16%			1.18%			1.15%			1.13%			1.10%
Ratio of net investment income (loss) to average net assets		2.58%			2.87%			3.17%			2.53%			2.18%
	Year Ended October 31,
	2017			2016			2015			2014			2013
Portfolio turnover rate		73.2%			55.7%			43.8%			63.0%			68.1%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$18.09			$15.79			$16.41			$18.43			$18.87
Income from investment operations:
Net investment income (loss)(a)		0.34			0.36			0.37			0.31			0.26
Net realized and unrealized gain (loss)		0.12			2.14			(0.28	)		(1.00	)		1.11
Total from investment operations		0.46			2.50			0.09			(0.69	)		1.37
Distributions:
Dividends from net investment income		(0.10	)		(0.20	)		(0.44	)		(0.45	)		(0.48	)
Dividends from net realized gains		(0.53	)		—			(0.27	)		(0.88	)		(1.33	)
Total distributions		(0.63	)		(0.20	)		(0.71	)		(1.33	)		(1.81	)
Net asset value, end of year		$17.92			$18.09			$15.79			$16.41			$18.43
Ratios and supplemental data:
Total return(b)		2.65%			15.99%			0.62%			(4.01%	)		7.86%
Net assets, end of year (000)		$128,920			$147,112			$193,339			$265,686			$319,654
Ratio of net expenses to average net assets		1.91%			1.93%			1.90%			1.88%			1.86%
Ratio of gross expenses to average net assets prior to expense reductions		1.91%			1.93%			1.90%			1.88%			1.86%
Ratio of net investment income (loss) to average net assets		1.85%			2.14%			2.40%			1.78%			1.43%

(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.

www.calamos.com 199

Calamos Convertible Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$16.45			$14.38			$15.03			$17.02			$17.74
Income from investment operations:
Net investment income (loss)(a)		0.47			0.48			0.49			0.44			0.41
Net realized and unrealized gain (loss)		0.13			1.95			(0.27	)		(0.93	)		1.04
Total from investment operations		0.60			2.43			0.22			(0.49	)		1.45
Distributions:
Dividends from net investment income		(0.29	)		(0.36	)		(0.60	)		(0.62	)		(0.84	)
Dividends from net realized gains		(0.53	)		—			(0.27	)		(0.88	)		(1.33	)
Total distributions		(0.82	)		(0.36	)		(0.87	)		(1.50	)		(2.17	)
Net asset value, end of year		$16.23			$16.45			$14.38			$15.03			$17.02
Ratios and supplemental data:
Total return(b)		3.73%			17.14%			1.64%			(3.11%	)		8.99%
Net assets, end of year (000)		$275,776			$233,077			$238,309			$455,702			$553,594
Ratio of net expenses to average net assets		0.91%			0.93%			0.90%			0.88%			0.85%
Ratio of gross expenses to average net assets prior to expense reductions		0.91%			0.93%			0.90%			0.88%			0.85%
Ratio of net investment income (loss) to average net assets		2.83%			3.12%			3.48%			2.77%			2.46%

(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.

200 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Convertible Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,									December 31, 2014• through October 31,
	2018			2017			2016			2015
Net asset value, beginning of year		$11.24			$9.89			$9.93			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.33			0.25			0.26			0.13
Net realized and unrealized gain (loss)		(0.34	)		1.21			(0.14	)		(0.13	)
Total from investment operations		(0.01	)		1.46			0.12			—
Distributions:
Dividends from net investment income		(0.08	)		(0.11	)		(0.16	)		(0.07	)
Dividends from net realized gains		(0.34	)		—			—			—
Total distributions		(0.42	)		(0.11	)		(0.16	)		(0.07	)
Net asset value, end of year		$10.81			$11.24			$9.89			$9.93
Ratios and supplemental data:
Total return(b)		(0.09%	)		14.86%			1.27%			—%
Net assets, end of year (000)		$11,184			$12,713			$29,037			$20,550
Ratio of net expenses to average net assets		1.34%			1.35%			1.35%			1.35%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.35%			1.45%			1.46%			2.30%	(c)
Ratio of net investment income (loss) to average net assets		2.98%			2.46%			2.64%			1.56%	(c)
	Year Ended October 31,									December 31, 2014* through October 31,
	2018			2017			2016			2015
Portfolio turnover rate		32.0%			52.2%			38.4%			28.2%
	CLASS C
	Year Ended October 31,									December 31, 2014• through October 31,
	2018			2017			2016			2015
Net asset value, beginning of year		$11.14			$9.85			$9.90			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.24			0.16			0.18			0.07
Net realized and unrealized gain (loss)		(0.33	)		1.21			(0.13	)		(0.12	)
Total from investment operations		(0.09	)		1.37			0.05			(0.05	)
Distributions:
Dividends from net investment income		(0.02	)		(0.08	)		(0.10	)		(0.05	)
Dividends from net realized gains		(0.34	)		—			—			—
Total distributions		(0.36	)		(0.08	)		(0.10	)		(0.05	)
Net asset value, end of year		$10.69			$11.14			$9.85			$9.90
Ratios and supplemental data:
Total return(b)		(0.77%	)		13.95%			0.50%			(0.52%	)
Net assets, end of year (000)		$3,884			$2,887			$2,440			$1,259
Ratio of net expenses to average net assets		2.09%			2.10%			2.10%			2.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.10%			2.19%			2.21%			2.88%	(c)
Ratio of net investment income (loss) to average net assets		2.21%			1.54%			1.89%			0.84%	(c)

• Commencement of operations.

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

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

(c) Annualized.

www.calamos.com 201

Calamos Global Convertible Fund    Financial Highlights

	CLASS I
	Year Ended October 31,									December 31, 2014• through October 31,
	2018			2017			2016			2015
Net asset value, beginning of year		$11.24			$9.92			$9.95			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.36			0.26			0.28			0.15
Net realized and unrealized gain (loss)		(0.33	)		1.21			(0.13	)		(0.12	)
Total from investment operations		0.03			1.47			0.15			0.03
Distributions:
Dividends from net investment income		(0.11	)		(0.15	)		(0.18	)		(0.08	)
Dividends from net realized gains		(0.34	)		—			—			—
Total distributions		(0.45	)		(0.15	)		(0.18	)		(0.08	)
Net asset value, end of year		$10.82			$11.24			$9.92			$9.95
Ratios and supplemental data:
Total return(b)		0.24%			14.98%			1.60%			0.29%
Net assets, end of year (000)		$121,170			$91,086			$47,637			$23,054
Ratio of net expenses to average net assets		1.09%			1.10%			1.10%			1.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.10%			1.18%			1.21%			1.80%	(c)
Ratio of net investment income (loss) to average net assets		3.22%			2.47%			2.88%			1.81%	(c)

• Commencement of operations.

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

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

(c) Annualized.

202 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Growth Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$35.54			$30.12			$42.80			$50.16			$58.75
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.17	)		(0.07	)		(0.07	)		(0.20	)
Net realized and unrealized gain (loss)		2.15			6.79			(1.67	)		2.84			6.90
Total from investment operations		2.07			6.62			(1.74	)		2.77			6.70
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(4.47	)		(1.20	)		(10.94	)		(10.13	)		(15.29	)
Total distributions		(4.47	)		(1.20	)		(10.94	)		(10.13	)		(15.29	)
Net asset value, end of year		$33.14			$35.54			$30.12			$42.80			$50.16
Ratios and supplemental data:
Total return(b)		6.12%			22.79%			(4.76%	)		6.55%			13.84%
Net assets, end of year (000)		$851,590			$967,725			$1,017,541			$1,424,967			$1,718,674
Ratio of net expenses to average net assets		1.29%			1.39%			1.34%			1.31%			1.26%
Ratio of gross expenses to average net assets prior to expense reductions		1.29%			1.39%			1.34%			1.31%			1.26%
Ratio of net investment income (loss) to average net assets		(0.22%	)		(0.52%	)		(0.21%	)		(0.17%	)		(0.42%	)
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		71.7%			104.4%			90.0%			60.0%			41.8%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$24.26			$21.08			$33.48			$41.66			$51.58
Income from investment operations:
Net investment income (loss)(a)		(0.22	)		(0.28	)		(0.21	)		(0.32	)		(0.48	)
Net realized and unrealized gain (loss)		1.43			4.66			(1.25	)		2.27			5.85
Total from investment operations		1.21			4.38			(1.46	)		1.95			5.37
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(4.47	)		(1.20	)		(10.94	)		(10.13	)		(15.29	)
Total distributions		(4.47	)		(1.20	)		(10.94	)		(10.13	)		(15.29	)
Net asset value, end of year		$21.00			$24.26			$21.08			$33.48			$41.66
Ratios and supplemental data:
Total return(b)		5.34%			21.85%			(5.45%	)		5.75%			12.97%
Net assets, end of year (000)		$329,883			$398,115			$540,422			$792,046			$959,445
Ratio of net expenses to average net assets		2.04%			2.14%			2.09%			2.06%			2.01%
Ratio of gross expenses to average net assets prior to expense reductions		2.04%			2.14%			2.09%			2.06%			2.01%
Ratio of net investment income (loss) to average net assets		(0.97%	)		(1.26%	)		(0.96%	)		(0.92%	)		(1.17%	)

(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.

www.calamos.com 203

Calamos Growth Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$45.18			$37.88			$50.84			$57.59			$65.15
Income from investment operations:
Net investment income (loss)(a)		0.02			(0.11	)		0.02			0.05			(0.10	)
Net realized and unrealized gain (loss)		2.75			8.61			(2.04	)		3.33			7.83
Total from investment operations		2.77			8.50			(2.02	)		3.38			7.73
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(4.47	)		(1.20	)		(10.94	)		(10.13	)		(15.29	)
Total distributions		(4.47	)		(1.20	)		(10.94	)		(10.13	)		(15.29	)
Net asset value, end of year		$43.48			$45.18			$37.88			$50.84			$57.59
Ratios and supplemental data:
Total return(b)		6.41%			23.09%			(4.51%	)		6.80%			14.12%
Net assets, end of year (000)		$282,061			$301,237			$327,872			$480,028			$759,432
Ratio of net expenses to average net assets		1.04%			1.14%			1.09%			1.06%			1.01%
Ratio of gross expenses to average net assets prior to expense reductions		1.04%			1.14%			1.09%			1.06%			1.01%
Ratio of net investment income (loss) to average net assets		0.03%			(0.27%	)		0.04%			0.09%			(0.18%	)

(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.

204 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Growth and Income Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$33.15			$30.17			$31.68			$35.22			$35.84
Income from investment operations:
Net investment income (loss)(a)		0.25			0.49			0.48			0.60			0.60
Net realized and unrealized gain (loss)		1.41			4.53			0.16			0.51			2.78
Total from investment operations		1.66			5.02			0.64			1.11			3.38
Distributions:
Dividends from net investment income		(0.38	)		(0.84	)		(0.84	)		(0.89	)		(0.80	)
Dividends from net realized gains		(1.90	)		(1.20	)		(1.31	)		(3.76	)		(3.20	)
Total distributions		(2.28	)		(2.04	)		(2.15	)		(4.65	)		(4.00	)
Net asset value, end of year		$32.53			$33.15			$30.17			$31.68			$35.22
Ratios and supplemental data:
Total return(b)		5.20%			17.39%			2.26%			3.50%			10.33%
Net assets, end of year (000)		$832,433			$918,695			$930,625			$1,105,102			$1,316,498
Ratio of net expenses to average net assets		1.09%			1.11%			1.11%			1.10%			1.09%
Ratio of gross expenses to average net assets prior to expense reductions		1.09%			1.11%			1.11%			1.10%			1.09%
Ratio of net investment income (loss) to average net assets		0.77%			1.58%			1.59%			1.86%			1.76%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		25.3%			31.6%			23.5%			23.8%			32.8%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$33.30			$30.28			$31.81			$35.34			$35.78
Income from investment operations:
Net investment income (loss)(a)		0.01			0.27			0.25			0.36			0.35
Net realized and unrealized gain (loss)		1.41			4.54			0.14			0.51			2.77
Total from investment operations		1.42			4.81			0.39			0.87			3.12
Distributions:
Dividends from net investment income		(0.13	)		(0.59	)		(0.61	)		(0.64	)		(0.36	)
Dividends from net realized gains		(1.90	)		(1.20	)		(1.31	)		(3.76	)		(3.20	)
Total distributions		(2.03	)		(1.79	)		(1.92	)		(4.40	)		(3.56	)
Net asset value, end of year		$32.69			$33.30			$30.28			$31.81			$35.34
Ratios and supplemental data:
Total return(b)		4.42%			16.54%			1.39%			2.73%			9.48%
Net assets, end of year (000)		$502,593			$574,455			$739,780			$889,516			$1,009,029
Ratio of net expenses to average net assets		1.84%			1.86%			1.86%			1.85%			1.84%
Ratio of gross expenses to average net assets prior to expense reductions		1.84%			1.86%			1.86%			1.85%			1.84%
Ratio of net investment income (loss) to average net assets		0.02%			0.85%			0.84%			1.11%			1.02%

(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.

www.calamos.com 205

Calamos Growth and Income Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$31.96			$29.15			$30.71			$34.28			$35.07
Income from investment operations:
Net investment income (loss)(a)		0.32			0.55			0.53			0.66			0.68
Net realized and unrealized gain (loss)		1.37			4.38			0.14			0.50			2.69
Total from investment operations		1.69			4.93			0.67			1.16			3.37
Distributions:
Dividends from net investment income		(0.47	)		(0.92	)		(0.92	)		(0.97	)		(0.96	)
Dividends from net realized gains		(1.90	)		(1.20	)		(1.31	)		(3.76	)		(3.20	)
Total distributions		(2.37	)		(2.12	)		(2.23	)		(4.73	)		(4.16	)
Net asset value, end of year		$31.28			$31.96			$29.15			$30.71			$34.28
Ratios and supplemental data:
Total return(b)		5.45%			17.71%			2.43%			3.79%			10.60%
Net assets, end of year (000)		$643,422			$554,490			$513,604			$577,449			$688,258
Ratio of net expenses to average net assets		0.84%			0.86%			0.86%			0.85%			0.84%
Ratio of gross expenses to average net assets prior to expense reductions		0.84%			0.86%			0.86%			0.85%			0.84%
Ratio of net investment income (loss) to average net assets		1.01%			1.83%			1.84%			2.11%			2.04%

(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.

206 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Dividend Growth Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$12.73			$10.38			$10.52			$10.78			$10.36
Income from investment operations:
Net investment income (loss)(a)		0.07			0.10			0.10			0.17			0.39
Net realized and unrealized gain (loss)		0.57			2.30			0.11			(0.15	)		0.24
Total from investment operations		0.64			2.40			0.21			0.02			0.63
Distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.08	)		(0.15	)		(0.18	)
Dividends from net realized gains		(0.98	)		—			(0.27	)		(0.13	)		(0.03	)
Total distributions		(1.03	)		(0.05	)		(0.35	)		(0.28	)		(0.21	)
Net asset value, end of year		$12.34			$12.73			$10.38			$10.52			$10.78
Ratios and supplemental data:
Total return(b)		5.26%			23.17%			2.17%			0.21%			6.12%
Net assets, end of year (000)		$2,347			$2,031			$23,157			$28,030			$28,365
Ratio of net expenses to average net assets		1.35%			1.35%			1.33%			1.35%			1.35%
Ratio of gross expenses to average net assets prior to expense reductions		1.83%			1.87%			1.73%			1.74%			1.73%
Ratio of net investment income (loss) to average net assets		0.55%			0.93%			0.95%			1.66%			3.68%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		10.7%			15.3%			11.5%			107.6%			130.0%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$12.52			$10.26			$10.41			$10.74			$10.34
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		0.00	*		0.02			0.08			0.31
Net realized and unrealized gain (loss)		0.57			2.28			0.12			(0.15	)		0.25
Total from investment operations		0.55			2.28			0.14			(0.07	)		0.56
Distributions:
Dividends from net investment income		—			(0.02	)		(0.02	)		(0.13	)		(0.13	)
Dividends from net realized gains		(0.98	)		—			(0.27	)		(0.13	)		(0.03	)
Total distributions		(0.98	)		(0.02	)		(0.29	)		(0.26	)		(0.16	)
Net asset value, end of year		$12.09			$12.52			$10.26			$10.41			$10.74
Ratios and supplemental data:
Total return(b)		4.56%			22.26%			1.42%			(0.63%	)		5.40%
Net assets, end of year (000)		$1,028			$1,039			$969			$702			$418
Ratio of net expenses to average net assets		2.10%			2.10%			2.08%			2.10%			2.10%
Ratio of gross expenses to average net assets prior to expense reductions		2.59%			2.73%			2.48%			2.51%			2.44%
Ratio of net investment income (loss) to average net assets		(0.19%	)		0.00%	**		0.17%			0.77%			2.90%

* Amounts are less than $0.005.

** Amounts are less than 0.005%.

(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.

www.calamos.com 207

Calamos Dividend Growth Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$12.71			$10.39			$10.55			$10.79			$10.37
Income from investment operations:
Net investment income (loss)(a)		0.10			0.11			0.12			0.20			0.42
Net realized and unrealized gain (loss)		0.58			2.32			0.12			(0.16	)		0.23
Total from investment operations		0.68			2.43			0.24			0.04			0.65
Distributions:
Dividends from net investment income		(0.08	)		(0.11	)		(0.13	)		(0.15	)		(0.20	)
Dividends from net realized gains		(0.98	)		—			(0.27	)		(0.13	)		(0.03	)
Total distributions		(1.06	)		(0.11	)		(0.40	)		(0.28	)		(0.23	)
Net asset value, end of year		$12.33			$12.71			$10.39			$10.55			$10.79
Ratios and supplemental data:
Total return(b)		5.61%			23.46%			2.39%			0.47%			6.33%
Net assets, end of year (000)		$20,585			$22,201			$7,989			$7,375			$8,020
Ratio of net expenses to average net assets		1.10%			1.10%			1.08%			1.10%			1.10%
Ratio of gross expenses to average net assets prior to expense reductions		1.60%			1.80%			1.48%			1.49%			1.48%
Ratio of net investment income (loss) to average net assets		0.82%			0.89%			1.17%			1.91%			3.97%

(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.

208 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Opportunistic Value Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$15.21			$12.60			$13.61			$15.07			$15.22
Income from investment operations:
Net investment income (loss)(a)		0.10			0.15			0.21			0.19			0.18
Net realized and unrealized gain (loss)		0.58			2.56			(0.15	)		(0.52	)		0.92
Total from investment operations		0.68			2.71			0.06			(0.33	)		1.10
Distributions:
Dividends from net investment income		(0.05	)		(0.10	)		(0.16	)		(0.14	)		(0.14	)
Dividends from net realized gains		(0.47	)		—			(0.91	)		(0.99	)		(1.11	)
Total distributions		(0.52	)		(0.10	)		(1.07	)		(1.13	)		(1.25	)
Net asset value, end of year		$15.37			$15.21			$12.60			$13.61			$15.07
Ratios and supplemental data:
Total return(b)		4.53%			21.56%			0.76%			(2.32%	)		7.67%
Net assets, end of year (000)		$21,349			$21,894			$32,350			$44,792			$58,419
Ratio of net expenses to average net assets		1.15%			1.15%			1.12%			1.15%			1.15%
Ratio of gross expenses to average net assets prior to expense reductions		1.60%			1.67%			1.57%			1.61%			1.50%
Ratio of net investment income (loss) to average net assets		0.64%			1.10%			1.67%			1.38%			1.19%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		119.3%			104.7%			40.7%			139.8%			165.4%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$13.74			$11.39			$12.38			$13.79			$14.09
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.04			0.10			0.08			0.06
Net realized and unrealized gain (loss)		0.51			2.32			(0.13	)		(0.47	)		0.85
Total from investment operations		0.50			2.36			(0.03	)		(0.39	)		0.91
Distributions:
Dividends from net investment income		—			(0.01	)		(0.05	)		(0.03	)		(0.10	)
Dividends from net realized gains		(0.47	)		—			(0.91	)		(0.99	)		(1.11	)
Total distributions		(0.47	)		(0.01	)		(0.96	)		(1.02	)		(1.21	)
Net asset value, end of year		$13.77			$13.74			$11.39			$12.38			$13.79
Ratios and supplemental data:
Total return(b)		3.77%			20.70%			(0.04%	)		(3.01%	)		6.82%
Net assets, end of year (000)		$4,318			$4,728			$4,915			$5,738			$9,964
Ratio of net expenses to average net assets		1.90%			1.90%			1.87%			1.90%			1.90%
Ratio of gross expenses to average net assets prior to expense reductions		2.35%			2.42%			2.32%			2.35%			2.25%
Ratio of net investment income (loss) to average net assets		(0.10%	)		0.31%			0.91%			0.64%			0.44%

(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.

www.calamos.com 209

Calamos Opportunistic Value Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$15.63			$12.94			$13.96			$15.44			$15.57
Income from investment operations:
Net investment income (loss)(a)		0.14			0.18			0.24			0.23			0.22
Net realized and unrealized gain (loss)		0.59			2.64			(0.14	)		(0.53	)		0.94
Total from investment operations		0.73			2.82			0.10			(0.30	)		1.16
Distributions:
Dividends from net investment income		(0.09	)		(0.13	)		(0.21	)		(0.19	)		(0.18	)
Dividends from net realized gains		(0.47	)		—			(0.91	)		(0.99	)		(1.11	)
Total distributions		(0.56	)		(0.13	)		(1.12	)		(1.18	)		(1.29	)
Net asset value, end of year		$15.80			$15.63			$12.94			$13.96			$15.44
Ratios and supplemental data:
Total return(b)		4.78%			21.92%			0.98%			(2.08%	)		7.87%
Net assets, end of year (000)		$21,892			$25,669			$16,672			$19,583			$32,147
Ratio of net expenses to average net assets		0.90%			0.90%			0.87%			0.90%			0.90%
Ratio of gross expenses to average net assets prior to expense reductions		1.36%			1.42%			1.32%			1.36%			1.25%
Ratio of net investment income (loss) to average net assets		0.90%			1.28%			1.91%			1.63%			1.45%

(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.

210 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos International Growth Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$21.55			$16.65			$17.27			$19.27			$19.24
Income from investment operations:
Net investment income (loss)(a)		0.15			0.07			0.05			0.09			0.09
Net realized and unrealized gain (loss)		(2.78	)		4.83			(0.65	)		0.02			0.02
Total from investment operations		(2.63	)		4.90			(0.60	)		0.11			0.11
Distributions:
Dividends from net investment income		—			—			—			—			(0.08	)
Dividends from net realized gains		(0.82	)		—			(0.02	)		(2.11	)		—
Return of capital		—			—			(0.00	)*		—			—
Total distributions		(0.82	)		—			(0.02	)		(2.11	)		(0.08	)
Net asset value, end of year		$18.10			$21.55			$16.65			$17.27			$19.27
Ratios and supplemental data:
Total return(b)		(12.70%	)		29.43%			(3.46%	)		0.94%			0.57%
Net assets, end of year (000)		$59,566			$72,491			$111,036			$209,548			$254,400
Ratio of net expenses to average net assets		1.33%			1.40%			1.38%			1.31%			1.39%
Ratio of gross expenses to average net assets prior to expense reductions		1.51%			1.46%			1.39%			1.31%			1.39%
Ratio of net investment income (loss) to average net assets		0.71%			0.41%			0.32%			0.52%			0.43%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		111.8%			100.4%			69.0%			65.0%			81.6%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$19.72			$15.35			$16.04			$18.18			$18.21
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.05	)		(0.07	)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss)		(2.49	)		4.42			(0.60	)		0.01			0.03
Total from investment operations		(2.52	)		4.37			(0.67	)		(0.03	)		(0.03	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(0.82	)		—			(0.02	)		(2.11	)		—
Return of capital		—			—			(0.00	)*		—			—
Total distributions		(0.82	)		—			(0.02	)		(2.11	)		—
Net asset value, end of year		$16.38			$19.72			$15.35			$16.04			$18.18
Ratios and supplemental data:
Total return(b)		(13.35%	)		28.47%			(4.16%	)		0.15%			(0.16%	)
Net assets, end of year (000)		$20,449			$27,840			$35,537			$47,996			$59,756
Ratio of net expenses to average net assets		2.06%			2.15%			2.13%			2.06%			2.13%
Ratio of gross expenses to average net assets prior to expense reductions		2.26%			2.21%			2.14%			2.06%			2.13%
Ratio of net investment income (loss) to average net assets		(0.17%	)		(0.33%	)		(0.46%	)		(0.23%	)		(0.32%	)

* Amounts are less than $0.005.

(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.

www.calamos.com 211

Calamos International Growth Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017		2016			2015			2014
Net asset value, beginning of year		$22.01			$16.96		$17.54			$19.50			$19.48
Income from investment operations:
Net investment income (loss)(a)		0.18			0.12		0.09			0.14			0.13
Net realized and unrealized gain (loss)		(2.82	)		4.93		(0.65	)		0.01			0.03
Total from investment operations		(2.64	)		5.05		(0.56	)		0.15			0.16
Distributions:
Dividends from net investment income		—			—		—			—			(0.14	)
Dividends from net realized gains		(0.82	)		—		(0.02	)		(2.11	)		—
Return of capital		—			—		(0.00	)*		—			—
Total distributions		(0.82	)		—		(0.02	)		(2.11	)		(0.14	)
Net asset value, end of year		$18.55			$22.01		$16.96			$17.54			$19.50
Ratios and supplemental data:
Total return(b)		(12.48%	)		29.78%		(3.18%	)		1.16%			0.80%
Net assets, end of year (000)		$153,312			$175,070		$213,166			$339,909			$410,485
Ratio of net expenses to average net assets		1.06%			1.15%		1.13%			1.06%			1.14%
Ratio of gross expenses to average net assets prior to expense reductions		1.26%			1.21%		1.14%			1.06%			1.14%
Ratio of net investment income (loss) to average net assets		0.85%			0.66%		0.53%			0.78%			0.66%

	CLASS R6
	September 17, 2018• through October 31,
	2018
Net asset value, beginning of period		$20.89
Income from investment operations:
Net investment income (loss)(a)		0.01
Net realized and unrealized gain (loss)		(2.24	)
Total from investment operations		(2.23	)
Distributions:
Dividends from net investment income		—
Net asset value, end of period		$18.66
Ratios and supplemental data:
Total return(b)		(10.67%	)
Net assets, end of period (000)		$22
Ratio of net expenses to average net assets		0.76%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.21%	(c)
Ratio of net investment income (loss) to average net assets		0.34%	(c)

* Amounts are less than $0.005.

• Commencement of operations.

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

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

(c) Annualized.

212 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Evolving World Growth Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$14.83			$12.11			$12.11			$13.73			$13.97
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.05			0.03			0.02			0.06
Net realized and unrealized gain (loss)		(2.28	)		2.67			(0.02	)		(1.31	)		(0.18	)
Total from investment operations		(2.29	)		2.72			0.01			(1.29	)		(0.12	)
Distributions:
Dividends from net investment income		(0.00	)*		—			(0.01	)		(0.03	)		(0.01	)
Dividends from net realized gains		—			—			—			(0.30	)		(0.11	)
Return of capital		(0.00	)*		—			(0.00	)*		(0.00	)*		—
Total distributions		(0.00	)*		—			(0.01	)		(0.33	)		(0.12	)
Net asset value, end of year		$12.54			$14.83			$12.11			$12.11			$13.73
Ratios and supplemental data:
Total return(b)		(15.43%	)		22.46%			0.08%			(9.56%	)		(0.84%	)
Net assets, end of year (000)		$34,678			$68,142			$102,545			$121,946			$168,332
Ratio of net expenses to average net assets		1.63%			1.67%			1.64%			1.65%			1.61%
Ratio of gross expenses to average net assets prior to expense reductions		1.63%			1.67%			1.64%			1.65%			1.61%
Ratio of net investment income (loss) to average net assets		(0.08%	)		0.40%			0.23%			0.14%			0.45%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		97.3%			104.8%			87.4%			58.8%			99.9%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$14.03			$11.55			$11.62			$13.26			$13.59
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.03	)		(0.06	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss)		(2.13	)		2.51			(0.01	)		(1.27	)		(0.18	)
Total from investment operations		(2.25	)		2.48			(0.07	)		(1.34	)		(0.22	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		—			—			—			(0.30	)		(0.11	)
Return of capital		—			—			(0.00	)*		(0.00	)*		—
Total distributions		—			—			—			(0.30	)		(0.11	)
Net asset value, end of year		$11.78			$14.03			$11.55			$11.62			$13.26
Ratios and supplemental data:
Total return(b)		(16.04%	)		21.47%			(0.60%	)		(10.25%	)		(1.59%	)
Net assets, end of year (000)		$17,739			$24,846			$31,231			$36,532			$44,611
Ratio of net expenses to average net assets		2.38%			2.41%			2.39%			2.40%			2.37%
Ratio of gross expenses to average net assets prior to expense reductions		2.38%			2.41%			2.39%			2.40%			2.37%
Ratio of net investment income (loss) to average net assets		(0.85%	)		(0.29%	)		(0.54%	)		(0.59%	)		(0.33%	)

* Amounts are less than $0.005.

(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.

www.calamos.com 213

Calamos Evolving World Growth Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017		2016			2015			2014
Net asset value, beginning of year		$14.96			$12.19		$12.19			$13.83			$14.07
Income from investment operations:
Net investment income (loss)(a)		0.02			0.09		0.06			0.05			0.09
Net realized and unrealized gain (loss)		(2.29	)		2.68		(0.01	)		(1.32	)		(0.18	)
Total from investment operations		(2.27	)		2.77		0.05			(1.27	)		(0.09	)
Distributions:
Dividends from net investment income		(0.06	)		—		(0.05	)		(0.07	)		(0.04	)
Dividends from net realized gains		—			—		—			(0.30	)		(0.11	)
Return of capital		(0.00	)*		—		(0.00	)*		(0.00	)*		—
Total distributions		(0.06	)		—		(0.05	)		(0.37	)		(0.15	)
Net asset value, end of year		$12.63			$14.96		$12.19			$12.19			$13.83
Ratios and supplemental data:
Total return(b)		(15.21%	)		22.72%		0.38%			(9.35%	)		(0.60%	)
Net assets, end of year (000)		$152,114			$225,339		$255,965			$351,571			$436,546
Ratio of net expenses to average net assets		1.38%			1.41%		1.39%			1.40%			1.37%
Ratio of gross expenses to average net assets prior to expense reductions		1.38%			1.41%		1.39%			1.40%			1.37%
Ratio of net investment income (loss) to average net assets		0.14%			0.72%		0.50%			0.42%			0.65%

* Amounts are less than $0.005.

(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.

214 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Emerging Market Equity Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,												December 31, 2013• through October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$10.58			$8.61			$8.41			$9.84			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.00	*		0.00	*		(0.02	)		(0.01	)		0.02
Net realized and unrealized gain (loss)		(2.02	)		1.97			0.23			(1.37	)		(0.18	)
Total from investment operations		(2.02	)		1.97			0.21			(1.38	)		(0.16	)
Distributions:
Dividends from net investment income		(0.02	)		—			(0.01	)		(0.05	)		—
Dividends from net realized gains		—			—			—			—			—
Return of capital		(0.00	)*		—			—			—			—
Total distributions		(0.02	)		—			(0.01	)		(0.05	)		—
Net asset value, end of year		$8.54			$10.58			$8.61			$8.41			$9.84
Ratios and supplemental data:
Total return(b)		(19.14%	)		22.88%			2.49%			(14.09%	)		(1.60%	)
Net assets, end of year (000)		$4,479			$5,491			$4,483			$4,465			$5,360
Ratio of net expenses to average net assets		1.75%			1.75%			1.67%			1.75%			1.75%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.28%			2.67%			2.49%			2.43%			3.45%	(c)
Ratio of net investment income (loss) to average net assets		(0.01%	)		0.04%			(0.23%	)		(0.14%	)		0.24%	(c)
	Year Ended October 31,												December 31, 2013• through October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		99.8%			104.0%			74.8%			68.0%			109.2%
	CLASS C
	Year Ended October 31,												December 31, 2013• through October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$10.36			$8.49			$8.34			$9.78			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.06	)		(0.08	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss)		(1.97	)		1.93			0.23			(1.37	)		(0.18	)
Total from investment operations		(2.05	)		1.87			0.15			(1.44	)		(0.22	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		—			—			—			—			—
Total distributions		—			—			—			—			—
Net asset value, end of year		$8.31			$10.36			$8.49			$8.34			$9.78
Ratios and supplemental data:
Total return(b)		(19.79%	)		22.03%			1.80%			(14.72%	)		(2.20%	)
Net assets, end of year (000)		$284			$386			$280			$241			$288
Ratio of net expenses to average net assets		2.50%			2.50%			2.43%			2.50%			2.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.03%			3.42%			3.24%			3.22%			4.08%	(c)
Ratio of net investment income (loss) to average net assets		(0.77%	)		(0.69%	)		(0.98%	)		(0.80%	)		(0.45%	)(c)

• Commencement of operations.

* Amounts are less than $0.005.

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

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

(c) Annualized.

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Calamos Emerging Market Equity Fund    Financial Highlights

	CLASS I
	Year Ended October 31,											December 31, 2013• through October 31,
	2018			2017		2016			2015			2014
Net asset value, beginning of year		$10.63			$8.62		$8.43			$9.86			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.03			0.03		0.00	*		0.02			0.04
Net realized and unrealized gain (loss)		(2.04	)		1.98		0.23			(1.39	)		(0.18	)
Total from investment operations		(2.01	)		2.01		0.23			(1.37	)		(0.14	)
Distributions:
Dividends from net investment income		(0.04	)		—		(0.04	)		(0.06	)		—
Dividends from net realized gains		—			—		—			—			—
Return of capital		(0.00	)*		—		0.00	*		—			—
Total distributions		(0.04	)		—		(0.04	)		(0.06	)		—
Net asset value, end of year		$8.58			$10.63		$8.62			$8.43			$9.86
Ratios and supplemental data:
Total return(b)		(18.96%	)		23.32%		2.75%			(13.92%	)		(1.40%	)
Net assets, end of year (000)		$9,236			$11,207		$9,039			$8,763			$9,701
Ratio of net expenses to average net assets		1.50%			1.50%		1.42%			1.50%			1.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.03%			2.42%		2.24%			2.23%			3.04%	(c)
Ratio of net investment income (loss) to average net assets		0.26%			0.30%		0.02%			0.21%			0.50%	(c)

• Commencement of operations.

* Amounts are less than $0.005.

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

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

(c) Annualized.

216 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Equity Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$15.63			$12.74			$13.19			$15.67			$14.97
Income from investment operations:
Net investment income (loss)(a)		0.00	*		0.00	*		0.01			0.00	*		(0.01	)
Net realized and unrealized gain (loss)		(0.63	)		3.45			(0.21	)		0.62			1.08
Total from investment operations		(0.63	)		3.45			(0.20	)		0.62			1.07
Distributions:
Dividends from net investment income		—			—			—			—			(0.10	)
Dividends from net realized gains		(1.39	)		(0.56	)		(0.25	)		(3.10	)		(0.27	)
Total distributions		(1.39	)		(0.56	)		(0.25	)		(3.10	)		(0.37	)
Net asset value, end of year		$13.61			$15.63			$12.74			$13.19			$15.67
Ratios and supplemental data:
Total return(b)		(4.59%	)		28.42%			(1.47%	)		5.33%			7.25%
Net assets, end of year (000)		$27,489			$26,957			$29,314			$67,141			$87,989
Ratio of net expenses to average net assets		1.40%			1.40%			1.38%			1.34%			1.40%
Ratio of gross expenses to average net assets prior to expense reductions		1.56%			1.53%			1.50%			1.34%			1.40%
Ratio of net investment income (loss) to average net assets		0.03%			(0.02%	)		0.06%			0.00%	**		(0.10%	)
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		81.3%			102.0%			64.6%			43.0%			53.3%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$14.40			$11.86			$12.39			$15.00			$14.36
Income from investment operations:
Net investment income (loss)(a)		(0.10	)		(0.09	)		(0.08	)		(0.09	)		(0.12	)
Net realized and unrealized gain (loss)		(0.57	)		3.19			(0.20	)		0.58			1.03
Total from investment operations		(0.67	)		3.10			(0.28	)		0.49			0.91
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(1.39	)		(0.56	)		(0.25	)		(3.10	)		(0.27	)
Total distributions		(1.39	)		(0.56	)		(0.25	)		(3.10	)		(0.27	)
Net asset value, end of year		$12.34			$14.40			$11.86			$12.39			$15.00
Ratios and supplemental data:
Total return(b)		(5.31%	)		27.53%			(2.23%	)		4.55%			6.43%
Net assets, end of year (000)		$10,887			$13,769			$16,375			$21,227			$28,811
Ratio of net expenses to average net assets		2.15%			2.15%			2.13%			2.09%			2.14%
Ratio of gross expenses to average net assets prior to expense reductions		2.32%			2.27%			2.25%			2.09%			2.14%
Ratio of net investment income (loss) to average net assets		(0.76%	)		(0.76%	)		(0.68%	)		(0.76%	)		(0.82%	)

* Amounts are less than $0.005.

** Amounts are less than 0.005%.

(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.

www.calamos.com 217

Calamos Global Equity Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$15.95			$12.95			$13.38			$15.81			$15.11
Income from investment operations:
Net investment income (loss)(a)		0.03			0.03			0.04			0.04			0.02
Net realized and unrealized gain (loss)		(0.64	)		3.53			(0.22	)		0.63			1.09
Total from investment operations		(0.61	)		3.56			(0.18	)		0.67			1.11
Distributions:
Dividends from net investment income		(0.02	)		—			—			—			(0.14	)
Dividends from net realized gains		(1.39	)		(0.56	)		(0.25	)		(3.10	)		(0.27	)
Total distributions		(1.41	)		(0.56	)		(0.25	)		(3.10	)		(0.41	)
Net asset value, end of year		$13.93			$15.95			$12.95			$13.38			$15.81
Ratios and supplemental data:
Total return(b)		(4.38%	)		28.82%			(1.30%	)		5.64%			7.48%
Net assets, end of year (000)		$58,078			$86,429			$87,605			$96,390			$101,511
Ratio of net expenses to average net assets		1.15%			1.15%			1.13%			1.09%			1.15%
Ratio of gross expenses to average net assets prior to expense reductions		1.31%			1.28%			1.25%			1.09%			1.15%
Ratio of net investment income (loss) to average net assets		0.18%			0.23%			0.33%			0.26%			0.15%

(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.

218 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Global Growth and Income Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$9.85			$8.47			$8.63			$10.22			$11.78
Income from investment operations:
Net investment income (loss)(a)		0.09			0.10			0.09			0.10			0.11
Net realized and unrealized gain (loss)		(0.35	)		1.35			(0.14	)		0.06			0.36
Total from investment operations		(0.26	)		1.45			(0.05	)		0.16			0.47
Distributions:
Dividends from net investment income		(0.03	)		(0.01	)		—			(0.04	)		(0.29	)
Dividends from net realized gains		(0.57	)		(0.06	)		(0.11	)		(1.71	)		(1.74	)
Total distributions		(0.60	)		(0.07	)		(0.11	)		(1.75	)		(2.03	)
Net asset value, end of year		$8.99			$9.85			$8.47			$8.63			$10.22
Ratios and supplemental data:
Total return(b)		(2.91%	)		17.16%			(0.59%	)		2.02%			4.77%
Net assets, end of year (000)		$63,069			$78,196			$84,648			$111,615			$146,431
Ratio of net expenses to average net assets		1.50%			1.54%			1.46%			1.49%			1.44%
Ratio of gross expenses to average net assets prior to expense reductions		1.50%			1.54%			1.46%			1.49%			1.44%
Ratio of net investment income (loss) to average net assets		0.93%			1.16%			1.09%			1.18%			1.01%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		75.0%			100.2%			58.0%			54.7%			72.6%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$8.84			$7.65			$7.87			$9.50			$11.06
Income from investment operations:
Net investment income (loss)(a)		0.02			0.04			0.03			0.03			0.03
Net realized and unrealized gain (loss)		(0.31	)		1.21			(0.14	)		0.05			0.33
Total from investment operations		(0.29	)		1.25			(0.11	)		0.08			0.36
Distributions:
Dividends from net investment income		—			—			—			—			(0.18	)
Dividends from net realized gains		(0.57	)		(0.06	)		(0.11	)		(1.71	)		(1.74	)
Total distributions		(0.57	)		(0.06	)		(0.11	)		(1.71	)		(1.92	)
Net asset value, end of year		$7.98			$8.84			$7.65			$7.87			$9.50
Ratios and supplemental data:
Total return(b)		(3.61%	)		16.41%			(1.42%	)		1.19%			3.98%
Net assets, end of year (000)		$54,425			$70,210			$90,640			$119,620			$151,091
Ratio of net expenses to average net assets		2.25%			2.29%			2.21%			2.24%			2.19%
Ratio of gross expenses to average net assets prior to expense reductions		2.25%			2.29%			2.21%			2.24%			2.19%
Ratio of net investment income (loss) to average net assets		0.18%			0.44%			0.34%			0.43%			0.27%

(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.

www.calamos.com 219

Calamos Global Growth and Income Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$10.11			$8.70			$8.84			$10.43			$11.99
Income from investment operations:
Net investment income (loss)(a)		0.12			0.13			0.11			0.13			0.14
Net realized and unrealized gain (loss)		(0.36	)		1.38			(0.14	)		0.05			0.36
Total from investment operations		(0.24	)		1.51			(0.03	)		0.18			0.50
Distributions:
Dividends from net investment income		(0.05	)		(0.04	)		—			(0.06	)		(0.32	)
Dividends from net realized gains		(0.57	)		(0.06	)		(0.11	)		(1.71	)		(1.74	)
Total distributions		(0.62	)		(0.10	)		(0.11	)		(1.77	)		(2.06	)
Net asset value, end of year		$9.25			$10.11			$8.70			$8.84			$10.43
Ratios and supplemental data:
Total return(b)		(2.65%	)		17.51%			(0.35%	)		2.23%			4.99%
Net assets, end of year (000)		$72,843			$73,361			$124,175			$146,241			$182,064
Ratio of net expenses to average net assets		1.25%			1.29%			1.21%			1.24%			1.19%
Ratio of gross expenses to average net assets prior to expense reductions		1.25%			1.29%			1.21%			1.24%			1.19%
Ratio of net investment income (loss) to average net assets		1.18%			1.43%			1.34%			1.43%			1.29%

(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.

220 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Total Return Bond Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$10.39			$10.54			$10.51			$10.70			$10.89
Income from investment operations:
Net investment income (loss)(a)		0.25			0.22			0.24			0.26			0.26
Net realized and unrealized gain (loss)		(0.49	)		(0.13	)		0.20			(0.05	)		0.12
Total from investment operations		(0.24	)		0.09			0.44			0.21			0.38
Distributions:
Dividends from net investment income		(0.26	)		(0.23	)		(0.28	)		(0.28	)		(0.53	)
Dividends from net realized gains		(0.05	)		(0.01	)		(0.13	)		(0.12	)		(0.04	)
Return of capital		(0.03	)		—			—			—			—
Total distributions		(0.34	)		(0.24	)		(0.41	)		(0.40	)		(0.57	)
Net asset value, end of year		$9.81			$10.39			$10.54			$10.51			$10.70
Ratios and supplemental data:
Total return(b)		(2.30%	)		0.92%			4.35%			2.04%			3.71%
Net assets, end of year (000)		$17,109			$21,707			$57,339			$51,462			$67,287
Ratio of net expenses to average net assets		0.90%			0.90%			0.88%			0.90%			0.90%
Ratio of gross expenses to average net assets prior to expense reductions		1.05%			1.14%			1.07%			1.13%			1.05%
Ratio of net investment income (loss) to average net assets		2.44%			2.14%			2.25%			2.49%			2.47%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		64.3%			79.1%			54.0%			80.0%			35.3%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$10.39			$10.54			$10.51			$10.70			$10.89
Income from investment operations:
Net investment income (loss)(a)		0.17			0.14			0.16			0.18			0.18
Net realized and unrealized gain (loss)		(0.48	)		(0.12	)		0.20			(0.05	)		0.12
Total from investment operations		(0.31	)		0.02			0.36			0.13			0.30
Distributions:
Dividends from net investment income		(0.20	)		(0.16	)		(0.20	)		(0.20	)		(0.45	)
Dividends from net realized gains		(0.05	)		(0.01	)		(0.13	)		(0.12	)		(0.04	)
Return of capital		(0.02	)		—			—			—			—
Total distributions		(0.27	)		(0.17	)		(0.33	)		(0.32	)		(0.49	)
Net asset value, end of year		$9.81			$10.39			$10.54			$10.51			$10.70
Ratios and supplemental data:
Total return(b)		(3.03%	)		0.17%			3.57%			1.28%			2.94%
Net assets, end of year (000)		$6,413			$9,334			$16,340			$15,898			$17,818
Ratio of net expenses to average net assets		1.65%			1.65%			1.63%			1.65%			1.65%
Ratio of gross expenses to average net assets prior to expense reductions		1.80%			1.89%			1.82%			1.88%			1.80%
Ratio of net investment income (loss) to average net assets		1.69%			1.38%			1.51%			1.74%			1.73%

(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.

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Calamos Total Return Bond Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$10.39			$10.54			$10.51			$10.70			$10.89
Income from investment operations:
Net investment income (loss)(a)		0.27			0.24			0.26			0.29			0.29
Net realized and unrealized gain (loss)		(0.48	)		(0.12	)		0.21			(0.05	)		0.12
Total from investment operations		(0.21	)		0.12			0.47			0.24			0.41
Distributions:
Dividends from net investment income		(0.29	)		(0.26	)		(0.31	)		(0.31	)		(0.56	)
Dividends from net realized gains		(0.05	)		(0.01	)		(0.13	)		(0.12	)		(0.04	)
Return of capital		(0.03	)		—			—			—			—
Total distributions		(0.37	)		(0.27	)		(0.44	)		(0.43	)		(0.60	)
Net asset value, end of year		$9.81			$10.39			$10.54			$10.51			$10.70
Ratios and supplemental data:
Total return(b)		(2.06%	)		1.18%			4.60%			2.30%			3.97%
Net assets, end of year (000)		$32,888			$40,290			$22,067			$16,561			$13,347
Ratio of net expenses to average net assets		0.65%			0.65%			0.63%			0.65%			0.65%
Ratio of gross expenses to average net assets prior to expense reductions		0.80%			0.90%			0.82%			0.88%			0.80%
Ratio of net investment income (loss) to average net assets		2.69%			2.32%			2.49%			2.73%			2.70%

(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.

222 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos High Income Opportunities Fund    Financial Highlights

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

	CLASS A
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$8.87			$8.62			$8.63			$9.65			$9.90
Income from investment operations:
Net investment income (loss)(a)		0.47			0.40			0.40			0.43			0.48
Net realized and unrealized gain (loss)		(0.45	)		0.26			0.03			(0.74	)		0.01
Total from investment operations		0.02			0.66			0.43			(0.31	)		0.49
Distributions:
Dividends from net investment income		(0.52	)		(0.41	)		(0.44	)		(0.47	)		(0.55	)
Dividends from net realized gains		—			—			—			(0.24	)		(0.19	)
Return of capital		—			—			—			(0.00	)*		—
Total distributions		(0.52	)		(0.41	)		(0.44	)		(0.71	)		(0.74	)
Net asset value, end of year		$8.37			$8.87			$8.62			$8.63			$9.65
Ratios and supplemental data:
Total return(b)		0.25%			7.82%			5.26%			(3.25%	)		5.11%
Net assets, end of year (000)		$32,282			$36,351			$41,046			$71,513			$132,756
Ratio of net expenses to average net assets		1.00%			1.29%			1.33%			1.28%			1.18%
Ratio of gross expenses to average net assets prior to expense reductions		1.46%			1.43%			1.33%			1.28%			1.18%
Ratio of net investment income (loss) to average net assets		5.41%			4.57%			4.81%			4.73%			4.84%
	Year Ended October 31,
	2018			2017			2016			2015			2014
Portfolio turnover rate		55.5%			93.1%			44.4%			65.3%			51.2%
	CLASS C
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$9.31			$9.03			$9.03			$10.06			$10.29
Income from investment operations:
Net investment income (loss)(a)		0.42			0.35			0.36			0.38			0.42
Net realized and unrealized gain (loss)		(0.46	)		0.27			0.01			(0.78	)		0.01
Total from investment operations		(0.04	)		0.62			0.37			(0.40	)		0.43
Distributions:
Dividends from net investment income		(0.45	)		(0.34	)		(0.37	)		(0.39	)		(0.47	)
Dividends from net realized gains		—			—			—			(0.24	)		(0.19	)
Return of capital		—			—			—			(0.00	)*		—
Total distributions		(0.45	)		(0.34	)		(0.37	)		(0.63	)		(0.66	)
Net asset value, end of year		$8.82			$9.31			$9.03			$9.03			$10.06
Ratios and supplemental data:
Total return(b)		(0.42%	)		6.97%			4.35%			(3.94%	)		4.32%
Net assets, end of year (000)		$9,772			$13,286			$17,479			$21,149			$29,333
Ratio of net expenses to average net assets		1.75%			2.05%			2.08%			2.04%			1.93%
Ratio of gross expenses to average net assets prior to expense reductions		2.22%			2.18%			2.08%			2.04%			1.93%
Ratio of net investment income (loss) to average net assets		4.66%			3.80%			4.07%			3.98%			4.10%

* Amounts are less than $0.005.

(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.

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Calamos High Income Opportunities Fund    Financial Highlights

	CLASS I
	Year Ended October 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year		$8.86			$8.61			$8.63			$9.65			$9.90
Income from investment operations:
Net investment income (loss)(a)		0.49			0.43			0.42			0.45			0.50
Net realized and unrealized gain (loss)		(0.44	)		0.25			0.02			(0.74	)		0.02
Total from investment operations		0.05			0.68			0.44			(0.29	)		0.52
Distributions:
Dividends from net investment income		(0.54	)		(0.43	)		(0.46	)		(0.49	)		(0.58	)
Dividends from net realized gains		—			—			—			(0.24	)		(0.19	)
Return of capital		—			—			—			(0.00	)*		—
Total distributions		(0.54	)		(0.43	)		(0.46	)		(0.73	)		(0.77	)
Net asset value, end of year		$8.37			$8.86			$8.61			$8.63			$9.65
Ratios and supplemental data:
Total return(b)		0.62%			8.09%			5.41%			(3.00%	)		5.37%
Net assets, end of year (000)		$7,706			$10,026			$15,183			$17,452			$24,342
Ratio of net expenses to average net assets		0.75%			1.02%			1.08%			1.04%			0.93%
Ratio of gross expenses to average net assets prior to expense reductions		1.21%			1.18%			1.08%			1.04%			0.93%
Ratio of net investment income (loss) to average net assets		5.65%			4.84%			5.07%			4.98%			5.10%

* Amounts are less than $0.005.

(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.

224 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Calamos Short-Term Bond Fund    Financial Highlights

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

	CLASS A
	September 19, 2018• through October 31,
	2018
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.03
Net realized and unrealized gain (loss)		(0.02	)
Total from investment operations		0.01
Distributions:
Dividends from net investment income		(0.03	)
Dividends from net realized gains		—
Total distributions		(0.03	)
Net asset value, end of period		$9.98
Ratios and supplemental data:
Total return(b)		0.12%
Net assets, end of period (000)		$25
Ratio of net expenses to average net assets		0.66%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		48.01%	(c)
Ratio of net investment income (loss) to average net assets		2.55%	(c)
	September 19, 2018• through October 31,
	2018
Portfolio turnover rate		3.3%

• Commencement of operations.

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

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

(c) Annualized.

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Calamos Short-Term Bond Fund    Financial Highlights

	CLASS I
	September 19, 2018• through October 31,
	2018
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.04
Net realized and unrealized gain (loss)		(0.02	)
Total from investment operations		0.02
Distributions:
Dividends from net investment income		(0.04	)
Dividends from net realized gains		—
Total distributions		(0.04	)
Net asset value, end of period		$9.98
Ratios and supplemental data:
Total return(b)		0.16%
Net assets, end of period (000)		$15,118
Ratio of net expenses to average net assets		0.42%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.13%	(c)
Ratio of net investment income (loss) to average net assets		3.22%	(c)

• Commencement of operations.

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

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

(c) Annualized.

226 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Calamos Investment Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Calamos Investment Trust comprising Calamos Growth Fund, Calamos Opportunistic Value Fund, Calamos Dividend Growth Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Emerging Market Equity Fund, Calamos Global Equity Fund, Calamos Growth and Income Fund, Calamos Global Growth and Income Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, Calamos Market Neutral Income Fund, Calamos Hedged Equity Income Fund, Calamos Phineus Long/Short Fund, and Calamos Short-Term Bond Fund (the “Funds”), including the schedules of investments, as of October 31, 2018; the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except for Calamos Emerging Market Equity Fund, Calamos Hedged Equity Income Fund, Calamos Global Convertible Fund, Calamos Phineus Long/Short Fund, and Calamos Short-Term Bond Fund; the related statements of operations, cash flows, changes in net assets, and the financial highlights for the periods indicated in the table below for Calamos Emerging Market Equity Fund, Calamos Hedged Equity Income Fund, Calamos Global Convertible Fund, Calamos Phineus Long/Short Fund, and Calamos Short-Term Bond Fund; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Calamos Investment Trust as of October 31, 2018, and the results of their operations and their cash flows for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Comprising the Calamos Investment Trust	Statement of Operations and Cash Flows	Statements of Changes in Net Assets	Financial Highlights
Calamos Emerging Market Equity Fund	For the year ended October 31, 2018	For the years ended October 31, 2018 and 2017	For the years ended October 31, 2018, 2017, 2016, 2015, and the period from December 31, 2013 (commencement of operations) through October 31, 2014
Calamos Hedged Equity Income Fund Calamos Global Convertible Fund	For the year ended October 31, 2018	For the years ended October 31, 2018 and 2017	For the years ended October 31, 2018, 2017, 2016, and the period from December 31, 2014 (commencement of operations) through October 31, 2015
Calamos Phineus Long/Short Fund	For the year ended October 31, 2018	For the years ended October 31, 2018 and 2017	For the years ended October 31, 2018, 2017, and the period from April 5, 2016 (commencement of operations) through October 31, 2016
Calamos Short-Term Bond Fund	For the period from September 19, 2018 (commencement of operations) through October 31, 2018

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our

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Report of Independent Registered Public Accounting Firm

audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Chicago, Illinois

December 17, 2018

We have served as the auditor of one or more Calamos Advisors LLC investment companies since 2003.

228 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Trustee Approval of Management Agreement    (Unaudited)

The Board of Trustees (“Board” or the “Trustees”) of the Trust oversees the management of each of the Funds, and, as required by law, determines annually whether to continue the Trust’s management agreement with Calamos Advisors LLC (“Adviser”) pursuant to which the Adviser serves as the investment manager and administrator for each of the Funds. The “Independent Trustees,” who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their most recent consideration regarding the continuation of the management agreement, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel, and in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on June 29, 2018, based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangements between the Trust and the Adviser on behalf of the Funds were fair in light of the nature, quality and extent of the services provided by the Adviser and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement with respect to all of the Funds through July 31, 2019, subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreement, the Board considered, among other things: (i) the nature, quality and extent of the Adviser’s services, (ii) the investment performance of each Fund as well as performance information for comparable funds and other, comparable clients of the Adviser, (iii) the fees and other expenses paid by each Fund as well as expense information for comparable funds and for other, comparable clients of the Adviser, (iv) the profitability of the Adviser and its affiliates from their relationship with each Fund, (v) whether economies of scale may be realized as each Fund grows and whether potential economies may be shared, in some measure, with Fund investors and (vi) other benefits to the Adviser from its relationship with the Funds. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the management agreements, and each Trustee may have afforded different weight to the various factors.

Nature, Quality and Extent of Services. The Board’s consideration of the nature, quality and extent of the Adviser’s services to the Funds took into account the knowledge gained from the Board’s meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser’s long-term history of managing the Funds; the consistency of investment approach; the background and experience of the Adviser’s investment personnel responsible for managing the Funds; and the Adviser’s performance as administrator of the Funds, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser’s resources and key personnel involved in providing investment management services to the Funds. The Board noted the personal investments that the Adviser’s key investment personnel have made in the Funds, which further aligns the interests of the Adviser and its personnel with those of the Funds’ shareholders. In addition, the Board considered compliance reports about the Adviser from the Funds’ Chief Compliance Officer.

The Board also considered the information provided by the Adviser regarding the Funds’ performance and the steps the Adviser is taking to improve performance. In particular, the Board noted the additional personnel added to the investment teams, which includes portfolio managers, research analysts, research associates and risk management personnel. The Board also noted the Adviser’s significant investment into its infrastructure and investment processes.

Investment Performance of the Funds. The Board considered each Fund’s investment performance over various time periods, including how the Fund performed compared to the median performance of a group of comparable funds (the Fund’s “Category”) selected by an independent third-party service provider. In certain instances noted below, the Category represents a custom group of comparable funds, also selected by an independent third-party service provider. The performance periods considered by the Board ended on March 31, 2018, except where otherwise noted. Where available, the Board considered one-, three-, five- and ten-year performance. To the extent the Board considered data for periods other than those ending on March 31, 2018 or considered comparative data in addition to that of the Category, the data was still produced by the independent third-party service provider.

Further detail considered by the Board regarding the investment performance of each Fund is set forth below:

Calamos Growth Fund.  The Board considered that the Fund outperformed its custom Category median for the one- and five-year periods, though it underperformed for the other periods. The Board noted the Adviser’s recent changes to the Fund’s management

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team and portfolio positioning, including its appointment of a new lead portfolio manager in February 2017. The Board further considered the Fund’s improved performance since then.

Calamos Opportunistic Value Fund.  The Board considered that the Fund outperformed its custom Category median for the one- and three-year periods, though it underperformed for the other periods. The Board noted the Adviser’s assertion that the recent changes to the positioning of the Fund have contributed to the Fund’s improved performance. The Board also considered the Adviser’s assertion that a majority of the Fund’s long-term underperformance was not attributable to the Fund’s current portfolio management team, which only assumed responsibility in January 2015.

Calamos Dividend Growth Fund.  The Board considered that the Fund outperformed its custom Category median for all periods.

Calamos International Growth Fund.  The Board considered that the Fund outperformed its Category median for the one-, three- and ten-year periods, though it underperformed for the five-year period.

Calamos Evolving World Growth Fund.  The Board considered that the Fund outperformed its Category median for the one-year period, though it underperformed for the longer periods. The Board noted the Adviser’s assertion that the Fund ranked in the 23^rd percentile since its inception and that the Fund ranked in the 49^th percentile for the year-to-date period ended May 31, 2018. In light of the Fund’s improved short-term performance and long-term record over multiple market cycles, the Board considered that it would be prudent to allow the Fund’s investment team time to further develop its performance record.

Calamos Emerging Market Equity Fund.  The Board considered that the Fund outperformed its Category median for the one-year period, though it underperformed for the three-year period.

Calamos Global Equity Fund.  The Board considered that the Fund outperformed its Category median for all periods.

Calamos Growth and Income Fund.  The Board considered that the Fund outperformed its custom Category median for all periods.

Calamos Global Growth and Income Fund.  The Board considered that the Fund outperformed its custom Category median for the one-, three- and five-year periods, though it underperformed for the ten-year period.

Calamos Convertible Fund.  The Board considered that the Fund outperformed its Category median for the one-year period, though it underperformed for the longer periods. The Board noted that the Fund ranked in the 24^th percentile for the year-to-date period ended May 31, 2018. In light of the Fund’s improved short-term performance, the Board considered that it would be prudent to allow the Fund’s investment team time to further develop its long-term performance record.

Calamos Global Convertible Fund.  The Board considered that the Fund outperformed its Category median for the one-year period, though it underperformed for the three-year period. In light of the Fund’s improving performance, the Board considered that it would be prudent to allow the Fund’s investment team time to further develop its long-term performance record.

Calamos Total Return Bond Fund.  The Board considered that the Fund outperformed its Category median for the three- and five-year periods, though it underperformed for the one- and five-year periods. To this end, the Board considered the Adviser’s expectation of improvements in performance as a result of its significant additions to the Fund’s fixed income investment management team that occurred in 2016 and 2017. In light of the foregoing, the Board concluded that it would be prudent to allow the investment team time to develop its performance record and noted that it would continue to closely monitor performance.

Calamos High Income Opportunities Fund.  The Board considered that, while the Fund underperformed its Category median for all periods, the Adviser had recently made significant changes to the portfolio management team. To this end, the Board noted that the Adviser hired a new lead portfolio manager in November 2016 and also added four additional investment team members in June 2017. The Board further noted that the Adviser’s new investment team recently repositioned the Fund’s portfolio. The Board also noted that the Fund ranked in the 47^th percentile for the year-to-date period ended May 31, 2018 and that it ranked in the 10^th percentile for the quarter ended on the same date. The Board determined that, in light of the Fund’s improving short-term performance, its recent portfolio repositioning and recent changes to the Adviser’s management team, it would be prudent to allow the Adviser’s restructured team more time to continue to develop its performance record. The Board noted that it would continue to closely monitor performance.

Calamos Market Neutral Income Fund.  The Board considered that the Fund outperformed its Category median for all periods.

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Trustee Approval of Management Agreement    (Unaudited)

Calamos Hedged Equity Income Fund.  The Board considered that the Fund outperformed its Category median for all periods.

Calamos Phineus Long/Short Fund.  The Board considered that the Fund outperformed its Category median for all periods.

Costs of Services Provided and Profits Realized by the Adviser. Using information provided by an independent third-party service provider, the Board evaluated each Fund’s actual management fee rate compared to the median management fee rate for other mutual funds similar in size, character and investment strategy (the Fund’s “Expense Group”), and the Fund’s total expense ratio compared to the median total expense ratio of the Fund’s Expense Group.

The Board also reviewed the Adviser’s management fee rates for its institutional separate accounts and noted the Adviser’s assertion that the Adviser no longer manages sub-advisory accounts. The Board took into account that although, generally, the rates of fees paid by institutional clients were lower than the rates of fees paid by the Funds, the differences reflected the Adviser’s greater level of responsibilities and significantly broader scope of services regarding the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to creation and sponsorship of the Funds. The Board considered factors that lead to more expenses for registered funds including but not limited to: (i) capital expenditures to establish a fund, (ii) length of time to reach critical mass, and the related expenses, (iii) higher servicing costs of intermediaries and shareholders, (iv) higher redemption rates of assets under management, (v) entrepreneurial risk assumed by the Adviser and (vi) greater exposure to “make whole” errors.

The Board also considered the Adviser’s costs in serving as the Funds’ investment adviser and manager, including but not limited to costs associated with technology, infrastructure and compliance necessary to manage the Funds. The Board reviewed the Adviser’s methodology for allocating costs among the Adviser’s lines of business. The Board also considered information regarding the structure of the Adviser’s compensation program for portfolio managers, analysts and certain other employees, and the relationship of such compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser in serving as each Fund’s investment manager and of the Adviser and its affiliates in all of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Funds and the Adviser’s other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board reviewed the financial statements of the Adviser’s parent company and discussed its corporate structure.

Further detail considered by the Board regarding the management fee rate and total expense ratio of each Fund is set forth below:

Calamos Growth Fund.  The Board considered that, while the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group, the Adviser continues to invest resources in the Fund to address performance.

Calamos Opportunistic Value Fund.  The Board considered that the Fund’s management fee rate is lower than the median of the Fund’s Expense Group, though the Fund’s total expense ratio is equal to the Expense Group median.

Calamos Dividend Growth Fund.  The Board considered that the Fund’s management fee rate is lower than the median of the Fund’s Expense Group, though the Fund’s total expense ratio is higher than its Expense Group median.

Calamos International Growth Fund.  The Board considered that, while the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group, the Fund’s management fee is subject to a performance adjustment, which serves to lower the management fee during periods of underperformance. In addition, the Board took into account the Adviser’s decision to lower the Fund’s expense cap by 30 basis points, effective July 1, 2018. To this end, the Board noted that had the revised expense cap been in effect during the one-year period ended March 31, 2018, the Fund’s total expense ratio would have been the lowest in its Expense Group. The Board also reviewed the Fund’s expenses in light of its performance record.

Calamos Evolving World Growth Fund.  The Board considered that, while the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group, the Adviser continues to invest resources in the Fund to address performance. The Board also noted that the Adviser hired a new strategy analyst in May 2017.

Calamos Emerging Market Equity Fund.  The Board considered that the Fund’s management fee rate is lower than the median of the Fund’s Expense Group, though the Fund’s total expense ratio is higher than its Expense Group median.

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Trustee Approval of Management Agreement    (Unaudited)

Calamos Global Equity Fund.  The Board considered that, while the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group, the Fund’s management fee is subject to a performance adjustment, which serves to lower the management fee during periods of underperformance. The Board also reviewed the Fund’s expenses in light of its performance record.

Calamos Growth and Income Fund.  The Board considered that the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group. The Board reviewed the Fund’s expenses in light of its performance record.

Calamos Global Growth and Income Fund.  The Board considered that the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group. The Board reviewed the Fund’s expenses in light of its performance record.

Calamos Convertible Fund.  The Board considered that the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group. The Board reviewed the Fund’s expenses in light of its improving performance record and the Adviser’s appointment of a new co-portfolio manager in February 2017.

Calamos Global Convertible Fund.  The Board considered that the Fund’s management fee rate and total expense ratio are higher than the respective medians of the Fund’s Expense Group. The Board reviewed the Fund’s expenses in light of its improving performance record.

Calamos Total Return Bond Fund.  The Board considered that the Fund’s management fee rate is equal to the median of the Fund’s Expense Group, though the Fund’s total expense ratio is higher than its Expense Group median. The Board noted that the Adviser continues to invest resources in the Fund to address performance.

Calamos High Income Opportunities Fund.  The Board considered that the Fund’s management fee rate is lower than the median of the Fund’s Expense Group, though the Fund’s total expense ratio is higher than its Expense Group median. The Board noted that the Adviser continues to invest resources in the Fund to address performance.

Calamos Market Neutral Income Fund.  The Board considered that the Fund’s management fee rate and total expense ratio are lower than the respective medians of the Fund’s Expense Group.

Calamos Hedged Equity Income Fund.  The Board considered that the Fund’s management fee rate and total expense ratio are lower than the respective medians of the Fund’s Expense Group.

Calamos Phineus Long/Short Fund.  The Board considered that the Fund’s total expense ratio is lower than the median of the Fund’s Expense Group and the Fund’s management fee rate is equal to its Expense Group median.

Economies of Scale.  The Board considered whether each Fund’s management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board recognized that breakpoints in the fee schedule for each open-end Fund could result in the sharing of economies of scale as Fund assets increase. Based on the Board’s feedback, the Adviser agreed to rationalize breakpoint schedules for certain Funds so that such Funds will achieve scheduled reductions in fees earlier than otherwise would have been the case. The Board also considered the Adviser’s agreement to reimburse each open-end Fund for a portion of its expenses if the Fund’s expense ratio otherwise would exceed a certain level. The Board also considered the benefits accruing to shareholders from the Adviser’s investments into its infrastructure and investment processes. The Board concluded that the breakpoints in the fee schedule for each open-end Fund allow shareholders to benefit from potential economies of scale that may be achieved by the Adviser.

Other Benefits Derived from the Relationship with the Funds.  The Board also considered other benefits that accrue to the Adviser and its affiliates from their relationship with the Funds. The Board concluded that while the Adviser may potentially benefit from its relationship with the Funds in ways other than the fees payable by the Funds, the Funds also may benefit from their relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreement with the Funds and the fees payable by the Funds.

The Board also considered the Adviser’s use of a portion of the commissions paid by the Funds on their portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of the Adviser and concluded, based on

232 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Trustee Approval of Management Agreement    (Unaudited)

reports from the Funds’ Chief Compliance Officer, that the Adviser’s use of “soft” commission dollars to obtain research products and services was consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement for each Fund with the Adviser was in the best interest of each respective Fund and its shareholders.

Calamos Short-Term Bond Fund.  The Board of Trustees (“Board” or the “Trustees”) of Calamos Investment Trust (“Trust”), on behalf of its new series, Calamos Short-Term Bond Fund (the “New Fund”), oversees the management of the New Fund, and, as required by law, determines whether to approve or (annually thereafter) continue the New Fund’s management agreement with Calamos Advisors LLC (“Adviser”) pursuant to which the Adviser serves as the investment manager and administrator for the New Fund. The “Independent Trustees,” who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their consideration regarding the initial approval of the management agreement for the New Fund, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on June 29, 2018, the Trustees determined, based on their evaluation of the information referred to above, and other information, that the overall arrangements between the New Fund and the Adviser were fair and reasonable in light of the nature, quality and extent of the services to be provided by the Adviser and its affiliates, the proposed fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the management agreement with respect to the New Fund through July 1, 2020, subject to possible earlier termination as provided in the management agreement.

In connection with its consideration of the management agreement with respect to the New Fund, the Board considered, among other things: (i) the nature, quality and extent of the Adviser’s services to be provided, (ii) the fees and other expenses to be paid by the New Fund as well as expense information for comparable funds, (iii) the expected profitability of the Adviser and its affiliates from their relationship with the New Fund, (iv) whether economies of scale may be realized as the New Fund grows and whether potential economies may be shared, in some measure, with the New Fund’s investors; and (v) other benefits to the Adviser from its relationship with the New Fund. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve the management agreement, and each Trustee may have afforded different weight to the various factors.

Nature, Quality and Extent of Services.  The Board’s consideration of the nature, quality and extent of the Adviser’s services to be provided to the New Fund took into account the knowledge that may be gained from the Board’s meetings with the Adviser throughout the year. In addition, the Board considered: the Adviser’s long-term history of managing the other Funds in the Calamos fund complex; the consistency of the Adviser’s investment approach; the background and experience of the Adviser’s investment personnel that will be responsible for managing the New Fund; and the Adviser’s performance as administrator of the other Funds in the Calamos fund complex, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser’s resources and key personnel expected to be involved in providing investment management services to the New Fund, including the expertise of the New Fund’s portfolio managers. The Board also considered compliance reports about the Adviser from the Trust’s Chief Compliance Officer. The Board concluded that the nature, quality and extent of the services to be provided by the Adviser to the New Fund were appropriate and consistent with the management agreement and that the New Fund was likely to benefit from services provided under the management agreement with the Adviser.

Investment Performance of the New Fund.  Because the New Fund has not yet commenced operations, the Board did not consider the investment performance of the New Fund.

Costs of Services Provided and Profits Realized by the Adviser.  Using information provided by an independent third-party service provider, the Board evaluated the New Fund’s proposed management fee rate compared to the median management fee rate for other mutual funds similar in size, character and investment strategy (the New Fund’s “Expense Group”) and estimated total expense

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Trustee Approval of Management Agreement    (Unaudited)

ratio compared to the median total expense ratio of the Fund’s Expense Group. The Board considered that the New Fund’s estimated total net expense ratio and proposed contractual management fee rate are both lower than the respective medians of the New Fund’s Expense Group and that the New Fund’s proposed net management fee rate is within two basis points of its Expense Group median. In light of all the information presented, the Board concluded that it would be in the best interest of the New Fund and its shareholders to approve the management agreement.

Economies of Scale.  The Board considered whether the New Fund’s proposed management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board recognized that breakpoints in the proposed fee schedule for the New Fund could result in the sharing of economies of scale as the New Fund’s assets increase. The Board also considered the Adviser’s agreement to reimburse the New Fund for a portion of its expenses if the New Fund’s expense ratio otherwise would exceed a certain level. The Board concluded that the breakpoints in the proposed fee schedule for the New Fund allow shareholders to benefit from potential economies of scale that may be achieved by the Adviser.

Profitability.  The Board did not consider information concerning the costs incurred and profits realized by the Adviser as the New Fund had not yet commenced operations.

Other Benefits Derived from the Relationship with the New Fund.  The Board considered other benefits that could accrue to the Adviser and its affiliates from their relationship with the New Fund. The Board concluded that while the Adviser may potentially benefit from its relationship with the New Fund in ways other than the proposed fees payable by the New Fund, the New Fund also may benefit from its relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to its agreement with the New Fund and the proposed fees payable by the New Fund.

The Board also considered the Adviser’s proposed use of a portion of the commissions to be paid by the New Fund on its portfolio brokerage transactions to obtain research products and services benefiting the New Fund and/or other clients of the Adviser and concluded, based on reports from the New Fund’s Chief Compliance Officer, that the Adviser’s use of “soft” commission dollars to obtain research products and services is consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the proposed amendment to the Trust’s management agreement with the Adviser to add the New Fund was in the best interest of the New Fund and its shareholders.

234 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Trustees and Officers    (Unaudited)

The management of the Trust, including general supervision of the duties performed for the Trust under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee’s earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years.

The following table sets forth each trustee’s name, year of birth, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each Trustee oversees each Fund of the Trust.

NAME AND YEAR OF BIRTH	POSITION(S) AND LENGTH OF TIME WITH THE TRUST	PORTFOLIOS IN FUND COMPLEX^ OVERSEEN	PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS AND OTHER DIRECTORSHIPS
Trustees who are interested persons of the Trust:
John P. Calamos, Sr. (1940)*	Chairman, Trustee and President (since 1988)	24	Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. (“CAM”), Calamos Investments LLC (“CILLC”), Calamos Advisors LLC and its predecessor (“Calamos Advisors”) and Calamos Wealth Management LLC (“CWM”), Director CAM; and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor (“CFS”), CAM, CILLC, Calamos Advisors, and CWM
Trustees who are not interested persons of the Trust:
John E. Neal (1950)	Trustee (since 2001)	24	Private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook Illinois community bank); Director, Neuro-ID (private company providing prescriptive analytics for the risk industry); Partner, Linden LLC (health care private equity) (until October 31, 2018)
William R. Rybak (1951)	Trustee (since 2002)	24	Private investor; Chairman (since February 2016) and Director (since February 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series Trust, JNL Investors Series Trust and JNL Variable Fund LLC (since 2007), JNL Strategic Income Fund LLC (2007-2018) and Jackson Variable Series Trust (open-end mutual funds) (since January 2018)**; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager)
Stephen B. Timbers (1944)	Trustee (since 2004); Lead Independent Trustee (since 2005)	24	Private investor
David D. Tripple (1944)	Trustee (since 2006)	24	Private investor; Trustee, Century Growth Opportunities Fund (open-end mutual fund) (since 2010), Century Shares Trust and Century Small Cap Select Fund (open-end mutual funds) (since January 2004)***
Virginia G. Breen (1964)	Trustee (since 2015)	24	Private Investor, Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)****; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (since 2004); Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)*****; Director, Bank of America/US Trust Company (until 2015); Director of Modus Link Global Solutions, Inc. (until 2013)

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Trustees and Officers    (Unaudited)

NAME AND YEAR OF BIRTH	POSITION(S) AND LENGTH OF TIME WITH THE TRUST	PORTFOLIOS IN FUND COMPLEX^ OVERSEEN	PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS AND OTHER DIRECTORSHIPS
Lloyd A. Wennlund (1957)	Trustee (since 2018)	24	Expert Affiliate, Bates Group, LLC (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (since 2011)

* Mr. Calamos is an “interested person” of the Trust as defined in the 1940 Act because he is an officer of the Trust and an affiliate of Calamos Advisors and CFS.

** Overseeing 163 portfolios in fund complex.

*** Overseeing two portfolios in fund complex.

**** Overseeing five portfolios in fund complex.

***** Overseeing five portfolios in fund complex.

^ The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund and Calamos Dynamic Convertible and Income Fund.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

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Trustees and Officers    (Unaudited)

Officers.  The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee and President of the Trust. The following table sets forth each other officer’s name, year of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

NAME AND YEAR OF BIRTH	POSITION(S) WITH TRUST	PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS
John S. Koudounis, (1966)	Vice President (since 2016)	Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM and CFS (since 2016); Director CAM (since 2016); President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.
Thomas Herman, (1961)	Vice President (since 2016); prior thereto Chief Financial Officer (2016-2017)	Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer and Treasurer, Harris Associates (2010-2016)
Curtis Holloway, (1967)	Chief Financial Officer (since 2017) and Treasurer (since 2010), Prior thereto Assistant Treasurer (2007-2010)	Senior Vice President, Head of Fund Administration (since 2017), Calamos Advisors; prior thereto Vice President, Fund Administration (2010-2017)
Robert Behan, (1964)	Vice President (since 2013)	President (since 2015), Head of Global Distribution (since 2013), CAM, CILLC, Calamos Advisors, and CFS; prior thereto Executive Vice President (2013-2015); Senior Vice President (2009-2013), Head of US Intermediary Distribution (2010-2013)
J. Christopher Jackson, (1951)	Vice President and Secretary (since 2010)	Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM and CFS (since 2010); Director, Calamos Global Funds plc (since 2011)
Mark J. Mickey, (1951)	Chief Compliance Officer (since 2005)	Chief Compliance Officer, Calamos Funds (since 2005)

The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563.

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Tax Information    (Unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In January 2019, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2018. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Funds hereby designate the following amounts as capital gain dividends for the fiscal period ended October 31, 2018:

MARKET NEUTRAL INCOME FUND	HEDGED EQUITY INCOME FUND	PHINEUS LONG/SHORT FUND	CONVERTIBLE FUND
$80,809,364	$223	$3,469,521	$18,076,624
GLOBAL CONVERTIBLE FUND	GROWTH FUND	GROWTH AND INCOME FUND	DIVIDEND GROWTH FUND
$2,717,363	$218,784,460	$116,932,931	$2,083,020
OPPORTUNISTIC VALUE FUND	INTERNATIONAL GROWTH FUND	GLOBAL EQUITY FUND	GLOBAL GROWTH AND INCOME FUND
$1,596,824	$16,295,738	$13,457,533	$13,090,122
TOTAL RETURN BOND FUND
$352,324

Under Section 854(b)(2) of the Code, the Funds hereby designate the following amounts, or the maximum amount allowable under the Code, as qualified dividends for the fiscal period ended October 31, 2018:

MARKET NEUTRAL INCOME FUND	HEDGED EQUITY INCOME FUND	PHINEUS LONG/SHORT FUND	CONVERTIBLE FUND
$59,611,241	$822,860	$10,681,835	$4,321,040
GLOBAL CONVERTIBLE FUND	GROWTH FUND	GROWTH AND INCOME FUND	DIVIDEND GROWTH FUND
$560,458	$15,771,274	$32,133,656	$453,553
OPPORTUNISTIC VALUE FUND	INTERNATIONAL GROWTH FUND	EVOLVING WORLD GROWTH FUND	EMERGING MARKET EQUITY FUND
848,813	$5,085,556	$3,017,962	$183,554
GLOBAL EQUITY FUND	GLOBAL GROWTH AND INCOME FUND	HIGH INCOME OPPORTUNITIES FUND
$1,394,240	$3,106,186	$88,164

238 CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

Tax Information    (Unaudited)

Under Section 854(b)(2) of the Code, the Funds hereby designate the following percentage amounts of the ordinary income dividends as income qualifying for the dividends received deduction for the period ended October 31, 2018:

MARKET NEUTRAL INCOME FUND	HEDGED EQUITY INCOME FUND	PHINEUS LONG/SHORT FUND	CONVERTIBLE FUND
40%	100%	58%	17%
GLOBAL CONVERTIBLE FUND	GROWTH FUND	GROWTH AND INCOME FUND	DIVIDEND GROWTH FUND
22%	17%	61%	100%
OPPORTUNISTIC VALUE FUND	INTERNATIONAL GROWTH FUND	EVOLVING WORLD GROWTH FUND	EMERGING MARKET EQUITY FUND
56%	0%	34%	9%
GLOBAL EQUITY FUND	GLOBAL GROWTH AND INCOME FUND	HIGH INCOME OPPORTUNITIES FUND
17%	21%	3%

At October 31, 2018, more than 50% of each of International Growth Fund, Evolving World Growth Fund and Emerging Market Equity Fund total assets were invested in securities of foreign issuers. In most instances, foreign taxes were withheld from income paid to each fund on these investments. International Growth Fund, Evolving World Growth Fund and Emerging Market Equity Fund elect to treat foreign taxes paid as allowed under Section 853 of the Code. This election will allow shareholders of record as of the 2018 distribution date to treat the proportionate share of foreign taxes paid by International Growth Fund, Evolving World Growth Fund and Emerging Market Equity Fund as having been paid directly by them. The shareholder shall consider these amounts as foreign taxes paid in the tax year in which they receive the distribution.

www.calamos.com 239

MANAGING YOUR CALAMOS FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

Through a single toll-free number, Calamos 24-Hour Shareholder Assistance is fast and easy. Get fund prices and account balances, review recent transactions, order statements, literature and more.

PERSONAL ASSISTANCE: 800.582.6959

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

ONLINE ACCOUNT MANAGEMENT: www.calamos.com

Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.

YOUR FINANCIAL ADVISOR

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

This report, including the audited financial statements contained herein, is submitted for general information for the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless accompanied by a currently effective prospectus of the Funds and, after January 31, 2019, updated performance data for the most recently completed fiscal quarter. The views expressed in this report reflect those of Calamos Advisors LLC only through October 31, 2018. The managers’ views are subject to change at any time based on market and other conditions.

A description of the Calamos Proxy Voting Policies and Procedures and the Funds’ proxy voting record for the 12-month period ended June 30, 2018 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds’ proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year on Form N-Q. The Forms N-Q are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov. You may also review or, for a fee, copy the forms at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.732.0330.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

INVESTMENT ADVISER:

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:

State Street Bank and Trust Company

Boston, MA

TRANSFER AGENT:

U.S. Bancorp Fund Services, LLC

615 E. Michigan St., 3rd Floor

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP

Chicago, IL

LEGAL COUNSEL:

Ropes & Gray LLP

Chicago, IL

	STAY CONNECTED www.calamos.com/connect
Visit our Web site for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

^© 2018 Calamos Investments LLC. All Rights Reserved.

Calamos^® and Calamos Investments^® are registered

trademarks of Calamos Investments LLC.

MFANR 1631 2018

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions.

(b) No response required.

(c) The registrant has not amended its Code of Ethics as it relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 during the period covered by this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) The registrant’s Code of Ethics is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Trustees has determined that, for the period covered by the shareholder report presented in Item 1 hereto, it has five audit committee financial experts serving on its audit committee, each of whom is an independent Trustee for purpose of this N-CSR item: John E. Neal, William R. Rybak, Virginia G. Breen, Stephen B. Timbers and David D. Tripple. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liabilities of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Fiscal Years Ended	10/31/2017		10/31/2018
Audit Fees (a)	$	384,000	$	384,000
Audit-Related Fees (b)	$	127,800	$	127,800
Tax Fees (c)	$	28,230	$	—
All Other Fees (d)	$	—	$	—
Total	$	540,030	$	511,800

(a) Audit fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-related fees are the aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

(c) Tax fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

(d) All other fees are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraph (a)-(c) of this Item 4.

(e) (1) Registrant’s audit committee meets with the principal accountants and management to review and pre-approve all audit services to be provided by the principal accountants.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant, including the fees and other compensation to be paid to the principal accountants; provided that the pre-approval of non-audit services is waived if (i) the services were not recognized by management at the time of the engagement as non-audit services,(ii) the aggregate fees for all non-audit services provided to the registrant are less than 5% of the total fees paid by the registrant to its principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant, including the fees and other compensation to be paid to the principal accountants; provided that pre-approval of non-audit services to the adviser or an affiliate of the adviser is not required if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the adviser and all entities controlling, controlled by or under common control with the adviser are less than 5% of the total fees for non-audit services requiring pre-approval under paragraph (e)(1)of this Item 4 paid by the registrant, the adviser or its affiliates to the registrant’s principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

(e)(2) No percentage of the principal accountant’s fees or services described in each of paragraphs (b)—(d) of this Item were approved pursuant to the waiver provision paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The following table presents the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant and the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment adviser or any entity controlling, controlled by or under common control of the adviser.

Fiscal Years Ended	10/31/2017		10/31/2018
Registrant	$	—	$	—
Investment Adviser	$	—	$	—

(h) No disclosures are required by this Item 4(h).

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. CONTROLS AND PROCEDURES.

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and timely reported.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) Certification of Principal Financial Officer.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos Investment Trust

By:	/s/    John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	December 21, 2018

By:	/s/    Curtis Holloway
Name:	Curtis Holloway
Title:	Principal Financial Officer
Date:	December 21, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	December 21, 2018

By:	/s/     Curtis Holloway
Name:	Curtis Holloway
Title:	Principal Financial Officer
Date:	December 21, 2018